TD Bank Mortgage Review 2022

TD Bank overview

With more than 1,100 locations, TD Bank is one of the biggest banks in the U.S., serving nearly 10 million customers (not counting its massive presence in Canada). The bank offers mortgages in the same areas where it maintains its network of branches: 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. It offers a range of loan options, including its TD Right Step Mortgage, which includes lender-paid mortgage insurance. Eligible borrowers can get prequalified immediately after submitting an online application or speaking with a loan officer. The bank was unable to share average days to close with Bankrate, but it indicated that the timeline varies based on factors including the type of loan, seller requirements and time of year.

Good for

Borrowers looking for affordable low-down payment options

Loan types 

• Conventional
• Jumbo
• FHA
• VA
• Fixed-rate
• Adjustable-rate
• Rate-and-term and cash-out refinancing
• Home equity line of credit (HELOC)
• Home equity loan
• Construction loans
• Physician loans
• TD Right Step Mortgage

Lender fees 

TD Bank’s lender fees vary based on loan size, borrower and other factors, according to a bank spokesperson. All loans have an underwriting fee with the exception of government-backed products and CRA (Community Reinvestment Act) loans.

Rates

TD Bank’s mortgage rates are easy to find via the bank’s personalized rate tool. 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 cost and estimated monthly payments.

Reputation 

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 — 18 points above the industry average, and enough to tie for eighth place.

Online services

TD Bank’s website features an easy online application. After creating an account, you can submit all your documentation and track the status of your loan. Before you go through that process, the 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.

Minimum borrower requirements

TD Bank doesn’t disclose specific borrower requirements online. However, a spokesperson shared that the bank conducts “a holistic assessment of each borrower, which includes credit score, debt-to-income ratio, work history and other factors.”

Additionally, for those who may not be able to qualify for a conventional loan — which typically requires a credit score of 620 or higher — the bank offers government-backed loans that tend to have less strict requirements and down payment minimums. The bank only considers traditional credit data, though (meaning a credit report and score).

Refinancing with TD Bank

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.

Not sure if TD Bank is right for you? Consider these alternatives 

• Chase Home Lending review– Another financial giant, but with full nationwide availability and a $2,500 on-time closing guarantee
• Citibank mortgage review – A huge bank that offers promotions for savings on closing costs and discounts for existing customers; also has low-down payment options without borrower-paid mortgage insurance
• Better.com mortgage review – If you’re comfortable with a completely online mortgage application, this option offers speed and savings with a similar set of loan options
• PNC Bank mortgage review – Offers loans in all 50 states, including a few additions such as USDA, investment property and interest-only options
• First Midwest Bank mortgage review – A bank that also offers loans for physicians and down payment/closing cost assistance

Breakdown of TD Bank overall review score 

• Affordability: 5/5
• Availability: 4.3/5
• Borrower experience: 5/5

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.