TD Bank. If you are purchasing a home and it is approximately 24 months (2 years) down the road until possession TD can grant you peace of mind by holding a rate for you. The rate we save is not the best rate out there because the best rates are reserved for homes that will be moved into with 120 days, not 2 years down the road. As the possession date inches closer we amend that 2 yr rate hold to an 18 month rate which gets lower as we are holding it for less time. As we get to the 12 month possession period we can save the 12 month rate which is a better rate than the 18 month rate, and as we get 6 months from possession we can save the 6 month rate which is equivalent to the best rate out there at that time! And if rates drop from the 6 month mark up to 1 week until possession we can amend your rate. This rate hold is your peace of mind just in case during the 2 years it takes to build your home rates go up drastically, you are protected as a valued client and know what the worst case scenario is so you can budget your payments for the future, but if rates drop we can always save the better rate as the closing/possession date inches closer. This is the benefit of a rate hold! Read more here.
