Is there a best time to apply for a mortgage?

kinh

I was just wondering if there's a best time to apply for mortgage to increase chances of acceptance?

Obviously it depends on your credit file and individual circumstances but like do banks set out funding for mortgages in a way that have a certain amount of funds for that month/week that they will release for applicants.

If you apply at the beginning of the month you stand a better chance of acceptance as they have more funds to release.

If you apply in the middle of the month, you also stand a good chance but they have tweaked their criteria so acceptance is a little more challenging.

Apply at the end of the month, lesser funds to begin with, as such it can be more difficult to obtain a mortgage, lending criteria is more stringent meaning bank will most likely dish out mortgages to those with sound credit files and their happy with individual circumstances.

ACG

Not that im aware of... it wouldnt be TCF either.

They tend to get a load of money, lend it out. If its going to quick, increase the rates if its not going quick enough reduce rates or change the product completely.

Goldiegirl

When I started at a big lender in 1981, each branch had a 'quota' of mortgage money to lend each month. Once the quota was gone, that was it for the month, there was no more money to lend, so we had to put them in the mortgage queue, so they could apply at the start of the next month.

Those days are long gone. They have a certain amount of money to lend at certain rates, but it doesn't matter when in the month you apply. If they use up the money for a particular interest rate, then they just launch other rates.

In these days of instant gratification, I can only imagine the response if people had to get into a virtual queue for their mortgage application.

Although things were probably more simple in those days. For example there was none of the never ending angst about your credit score.

kinh

Interesting, many thanks for the responses!