TD Mortgage Rates

TD Bank is one of the largest banks in Canada, offering a range of financial services. They offer fixed-rate mortgages, where the interest rate stays the same for the duration of the term, and variable-rate mortgages, where the interest rate can change based on market conditions. The terms can range from short-term to long-term depending on the client's preference.

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TD Mortgage Rates: Everything You Need to Know

If you're looking for a mortgage, you might have considered TD Bank Mortgage, a subsidiary of the TD Bank Group and one of Canada’s Big 6 Banks. TD Bank Mortgage offers a range of mortgage options to suit different needs and preferences. In this article, we'll discuss TD Bank's background, mortgage rates, mortgage features, and other TD products.


TD Bank Overview


TD Bank Group provides a comprehensive selection of financial solutions to over 27 million customers globally. Additionally, TD is recognized as one of the top online financial service providers worldwide, catering to over 15 million active customers who utilize online and mobile platforms. The bank was founded in 1855 and has since grown to become a leading financial institution in North America. TD Bank Mortgage is a subsidiary of TD Bank Group, offering mortgage products to customers across Canada.


TD Bank Fixed Mortgage Rates


A fixed-rate mortgage is a popular mortgage option that provides customers with the security of a fixed interest rate for a set period. TD Bank offers fixed-rate mortgages for terms ranging from 1 to 10 years.  When preapproved, there is a 120 day rate hold which means that your interest rate will be guaranteed for 120 days.  Current mortgage rates at TD.


TD Bank Variable Mortgage Rates


Variable rate mortgages are another popular option among customers. These mortgages come with a fluctuating interest rate, which is based on the TD’s prime rate. TD Bank offers variable rate mortgages for terms ranging from 3 to 5 years. Current mortgage rates at TD.


TD Mortgage Pre-Approval


Before you start shopping for your dream home, it's a good idea to get pre-approved for a mortgage. TD Bank offers mortgage pre-approval services, allowing you to understand your borrowing capacity and confidently search for a home within your budget. Mortgage pre-approval can give you a competitive edge in a competitive real estate market. 


At TD, when preapproved, there is a 120 day rate hold which means that your interest rate will be guaranteed for 120 days.  This preapproval specifies the term, interest rate, and principal amount, giving you a clearer understanding of your affordability. To prepare for an in-branch pre-approval meeting, gather necessary documents such as employment information, income verification, property details, and financial statements.


Mortgage Payment Features at TD Bank


TD Bank Mortgage offers several features to help customers manage their mortgage payments, including:


TD's Increase Your Mortgage Payment


Customers can increase their mortgage payment amount to pay off their mortgage faster. TD Bank allows customers to increase their payment amount by up to 100% of their regular payment once a year which goes directly to your mortgage principal.  For instance, if you usually pay $1,000 per month, you have the option to raise your payment to $2,000 per month throughout the duration of your mortgage.


TD Mortgage Lump Sum Payment


Customers can make an annual prepayment on a closed mortgage of up to 15% of their original mortgage amount without incurring a penalty.  This amount goes directly to your principal. 


TD Payment Pause


Customers facing financial difficulties can take a payment pause for 1 month, 2 bi-weekly payments or up to 4 weekly payments. During this time, the customer's mortgage payment is suspended, and interest continues to accrue.  This option is available once annually or up to 4 times over the full amortization period.      


TD Payment Vacation


Customers can take a payment vacation for up to four months. During this time, the customer's mortgage payment is temporarily reduced, providing some relief for financial constraints. However, it's important to note that interest continues to accrue during this period.  This TD Payment Vacation is available once per term.


Other TD Mortgage Options

TD Monthly Property Tax Payments

To simplify budgeting, TD Bank Mortgage offers the option to include property tax payments in the monthly mortgage payment. This allows homeowners to avoid lump-sum payments for property taxes and instead spread them out over the course of the year.  Similar to other Big 6 Canadian Banks, TD Bank Mortgage will then pay your property taxes on your behalf.

TD Mortgage Protection Insurance

TD Bank Mortgage provides optional mortgage protection insurance to help protect borrowers and their families in the event of unexpected circumstances such as disability, critical illness, or death. This insurance can provide financial support to cover mortgage payments or even pay off the mortgage entirely, relieving the burden on loved ones during difficult times.

TD Mortgage Break Penalty

The cost of paying out your mortgage depends on the terms of your mortgage agreement:


·        Open Mortgage: If you have an open mortgage, you can pay off the entire balance without incurring a prepayment charge, regardless of whether you have a fixed or variable interest rate.


·        Closed Mortgage with Variable Interest Rate: With a closed mortgage and a variable interest rate, you typically need to pay three months' worth of interest as a prepayment charge. Exact details may vary, so it's advisable to consult a Mortgage Specialist.


·        Closed Mortgage with Fixed Interest Rate: For a closed mortgage with a fixed interest rate, the cost is determined by either three months' worth of interest or the Interest Rate Differential (IRD) amount, whichever is greater. The IRD calculation can be more complex and should be clarified with your lender or Mortgage Specialist.


Different Types of Mortgages Offered by TD Bank


In addition to its mortgage offerings, TD Bank provides various other products to meet the diverse needs of its customers. These include:


TD Investment Property Mortgage


TD Bank offers specialized mortgages for investment in rental properties. Whether you're an experienced investor or a first-time landlord, TD Bank can assist you in financing your rental property and navigating the unique considerations of this type of investment.


TD Second Home Mortgage for Vacation Homes


Dreaming of owning a cottage or vacation home? TD Bank offers mortgage solutions specifically designed for purchasing a second home or vacation property. Whether it's a lakeside cabin or a beachfront getaway, TD Bank can provide financing options to make your vacation home dreams a reality.


TD Self-Employed Mortgage


Self-employed individuals often face unique challenges when applying for a mortgage. TD Bank understands these challenges and offers specialized self-employed mortgages. These mortgages take into account the specific financial circumstances of self-employed borrowers, allowing them to access the funds they need to purchase a home while considering their unique income structure and documentation requirements.


TD US Mortgage


For those interested in purchasing property in the United States, TD Bank offers US mortgages. Whether you're looking for a vacation home or an investment property across the border, TD Bank can provide financing options to support your cross-border real estate endeavors.


TD HomeEquity FlexLine (HELOC)


In addition to mortgages, TD Bank offers the TD HomeEquity FlexLine, a flexible line of credit secured by your home's equity.  This product is a Home Equity Line of Credit or HELOC and allows homeowners to access funds as needed, making it a convenient option for home renovations, education expenses, or other financial needs.


TD Bank Mortgage offers a wide range of mortgage options tailored to the needs of its customers. Whether you're looking for a fixed-rate mortgage, a variable-rate mortgage, or specialized products like the TD HomeEquity FlexLine, TD Bank has solutions to suit your requirements. By considering factors such as interest rates, mortgage features, and other TD products, you can make an informed decision and choose the mortgage that best aligns with your financial goals and lifestyle. Remember to consult with a TD Bank mortgage specialist or visit their website for the most up-to-date information and personalized advice.

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