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Build your dreams with a home equity line of credit.
Variable rates as low as % (Prime %).2
Home Equity Lines of Credit and Loans
Home equity financing has the flexible options you need to achieve your goals. With a TD Bank Home Equity Line of Credit or Loan, you can renovate and improve your home, consolidate debt, finance education and make major purchases. Get the money you need to do the things you want.
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1The rate is for illustrative and educational purposes only. Your actual Annual Percentage Rate (APR) may be different than the rates shown. Rates may vary by state, and are applicable to the state in which the collateral property is located. Your APR is based on the specific characteristics of your credit application including but not limited to: evaluation of credit history, amount of credit requested, property type, lien position, combined loan to value, and/or geographic location. Rates subject to change.
Combined loan to value (CLTV) is a percentage calculated by dividing your total outstanding mortgage(s) – or liens – by the market value of the property. Maximum combined loan to value (CLTV) is based on creditworthiness, property type, occupancy, lien position and loan amount. Occupancy is related to how you use the property. 1) Primary occupancy: a property in which you live most of the year; 2) Secondary occupancy: a property in which you live part of the year (e.g., weekends or vacations); 3) Investment: a property that is used by others, in which you may or may not receive rent.
Offer valid on loan/line amounts up to $500,000. For loan/line amounts greater than $500,000, additional terms and conditions will apply. Lien position may affect the maximum loan/loan amount.
Available on 1–4 family primary or secondary residences, excluding mobile homes, boats, RVs, and homes for sale, under construction or on leased land. For co-ops, additional terms and conditions will apply. For a property value greater than $2.5 million, additional terms and conditions may apply. Property insurance is required.
TD Bank does not offer closed end loans (i.e. Home Equity Loans) for the purpose of post-secondary (college) education financing.
TD Bank does not offer student loans.
Interest paid on an equity line or equity loan may be tax deductible. Consult your tax advisor about the deductibility of interest.
2APR is variable based on the Wall Street Journal Prime % to %, and will not exceed 18%. As of , Prime Rate is %. Minimum line amount for Prime % is $200,000. Other rates are available for lines of credit in amounts below $200,000. APR calculation includes an origination fee, which is considered a finance charge, and does not include additional fees and charges that may be applicable.
A TD Bank personal checking account is required to be eligible for the additional % rate discount, which is reflected in the rate shown here. The relationship discount may be terminated and the interest rate on this account may increase by % upon closure of the personal checking account.
The following fees apply: annual fee of $50 (except on loan amounts less than $50,000) is assessed after one-year anniversary; origination fee of $99 is a finance charge; an early termination fee of 2% of outstanding principal balance with a max of $450 applies if line of credit is paid off and closed within 24 months from the date the account is opened. Closing costs exist on lines of credit greater than $500,000, investment properties and co-ops. When refinancing a mortgage or home equity loan/line, a mortgage discharge fee may apply.
If you pay interest only, you will still owe the amounts drawn and your monthly payment will increase when the interest-only period ends.
3The interest rate is fixed for the life of the loan. % Annual Percentage Rate (APR) is for loan amounts between $100,000 and $499,999 with 120-month term and collateral property in second lien position. Loan terms can range from 5 years to 30 years. As of , APRs for Home Equity Loans range from % to %. The APR will not exceed 18%. Other rates are available for other loan amounts and terms.
Rate shown includes discount of 0.25% requiring Automatic Payment Deduction from a TD Bank personal checking or savings account.
Origination fee of $99, which is a finance charge, applies.
For loans secured by New York property: TD Bank NA is registered with the Superintendent of New York. You may file complaints and obtain further information about the servicer by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.
Mortgage and Home Equity Servicing Fee Schedule
TD Bank NA may utilize third-party providers during the servicing of your loan. Please contact TD Bank NA if you have any questions.
Loans subject to credit approval. Equal Housing Lender
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Transcript
If you own a home, you may have built up equity, which is the home’s value, minus what you owe on it.
Your equity can increase when your home’s value increases. It can also increase as you pay down your mortgage principal, which is the amount you borrowed. You can tap into some of this equity to get the things on your wish list.
Maybe you want to add value to your home by making home improvements. Or maybe you want to pay for large purchases like a car, or buy a second home as a vacation or rental property or prepare for major life events like a wedding or a child’s education expenses.
TD Bank does not offer closed-end loans (i.e. Home Equity Loans) for the purpose of post-secondary (college) education financing.
You might also want an emergency fund, or to consolidate higher-interest debts so you can pay them off faster.
You can do this with a Home Equity Line of Credit or a Home Equity Loan.
For both the financing is secured by your home, so your interest rate may be lower than other types of loans.
So, which one’s right for you?
With a HELOC, you take money as you need it, up to your credit limit. It’s a good choice if you’re not sure exactly how much you need, or if your borrowing needs might change over time.
With a HELOAN, you get a lump sum amount all at once, so it’s a good choice when you know how much you need.
When it’s time to repay a HELOC, you’re responsible for repaying only the portion you’ve borrowed plus interest. That saves you money because you don't pay interest on the portion you don't use.
A HELOC has a variable interest rate, which means it could go up or down. But it’s typically the lowest rate available. With a HELOC, your payment amounts may vary.
- For the first 10 years, you’re only required to make interest payments, though you can also repay principal if you'd like. Any principal that you do repay can be borrowed again.
- If you have a balance at the end of 10 years, you have another 20 years to repay the remaining principal with interest. You can no longer borrow from the line of credit during this time.
With a HELOAN, you have a fixed interest rate and you choose the repayment term, ranging from 5 to 30 years. It’s easy to budget because your monthly payment will always be the same.
To sum up, you could say a HELOC is more flexible, while a HELOAN is more predictable.
So, if you think a HELOC or a HELOAN is right for you, apply now!
Member FDIC TD Bank, N.A. Loans subject to credit approval. Equal Housing Lender. TD Bank does not offer closed-end loans (i.e. Home Equity Loans) for the purpose of post-secondary (college) education financing.
Transcript
Thanks for thinking of TD Bank for your home loan!
Applying can be quick and easy.
We’ll start with basic information, like where you’ve lived, your contact info, and why you want the loan.
Then we’ll ask about your employment history and income.
Lastly, we’ll ask about assets and liabilities.
It helps to have things like pay stubs and account statements handy.
Try to answer every question. If you’re not sure about an answer — or if you’re applying with someone else and don’t have all of their information — just give us your best estimate. We can update it later for you.
Need a break? No worries! The application saves as you go.
And, if you have any questions or problems, just give us a call!
Give us a call at 1-866-592-8480
Transcript
Great work on submitting your request for a home loan with TD Bank!
You’re probably wondering what’s next.
First, your Loan Officer will call to review your information, answer questions, and go over loan details.
Then you’ll be introduced to a Loan Processor who will work with you going forward.
You’ll also get a list of the documents we need from you.
To make the review process faster, you can start collecting them right away!
Your Loan Processor will let you know how to upload your documents and check the status of your application.
To determine your home’s value, we may need to do an appraisal. Your Loan Processor will set this up.
Once all the information is complete, we’ll review your application one last time.
If it’s approved, you’ll get a document with the final loan details to review before closing.
The last step is the best! You’ll meet to close the loan at a location that’s convenient for you.
Got questions? Give us a call! We’re here to help!
Give us a call at 1-866-592-8480
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