Home Financing Options

Mortgages come with a variety of features. We’re here to help you make the best choice by assessing your budget, circumstances and goals for the future.

Choosing your mortgage

Fixed Rate Mortgages

Get security and peace of mind, knowing your interest rate won't increase over the term you select. You can also increase your payments without affecting the interest rate you pay (subject to conditions). Available terms of up to 10 years.

Term	1, 2, 3, 4, 5, 6, 7 and 10 years
Interest Rate	Fixed for the full term selected
Financing Available	Conventional and high-ratio
Payment Frequency	Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly
Payment Options	Regular payments can be increased by up to 100% over the term without charge once per calendar year Prepay up to 15% each year without charge

Six-Month Convertible Mortgage

Benefit from the typically lower interest rate of a 6-month mortgage term. Plus, you can always convert your mortgage to a longer term closed mortgage at any time during the 6 months - at no cost to you.

Term	6 months
Interest Rate	Fixed for 6 months
Financing Available	Conventional and high-ratio
Payment Frequency	Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly
Payment Options	Regular payments can be increased by up to 100% over the term without charge once per calendar year Prepay up to 15% each year

One-Year Open Mortgage

Pay a little extra, any time without incurring administration costs or prepayment compensation. And although the interest rate is fixed for the full year, you have the flexibility to change your mortgage to a closed term at any time¹, without a fee.

Term	1 year
Interest Rate	Fixed for 1 year
Financing Available	Conventional and high-ratio
Payment Frequency	Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly
Payment Options	Regular payments can be increased by up to 100% over the term without charge once per calendar year Full or partial prepayments on any date without charge

¹ Must be converted to a fixed rate mortgage with a term longer than the remaining term

Closed Variable Interest Rate Mortgage

With this 5 year mortgage option you can lock in your interest rate by converting to a Fixed Rate Mortgage at any time, as long as the new term is at least the lesser of 3 years or the remaining term. With a Closed Variable Interest Rate Mortgage, when mortgage interest rates change, your payment amount still remains the same. However, the amount that is applied towards interest and principal will change. If mortgage interest rates drop, more of your payment is applied to the principal. If mortgage interest rates rise, more of your payment will go towards the interest accruing on your mortgage.¹

Term	5 years (Closed)
Interest Rate	The interest rate changes when the TD Mortgage Prime Rate changes
Financing Available	Conventional and high-ratio
Payment Frequency	Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly
Payment Options	Regular payments can be increased by up to 100% over the term without charge once per calendar year Prepay up to 15% each year

¹ If interest rates increase so that the monthly payment does not cover the interest cost, you have option of adjusting your payments, making a prepayment or paying off the balance of the mortgage.

Open Variable Interest Rate Mortgage

This five-year mortgage option gives you fixed payments and the ability to pay off your mortgage faster.

You get the flexibility to increase your payments to any amount, anytime. Plus, you can pay off all or part of your mortgage without paying prepayment compensation (an administration fee applies in year one and two only). If interest rates fall, more of your payment goes toward your principal and less toward interest. So your mortgage gets paid off faster. If mortgage interest rates rise, more of your payment will go towards the interest accruing on your mortgage.¹

You can also lock in your interest rate by converting to a Fixed Rate Mortgage at any time.

Term	5 years (Open)
Interest Rate	The interest rate changes when the TD Mortgage Prime Rate changes
Financing Available	Conventional and high-ratio
Payment Frequency	Weekly, biweekly, semi-monthly, monthly, rapid weekly, rapid biweekly
Payment Options	Payments can be increased to any amount over the term without charge once per calendar year Full or partial prepayments on any date. Full prepayment subject to an administration fee: first year = $500 second year = $250 after two years = $0

¹ If interest rates increase so that the monthly payment does not cover the interest cost, you have option of adjusting your payments, making a prepayment or paying off the balance of the mortgage.

TD Home Equity FlexLine

As a first-time home buyer, you may qualify for a Home Equity FlexLine if you are planning to make a down payment in excess of 20%. A line of credit gives you ongoing access to credit, up to your available credit limit and subject to the terms of the agreement, and provides a number of no-charge prepayment options.

TD Home Equity FlexLine offers the convenience and flexibility of:

Revolving Portion

Get a variable interest rate that changes with TD Prime Rate
Prepay your principal balance in the Revolving Portion with no prepayment charges; as you pay down your outstanding balance, your available credit increases up to your credit limit.
Apply once – you can access your available credit within your credit limit anytime without having to re-apply¹
Pay at your own pace – make monthly interest-only payments or pay as much as you want²
Establish regular payments to your outstanding balance by setting up a Term Portion (subject to minimum amounts) or by choosing fixed payments on your Revolving Portion.

Term Portion

Pay off all or a portion of your outstanding balance by establishing regular payments through a Term Portion. Choose between a fixed or variable interest rate, and open or closed-to-prepayment term, depending on the rate you have chosen.

If you choose a Term Portion – Fixed Rate, your interest rate will not change for that part of your outstanding balance for the duration of your term. If you choose a Term Portion – Variable Rate, your interest rate will fluctuate with changes to TD Prime Rate. Whether you choose a fixed or variable interest rate, making regular payments through a Term Portion will the stability of periodic payments towards reducing your outstanding balance.

Learn more about this home financing option