Mortgage Pre-Approval

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)

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:

  • 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

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