TD Bank Mortgage Review 2021
TD Bank offers mortgage home equity products in 15 states, plus Washington D.C. Borrowers can apply for conventional, Federal Housing Administration, U.S. Department of Veterans Affairs jumbo loans, as well as home equity loans lines of credit.
- TD Bank has a variety of mortgage products.
- Borrowers who qualify for a VA loan do not need a down payment.
- TD Bank offers rate quotes to prospective borrowers.
- TD Bank’s reach is limited mainly to the East Coast.
- U.S. Department of Agriculture loans are not available.
For borrowers who qualify, TD Bank offers two home loans with low down payments no or low private mortgage insurance.
- HomeReady mortgage loan: Borrowers looking to purchase one- to four-unit properties can qualify for a 3 percent down payment, plus affordable cancelable private mortgage insurance. Fifteen- 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 percent down payment no private mortgage insurance.
Homebuyer education is required for both of these loans. Other TD Bank loans include:
- Conventional loans
- FHA loans
- VA loans
- Jumbo loans
- Home equity loans
- Home equity lines of credit
- 1/1, 3/1, 5/1, 7/1, 10/1 or 15/1 adjustable-rate loans
TD Bank does not offer USDA loans.
TD Bank has a minimum FICO credit score of 620 a maximum debt-to-income ratio of 41 percent for its mortgage loans. The exception is FHA loans, which borrowers can typically qualify for with a 580 credit score.
The minimum down payment is 3 percent, except for VA loans, which don’t require a down payment.
Borrowers can get a loan of up to $484,350 with a conventional loan or more with a jumbo loan. TD Bank loans are available in the following states:
- New Hampshire
- New Jersey
- New York
- North Carolina
- Rhode Island
- South Carolina
- Washington, D.C.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
TD Bank doesn’t disclose its mortgage loan fees. Its home equity line of credit includes a $50 annual fee if your loan is $50,000 or more, a $99 origination fee a 2 percent early termination fee if your line of credit is closed within 24 months of opening the account.
The home equity line of credit also offers a 0.25 percent TD Bank relationship interest rate discount to customers with a TD Bank checking account.
TD Bank is accredited by the Better Business Bureau has a B rating.
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 30 with nonmonetary relief.
Borrowers can receive a rate quote, fill out an application, access documents get the status of their application online.
- People who value good customer service.
- People who live in a state where TD Bank operates.
- People who qualify for one of TD Bank’s home loans.