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 fixed rate 2.54% mortgage

  • Last Updated:
  • Mar 17th, 2021 9:33 pm
Deal Expert
User avatar
Oct 19, 2003
20241 posts
8367 upvotes
Toronto (Bloor West …
Feeling good again to be in variable.
Newbie
May 28, 2017
12 posts
54 upvotes
I am in process of renewing. Was locked variable at prime -.65, so 1.8% at the moment. Both TD and BMO say that due to the situation and low prime rate, the best variable rate they can offer is prime + 0.3, essentially raising my rate 0.95%... The best fixed 5 year is 2.59... I would love to get prime - 1.00 like lilmikey, or at worst at least kimwoobingsu's 2.3 fixed.
Deal Addict
Mar 12, 2017
2061 posts
4409 upvotes
Majokito wrote: I also have 1.45% variable. I think it's a pretty good rate! I don't see them raising the interest rates for a while with how fragile everything is. Even when they do they'll have to go slow.

In the long run, isn't variable pretty much always the winner over fixed? I mean, at 1.45% the rate would have to go up 1.09% just to be the same as OP. Then go up over another % or more to be a worse deal. All in 5 years. Meanwhile I'm putting more towards my principle so even if it does go up I'll have a lower balance.
If deflation occurs because of this economic mess, we will likely see higher interest rates. That would be my biggest concern with a variable right now.
Deal Addict
Mar 12, 2017
2061 posts
4409 upvotes
I’m on year 3 of a 2.35% 5 year fixed and there was no economic monstrosity at the time of sign-up like there is currently. Wouldn’t consider this hot.
Deal Addict
Feb 14, 2019
1714 posts
2238 upvotes
Toronto
systemdude wrote: Agreed but you assume the current situation will last year 5 years. I am on the side of if the current situation lasts more then 6 months we are all screwed. The real kicker is if we have a vaccine by next winter. If we do the interest rate will be going up by next year and in 2 years time they will be higher to push back against the inflation. So true that you would have put more towards your principal in the 2 years vs me but I will get to stick with a lower rate in year 3. That's what I am basing this on right now.
I fully don't expect this situation to last 5 years, at least I hope not. But I do know that by having a variable mortgage right now means I'm saving a lot of money right now. I can't predict what will happen in 2-3 years but I do know what's happening now and the near future. Basing your decision now on what you think will happen in 3-5 years is like trying to time the market, it just can't be done. Not a single person could've predicted what's happening right now. I'm getting a guaranteed savings right now while you are hoping for savings later which may or may not happen. Similar to investing money vs paying down debt. Paying down debt gives a guaranteed return on your money while investing may or may not come out on top.

Once things settle down, the Bank of Canada will definitely want to start raising rates, but only if the economy is stable which is going to take some time. Even once they start raising rates, they'll have to be extremely cautious as people already had record levels of debt prior to COVID and are most certainly in a worse place now. Even going up 25 points could have a huge effect on people and businesses who have had to dip into lines of credit just to get through the last few months.

With that being said, I don't think 2.54% is a terrible rate, but definitely not near the best. With TD for example, if you have variable and have a mortgage payment of $1000, if rates go up you still pay $1000, just less goes to principle so your amortization period extends so it doesn't affect your cash flow if that's a concern.
Sr. Member
Sep 13, 2007
545 posts
109 upvotes
Toronto
signed up for 2.84% with them in january.
I thought it was a great rate, since i was at 3.45% with Scotia.
Deal Fanatic
Jan 21, 2018
9652 posts
10924 upvotes
Vancouver
systemdude wrote: Hi guys, I didn't see anyone post this but I was recently able to get 2.54 percent rate for 5 year fixed term with 20 percent down payment on buying a new home. I was previously offered 2.75 and noticed that the rates for fixed term have finally dipped this week. There is no cashback just straight down . RBC is currently at 2.69 for same situation.
Please put "mortgage" in the thread title. Just saying "fixed rate" is misleading to a lot of people - you could easily be referring to a GIC, which is a completely different interest group.
Deal Addict
Feb 14, 2019
1714 posts
2238 upvotes
Toronto
Krime1k wrote: If deflation occurs because of this economic mess, we will likely see higher interest rates. That would be my biggest concern with a variable right now.
Rates WILL go up, they're essentially at the bottom now as BoC said 0.25 was their "floor" (I don't think we'll see negative rates here). But, with how big of an impact this has had on the population, debt levels are definitely going up right now as people struggle to pay bills, buy groceries, deal with job layoffs or loss. People and businesses are dipping into lines of credit and loans just to stay afloat. They were cautious raising rates a couple years ago, they'll have to be even more cautious this time. People will need a long time to recover from this just to pay back what they had to borrow over these months. During this time, people will have to cut back on spending while they pay back debt, which also keeps rates low. Raising rates too quickly will have a massive negative effect on households and businesses since people won't be able to keep up with payments, and won't be able to spend money to help the economy.
Sr. Member
Mar 18, 2008
636 posts
809 upvotes
Toronto
No point arguing if variable or fixed is better, it depends on your risk appetite.

