How Long Does It Take TD to Approve a Mortgage? A Detailed Look at the Process
Purchasing a home is an exciting milestone in life. But before you can move in and decorate, you need financing approved. If you’re considering a mortgage from TD, you probably want to know – how long does it take TD to approve a mortgage?
The mortgage approval process involves a careful review of your finances to ensure you qualify. TD aims to provide loan decisions efficiently without sacrificing diligence.
Here’s an overview of what to expect and tips to help expedite TD’s mortgage approval.
Factors That Impact TD Mortgage Approval Time
Several key factors affect how long TD takes to approve your mortgage application:
Your Loan Type and Details
TD offers various mortgage products, including fixed and variable-rate loans. More complex loans generally require more processing time. Providing complete details upfront helps streamline underwriting.
Your Financial Profile
TD thoroughly reviews your income, debts, assets, credit, and down payment funds to confirm your eligibility. Expect more time if your finances need investigation or you submit information late.
Current Workload
Like other lenders, TD’s processing capacity varies. During busy seasons, underwriters tackle many files. But in slower periods, they can focus more attention on each case.
Preapprovals vs Full Applications
Preapprovals only verify your probable eligibility. Full applications require formal underwriting for firm approval, which adds a step.
Typical TD Mortgage Approval Timeline
With typical applications, TD can often process purchase mortgages within 7-15 business days. However, timeframes vary case-by-case.
Here’s a general timeline for TD mortgage approvals:
- Days 1-3: Application submission and initial review. Your TD mortgage specialist checks for any missing details.
- Days 3-5: In-depth underwriting begins. Your documents get evaluated to confirm income, assets, credit, etc.
- Days 5-10: Appraisal and final underwriting. TD orders a home appraisal and completes the final confirmation.
- Days 10-15: Mortgage commitment issued. With approval, TD provides a financing commitment letter.
- Days 15+: Final closing requirements. You arrange home insurance and fulfill any other pre-closing tasks.
If issues arise, like title problems or income verification delays, additional time may be needed. Complex loans also often take longer.
Tips to Expedite Your TD Mortgage Approval
You can help speed up TD’s mortgage approval process by:
- Having a strong credit score above 680 and limiting recent credit inquiries
- Providing complete paperwork upfront – pay stubs, tax returns, down payment source docs
- Minimizing complications like high debt levels or irregular income sources
- Getting preapproved – allows background work before submitting a purchase application
- Responding quickly to any questions or requests from your TD mortgage specialist
- Ensuring prompt appraisal access for the home you want to buy
- Not changing jobs or taking on new debt obligations during the application
- Opting for a fixed rate over an adjustable rate if possible
Following these tips sets you up for the fastest turnaround. But TD still requires sufficient time to thoroughly evaluate each mortgage.
Next Steps After TD Mortgage Approval
Once TD formally approves your mortgage, you’re ready to move forward with purchasing a home. Be sure to:
- Carefully review your commitment letter and understand your interest rate, fees, and terms
- Get home insurance quotes – your policy info is needed before closing
- Finish any other closing preparations, like arranging moving services
- Work with your real estate agent to finalize the purchase agreement and down payment
- Set your closing date and arrange to sign the final documents to secure your financing
Finally, approval means you can soon enjoy your new home! Just stay in touch with your TD mortgage specialist throughout the last steps.
The Bottom Line
TD generally takes 7-15 business days to approve mortgages, but processing times vary. With a complete application, strong finances, and quick responses, you can get a faster decision. TD mortgage specialists help guide you smoothly through approval and closing.
Now that you know what to expect, you can feel confident as you work toward securing financing for your home purchase through TD.
Simplify your home financing decisions with our user-friendly TD Mortgage Calculator, designed to Calculate Monthly Payments for Your Dream Home
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