Ready to start exploring your housing options? Getting a mortgage pre-approval essential but how long do you have to wait? In this episode, we discuss how long it takes to get pre-approved for a mortgage, average time for mortgage pre-approvals and questions you need to ask your mortgage specialist or advisor.
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Hi everyone and welcome to another of Homebuyer's School. Today I'm joined by Mujtaba Syed, Mobile Mortgage Specialist with TD Canada Trust. And today the question we're going to answer is:
How long does it take to get pre-approved for a mortgage?
Yeah. Thank you Karl. 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 application [00:00:30] appointment.
Once you have everything in getting submitted, it really just depends on lender to lender. So, some lenders actually have an auto-approval system, which just means that you guys are fitting the right criterias. 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 he might quote 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. [00:01:00] Technically, it just 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 see how quick are they when it comes to responding to your questions, responding to your approvals, and responding to the application.
Is there an average timeline for approval?
Technically the average from Home Buyer Association's takes no more than 24 to 48 hours.
And, how do you normally go about finding out, do you just get an email that you find out?
Is it like, "Hey, you've been pre-approved." Or, do you have to come back in for another interview?
It 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, [00:02:00] you feel like you wanna sit down with them and discuss your approval, you can definitely book another appointment. The lender especially should be more than happy to sit down with you and discuss that.
Where, sometimes you're just not getting a good feeling welcome call or a good feeling congratulations call saying that, "Hey, congratulations your pre-approved."
It really just depends on your personal preference.
Perfect. Anything else to add?
No. I think that's technically it.
Once again, just go out there, get their pre-approval, [00:02:30] if something doesn't seem right to you, if you feel like the pre-approval's taking longer definitely reach out to the specialist.
You might be able to answer some questions 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 you must 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.
Let us know if you have additional mortgage questions or home buying questions that we can answer by submitting them in the comments section below.
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About Mujtaba Syed:
Mujtaba is an experienced mobile mortgage specialist with a demonstrated history of working in the banking industry. Skilled in Negotiation, Commercial Lending, Banking, Sales, and Credit Analysis. Strong product management professional