'Your home equity line of credit gives you the flexibilty to pay as little as interest only, if that's necessary for you. How and when you choose to repay your balance is up to you. As you pay off your outstanding balance, your available credit increases. It's always important, though, to increase your payments when you can to ensure that you are paying down your balance responsibly.
Credit Wise Tip: Pay more than just your minimum payment - any extra payment will go towards your outstanding principal balance. Whether it's a one-time payment or increased monthly payments, you will save on interest costs.'
From: The Mobile Mortgage Specialist TD Canada Trust
Your line of credit provides you with the opportunity to use the EQUITY in your home for improvements such as new carpeting, new paint or even that new kitchen you have been wanting.