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[TD Bank] TD Home Equity Flexline, TD Prime Rate + 0.5%

  • Last Updated:
  • Jun 12th, 2017 2:34 pm
[OP]
Member
Sep 27, 2014
397 posts
237 upvotes
Langley, BC

[TD Bank] TD Home Equity Flexline, TD Prime Rate + 0.5%

Sorry, I don't have the link of it. It came into my email box. Thinking it might help for the people who's looking for a loan with their home equity.

It also says "You could save on Set-up fees until June,16,2017! Apply for your TD Home Equity Flexline by booking an appointment with a TD Mortgage Specialist, or by simply visiting a branch near you."

Good luck !!
40 replies
Deal Addict
Oct 22, 2014
3148 posts
1234 upvotes
Toronto
When getting a HELOC from TD, make sure you read the fine print.

The prime TD uses for variable mortgage is "TD Mortgage Prime Rate" = 2.85%, not the 2.7% every other lender charges for their prime.

see
http://www.tdcanadatrust.com/products-s ... 137-649683&


So read the fine print on the TD HELOC commitment to make sure it's not at TD Mortgage Prime Rate + 0.5%.
Newbie
Jan 19, 2014
10 posts
22 upvotes
HELOC from CIBC is prime+0.5 (2.7+0.5) as ongoing rate and right now they have a promotional rate where you get prime-0.5 (2.7-0.5) and the 2.2% rate is good until Nov 19,2017. So unfortunately by comparison this deal is not that good OP.
Jr. Member
Aug 11, 2009
160 posts
32 upvotes
BsxQ001 wrote:
Jun 6th, 2017 8:11 pm
Sorry, I don't have the link of it. It came into my email box. Thinking it might help for the people who's looking for a loan with their home equity.

It also says "You could save on Set-up fees until June,16,2017! Apply for your TD Home Equity Flexline by booking an appointment with a TD Mortgage Specialist, or by simply visiting a branch near you."

Good luck !!
This is certainly not a deal, and if you are using your house as equity you should be able to get prime - (0.5 to 0.9) in a variable rate closed 5 yr mortgage and convert this HELOC into mortgage under some conditions.
Jr. Member
User avatar
Mar 22, 2012
170 posts
39 upvotes
Toronto
Hi guys, just to clarify some info...

TD Flexline(HELOC) Prime is at 2.7% and the Flexline rate can go as low as Prime + 0.2%.

There is a Mortgage prime and a Flexline Prime

There are many options for term rates as well if you decide to lock in.

And yes you can save on setup fees until June 16th

PM me for any additional questions or info.
Deal Addict
Oct 21, 2009
1802 posts
753 upvotes
Ontario
A stupid question, I have to have a TD Mortgage to get this, right?
Currently happy customer with Koodo, Freedom and Zoomer Wireless, any questions just pm me.
Newbie
Mar 9, 2014
87 posts
78 upvotes
YORK
Headbeancounter wrote:
Jun 6th, 2017 11:44 pm
A stupid question, I have to have a TD Mortgage to get this, right?
I kind of want to know that as well.
Deal Fanatic
Feb 15, 2006
8283 posts
2560 upvotes
Toronto
cl3537 wrote:
Jun 6th, 2017 10:56 pm
This is certainly not a deal, and if you are using your house as equity you should be able to get prime - (0.5 to 0.9) in a variable rate closed 5 yr mortgage and convert this HELOC into mortgage under some conditions.
HELOC rate is NOT closed mortgage rate. Two different type of loans.

HELOC is variable and moves up and down, and you can pay down as much as you like ANYTIME, and you can takeout as much as you like to your limit any time.

A closed mortgage you pay a fixed amount on fixed period, in a fixed number of year term, then you face negotiating a renewal each time the term is up.

The rates are of course going to be different.
Jr. Member
Aug 11, 2009
160 posts
32 upvotes
Arrgh wrote:
Jun 7th, 2017 12:24 am
HELOC rate is NOT closed mortgage rate. Two different type of loans.

HELOC is variable and moves up and down, and you can pay down as much as you like ANYTIME, and you can takeout as much as you like to your limit any time.

A closed mortgage you pay a fixed amount on fixed period, in a fixed number of year term, then you face negotiating a renewal each time the term is up.
TD in some cases will allow you to convert your HELOC biyearly and increase the size of your closed term mortgage. You can try to negotiate this up front when considering your mortgage as most specialists will offer you both a HELOC and mortgage on your house.

That is a smart thing to do because you pay higher interest for the flexible term of a HELOC than you do on a fixed term closed variable mortgage even though both are variable rate loans pegged to 'prime'.

That being said just like a mortgage HELOC rates are negotiable and prime +0.5 is a standard rate and not a deal for a HELOC.
Deal Fanatic
Feb 15, 2006
8283 posts
2560 upvotes
Toronto
cl3537 wrote:
Jun 7th, 2017 12:48 am
TD in some cases will allow you to convert your HELOC biyearly and increase the size of your closed term mortgage. You can try to negotiate this up front when considering your mortgage as most specialists will offer you both a HELOC and mortgage on your house.

That is a smart thing to do because you pay higher interest for the flexible term of a HELOC than you do on a fixed term closed variable mortgage even though both are variable rate loans pegged to 'prime'.

That being said just like a mortgage HELOC rates are negotiable and prime +0.5 is a standard rate and not a deal for a HELOC.
Not biyearly, but TD will always at any time allow you to convert part of your HELOC into a fixed term mortgage. But that is done INSIDE the HELOC. The fixed mortgage does NOT have to be variable rate pegged to prime, it can be a fixed rate for the term.

Also a HELOC is a mortgage, it is a loan with your house as collateral.
Deal Addict
User avatar
Oct 23, 2006
4466 posts
1391 upvotes
Winnipeg
Dbang86 wrote:
Jun 6th, 2017 11:03 pm
Hi guys, just to clarify some info...

TD Flexline(HELOC) Prime is at 2.7% and the Flexline rate can go as low as Prime + 0.2%.

There is a Mortgage prime and a Flexline Prime

There are many options for term rates as well if you decide to lock in.

And yes you can save on setup fees until June 16th

PM me for any additional questions or info.
Currently have a HELOC Flexline with TD @ P (2.70) + .5

Is it possible to negotiate rate of P + 0.00? Or P + .2 the best...

Is that P + 0 available at any of the Big 5?
Member
User avatar
Apr 1, 2009
287 posts
137 upvotes
Td raised their rates while every other bank kept them. I ended switching with CIBC, yes I had to pay discharge fees and new fees to go to CIBC. However I'm glad I did, TD is the worst bank at of all. Constantly changing workers, terrible service, and highest rates. If you are planning to get a equity line go to CIBC, 550 for admin $250 for Apprasial . Compared to HSBC who charges $800for apparaisal over $1mill, plus fees everything is over a mill these days.
Deal Addict
Feb 19, 2017
1647 posts
995 upvotes
Ya this isn't a deal OP. Almost all HELOC are Prime+0.5% with variable rates. Though I managed to get just plain Prime Rate thanks to a bank error that I don't tell them about really you're talking about almost an every day offer from every bank xD
RFD is love. RFD is life. I wish I had an RFDer for a wife.
Deal Fanatic
Feb 15, 2006
8283 posts
2560 upvotes
Toronto
CIBC earlier this year had offerred new HELOC at P - 0.5%, for up to 6 months. That offer is over now, but watch for it, or even go in a branch to ask. If you are bringing a new HELOC for >$1M they'll talk.

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