TD Bank Mortgage Review 2023
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At a glance
4.6
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, 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 Home Access and TD Right Step mortgages
Nationwide Availability
Available in 15 states (Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia) and Washington, D.C.
Min. credit score required
Undisclosed
Pros and cons
Pros
- 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
Cons
- Only available to borrowers in 15 states and Washington, D.C.
- Doesn’t consider alternative credit data in underwriting
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: 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 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 Bank is good for
Borrowers looking for affordable low-down payment or jumbo options
Breakdown of TD Bank overall score
- 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. 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.
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.
Affordability: 5/5
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.
Availability: 3.8/5
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: 5/5
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.
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 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.
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.
Alternatives to TD Bank
- Chase Home Lending review – Another financial giant, but with full nationwide availability and an 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
- PNC Bank mortgage review – Offers loans in all 50 states, including a few additions such as USDA, investment property and interest-only options
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Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.