If a buyer’s deposit is less than 20% of the purchase price (or value of the property, whichever is lower) the mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.
The number of years or months over which you pay a specified interest rate. Terms for TD Mortgages usually range from six months to 10 years.
A mortgage for which the rate of interest is fixed for a specific period of time (the term).
A mortgage for which the rate of interest changes when other market conditions change.
A mortgage which can be prepaid at any time, without requiring the payment of an additional charge.
A closed mortgage at TD can be paid off at the end of your term without prepayment charges. If you decide to pay off the mortgage at any other time, you may be subject to prepayment charges.
1If your interest rate increases so that the monthly payment does not cover the interest amount, you will be required to adjust your payments, make a prepayment or pay off the balance of the mortgage.
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The length of time it would take to pay off your mortgage loan with regular payments and the same interest rate and payment amount. This is usually 25 years for a new mortgage, but can be up to a maximum of 30 years in certain situations.
A mortgage that does not exceed 80% of the purchase price or value of the home, whichever is lower. Mortgages that exceed this limit must be insured against default (by CMHC or Genworth), and are referred to as high-ratio mortgages.