Compare TD Bank Home Equity Loans and Lines of Credit


Features of home equity financing

Compare the benefits and features of home equity loans to home equity lines of credit item 1
What is a Home Equity Line of Credit?

A home equity line of credit is a flexible line of credit that you can draw funds from as you need them, up to your credit limit—only pay back what you use.

  • Low, variable rate, lower than some other forms of credit such as a credit card or personal loan
  • Option to lock your interest rate1
  • Checking overdraft protection available
  • No closing costs in most cases2
What is a Home Equity Loan?

A home equity loan lets you borrow the funds you need all at once for a specific period of time. Your payments are fixed, so you’ll have peace of mind knowing what to expect each month.

  • Low, fixed rate, lower than many other forms of credit such as a credit card or personal loan
  • Find an option that fits your budget with terms from 5 to 30 years
  • No closing costs in most cases2

Best home equity financing option when

Compare the benefits and features of home equity loans to home equity lines of credit item 2
What is a Home Equity Line of Credit?
  • Your budget allows for variable monthly payments
  • You will need access to your money in different amounts at different times
  • You want the security of checking overdraft protection with TD EquityAccess PLUS
  • You want the option to have a fixed rate on all or a portion of your outstanding balance
What is a Home Equity Loan?
  • You prefer consistent monthly payments
  • You know exactly how much money you need
  • You like the security of a fixed rate
  • You prefer that the loan be paid off in a specific period of time

Interest rates for home equity financing

Compare the benefits and features of home equity loans to home equity lines of credit item 3
What is a Home Equity Line of Credit?
  • Variable, with a fixed rate option (FRO)1
  • Rate discount available for TD Checking or Savings Account customers3
What is a Home Equity Loan?
  • Fixed rate
  • Rate discount available for TD Checking or Savings Account customers who enroll in auto pay3

Terms

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What is a Home Equity Line of Credit?

30 year HELOC term: 10-year interest-only draw period followed by a 20-year repayment period.

10 year interest-only draw period: Make withdrawals from your available credit balance and make interest-only payments on any balance you accrue during the first 10 years.

20-year repayment period: Automatically transition to principal and interest payments for the remaining 20 years of the loan after the 10 year draw period.

What is a Home Equity Loan?

5, 10, 15, 20, and 30 year HELOAN term options

With these options you'll make principal and interest payments towards your loan balance immediately based on the term you choose.

Minimum home equity financing amounts

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What is a Home Equity Line of Credit?

$25,000 or more—only pay for what you use

What is a Home Equity Loan?

$10,000 or more—as a lump sum

How to access your home equity financing funds

Compare the benefits and features of home equity loans to home equity lines of credit item 6
What is a Home Equity Line of Credit?

You'll get personalized checks that are connected to your HELOC. Funds can also be withdrawn at any TD Bank location or from TD Online Banking or the TD Bank app.

What is a Home Equity Loan?

Receive all HELOAN funds in one lump sum into your TD Bank account or with a certified bank check.

Maximum combined loan-to-value % (CLTV)4

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What is a Home Equity Line of Credit?

Up to 89.99% of home's value4

What is a Home Equity Loan?

Up to 89.99% of home's value4

Use your home's equity to help achieve your goals

As a homeowner, you can use your TD Bank Home Equity Loan or Line of Credit to help finance a variety of goals:

  • Fund home improvements
  • Consolidate high-interest debt
  • Refinance an existing mortgage
  • Make major purchases
  • Pay some education expenses. TD Bank does not offer closed-end loans (i.e., Home Equity Loans) for the purpose of post-secondary (college) education financing.5
  • Cover unexpected expenses

Learn more about how you can use a home equity loan or line of credit

Calculate your home equity rate and payment

Use our calculator to find the rates and terms to go with the loan you need.

Home equity financing vs other lending options

See how home equity financing compares to personal loans, a cash-out mortgage refinance and credit cards.

Get the most out of your home's equity

Ready to choose?

Get more details on TD Bank Home Equity Loans and Lines of Credit, including rates and how to apply

Already started a HELOC application?

Finish your saved TD Bank Home Equity Line of Credit or TD Bank EquityAccess PLUS application

Check the status of your application

See where your TD Bank Home Equity Loan or Home Equity Line of Credit is in the application process

Make a TD Bank Home Equity payment

Log in to the TD Online Loan Payment Center to make a home equity loan or line of credit payment or pay by phone at 1-888-751-90001-888-751-9000

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