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TD Bank vs. Bank of America mortgages

One lender is a better option for military members, but only if you live on the East Coast.

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Britny Lawhorn
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How do TD Bank and Bank of America compare?

TD Bank logo
Bank of America logo
  • Choose this lender for down payments as low as 3%
  • Choose another lender if you’re not on the East Coast
  • A good option for borrowers with an atypical schedule looking to sit down with a loan specialist
  • Choose this lender for low interest rates
  • Watch out for bad customer reviews
  • A good option for borrowers without much credit history

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Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Only available in: CT, DE, FL, GA, MA, MD, ME, NC, NH, NJ, NY, RI, SC, VA

Available in all states

Pros

  • Online process
  • Low down payment programs
  • Guides and resources
  • Accessibility
  • Low interest rates
  • Alternative credit data
  • Discounts for existing clients

Cons

  • East Coast only
  • Online customer service limited
  • Unclear loan availability
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending
  • Less personalized approach

Customer reviews

TD Bank is accredited with the Better Business Bureau (BBB) and receives an A+ rating. The customer reviews on its BBB profile are sparse — slightly under 130 as of September 2019 — and what few are there average to barely 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. Out of the more than 950 complaints lodged through the BBB, all have either been answered or resolved. In contrast to the poor ratings on its BBB profile, TD Bank received a 2019 award from J.D. Power for its retail banking customer satisfaction in the Southeast.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing almost 5,500 customer complaints over the last three years. However, it falls short in the customer service department, earning slightly over a one-star rating from 405 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 438 reviews as of December 2020. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received. It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
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Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
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Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
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SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
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LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
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