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 home12. 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

  • Am I eligible for a home equity line of credit (HELOC)?

    The main factors that determine your eligibility for a TD Home Equity FlexLine include your home equity, good credit and proof of income. Learn more by booking an appointment with a TD Mortgage Specialist.

  • What should I consider before applying for a home equity line of credit (HELOC)?

    A HELOC provides easy and convenient access to credit with flexible repayment terms and a low interest rate compared to other unsecured lines of credit. While this is good, it’s also important to have a clear plan for repayment.

What are my HELOC interest rate options?

  1. 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.

  2. 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.

How to Apply

  • Book an appointment

    Meet with a banking specialist in person at a branch that is most convenient for you.

  • Call us

    Our banking specialists can assist you with opening a TD Line of Credit.

    1-888-828-7233 1-888-828-7233

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