While few opt for a home equity line of credit instead of getting a traditional mortgage when they have relatively little equity in their home, this option can be attractive to those who owe less on their home. With the ability to split your TD Home Equity FlexLine into a revolving portion and a term portion, you can take advantage of interest rates when they're low and flexible prepayment options at the same time. You could use the term portion to pay off your house, for example, and the revolving portion to pay down existing debt or do some renovating.
Either way, if you have at least 20% equity in your home (or a 20% downpayment for a new home), you may be able to take advantage of this flexible form of secured credit. Unfortunately, you have to call TD to find out exactly what you can get, as this is not the sort of credit you can easily apply for online.
TD Home Equity FlexLine features
Why You Want It
Access low interest rates + Borrow up to 80% of your home’s value.
Eligibility
- Good credit and adequate income
- At least 20% equity in your home
Provinces
ALL
Features
Bank Prime Rate
4.45%
Online Banking Access?
Cheques Access?
Debit Card Access?
See Issuer for Details
ATMs Access?
See Issuer for Details
In-Branch Access?
Protection Available
See Issuer for Details
Split Mortgage Available?
TD Home Equity FlexLine product rating: 5.0 stars
Home equity lines of credit are a useful way to leverage the equity you have in your home, with flexible repayment options and the ability to take advantage of interest rates when they're low. TD's Home Equity FlexLine offers the best of both worlds, with the ability to have a revolving variable rate portion, as well as a term fixed (or variable) rate portion. If you have outstanding high interest debt or want to leverage your equity for some other reason, this may be a good option for you.
Be warned, however – with interest rates currently incredibly high, you'll want to discuss this in detail with your financial advisor before making any final decisions.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
TD Home Equity FlexLine alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Home Equity FlexLine | Scotiabank Total Equity Plan (STEP) | BMO Homeowner ReadiLine | RBC Homeline Plan |
| Genius Rating | ||||
| Why You Want It | Access low interest rates + Borrow up to 80% of your home’s value. | Borrow up to 80% of your home's equity + Easy online loan management. | Get a flexible mortgage from a reputable company + Competitive interest rates. | Take advantage of low interest rates + Flexible repayment options. |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| Online Banking Access? | | | | |
| Cheques Access? | | | | |
| Debit Card Access? | See Issuer for Details | |  | |
| ATMs Access? | See Issuer for Details | | | |
Show More | ||||
| See rates & details See more TD products Compare | Learn More See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more RBC products Compare |
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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