Open Variable Interest Rate Mortgage
This five year mortgage option gives you fixed payments and the ability to pay off your mortgage faster. You get the flexibility to increase your payments to any amount, anytime. Plus, you can pay off all or part of your mortgage without paying prepayment charges (an administration fee applies in year one and two only). If your interest rate decreases, more of your payment goes toward your principal and less toward interest. So your mortgage gets paid off faster. If your interest rate increases, more of your payment will go toward the interest accruing on your mortgage.A,1
You can also lock in your interest rate by converting to a Fixed Rate Mortgage at any time.
|Term:||5 years (Open)|
|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|
Payments can be increased to any amount over the term without charge once per calendar year
Full or partial prepayments on any date. Full prepayment subject to an administration fee: first year = $500 second year = $250 after two years = $0
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.