The Toronto Dominion Bank has instituted a new policy effective immediately on all mortgage and credit products secured by real estate.
For many years all Canadian Banks, Trust Companies, Mortgage Bankers and Life Companies that lend in Canada calculated their interest semi-annually not in advance (this means the interest calculation is made twice per year).
The new TD way allows for the interest to be calculated monthly, twelve times per year. It also allows them to demand the balance at any time or to change the rates (and I mean increase if they feel like doing so).
Really Fair, be aware
Rick Moran, AMP, OMB#M08001997
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