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Old 08-18-2015, 10:54 AM   #1
shermanator
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Default How long should a mortgage application take?

I currently have a mortgage with RBC, but my wife and I are looking at moving out of our condo and into a house. We went in to RBC 10 days ago to do a mortgage application, provided all the documents, and still haven't heard back as to how much we've been approved for. Checked again today with the lady, and no update on the application. RBC does use a third party to do the application, so I'm sure this adds some delays into the process.

It's been a number of years since I last went in to do a mortgage application, but I seem to remember on the last go around that it didn't take this long the last time.

Just wondering for those who've recently gone through this process how long it took you?
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Old 08-18-2015, 10:57 AM   #2
MacDaddy77
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I had the pre approval done in the office at CIBC within 15 minutes.

The actual approval wont come until you have a purchase and sale agreement
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Old 08-18-2015, 02:19 PM   #3
Travis Munroe
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^ exactly.

A pre approval / application is done in a afternoon with ease.
Once a offer is submit on a property, that approval along with the offer to purchase are combined and looked at much more in depth. This can take 3-7 business days depending on several factors.
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Old 09-05-2015, 12:40 PM   #4
GullFoss
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I had a broker once tkae upwards of a month. It really does depend on how good they are and your personal details (employed vs self employed, base vs bonus, etc)
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