What is pre-approval?
Pre-approval means that a lender has stated in writing that you qualify for a mortgage loan based on your current income and credit history. A pre-approval usually specifies a term, interest rate and mortgage amount. A pre-approval is typically valid for a brief period of time and usually has a number of conditions that must be met.
The TD 120-day rate hold
Once you have your pre-approval, we’ll hold your interest rate for the next 120 days subject to all the conditions.
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.
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 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:
- Current address
- Previous address (if current address is less than 3 years)
- Current employment information (e.g. employer's address, telephone number)
- Previous employment information (if current employment is less than 3 years)
- Sources of verifiable income (e.g. pay stub, employment letter, bank statement confirming direct deposit, investment statement)
- If self-employed, the last 2 years Notice of Assessments from your Income Tax return
- Value of properties, automobiles, investments, and savings
- Most recent statements for mortgages, loans and lines of credit
- Most recent credit card statements
- Estimated value of your home
- Housing expenses (e.g. property tax, annual condo fee, heating costs)
- Financial information for your co-borrower, if applicable
- Social Insurance Number (optional)
- You are a Permanent Resident or have applied to become a Permanent Resident in Canada
- And you have been in Canada for 5 years or less
Other useful information
Book an appointment
Visit a branch at a time that’s convenient for you.
You pick the time and we'll contact you.
We’ll come to you
Find a Mortgage Specialist who’s close to you and request a meeting.
With a pre-approval, you're ready to let the house hunting begin.