A mortgage approval should take only a few days, but it's probably best to allow up to two weeks. During this process, the lender will do a credit check and spot check other information you have provided. In addition, an appraisal of the value of your home may be obtained.

Whether the lender approves your loan application will be determined by an evaluation of the following:

If required, a request for mortgage loan insurance is submitted to CMHC or a private insurer. The lender then approves or rejects your mortgage loan.

Pre-approval

A pre-approved mortgage is very common. With pre-approval, your lender approves the amount of your mortgage and gives you a written confirmation or certificate for a fixed time period before you start looking for a home. The pre-approval term, usually lasting from 60 to 90 days, also sets the mortgage rate the lender will offer to you. If rates go down in that period, the lender should offer you the new lower rate.

Pre-approval gives you a head start on house hunting, but your final approval is still subject to an appraisal of the value of the home and a credit review of your finances.

With the right mortgage - one that's flexible and tailored to your financial situation - you have the luxury of owning your home. You also have the luxury of being able to relax.