TD Canada Trust serves as the personal, small business and commercial banking division of the TD Bank Financial Group in Canada. The division serves more eleven million customers through its network of more than 1,150 branches and 2,800 automated banking machines. TD also provides some of its financial services and products through telephone and internet banking.
TD Mortgage Rates Overview
Everything TD Canada Trust does including its mortgage process has been shaped by the organization’s tagline that “Banking can be this comfortable.” TD offers both fixed and variable mortgage rate products and uses several tools that can help you make your purchase decision. Some of the tools available include tips on how to save money for financing your home, a mortgage terms glossary, Detailed information on the associated homebuyers insurance and a home buyer’s checklist.
Your interest rate won’t change throughout your mortgage term when you choose a fixed rate mortgage from TD Canada Trust. Choosing a variable rate mortgage, on the other hand, would mean your interest rate is bound to fluctuate from time to time due to changes in the TD mortgage prime rate. Apart from these two mortgage products, which come with open and closed terms, TD Canada Trust offers other products such as the multi-unit residential mortgage, the high ratio mortgage, a six-month convertible mortgage, a farm mortgage, the Green mortgage, and a 7 percent cash back mortgage, and a 5 percent cash back mortgage.
It’s important to note that you can increase your mortgage payments by up to 100 percent for all TD mortgages over the term, without any additional charges or penalty. This doesn’t apply for the 5-year Open Variable Interest Rate Mortgage and the 1-year Open Mortgage. With this two, TD allows you to pay down up to 15 percent of the mortgage principal every year.
The Six-Month convertible mortgage from TD Canada Trust allows you to take advantage of the shorter term. It allows you to convert your mortgage to a long-term closed mortgage anytime you want within the six-month period. And remember, there are no penalties or charges for that.
With the TD’s High Ratio Mortgage, you can purchase a home with a down payment of 5 percent. The 7 percent CashBank Mortgage and the 5 Percent CashBack Mortgage apply to TD’s 7-year and 6-year fixed-rate residential mortgage respectively. TD Canada Trust gives you 7 percent of your mortgage amount (7 percent CashBack Mortgage) and 5 percent of the mortgage principal (5 percent CashBack Mortgage) in cash as soon as your mortgage is funded. You can go ahead and spend the money on the things that will make your house a home. This includes upgrades, furniture, and appliances.
The Multi-Unit Residential Mortgage offers flexibility for corporations and investors who want to finance a residential property with not less than five units. Purchasing CSA approved solar panels or Energy Star qualified equipment qualifies you for a Green Mortgage where you receive up to a 1.5 percent cash rebate. TD’s Green Mortgage also qualifies you for a 1 percent discount off the posted interest rate.
If you want to invest in countryside properties, a Rural Property Mortgage from TD Canada Trust could be what you need. TD’s farm mortgage is exclusively for those interested in farming and agricultural services.
Despite the fact that you might want to consider TD Canada Trust’s financial solutions, it’s important to compare their rates against other lending institutions and mortgage brokers. That’s your best chance of finding the best mortgage rate for your needs.
Whether you’re looking for mortgages with flexible payment options or you want to switch your mortgage from another lending institution to TD Canada Trust, you can access TD mortgage rates right here on CompareMyRates.ca. Alternatively, you can visit a local branch near you, fill out an online mortgage application or speak with a TD Mortgage Specialist on 1-866-222-3456.
TD Canada Trust offers mortgage products that meet your financial needs, whether you’re buying your fist home or you already have a mortgage and want to renew or refinance your mortgage. As one of Canada’s largest financial and banking institutions, TD provides flexible mortgage payment features that can help you prepare for any unexpected situation. It doesn’t matter if you’re taking a sabbatical leave, having a baby or your financial needs tend to shift and change with time, you can find flexible features that will suit you.
You might also want to look at other financial services and products from TD Canada Trust including TD Bank GICs and TD Bank Credit Cards.
Applying for a TD mortgage can be overwhelming considering the different details and information that’s required. However, preparing before you start your TD mortgage application can save a lot of time. Here’s what you need:
Finally, it’s important to understand how you can determine an estimate of your TD mortgage payments. Estimation of your mortgage payments will require your mortgage rate, your renewal amount or purchase price, the down payment amount (if you’re buying a new home), and the desired amortization period.
As mentioned earlier, TD Canada Trust is one of Canada’s largest lending institutions and offers financial products and services to more than 11 million Canadians. Some other financial solutions from TD include collateral mortgages and a Home Equity Flex Line. In 2013, Global Financed listed TD Bank as one of the World’s 50 Safest Bank.