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If you live in one of the states that this regional bank services, TD Bank offers both a home equity loan option and a home equity line of credit (HELOC). But it doesn’t waive some closing costs that other lenders do, and its customer reputation is low.
This lender doesn’t list a minimum, but most banks require at least a 620 FICO score.
Minimum credit score
Only available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
State availability
Loan products offered | Home equity loan, HELOC |
---|---|
Minimum credit score | This lender doesn’t list a minimum, but most banks require at least a 620 FICO score. |
APR range | 4.09% to 18% |
Repayment terms | Loans: 5-30 years; HELOC: 10-year draw, 20-year repayment |
Loan limits | $10,000 minimum loan; $25,000 minimum line; this bank doesn’t list maximums. |
State availability | Only available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT |
TD Bank’s HELOC is the most versatile product it offers. It’s a good fit for borrowers who want an open credit line for small purchases, as the bank doesn’t require a minimum draw, and you can apply for the EquityAccess Plus card to make sure you have overdraft protection on your credit line. The HELOC also offers a fixed-rate option, if you’re willing to draw $5,000 or more as an advance.
But this bank doesn’t have the best reputation with its customers. It charges lender fees that many other banks waive. And while overdraft protection is a perk on its HELOCs, its previous overdraft protection on checking accounts resulted in a Consumer Financial Protection Bureau (CFPB) settlement for enrolling customers in the program without telling them it’s optional and charging for the service that they advertised as free.
While there aren’t any CFPB fines or reports on the record for their current home equity-related debit card, it’s worth reading the fine print on any contract from the company before signing up for a HELOC to make sure you understand any fees you could be charged.
This lender offers the following interest rate discounts:
TD Bank offers two home equity options:
This lender doesn’t list its home equity product requirements, but your eligibility and interest rates are based on your credit history, combined loan-to-value ratio, the property type and how you plan to use the property — whether as your primary residence, vacation home or investment property.
The costs you pay depend on where you live and the amount of your credit line or loan. But you can expect to pay at least the following lender fees on TD Bank’s home equity products:
Home equity loan | HELOC | |
---|---|---|
Origination fee | $99 | $99 |
Annual fee | $50 | |
Early termination fee | up to $450 |
Additional fees vary but typically include:
BBB rating | A- |
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Trustpilot rating | Bad |
Customer reviews verified as of | 09 May 2022 |
TD Bank is accredited with the Better Business Bureau (BBB) and has 321 customer reviews as of May 2022, averaging 1.02 out of 5 stars. Despite having closed 1,644 customer complaints in the last three years, it has an A- rating for a government action taken against the bank that resulted in a settlement with the CFPB.
The bank receives similarly low ratings on Trustpilot, earning a TrustScore of 1.3 stars with 1,266 reviews. Most customers complain of poor customer service and the bank being slow to respond to paperwork and other mortgage-related requests. Some long-term customers complain that the bank’s service has deteriorated in recent years.
In the August 2020 CFPB settlement, TD Bank agreed to pay $97 million in restitution to customers who enrolled in an overdraft service. The CFPB alleges the actions taken by TD Bank with this service were “deceptive and abusive” and violated the Consumer Protection Act of 2010, among other regulations. The bank also had to pay a $25 million civil penalty.
When you’re ready to get started, you can open an account and step through the application instructions to enter your personal and financial information. Alternatively, apply by phone at 800-815-6849 or in person at your local TD Bank branch.
TD Bank doesn’t provide a list of the documentation required during the application process. But typically, you’ll want to gather the following:
This lender also offers a slate of home loan products that we’ve evaluated in our TD Bank mortgage review.
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TD Bank is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.