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.
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.
| Term |
Five years (Open) |
| Interest Rate |
Variable rate mortgage where the rate is set on the first day of each month |
| Financing Available |
Conventional or high ratio, minimum 5% down payment |
| Payment Options |
Weekly, biweekly, semi-monthly, monthly |
| Rapid Paydown |
Payments can be increased to any amount over the term without charge |
| Prepayment Option |
Full or partial prepayments on any date. Full prepayment subject to an administration fee:
first year = $500
second year = $250
after two years = $0
|
|
Subscribe