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finder.com’s rating: 3.9 / 5.0
★★★★★
TD Bank has a number of government-backed, conventional and unique home loans on offer for borrowers. With branches that are open far outside of typical bank hours, it can be easy to sit down with a loan specialist in person, too.
The snag? Its suite of products and services is only available to East Coast residents.
Loan products offered | Conventional, Refinance, Jumbo, Home Equity, HELOC, FHA, VA, USDA |
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State availability | Only available in: CT, DE, FL, GA, MA, MD, ME, NC, NH, NJ, NY, RI, SC, VA |
A variety of home loans are on offer from TD Bank — including unconventional options, such as its Medical Professional Mortgage.
Fixed- and adjustable-rate mortgages are available through TD Bank. Qualified homebuyers can put down as little as 3% down for a 15- or 30-year fixed-rate mortgage.
To borrow more than the standard loan maximum for your area, you’ll have to go for a jumbo loan. Fixed-rate and adjustable options are available, and you can buy or refinance with it.
These government-backed 30-year fixed-rate mortgages come with a lower minimum down payment — only 3.5%, and it can be a gift. And you’re not required to participate in a homebuyer education program to qualify.
Designed for military service members, retired veterans and their spouses, VA loans offer low and no down payment options, as well as rates that typically beat out conventional loans.
For those living or looking to live in a rural area, a USDA-backed loan are for homebuyers in rural areas and could mean taking out a mortgage or refinancing with a $0 down payment. It’s specifically designed for low- and moderate-income households, so you can apply without great credit.
Outside of the typical and government-backed loan options, TD Bank also offers:
The mortgage process comes with various fees. When going through the process, you can expect to pay:
Your minimum down payment can be as little as 3% with the HomeReady program, and mortgage insurance is provided at a reduced rate. Fixed-rate mortgages with 15- and 30-year terms are available through HomeReady.
Qualified borrowers can get a 30-year fixed-rate mortgage for as little as 3% down with this program provided by TD Bank. You’re off the hook for paying mortgage insurance after you complete a homebuyer education program.
TD Bank doesn’t list its eligibility standards on its site, but most lenders require similar documentation that verifies your income and contact information. Once you determine that you live in a region that TD Bank services, gather your credit score. To apply for a conventional loan, you’ll get the best rate with a credit score of at least 620.
When you’re first getting ready to apply with TD bank, gather any of the following that apply:
Before you start the process, TD Bank recommends you prepare a budget, get your credit score, gather any necessary documentation and check your rates online. Once you’re ready to apply you can prequalify over the phone or at a TD Bank branch location.
From start to finish, TD Bank lists an estimate turnaround of 30 to 45 days on home-purchase mortgages.
As of December 2020, TD Bank’s Better Business Bureau page is being updated and thus is not accredited and receives an NR rating. The customer reviews on its BBB profile are sparse and average to just over 1 out of 5 stars. Negative reviews focus on poor customer service, and complaints are overwhelmingly categorized as issues with product and service or billing and collections.
Over on Trustpilot, the bank receives a similarly low TrustScore of 1.3. Most customers making up the 92% of “Bad” reviews cite poor customer service.
TD Bank is headquartered in New Jersey and is a subsidiary of Toronto-Dominion Bank — Canada’s second largest bank according to an August 2019 report by the Wall Street Journal. It’s been in business since 1852 and touts itself as America’s “most convenient bank” with branches open late and on weekends.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
TD Bank mortgages are good for good-credit borrowers who need help with a down payment. Fannie Mae’s HomeReady program offer as low as 3% down and a reduced PMI. With its Right Step program, qualify for a 30-year fixed-rate mortgage with as little as 3% down, and no PMI after you complete a homebuyer’s education program.
If you’re outside TD Bank’s footprint, or just starting your search, you can compare mortgage providers and get a better idea of what’s available.