Your home is probably your single largest financial asset. It can also be a powerful financial tool, when you use your home equity to borrow.
TD Home Equity FlexLine
- With a TD Home Equity FlexLine, you can access up to 80% of the value of your home.1,2
- Apply once and access your available credit within your credit limit at any time without having to reapply.3
What’s unique about a TD Home Equity FlexLine is that it can combine the flexibility of a revolving line of credit with the security of a fixed rate option.
| Variable Rate Portion |
Fixed Rate Advantage Option (FRAO) |
- Borrow up to 65% of your home’s equity.
- Variable interest rate that changes with TD Prime Rate.
- As you pay down your outstanding balance, your available credit increases.
- Pay at your own pace without prepayment charges – pay as little as interest only, or pay any or all of your outstanding balance on your variable rate portion at any time.
|
- The Fixed Rate Advantage Option allows you to create a Fixed Rate Portion with a closed term of one to five years.
- If you use the FRAO at set up, you can borrow an additional amount greater than your credit limit of your variable rate portion up to 80% of your home’s value.
- At any future time, lock all or a portion of the outstanding balance of your variable rate portion into a FRAO and protect yourself from rate increases and establish regular fixed payments (subject to minimum amounts).
- On the Fixed Rate Portion you can:
- Make one or more prepayments up to 15% of your original Fixed Rate Portion amount every year.
- Increase your payment amount by up to 100% of your original regular payment.
- Increase your payment frequency: switch to rapid payments and possibly make up to an extra month’s payment every year.
|
Like this:
Like Loading...
Related
Your home is probably your single largest financial asset. It can also be a powerful financial tool, when you use your home equity to borrow.