BankingMortgagesFor RenewersEvaluate Your Goals › Mortgage Renewal Options

Mortgage Renewal Options

Understanding your
renewal options

Home Equity

Home Equity - The difference between the price for which a home could be sold (market value) and the total debts registered against it.

If your mortgage is up for renewal soon, visit your branch or speak to a TD Mortgage Specialist for friendly advice, flexible mortgage options and competitive mortgage interest rates.

We can discuss any changes in your personal or financial situation and look for new ways to help you enjoy all the comforts of home. We can customize a solution for you using a combination of home financing solutions that provide flexibility, convenience and access to your home equity when you need it – with a TD Home Equity FlexLine.

As a customer, you can even lock in our lowest posted interest rate 30 days in advance of renewal to avoid any interest rate increases and take advantage if the rate goes down – another great reason to renew with TD.

calculator

Tools to help with your home buying journey

Mortgage Payment Calculator

Determine your monthly payments and discover
ways to save money.

Which Mortgage Works for Me?

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


Our Mortgages

Fixed Rate Mortgage

Get security and peace of mind, knowing your interest rate won't increase over the term you select. You can also increase your payments without affecting the interest rate you pay (subject to conditions). Available terms of up to 10 years.

Term

1, 2, 3, 4, 5, 6, 7 and 10 years

Interest Rate

Fixed for the full term selected

Financing Available

Conventional and high-ratio

Payment Frequency

Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly

Payment Options

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

Six-Month Convertible Mortgage

Benefit from the typically lower interest rate of a 6-month mortgage term. 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.

Term

6 months

Interest Rate

Fixed for 6 months

Financing Available

Conventional and high-ratio

Payment Frequency

Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly

Payment Options

Regular payments can be increased by up to 100% over the term without charge once per calendar year

Prepay up to 15% each year

One-Year Open Mortgage

Pay a little extra, any time without incurring administration costs or prepayment compensation. And although the interest rate is fixed for the full year, you have the flexibility to change your mortgage to a closed term at any time1, without a fee.

Term

1 year

Interest Rate

Fixed for 1 year

Financing Available

Conventional and high-ratio

Payment Frequency

Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly

Payment Options

Regular payments can be increased by up to 100% over the term without charge once per calendar year

Full or partial prepayments on any date without charge

Closed Variable Interest Rate Mortgage

With this 5 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. With a Closed Variable Interest Rate Mortgage, when mortgage interest rates change, your payment amount still remains the same. However, the amount that is applied towards interest and principal will change. If mortgage interest rates drop, more of your payment is applied to the principal. If mortgage interest rates rise, more of your payment will go towards the interest accruing on your mortgage.1

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

Payment Options

Regular payments can be increased by up to 100% over the term without charge once per calendar year

Prepay up to 15% each year

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 compensation (an administration fee applies in year one and two only). If interest rates fall, more of your payment goes toward your principal and less toward interest. So your mortgage gets paid off faster. If mortgage interest rates rise, more of your payment will go towards the interest accruing on your mortgage.1

You can also lock in your interest rate by converting to a Fixed Rate Mortgage at any time.

Term

Five 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

Payment Options

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

Fixed vs. Variable Interest Rate Mortgages

Types of Mortgage : Interest Rates

Open vs. Closed Mortgages

Types of Mortgages


TD Home Equity FlexLine

A TD Home Equity FlexLine offers the convenience and flexibility of:

  • A variable interest rate that changes with TD Prime Rate.1
    • Prepaying your principal balance with no prepayment charges for the variable rate portion; as you pay down your outstanding balance, your available credit within your credit limit increases.
  • Apply once. You can access your available credit within your credit limit anytime without having to reapply.2
  • Pay at your own pace – make monthly interest only payments or pay as much as you want.3
  • Protect yourself from interest rate increases and establish regular fixed payments (subject to minimum amounts) with our Fixed Rate Advantage Option.

Fixed Rate Portion

  • Requires you to make set payments at set times over a closed term and to pay prepayment charges if you want to pay more than allowed, renegotiate or refinance before the end of your term.
  • Just like a fixed rate mortgage, your interest rate will not change throughout the entire term of your fixed rate portion.
  • You'll always know exactly how much your payments will be and how much will be paid off at the end of your term.

 

Visit a branch or
give us a call: 1-855-202-1168