Mortgages

Variable Interest Rate Mortgage (Open)

Now you can get great rates, fixed payments, the ability to pay off your mortgage faster and the security of being able to lock in to a fixed rate at any time.

Select a five-year, open Variable Interest Rate Mortgage and you'll have the flexibility of increasing your payments to any amount anytime. You can also pay off all or part of your mortgage without paying compensation (an administration fee applies in year one and two only). That means lump sum payments of any amount can be made at any time.

The interest rate is set on the first day of each month, but your payments remain constant. When interest rates fall, more of your set monthly payment goes toward paying off your mortgage principal and less toward interest. That means that your mortgage gets paid off faster.¹

As with most variable interest rate mortgages, you also have the option of locking in your interest rate by converting to a TD Canada Trust Fixed Rate Mortgage at any time.

¹ Should interest rates rise, more is applied toward interest. If interest rates increase so that the monthly payment does not cover the interest costs, you have the option of adjusting your payments, making a lump-sum payment or paying off the balance of the mortgage.