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TCF Bank mortgage review

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It offers a variety of loans, but only in seven states—and the minimum credit score for conventional loans is 740.

TCF Bank is a regional financial institution with a seven-state retail footprint. Its wide range of services may be a fit for someone looking for a government-backed or specialized loan. But high credit score requirements and a lack of online services might lead conventional borrowers to look elsewhere.

Details

Loan types Conventional, Jumbo, FHA, VA, HELOC, Refinance
Minimum credit 740
Minimum down payment 3%
Origination fee $295
Other fees $295 loan origination fee
$300 application fee
$75 annual maintenance fee
Underwriting fees
Third-party settlement charges
Available States Only available in: CO, IL, MI, MN, OH, SD, WI
NMLS 433960

Pros

  • Variety of loan products for its size
  • Assistance programs

Cons

  • Limited service areas
  • Higher credit score requirement
  • Customer complaints
This bank has had 281 complaints with the BBB over the last three years and 120 in the last 12 months — quite a few for such a small bank network. And while those complaints address the bank as a whole and not just mortgages, the bank’s struggle to adequately address those complaints is worth noting.

What types of loans does TCF Bank offer?

You can choose from the following mortgage loan offerings:

Conventional

It offers a variety of fixed- and adjustable-rate loans with as little as 3% down.

FHA

If you qualify, this government-backed loan offers flexible credit and income requirements, and may require as little as 3.5% down.

VA

Veterans, active-duty military and surviving spouses can get financing with no money down and no private mortgage insurance (PMI).

Jumbo

Offers loans up to $1.5 million for both primary and secondary homes.

Other loans offered by TCF Bank

TCF has a variety of additional home loan types and lines of credit.

  • HELOC. TCF offers between $5,000 and $500,000 in home equity lines of credit.
  • Refinance. The bank claims to have several refinancing options, but you have to contact a loan officer to learn more.
  • Non-warrantable condo loan. Get up to $750,000 in fixed- or adjustable-rate loans for condos that aren’t qualified for government-backed loan options.
  • Fannie Mae and Freddie Mac loans. Both the HomeReady and HomePossible loans are on offer with lower down payment requirements and reduced interest rates.
  • Home improvement loan. TCF offers a special lower interest rate on home improvement loans for low-income borrowers.
  • Doctor loan. Medical professionals can get a specialized loan that offers the possibility of zero money down and no mortgage insurance.
  • Construction loan. TCF can help you get a residential construction loan to build your own home.

TCF Bank’s Heart and Home program

Heart and Home is a closing cost assistance program that offers up to $3,000 to help cover fees related to your loan like appraisals, title insurance, deed reporting and running your credit report. This support is only available to borrowers seeking a conventional, FHA or Detroit Home Mortgage loan to purchase a home in a low- or moderate-income tract.

Additionally, your income must be less than 80% of the median family income for your area as listed on the Federal Financial Institutions Examination Council’s (FFIEC) website. For example, the FFIEC 2020 median family income for Detroit, Michigan is $60,800. So to qualify, your combined family income would have to be below $48,640 a year.

TCF Bank fees

In addition to any fees specific to your loan type, TCF requires the borrower to pay the following fees:

  • $295 loan origination fee
  • $300 application fee
  • $75 annual maintenance fee
  • Underwriting fees
  • Third-party settlement charges

Requirements

TCF Bank requires a 740 credit score for conventional loans. It pulls your scores from all three credit bureaus — Experian, TransUnion and Equifax — and uses the middle of the three for the primary wage earner. You must have a 45% back-end debt-to-income (DTI) ratio to qualify, with a maximum combined loan-to-value (CLTV) ratio of 85%.

The bank also requires a minimum of four years from any foreclosure or bankruptcy (Chapters 7 or 11) or two years from the discharge or dismissal date of a Chapter 13 bankruptcy.

Documentation

Have the following information ready before you apply:

  • Social Security number
  • Driver’s license
  • Contact information for your employer
  • Pay stubs
  • Tax documents, including business returns if you’re self-employed
  • Bank statements for all accounts, including retirement, stocks and bonds
  • Homeowners insurance policy or contact information for your agent
  • Documentation on any outstanding home loans
  • Divorce decree and agreement, if applicable

How to get a home loan with TCF Bank

To start your application process, you can call TCF customer service, click Connect with a mortgage loan officer to select one of the loan officers displayed on the company list, or follow these steps.

  1. From the Home Loans page on the website, click Begin Loans Process
  2. Create and verify your account, then click Start
  3. Enter information about who referred you to TCF and your loan officer, if applicable
  4. Select the type of loan you’re applying for and answer the questions about the property you’re purchasing
  5. Enter information about your assets and employment history and accept or deny the bank’s agreements and disclosures.
  6. Review your information and click to Submit your application.

Pros and cons of TCF Bank

Before you apply, compare the benefits and drawbacks of a TCF loan.

Pros

  • Variety of loan products for its size. For a smaller bank, TCF has quite a few loan types to choose from — many offering help for lower-income borrowers.
  • Assistance programs. TCF works with state housing programs and has a closing cost assistance program that offers up to $3,000 to those who qualify.

Cons

  • Limited service areas. TCF has bank locations in only seven states, and not all of its products and services are available in all of those states. If you don’t live in one of those areas, you can’t access its loan products.
  • Higher credit score requirement. While many banks require at least a 620 FICO score, TCF’s minimum is 740 for conventional loans.
  • Customer complaints. This bank has had 281 complaints with the BBB over the last three years and 120 in the last 12 months — quite a few for such a small bank network. And while those complaints address the bank as a whole and not just mortgages, the bank’s struggle to adequately address those complaints is worth noting.
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TCF Bank reviews and complaints

Because of the limited service area of this bank, customer reviews are sparse and range across all of TCF’s banking products, not just mortgage loans. Only four reviews appear on Trustpilot as of September 2020 — mostly focusing on a lack of customer service and an inadequate online banking portal to view loan statements.

TCF isn’t accredited with the Better Business Bureau (BBB) and has no rating, which is due to official complaints that the bank is still in the process of resolving. There are only 37 customer reviews on the BBB site, and TCF has a 1-star rating.

What is TCF Bank?

TCF is a regional bank with over 475 retail locations in seven states: Colorado, Illinois, Michigan, Minnesota, Ohio, South Dakota and Wisconsin. The bank has been in service for over 97 years and is headquartered in Detroit, MI.

Frequently asked questions

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

If you live within TCF Bank’s service area and are unsure which loan might work best for you, it offers a range of options and works with state and assistance programs. But if you’re looking for a bank with a better customer service track record — or if your credit score is below 740 — shop around to see what other banks have to offer.

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