Closed Variable Interest Rate Mortgage
With a Closed Variable Interest Rate Mortgage, when your interest rate changes, your payment amount remains the same. However, the amount that is applied toward interest and principal will change. If your interest rate decreases, more of your payment is applied to the principal. If your interest rate increases, more of your payment will go toward the interest accruing on your mortgage.A,1 With this five-year mortgage option, you can lock in your interest rate by converting to a Fixed Rate Mortgage at any time, as long as the new term is at least the lesser of 3 years or the remaining term.
|Term:||5 years (Closed)|
|Interest Rate:||The interest rate changes when the TD Mortgage Prime Rate changes|
|Financing Available:||Conventional and high-ratio|
|Payment Frequency:||Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly|
Regular payments can be increased by up to 100% over the term without charge once per calendar year
Prepay up to 15% each year without charge
1 If your interest rate increases so that the monthly payment does not cover the interest amount, you will be required to adjust your payments, make a prepayment or pay off the balance of the mortgage.