Sorry, this offer has expired. Set up a deal alert and get notified of future deals like this. Add a Deal Alert

Expired Hot Deals

Sorry, this offer has expired.
Set up a deal alert and get notified of future deals like this.
Set up a Deal Alert
TD Bank

TD bank mortgage rate 2.24% variable closed for five years for limited period (as per updated prime rate)

  • Last Updated:
  • Jul 21st, 2017 8:54 pm
Banned
Sep 5, 2016
344 posts
370 upvotes

[TD Bank] TD bank mortgage rate 2.24% variable closed for five years for limited period (as per updated prime rate)

TD bank mortgage rate 2.24% variable closed for five years for limited period. This offer valid till 23 July 2017.

http://www.tdcanadatrust.com/products-s ... 888-267158&
Last edited by guru2gr8 on Jul 6th, 2017 11:53 am, edited 4 times in total.
Satisfied Customer from these providers :-
Koodo Mobile
Public Mobile
Tangerine Bank
125 replies
Deal Addict
User avatar
Aug 28, 2005
1474 posts
477 upvotes
Toronto
BNS predicts 3 rate hikes are coming, but great rate offered here none the less. Thanks OP
Deal Addict
Mar 26, 2011
2086 posts
1510 upvotes
Toronto
I haven't read the fine print, but just a heads up that TD broke away from all the other bank prime rates. TD is at 2.85% vs 2.70% for the other 4.

Still seems like a good deal (again, haven't read the fine print), just a heads up for anyone doing any Prime minus calculations in their head against their existing mortgage.
Deal Addict
User avatar
Feb 16, 2005
4243 posts
316 upvotes
Will they do a renewal before the term is up? Assuming there's a fee, I wonder if the savings would be worth it?
Sr. Member
Mar 6, 2010
757 posts
124 upvotes
Prime is guaranteed to going up. 1.99% is probably going to last for a month.
Sr. Member
User avatar
May 10, 2013
928 posts
315 upvotes
+1 thinking of doing early termination but need to pay $5000 penalty fee. Im debating if i should go w/ BMO W/ 5 years fixed at 2.59% or with TD variable at 1.99%...
Deal Expert
User avatar
Dec 23, 2003
18005 posts
7034 upvotes
Toronto
TD and many other banks offer collateral mortgages which means that moving to another corporation for future mortgage funding becomes more expensive. While this appears to be a good rate, I would encourage people to go through a mortgage broker to get quotes from all lenders. Make sure you arm yourself with as many questions you can before signing as if you don't ask, they won't tell you.

For those who don't know what a collateral mortgage is, here are some links for reference:

Link 1: http://www.cbc.ca/marketplace/blog/decoding-mortgages

Link 2:

Link 3: https://www.canadianmortgagetrends.com/ ... chapter-2/
Last edited by hightech on Jul 6th, 2017 12:57 pm, edited 2 times in total.
Sr. Member
Dec 27, 2007
717 posts
562 upvotes
Rsnav09 wrote: +1 thinking of doing early termination but need to pay $5000 penalty fee. Im debating if i should go w/ BMO W/ 5 years fixed at 2.59% or with TD variable at 1.99%...
Do you expect at least two 0.25% hikes in the next 2 years? IF yes (as many do), you come out ahead with the BMO offer.
Deal Addict
User avatar
Feb 17, 2005
4995 posts
2427 upvotes
Markham
I'm too lazy to do the math but depending on the rate hikes, fixed 2.59 is like to be ahead.

The flip side, variable has usually a less onerous fee to break it. 3 months interest usually. This winded up being good for me due to unexpected need to terminate mortgage.

If the BoC ends up hiking before promo ends, then it would be 2.24 vs 2.59.
Deal Fanatic
User avatar
Jul 13, 2005
7403 posts
1790 upvotes
I just switched my 2% 5 yr variable to 2.5% 5 yr fixed at CIBC, just the other day... hedging against the eventual rate hikes.
Member
Mar 12, 2009
324 posts
207 upvotes
Toronto
If I already have a closed variable mortgage with TD, can I switch it to this one without penalty?
Thanks.
Deal Addict
Feb 26, 2016
1562 posts
541 upvotes
Vaughan
the link to the webpage doesn't seem to work? it brings me to TD visa cards..

