If you're looking for ultimate flexibility with your mortgage, a TD open fixed rate mortgage allows you to make extra payments towards your principal at any time – without extra charge. To add to the flexibility, you can switch to a closed mortgage at any point during your term, again with no charge.
The downsides of an open mortgage – not just at TD, but in general – is that they tend to come with higher interest rates to make up for your flexibility. You also usually only have the option for short terms. In TD's case, you can only get a 1 year open fixed rate mortgage.
TD open fixed rate mortgage features
Here's an overview of your choices with the flexibility of a TD open fixed rate mortgage.
Why You Want It
Get flexible payment terms + Switch to a fixed rate at any time.
Provinces
ALL
Fixed Rate
Fixed Open
1 Year
9.95%
Features
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
10,000%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
TD open fixed rate mortgage product rating: 5.0 stars
The TD open fixed rate mortgage gets 5.0 stars because it hits all the flexibility checkboxes – which is usually what you're looking for with an open mortgage. Not only will you not be charged for prepayments, but you can also change to a closed mortgage at any time without facing penalties.
And to top it off, TD is offering very low rates right now, on top of being a reputable big bank.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
TD open fixed rate mortgage alternatives
Here's how TD's open fixed rate mortgage option compares to similar products on the market.
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Open Fixed Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | CIBC Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Get flexible payment terms + Switch to a fixed rate at any time. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Unlock special mortgage rates + Add on a low interest line of credit. |
| Fixed Rate | Fixed Open
| Fixed Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Fixed Open | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | See Issuer for Details | Unlimited | 1 |
Show More | ||||
| See rates & details See more TD products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more CIBC products Compare |
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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