TD Canada Trust is another great option for Canadians who are looking for an affordable mortgage. We are the best site online for low TD mortgage rates, as our convenient tools and centralized TD Canada Trust information page make it easy for you to find out about the bank and apply for a competitive TD Canada mortgage rate. You will find everything you need to know about TD Canada Trust mortgages when you read the following guide, but do not stop there. Clicking on the mortgage rate of your choice on this page is the next step to accessing a TD mortgage with an excellent interest rate.
TD Canada Trust’s Mortgage Products
If you are a looking for an affordable mortgage from TD Canada Trust, you have several options. Here are the main mortgages you should consider.
FIXED-RATE MORTGAGE OPTIONS
TD Canada Trust has 4 different mortgages that fall under the fixed-rate mortgage category. All of these mortgages have an interest rate that does not change for the length of your mortgage term, which guarantees that your monthly payment will not change unless you ask for it. If you value predictability, these are the mortgages for you:
• Cash Back Mortgage — This option gives home buyers up to 7 percent of their loan principal in cash when they close a loan with the bank. A cash back mortgage is available in 5 or 6-year terms, and it is a closed mortgage that charges you a penalty if you repay your loan in full before the end of the amortization period. However, you can increase your mortgage payment by up to 100 percent during your loan term, and you can pay back up to 15 percent of the original loan principal each year that you hold the mortgage. Taking advantage of either of these possibilities will save you a great deal of money in the long run.
• Fixed-Rate Mortgage — This is the simple fixed-rate mortgage from TD Canada Trust with the benefits that you expect from a fixed-rate mortgage offered by any bank. You can get current TD mortgage rates for a fixed-rate mortgage with a term of up to 10 years long. Prepayment in full before the end of the loan term without incurring a penalty is impossible, but you can prepay part of your loan without penalties according to the rules attached to the fixed mortgage rate.
• Open Fixed-Rate Mortgage — If you want a mortgage product from TD Canada Trust that gives you a guaranteed fixed rate for 1 year and allows you to pay off the loan in full at any point without a prepayment penalty, this is the mortgage for you. This is a great option if you know that you will have the wherewithal to pay your loan in full within a short period of time.
• 6-Month Convertible Mortgage — The 6-month convertible mortgage offers the lowest fixed rates you can get in the industry for a 6-month mortgage term. At any point during the loan, you can convert it into a longer fixed-rate mortgage to guarantee payment stability over a longer period of time. This is a closed mortgage that is subject to the same prepayment guidelines as the TD Bank Cash Back mortgage.
VARIABLE-RATE MORTGAGES
As is common in the mortgage industry, the lowest TD mortgage rates are available on the bank’s variable-rate mortgage products. All of these mortgages feature an interest rate that may change over the life of the loan. When the rate goes up, so does your payment. When the rate goes down, your payment also decreases.
• Open Variable-Rate Mortgage — An open variable-rate mortgage is simply a variable-rate mortgage with no prepayment penalty. TD Canada Trust’s variable-rate mortgage has a 5-year term, and you can increase the amount of your mortgage payment at any time without paying a fee. Paying off the mortgage early is allowed, but you will incur a small administration fee if you pay the loan in full during year 1 or 2 of your loan term.
• Closed Variable-Rate Mortgage — Closed variable-rate mortgages offer the same great TD Bank mortgage rates as other variable mortgages, but you cannot pay off a closed variable-rate loan early without a significant penalty. You can get one of these loans in a 5-year term, but you can make significant partial prepayments without earning a penalty as long as you pay no more than 15 percent of your loan principal each year or increase your required payment by no more than 100 percent during your loan term.
• Home Equity Line of Credit — TD Canada Trust’s home equity line of credit allows you to take out a revolving line of credit with a limit of up to 80 percent of your home’s assessed value. You can convert this line of credit into a fixed-rate term loan if you want more consistency in your budgeting.
The Best Reasons to Choose TD Canada Trust
Because TD Canada Trust is the second-largest bank in Canada in terms of total deposits, it offers a great deal of security to those who trust the bank for their mortgage loan. There are further advantages that set TD Canada Trust apart from other banks in Canada. It is possible to get help on Sundays with your mortgage loan at many TD Canada Trust branches. Mobile mortgage specialists who come to you at your convenience are another plus of TD Canada Trust, although other banks send out mobile mortgage specialists as well.
The TD Canada Trust Mortgage Approval Process
Getting approved for a mortgage that features the best TD mortgage rates is not an unusual process, but it will still be useful for you to have a basic understanding of what happens when you seek a mortgage from this bank. Here are the steps:
1. Click on the interest rate you prefer on this page to access the TD Canada Trust mortgage application.*
2. Fill out the application, making sure to include documentation of your income and the amount of cash you have on hand in your bank accounts.
3. Talk to a mortgage expert who will help guide you through the mortgage process and work to get you approved.
* TD Canada Trust recommends that you have your down payment in place before you make your mortgage application.
More TD Canada Trust Facts
There is more to this bank than just great TD Canada mortgage rates. For example:
• TD Canada Trust is one of the few banks in Canada to offer branch hours on Sunday, and its branches are open later than many other banks on the other days of the week.
• TD Canada Trust was formed in 2000 when TD Bank acquired Canada Trust, a bank that dates back to the mid-nineteenth century.
• The TD Bank Group, the parent company of TD Canada Trust, also operates bank branches in the United States.
Get Your TD Canada Trust Mortgage Today
TD Canada Trust may be the right bank for your next mortgage. Choose the interest rate you prefer on this page to get started on your TD mortgage application.
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