TD Bank Mortgage Review 2024

TD Bank overview

With more than 1,100 locations, TD Bank is one of the biggest banks in the U.S., serving some 9.8 million customers (not counting its massive presence in Canada). The bank offers mortgages in the same areas where it maintains its network of branches. It offers a range of loan options, including jumbo loans and the TD Home Access and TD Right Step programs. After submitting an online application or consulting with a loan officer, eligible borrowers can get prequalified immediately.  The bank was unable to share average days to close with Bankrate, but indicated that the timeline varies based on factors including the type of loan, seller requirements and time of year.

Pros and cons of TD Bank

How Bankrate scored TD Bank

• Affordability: Like other big banks, TD Bank’s mortgage rates are somewhat higher compared to other types of lenders, but overall aligned with Bankrate’s averages (as of this review). The bank charges a flat underwriting fee on conventional loans.
• Availability: TD Bank only operates in some parts of the U.S. In the states where it has a presence, however, it offers a large variety of mortgage options for virtually every type of borrower.
• Borrower experience: If you’re eligible for a loan, TD Bank can prequalify you immediately. Notably, the bank has an A+ rating from the Better Business Bureau.

Affordability: 6.8/10

TD Bank’s mortgage rates are comparable to Bankrate’s averages, and they’re easy to find via the bank’s online personalized rate tool. Simply enter in your purchase price, down payment, credit score and zip code, and you’ll get an array of options that include interest rate, closing costs and estimated monthly payments. The bank requires a flat underwriting fee for most mortgages, with the exception of government-backed products and CRA (Community Reinvestment Act) loans. Notably, if you qualify for the TD Home Access Mortgage, you’ll receive a $10,000 lender credit to put toward your down payment or closing costs or buy down your interest rate.

Availability: 7.6/10

A major upside to working with TD Bank: If you’re borrowing in one of its locations, you’re likely to find a product that matches your needs. The bank provides conventional and government-insured loans; jumbo mortgages for higher-priced properties; home equity options and refinancing; construction loans; and loans for medical professionals. It also offers two affordable proprietary programs: TD Home Access for borrowers in Black and Hispanic communities; and TD Right Step, which includes lender-paid mortgage insurance.

Borrower experience: 8.7/10

TD Bank is one of the largest depository institutions in the U.S. and has an A+ rating from the Better Business Bureau.

If you qualify for a mortgage from the bank, you can expect a conditional approval in approximately three days, according to a bank spokesperson. After creating an online account, you can submit all your documentation and track the status of your loan. Before you go through that process, the bank’s personalized rate tool offers a complete comparison breakdown between different loans and terms, plus closing cost estimates. There’s also a downloadable first-time homebuyers’ kit.

If you have questions, there are several avenues to contact the bank, including via its website, or by phone, direct message on Facebook or Twitter or visiting a branch (most are open seven days a week). The bank’s online search capability also makes it easy to find a loan officer in your area.

How to apply for a mortgage with TD Bank

You can apply for a mortgage with TD Bank in person at a branch location, online or by phone at 866-592-8480.Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with TD Bank

TD Bank offers both rate-and-term and cash-out refinancing options. You’ll need to share some information about your loan online to get a rate estimate and details about closing costs and fees.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.