How Long Does It Take to Get Preapproved For A Mortgage?
No matter if you get preapproved through us, a national bank or a local firm, the steps to getting preapproved are simple.
First, you’ll need to submit a mortgage application. Typically, the lender will then run a check on your credit history and ask you a series of questions about your financial standing and the home you want to buy.
They’ll check your income and assets and analyze your most recent bank statements. Lenders want to ensure that you can pay back the mortgage loan, so they’ll look for any financial red flags like outstanding credit card debt or unpaid medical bills.
After completing the approval process, you’ll receive a letter. If you applied with us, you’ll be in contact with a banker to get a Verified Approval Letter. To be “verified,” you must submit additional documents like tax returns and pay stubs along with the application.
Once you choose a mortgage lender to work with, the preapproval process can take as little as a day to several days.
Take the first step toward the right mortgage.
EMAIL ME – beataw@dominionlending.ca
CALL AT – (250) 650-0398
