Home Buying 101: What's the difference between mortgage pre-approval and pre-qualification?

Home Buying 101: What's the difference between mortgage pre-approval and pre-qualification?. Understanding APR When Shopping For A Mortgage

Home Buying 101: What's the difference between mortgage pre-approval and pre-qualification? video duration 1 Minute(s) 17 Second(s), published by TD on 07 09 2018 - 19:08:44.

When it's time to start shopping for your home, being pre-approved for a mortgage is a helpful first step
As most lenders offer the ability to get you pre-qualified

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When it's time to start shopping for your home, being pre-approved for a mortgage is a helpful first step.

As most lenders offer the ability to get you pre-qualified or pre-approved for a mortgage, it's important to understand the two are not the same.

When you are pre-qualified for a mortgage, you have a general idea of how much mortgage you might be approved for, but there's no certainty this is the actual amount you'll receive.

When you are pre-approved for a mortgage at TD, you have a clearer picture of the home you can afford and what you'll pay each month, including credit protection. But there’s still no guarantee that you will be approved once you submit a full application.

With the TD Online Mortgage Pre-approval tool, you can apply online for a mortgage pre-approval anywhere, anytime. It only takes about five minutes and you could get pre-approved immediately.

Knowing how much mortgage you may be approved for when starting to shop for your new home can help give you more confidence that you're making the right financial decision.

To learn more, check out the TD online mortgage pre-approval tool https://www.td.com/ca/en/personal-banking/products/mortgages/first-time-home-buyer/pre-approval/