+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Mortgage Approval

canuck_in_uk

VIP Member
May 4, 2012
31,558
7,195
Visa Office......
London
App. Filed.......
06/12
The 1st person I went to did a hard credit check without asking me explicitly for permission. I am honestly scared that it will hurt my credit score if rhis hapoens again, hence i am here.
So as I said, go find a new broker. Do some research to find someone reputable with experience.
 

Musti82

Star Member
Oct 9, 2017
100
40
These are fairly basic questions that even a halfway decent mortgage broker could answer. I seriously suggest you find yourself a new broker who actually knows what they are doing.
exactly, unfortunately brokers are either very stingy, and some ar every experienced some are crooks, and they hate doing pre approvals(cause it takes time). they rather push u to buy, and then set u up with a lender with huge fees or rates.
 

canuck_in_uk

VIP Member
May 4, 2012
31,558
7,195
Visa Office......
London
App. Filed.......
06/12
exactly, unfortunately brokers are either very stingy, and some ar every experienced some are crooks, and they hate doing pre approvals(cause it takes time). they rather push u to buy, and then set u up with a lender with huge fees or rates.
I don't know what kind of "broker" you have dealt with but you must not have done your research. An experienced and reputable broker is NONE of that.
 

Yan23

Newbie
Jul 29, 2020
1
0
Hello, i work for RBC Royal Bank as a mortgage specialist.

if you already have an approval, it is extremely easy to convert that from pre approval to approval, like less than a day, and then you have to send it for approval, let's add another 2-3 days, but if there is a financing condition we rush it and usually hear literally on the same day or next day.

edit: if the application prompted an appraisal (full) then add maybe another 1-2 days max.

Mustafa
Hi. Does lenders call employers to confirm your employment?
 

YVR123

VIP Member
Jul 27, 2017
6,430
2,460
Hi. Does lenders call employers to confirm your employment?
My lender back then asked for employment letter. I got HR in my office to write that up for me. It's pretty standard. They could call your employer.
 

Musti82

Star Member
Oct 9, 2017
100
40
The 1st person I went to did a hard credit check without asking me explicitly for permission. I am honestly scared that it will hurt my credit score if rhis hapoens again, hence i am here.
thats so bad that people force you to do a credit check without your consent and then use that to keep you there. actually one credit check does not decrease your credit that much, it depends what your current score is, when my clients are not sure to start a pre approval, i usually tell them to check online themselves to see what their credit score and report looks like since that does not affect your scoring if you look at it yourself.

majority of the banks have now access in their online banking to see your credit score , for banks usually 670+ is acceptable thought unless the score is less but because of newer credit or minor delinquency, time to time you can get an exception to that.
 

Musti82

Star Member
Oct 9, 2017
100
40
Yes a lender will want to find out that you are currently employed. Whether they call or use other means is up to the agent.
not every single time, i have been working for the bank 12 years, and i have seen all sorts of fraud attempts, 90% of the time, either employment letter looks suspicious, t4 2019 and paystubs dont match , or there are many inconsistencies, but i have seen pretty good attempts as well. if we have doubts we do call to verify.

i am going to say something here, if you are willing to produce falsified info, you should be ready for the consequences, a lot of times the broker is crook and assist the client (with a lot of cash fee) the make these, maybe somehow you get this mortgage, at one point in time that crook broker will get caught, and the bank will look at that person's deals they have done and went through all, don't be surprised one day the institution calling you to verify and give you a 30 day notice to find yourself another bank for your mortgage.

it happened and it will happen. i have seen a person who got a mortgage from a major bank and then 6 months later got a letter saying they have to find another institution in 30 days, you either will have to find a bank or small lender, as be ready for the exorbitant interest rates these places will offer. that person ended up being forced to sell his place.
 
  • Like
Reactions: canuck78

canuck78

VIP Member
Jun 18, 2017
52,959
12,759
not every single time, i have been working for the bank 12 years, and i have seen all sorts of fraud attempts, 90% of the time, either employment letter looks suspicious, t4 2019 and paystubs dont match , or there are many inconsistencies, but i have seen pretty good attempts as well. if we have doubts we do call to verify.

i am going to say something here, if you are willing to produce falsified info, you should be ready for the consequences, a lot of times the broker is crook and assist the client (with a lot of cash fee) the make these, maybe somehow you get this mortgage, at one point in time that crook broker will get caught, and the bank will look at that person's deals they have done and went through all, don't be surprised one day the institution calling you to verify and give you a 30 day notice to find yourself another bank for your mortgage.

it happened and it will happen. i have seen a person who got a mortgage from a major bank and then 6 months later got a letter saying they have to find another institution in 30 days, you either will have to find a bank or small lender, as be ready for the exorbitant interest rates these places will offer. that person ended up being forced to sell his place.
If you are asking the question there is likely an issue with your employment.
 

