Compare TD Bank Mortgage Rates in Canada
Compare TD Bank Mortgage Rates in Canada
Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today. We instantly show you the lowest rates for every mortgage option – ranging from five-year fixed-rate mortgages to five-year variable-rate mortgages and everything in between available through Canada’s big banks and a variety of other lenders. More choice means you always get the very best mortgage to meet your needs.
Key Highlights
- Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today.
- When comparing rates, measure mortgage products based on the term length (3 years, 5 years, etc) and type (fixed or variable).
- TD Bank mortgage rates are competitive with those of other big banks and lenders. However, your financial situation often determines whether you qualify for the lowest rates.
Compare TD Bank Mortgage Rates
The top five big bank rates are all available in the easy-to-view table below. This enables you to quickly compare nesto rates against TD, RBC, CIBC, HSBC and Scotiabank. We do all the work to ensure you always get the best rate upfront!
Top Big
Bank Rates
The top 5 big bank rates are all in one easy-to-view table. See their rates, then beat their rates (or get $500) with nesto’s low rate guarantee.
How to Compare Bank Rates From Big Banks
Shopping rates on your own can be a cumbersome task. nesto has simplified the entire process by providing all the information you need in one place. When comparing rates, be sure to measure mortgage products based on term length and type. For instance, if you’re looking at a fixed-rate mortgage, compare banks’ five-year offerings, then three-year offerings, etc., instead of just the rate without the term length being offered.
If you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.
TD Bank Overview & Stock Information
TD Bank is recognized as one of Canada’s big six banks based on assets and market capitalization. In addition to operating across Canada, TD also has locations on the East Coast of the United States and a worldwide presence.
Stock information
TD Prime Rate
TD’s prime rate is used as the basis for many of TD’s products, including variable mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of Friday, October 4, 2024, TD’s prime rate is
Here’s a snapshot of the Prime Rate over time.
*Most Recent Prime Rate Shown
Source: BankofCanada.ca
TD Bank 5-Year Fixed and Variable Rate History
We don’t track historical rates at TD Bank. 5-year mortgage rates are the most popular rates in Canada, with people switching between fixed and variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.
Bank of Canada Policy & Prime Rate Changes
| Date of Rate Change | Key Overnight Target Rate (%) | Change (%) | Bank Prime Rate |
|---|---|---|---|
| June 2, 2010 | 0.30% | 0.25% | 2.50% |
| July 21, 2010 | 0.55% | 0.25% | 2.75% |
| September 9, 2010 | 0.80% | 0.25% | 3.00% |
| January 28, 2015 | 0.65% | -0.15% | 2.85% |
| July 16, 2015 | 0.50% | -0.15% | 2.70% |
| July 13, 2017 | 0.75% | 0.25% | 2.95% |
| September 7, 2017 | 1.00% | 0.25% | 3.20% |
| January 18, 2018 | 1.25% | 0.25% | 3.45% |
| July 12, 2018 | 1.50% | 0.25% | 3.70% |
| October 25, 2018 | 1.75% | 0.25% | 3.95% |
| March 5, 2020 | 1.25% | -0.50% | 3.45% |
| March 17, 2020 | 0.75% | -0.50% | 2.95% |
| March 30, 2020 | 0.25% | -0.50% | 2.45% |
| March 3, 2022 | 0.50% | 0.25% | 2.70% |
| April 14, 2022 | 1.00% | 0.50% | 3.20% |
| June 2, 2022 | 1.50% | 0.50% | 3.70% |
| July 14, 2022 | 2.50% | 1.00% | 4.70% |
| September 7, 2022 | 3.25% | 0.75% | 5.45% |
| October 26, 2022 | 3.75% | 0.50% | 5.95% |
| December 7, 2022 | 4.25% | 0.50% | 6.45% |
| January 25, 2023 | 4.50% | 0.25% | 6.70% |
| March 8, 2023 | 4.50% | 0.00% | 6.70% |
| April 12, 2023 | 4.50% | 0.00% | 6.70% |
| June 7, 2023 | 4.75% | 0.25% | 6.95% |
| July 12, 2023 | 5.00% | 0.25% | 7.20% |
| September 6, 2023 | 5.00% | 0.00% | 7.20% |
| October 25, 2023 | 5.00% | 0.00% | 7.20% |
| December 6, 2023 | 5.00% | 0.00% | 7.20% |
| January 24, 2024 | 5.00% | 0.00% | 7.20% |
| March 6, 2024 | 5.00% | 0.00% | 7.20% |
| April 10, 2024 | 5.00% | 0.00% | 7.20% |
| June 5, 2024 | 4.75% | 0.25% | 6.95% |
You can learn more about this topic by understanding how the Bank of Canada Policy Rate works.
