Getting the most from your mortgage

Whether you’re just starting out in your home buying journey, renewing your mortgage or thinking about refinancing your home, there are many ways TD can help you manage your mortgage to fit your lifestyle.


Expand Our Mortgages

Expand Fixed Rate Mortgage

Fixed Rate Mortgage

Get security and peace of mind, knowing your interest rate won't increase over the term you select.

Six-Month Convertible Mortgage

You can use the shorter term to your benefit. Plus, you can always convert your mortgage to a longer-term closed mortgage at any time during the 6 months - at no cost to you.

One-Year Open Mortgage

Pay a little extra, at any time without incurring administration costs or prepayment charges. And although the interest rate is fixed for the full year, you have the flexibility to convert your mortgage to a closed term at any timeA,1, without a fee.

A + Legal and other information

1 Must be converted to a fixed term longer than the remaining term.

Expand Variable Interest Rate Mortgages

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.

A + Legal and other information

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.

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.

A + Legal and other information

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.

TD Home Equity FlexLine

A TD Home Equity Flexline gives you access to ongoing credit, up to your available limit, and provides a number of flexible options:

  • Apply once. You can access your available credit anytime without having to re-apply.A,1
  • Pay at your own pace – make payments as low as interest only.A,2
  • Send and Receive Interac e-Transfers
  • As your outstanding balance decreases, your available credit increases.
  • Fixed Rate Advantage Option – Lock all or a portion of your outstanding balance into a fixed interest rate for a closed term of one to five years to protect yourself from rate increases on your variable rate portion and establish regular fixed payments (subject to minimum amounts).

A + Legal and other information


Expand Renewing your Mortgage

If your mortgage is up for renewal soon, this might be a good time to meet with a TD Mortgage Specialist. We can discuss changes in your financial situation and review some approaches that could help you pay off your mortgage faster.

Mortgages are amortized over a period of time (e.g. 20 years) with the terms and conditions negotiated in a series of terms (e.g. 5 Year Closed Fixed). At the end of each term, the mortgage can be fully paid off or, if offered, the mortgage may be renewed for a new term.

What to think about

As your renewal date approaches, give some thought to any changes in your financial situation or priorities. Renewal is a great time to make adjustments to the type of mortgage you have or the amount and frequency of your payments. For example:

  • Has your tolerance for interest rate fluctuation changed over the years? If so, a variable rate mortgage may work for you.
  • Would you like to take advantage of flexible payment options that let you make prepayments, increase the frequency of your payments or plan for a payment vacation from your mortgage payments?
  • Would you like to use your home equity to pay for renovations, repairs, tuition or a well-deserved vacation? If so, consider the refinancing option below.


Expand Refinancing your Mortgage

Once you start building equity in your home, you may have the option of borrowing more money. Opting to refinance your mortgage on your maturity date may result in no prepayment charges. You should discuss your needs with a TD Mortgage Specialist.

What to think about

Refinancing can be an effective financial strategy if you have plans to use the additional money in beneficial ways. For example:

  • Consolidate higher-interest debts into one manageable payment with a more affordable interest rate by paying off those debts with the mortgage proceeds.
  • Take advantage of lower interest rates, if the cost of prepaying your current mortgage will be outweighed by the savings from lower interest rates.
  • Add to the value of your home by making improvements or tackling a renovation project.

If you’re considering refinancing, speak to a TD Mortgage Specialist today and start putting a solid plan in place for you and your family.


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