A TD closed variable rate mortgage is an interesting option if you’re looking to stick with the big banks for your mortgage. Though their prime rate is currently higher than most other big banks (at 6.6% instead of 4.45%), TD variable rates are quite competitive.
On top of their mortgage rates being competitive, their closed mortgage options have some fairly flexible options as well. You can prepay up to 15% of your mortgage every year and increase your payments up to 100% once a year, which is impressive for a closed mortgage.
TD closed variable rate mortgage features
Let’s take a look at what TD has to offer Canadians who are looking for a variable rate mortgage.
Why You Want It
Competitive rates + Flexible payment terms + Trusted national bank.
Provinces
ALL
Variable Rate
Variable Closed
5 Years
4.6%
Features
Rate Type
Variable Closed
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 closed variable rate mortgage product rating: 4.7 stars
If you’re looking for a variable rate mortgage and want to stick with a big bank, TD is an interesting place to start. You’ll get flexible closed mortgage terms, competitive rates, and even a limited time cash bonus.
That said, mortgage rates change often, so TD could become a less competitive option in the future. This possibility is accented by the fact that TD’s prime rate is higher than the standard 4.45%– currently sitting at 6.6%.
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.
The pros of a TD closed variable rate mortgage
Let’s take a look at what you have to look forward to with a TD variable rate mortgage.
Pros
Competitive mortgage rates
At the time of writing, TD has some pretty impressive mortgage rates, beating out their big bank competitors. If this is your main focus, then TD may be a great option for you. Just be sure to check out rates offered by other banks not mentioned in the comparison table below.
Flexible closed mortgage terms
If you go with a TD closed mortgage, you’ll be treated to some flexible terms that are listed clearly on their website. This includes being able to increase your regular payments by up to 100% each year without charge. You can also prepay up to 15% of your original principal once a year for free. These 2 options can save you a lot of money when it comes to overall interest payments.
Backed by a big bank
You can never overestimate the benefits of face-to-face customer service and nationally recognized trust that big banks have to offer. TD bank is one of Canada’s biggest banks, and you may already have a bank relationship with them, helping many Canadians feel more secure with their mortgage.
The cons of a TD closed variable rate mortgage
But there are also a couple of things you’ll want to keep in mind.
Cons
TD’s prime rate is higher than the standard
TD’s prime rate is currently 6.6%, which is higher than the standard 4.45% rate that most other Canadian banks are offering right now. This could be reflected in higher rates in the future, though that doesn’t seem to be the case right now.
Mortgage rates change often
Though TD is currently offering competitive rates, this could change at any time in the future. It’s always best to check the TD website directly for the most up-to-date rates and offers.
Your TD mortgage calculator
Want to see what your mortgage payments could look like if you were to go with TD right now?
Check out our easy-to-use mortgage calculator below to calculate your mortgage payments instantly:
Mortgage Information
TD closed variable rate mortgage alternatives
Here’s how TD variable mortgage rates stack up against the competition.
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Closed Variable Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | CIBC Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Competitive rates + Flexible payment terms + Trusted national bank. |  $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. |
| Variable Rate | Variable Closed
| Fixed Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Variable Closed | 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 |
FAQ
Are TD variable rate mortgages any good?
Yes, TD’s variable mortgage rates are currently quite competitive, especially consider they’re a big bank. You can see how they compare to BMO, RBC, and Tangerine right here.
Does TD offer mortgage pre approval?
Yes, you can get mortgage pre approval with TD. Your rates will be guaranteed for 120 days. Click here to learn more about what TD has to offer for variable rate mortgages.
Does TD have the best mortgage rates in Canada?
No, TD doesn’t have the best mortgage rates in Canada, but they do offer some competitive rates and are also backed by a big bank. Click here to see more about what TD has to offer.
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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