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Mortgage Renewal Process
When it's time to think about renewing your mortgage loan, it will provide you with an opportunity to review your financial situation.
How to renew
It may be time to renew your mortgage if your TD mortgage loan is nearing the end of its term, (i.e., the length of time you agreed to the current interest rate and other terms), and your amortization period has not finished. Renewing your TD mortgage is fast, secure, and easy:
- Log in to EasyWeb Online Banking or the TD app, and click on your Mortgage account.
- Click Renew Now to review your options and select one.
- Review the Mortgage Renewal Agreement and accept it.
When to renew
Get an early start
It’s a good idea to start the renewal process early. You’ll want to take a look at the various offerings from your lender, and re-evaluate your current financial position and goals to determine the kind of mortgage loan is right for your lifestyle.
120 days from maturity
It’s a good idea to write your mortgage renewal date on a calendar, then count back 120 days (4 months) and start your renewal process then. Lenders may let you renew your mortgage loan 120 days before maturity early without you having to pay a prepayment charge. If you’re not ready to sit down with your lender on this day, you can at least start researching your options.
What to do
- Start 120 days before your mortgage loan matures.
- Re-evaluate your financial position and goals.
- Explore rates, terms, and features.
- Choose the mortgage loan that best fits your needs.
Evaluate your goals
Chances are your life has changed and any number of events can have a financial impact on your circumstances. Renewal time is your opportunity to review your situation and make adjustments, if necessary.
Your mortgage to suit your lifestyle
Working together with a TD Mortgage Specialist will make you much more comfortable with the range of mortgage options you have. Look at the types of mortgages, as well as the amount and frequency of your principal and interest payments to find the one that fits you best.
Life change, mortgage change
An increase in your income could mean you can afford higher monthly principal and interest payments and become mortgage-free faster. With term, rates, monthly principal and interest payments all to be considered, it’s possible to make changes to your mortgage loan that reflect almost any change in your life.