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Toronto Dominion (TD) mortgage rates

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Toronto Dominion (TD) mortgage information

Toronto-Dominion Bank (TD on TSX) operates under the master brand name TD Bank Group (TD). It was founded in 1955 and is one of the largest financial institutions in the world. Their head office is located in Toronto, Canada and they serve clients globally.

Some of their services include:
  • Checking and savings accounts
  • Credit cards
  • Mortgage loans
  • Personal loans
  • HELOC

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location, and customer account. The TD financial institution number is 004.

When it comes to market capitalization, TD Canada Trust is Canada’s second largest bank. It is one of Canada’s largest mortgage providers and is a participant in the broker channel with 10% market share among broker lenders. They sell their mortgages mainly through its bank branches and mortgage specialists.

Here are several different mortgage products from TD you can choose from:

 

Fixed Rate Mortgages

The TD fixed rate mortgage gives you security knowing that your interest rate won’t increase over your chosen term. You also have the option to prepay up to 15% of the original principal amount on your mortgage once a year without incurring penalty fees. You can choose a term length of 6 month, 1 to 7 years or 10 years.

 

6 Month Convertible Mortgage

This is a short term mortgage that is designed to give you maximum flexibility if you are not ready to commit. You have the option to convert to a longer term closed mortgage or continue to keep a 6 month term until you are ready.

 

1 Year Open Mortgage

The TD 1 year open mortgage gives you the flexibility to make full or partial prepayments on any date without charge or convert to a closed mortgage with a lower interest rate at any time without charge.

 

Variable 5 Year Closed Mortgage

With the TD variable 5 year closed mortgage, you get a low variable rate that changes with the TD mortgage prime rate, but the amount of your principal and interest payments will stay the same. With a closed mortgage you cannot prepay, renegotiate or refinance before maturity with exception of its terms. You have the ability to lock in your interest rate by converting to a fixed rate mortgage at any time. The term that you select must be at a minimum the lesser of three years or the remaining period of the original term.

 

Variable 5 Year Open Mortgage

With the TD Variable 5 Year open Mortgage, you’ll get set payments but will have the freedom to increase your payments by any amount at any time, which can save you money on interest. With the variable rate, your interest rate will fluctuate when the TD mortgage prime rate changes. You can also lock In your interest rate by converting to a fixed rate mortgage at any time and your regular payments will stay the same.

 

TD Home Equity FlexLine

The TD Home Equity FlexLine allows you to combine a revolving line of credit with the stability of a Term Portion. The term portion will lock all or a portion of your balance with a fixed closed term of 1 to 5 years or a 1 year fixed open term so you can get regular fixed payments. The revolving portion of this will give you competitive rates based on the TD Prime Rate.

TD mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank. It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.

TD fixed rate mortgages

TD offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. They offer term lengths of 6 months,1 to 7 or 10 years. TD also offers a 1-year fixed open mortgage if you’re looking for a rate that has more repayment flexibility. This will allow you to repay the principal at any time without a penalty, however it does have a higher rate. Talk to your mortgage advisor to learn whether a TD fixed rate mortgage is right for you.

TD variable rate mortgages

TD offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. With a TD variable rate mortgage, your payment amount stays fixed for the term (until it hits the trigger rate), but the interest rate will fluctuate based on the TD prime interest rate. They have both 5 year closed and open variable rate mortgages, with the ability to convert to a fixed rate at any time during the term. Talk to your mortgage advisor to learn whether a TD variable rate mortgage is for you.

A change in the prime rate will only affect your mortgage if you have a variable rate, which is quoted to you as prime +/- a percentage. With a TD variable rate mortgage, when the prime rate falls, more of your mortgage payment goes to the principal. If they rise, then more of the payment goes to the interest. The payment remains the same.


The payment remains the same until it hits the trigger rate, which typically would be by the time there are several increases. In this instance, a letter would be sent to you stating that you will need to increase your payment, as the bank foresees the amortization exceeding the original limit. This can be prolonged if you have made lump sum pre-payments and there is some wiggle room available.

A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. TD has a rate hold of 120 days.

Factors that can affect the rate you obtain would include:
  • The type of transaction (purchase/transfer/refinance)
  • Occupancy of the property (owner living there or rental/investment)
  • The down payment amount (insured vs conventional) which also affects the mortgage amortization.

You can view TD mortgage rates through our rates comparison tool which will always provide you with the most up to date published TD rates.

When it’s time to renew your mortgage, you can start the renewal process up to 120 days before the end of your TD mortgage term. With TD you are also able to renew your mortgage through their EasyWeb Online Banking or their app. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid credit history. It’s best to speak with your mortgage advisor and get their opinion on which mortgage renewal option is best for you.

You can get a mortgage from TD Bank by contacting the bank directly or by speaking to a TD Bank mortgage advisor.

A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available in the market.

You can review the details of your mortgage, along with your bank loans and credit lines from within the TD app. When you log in, choose “My accounts” and then select your mortgage account to view your statements.

Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. TD offers portable mortgages and you might be able to increase the size of your mortgage. If you are unsure, it’s best to speak with your mortgage advisor to learn more.

In the process of buying a home? Check out Perch’s Guide to Buying a Home at any step of your home buying process to get access to free tools and resources that will help you before and after your closing date. You can also sign up today for a Perch profile to connect with a real estate agent or mortgage advisor today.

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