The mortgage approval process typically takes between about 2 to 6 weeks, depending on various factors such as the lender’s workload, the completeness and complexity of your application, and how quickly you provide requested documents. Some lenders may approve in as little as a few workdays once the application is complete, but more often it averages around 3 to 4 weeks. For example, after submitting all documents and the lender completing a property valuation and credit checks, formal approval can take two to six weeks. Self- employed applicants or those with more complex finances might face longer processing times.

Typical Timeline for Mortgage Approval

• From mortgage offer acceptance to application submission: about 1 week
• Lender assessment of application including document review and credit checks: immediately up to 3 weeks
• Lender’s final assessment and issuing mortgage offer: 2 days to 2 weeks
• Property valuation: generally 1-2 weeks
• Entire process averages about 2-6 weeks, sometimes as short as 14 days in faster cases

Factors Influencing Processing Time

• Completeness and accuracy of documents submitted
• The lender’s current workload and processing speed
• Complexity of personal financial situation
• Property valuation timing and results

Quickest Cases

• Some lenders can finalize within 1 to 3 business days after receiving complete documentation and appraisal
• Getting a mortgage agreement in principle can be nearly instant, but full approval takes longer

So overall, the full mortgage approval process usually takes between 2 to 6 weeks, with many cases closer to 3-4 weeks if documentation is promptly provided and circumstances are straightforward.