The Mortgage Lending Process


Preparation

What to do and what to expect when applying for a mortgage or refinancing your loan item 1
What to Do
What to Expect
  • You're ready to start the application process
  • You can talk to a mortgage loan officer at 1-866-325-45161-866-325-4516 if you have additional questions

Prequalification

What to do and what to expect when applying for a mortgage or refinancing your loan item 2
What to Do
What to Expect
  • You provide basic debt, income and asset information; we will obtain and review your credit report
  • You will know your maximum loan amount at the end of your conversation
  • Helps you shop for a home more confidently

Application

What to do and what to expect when applying for a mortgage or refinancing your loan item 3
What to Do
  • You will need a signed purchase and sale agreement to start your application
  • Have all your documentation ready
  • If you're building your home, you'll need a signed construction or purchase contract with your builder or developer
  • Schedule my call
What to Expect
Within 24 hours of submitting your application, we will:
  • Strive to give you a conditional decision
  • Call you to review your loan conditions, documentation and next steps
  • We will provide you with a Loan Estimate of your closing costs within 3 business days of submitting your application

Processing Your Application

What to do and what to expect when applying for a mortgage or refinancing your loan item 4
What to Do
Make sure you send us any additional requested information by the date on your conditional approval letter
What to Expect
Once we receive all your documentation, we will:
  • Process your application
  • Review your credit report
  • Verify your information

Home Inspection

What to do and what to expect when applying for a mortgage or refinancing your loan item 5
What to Do
Pay the service provider at the time the service or test is completed. These expenses are not paid at closing
What to Expect
You will need an inspection of the property you want to purchase. You or your real estate professional will arrange for a home inspection – the inspector will meet you at the property you are purchasing.
  • You may also choose to have additional tests done (air, water, pest, etc.)

Home Appraisal

What to do and what to expect when applying for a mortgage or refinancing your loan item 6
What to Do
The bank receives the appraiser's report and verifies that your loan amount doesn't exceed the property's value. A copy of the appraiser's report is given to you once it's reviewed by the underwriter, and the appraisal fee is included in your closing costs
What to Expect
The bank arranges an appraisal of your home with a licensed appraiser. Your home's title will be researched by a title company to be sure that the property is legally cleared for transfer of ownership

Note: The appraisal process is different if you are building your home

Underwriting

What to do and what to expect when applying for a mortgage or refinancing your loan item 7
What to Do
You must provide any additional information the bank requests in order to finalize the review process
What to Expect
The underwriter receives and reviews all information provided to ensure loan guidelines have been met

Closing

What to do and what to expect when applying for a mortgage or refinancing your loan item 8
What to Do
You will be informed of the time, date and location of your closing. You will receive the amount of your closing costs within 24 hours before your closing so you can get a certified or bank check for the amount
What to Expect
Generally, your mortgage will be ready to close in 30–45 days.
  • The closing will take place at the office of a title company or attorney in your area who will act as our agent
  • The closing agent will contact you with a closing date and time, and what you will need to bring to the closing (such as personal identification, check for closing costs, etc.)
  • Look for the closing costs from us within 24 hours before your closing
  • Once you have the closing costs, get a certified check or a bank check for the amount of your closing costs – we will tell you whom the check should be made out to

Note: Foreclosures and short sales may take longer to close due to seller considerations


Online mortgage resources

Learn more about TD Bank Mortgages

Obtain details about the different mortgages offered by TD Bank

Make a loan payment

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Go to My Documents

Log in to review and sign documents to complete your mortgage application

Review application status

Log in to review the status of your active mortgage application

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