TD Bank hiking rates for longer mortgages and rental properties

TORONTO – TD Bank (TSX:TD) is hiking rates for fixed mortgages with longer amortizations and all mortgages on rental properties. Effective Dec. 1, the lender will charge an additional 10 basis points to their overall rate for all new fixed amortizations of 25 years or more. That same day, all new mortgages on rental properties will have 25 basis points added to their overall rate. The changes follow a move by TD on Nov. 15, in which it raised its special rate offer for a four-year fixed mortgage by five basis points and for a five-year fixed mortgage by 10 basis points. TD spokeswoman Cheryl Hickey said in an email that the bank regularly reviews its rates and adjusts them based on a number of factors. These include the cost that it pays to fund mortgages and the competitive landscape, she said.

Related:

New mortgage rules to steer consumers to big banks
Nothing says commitment like a mortgage
Expect more fixed rate mortgage loan increases

TD hiking rates for longer mortgages, rental properties

Comments Cancel reply

Related Articles

CRA to continue administering changes to capital gains tax during prorogation

The best 5-year fixed mortgage rates in Canada

10 financial buzzwords we kept hearing in 2024

Your home sold—now what?

How changes to the Home Buyers’ Plan could affect your down payment

Unsure about buying a home? Why you should open an FHSA now anyway

Is transferring your principal residence to your corporation a good idea?

5 things to watch in Canadian business in 2025

Insurance for landlords in Canada: Your guide to protecting rental properties

Making sense of the Bank of Canada interest rate decision on December 11, 2024