TD is offering mortgage payment deferrals for up to six months. 

How does a TD Mortgage Payment Deferral work? 

Mortgage Deferral: Customers who are experiencing financial hardship can request to defer the equivalent of up to six monthly payments. Interest will continue to accrue and is capitalized (i.e. added to the outstanding balance)on each payment date. This will increase the outstanding balance. Mortgage payment deferrals will not impact the customer’s credit bureau if the account was in good standing at the time of the deferral and remains in good standing. 

Insurance: Customers have the option to defer their Critical Illness and/or Life Insurance premiums (if applicable). At this time, this option is available by phone. 

Property Taxes: If TD pays property taxes on the customer’s behalf, the customer can choose to include taxes as part of the deferral or continue to have the property tax payment amount taken from their account. Note: Deferred property tax payments will be adjusted during the annual property tax billing change and regular payment amounts will increase. 

Rental Properties: The option to defer mortgage payments also applies to rental properties. 

How can customers request a TD Mortgage Payment Deferral? Brokers are not permitted to request a mortgage payment deferral on a customer’s behalf.

Customers can reach out to TD in the following ways: Visit our TD Website atwww.td.com/covid19 to submit an online mortgage payment deferral request via EasyWeb online banking.
Customers will receive an email response notifying them of the outcome of their application. This is the most convenient option to request a TD Mortgage Payment Deferral.

Reach out to us by phone at 1-888-720-0075. We know you may be receiving an increased number of customer inquiries.

We thank you for your patience and ongoing collaboration during these challenging times. 
Contact:For more information and updates on COVID-19 and how TD is ready to help customers, visitwww.td.com/covid19

To say that rates have been a roller coaster these past 3 weeks is an understatement. We have seen 3 rate cuts by the Bank of Canada leading to a large drop in the Prime rate to Fixed Rates dropping, then rising and some now slightly dropping again.

Banks borrow money for mortgages and to simplify it, the cost of those funds have gone up. Despite our economy being unstable world wide, the banks are now paying more for mortgage funds that they lend to us as the traditional home owner. The reason behind that is that mortgages are now considered higher risk loans due to lower property values with higher loan amounts, unemployment rates on the rise and the overall uncertainty surrounding mortgage loans. Dr. Sherry Cooper, our Chief Economist at DLC wrote this article today that may help explain in more detail as well.

To read Dr. Sherry Cooper’s full report, CLICK HERE to get more understanding of the current market conditions.

Dominion Lending Centres head office team has put together a fantastic webpage dedicated and updated constantly with COVID-19 updates and how they are affecting home owners and the mortgage industry. Stay tuned for regular updates and to access resources to help you and your family. Click on the Blue Bar at the top of my page “Learn More”