Benefits of a Personal Loan
Loans are available with a variety of terms. The term is the length of your current loan agreement. Typically, terms range from 1 to 7 years. When a term ends, any balance you still owe can be repaid in full, or you may be offered a renewal term at the current interest rate.
The interest rate stays the same for the term chosen
The amount borrowed or still owed –not including interest.
A mortgage that does not exceed 80% of the purchase price or value of the home, whichever is lower. Mortgages that exceed this limit must be insured against default (by CMHC or Genworth), and are referred to as high-ratio mortgages.
The interest rate changes whenever TD Prime Rate changes
Amortization period is the length of time it takes to pay your loan in full, assuming the same interest rate and payment amount throughout. Shortening your amortization period can help you reduce interest cost over the period but it will also increase your payments
What are my interest rate options?
Fixed interest rate stays the same for the term chosen. It’s ideal if you’re looking for set payments, and want to know exactly when the loan will be paid off.
Variable interest rate changes whenever TD Prime Rate changes. It’s ideal if you’re not worried about changing interest rates, and want to benefit when interest rates decrease.
If interest rates decrease, more of your regular payment goes towards your principal, so you can pay off your loan faster1
If interest rates increase, more of your regular payment goes towards interest, and your amortization period will increase. Your regular payment may have to be adjusted periodically
Have a personal consultation to discuss your options. Call
Check in with your finances
Debt Consolidation Loan Calculator
Personal Cash Flow Calculator
What you’ll need to bring
- Current address and previous address (if current address is less than 3 years)
- Your income (sources and amount)
- Your monthly mortgage or rent amount
- Your monthly payments (loans, credit cards, lines of credit)
- Household costs (utility, property tax, etc.)
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Decide which loan is right for you
TD Loan Life and Disability Insurance
1Should interest rates rise, more is applied toward interest.
How to Apply
Visit a branch
Meet with a banking specialist in person at the branch closest to you.
Our banking specialists are ready to answer your questions and can assist you in applying for a loan