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Using Your Home’s Equity

Using Your Home’s Equity

Your home is probably your single largest financial asset. It can also be a powerful financial tool when you use the value of your home to borrow by getting a home equity line of credit (HELOC).

TD Home Equity FlexLine

With a TD Home Equity FlexLine, you can access up to 80% of the value of your home.1,2 Plus, you just have to apply once and you can access your available credit within your credit limit at any time without having to reapply.3

Your TD Home Equity FlexLine provides great flexibility in how it can be used, such as:

  • Purchasing a home when you have a 20% down payment
  • Major household renovations
  • Purchasing a second property
  • Consolidating higher-interest debt
  • Financing the purchase of a vehicle
  • Education costs
  • Travelling
  • Other large purchases

What’s unique about a TD Home Equity FlexLine compared to a TD mortgage is that it can combine the flexibility of a revolving line of credit with the stability of a Term Portion.

RESL Flexline Calculator

Get the answers you need, quickly and easily.

Find out how much more you can borrow

Use a simple calculation to determine the equity in your home.

Determine which home financing option works for you

We can help match you with an option for your needs.

Revolving Portion Term Portion
  • Borrow up to 65% of the value of your home (less any previous charges) and get a variable interest rate that changes with TD Prime Rate.
  • As you pay down your outstanding balance, your available credit increases up to your credit limit.
  • You can pay at your own pace without prepayment charges – pay as little as interest only, or pay any or all of your outstanding balance at any time.
  • You can put all or a portion of your outstanding balance from the Revolving Portion into a Term Portion (subject to minimum amounts) and establish regular payments at a fixed or variable interest rate for an open or closed prepayment term, depending on the rate you have chosen. If you opt for a Term Portion at set-up, you can borrow up to 80% of your home's value – compared to the 65% in the Revolving Portion.
  • On a Closed Term Portion you can:
    • Make one or more prepayments up to 15% of your original Term Portion amount every year without a prepayment charge.
    • Increase your payment amount by up to 100% of your original regular payment.
    • Increase your payment frequency: switch to one of our Rapid Pay Down options and possibly make up to an extra month's payment every year.
  • On an Open Term Portion you can:
    • Prepay in full at any time, or increase your payment amount by as much as you'd like, without incurring a prepayment charge.
    • Increase your payment frequency: switch to one of our Rapid Pay Down options and possibly make up to an extra month's payment every year.

Example of how you could use the TD Home Equity FlexLine:

Term Portion Outstanding Balance

The Term Portion allows you to set up periodic payments at either a fixed or variable interest rate on amounts already borrowed to reduce your debt.

Available Credit on the Revolving Portion

Your Available Credit is the amount available for your use.

Revolving Portion Outstanding Balance

You can pay as little as interest only or as much as you like without prepayment charges on amounts already borrowed. Your variable interest rate will change with TD Prime Rate.

Convenience, comfort, flexibility

TD Home Equity FlexLine offers flexible home financing up to 80% of the value of your home. Since the TD Home Equity FlexLine is secured by the equity in your home, you may benefit from a lower interest rate than with unsecured borrowing.

Access funds when you need them, with convenient 24/7 access options:

  • At your local TD Canada Trust branch
  • Transfer funds using EasyWeb Internet Banking
  • Withdraw from an ATM or pay for purchases at retailers with your TD Access Card4
  • Write a cheque on your TD Home Equity FlexLine (contact us to order your free personalized cheques)

Ready to talk to someone?

We can help. Schedule a visit with one of our Mobile Mortgage Specialists or visit a branch.

Or call toll-free at 1-866-222-3456

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