The home equity calculator is for illustrative and educational purposes only and does not constitute a credit decision by the bank to approve a loan. Rates, payments and fees are estimates, are subject to change and may be different than what is shown and do not reflect rates for fixed rate options on existing TD Home Equity Lines of Credit. Annual Percentage Rate (APR) calculation includes a $99 origination fee, which is a finance charge, and does not include additional fees and charges that may be applicable. Your APR is based on the specific characteristics of your credit application including, but not limited to: evaluation of credit history, amount of credit requested, property type, lien position, combined loan-to-value, and/or geographic location. Rates may vary by state and are applicable to the state in which the collateral property is located. Loans for mobile homes, boats, RVs, and homes for sale, under construction or on leased land are not available. Additional terms and conditions may apply on loans for Co-Ops (only available in DC & NYC) or for properties valued greater than $2.5 million. Property insurance is required. Closing costs exist on amounts greater than $500,000, investment properties and co-ops. When refinancing a mortgage or home equity loan/line, a mortgage discharge fee may apply. If you pay interest only, you will still owe the amounts drawn and your monthly payment will increase when the interest-only period ends. Interest paid on an equity line or equity loan may be tax deductible. Consult your tax advisor about the deductibility of interest.
Maximum Loan/Line Amount is determined by maximum combined loan-to-value (CLTV). Combined loan-to-value (CLTV) is a percentage calculated by dividing your total outstanding mortgage(s) – or liens – by the market value of the property. Maximum combined loan-to-value (CLTV) is based on creditworthiness, property type, occupancy, lien position and loan amount. Occupancy is related to how you use the property. 1) Primary: a property in which you live most of the year; 2) Secondary: a property in which you live part of the year (e.g., weekends or vacations); 3) Investment: a property that is used by others, in which you may or may not receive rent. Lien position may affect the maximum loan amount.
For Home Equity Line of Credit: APR is variable based on the Wall Street Journal Prime % to +%, and will not exceed 18%. As of , Prime Rate is %. Rate shown includes discount of 0.25% requiring a TD Bank personal checking account. The discount may be terminated and the interest rate on this account may increase by 0.25% upon closure of the personal checking account. The following additional fees apply on HELOCs: annual fee of $50 is assessed after one-year anniversary on loan amounts of $50,000 or greater or for investment properties, regardless of loan amount; an early termination fee of 2% of outstanding principal balance with a max of $450 applies if line of credit is paid off and closed within 24 months from the date the account is opened.
For Home Equity Loan: The interest rate is fixed for the life of the loan. As of , APRs for Home Equity Loans range from % to %, and will not exceed 18%. Rate shown is based on collateral in second lien position and includes discount of 0.25% requiring Automatic Payment Deduction from a TD Bank personal checking or savings account. This discount may be terminated and the interest rate on this account may increase by 0.25% upon cancellation of the automatic payment deduction.
Loans subject to credit approval. Equal Housing Lender