Time deadlines are crucial in this continuing hot real estate market. Whether you are removing subjects on an offer, facing your mortgage renewal date, or preparing for the closing of your home purchase, it is almost inevitable that you will feel like you're racing the clock at some point. The goal of our team of mortgage planners is to always be mindful of your deadlines and strive to meet them.
How Long Does a Mortgage Take?
We will do our best to keep you informed of the time required to confirm and complete your mortgage financing throughout the process. While each file is unique, here's a general idea of the timing you can expect along the way:
For those of you who want to be pro-active we recommend obtaining a hard pre-approval before you start shopping for a new home, whenever time allows.
This pre-approval for your mortgage can take 1-2 business days once we've received all of your documentation. During this time, one of our Auxilium planners will conduct a full review of your file so that we are certain of the options and solutions available to you.
Once you've found the right house - or are ready to refinance or renew your existing mortgage - all we need is your "green light" to have our team handle your mortgage. We begin immediately by sending your file off to the lender you've chosen for their review and approval. The time varies between lenders, but can typically take between 1 day to 1 week for their confirmed approval. Our team will update you with the expected timing once we've submitted your file.
After your mortgage is approved, there are still more deadlines you'll need to keep in mind to ensure that the funds are available on your closing date.
7 to 14 days before you are set to either take possession of your new property or complete the refinance of your existing one, we will contact your lawyer to ensure that there are no issues and everything is on track for a timely close. If for any reason you will not be physically able to attend your lawyer's office to sign the paperwork during this timeframe, you need to notify us immediately so that other arrangements can be made.
Approximately 3 to 7 days prior to your closing date, you will need to meet with your lawyer to sign the mortgage documents.
Top 3 tips for sticking on top of your mortgage deadlines
1. Make sure all your lender conditions are satisfied well in advance.
Depending on your situation, the lender might require additional documentation between your mortgage approval and your closing date. These details don't impact your subject removal if you're purchasing a home, but it's important to keep them in mind. You need to provide the documents at your earliest convenience to ensure your mortgage funds on time.
2. Confirm communication before the last minute.
Even in this age of instant communication, mishaps can occur: a typo or server error can return an email, or a fax line can be busy. Be sure to send information well in advance of the deadline, and if you aren't sure whether your communication was received you can always make a phone call to confirm.
3. Time is of the essence. Deadlines matter.
Record your deadlines – in a diary, day planner, or online calendar – to help you keep track of them. Make sure to include times as well as dates! If you know in advance that you won't be able to make an upcoming deadline due to circumstances outside your control, ask your lawyer whether the time or date can be changed.
If you want to work with a mortgage team that has timing down to an art, contact one of our planners today for a free consultation. Call Toll-Free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours, Monday through Friday 8:30 a.m. – 5:00 p.m. We can also arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.