Mortgage Prepayment at TD

Very easy. Etransfer to your wife and have her make the prepayment

Till now I just heard that global financial crisis and stimulus packages only help rich to become more rich, now witnessing it.
On one side people deferring mortgages and on other side people paying off mortgages early.
J/k ... take it easy

Is lockdown situation helping you to save money on unwanted stuff and making you pay?

I am in the same boat, only neither of us have TD bank accounts. I have not found any way to make a prepayment except to deliver a cheque in branch. I did that last Wednesday, the lines weren't bad at my branch, but most teller's don't know how to do a mortgage pre-payment so it takes a few minutes longer than normal. If you are able to find a way of doing this on-line please post, but in my ~5 years with TD I have never been able to do it on-line.

It can be done online through TD EasyWeb, but found it was quicker to process in a branch.

Online would take a couple of days and the request would sometimes get "lost". This was years ago, not sure if it's become more reliable or instantaneous since then.

With mortgage rates so low, doesn't it make sense to invest?

Food for thought.

Lavaris1 wrote: ↑ Is lockdown situation helping you to save money on unwanted stuff and making you pay?

I'm definitely saving a lot of money by not eating out. It would be great if I can just easily make extra payments whether it's $20 or $2000 without having to transfer money over to the wife and have her do it.

WinterSleep wrote: ↑With mortgage rates so low, doesn't it make sense to invest?

Food for thought.

Yes and it is a debate I struggle with. The problem is I am scared to dive all in so I've been holding cash and waiting to see what happens. I figure it might be a good idea to put a bit more towards the mortgage.

lpin14 wrote: ↑ It can be done online through TD EasyWeb, but found it was quicker to process in a branch.

Online would take a couple of days and the request would sometimes get "lost". This was years ago, not sure if it's become more reliable or instantaneous since then.

I tried signing up for EasyWeb using my mortgage information but it won't let me. Says there is an error and couldn't identify me.

Agreed WinterSleep, unfortunately last time w renewed was during a rate spike and the best we were able to get was 3.33%. We were looking at topping up our small HISA cash fund at 2.2% or paying down the mortgage, it was a no-brainer from that perspective. We also direct a flow of our funds to long-term investments each month.

WinterSleep wrote: ↑ With mortgage rates so low, doesn't it make sense to invest?

Food for thought.

GooseAkuma wrote: ↑
Yes and it is a debate I struggle with. The problem is I am scared to dive all in so I've been holding cash and waiting to see what happens. I figure it might be a good idea to put a bit more towards the mortgage.

Depends on your horizon, but it's probably safe to say whatever you put in today will be way higher in 5 to 10 years, even if the mortgage is 3% rate.

Of course it's a nice feeling to see mortgage shrink faster. But if you are not retiring soon and have emergency cash, then the fear can hold back from making some better gains in the market.

My mortgage is 2.29% and I can't bring myself to pay it faster.. no incentive.

WinterSleep wrote: ↑ My mortgage is 2.29% and I can't bring myself to pay it faster.. no incentive.

Mine is higher but I do think that it's not that difficult to getting a 3% return on the markets. Still the wife prefers to be debt free and I would like to pay off my mortgage faster.

cloak wrote: ↑ Split the difference: some investing, some prepaying. Odds are in your favor that at the end of the mortgage, you'll still be ahead. (Unless you have a couple years left)

That's kind of my plan. Treat extra mortgage payments as the equivalent of buying bonds or putting money in a high rate savings account etc. Like WinterSleep, I am more predisposed to simply investing the money but I'm thinking it's a good idea to balance things out a bit Don't want to be house poor but market returns could be wiped out and take years to build back up.

You need to be a TD client (have an access card) as well as have an mortgage with them to use Easy Web

Do you need to tell the bank that you want that payment to go to principal only or is that automatic?

Will be signing a TD mortgage in 30 days time, so just wondering for future *Already TD client*

WinterSleep wrote: ↑ Depends on your horizon, but it's probably safe to say whatever you put in today will be way higher in 5 to 10 years, even if the mortgage is 3% rate.

Of course it's a nice feeling to see mortgage shrink faster. But if you are not retiring soon and have emergency cash, then the fear can hold back from making some better gains in the market.

My mortgage is 2.29% and I can't bring myself to pay it faster.. no incentive.

Yeah. Mine is 1.7%

lpin14 wrote: ↑You need to be a TD client (have an access card) as well as have an mortgage with them to use Easy Web

That makes sense to me but I don't get why do they allow you to "sign up" with easyweb using your mortgage number.

lpin14 wrote: ↑ You need to be a TD client (have an access card) as well as have an mortgage with them to use Easy Web

Even with Easyweb access there is nothing you can do to pre-pay your mortgage unless you also have a chequing or other account with TD. I have an Easyweb account, but still can't pre-pay through it.

vernonco wrote: ↑ Yeah. Mine is 1.7%

var?

So the wife tried to change the monthly payment through easy web but nothing happens. She tried changing over a week ago. She also just made a test prepayment through easyweb and nothing was deducted from her account. I suppose it may take 2-3 days?

XxXSnake23XxX wrote: ↑ Do you need to tell the bank that you want that payment to go to principal only or is that automatic?

Will be signing a TD mortgage in 30 days time, so just wondering for future *Already TD client*

It should be automatic if it's a "prepayment."

GooseAkuma wrote: ↑ So the wife tried to change the monthly payment through easy web but nothing happens. She tried changing over a week ago. She also just made a test prepayment through easyweb and nothing was deducted from her account. I suppose it may take 2-3 days?

It should be automatic if it's a "prepayment."

I'm not 100% on this, as I'm going on an old memory of what I was told, but I believe that prepayment requests submitted through easyweb come out on the next scheduled mortgage payment.

The payment change request will go to one of their mortgage "specialists" who will apply it for your next scheduled payment if it's in the range allowed by your mortgage terms (that one I've personally done), I think it took ~5 business days to show up and you'll get confirming paperwork in the mail.

WinterSleep wrote: ↑var?

Yes