Flexible Mortgage Features
TD mortgages have options that fit your life and help you prepare for the unexpected.
Whether you’re having a baby, taking a sabbatical, or your financial needs grow and change
with time, a TD mortgage offers a range of flexible features to suit you.
Increase the frequency
Take advantage of biweekly or weekly payment options. To do so, half the monthly payment amount you currently make, or even quarter it and make payments on a weekly basis. The result? You pay less interest over time, and more of your money will go against the principal you owe.
Take advantage of increased
By increasing your mortgage payment amount, you can significantly reduce your interest costs and have the benefit of paying down your mortgage faster. As a TD Canada Trust customer, you may increase your payment by up to 100% of the regular payment amount during the term of the mortgage.
Take advantage of lump-sum
You can pay off your mortgage faster by making lump sum payments. Lump sum payments are applied to your principal amount, and can significantly reduce your interest costs. As a TD Canada Trust customer, you can make a lump-sum payment of up to 15% of the original borrowed amount each year without prepayment charge on your closed mortgage term.
Combine money saving strategies
You don’t have to use just one strategy to save – you can combine all three of the ideas outlined above.
When you need to take a break from your mortgage payment or respond to an unexpected situation, it is great to know that you have the flexibility to pause a mortgage payment. Skip the equivalent of one monthly mortgage payment, one time per calendar year, no more than four times during the amortization period of your mortgage.
If you're preparing for a big or life-changing event like staying home with a new baby or taking a sabbatical from work, consider a payment vacation. Make lump-sum payments or pre-pay a little more each month towards the opportunity to take up to 4 months off from making your mortgage payment when it benefits you the most.
Some conditions apply. Ask us for additional details.