I'm locked in for prime minus 70bps right now and was paying 2.00% for a while when all the banks had their prime rate at 2.70%. TD ended up being the only one of the banks to increase by 15bps to 2.85%, so now I'm paying 2.15%.

for the advertised 2.00% variable rate what's the discount on prime it is assuming? 85bps?
Deal Expert
User avatar
Apr 21, 2004
58618 posts
24555 upvotes
hermit1988 wrote: Prime is guaranteed to going up. 1.99% is probably going to last for a month.
Probably a week (at most) if on July 11, the BoC increases interest rate.
Sr. Member
Jul 23, 2009
721 posts
491 upvotes
BrethrenJx wrote: If I already have a closed variable mortgage with TD, can I switch it to this one without penalty?
Thanks.
i'm in same boat.
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
There is nothing bad with a collateral mortgage. If you do want to seitch lenders and you need to discharge, it will add about 500$ in legal fees. Thats all. Some lenders will even eat that fee if they want your business
Member
User avatar
Jun 21, 2009
251 posts
41 upvotes
Yea, I fail to see how "bad" collateral mortgage is versus conventional mortgage, it servers different purposes.
From my talk with BMO, here are a few things different that is not presented in the video:
1. Depending on your financial situation, bank can approve you to up to 70% of the appraised value of your home as revolving credit (line of credit)
2. The revolving credit minus your actual borrowing automatically becomes your LOC which you can borrow anytime, the rate is negotiable and the lowest i seen is PRIME+0.25, assuming not many can get PRIME.
3. Collateral mortgage, effective interest is actually higher because it compound every 3 months or 1 month (dont remember) instead of half a year for conventional mortgage
4. YMMV, but bank manager has the right to reimburse your legal fee/appraisal fee. For instance, in the HSBC deal, the 1500 cash is basically used to cover that, and BMO also match 1000 dollars.

I heard many say you can't borrow more money because of collateral, but you should have negotiated your LOC rate and the amount the collateral is. And the fact is you don't have to apply for new load, because your LOC is already there.
Even the "higher" fees associated with changing lender, with the price of homes nowadays, it does not make a big difference, even without reinbursement, let's say 700 bucks more out of your pocket vs a mortgage of 1mil..... that's nothing
The only bad thing is the item 3 which means you are really paying more interest, even than the difference is like 0.05% so a 1 mil mortgage set you back 500 dollars per year.
Deal Addict
Aug 24, 2006
1215 posts
661 upvotes
Messerschmitt wrote: There is nothing bad with a collateral mortgage. If you do want to seitch lenders and you need to discharge, it will add about 500$ in legal fees. Thats all. Some lenders will even eat that fee if they want your business
You sir, are mistaken. The problem with collateral mortgages is the massive penalty you will face if you need to get out of you mortgage early. Could result in the five figures penalty depending on term left.

With that being said as mentioned above it does have some benefits like getting a loc without extra cost.
Last edited by bryceton on Jul 6th, 2017 1:58 pm, edited 1 time in total.
Deal Addict
Sep 15, 2006
1412 posts
767 upvotes
Ottawa
hightech wrote: TD and many other banks offer collateral mortgages which means that moving to another corporation for future mortgage funding becomes more expensive. While this appears to be a good rate, I would encourage people to go through a mortgage broker to get quotes from all lenders. Make sure you arm yourself with as many questions you can before signing as if you don't ask, they won't tell you.

For those who don't know what a collateral mortgage is, here are some links for reference:

Link 1: http://www.cbc.ca/marketplace/blog/decoding-mortgages

Link 2:

Link 3: https://www.canadianmortgagetrends.com/ ... chapter-2/
I just switched my collateral mortgage to a standard one. I used a broker and so glad I got out of the hold of TD. Fortunately my broker found a lender that was willing to cover all fees with no out of pocket expense, the only issue was I was forced to sign a minimum of a 3 year term to get fees covered and it's managed as a refinance, so I didn't get as good of a rate as I would have if I was a new customer, it's Prime - 0.60% which was much better than the rate TD offered to renew. I will never go back to a big bank
Deal Fanatic
User avatar
May 9, 2009
7132 posts
3735 upvotes
Montreal
kkostadinof wrote: Do you expect at least two 0.25% hikes in the next 2 years? IF yes (as many do), you come out ahead with the BMO offer.
How so? With two rate hikes, you'd still be paying 2.49% vs 2.59% plus you have to factor in the savings for the total time the rate was at 1.99% and 2.24%.

Rates would have to rise above 2.59% rather quickly for the fixed rate to be the better option.

Top