TD Bank Mortgage Products
TD offers a number of mortgage products in addition to the standard fixed- and variable-rate options:
6-month Convertible Mortgage
This is a 6-month mortgage with the option to convert to a longer closed term anytime during the 6 months at no cost.
5% Cashback Mortgage
Available with TD’s 6-year fixed-rate residential mortgage. You may be eligible to receive cash upfront, totalling up to 5% of the mortgage principal amount
Green Mortgage
Makes you eligible for a 1% discount off the posted interest rate and up to a 1.5% cash rebate when you make ENERGY STAR-qualified purchases or purchase CSA-approved solar panels.
High Ratio Mortgage
Allows you to buy a home with a down payment as low as 5%.
Multi-unit Residential Mortgage
Available to borrowers considering a mortgage on a residential property with five or more units.
Agricultural Mortgage
TD’s dedicated Agriculture Services arm offers two products focused on agricultural borrowers. The Farm Mortgage is for those interested in a part-time or hobby farm. For commercial operations, the Rural Property Mortgage is exclusively for countryside properties.
TD Bank Mortgage Payment Increases
In mortgage terms, prepayment describes when a borrower pays off some or all of their mortgage early, with a lump sum payment, or by increasing their monthly payments. Each major bank has different amounts you can pay off each year on your mortgage. Some mortgages come with more attractive prepayment options, so it’s worth looking into if you want the flexibility of being able to pay back your mortgage early.
TD enables you to make one extra mortgage payment for one month every year in addition to your normal monthly payment without a penalty. This payment will go directly to paying down your mortgage principal to help you pay off your mortgage quicker.
TD Bank Annual Mortgage Prepayment
This annual prepayment privilege enables you to prepay up to 15% of your original mortgage principal on a closed mortgage in one lump sum payment every year. This will help reduce your interest and pay down your mortgage much faster, as all the lump sum payments you make will go toward the principal balance.
Important: if you choose to pay down more than 15% of your mortgage principal annually, you’ll be charged a penalty
| Canadian Bank Closed Mortgage Prepayment Amounts | |
|---|---|
| RBC | 10% |
| TD Bank | 15% |
| Scotiabank | 15% |
| BMO | 20% |
| CIBC | 20% |
| National Bank | 10% |
Renewal Process With Big Banks
The renewal process often raises questions about whether or not you have to renew your mortgage with your current bank. The answer is no; you can renew at the end of your term with any bank or mortgage provider. If you’re looking to renew your current TD Bank mortgage with another lender, it’s worth shopping around for better rates and terms that suit your situation before you renew with the same lender.
At nesto, we help you find the best rates available on your mortgage, and we also lend directly. Our simple renewal process guide explains in more detail how to renew your mortgage with a new lender. To get started and renew your mortgage with nesto, start by finding the best rate available near you at least a couple of months before your current term is due to expire. Once you’ve found a solution you’re interested in, simply get in touch, and a mortgage advisor will help you through the process. Renewing with nesto is a simple, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks.
Frequently Asked Questions
Are TD Bank rates lower than those of other big banks?
TD Bank mortgage rates are competitive among other big banks and lenders but aren’t consistently lower or higher. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. In order to get the best mortgage rate and the features you desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.
What are the benefits of choosing a smaller lender?
There are often a number of benefits to getting your mortgage through a smaller lender. For one, banks have very strict policies regarding who fits into their mortgage products, so smaller lenders are more likely to listen to your story before determining if you qualify for a mortgage. Also, smaller lenders often only specialize in mortgages, so they won’t try to cross-sell you on other products. This makes them more focused on ensuring you always have the best mortgage experience possible.
How do I get a mortgage with TD Bank?
You can get a TD Bank mortgage by going straight to the bank, through a mortgage broker or with your nesto mortgage advisor. The benefits of not going directly to the bank are that a nesto advisor or mortgage broker will compare multiple lenders’ products and rates to get you the best deal. TD Bank may not always have the best mortgage rate for you.
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.