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What’s the Best Renewal Option for Me?

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Making your
renewal choice

Your mortgage may have been the right choice in the past, lets help make sure that it's working for you right now. Depending on your current circumstances there may be options that are better suited.

Tools to help with your home buying journey

Find a mortgage to match your lifestyle with our easy-to-use tool.

Determine your monthly payments and discover ways to save money.

Either way, here are some questions you might want to ask yourself:

Questions Implications

How long do I plan to stay in my home?

If you plan to sell in the near future, you may benefit from a shorter term or an open term to avoid prepayment charges.

Should I choose a fixed or variable interest rate mortgage?

Fixed rate mortgages provide the comfort of knowing what your interest rate will be.

With variable rate mortgages, your payments will be applied to ensure all interest is paid before principal. Here’s how:

  • If your interest rate goes down, more of your payment will go towards the principal or balance owing
  • If your interest rate goes up, more of your payment will go towards the interest on your mortgage, so it could take longer to pay off your outstanding balance

How can I save money and pay off my mortgage faster?

  • Switching to a TD Home Equity FlexLine gives you the flexibility to make additional payments and potentially pay off your balance sooner.
  • Try making a prepayment, increasing your payment amount or increasing the frequency of your payments on your mortgage.

Types of Mortgages : Interest Rates

Types of Mortgages

Down payments