In this blog post we’re going to answer a very common question; how long does it take to get approved for a mortgage in Canada?
Alex Lavender has been one of the top rated mortgage broker for years. When it comes to getting a mortgage approval they can be done relatively fast, sometimes within 24hrs. However this process can take up to 2-3 business days.
How long it takes to get your mortgage approved depends on how quickly you can provide the documents required for the lenders. It also depends on how long the lenders take to review your application & documents and get back to you.
Typically you can expect to get a mortgage approval within 48 business hours.
How to speed up your mortgage approval
You can take a few easy steps to speed up how quickly your mortgage approved.
3 Steps to speed up your mortgage approval
Step 1: Bring a recent paystub
Bring a recent paystub to your mortgage specialist this will help the lenders establish a reliable income for you.
Step 2: Know your total assets
Have a list of your total assets and the approximate value of them. It’s also helpful to include any information on loans on these assets.
Step 3: List your debts
Create a list of your debts, the interest rates on them, and where your debts are provided from. Providing this information will give lenders all they need to get your mortgage approved asap.
- You’ll need documents from your employer like a paystub, and a mortgage specialist in mind.
By following these 3 easy steps, you’ll greatly increase the speed that lenders and mortgage specialists can provide you with a mortgage approval. You can even get a quick approval if you have a bad credit score.
What we recommend; pre-approval
Alex Lavender has been one of the best rated mortgage brokers for years. If you’re considering getting a mortgage approval we highly recommend getting a pre-approval.
Mortgage pre-approvals last for 120 days, giving you plenty of time to find your dream home. It also gives you 100% guarantee on how much of a home you can afford.