TD Bank Mortgage Review 2023

How Bankrate scored TD Bank

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:

• 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

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Availability. What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience. Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

  Bankrate’s methodology page spells out our rating process in greater detail.

Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

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.

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. (It wasn’t included in the 2022 results.)

How to apply for a mortgage with TD Bank

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:

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

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.

Special programs offered by TD Bank

TD Home Access Mortgage

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

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.