With a TD Home Equity FlexLine, you may be able to borrow up to 80% of your home value if you opt for a Term Portion at set-up, compared to the maximum 65% in the Revolving Portion (the credit limit).
Let's say your mortgage principal balance is currently $275,000. After some strategic renovations, your house now gets appraised for $500,000. In this situation, you’ll be able to borrow up to 80% of the appraised value less your mortgage principal balance. Using this example, you may be able to access up to $180,000 in credit if you set up a Term Portion with your TD Home Equity FlexLine. If you choose to go with only a Revolving Portion, using the same example you'd be able to access up to 65% of the appraised value of your home or $146,250 in credit.
Depending on why you're borrowing in the first place, you may know exactly how much you want to borrow, or you may want to add a cushion for any future borrowing.
Try out our affordability calculator to get an idea of how much you can afford to borrow.