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
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.
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.