# 5 Year Fixed Mortgage @ 3.5%



## tlar (Dec 3, 2012)

I received a 5 year fixed mortgage with TD on Feb 1st 2011, is there anyway for me to take advantage of the now even lower rates? Can you negotiate with TD and maybe lower the rate by extending the mortgage? From what I understand I can't just cancel the mortgage without facing a big penalty.


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## Addy (Mar 12, 2010)

How much is your penalty? Not dollar amount, but the number of months or the difference. There are calculators online that can compare if it's worth it but you have to know your penalty first.


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## Spudd (Oct 11, 2011)

They will charge you the penalty even if you extend the mortgage with them, but it can be worth it depending on the interest rate difference. If you go into the branch and talk to someone about it, they'll be able to walk you through the math and explain everything.


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## tlar (Dec 3, 2012)

@addy I'm not sure what you mean by "Not dollar amount, but the number of months or the difference.". I can tell you there are 3 years remaining on the mortgage, $241000 remaining and one site said it would be a $10 500 penalty. 

@spudd I plan on going to talk to someone at TD I wanted to try to get as much info as I can before I go in, or to see if it is clearly a waste of time and save the trip.


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## 1sImage (Jan 2, 2013)

Id shop around, just locked in at 2.9% for 5 years from a mortgage broker.


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## KaeJS (Sep 28, 2010)

I'm locked in at 2.99 for 5 years.

I'm sure you can get at least 3.10 for 5.


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## lifeliver (Aug 30, 2010)

You can probably get a blended rate by extending your term for 1 year and they will blend the penalty into the interest rate. Sometimes it works out in your favour. Also sometimes paying the penalty and taking a brand new term makes sense as well. Call your bank and they will run the numbers for you. You can post the numbers here if you need help.


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## marina628 (Dec 14, 2010)

TD rate is now 3.29% but BMO has 3.09% and we asked our bank to match that which they did for us.Blend and extend no penalty...


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## TDCanada (Mar 17, 2011)

Good morning, tlar. My name is Chris and I work for TD. I saw your post so I hope you don't mind me jumping in. You may find the Prepayment Calculator along with the other info at http://bit.ly/UdEt5Y helpful. It will give you a better idea before you visit the branch, but we still recommend that you get in touch and talk with someone in person, so feel free to give us a call.


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## marina628 (Dec 14, 2010)

For myself having 5 rental properties plus my Primary residence and a cottage it is best to deal with your branch directly as they do make exceptions on fees as they look at the entire picture of your business relationship and portfolio.We only took the deal on one mortgage which was 4.2% with 3 years remaining and we got 3.6% on new 5 year term.But this mortgage balance was only $67,000 and will be paid out at end of the term so one less thing to worry about.


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## fraser (May 15, 2010)

Our experience with one of the large banks is that they will negotiate. We have never paid admin fees, appraisal fees, or any of those trumped up mortage renewal fees. We have always managed to easily negotiate them away. We shopped around before we negotiated. Never once did we end up with the mortgage rate that the bank first offered to their so called best customers. 

We view the banks just like a car dealership. They are in the business to 'move' money. Once you get your head around that the rest is straightforward.


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## RKS (Jan 12, 2013)

^^ At RBC, negotiation of pre-payment charges, fees and what not is at the discretion of the manager of the branch at which you signed your mortgage.


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## w0nger (Mar 15, 2010)

the problem with negotiating at TD is they know they got you locked in. Collateral Mortgages are the devil if you're in a bad deal to start...


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## marina628 (Dec 14, 2010)

I had 3 years left on my collateral mortgage at TD and they negotiated with me.He wants a better rate not to pack up and move banks,only issue is you can only do a blend and extend every 12 months so have to be sure the best rates are now and not 1-2 months down the road.They just announced a .25% drop in the Emerald Credit card so I think we may see a little bit of a drop in next month again on the mortgage rates.


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