TORONTO, March 10 /CNW/ - TD Canada Trust lowers seven and 10 year special fixed rate mortgage offers, effective March 11, 2011.

"With talk of the possibility of interest rate increases in the future, more and more borrowers, especially first time homebuyers, are considering locking into a longer term mortgage at a fixed interest rate," said Chris Wisniewski, Associate Vice President, Real Estate Secured Lending, TD Canada Trust. "TD Canada Trust has a full range of mortgage products to suit the needs of our customers and we're excited to be able to add another attractive option with this special offer at a discounted rate for a seven year mortgage at under 5%."

Locking into a longer term mortgage is one option to consider, but borrowers have other options too. "To manage debt load and save money in the long run, first time buyers should think about providing a larger down payment, purchasing a home that fits their budget, calculating their mortgage payment based on a shorter amortization, and assessing affordability using a payment buffer to cover any unexpected increases in their monthly expenses.  TD Canada Trust also offers payment flexibility so that borrowers who are able to pay off their mortgage faster could have the flexibility to pay less at a later date if something unexpected came up," added Wisniewski.

The changes are as follows:

*Rates calculated semi-annually, not in advance. Special rate are at a discount to TD Canada Trust's posted rate*