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Only residents in these states can apply for a home equity loan with TD Bank: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington DC. While this may be aggravating if you’re trying to quickly sort through your options, it also means TD Bank may be willing to work with individuals who have bad or poor credit. One major shortcoming of TD Bank’s website is that it doesn’t state a hard-and-fast minimum credit score for refinancing.

Doesn’t disclose its minimum FICO credit score.

Actual rates and terms may vary by location. Information is current as of August 3, 2022. Maximum combined loan-to-value ratio (CLTV)Ġ.25% interest rate discount for TD personal checking account or savings account customers who enroll in autopayĠ.25% interest rate discount for TD personal checking account or savings account customersĬlosing costs (applies to investment properties, co-ops, and loans greater than $500k)ĬT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT Not stated for primary residences or other loan types This chart highlights the main differences between TD Bank’s home equity options:

Home equity loans are a type of second mortgage, so expect to make fixed monthly payments over a five to 30-year loan period. With a home equity loan, you get one lump-sum payment to use however you wish - pay education expenses, make a down payment on investment property, fund a new business, or make any other major purchase. So you can pull as little or as much from your credit limit as you’d like - even if it’s just a few hundred dollars. While some banks require you to withdraw a minimum amount from your HELOC while it’s in the draw phase, TD Bank doesn’t impose a minimum. HELOCs have a variable interest rate (meaning it can fluctuate month-to-month), but TD Bank gives you the option to lock in a fixed rate for all or part of your term. You pull from the line of credit as needed, and only pay back what you borrow.

Your Genesis account is a 16 digit numerical number. A HELOC is like a credit card that uses your home as collateral. Your TD Bank account is a 16 digit numerical number starting with 60. TD Bank home equity line of credit (HELOC).TD Bank gives customers two ways to tap into their home’s equity: a home equity line of credit (HELOC) or a home equity loan.