TD Bank Home Equity Line of Credit

Key Takeaways

• Good credit required. You will need a credit score of at least 700 to qualify.
• Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Origination fees starting at $99.Origination fees are deducted from the loan amount, so take it into account when deciding how much you need to borrow.
• High maximum LTV ratio. TD Bank Home Equity Line of Credit has a maximum loan to value ratio of 89.9%.
• High maximum DTI ratio. TD Bank Home Equity Line of Credit requires a debt-to-income ratio of less than 49%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

TD Bank Home Equity Line of Credit Pros & Cons

TD Bank Home Equity Line of Credit FAQ

Is there a minimum draw requirement?

What is the estimated funding time for a HELOC?

What fees does TD Bank charge for a HELOC?

What types of property can you use as security for a HELOC with TD Bank?

• Primary residences
• Secondary or vacation homes