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What are payments eligible for a payment vacation?
TD offers a number of great features on its mortgages such as payment vacation and payment pause.
Payment Vacation can be requested when you have paid down your mortgage balance ahead of schedule using one of these three ways:
• Increase your mortgage payment frequency
• Increase your payment amount up to 100% over the term
• Make up to 15% lump sum payment of the original principal amount per year
Payment Pause gives you the flexibility to skip the equivalent of one monthly payment per year up to a maximum of four monthly payments over the life of your mortgage .
Depending on the payment frequency, this means you can skip one monthly payment, 2 bi-weekly or semi-monthly payments, or 4 weekly payments.
To learn more about payment vacation or payment pause, please contact our Mortgage Specialists at 1-866-222-3456 (option '2') or visit your TD Canada Trust Branch. Mortgage Specialists are available Monday to Friday 8 AM to 10 PM, Saturday & Sunday 10 AM to 6 PM (Eastern Standard time).
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Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.