Real Estate

Mortgage Prepayment at TD

  • Last Updated:
  • May 5th, 2020 1:26 am
[OP]
Member
Jul 17, 2018
212 posts
117 upvotes

Mortgage Prepayment at TD

Hey guys. I have a mortgage with TD. The wife banks with TD and has it linked so it's easy for her to make additional payments. I on the other hand don't bank with TD and it would be easier if I can just make extra payments straight from my bank account rather than transferring money over to TD.

Can I make mortgage prepayments online? Unfortunately the phone and physical lineups are too long for me to bother lining up or waiting to ask this question.
29 replies
Deal Addict
Mar 22, 2010
3012 posts
888 upvotes
Very easy. Etransfer to your wife and have her make the prepayment
Member
Jul 4, 2018
393 posts
317 upvotes
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?
Deal Addict
Mar 10, 2010
1426 posts
391 upvotes
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.
Deal Addict
Nov 24, 2013
1392 posts
740 upvotes
Toronto
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.
Deal Addict
Jan 26, 2016
1776 posts
1693 upvotes
Toronto, ON
With mortgage rates so low, doesn't it make sense to invest?

Food for thought.
[OP]
Member
Jul 17, 2018
212 posts
117 upvotes
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.
Deal Addict
Mar 10, 2010
1426 posts
391 upvotes
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.
Deal Addict
Jan 26, 2016
1776 posts
1693 upvotes
Toronto, ON
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.
Deal Addict
Sep 2, 2009
1579 posts
1331 upvotes
Ottawa
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.
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)
[OP]
Member
Jul 17, 2018
212 posts
117 upvotes
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.
Deal Addict
Nov 24, 2013
1392 posts
740 upvotes
Toronto
You need to be a TD client (have an access card) as well as have an mortgage with them to use Easy Web
Deal Fanatic
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Apr 23, 2007
9888 posts
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Mississauga
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*
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Sr. Member
Jul 16, 2019
767 posts
364 upvotes
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%
[OP]
Member
Jul 17, 2018
212 posts
117 upvotes
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.
Deal Addict
Mar 10, 2010
1426 posts
391 upvotes
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.
[OP]
Member
Jul 17, 2018
212 posts
117 upvotes
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."
Deal Addict
Mar 10, 2010
1426 posts
391 upvotes
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.

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