With a mortgage, there might be subjects that need to be removed, and right up to the closing on the purchase you’ll find yourself in a race against the clock. Even those homeowners with an approaching mortgage renewal date should be prepared well in advance.
How Long Does Mortgage Approval Take?
The approval process varies for each individual situation, but there are some general timelines in place. Being proactive and getting pre-approval before you begin viewing potential homes can speed up the process. This can take from 1 to 2 business days once you’ve submitted the required documents.
Mortgages are not a one size fits all, and with the strong relationships I have built with lenders and insurers there are many mortgage solutions I can show my clients. Once you’ve made an offer or if it’s time to renew your existing mortgage. Your file is then sent to the lender you choose for review and approval. Expect this to take anywhere from 1 day to a full week to receive confirmed approval.
After approval is confirmed there’s a few more details to take care of to ensure the funds are available on your closing date. Once it’s confirmed with your lawyer a week or 2 before you take possession or complete the refinancing of existing mortgage, you’ll then meet with the lawyer 3 to 7 days prior to closing to sign the mortgage documents.
Some helpful tips for meeting those deadlines:
- Ensure all lender conditions are met well in advance, this could be removing conditions of sale or additional documents they might require.
- Confirm all communication and don’t leave it until the last minute, it’s a good practice to reconfirm any meetings
- Document meetings and deadlines and take the steps to keep on top of deadlines and meetings by using a day planner or online calendar