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Using Your Home’s Equity

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Your home is likely your largest single asset. It can also be one of your most powerful financial tools because your home equity gives you access to a wider variety of borrowing options.

Loans and other forms of unsecured credit may always be an option, but using your home equity has unique advantages available to homeowners.

The advantages of a Home Equity Line of Credit

If you want access to ongoing credit and the ability to withdraw funds when you need it, a Home Equity Line of Credit may be right for you.1

Access to credit
  • When you refinance using a Home Equity Line of Credit (HELOC), you only apply once and you can access your available credit anytime without having to re-apply.1
  • You can draw down as much or as little as you need up to your credit limit. Plus, as you pay down your outstanding balance, your available credit increases.
Interest rate
  • Using your home as security may result in lower interest rates compared to other unsecured credit products.
  • A HELOC has a variable interest rate that changes with TD Prime Rate.
Interest rate options
  • Fixed Rate Advantage Option – Lock all or a portion of your outstanding balance into a fixed interest rate for a closed term of one to five years to protect yourself from rate increases on your variable rate portion and establish regular fixed payments (subject to minimum amounts).

Balance On Variable Rate Portion: As a result, your minimum monthly payments are composed of interest only on the variable rate portion balance of $5,000 and principal + interest payments on the fixed rate portion balance of $25,000.

  • Choose a payment option that works for you whether you pay at your own pace with interest only payments on the variable rate portion or establish regular fixed payments through our Fixed Rate Advantage Option.
  • You have 24/7 access to your HELOC1 through the following options:

Branch: Visit your local TD Canada Trust branch
EasyWeb: Login to our online banking to make transfers
Access Card: Access funds through a bank machine or by direct payment purchases at a retailer.2 (if programmed on your Access Card).
Write a cheque: Contact us to order free personalized cheques to be used with your HELOC.