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Mortgage Renewal Tips
Thinking about mortgage renewal? When the time comes to renew your mortgage, it’s best to be ready with an understanding of the renewal process. Our mortgage renewal tips and information can help you prepare and weigh your options.
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.
Why renew your mortgage with TD?
There are many great reasons to choose a TD Mortgage. The same is true when renewing one.
When to renew your mortgage
Getting an early start on the renewal process is a good idea. TD may allow you to renew your mortgage up to 120 days (4 months) before maturity without a prepayment charge.
While it’s ideal to take care of renewing your mortgage ahead of time, we understand you’re a busy homeowner. So, we’ve created several convenient ways to renew your TD Mortgage:
- Log into EasyWeb or with the TD app
- Book an appointment with one of our Mortgage Advisors
- Have a TD Mortgage Specialist call you
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.
We’re here to help you with your options
Your home financing needs and goals may very well change over the life of your TD Mortgage. Perhaps you’d like to apply for a TD Home Equity FlexLine to access the equity in your home for a renovation or to consolidate debt. Or you’re looking for advice on renewing vs. refinancing. Whatever questions you may have, we’re here and ready to help find the right home financing fit for you.
Have a question and ready to talk? Contact us.
Frequently Asked Questions
Renewing your mortgage means staying with your current lender for another term. You’ll have an opportunity to negotiate your interest rate and term, and you won’t need to re-apply.
When you refinance, you are paying out your existing mortgage in order to negotiate a new mortgage loan agreement. This is usually because you want to access the equity in your home or lower other borrowing costs. There may be prepayment charges depending on when you choose to refinance.
When your mortgage is with TD, we will start reaching out to you months in advance of your term ending. If for some reason you don’t renew your mortgage or pay it off by the maturity date, we may automatically renew your mortgage into a one-year open term, which has an interest rate often higher than our other fixed rate options.
Renewing your mortgage early isn’t always easy for busy homeowners. But if you don't renew your mortgage before the maturity date, it may be automatically renewed into a one-year open term, which has an interest rate often higher than our fixed rate options. So it may be in your best interest to renew before then.
If you’re close to the end of your mortgage term and need advice, contact us.
A TD Mortgage can be renewed without prepayment charges as early as 120 days (4 months) before the end of its term. If your mortgage is with TD, we’ll start reaching out to you in the months before your term is up.
Your mortgage renewal can be a good opportunity to look at your financial options. No matter what you're looking to achieve, TD is ready to help. If you’re simply looking for the fastest, easiest and most convenient way to renew, then we’ve got that covered with online renewal through EasyWeb or the TD mobile app. Need advice on refinancing to access the equity in your home? Our friendly and knowledgeable Mortgage Advisors are ready to talk, simply contact us.
If you receive an offer to renew your TD Mortgage, then it will include offers for interest rates and terms available to you. Interest rates may have gone up or down since you last agreed to the terms of your mortgage loan agreement, so your mortgage payments in your renewal offer may be higher or lower.
To discuss your options, including ways to reduce your payments, please contact us.