TD Home Equity FlexLine (HELOC)

What is a home equity line of credit (HELOC)?

A HELOC is an alternative to a mortgage. You get the option to borrow only what you need, as you need it. Plus, as it is secured by your real estate, you may get the benefit of an interest rate that is lower when compared to unsecured credit interest rates.

What is a TD Home Equity FlexLine (HELOC)?

TD Home Equity FlexLine is a way to use your most powerful borrowing tool – your home. As you pay back the amount you owe, the amount of credit available to you increases until it reaches your credit limit. It’s available when you need it, through a variety of convenient options, 24/71.

How much can you borrow?

You may be able to borrow up to 80% of the value of your home.2 However, you may not be able to borrow as much as you can with a mortgage.

What do you need to qualify?

You may qualify if you have good credit and can show proof of adequate income. Connect with a mortgage specialist to check your eligibility.

Which documents do you need?

Depending on your situation, you will need your most recent statements for any mortgages, loans and lines of credit as well as proof of income.

TD Home Equity FlexLine vs. a mortgage

TD Home Equity FlexLine (HELOC) and a mortgage are both credit products where your home acts as collateral. However, here are some key differences:

With a mortgage:
You get a loan for a single amount. That amount plus interest must be paid back over time.

With a TD Home Equity FlexLine:
You gain ongoing access to credit (Revolving portion)1. As you pay down your outstanding balance, your available credit increases up to your credit limit. You can also add a term portion at any time3.


1 Subject to the terms of your agreement.

2 Lending value will be based on the lesser of the value or purchase price of your home at the time of application. Subject to TD Canada Trust credit criteria.

3 Subject to a minimum amount.

Other useful information

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