Home Equity Loan verses Line of Credit

  Home Equity Lines of Credit Home Equity Loans

A flexible line of credit against the equity in your home that you can draw from when you need it.

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TD Bank EquityAccess PLUS
A line of credit with the option to protect your TD Bank checking account from overdrafts.

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Borrow a certain amount for a specific period of time. Your payments are fixed, so you'll know what your payment will be every month.

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Best for you if:

  • Your budget allows for a variable monthly payment
  • You will need your money in different amounts and at different times
  • You want the security of having an overdraft protection line of credit available with TD EquityAccess PLUS

  • You want a stable monthly payment
  • You like the security of a fixed rate
  • You want to pay off your loan in a period of time that you choose

Primary purpose:

  • Home improvements
  • Refinance existing mortgage
  • Debt consolidation
  • Unexpected expenses
  • Major purchases
  • Educational expenses

  • Home improvements
  • Refinance existing mortgage
  • Debt consolidation
  • Major purchases
  • Educational expenses

Interest rate: Variable, with a fixed-rate option Fixed
Home ownership required: Yes Yes
Potential tax deduction of interest1: Yes Yes
Access to your funds: Visa® EquityAccess Card2 and personalized checks – at a TD Bank location or online Receive all funds in one lump sum
Maximum combined Loan-to-Value %: Up to 89.9% of home's value3 Up to 89.9% of home's value3

Home Equity calculators

Home Equity lending process

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