Home Equity Line of Credit
If you like the idea of paying your mortgage at your own pace, a Home Equity Line of Credit provides you with a flexible alternative to a traditional mortgage. A Home Equity Line of Credit lets you determine your own monthly payments -- as low as interest only, or as much as you want.¹
A Home Equity Line of Credit is simply a revolving Line of Credit that allows you to use the equity in your home to borrow money.
Why choose a Home Equity Line of Credit over another home loan?
You may never need to apply for credit again.
With the Home Equity Line of Credit, you can have access to up to 80% of the appraised value or purchase price of your home (whichever is lower), less any prior outstanding mortgage charges. As your mortgage balance decreases, your available credit increases. Use your available credit to:
- Renovate
- Take a vacation
- Purchase a vehicle or recreational property
- Take advantage of investment opportunities
| Interest Rate |
Changes with TD Prime Rate |
| Payment Options |
Monthly |
| Rapid Paydown |
Pay as little as interest only or as much as you want1 |
| Prepayment Option |
On fixed portion up to 15% each year |
Flexibility puts you in control
If you would like to protect yourself from interest rate increases and establish regular fixed payments to help you plan your budget, you can choose to convert all or any portion of your Home Equity Line of Credit balance to the Fixed Rate Advantage Option and lock in a competitive fixed mortgage interest rate at any time.
Green up your home and SAVE!
Our Green Home Equity Line of Credit gives you a 1% discount off the posted interest rate. Additionally, when you make ENERGY STAR® qualified purchases for your home , you’re eligible for a cash rebate of up to 1% of the fixed rate portion of your Home Equity Line of Credit . (Some conditions apply.)
Learn more
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