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TD Variable Interest Rate Mortgages
A TD variable interest rate mortgage means the rate of interest is based on the TD Mortgage Prime Rate, which can go up and down over the term of a mortgage loan. This is different than a fixed interest rate mortgage where the interest rate is locked in for the term of the mortgage loan. Here are some important things to know as you explore your fixed vs variable rate options:
- What determines variable interest rates for mortgages?
TD uses the TD Mortgage Prime Rate plus or minus a variance to calculate variable mortgage rates. The TD Mortgage Prime Rate is impacted by the Bank of Canada rate and other market factors.
- What is an APR?
The Annual Percentage Rate (APR) reflects the cost of borrowing over an entire term. It is normally higher than the variable interest rate because it includes some or all of the fees, as required, that apply to your mortgage loan in addition to interest.
Comparing TD variable and fixed interest rate mortgages
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Common questions about variable rate mortgages
If you wish to take advantage of falling interest rates, then a variable rate mortgage lets you do just that with an interest rate that fluctuates with the TD Mortgage Prime Rate. On the other hand, this means your interest rate can also go up.