Mortgages come with a variety of features. TD can work with you to make the best choice by assessing your budget, circumstances, and goals for the future.
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TD Mortgages
Why TD?
Choose flexibility
TD Mortgages have the flexibility to let you choose how frequently, and for how long you want to make your payments. While each of our mortgage types is unique, both our fixed and variable interest rate mortgages have a few common features that make choosing easier.
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 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.
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.
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 go 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 interest.1
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.
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
Combine the flexibility of a revolving line of credit with the stability of a Term Portion.
Term Portion
Revolving Portion
Lock all or a portion of your balance with a fixed closed term of 1 to 5 years or a 1 year fixed open term to establish regular fixed payments.
Enjoy competitive rates based on TD Prime Rate.
1 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.
Discover TD flexible mortgage payment features. Pay your TD Mortgage at your own speed. Once you've selected the right TD Mortgage, enjoy a range of options to help you pay your mortgage loan faster - or slower if need be (some conditions apply).
Get advice when and where you want
We’re open longer hours at many of our branches so you can always bank on your schedule. Come in and visit a TD Mortgage Specialist at your local branch.
TD has a large team of mobile specialists in Canada. TD Mobile Mortgage Specialists will come to you to discuss your banking needs.
Other useful information
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Ready Advice
A Down Payment is the amount of money you have towards purchasing your home. Many homebuyers make down payments of 5% to 20% of the total value of the home. The purchase price minus the down payment is the amount that generally requires financing from a bank or other financial institution.
Hi, again. I'm Tamara, host of Asking For A Friend, where we answer financial questions from your pals, definitely not you, because you already know this stuff. Let's get into today's letter.
Dear Asking For A Friend, my best friend, definitely not me, recently gone engaged and is expecting her first baby. Yay! With that, she's going to need a bigger space for her growing family. She would like to understand if there are different mortgage options available. Can you help her out? Mortgage Moira.
Thanks for popping the question, Moira, and congrats to your friend. Thankfully, TD mortgages can be more flexible than you might think. TD mortgages have a range of flexible payment options that can help your friend prepare for the unexpected. If your friend wants to slow down or even speed up payments, a mortgage from TD could be right for her. In fact, even TD mortgages that are closed to prepayment allow you to make lump sum payments annually of up to 15% of the original amount borrowed, allowing you to pay off your mortgage faster.
Now, let's say your friend encounters an unplanned expense, like a broken furnace for example. She would have the option to apply to skip a month's worth of mortgage payments. This could help provide financial flexibility if the unexpected occurs. It should be noted that payment pauses are subject to TD approval and interest continues to accrue.
Lastly, let's say a few years down the road, your friend is looking to expand their family again and decides they would like even more room. A home equity line of credit, like a TD Home Equity FlexLine, could be an option for your friend to consider, as she may be able to borrow against the equity she has in her home to help pay for that renovation. If you or your friend need mortgage advice, be sure to speak with a TD advisor.
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