How long does it take for a mortgage pre-approval?


Welcome to Homebuyer's School brought to you by Brookfield Residential Hi everyone, and welcome to another edition of Homebuyer's School Today I'm joined by Mujtaba Syed a Mobile Mortgage specialist with TD Canada Trust and today the question we're gonna answer is, "How long does it take to get pre-approved for a mortgage?" Yeah, thank you Karl, so the whole process, the appointment shouldn't take longer than an hour especially if the specialist has given you a list of requirements that you need to bring to the to the application appointment

Once you have everything and get it submitted it really just depends on lender to lender So some some lenders actually have an auto approval system which just means – if you guys are fitting the right criteria's, every- all the boxes are checked you should be technically right away the system might just say "Hey, you're auto approved for this certain amount Or sometimes you might go to an underwriter which also doesn't mean anything it just means that the underwriter wants to take a closer look to see exactly how the application looks, so technically it just kind of depends on where the bank is It could take 24 hours, it could take 48 hours, once again this is a very important question to ask your specialist to see "hey, what's the turnaround time? When can I expect my approval? How soon do you think I should expect to hear back from you?" These are very, very important questions especially during the interview process when you're interviewing your specialist to kind of see how quick are they when it comes to responding to your questions, responding to your approvals, and responding to the application Is there like an average timeline? Technically average timeline shouldn't take more than 24 to 48 hours

Okay, and how do you normally go about finding out? Do you just like get an email that you find out it's like "hey you've been a pre-approved", or do you have to come back in for a another interview? Yeah, absolutely just really depends on what your personal preference is If your personal preference is just receiving through email and you've let your specialist or your lender know then yeah, 100% they can reach out to you during email If you feel like you want to sit down with them and discuss your approval you can definitely book another appointment, the lender and specialist should be more than happy to sit down with you and discuss that Or sometimes you're just not getting a good feeling welcome call or a good feeling congratulations call, saying that "Hey congratulations, you're pre-approved", so it really just depends on your personal preference Perfect, anything else to add? No I think that's technically it

Once again just just go out there, get their pre-approval, if something doesn't seem right to you, if you feel like the pre-approval is taking longer, definitely reach out to the specialist, they might be able to answer, you might be able to ask some question that maybe the underwriter is asking the specialist, but definitely, definitely take a hands-on approach when it comes on to your pre-approval It's your pre-approval, you should take ownership of it, and reach out to the specialist if you feel like it's taking longer than it should Perfect, well thank you very much Mo Thank you very much everyone for joining us and we'll catch you next time That's another edition of Homebuyer's School

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