TD Bank Group has announced the launch of a new digital mortgage application designed to make it easier for potential homebuyers to apply for a mortgage.
The new digital mortgage application completes a trifecta of online tools for TD that already includes a pre-approval application and mortgage calculator. Canadian customers can access the application online from any of their devices, and it has some helpful built-in features such as 24-hour access, save and resume, status tracking, and document uploading. Applicants can take advantage of a 120-day rate hold by using the online application, and a real-life mortgage specialist can jump in and guide the application process if the need should arise.
While TD isn’t the first Canadian bank to offer an online mortgage application, in an increasingly digital world where home buyers are already doing everything from house-hunting to mortgage shopping to going on virtual open houses from their smartphones, the bank has identified a desire for its customers to take the process even further, all online.
“Canadians have different needs when it comes to home ownership,” says Pat Giles, Vice President, Real Estate and Secured Lending at TD. “But for the majority, their path begins by going online, and many want the option to start their mortgage application process there as well.”
Developed largely in house by “internal TD teams,” the bank relied on research and data collected both from customers and its own experts on the home buying process to shape the application and its functions.
“This agile and collaborative approach allowed us to create an application that met our core objective – reshaping the home buying journey with technology, making the process of buying a home easier and more convenient for Canadians,” said Giles.