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
Become mortgage free faster
Mortgage Calculators for renewing
Use our mortgage calculators to better understand your mortgage renewal options.
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
Renew your mortgage online in 3 easy steps using your computer or mobile phone.
Renew by Phone
Monday to Friday 8 a.m. to 10 p.m. EST and Saturday – Sunday 10 a.m. to 6 p.m. EST
Book an appointment
Visit a branch at a time that’s convenient for you.
Too busy to visit a branch?
Meet with a Mortgage Specialist at your home, workplace, coffee shop, or other convenient location.