Mortgage approval

[Tbaga]

I have submitted all the required documents to my mortgage broker, and we had a chat over the phone. Now over a week passed and haven't heard anything. Is that normal? Does it take more than a week for a mortgage broker to respond?

[Tbaga]

Wow, this forum is not what used to be. Years ago when I bought my first and second pre-cons, people would get responses almost immediately on this forum.

In any case, If anyone used a mortgage broker before, would you please let me know how long it took the broker to get your mortgage ready? My closing is fast approaching and I haven't heard from my broker in two weeks now. Thanks.

[xanderii]

Originally Posted by Tbaga

I have submitted all the required documents to my mortgage broker, and we had a chat over the phone. Now over a week passed and haven't heard anything. Is that normal? Does it take more than a week for a mortgage broker to respond?

I have a good relationship with my broker but I think the normal process can go on for two weeks.

[Tbaga]

Originally Posted by xanderii

I have a good relationship with my broker but I think the normal process can go on for two weeks.

That's reassuring. Thank you for responding.

[OttawaC]

Originally Posted by Tbaga

I have submitted all the required documents to my mortgage broker, and we had a chat over the phone. Now over a week passed and haven't heard anything. Is that normal? Does it take more than a week for a mortgage broker to respond?

It's disappointing for sure. Your broker should have outlined the next steps for you and should have told you when they expect to have an answer for you. Should those timelines not pan out, the broker should be proactive and reach out to you to provide an explanation and address any concerns that you have.

[CGB]

My sister was told in december that the average mortgage approval at the moment is about 1 month...mostly because of the Covid-19 delays with everything.
And yes, your Broker should be more upfront with details about all timelines and expectations.

[canabiz]

Originally Posted by Tbaga

Wow, this forum is not what used to be. Years ago when I bought my first and second pre-cons, people would get responses almost immediately on this forum.

In any case, If anyone used a mortgage broker before, would you please let me know how long it took the broker to get your mortgage ready? My closing is fast approaching and I haven't heard from my broker in two weeks now. Thanks.

We purchased a resale property this past summer and it did take more than 2 weeks to receive a decision from the financial institution we were dealing with (through our broker). COVID and the influx of mortgage approvals were cited as a result for the delays.

For your first point, unfortunately many people have moved on from this forum. Out of respect for Greg, who has provided a safe and stable environment for many of us homeowners to share tips and tidbits over the last decade or so, I won't name the other places but let's just say people have migrated to other social media platforms/forums where it is more interactive and they feel they can get the information they need faster.

It is what it is, I hope this website and the sub-forums will continue to be active. I do check in every now and again but you are right (and I can only speak for myself), my contributions have dwindled over the years.