Skip to main content
Header My mortgage is up for renewal in the next 12 months How can I prepare today 1
• Jan. 17, 2024

If your TD mortgage is up for renewal in the next year, chances are you have a lot of questions – especially if you are feeling uncertain about how your mortgage payment may change given the current interest rate environment.

You might be wondering: How can you lower your future mortgage payments? When can you lock in an interest rate? And can your finances handle potentially higher payments? These concerns are understandable in today’s economy, and TD Mortgage Specialists are here to help you through the renewal process.

To learn more about what TD mortgage customers might expect as they prepare for renewal, we spoke to Carly Fautley, Associate Vice President and Product Group Owner, Homeowner's Journey at TD, for some advice about a few of the ways you can prepare if your TD mortgage is up for renewal in the next 12 months.

Evaluate your personal financial situation

First things first: Any opportunity to pay down your principal now means your payments will be lower when it's time to renew your TD mortgage, Fautley said.

Bringing down your mortgage principal can help lower your future payments from what they would otherwise be – which is especially helpful in a higher interest rate environment. Of course, inflation and elevated interest rates might be putting some pressure on your finances already, but even small changes in your budget today can make a difference.

To see what’s possible for you, Fautley recommends evaluating your personal financial situation by creating a budget if you don’t already have one, familiarizing yourself with the current interest rates, and reading up on the TD mortgage renewal process (here’s a handy resource for almost everything you need to know about renewing at TD). A strong awareness of your financial situation can help you plan accordingly, Fautley said.

If you’re concerned about the impact increased interest rates could have on your future payments, affordability and what rates might be when it's time to renew your TD mortgage, Fautley advises homeowners to speak to a TD Mortgage Specialist sooner rather than later. A Specialist can help TD mortgage customers understand all their options so they can feel more confident heading into the TD mortgage renewal process.

“Even with 12 months remaining before renewal, you still can accumulate additional savings to make a lump-sum payment or increase your current payments a little bit to help decrease the outstanding balance on your mortgage – which may help to offset higher payments resulting from higher rates," Fautley said.

"If payment affordability for your TD mortgage is a concern, connecting with a TD Mortgage Specialist early can help you understand your options and create a plan for renewal.”

Speed up your TD mortgage payments

If you have room in your budget, you might be able to start a more accelerated payment schedule where you make your TD mortgage payments more frequently. For example, you might consider moving from a monthly payment to a rapid biweekly payment, which could help pay off your mortgage faster.

To see what accelerated payments might look like for your TD mortgage, you can use The TD Mortgage Payment Calculator.

And if you want more information or to move ahead with an accelerated payment schedule for your TD mortgage, you can speak to a TD Mortgage Specialist.


Want to learn more about your money?
Bank of Canada cuts overnight rate to 4.75% - What does that mean for homebuyers and homeowners?
What happens if the Bank of Canada cuts interest rates next week?
Some tips for selecting the right TD credit card for your business

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

Continue to site Return to TD Stories

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.