MORTGAGE - How Long Does It Take To Get A Mortgage
A good rule of thumb is to allow three to four weeks for the entire mortgage process (including appraisal and lawyer). If you think that you have a more challenging case, please allow more time. It is never too early to start the mortgage conversation.
As a rough guideline, the mortgage broker and lender need a week or so to get the approval, straight forward files can take less time and more complicated files can take longer. The appraiser needs about a week to do the site visit and to complete the report. The final step is your lawyer, some lawyers need a week and some lawyers need up to two weeks.
Remember that all of these parties are busy and people are not sitting on their hands waiting for your file to come in. Brokers, lenders, appraisers, and lawyers are all busy. Delays can happen at any of these stages. Professionals may have tens or even a hundred files in front of yours. Allow time for these professionals to do their jobs properly and things will go smoother. Putting pressure and having unrealistic expectations just causes problems and ends up delaying things instead of speeding them up.
There is a lot of work to get a mortgage done properly. Again, it is never too early to start the mortgage process. Seek professional help, plan ahead, and everything will go smoothly.
For more information on the mortgage process, contact your local Ajax Mortgage Broker, Sean Stewart at 905-427-9596 or email@example.com