Using Your Home’s Equity
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Use the value of your home to borrow
by getting a home equity line of credit (HELOC)
The TD Home Equity FlexLine gives you access to credit, as it is secured
against the equity of your home – and the interest rate is low because
you’re using your home as collateral.
Access to credit
The interest rate is low because you’re using your home as collateral
Lower interest rate
Access up to 80% of the value of your home.1,2
Convenient access
Access your available credit within your credit limit at any time without having to reapply.3
TD Home Equity FlexLine Video
Your TD Home Equity FlexLine provides great
flexibility in how it can be used
Major household renovations
Purchasing a second property
Consolidating higher-interest debt
Purchasing a home when you
have a 20% down payment
Other large purchases
What are my rate options?
What’s unique about a TD Home Equity FlexLine compared to a TD
mortgage is that it can combine the flexibility of a revolving line of credit
with the stability of a Term Portion.
Revolving Portion
Borrow up to 65% of the value of your home (less any previous charges) and get a variable interest rate that changes with TD Prime Rate.
As you pay down your outstanding balance, your available credit increases up to your credit limit.
You can pay at your own pace without prepayment charges – pay as little as interest only, or pay any or all of your outstanding balance at any time.
Term Portion
You can put all or a portion of your outstanding balance from the Revolving Portion into a Term Portion (subject to minimum amounts) and establish regular payments at a fixed or variable interest rate for an open or closed prepayment term, depending on the rate you have chosen. If you opt for a Term Portion at set-up, you can borrow up to 80% of your home's value – compared to the 65% in the Revolving Portion.
On a Closed Term Portion you can:
- Make one or more prepayments up to 15% of your original Term Portion amount every year without a prepayment charge.
- Increase your payment amount by up to 100% of your original regular payment.
- Increase your payment frequency: switch to one of our Rapid Pay Down options and possibly make up to an extra month's payment every year.
On an Open Term Portion you can:
- Prepay in full at any time, or increase your payment amount by as much as you'd like, without incurring a prepayment charge.
- Increase your payment frequency: switch to one of our Rapid Pay Down options and possibly make up to an extra month's payment every year.
Find out how much more you can borrow
Use a simple calculation to determine the equity in your home.
Determine which home financing option works for you
We can help match you with
an option for your needs.
Get Pre-Approved
You pick the time and we’ll contact you
Visit a branch at a time that’s convenient to you
Find a Mortgage Specialist that’s close to you and request a meeting
1Lending value will be based on the lesser of the appraised value or purchase price of your home at the time of application
2Subject to TD Canada Trust credit criteria and any prior outstanding mortgage charges or liens.
3Subject to the terms of your TD Home Equity FlexLine Agreement.
4TD Access Card must be programmed for your TD Home Equity FlexLine. Fees may apply.