Questions about mortgage renewal?

Mortgage Renewal Tips

What is the mortgage renewal process?

You can renew your TD Mortgage without a prepayment charge starting 120 days (4 months) before maturity. You’ll have a chance to take advantage of competitive interest rates and agree to a new term. Learn how to renew, which can be done easily. Or, depending on your needs, you may wish to consider refinancing instead.

No need to re-apply

Renewing a TD Mortgage is fast, secure and easy because there’s no need to re-apply, and no legal or property valuation fees.

Competitive rates

TD can offer you a competitive mortgage interest rate that works for you and your budget.

Become mortgage free faster

At renewal, it may be a good time to speed up your payments or make lump sum payments, helping you reach your financial goals sooner.

Take a Payment Pause or Payment Vacation1

Flexible payment features allow you to skip one monthly payment or, by prepaying in advance, take up to 4 months off from mortgage payments.

Mortgage Calculators for renewing

Use our mortgage calculators to better understand your mortgage renewal options.

Mortgage Payment Calculator

Determine your estimated mortgage payments depending on your payment scenario.

Flexible Mortgage Payment Features Calculator

Try different flexible payment features to manage your mortgage.

Considerations for renewing your mortgage

  • Decide on a fixed or variable interest rate. Would you prefer a fixed rate mortgage to lock in an interest rate for the term you choose? Knowing the difference between a fixed vs variable interest rate is key as renewal is a chance to make changes.
  • Choose a term open or closed to prepayment. Looking for flexibility to make prepayments without charges? Renewal is a chance to look at whether an open or closed mortgage is the right choice for you.
  • Make changes to your payments. Increasing the frequency of your payments or the amount can save you interest over the long run, helping you reach your financial goals sooner.
  • Look at your financial goals. Are you thinking of a home reno or consolidating other debts with higher interest rates? Then you may want to consider refinancing to a mortgage or a TD Home Equity FlexLine (HELOC).
  • The earlier you renew, the better. Renewing as soon as 120 days before your mortgage loan matures means less worrying about future interest rate fluctuations, earlier interest savings if the new rate is lower than your existing rate and no prepayment charges.

Other useful information

Renewal and refinancing resources

Check out all kinds of information and tools on how to renew or refinance.

Our rates

See our current mortgage rates for various mortgage types and term lengths.

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What happens when you break your mortgage? Learn about the financial impacts of breaking your mortgage.

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