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Is it better to refinance my existing mortgage or get a TD Home Equity FlexLine?


There is no simple answer to whether a TD Home Equity FlexLine or a mortgage refinance is better. There can be advantages to both, but you will also want to consider how interest rates change over time.

•    Mortgage option. If you refinance your mortgage, the minimum amount that you can increase your mortgage by is $10,000. You may keep the same rate and term by carrying over the interest rate and term from your existing mortgage; the increased mortgage amount will be subject to current rates and your final rate will be a blended interest rate based on the weighted average of existing rate and new rate. Alternatively, you have the option to discharge the mortgage, pay any necessary compensation charges for early payout and set up a new mortgage. 

•    TD Home Equity FlexLine option. It combines the flexibility of a revolving line of credit with the stability of structured payments in a Term Portion. With the TD Home Equity FlexLine, you are able to borrow up to 80% of the value of your home, as opposed to 65% in the Home Equity Line of Credit. The minimum TD Home Equity FlexLine amount is $20,000.

To discuss your options further, please contact one of our Mobile Mortgage Specialists in your area through our website or the TD mobile app. You can also contact our Credit Specialists or visit your local TD Canada Trust branch.

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