From renters to real estate

So, we are planning on buying a house. A small townhouse not too far from our current location. Still within walking distance to the West Edmonton Mall but instead of a 5 minute walk it will probably be more like a 30 minute walk. Not sure as I haven't walked it yet.
It was built in the 1970's so the outside is severely outdated but there's nothing we can do about the exterior at all. The interior has been updated though. All stainless steel appliances, refurbished bathroom, new deck in the yard. Actually the entire yard is a deck so there's no lawn care involved at all. It's all fenced in so that's fabulous!
The basement is semi-finished. The utility room is down there along with another room that I intend on using as Rianne's toy room if we get the place. There's a powder room off the kitchen, a dining room and a living room on the main level and 3 bedrooms and a full bathroom upstairs. All beautiful wood floors throughout, new paint in a warm neutral tone.

We have the paperwork all filled out. The Real Estate Purchase Contract, the Property Condition Disclosure Statement, and the Acceptance form .. everything is signed and witnessed. We just have to make a copy and fax it into the Mortgage Broker. As of right now though, the paperwork is sitting here on the dining room table.

The possible possession date is September 1st, 2009. I will update when I know more.
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June 3rd:
The paperwork has been faxed into the lady that works for the Home Loans place. We should hear something back by late next week I think. I am so anxious and Jon keeps telling me not to get my hopes up. I can't help it! I daydream and plan about owning this house. I wanted to look at paint chips last night and he told me I should wait until we know for sure before dreaming of a paint color for the bathroom.
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June 11th:
We still haven't heard anything regarding the house. Now my hopes are sort of dying because that probably means they are having a hard time finding anyone to take on the mortgage. Jon isn't getting his hopes up and I'm trying to remain realistic and not get my hopes up as well. I have no idea how long we are supposed to wait before we hear anything one way or the other. I hope it's soon so we'll know what's going on. Either we get the house or we'll start looking for a townhouse to rent.