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