FOR an eager homebuyer, applying for a mortgage may feel like it’s taking forever — especially if mistakes are made along the way.

Victoria Mutual Properties CEO Allison Morgan gives an idea of what sort of timelines to expect at key stages of the mortgage process, if everything goes smoothly.

The goal is to get an offer letter or letter of commitment within 45 days. Read on for details on various stages of the process.

Adjudication

This is after the application stage and the loan has been submitted for review.

“Our ultimate goal is to get an approval, which is then followed by the issuance of an offer letter or a letter of commitment. It’s usually about five to 14 days depending on the loan thoroughness, the complexity, and the quality of the loan submission.”

Acceptance

After adjudication and the offer letter is prepared it’s then sent back to the loans officer who has the client come in and sign the documents.

“The offer letter now forms the basis of the contract that is going to be transferred to the mortgage deed and all the legal documents. [It should take] one to two weeks to sign the offer letter and the acceptance document [as well as address requests for]… any additional information.

Registration

At this stage the letter of commitment is issued, and the file is assigned to an attorney who is handling the registration. The deeds are prepared for ‘wet ink’ signatures — meaning each person has to physically sign the documentation.

“If you have three people overseas doing the mortgage application, the three of them have to sign the deed — and all three copies… This can take approximately one to four weeks.”

Disbursement

“This is the final stage. This is where the property has been transferred, and the financial institution’s interest is noted. The documents have been returned. They have it in their possession, and they said, ‘Okay, we can now pay out the funds.’ This takes about one to two weeks.”

MORGAN… our ultimate goal is to get an approval