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TD Bank is good for borrowers looking for affordable low-down payment or jumbo options.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing, home equity line of credit (HELOC), home equity loan
Min. credit score required
Undisclosed
Nationwide availability
Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
Min. down payment
3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans
4.6
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing, home equity line of credit (HELOC), home equity loan
Nationwide Availability
Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
Min. credit score required
Undisclosed
With more than 1,100 locations, TD Bank is one of the biggest banks in the U.S., serving some 9.8 million customers (not counting its massive presence in Canada). The bank offers mortgages in the same states where it maintains its network of branches. It offers a range of loan options, including jumbo loans and the TD Home Access and TD Right Step programs. After submitting an online application or consulting with a loan officer, eligible borrowers can get prequalified immediately. The bank was unable to share average days to close with Bankrate, but indicated that the timeline varies based on factors including the type of loan, seller requirements and time of year. TD was the nation’s 40th-largest mortgage lender in 2022, according to federal data.
Easy-to-use online rate estimate tool
Wide range of loan programs, including a lender-paid mortgage insurance option
Underwriting fees might be waived on some affordable programs
Only available to borrowers in 15 states and Washington, D.C.
Doesn’t consider alternative credit data in underwriting
TD Bank is good for borrowers looking for affordable low-down payment or jumbo options.
To determine TD Bank’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:
Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.
TD Bank’s mortgage rates are often comparable to Bankrate’s averages, and they’re easy to find via the bank’s online personalized rate tool. Simply enter in your purchase price, down payment, credit score and zip code, and you’ll get an array of options that include interest rate, closing costs and estimated monthly payments. The bank requires a flat underwriting fee for most mortgages, with the exception of government-backed products and CRA (Community Reinvestment Act) loans.
A major upside to working with TD Bank: If you’re borrowing in one of its locations, you’re likely to find a product that matches your needs. The bank provides conventional and government-insured loans; jumbo mortgages for higher-priced properties; home equity options and refinancing; construction loans; and loans for medical professionals. It also offers two affordable proprietary programs: TD Home Access for borrowers in Black and Hispanic communities; and TD Right Step, which includes lender-paid mortgage insurance.
TD Bank is one of the largest depository institutions in the U.S. and has an A rating from the Better Business Bureau. The bank performed well in J.D. Power’s 2021 customer satisfaction study of mortgage servicers, earning a score of 805 out of 1,000 — above the industry average. (It wasn’t included in the 2022 results.)
You can start a mortgage application with TD Bank online, in-person, or by phone. However, unlike some peer lenders, you won’t be able to complete the entire loan application process online. Instead, you’ll need to speak with a loan specialist at some point (usually by phone) before or after you enter your information. Still, the bulk of the process, including uploading documents, can be done virtually. If you have questions, there are several avenues to contact the bank, including via its website, or by phone at 866-592-8480, direct message on Facebook or Twitter or visiting a branch (most are open seven days a week). The bank’s online search capability also makes it easy to find a loan officer in your area. Here are some tips to prepare for the process:
You can refinance a mortgage with TD Bank. You’ll need to share some information about your loan online to get a rate estimate and details about closing costs and fees.
The TD Home Access Mortgage is a more affordable loan program designed to increase homeownership in Black and Hispanic communities. It provides borrowers a $5,000 lender credit to help with a down payment or closing costs. It also offers more flexibility with a greater debt-to-income (DTI) ratio threshold and expanded underwriting requirements.
TD Bank’s Right Step Mortgage program imposes no income limits for buyers of homes located in low- to moderate-income census tracts. In another perk, borrowers also pay no mortgage insurance.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing, home equity line of credit (HELOC), home equity loan |
Loans offered Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans |
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC); investment property; flex-term; non-QM; reverse mortgages |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans |
Down payment 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Down payment 3.5% for FHA loans, none for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C. |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states except New York and Hawaii |
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