Explore our mortgage solutions from closed or open mortgages with fixed or variable rate options to find the right mortgage rate2 for you. Understanding mortgage interest rates and APR can be helpful for saving in the long term.
What is an APR? It's an annual percentage rate that reflects, in addition to interest, some or all of the fees that apply to your mortgage loan. To understand how we calculated the APR, please see below.
The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25-year amortization, for the applicable term assuming monthly payments and fee to obtain a valuation of property of $300. If there are no fees, the APR and interest rate will be the same. APR is rounded to three decimal places.
Mortgage Options
Expand the sections below to view the rates available for all of our different Mortgage and TD Home Equity FlexLine options.
Get security knowing your interest rate won't increase over the term you select.
A fixed rate mortgage offers stability, and with it, peace of mind. Once you’ve selected your term, you can be assured your interest rate won’t change for that period of time.
You can choose the term length: 6 month, 1, 2, 3, 4, 5, 6, 7 or 10 years.
Payment options:
Regular payments can be increased by up to 100% over the term without charge once per calendar year.
The option to prepay up to 15% of the original principal amount on your mortgage once a year, without charge.
A short term mortgage with the option to convert to a longer term closed mortgage.
A 6 month convertible mortgage is designed to give you maximum flexibility. If you’re not ready to commit, you only need to stick with your fixed interest rate for this minimal term.
When it comes time to renew, and we offer you a renewal, you can keep selecting a 6 month term until you’re ready to secure a longer-term interest rate. When you feel interest rates are favourable, you can choose to convert to a longer term any time you want.
Payment Options:
Regular payments can be increased by up to 100% over the term without charge once per calendar year.
The option to prepay up to 15% of the original principal amount on your mortgage once a year, without charge.
Flexibility to repay your mortgage principal amount at any time without charge.
Go beyond your basic payment schedule. Make occasional prepayments, anytime you want with no charge. If you find you’re not making use of the chance to add extra payments, you can convert to a closed mortgage with a lower interest rate anytime you like at no charge.
(If you convert to a closed mortgage, you cannot select a 6 month term.)
Payment options:
Regular payments can be increased by up to 100% over the term without charge once per calendar year.
Full or partial prepayments on any date without charge.
Get a low variable rate that changes when TD Mortgage Prime Rate changes.
TD Mortgage Prime Rate is
Closed mortgage: a mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms.
Like with any TD variable rate mortgage, your interest rate will fluctuate with changes to the TD Mortgage Prime Rate, but the amount of your principal and interest payments will stay the same.
If TD Mortgage Prime Rate goes down, more of your principal and interest payment will go toward paying down your principal. If the TD Mortgage Prime Rate goes up, more of your payment will go toward paying the interest9.
You can lock in your interest rate by converting to a fixed rate mortgage at any time. Term selected must be at a minimum the lesser of three years or the remaining period of the original term.
Payment options:
Regular payments can be increased by up to 100% over the term without charge once per calendar year.
The option to prepay up to 15% of the original principal amount on your mortgage once a year, without charge.
Get a low variable rate that changes when TD Mortgage Prime Rate changes.
TD Mortgage Prime Rate is
Open mortgage: a mortgage which can be prepaid at any time, without requiring the payment of additional fees.
This mortgage has set payments, like all mortgages, but you are free to increase them by any amount, at any time. Of course, if you increase the amount you pay, you’ll save money on overall interest.
With a variable rate mortgage, the interest rate can fluctuate along with any changes in our TD Mortgage Prime Rate. Your principal and interest payment will stay the same for the term, but if the TD Mortgage Prime Rate goes down, more of your payment will go towards the principal. If the TD Mortgage Prime Rate goes up, more will go towards interest. If 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.
You can also lock in your interest rate by converting to any fixed rate mortgage at any time. Your regular payments will remain the same.
Payment options:
Once a year, you may increase a payment by any amount, without charge.
You can make full or partial prepayments on any date. Full prepayment is subject to an administration fee according to the year of discharge:
In Year 1 = $500
In Year 2 = $250
In Year 3-5 = $0
Choosing a mortgage is a major financial decision since it involves borrowing a significant amount of money. The mortgage interest rate is one of the factors that affects the total amount of money you will have to pay over the course of the amortization period. So, you could save money by finding the lowest rate. But, along with the mortgage rate, you should also compare the terms and conditions of each type of mortgage in order to find the right one for you.
Because of the significant amount of money being borrowed under a mortgage, even the slightest difference in the mortgage interest rate may result in you saving money over the course of a mortgage term, and even more over an entire amortization period. While the mortgage rate is a very important consideration, you should also be sure to evaluate the terms and conditions of each type of mortgage to make sure you choose the right one for you.
A fixed interest rate means your interest rate, along with your principal and interest payments, will stay exactly the same during your mortgage term.
With a variable interest rate, your interest rate can fluctuate based on changes in our TD Mortgage Prime Rate. While your payments will remain the same, the amounts from each payment that go toward the principal and interest can vary9.
A mortgage rate hold is the locking in of a specified mortgage rate for a set period of time. This only applies to fixed rate mortgages, since the interest rate of variable rate mortgages can fluctuate.
Once you have a TD Mortgage Pre-Approval, you get a 120-day rate hold which holds the interest rate on your pre-approval term for 120 days subject to all the conditions, even if interest rates go up.
It’s a good idea to go through all of your mortgage options with your lender, including the mortgage rate. Depending on your mortgage needs and financial situation, you may be able to negotiate a better mortgage rate.
The interest rate for a TD variable rate mortgage is tied to the TD Mortgage Prime Rate. As mortgage interest rates fluctuate, they move in sync with the TD Mortgage Prime Rate. This is why interest rates are written as TD Mortgage Prime Rate “+” or “-“ a certain interest rate amount to show how the interest rate is calculated based on the TD Mortgage Prime Rate.
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The Annual Percentage Rate reflects, in addition to interest, some or all of the fees that apply to your mortgage loan.
Mortgages
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A Mortgage Pre-Approval is a conditional confirmation that you are pre-approved for a specific amount. It is helpful in determining what dollar amount you have been pre-approved for before your start shopping for your home.
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A TD Home Equity FlexLine is a Line of Credit that is secured against equity you have in your home. It offers both revolving and fixed components.
1 These rates are only available for new first priority mortgages on already built, owner-occupied properties with amortization periods of 25 years or less and are subject to meeting TD Canada Trust credit granting criteria. Rates may be changed at any time without notice.
2 Rates may be changed, extended or withdrawn at any time without notice. Rates are discounts off of posted rates.
3 Special rates are discounts off of posted rates.
4 The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term assuming monthly payments and fee to obtain a valuation of property of $300. If there are no fees, the APR and interest rate will be the same. APR is rounded to three decimal places.
5 Assumes rate does not vary over the term.
6 Fixed rates are expressed as if calculated semi-annually, not in advance.
7 This rate is only available to customers with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions.
8 Variable rates are expressed as if calculated monthly, not in advance. Variable rates change when the TD Mortgage Prime Rate changes.
9 If 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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