Musti82

Star Member
Oct 9, 2017
100
40
If you are asking the question there is likely an issue with your employment.
my guess is same, its a rabbit hole people would go through just to get a mortgage. this happened i think 3 years ago, when B-lender was doing an internal review, they started seeing a very common theme with employer letter. and figure out some broker keeps supplying the same format of an employment letter, obviously it was fake. this company ended up ceasing any deal with 12 brokers. and word got on the street, this B-lender lost their investors who got scared, all of a sudden this company didnt have enough money to give for mortgages. they ended up getting a emergency Line of credit with 6% from somewhere else. then some bigshot investor came, stock price was 6 bucks went up to 21 , my guess is not investor american is gone selling by tripling his stocks. because the default rates are very low, people forgot about it. but my guess is a lot of mortgages which were done by those brokers went probably under investigation.

this is kind of what happened with fake spousal weddings in some countries, where these fraudsters were paying people who were having wedding to act like they are getting married. then it turns out some agent found out that the same people are presented as parents for different couples. 100s of people got denied.
 

canuck78

VIP Member
Jun 18, 2017
52,959
12,759
The 1st person I went to did a hard credit check without asking me explicitly for permission. I am honestly scared that it will hurt my credit score if rhis hapoens again, hence i am here.
Too be fair it is very hard to give advice without knowing your credit rating and I assumeyou were asking the broker questions about how much you would qualify for. I agree that they should have warned you but you also should have expected it if you were enquiring about how much of a mortgage you could get and at what rates.
 

Musti82

Star Member
Oct 9, 2017
100
40
Too be fair it is very hard to give advice without knowing your credit rating and I assumeyou were asking the broker questions about how much you would qualify for. I agree that they should have warned you but you also should have expected it if you were enquiring about how much of a mortgage you could get and at what rates.
nowadays almost all banks have free credit service(equifax or transunion), thats why when i see the client is not ready to commit, i tell them to check their credit history through their online banking or credit karma. for ex RBC online banking has access to transunion reports, since its under information act, it doesnt hurt looking at it. it has helped me a lot, especially when i see the score is borderline, we could keep an eye on the report with the client and apply at the right time so score is within acceptable range.
 

canuck78

VIP Member
Jun 18, 2017
52,959
12,759
nowadays almost all banks have free credit service(equifax or transunion), thats why when i see the client is not ready to commit, i tell them to check their credit history through their online banking or credit karma. for ex RBC online banking has access to transunion reports, since its under information act, it doesnt hurt looking at it. it has helped me a lot, especially when i see the score is borderline, we could keep an eye on the report with the client and apply at the right time so score is within acceptable range.
Yes I know I ask any potential tenants to submit their credit report that way. I would imagine some mortgage brokers or bank employees would feel that asking someone to look up their own credit score would look unprofessional or questionable. Clients may not necessarily understand why they are being asked to look up their own credit score.
 

Musti82

Star Member
Oct 9, 2017
100
40
Yes I know I ask any potential tenants to submit their credit report that way. I would imagine some mortgage brokers or bank employees would feel that asking someone to look up their own credit score would look unprofessional or questionable. Clients may not necessarily understand why they are being asked to look up their own credit score.
it happened the other day, some client claiming another broker that he did not consent for the bureau but they still pulled. i think sometimes people do that to coerce the client to deal with you, because they feel with a credit check already done, clients think they are stuck with that person. so broker wins.
yeah the industry is made of up all kinds of people, sales and commission jobs do test people's ethics a lot.
 
  • Like
Reactions: canuck78

steaky

VIP Member
Nov 11, 2008
14,298
1,628
Job Offer........
Pre-Assessed..
It takes some time, but it depends on many aspects. Firstly, the required amount, the chosen offer (i.e., the monthly payment), and the company that offers you the mortgage loan. I know the situation of some friends who have been waiting a long time for mortgage approval. But I was lucky to choose the right company that helped me a lot with the whole process. The Mortgage Broker Sunderland took care of all the documentation, the files, and the approvals. That's why the process passed quickly.
How quickly? Instant approval?