Timelines depend far more on how complete your document package is than on which lender you use. Typical timelines Stage Typical time Pre-approval 24–48 hours Full approval after an accepted offer 2–5 business days Appraisal (when required) 2–5 business days Lender instructions to the lawyer 3–7 business days Straight switch at renewal 3–4 weeks end to end Refinance 3–5 weeks end to end Purchase, offer to closing Usually 30–90 days by agreement What actually slows files down Missing documents. The most common cause by a wide margin. Every gap restarts the clock. Unsourced down payment. Lenders need 90 days of history for the funds. A large unexplained deposit will stall the file until you document it. Self-employed or commission income. More documentation — two years of T1s, Notices of Assessment, financial statements — and a longer read. Condo status certificates. These can take up to 10 business days to be produced, so order early. Appraisal problems. A value below the purchase price forces a renegotiation or a larger down payment. How to close fast Have documents ready before you shop: letter of employment, recent pay stub, two years of T4s, 90 days of down payment history, photo ID. Do not move money between accounts during the process. Do not finance a car, open a new card or co-sign anything until after funding. Give your lawyer at least 10 business days before closing. If self-employed, have your accountant on standby for statements. Rush closings Some lenders can fund in as little as 5 to 7 business days on a clean insured purchase. Private lenders can move in 48 to 72 hours because they underwrite on equity — at a rate and fee that reflect the speed. Get your file moving with our application form, or run the payment first with the mortgage calculator. Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions How fast can I get approved for a mortgage in Canada? A pre-approval can be issued in 24 to 48 hours with complete documents. Full approval after an accepted offer typically takes two to five business days. Why is my mortgage approval taking so long? The usual reasons are missing or outdated documents, an unsourced down payment deposit, a delayed condo status certificate, or an appraisal that has not been completed. How long does a lender switch take at renewal? Plan on three to four weeks from application to funding, which is why starting 120 days before maturity is the standard advice. Can I close a mortgage in one week? It is possible on a clean insured purchase with all documents in hand and a lender able to expedite. Private lenders can move faster still, at higher cost.
