TD Bank Mortgage Review 2023

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Min. Down Payment
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Min. Down Payment
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Min. Down Payment
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For borrowers who qualify, TD Bank offers home loans with low down payments and no or low private mortgage insurance, including:

  • HomeReady mortgage loan: Borrowers can qualify for a 3% down payment and can request to cancel their private mortgage insurance when they reach 80% equity. Fifteen- and 30-year fixed-rate loans are available.
  • TD Right Step Mortgage loan: If you qualify, you can get a 30-year fixed-rate loan with a 3% down payment and no borrower-paid private mortgage insurance.

Homebuyer education is required for both of these loans. Other TD Bank loans include:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Medical professional loans
  • Construction loans
  • Jumbo loans
  • Home equity loans
  • Home equity lines of credit
  • Adjustable-rate loans

Prospective borrowers can apply for a TD Bank mortgage online or speak to a mortgage loan officer over the phone or in person at a TD Bank branch. The lender says it works to give applicants a conditional response within 24 hours of the application’s submission.

If the applicant is conditionally approved, TD Bank will contact them to review loan conditions, documentation and next steps; provide the borrower with a loan estimate within three business days of the application’s submission; and schedule a tentative closing date within 30 to 45 days of the application’s submission.

Terms, fees and conditions differ between loan products. For example, the TD Bank Medical Professional Mortgage offers a 0% down payment option, and affordable loan programs allow borrowers to make down payments as low as 3%.

If the down payment is less than 20%, a borrower may be required to buy private mortgage insurance. Depending on the loan, this may also mean paying the first premium as part of the closing costs.

Closing costs typically run between 2% and 6% of the loan amount and include fees paid to state and local governments, and bank fees associated with the mortgage.

A TD Bank home equity line of credit comes with a $50 annual fee on loans over $50,000, a $99 origination fee and an early termination fee of 2% of the outstanding principal balance – with a $450 maximum – if the line of credit is closed within 24 months of opening the account.

The home equity line of credit offers a 0.25% TD Bank relationship interest rate discount to customers with a TD Bank checking account.

Prospective borrowers can prequalify for a TD Bank mortgage by providing a mortgage loan officer with basic income, debt and asset information. After reviewing the prospective borrower’s credit report, TD Bank will disclose the maximum loan amount they can receive.

The lender doesn’t disclose the credit scores or debt-to-income ratio needed for its products, and it encourages prospective borrowers to speak with a TD Bank mortgage specialist.

TD Bank loans are available in the following states:

  • Connecticut
  • Delaware
  • Florida
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • Washington, D.C.

TD Bank is accredited by the Better Business Bureau and has a B rating.

In 2021, the Consumer Financial Protection Bureau received 146 mortgage-related complaints for TD Bank. The most common complaints involved:

  • Trouble during the payment process.
  • Applying for or refinancing a mortgage.
  • Closing on a mortgage.

TD Bank provided a timely response to all complaints, and 89 closed with explanation, 36 closed with nonmonetary relief and 21 closed with monetary relief.

In 2020, the Consumer Financial Protection Bureau received 152 mortgage-related complaints about TD Bank. Most of the issues were related to:

  • Trouble during the payment process.
  • Applying for or refinancing a mortgage.
  • Closing on a mortgage.

TD Bank provided the CFPB with a timely response for all issues, with 89 closed with an explanation, 30 with monetary relief and 33 with nonmonetary relief.
TD Bank’s customer service is available 24 hours a day, seven days a week through its general assistance phone number. Customers can also connect with the lender via Facebook Messenger or Twitter direct message.

Borrowers can receive a rate quote, fill out an application, access documents and get the status of their application online.

  • People who value 24/7 access to customer service.
  • People who live in a state where TD Bank operates.
  • TD Bank checking account holders who want to apply for a home equity line of credit.

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