How Long Does it Take to Receive a Mortgage Approval in Canada?

There are more than 1 million active mortgages in Canada, all of which were granted by many lenders. It can be very difficult to decide which option to pick if you need a mortgage quickly because there are so many to choose from. 

No matter if you’re a first-time homeowner, or a homeowner for the second or third time, buying a home is an exciting time. You will need proof of your assets and income, strong credit, employment verification, and any further documentation your lender may ask in order to get a mortgage fast.

Read in this article about how long it takes to receive a mortgage approval in Canada and how to get the approval of your mortgage fast.

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Factors that Delay Mortgage Approval

Bad Credit Score

Credit scores are numeric indicators of your credit management skills. Banks and other financial institutions use your credit score to decide whether or not to give you money. Your prospects of getting a loan from a bank are normally better if you have a higher credit score.

Your current credit amount, any missed payments, any debts in collections, and other crucial pieces of information are all detailed in your credit score. If you want to get a mortgage fast, you have to set the credit or search a good mortgage broker network to help you with this.

Income Source

If you are self-employed and submitting a mortgage application, you might need to provide several years’ worth of financial records to demonstrate your income. It could be difficult for you to have your mortgage authorized if you have fewer than two years of income history.

It can be more difficult for you to be approved for a mortgage if your income is commission-based. This is due to a reason because banks that lend money for mortgages don’t view your fluctuating income as a trustworthy source.

Mortgage Approval from A Lenders

A Lenders are chartered banks that are subject to federal regulation and credit unions. A Lenders are lenders who give out mortgages to prime borrowers. This indicates that they serve customers that have a steady source of income, a clean credit history, and a high credit score.

Typically, it takes 1 to 5 days to receive the mortgage approval. If you get your application declined, you must go for B Lenders to get a mortgage fast.

Mortgage Approval from B Lenders

B Lenders are classified as least regulated lenders who follow strict rules established in accordance with the nature of their business rather than following government regulations.

It typically takes between 11 and 25 days to obtain a mortgage from a B Lender. It might take even longer in some circumstances too. You should begin as soon as you can in order to speed up the approval procedure. 

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Conclusion

If you want to get a mortgage fast in Canada, you need to choose a good mortgage broker network that aligns and helps you out with your personal situation, and the size of mortgage you are taking out. Get in touch with a good mortgage brokers network to learn more today.