TD Bank Mortgage Review
TD Bank at a glance
 | Minimum credit score: 620 Minimum down payment: 0% to 3.5% Available loan products and programs:
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Our verdict: TD Bank offers all the standard mortgage programs plus some specialized loans for new homebuyers and medical professionals. Homeowners can also tap their equity with home equity lines of credit (HELOCs) and home equity loans, or finance the cost of building a home with a construction mortgage.
| Pros | Cons |
|---|---|
Wide variety of mortgage programs to serve different borrowers needs Jumbo loan options for borrowers in expensive parts of the country Special programs to help low-income borrowers save money on closing costs | No online information about interest rates or fees Doesn’t appear to offer loans to borrowers with scores below 620 Doesn’t offer Freddie Mac loan programs |
TD Bank (short for Toronto-Dominion Bank) originally opened its doors in 1852 as the Portland Savings Bank in Portland, Maine. A series of mergers and acquisitions transformed the company into its present-day version headquartered in Cherry Hill, N.J. TD Bank offers a wide variety of regular banking services in addition to its mortgage products.
TD Bank mortgage products
Conventional
Current and future homeowners can choose from a variety of conventional purchase and refinance programs.
- FNMA 97 mortgage. This program requires only 3% down without the income limits associated with the Fannie Mae HomeReady® program, which TD Bank also offers.
- FNMA RefiNow. Homeowners with very little equity can refinance with DTI ratios as high as 65% (the standard maximum is 50%). Income limits apply.
- Adjustable-rate mortgages (ARMs). Borrowers who need short-term savings can choose ARMs with initial fixed rates terms of three, five, seven or 10 years.
FHA
Borrowers who make more than the income limits allowed for conventional 3% down loan programs can take out loans backed by the Federal Housing Administration (FHA). Features of TD Bank FHA loans include:
- Minimum down payment of 3.5%
- No income limits
- Down payment funds can come from gifts
- No homebuyer education courses required
VA
No-down-payment loans backed by the U.S. Department of Veterans Affairs (VA) are available for eligible military borrowers.
- No down payment is required for eligible buyers.
- A funding fee may be charged instead of mortgage insurance
- Available to eligible active-duty military, veterans and surviving spouses
Home equity
TD bank offers both HELOCs and home equity loans. HELOCs feature variable rates and the flexibility to borrow as much as you want up to your approved limit. The home equity loan product is a good fit for borrowers who want to receive all of their funds in a lump sum at a fixed-rate stable payment.
Jumbo
Buyers that need loan amounts above the current conforming loan limits may want to check out TD Bank’s jumbo loan options. Fixed and adjustable-rate options are available, and the loans can be used to buy or refinance a home.
Special programs
TD Home Access Mortgage
The TD Home Access Mortgage allows consumers to buy a one-unit home with 3% down, and the lender pays for the cost of mortgage insurance rather than charging it to the borrower. Down payment minimums vary based on the number of units (up to four units maximum):
- 3% down payment for a one-unit home
- 5% for a two-unit home
- 10% for a three- to four-unit home
- Up to $5,000 lender credit toward closing costs
Construction loans
If you’re building a home, TD Bank offers a one-closing construction loan that allows you to build your home and make interest-only payments on the amount used for construction. When the home is completed, the loan automatically converts to a permanent loan, so you don’t need to close again.
Medical professional mortgage
Doctors, dentists, residents and fellows less than 10 years out of residency may qualify for low- to no-down-payment loans with no mortgage insurance requirement, even if they aren’t first-time homebuyers.
TD Bank mortgage rates and fees
Mortgage rates and fees are not published on TD Bank’s website. Instead, users can get a personalized rate quote by contacting a branch online, by phone or in person.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
TD Bank’s application experience
TD Bank’s website provides three options to apply for a home loan:
- Use the “Apply Now” button to start an application online
- Call 1-866-325-4516 to speak to a TD Bank loan officer
- Find a loan officer to meet in person at a local TD Bank branch
TD Bank’s customer service experience
Customers can get answers to their mortgage-related questions from a variety of sources including:
- An online help center that allows consumers to ask customized questions
- A Facebook page with instructions for how to message someone at TD Bank
- Direct messaging the lender on Twitter
- Talking to a mortgage advisor at 1-866-325-4516
How does TD Bank compare to other lenders?
| TD Bank | Mr. Cooper | PenFed | |
|---|---|---|---|
| Lender rating | |  |  |
| Minimum credit score | 620 | Not published | 620 to 650 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Loan products and programs |
|
|
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| Rate spread* | 0.24% | 0.58% | 0.11% |
How we rated TD Bank
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
TD Bank’s scorecard: 4/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application