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TD Home Equity FlexLine
What is a home equity line of credit (HELOC)?
Simply put, a home equity line of credit (HELOC) is a line of credit that uses your home as collateral. A TD Home Equity FlexLine, our HELOC, allows you to access up to 80% of the value of your home1, 2. Apply just once and, once you’re approved, your credit will be available when you need it, subject to the terms of your agreement.
Benefits of a HELOC
- Convenient access
Access your credit through your TD Access Card3, cheques, EasyWeb Online banking and the TD app. - Low interest rate
Borrowing against your assets, such as your home equity, may provide you with a lower interest rate.
- Cover large expenses
You can use the credit to make important purchases, such as for home renovations or repairs. - Borrowing power
Use your home equity to borrow up to 80% of the value of your home2.
TD Home Equity FlexLine eligibility and considerations
What are my HELOC interest rate options?
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Competitive Variable Rate
Enjoy a competitive variable interest rate based on our TD Prime Rate on your Revolving Portion. At any time, you can put all or a portion of your outstanding balance into a Term Portion. -
Term Portion
If you opt for a Term Portion (subject to minimum amounts) when setting up a TD Home Equity FlexLine or at any time after, you can choose a variable interest rate or a fixed interest rate, each with a set repayment schedule.
What is the difference between a HELOC and a mortgage?
A mortgage is a one-time loan where the entire amount is loaned upfront and then repaid over a period, with payments going to both the principal and interest.
In the case of a TD Home Equity FlexLine, you get a revolving credit amount which lets you make withdrawals as needed and then pay it back at your own pace with a minimum monthly interest payment. You can also add an optional Term Portion which acts more like a traditional mortgage loan.
Decide which line of credit is right for you
Get details on amounts, rates and more with a side-by-side comparison of all available TD lines of credit. Compare now.