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TD Bank: 2023 Home Equity Review

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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 4.5 stars out of 5
  • Customer Experience
    Rating: 4.5 stars out of 5

About TD Bank

  • Moneybag

    Loan amount

    Minimum of $25,000 for HELOC; minimum of $10,000 for home equity loan

  • Credit Good

    Min. credit score


  • Rates

    Repayment terms

    10-year draw period and 20-year repayment term for HELOC; 5 years to 30 years for home equity loan

  • Funds available in

    2.5 days

TD Bank features

Here's a breakdown of some of the benefits and drawbacks of TD Bank home equity loans.

TD Bank overview

Founded in 1955, TD Bank offers home equity loans, home equity lines of credit (HELOCs), mortgages, personal loans, credit cards and banking and wealth products. You can apply for a HELOC or home equity loan through the bank online, by phone or in person at a branch. Note: TD Bank’s limited reach means it’s not the right choice for everyone, and its home equity rates and repayment terms vary by location.

TD Bank snapshot

Loan types Home equity line of credit (HELOC)
Home equity loan
Loan amounts Minimum of $25,000 for HELOC; minimum of $10,000 for home equity loan
Credit score minimum 660
Repayment terms 10-year draw period and 20-year repayment term for HELOC; 5 years to 30 years for home equity loan
Average time to approval 2.5 days

How Bankrate rates TD Bank

Bankrate Score 4.3
Availability 4.5/5
Affordability 3.8/5
Borrower experience 4.5/5


To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.


  • The home equity interest rates from TD Bank are similar to rates from other top home equity lenders. Banking customers with a personal checking account receive a 0.25 percent rate discount on HELOCs. The same discount is available to home equity loan borrowers who set up autopay from a personal checking or savings account.
  • The bank offers a fixed-rate option on the HELOC, which can help you avoid a potential hit to your budget with a variable rate.


  • TD Bank’s home equity products are available only to borrowers in some states.
  • The bank’s HELOC amounts start at $25,000, while its home equity loan amounts start at $10,000. These thresholds might be too high for some borrowers.

Types of fees charged

TD Bank charges an origination fee of $99 for both its home equity and HELOC products, Depending on the type of loan and property, you might be subject to other upfront fees, as well.

Further, its HELOC product has an annual fee of $50, except on loan amounts less than $50,000. There’s an early termination fee of 2 percent of the outstanding principal balance up to $450, which applies if a HELOC is paid off and closed within 24 months from the date the account is opened. There are also closing costs on lines of credit greater than $500,000, and there could be a discharge fee when refinancing a home equity loan or line of credit.

Home equity loan products offered

TD Bank offers two home equity products: a HELOC and a home equity loan.

The HELOC comes with a variable rate, although a fixed-rate option is available if you’d like to lock in some or all of your balance (you’ll need to lock a minimum of $5,000), with no fees. Like most HELOC products, you’ll be able to draw from the line of credit for 10 years, then repay the balance over 20 years. There’s no minimum draw requirement, but the minimum credit line is $25,000.

In contrast, the fixed-rate home equity loan requires you to borrow a minimum of $10,000 from your equity. The repayment terms range from five years to 30 years.

How to qualify for a home equity loan with TD Bank

You’ll need a credit score of at least 660 for a TD Bank home equity loan or line of credit.

How to get started

You can apply for a TD Bank home equity product online, by phone at 800-815-6849 or by visiting a branch.