An open variable mortgage gives you complete control over how and when you pay off your mortgage, allowing prepayments or even full repayment at any time with no penalty fees. You'll pay for this flexibility, of course, in that you'll pay a higher mortgage rate, but for many, the flexibility is worth it.
Like most of the big banks, the TD open variable mortgage has a 5 year term, but offers a lower than average interest rate, compared to other banks. If you're looking for this particular flavour of mortgage, TD might be worth a second look.
TD open variable mortgage features
Why You Want It
Welcome bonus up to $4,000 in cash + Instant online pre-approval.
Provinces
ALL
Mortgage Rates
Vairable (Open)
5 Year
7.75%
Features
Rate Type
Variable 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 variable mortgage product rating: 4.6 stars
TD's open variable mortgage offers a high level of flexibility with lower rates than what many of the other banks currently offer. While you will have set payments, you are able to increase those by any amount, at any time. By doing so, you can save an enormous amount of money on interest over time.
That said, with a variable rate, you do run the risk of having your interest rate go up if the prime rate goes up. This is part of the gamble, and...in times when mortgage rates are relatively high...are more attractive. At the moment, with record low mortgage rates, variable rate mortgages don't offer the same sort of appeal.
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 variable mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Open Variable Mortgage | Coast Capital Closed Fixed Rate Mortgage | nesto | BMO Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Welcome bonus up to $4,000 in cash + Instant online pre-approval. | Rates as low as 3.86%* APR on a high-ratio 5-year fixed mortgage | Get the lowest rate guaranteed + 150 day rate lock | Pre-approval available online + Get an extra long 130-day rate guarantee. |
| Mortgage Rates | Vairable (Open)
| Fixed Closed
High-Ratio Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Variable Open | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 120 | 150 | 130 |
| Bank Prime Rate | 4.45% | 4.45% | 4.7% | 4.7% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | 1 | See Issuer for Details | 1 |
Show More | ||||
| See rates & details See more TD products Compare | See rates & details See more Coast Capital Savings products Compare | See rates & details See more nesto products Compare | Learn More See more BMO products Compare |
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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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