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.

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?

  • 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.

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