TD Bank Mortgage Rates Review

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TD is among Canada’s largest banking institutions and is known for its trustworthiness. Most clients consider TD bank an excellent choice for a mortgage. TD is a division of TD Bank Financial Group and Small Banking Business. It caters to the needs of clients by providing a range of financial services and products via its network over 1,100 retail branches, telephone and internet banking. TD also has more than 2,600 automated banking machines and offers a wide variety of credit cards (rewards cards and low-interest cards). In addition, the bank offers GICs that are available to clients based on certain terms and conditions. The process of applying for a mortgage can be very stressful, so make sure you have the following information handy to make the process hassle free: annual income, employment information, liabilities, assets and other financial reports. TD bank makes the mortgage process easy with the provision of several online tools to facilitate the process:

TD bank makes the mortgage process easy with the provision of several online tools to facilitate the process. Some of these online resources include the following:

Home Life E-newsletter – This newsletter offers information on homebuyers’ insurance as well as tips to save money to finance your home.

The Home Buyer’s Checklist – This checklist serves as a means for comparing information available on different properties.          

Mortgage Terms Glossary – An explanation of mortgage terms

For every product, there is a standard mortgage rate (variable or fixed) and this is often associated with closed or open terms. Some of the mortgage products offered by TD bank include the following:

6-Month Convertible Mortgage

This option allows you to convert to a closed term anytime you want with no additional costs.

5% Cash Back Mortgage

With this option, the rate for the first six years is fixed, after which the bank will pay you a cash amount equivalent to 5% of the principal mortgage amount.

The Green Mortgage

The green mortgage qualifies the homeowner for a 1% discount off the interest rate and another 1.5% cash discount as soon as you buy CSA approved solar panels.

The High Ratio Mortgage

down payment

TD offers an opportunity for clients to own a home with a down payment as low as 5%. The Multi-unit Residential Mortgage is only available to persons considering a mortgage on a residential property with five units or more.

Farm Mortgage

This mortgage is specifically for individuals who are directly involved in commercial agriculture.

Rural Property Mortgage

This is exclusively for individuals considering a mortgage on properties in the countryside   

For every mortgage outlined above, payments can increase up to 100% during the term with extra costs. The only exception is the 5-Year Open Variable Interest Rate Mortgage where you can make a down payment of 15% of the value of the mortgage. Before deciding on a bank for your mortgage, make sure you compare the rates against each other to enjoy the most affordable rate.

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