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TD Bank Mortgage Review 2024

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At a glance

TD Bank
Editor's take

TD Bank only offers mortgages in some states, but if you’re a borrower in one of them, you’ll find affordable low-down payment and jumbo options. In 2023, the bank was named the best consumer digital operation in North America by Global Finance.

Bankrate Score
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3.9
Rating: 3.9 stars out of 5
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Customer Rating
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Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans

Location

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

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

TD Bank

3.9

Rating: 3.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

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

Credit Good

Min. credit score required

620 for conventional loans

TD Bank overview

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 areas 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.

Pros and cons of TD Bank

Pros
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    Easy-to-use online rate estimate tool

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    Wide range of loan programs, including a lender-paid mortgage insurance option

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    Underwriting fees might be waived on some affordable programs

Cons
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    Only available to borrowers in 15 states and Washington, D.C.

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    Doesn’t consider alternative credit data in underwriting

Our Editor’s Take on TD Bank

TD Bank only offers mortgages in some states, but if you’re a borrower in one of them, you’ll find affordable low-down payment and jumbo options. In 2023, the bank was named the best consumer digital operation in North America by Global Finance.

How Bankrate scored TD Bank

  • Affordability: Like other big banks, TD Bank’s mortgage rates are somewhat higher compared to other types of lenders, but overall aligned with Bankrate’s averages (as of this review). The bank charges a flat underwriting fee on conventional loans.
  • Availability: TD Bank only operates in some parts of the U.S. In the states where it has a presence, however, it offers a large variety of mortgage options for virtually every type of borrower.
  • Borrower experience: If you’re eligible for a loan, TD Bank can prequalify you immediately. Notably, the bank has an A+ rating from the Better Business Bureau.

Affordability: 6.8/10

TD Bank’s mortgage rates are 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. Notably, if you qualify for the TD Home Access Mortgage, you’ll receive a $10,000 lender credit to put toward your down payment or closing costs or buy down your interest rate.

Availability: 7.6/10

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.

Borrower experience: 8.7/10

TD Bank is one of the largest depository institutions in the U.S. and has an A+ rating from the Better Business Bureau.

If you qualify for a mortgage from the bank, you can expect a conditional approval in approximately three days, according to a bank spokesperson. After creating an online account, you can submit all your documentation and track the status of your loan. Before you go through that process, the bank’s personalized rate tool offers a complete comparison breakdown between different loans and terms, plus closing cost estimates. There’s also a downloadable first-time homebuyers’ kit.

If you have questions, there are several avenues to contact the bank, including via its website, or by phone, 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.

How to apply for a mortgage with TD Bank

You can apply for a mortgage with TD Bank in person at a branch location, online or by phone at 866-592-8480.Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with TD Bank

TD Bank offers both rate-and-term and cash-out refinancing options. You’ll need to share some information about your loan online to get a rate estimate and details about closing costs and fees.

Compare TD Bank to other lenders

TD Bank
Rating: 3.9 stars out of 5
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3.9

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Renasant Bank
Rating: 4 stars out of 5
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4.0

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Valley Bank
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 600 for FHA loans

Min. credit score required

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 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

31 states, including Florida, Georgia, Ohio, Pennsylvania, Texas

Nationwide availability

All U.S. states

TD Bank customer ratings and reviews

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