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      1. Mortgage Planning Playbook by Matt Parker Morgage Team
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      3. TD Bank

      Understanding TD’s Replacement Policy

      As your trusted mortgage broker, I’m here to help you make the most of your home financing options. One important feature I often recommend to my clients is TD’s Replacement Policy. It’s designed to give you financial flexibility if you need to transition between mortgages or access additional funds. Here’s how it works and how it can benefit you.

      What is the Replacement Policy?

      The TD Replacement Policy allows you to replace an existing TD mortgage or Home Equity FlexLine Term Portion with another TD credit product without losing key benefits. It’s particularly useful if you’re refinancing, renewing, or adjusting your mortgage for a new term.

      Key highlights:

      • Eligibility:

        • The new TD mortgage or credit product must be funded within 120 days of the maturity or discharge of your current mortgage.

        • The replacement must involve an increase in the mortgage amount to qualify.

      • Prepayment Charge Rebate:

        • If you incur a prepayment charge when transitioning from your old mortgage to a new one, you may qualify for a rebate on that charge.

        • This rebate applies to the portion of the prepayment charge tied to the amount replaced in the new product.

      • Proration Rules:

        • If the new mortgage amount is less than the total amount of the previous mortgage, the rebate will be prorated accordingly.

      Why is this policy valuable?

      The Replacement Policy can save you money and make transitions smoother by:

      1. Reducing or eliminating prepayment charges when moving to a new TD product.

      2. Allowing you to take advantage of additional funds when you need them.

      3. Offering flexibility as your financial or homeownership needs change.

      How to take advantage of the Replacement Policy

      1. Let me know as soon as you’re considering changes to your current mortgage. I’ll help you explore your options and guide you through the process.

      2. Ensure the new mortgage or product is funded within the 120-day replacement window to qualify for the benefits.

      3. I’ll work with TD to confirm your eligibility for a prepayment charge rebate, if applicable, and ensure you get the best possible terms for your replacement mortgage.

      Let’s talk about your options!

      I’m here to make navigating policies like this simple and stress-free. If you think the TD Replacement Policy might apply to your situation—or if you have any questions about your mortgage—I’m just a call or email away. Together, we’ll find the best solution to meet your financial and homeownership goals.