TD Bank HELOC Review 2023
Jun 15, 2023 By Susan Kelly

Are you looking to finance your home improvement project, consolidate debt, or cover unexpected expenses? With the TD Bank Home Equity Line of Credit (HELOC) in 2023, you can leverage the value of your home and access up to $500,000* in tax-deductible funds – a great way to get liquidity fast while enjoying attractive terms and features.

In this post, we'll discuss why TD Bank's HELOC might be right for you - from APR rates, repayment plans & fees, and more! Read on for our user-friendly review designed with busy homeowners in mind.

Overview of TD Bank and its Home Equity Line of Credit

TD Bank is a trusted name in banking and home equity financing. The TD Bank HELOC boasts competitive interest rates, no closing costs on lines up to $500,000, and flexible repayment plans – making it an attractive option for homeowners who want to access the value of their homes quickly without sacrificing favorable terms.

The TD Bank HELOC offers competitive interest rates starting at 4.00% for lines of credit up to $100,000 and 3.50% for loans between $100,000 and $500,000. The loan also has a 5-year draw period followed by a repayment period of up to 15 years, making it an ideal choice for those who need short-term access to funds but want the ability to pay them back over a longer term.

In addition to competitive rates and flexible repayment plans, TD Bank offers several features that make their HELOC attractive, including no closing costs on up to $500,000 in lines of credit and the ability to access funds anytime needed.

Types of HELOCs available with TD Bank

TD Bank offers two types of HELOCs – fixed-rate and variable-rate. A fixed-rate loan has a set interest rate that remains the same throughout the length of the loan, while a variable-rate loan's interest rate may fluctuate over time.

Both are attractive options depending on your needs and goals - a fixed-rate loan provides more predictability and stability, while a variable-rate loan may offer more flexibility.

In addition to these two types of loans, TD Bank offers a special Equity Accelerator Loan program that allows you to use the equity in your home as collateral for up to $100,000 in additional funds at a discounted rate. This program can be a great option for homeowners looking to fund a large home improvement project or consolidate debt.

When considering any loan, it is important to familiarize yourself with all fees and costs associated with the loan before committing. TD Bank offers competitive rates on their HELOCs, but they also charge a $50 annual membership fee and may impose late fees or penalty rates for missed payments. It's important to understand all of your loan terms so you can make an informed decision.

Advantages and Disadvantages of the different types of HELOCs

As with any loan type, there are both advantages and disadvantages to TD Bank's HELOCs.


  • Low-interest rates, especially for loans up to $100,000
  • Flexible repayment plans and terms
  • No closing costs on lines of credit up to $500,000


  • Annual loan membership fee of $50
  • Late fees or penalty rates for missed payments
  • Variable interest rates may fluctuate over time

Fees associated with the HELOCs

TD Bank imposes an annual membership fee of $50 to open and maintain a HELOC for the first five years. In addition, they may also impose late fees or penalty rates if payments are missed. It is important to understand all of your loan terms so that you can make an informed decision before committing.

The TD Bank HELOC Review 2023 is a great option for homeowners looking to access the value of their homes quickly and affordably. With attractive rates, flexible repayment plans, and no closing costs on lines up to $500,000 – it can be an ideal choice when you need liquidity fast. Be sure to review all terms and fees before committing so that you can make an informed decision.

The terms of TD Bank HELOCs are subject to change at any time and may vary depending on individual circumstances. This article is intended for informational purposes only and should not be construed as financial advice. Please consult with your bank or financial advisor for more information.

Steps to Apply for a TD Bank HELOC

Applying for the TD Bank HELOC is a simple process. To get started, you can call or visit your local branch to speak with an experienced loan officer who will guide you through the application process.

You must provide some basic information, including proof of income, assets, and liabilities. Your loan officer will also need to review your credit history to determine the terms and conditions of your loan.

Once all the information is submitted, TD Bank typically takes 2-3 weeks to process a HELOC application. If approved, you'll receive a loan agreement document outlining the details of your loan, including interest rate, repayment timeline, fees, and other important information.

Once you're satisfied with the terms, sign and return the agreement to TD Bank, and your funds will be made available in as little as three business days.


What is the annual fee for TD HELOC?

The annual fee for TD HELOC is $50 and can be waived if you have a TD bank checking account or other banking relationship. What are the requirements to qualify for a TD Bank HELOC? You must have at least 20% equity in your home, a good credit score, sufficient income, and a minimum debt-to-income ratio of 43%.

What is the minimum draw amount for TD Bank HELOC?

The minimum draw amount for a TD Bank HELOC is $500. This means that you must take out at least $500 from your line of credit when you first open it, and you can continue to withdraw additional funds as needed up to the approved loan amount.

What are the repayment plans for TD Bank HELOC?

The repayment plan for TD Bank's HELOC will depend on your specific loan terms. Most lenders require you to make regular monthly payments of principal and interest, but some may offer payment plans that enable you to pay only the interest due each month for some time.


TD Bank is a great provider of Home Equity Lines of Credit; one should carefully consider all the tradeoffs before making a decision. All the different types of HELOCs available through TD Bank come with quite a few benefits but also some potential risks and associated fees, so it is important to do thorough research.

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