Toronto-Dominion Bank offers a wide range of flexible financing options with various features intended to satisfy the needs of its clients: buying a home (first time or next property), renewing or refinancing a mortgage, or getting access to revolving lines of credit.
With TD, you can tap into your equity and use it according to your needs. For example, borrow up to 80% of the value of your home to pay for your home repairs, a bathroom renovation, a swimming pool, or education.
Toronto-Dominion Bank mortgage specialists provide the bank's clients with personalized advice on mortgage-related issues, which will help them go through their home-buying journey with confidence. To take advantage of these services, click such buttons as "Book an appointment" or "Choose a specialist." TD Canada Trust offers the possibility to search for a Mobile Mortgage Specialist by location, name, or language. You can schedule a meeting or quickly receive answers to your questions.
You can use TD mortgage calculators and tools to get an idea of what you can afford by seeing your mortgage payments and discovering ways to boost your savings. Just enter the mortgage principal amount, the interest rate, the amortization period, and payment frequency.
You can get pre-approved for a TD mortgage online in a couple of clicks or visit a branch at a time that's convenient to you. The advantages of online pre-approval include a swift response to your application, no impact on your credit profile, and your mortgage rate locked in for 120 days.
Types of TD mortgages
Toronto-Dominion Bank offers a variety of mortgage types to cover the needs of as many clients as possible. First, let's look through the available mortgage options.
A TD fixed-rate mortgage is the best option for those who prefer stability. With this mortgage type, the monthly payment amount remains the same throughout the entire loan term, which can be either 15 or 30 years. However, TD fixed interest rate mortgages allow you to increase your regular payments by up to 100% over the term without charge once per year. In addition, prepaying up to 15% of your original principal mortgage amount once a year without charge is also possible.
Adjustable-rate mortgages, also known as variable interest rate mortgages. With an adjustable-rate mortgage, the rate may change after the initial fixed term, which can be 3, 5, 7, or 10 years. The overall term for this mortgage type is 30 years. Based on the SOFR index, the adjustable-rate mortgage rates may increase or decrease over time, providing both a risk and an opportunity.
Construction mortgage. To get financing for building a new home or renovating an existing one, you can apply for a construction mortgage from TD Bank. You can choose between a fixed and adjustable rate with this mortgage type. During the construction stage, you can pay for the interest only. After the construction stage, your construction mortgage transforms into a permanent one.
Jumbo mortgage loan. If you need financing larger than $647,200 (the FHFA single-family maximum loan amount), consider a Jumbo mortgage loan from TD Bank. With this loan, you can borrow more significant amounts and choose between a fixed and adjustable interest rate.
Low down payment home loans. With low down payment home loans from TD Bank, you can make a down payment of just. In addition, there are programs to finance the purchase of different property types: single-family houses, condos, co-ops, manufactured housing, and more. The programs also feature unique private mortgage insurance (PMI) plans to reduce your monthly payment or qualify for a significant financing amount.
VA mortgage. Active-duty military, veterans, and spouses can apply for a VA mortgage with a 30-year fixed-rate term. This mortgage solution requires no down payment. VA mortgage also features purchase and cash-out refinance options.
FHA mortgage. FHA mortgage is another affordable borrowing solution with a 3.5% down payment and a 30-year fixed-rate term. There are no income limits and homebuyer education requirements.
Medical professional mortgage. Doctors, dentists, residents, or fellows with less than ten years out of residency are welcome to apply for a professional medical mortgage from TD Bank. With this mortgage option, an eligible borrower can purchase the first or next home with little to no down payment. In addition, a medical professional mortgage doesn't require private mortgage insurance, and a contract for new employment can be valid proof of income.
TD Home Equity FlexLine (HELOC). You can take advantage of this TD product to gain access to credit— a revolving portion. Your available credit increases up to your credit limit as you pay down your outstanding balance. With this HELOC, you can borrow up to 80% to finance your home renos, significant purchases, and education.
How to apply for a TD mortgage
Many homebuyers begin their mortgage journey by getting pre-approval. Although pre-approval is not mandatory, it can bring certain benefits to you, such as:
Getting a better idea of how much you can afford, as you will see your monthly payments
Having your interest rate secured for 120 days
Once you have found a home you want, you can proceed with a mortgage application. You can apply for a TD mortgage online, by phone, or in person at your local TD Bank branch.
Applying online is probably the most convenient option. You can complete your application at your own pace, pausing and resuming it as needed. Once you finish your application, wait for a TD Mortgage Specialist to contact you to discuss the further steps.
Requirements
To qualify for a mortgage from Toronto-Dominion Bank, you must be a Canadian citizen or have permanent residence status in Canada. You must also be of the age of majority where your new home is. Before applying, be sure to prepare the following information:
The property closing date
Down payment sources
The preferred mortgage option
The address of the property you are going to buy
The MLS Realtor Listing
The Purchase and Sale Agreement
Documents confirming your employment status and income
A list of assets you own
Information about your liabilities
Information about co-borrowers (if any)
Pros and cons
Here are the definite advantages of mortgage options from Toronto-Dominion Bank:
Solutions tailored to the specific needs of clients — medical professionals, clients experiencing down payment challenges, clients who are building a house, and more
An opportunity to choose between a fixed and variable rate
The convenience of mortgage application and loan management
Now, let's outline the potential disadvantages:
The rates offered by TD bank aren't the lowest in the market
In case you choose to switch your mortgage to another lender, you won't be able to transfer mortgage life insurance from TD to a new financial institution
How to make a TD mortgage loan payment
TD mortgage payment methods are similar to those for other TD loans. You can manage your mortgage in any of the following ways:
Send a mortgage payment from your checking or savings account (either online or through the TD app)
Transfer the sum of the mortgage payment from your TD checking or savings account to your TD mortgage
Make a mortgage payment by phone through an automated system
Make a payment in person at your local TD bank store
Pay through a TD Bank ATM
TD mortgage insurance
Optional coverage for TD Mortgages offers your financial protection for several cases: if you pass away, suffer a covered terminal illness, or accidental dismemberment. In addition, you can count on TD Mortgage Life Insurance coverage of up to $1,000,000 towards your outstanding TD Mortgage balance, discharge fees, prepayment charges, or interest.
If you're diagnosed with life-threatening cancer or suffer an acute heart attack or stroke, you can apply for a Mortgage Critical Illness Insurance enhancement. If your request is approved, you will be entitled to receive up to $1,000,000.
If your down payment is less than 20% of the purchase price, you'll be required to obtain mortgage default insurance.