1. Frequently Asked Questions
Here is a list of frequently asked questions you may have regarding a TD mortgage.
1) What is the minimum down payment I need?
The minimum down payment when purchasing a re-sale, owner occupied residence or new construction from
a builder is 5%. This down payment would require mortgage default insurance. If you have at least 20% down
payment, mortgage default insurance is not required.
2) What documents do I need to provide for the credit process?
If you want a pre-approval, you will need to bring in:
• Income verification
If salary: current paystubs
If self-employed/commission/bonus: Last two years’ Notice of Assessments
Once you have found a home, you will need to bring in:
• Confirmation of down payment and closing costs
The Bank will need to see recent account statements (i.e. RSP, bank account, investments) showing the
down payment amount and 1.5% of the purchase price for closing costs
• Lawyer’s full contact information
• Purchase Agreement and MLS listing
3) Will my TD Mobile Mortgage Specialist be the only one to contact me during the application/
approval process?
From time to time you may receive an email or call from an employee from TD.
4) What happens if there are changes to my purchase or sale details?
It is important that any changes are brought to the bank’s attention right away to ensure they are completed
and updated properly and on time.
5) How long does a mortgage pre-approval take?
Once the application has been completed and submitted, a mortgage pre-approval can take
up to 48 hours
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2. 6) Once I find a home, how long does my full approval take?
A full approval, with standard conditions, can take between 3 to 4 business days.
7) Is my interest rate guaranteed?
Once a mortgage type with term and interest rate has been chosen, the bank can generally hold that rate for
up to 120 days. If you are buying a new build construction from a builder, the interest rate can generally be held
for up to 2 years depending on the mortgage term you choose.
8) What if interest rates go down?
If mortgage interest rates go down before your mortgage is funded, please contact the bank to review the
changes.
9) What’s the best way to reach my TD Mobile Mortgage Specialist?
If you have access to email you may find this is the most efficient way to contact your Mobile Mortgage
Specialist. Otherwise, you can reach me by telephone and leave a message.
10) How do TD Insurance Credit Protection products differ from individual life insurance?
They cover your debts, whereas individual life insurance merely pays a specific death benefit. Applying for Credit
Protection is a simple and convenient way of obtaining insurance since you can obtain automatic acceptance
upon meeting simple eligibility requirements. In most cases, there are only a few short health questions to
answer, whereas applying for individual life insurance is usually a lengthy process as you are required to answer
more detailed questions, and you still may not qualify for coverage.
11) When do I sign my TD mortgage documents?
Once we have your full approval in place we will formalize the documents and invite you in to sign, usually
7 business days after your approval. The signing takes place with a Financial Advisor at the TD Canada Trust
branch. They will also set up your payment frequency (monthly, bi-weekly, etc) and payment date, as well as
review mortgage credit protection and property tax payments.
Dannette Lightbown
Manager, Mobile Mortgage Specialist
Tel: 403 350 0729
Fax: 855 746 0781
E: dannette.lightbown@td.com