How long does it take to get your mortgage pre-approval in Ottawa?


The mortgage process in Ottawa is already long. How much of that time goes in your pre-approval? Find out the answer to the most common question for Ottawa borrowers below!

Well, to give the short version, if you have all your ducks in a row, the application process should be as fast as a few days!

The mortgage pre-approval process could, however, take even up to a few weeks. This depends on three major factors:

  • The type of mortgage
  • The lender
  • The documents and application you have submitted

If you have a normal mortgage, you could get your mortgage pre-approval from your Ottawa lender faster than most. But this could again be delayed if you have not put your documents in order or haven’t gotten the right one.

It sometimes so happens that your mortgage pre-approval may be delayed because of the speed and processes of the lender you are looking to borrow from. They may have to perform certain checks twice or even reassess some of your documents.

Mortgage pre-approvals take this much time mainly because they are a hard check into your finances. An underwriter gets involved and your finances are assessed to give you the closest estimate of the mortgage amount and rate for which you are eligible.

Get your mortgage pre-approval with the fastest speed! Contact Platinum Mortgages Ottawa today!

How do you make sure your mortgage pre-approval is quick?

  • Update your documents
  • File them in order
  • Complete your application
  • Submit all required details

If you have your documentation up to date and ready to be reviewed by anyone, you can be sure that your application would be in the fast lane! Lenders always appreciate a clean and up to date income statement. It makes their task very easy.

Filing your documents in an orderly manner with a complete and properly filled application helps the lender to access the required information quickly and process your pre-approval in a speedy manner.

As a borrower, you can ask your lender what they require and make it a point to submit the details accordingly. This makes you seem reliable and trustworthy and a lender in Ottawa would definitely process your application faster.

What are the documents required by lenders generally?

Lenders usually require income statements and tax returns. They prefer to have your credit history and score with the documents to assess your ability to pay back the loan on time. They also require recent payment stubs.

If you are self-employed, the lender will also require proof of business. The rest of the process is similar for a self-employed borrower. Citizens who are new to Canada or have bad or no credit history can contact a mortgage broker to help with their pre-approval.

In Ottawa, mortgage brokers from Platinum Mortgages Ottawa can help you get your mortgage pre-approval very quickly. They work to make your application as clear as possible and even help you secure the required documents.

Contact Platinum Mortgages Ottawa for the speedy mortgage pre-approval you deserve!

How to get approved for commercial mortgage in Ottawa

What Does it Take to have Your Construction Loan Approved In Ottawa?

What Does it Take to have Your Construction Loan Approved In Ottawa?

Constructing a home is much more an intense work than just selecting and mortgaging one. It is hence advisable to consult a broker to help you scan all your options in the market to have your construction loan approved conveniently. While applying for a construction loan, the lender will look at multiple aspects in detail on one hand, but will also be willing to fund every step of your construction on the other.

How to get approved for construction loan in Ottawa

The aspects have been listed out as follows so as to help you understand your loan application in Ottawa thoroughly.

Land or Estate

A construction loan involves the aspect of buying or already holding the land on which you would construct the home. In case you already hold an estate, a major step in your construction has already been completed and the loan would simply shift to the next step.

Builder

The builder is usually an important aspect as he may himself have many inputs on how much the entire project would cost and how much funding do we seek for in accordance with the design and the plan.

                   Begin here to Construct Your Own Customized Dream Home in Ottawa!

As simple as a mortgage loan where you receive the amount initially to buy a home and then you pay back in parts, in a construction loan you usually get the amount in parts so as to fund and finalize the construction at every step specifically. For instance, the first step is the purchase of an appropriate land, here you will be initially given the amount to buy the land alone. On the closing of its purchase it is then where this step will be inspected and the approval for funding the next step which is installing a foundation or planning a design, shall be granted.

                  Get Your Construction Loan Approved Here with platinum mortgages Ottawa

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