All right #MortgageWeekly. Another snowy and freezing Edmonton winter day but I
guess it's winter that's what's to be expected so this week I want to talk
about timelines, timelines when you're buying and refinancing and renewing
basically I think everyone's always surprised at how long sometimes it takes
to get an approval done and that the lenders are pretty much always these
days busy most lenders are national lenders
so there's always some market that's quite busy that's keeping them busy so
if we try and show up with you know two days to try and get everything done it's
pretty difficult to make it happen and it's a lot of stress it's a lot of stress
for everybody so typically timelines if you're buying a home you want to get
like a week for your financing to financing done get your home inspection
done get an appraisal done if need be and before you get to that point we want
to have your documents organized ahead of time so have a pre-approval in place
collected your job letters pay stubs bank statements all that sort of stuff
so that we can get all the conditions satisfied with the lender quickly if you
are refinancing some senses it's not as time restrictive you don't have a
condition removal date but you still need a good week to get the paperwork
done and then another two or three weeks to get the legal part done get the
current mortgage statement get that ready to pay out all that sort of stuff
so refinance you need three to four weeks so that everything isn't feeling
super rushed well the snows kind of deep around
here and if you're doing a switch so if you're transferring your mortgage from
one lender to another at renewal I say at least 30 days to make sure that's
done make sure you have time to do the payout statement from your current
lender and they often like to drag drag their heels at that as they don't want
you to leave so a time for about you know a month to get that done as well
kind of a week to get the approval and then another for two or three weeks to
get the rest of the paperwork done and the transfer documents signed so all in
all just give yourself more time and the more prepared you can be the earlier you
come to me the more documents you have organized the smoother the transition
will be and everyone will be a little bit happier and a little less stressed
so that's about it on on timelines interest rates are going up again fixed
rates are going up again so pre approval rate holds that sort of stuff is
important if you're in the market in the next 120 days all right have a good
weekend ciao bye
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