If you’ve decided to take the dive and buy your own home, you’re going to want to find out the best TD mortgage rates. There are many options out there when it comes to mortgage lending and you should take the time to do your research.
It can take many years to pay off a mortgage, which means you’ll be dealing with a financial institution for a long time. That’s why you definitely want to make sure you’re dealing with a lender that’s going to provide you with the best offers up front and through the years.
TD is not only one of Canada’s biggest banks but one of the world’s largest. TD Bank is the seventh-largest U.S. bank by deposit and the eighth-largest bank in the U.S. by total assets. Up next we’re going to tell all about TD mortgage rates.
TD in Canada
TD uses a range of online resources to help you make your buying decision, such as the Home Buyer checklist, a glossary of mortgage terms; Homelife e-newsletter; tips on saving money to fund your home, and related home buyer insurance information.
The bank aims to be one of the best lenders when it comes to mortgages, but the proof is in the pudding. Let’s see what their offers are like.
Different Mortgage Rates from TD Bank
TD Convertible Mortgage i
This a six-month mortgage with the option of converting at any time, at no cost to you, to a longer closed term. A convertible mortgage starts as an adjustable-rate mortgage or a home loan with a variable rate of interest.
One of the disadvantages of adjustable-rate mortgages is that the premium always rises as the index increases. Some limitations determine how much the rate can jump over the loan ‘s lifetime and how much it can adjust at a single reset.
Homebuyers with a non-convertible adjustable-rate mortgage can opt to refinance their loan to avoid steep increases in payment.
5% CashBack Mortgage
This is TD ‘s six-year fixed-rate residential mortgage, after that, TD will send you upfront cash equivalent to 5% of the mortgage principal. The immediate availability of money can be used in various ways, depending on the borrower ‘s needs.
The cashback mortgage proceeds can be used to pay off loans, go home improvement, or finance a college education. First time home buyers are also drawn to cashback mortgages to cover their closing costs or furnishing their house, or in some cases, the down payment.
Green Mortgage
This entitles you to a 1 percent discount off the posted interest rate and up to a 1.5 percent cash refund when making eligible purchases of ENERGY STAR or buying licensed CSA solar panels.
TD’s High Ratio Mortgage
This helps you to purchase a home with as little as 5 percent down payment. A high mortgage ratio is a mortgage where a creditor puts on a home a down payment of less than 20 percent of the purchase price.
Another way to formulate a high mortgage ratio is through a loan-to-value rate of more than 80%. A mortgage with a down payment of more than 20 percent is called a conventional mortgage.
Multi-Unit Residential Mortgage
This is available to those seeking a mortgage on a five-unit or more residential unit. If you’ve found the right rental property and want to move fast, or refinance for more, TD bank will help you take advantage of the opportunity.
Their mortgage specialist’s multi-unit can simplify and smooth the whole process, and provide professional advice. They will ensure that you find the best possible balance of terms, conditions, and a reasonable interest rate.
The Rural Property Mortgage
There is quite a niche target market for this mortgage. It is explicitly made for rural properties and for commercial operations. For customers whose owner-occupied residence exceeds five acres, seeking to purchase or expand their rural land.
Conclusion
You’ve got quite a few options when it comes to TD mortgages. It’s a good idea to create your own checklist of what you are expecting and then match it up against what is offered to determine what is right for you. Do all your homework before settling.