Choosing a mortgage is never a light decision. There are plenty of financial institutions nowadays that offer us competitive rates.
Canadian-born TD is one of the best choices when it comes to mortgages, but they also offer different rates to choose from.
Let’s have a look at the best mortgage rates provided by TD!
Best Mortgage Rates Provided By TD
TD’s updated mortgage rates can be checked here. As of today, they offer the following rates.
- 3-year fixed with APR of 2.77%
- 5 Year fixed closed with APR of 2.99%
- 5-year variable with APR of 2.37%
- 10-year with a posted rate of 6.10%
As a result, TD does come with highly competitive rates. It is not only a Canadian giant but also a worldwide leader in financial assets.
Another key aspect of your mortgage will also be the down payment. A conventional mortgage comes with a 20% down payment.
However, the more you pay upfront, the less interest you will have to pay for your mortgage. This also means that if you pay less upfront, such as 5% only, your interest rate will increase significantly.
TD allows 5% down payments for houses under $500,000, but a minimum of 10% down payment for homes over $1m.
As a result, the interest rates above are subject to changes, once you decide other aspects of your mortgage option. Generally, the higher the down payment, the lower your interest rate will be.
Who Is Eligible?
TD accepts applicants who are permanent residents of Canada. Furthermore, you also need to be the age of majority in the province where you want to purchase your new home.
Lastly, the home you wish to purchase needs to be already finished, and it should become your primary residence.
Furthermore, you need to offer financial information and employment status that will help the specialists consider your eligibility for the mortgage option you choose.
Pros And Cons
Fixed and variable rates depend on your preference. In short, fixed rates remain the same for the entire period of your mortgage, while variable rates mean that they might fluctuate over time, according to changes in the market. This is why variable rates are typically lower than fixed rates.
With TD, you can choose either fixed or variable rates for a period of up to 10 years, depending on your needs.
As illustrated above, a shorter contract also results in a smaller APR, so it is best to choose the length of the contract that offers you both peace of mind and the possibility to make your repayments on time, avoiding extra charges.
If you are unsure which one is the best for you, you can also book an appointment with one of their specialists who will help you consider all of your options and choose the ideal one.
You can click here to contact TD’s specialists or here to use TD’s calculator that will help you figure out how much you can afford.
How To Apply
You can apply online by clicking here. This step will offer you a pre-approval certificate online that only takes 5 minutes.
However, it is important to keep in mind that the application for the mortgage can also be made online. Once you have your pre-approval certificate, you need to submit your application. A TD mortgage specialist will contact you within 24 hours to discuss it with you.
In order to apply, you need to provide evidence regarding your status, namely that you are either a Canadian citizen or you have been approved for permanent residence.
Additionally, you need to choose the mortgage option that suits you best. You also need to provide full property details, more information about your employment status, and income.
Your financial situation is then further analyzed using assets and liabilities, done through a credit check. Lastly, you can invite a co-borrower when you submit your application.
Summary
All in all, TD is a Canadian leader when it comes to financing and home loans. You can choose one of their competitive rates and access the funds you need to buy a new home.
Make sure you contact one of their specialists to help you make the best decision!
