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Mortgage Pre-Approval

When you're looking to buy your next home, applying for a mortgage pre-approval online can be a great way to start the process. You can easily apply via our online application, over the phone or in-person at a branch.

Why apply for a mortgage pre-approval?

A mortgage pre-approval is an important part of the home buying process. If you are pre-approved, it means that a lender has stated that you qualify for a mortgage loan based on the information you have provided, and subject to certain conditions. A mortgage pre-approval often specifies a term, interest rate and principal amount. Although not a required step, it is helpful as it can give you a clearer picture of how much house you may be able to afford.

Online Mortgage Pre-Approval

Get an online pre-approval to know how much you may be able to afford and start your house hunt with confidence.

  • Immediate response to your online application
  • No impact on your credit score when you submit your application online
  • Holds your mortgage rate for 120 days

Complete online, anytime, anywhere, in just five easy steps.

The TD 120-day rate hold

  1. Once you have your pre-approval, we’ll hold your interest rate for the next 120 days subject to all the conditions.

  2. If the interest rate on the term chosen in your pre-approval goes up, we will hold the rate we pre-approved you for if you meet all other conditions.

  3. If the interest rate goes down during this time, you can ask to have your pre-approved interest rate adjusted to reflect the lower current rate.

What to bring to your in-branch pre-approval meeting

We want you to be ready for the pre-approval process and being prepared will help. For your meeting, you should plan to bring the following:

  1. Current address

  2. Previous address (if current address is less than 3 years)

  3. Current employment information (e.g. employer's address, telephone number)

  4. Previous employment information (if current employment is less than 3 years)

  5. Sources of verifiable income (e.g. pay stub, employment letter, bank statement confirming direct deposit, investment statement)

  6. If self-employed, the last 2 years Notice of Assessments from your Income Tax return

  7. Value of properties, automobiles, investments, and savings

  1. Most recent statements for mortgages, loans and lines of credit

  2. Most recent credit card statements

  3. Estimated value of your home

  4. Housing expenses (e.g. property tax, annual condo fee, heating costs)

  5. Financial information for your co-borrower, if applicable

  6. Social Insurance Number (optional)

Mortgage pre-approval simplified

Not quite ready to start a mortgage pre-approval application but still want to get an idea of how much you can afford? The TD Mortgage Affordability Calculator is an online tool that can help you estimate your home buying budget before you apply for pre-approval.

Try the Mortgage Affordability Calculator

A mortgage pre-qualification is often a basic financial evaluation. A TD mortgage pre-approval on the other hand, is in-depth. It includes a more thorough assessment of your finances. It also offers a rate hold of up to 120 days (subject to conditions), while a pre-qualification does not. Plus, if you apply for a TD mortgage pre-approval online, it has no impact on your credit score. These benefits make a pre-approval an important part of the mortgage process.

It helps to know how much you can provide as down payment before you start looking for a home. The size of your down payment may have an impact on the amount you get pre-approved for. Plus, down payments of less than 20% of the purchase price of a home require mortgage default insurance, whereas down payments that are 20% or above may not.

Discover ways to increase your down payment

As you go through the mortgage process, it's important to think about the true cost of owning a home. Besides the costs required at closing and regular mortgage payments, there are other recurring costs such as property tax, home insurance, heating costs, condo fees and more. Even though pre-approval specifies an amount you may be approved for, consider a lower principal amount to reduce regular expenses while leaving money for other unforeseen expenses.

Discover all the costs of homeownership.

Apply for a mortgage pre-approval online and get an immediate response. Know your mortgage interest rate and see how much home you may be able to afford. Plus, get the confidence that comes from knowing that we will hold your rate for up to 120 days subject to conditions.

Get started with your mortgage pre-approval.

It's natural to have questions. Besides the basics such as the interest rate and term, it's a good idea to ask about other things like prepayment charges if you plan to sell your property or pay down your mortgage loan faster. To ensure that you get accurate, actionable information we recommend seeking answers from a trusted source. TD Mortgage Advisors are well versed in every aspect of the mortgage process and can be an easily accessible source of information.

Talk to a TD Mortgage Specialist.

New to Canada?

Some other things that will also be considered in your pre-approval process, is your credit score or whether you’re new to Canada. You may also qualify for a TD Mortgage even if you have no credit history1 if:

  1. You are a Permanent Resident or have applied to become a Permanent Resident in Canada

  2. And you have been in Canada for 5 years or less

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Mortgage Pre-Approval

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