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My mortgage pre-approval took 11 weeks because of one old parking ticket
I started my pre-approval back in February with a broker in Hamilton and figured it would take maybe two weeks, tops. Turns out a $48 parking ticket from 2019 that I forgot about went to collections and nobody ever called me about it, so it sat on my credit report the whole time. My broker kept saying we were close, then the lender would come back with another document request, and this went on for almost three months. I finally pulled my own credit file in April, spotted the collection account, paid it off in one phone call, and had the pre-approval letter in my inbox five days later. Eleven weeks of stress for something I could have fixed in an afternoon if anyone had just told me what the actual problem was. Has anyone else had a lender sit on a file like that without telling you the real reason for the delay?
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james9957d ago
Read a story on CBC last year about a guy in Mississauga who got denied because of a $12 library fine from 2014 that went to collections, same deal where nobody told him until he pulled his own report. The thing that gets me is how the broker kept giving you the runaround for weeks instead of just saying "hey, there's a collection on here, call these people." I get that they want the deal to close and maybe thought it would sort itself out, but sitting on info like that just makes people lose trust. Pulling your own credit file at the start should honestly be step one for everyone before they even talk to a broker.
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