With so many people rushing to lock in fixed rates, many lenders are seeing record volumes.  As a result, underwriting delays are widespread. 

In many cases, application turnaround times are five or more business days.  We’ve heard reports of certain low-rate lenders with 2-week backlogs in their queues. 

Normal approval times vary, but have traditionally been 1-2 days, sometimes even same-day. 

Tips when applying:

• If you are purchasing a property and need to lift conditions quickly, make sure to keep the above in mind. 
• If you want a highly competitive rate, ask the property vendor for five days minimum to arrange financing.  (Consulting a mortgage planner beforehand will help you gauge the required approval time.)
• If you need a pre-approval, be prepared to wait 5+ days in many cases.
• Have your documentation (job letter, pay stubs, etc.) on hand to minimize approval time.

On the plus side, once your application is submitted to a lender, that lender will guarantee you get that day’s rate if you are approved.  This generally applies regardless of how long it takes for the lender to issue an approval.