TD Bank Mortgage Review 2025

TD Bank overview

With more than 1,100 locations, TD Bank is one of the biggest banks in the U.S., serving some 9.9 million customers (not counting its massive presence in Canada). The bank offers mortgages in the same areas where it maintains its network of branches. Its range of loan products includes conventional, government-backed and jumbo loans, as well as the TD Home Access and TD Right Step programs. It also offers construction loans for new builds and mortgage options for medical professionals. 

Pros and cons of TD Bank

How Bankrate scored TD Bank

Affordability: 5/5

TD Bank has low rates and low down payment loan options and participates in HFA affordable housing programs, awarding it a perfect affordability score of 5 out of 5 stars.

• Interest rates: TD Bank offers mortgage rates with APRs below market average at the time of this review.
• Down payment: TD Bank offers VA and USDA loans with no down payment requirement,  conventional loans with a 3 percent down minimum and FHA loans that come with a 3.5 percent down requirement.
• Fees: TD Bank charges an origination fee.
• Closing costs: Closing costs vary depending on many factors. You’ll receive a loan estimate with closing costs within three days of applying for a loan.

Availability: 3.8/5

TD Bank provides a wide variety of loans but it only lends in 15 states, so it scores a 3.8 out of 5 stars for availability.

• Home loans offered: TD Bank offers conventional, jumbo, FHA, USDA and VA loans. It also offers mortgages for medical professionals, refinancing options and construction loans.
• Footprint: You can get a TD Bank mortgage in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
• Where to find: You can begin your mortgage application at TD Bank online, over the phone or at any of its hundreds of branch locations.

Borrower experience: 4.7/5

TD Bank gets high marks for borrower experience due to its rate transparency and many contact methods. However, it does not offer e-closings, which lowers its borrower experience score, giving it 4.7 out of 5 stars overall.

• Application and preapproval process: You can start the preapproval process with TD Bank online, over the phone or in person. You’ll need to furnish financial information and submit to a credit check. The preapproval will give you a more accurate idea of how much house you can afford. Once you’ve had an offer on a house accepted and signed a purchase agreement, you can start the mortgage application and underwriting process.
• Transparency: TD Bank offers a customizable rate tool, giving you a more accurate mortgage rate estimate.
• Customer service: TD Bank allows you to contact its customer service in person, over the phone, and via email or online chat.

TD Bank reputation

TD Bank is one of the largest depository institutions in the U.S. It’s accredited by the Better Business Bureau but does not have a rating at the time of this review. Over 200 customer reviews on Trustpilot scored the bank 1.5 out of 5 stars, giving the bank a “Bad” ranking.

TD Bank in the news 

In Sept. 2024, the Consumer Financial Protection Bureau (CFPB) issued an order against TD Bank, finding that TD Bank submitted errorful information to credit reporting agencies over several years. The CFPB report says that TD Bank knew of the errors for at least a year and failed to fix them, as well as failed to conduct timely investigations into consumer disputes. For this, TD Bank was ordered to take steps to prevent future violations, pay $7.76 million to affected consumers and pay a $20 million penalty.

TD Bank special offers

TD Home Access Mortgage

TD Home Access Mortgage offers up to $10,000 in lender credit for those who meet specific area median income limits. Borrowers can use this credit toward a down payment and closing costs. The program also only requires 3 percent down and does not require borrower-paid mortgage insurance.

TD Right Step Mortgage

The Right Step Mortgage requires only 3 percent down and no borrower-paid mortgage insurance is required. For properties in low-to-moderate income census tracts, there are no income limits to qualify, and various property types are eligible, including condos, co-ops and manufactured homes.

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 refinance rate estimate and details about closing costs and fees.

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 a home appraisal.