Dwayne Kavanagh
Mortgage Agent Level 2 - M22004377
Tel: 416-937-5991 | Cell: 416-937-5991 | Fax: 905-574-7384
If you’re applying for a mortgage, one of the first things you’ll want to know is how long it takes to get approved.
The short answer is that it can vary, but on average, mortgage approvals in Canada take anywhere from 2 to 10 business days depending on the lender, the complexity of your application, and how quickly you provide the required documentation.
Pre-Approval (1-3 Business Days): A mortgage pre-approval gives you a clear idea of how much you can afford and locks in a rate for up to 120 days. To get pre-approved, you’ll need to provide income verification, credit history, and your debts and assets.
Formal Application (3-5 Business Days): Once you’ve found a property and made an offer, you’ll formally apply for the mortgage. Lenders will review your income, credit score, property details, and overall financial health.
Approval and Conditions (2-3 Business Days): After the lender completes their assessment, they will issue a mortgage approval—often referred to as a “commitment.” This approval may come with conditions, such as providing updated documents or completing an appraisal.
Lender Type: Big banks may have longer turnaround times compared to credit unions or monoline lenders.
Document Readiness: Having your documents—like income verification and down payment proof—ready speeds up the process.
Complex Applications: Self-employed borrowers or those with non-traditional income sources may require additional review time.
Work with a mortgage agent who can streamline the process.
Provide all requested documents promptly.
Get pre-approved to avoid delays when you’re ready to make an offer.
For more information on strategies to pay off your mortgage quickly, check out my article on How Fast Can You Repay a Mortgage in Canada?.
Curious about how different mortgage scenarios can impact your payments? Use my free mortgage calculator to explore rates, payment options, and repayment timelines. You can test scenarios like bi-weekly payments, prepayments, and rate changes to see how they affect your mortgage.
Check it out here: Best Free Mortgage Calculator.
While mortgage approvals in Canada can take anywhere from 2 to 10 business days, working with a mortgage agent can simplify and speed up the process. By staying organized and proactive, you’ll be well on your way to securing the home—and mortgage—that’s right for you.