TD Mortgage
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TD Mortgage FlexLine
Pros
- Flexibility to borrow and repay funds as needed
- Can be used for home renovations or other expenses
- Potentially lower interest rates compared to traditional mortgages
- Ability to access equity in your home easily
Cons
- Variable interest rates may increase costs
- Requires good credit for optimal terms
- Complexity in managing repayments and withdrawals
With the prime rate hovering around 7.20%, now is an excellent time to compare mortgage options in Canada. Evaluating your choices can lead to significant savings and better terms, especially with offers like the TD Mortgage that may include welcome bonuses and competitive rates.
Key Features
- Welcome Bonus: Check current promotional offers for potential cash bonuses.
- Variable or Fixed Rates: Choose between a variable rate or a fixed-rate mortgage, with terms typically ranging from 1 to 10 years.
- Standard Rates: Offers competitive interest rates aligned with market trends.
- Portability: Transfer your mortgage to a new property without penalty.
- Flexible Payment Options: Choose from weekly, bi-weekly, or monthly payment schedules.
Pros & Cons
- Pros:
- Potential for attractive welcome bonuses.
- Flexible terms to suit various financial situations.
- Portability feature adds convenience for homeowners.
- Strong customer service support.
- Cons:
- Fees vary, which can add to overall costs.
- Interest rates may be higher compared to some competitors.
- Approval process can be lengthy.
How It Compares
| Product | Interest Rate | Welcome Bonus | Portability |
|---|---|---|---|
| TD Mortgage | Standard Rates | Check current offer | Yes |
| RBC Mortgage | Standard Rates | Up to $2,000 | Yes |
| Scotiabank Mortgage | Standard Rates | Up to $1,500 | Yes |
Who It's For
The TD Mortgage is ideal for first-time homebuyers and those looking to refinance. If you're in provinces like British Columbia or Ontario, it's essential to consider local housing markets and regulations when evaluating your mortgage options.
How to Apply
Applying for a TD Mortgage is straightforward. Follow these steps: 1. Visit the TD Canada Trust website. 2. Use the online mortgage calculator to assess your needs. 3. Gather necessary documents (proof of income, credit history). 4. Submit your application online or at a local branch.
FAQ
Can newcomers get it?
Yes, newcomers to Canada can apply for a TD Mortgage, provided they meet the necessary documentation and credit requirements.
What credit score do I need?
A minimum credit score of 680 is generally recommended for competitive mortgage rates, but options may still exist for lower scores.
Is there a penalty for early repayment?
Yes, there may be penalties for paying off your mortgage early, especially if you have a fixed-rate term. It's best to consult with TD for specifics.
Can I make extra payments?
Yes, TD allows extra payments on your mortgage, which can help reduce your principal faster.
What are the fees associated with a TD Mortgage?
Fees can vary based on the mortgage type and specific terms, so it's advisable to review the details during your application process.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR evaluates Canadian mortgage products using a 6-factor model based on CMHC and FCAC guidelines, updated quarterly.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.