We could look at historical numbers, which say that variable is better but past performance is not a indicator of future performances, especially during these times. So that’s moot.
Deal Guru
User avatar
Apr 23, 2007
10206 posts
1465 upvotes
Mississauga
kimwoobingsu wrote: Could be way better for a new mortgage.
I’m getting 2.4% this week at TD, a friend is getting 2.3% at BMO.

Edited because Fixed
Really? How much down did u put on the property?
I signed before all this craziness happened for 2.59 % for 5.

Wanna see if my broker should go back to TD and get a similar rate.... i only put 20% down though.
RFD 43-0-0
Ebay 39-0-0
|Dance.Flirt.Music.Chill|
Member
Dec 26, 2015
480 posts
398 upvotes
Ottawa, ON
Scote64 wrote: Please put "mortgage" in the thread title. Just saying "fixed rate" is misleading to a lot of people - you could easily be referring to a GIC, which is a completely different interest group.
Neverrrrrrr. Ok done sorry about that.
Member
Dec 26, 2015
480 posts
398 upvotes
Ottawa, ON
XxXSnake23XxX wrote: Really? How much down did u put on the property?
I signed before all this craziness happened for 2.59 % for 5.

Wanna see if my broker should go back to TD and get a similar rate.... i only put 20% down though.
I was at 2.59 2.54 just happened this week so you should see that as well. My broker is saying since I have about 3 weeks left to close it will dip down again.
Deal Fanatic
User avatar
Sep 13, 2004
5148 posts
1070 upvotes
systemdude wrote: New purchase or Renewal
new purchase renewal because I had to do a title change. Forgot to mention it was a HELOC as well.
Last edited by akz on Apr 29th, 2020 11:12 am, edited 1 time in total.
"The first rule of RFD is, you do not talk about RFD."
Member
Mar 28, 2010
309 posts
527 upvotes
vancouver
Scote64 wrote: Please put "mortgage" in the thread title. Just saying "fixed rate" is misleading to a lot of people - you could easily be referring to a GIC, which is a completely different interest group.
Nobody calls it a fixed rate with GIC. It isn't misleading, you misunderstood. With GIC, the term is "guaranteed rate", which so happens to be what the G stands for.
Newbie
Oct 19, 2016
67 posts
16 upvotes
Majokito wrote: I also have 1.45% variable. I think it's a pretty good rate! I don't see them raising the interest rates for a while with how fragile everything is. Even when they do they'll have to go slow.

In the long run, isn't variable pretty much always the winner over fixed? I mean, at 1.45% the rate would have to go up 1.09% just to be the same as OP. Then go up over another % or more to be a worse deal. All in 5 years. Meanwhile I'm putting more towards my principle so even if it does go up I'll have a lower balance.

how do you get variable mortgage rate of 1.45?

At mom i am with TD 3yr vari rate (TD prime rate less certain disc) works out to approx 1.8ish
Deal Addict
User avatar
Jan 11, 2006
2077 posts
465 upvotes
North York
eqtrend wrote: how do you get variable mortgage rate of 1.45?

At mom i am with TD 3yr vari rate (TD prime rate less certain disc) works out to approx 1.8ish
I"m interested as well!
Member
Mar 28, 2010
309 posts
527 upvotes
vancouver
eqtrend wrote: how do you get variable mortgage rate of 1.45?

At mom i am with TD 3yr vari rate (TD prime rate less certain disc) works out to approx 1.8ish
He has a heloc/flexline
Deal Addict
Feb 14, 2019
1714 posts
2238 upvotes
Toronto
eqtrend wrote: how do you get variable mortgage rate of 1.45?

At mom i am with TD 3yr vari rate (TD prime rate less certain disc) works out to approx 1.8ish
I got it prior to the pandemic. 1.8 is still pretty good!
Newbie
Oct 19, 2016
67 posts
16 upvotes
xbournex wrote: He has a heloc/flexline
So how do you get heloc/flexline? if is possible to change from vari mortgage?

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)