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.
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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.