Using your funds
Compare TD Bank Home Equity Loans and Lines of Credit
Compare the benefits and features of our home equity financing options. Choose a TD Bank Home Equity Loan (HELOAN) for a predictable monthly payment and fixed interest rate, or a TD Bank Home Equity Line of Credit (HELOC) for funds when you need them. Home equity financing also offers rates lower than other forms of credit because your home acts as collateral.
What is a Home Equity Line of Credit? |
What is a Home Equity Loan? |
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Features of home equity financing |
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.
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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.
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Best home equity financing option when |
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Interest rates for home equity financing |
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Terms |
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. |
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 |
$25,000 or more—only pay for what you use |
$10,000 or more—as a lump sum |
How to access your home equity financing funds |
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 Funds can also be withdrawn at any TD Bank location or from TD Online Banking or the TD Bank app. |
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 |
Up to 89.99% of home's value4 |
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
Home equity financing vs other lending options
See how home equity financing compares to personal loans, a cash-out mortgage refinance and credit cards.