How does the mortgage approval process work in Canada? (and how to get approved fast!)

Homebuyer's School

Thinking about or ready to get a mortgage approval? What are the steps involved? What do you need to prepare? In this episode, we talk with Mujtaba Syed, Mortgage Specialist with the Bank of Montreal, and discuss how the mortgage approval works and the steps involved throughout the home buying process. We also explore mortgage approval requirements including the 5 C's of credit that the bank or lender use. Finally, we talk about mortgage approval impacts to credit score, how long it takes to get approved and questions to ask your lender.

Prefer to watch the video or read and take notes? See the transcript:

https://stories.brookfieldresidential.com/homebuyersschool/how-does-the-mortgage-approval-process-work-in-canada

We discuss the following items:

• How a mortgage approval works and the steps involved
• What are the mortgage approval requirements
  • What are the 5 C's of credit your bank or lender look for?
• How long does an approval takes?
• Does a mortgage approval impact your credit score?
• What questions should you ask your lender before getting a mortgage?

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