TD Bank Mortgage Review 2024
620
0% to 3.5%
Conventional, FHA, VA, jumbo, home equity loans, HELOCs
See how we reached our verdict below.
- Offers a variety of home loan types
- Low-down-payment programs available
- Applicants can get a rate quote online before submitting an application
- Only available in 15 states and Washington, D.C.
- Limited lender fee information disclosed on website
- No USDA loans available
TD Bank mortgage overview
TD Bank, or Toronto-Dominion Bank, was initially founded as Portland Savings Bank in 1852. Since then, after several mergers and acquisitions, it has grown into the financial institution you see today.
- Areas of service: 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.
- Digital service: Borrowers can start an application online
- Headquarters: 1701 Route 70 East, Cherry Hill, NJ 08003
- Website: TD.com
TD Bank rates, terms and fees
Rates
TD Bank doesn’t publish its current mortgage rates online. You can find out what rate you may qualify for by completing the prequalification process.
TD Bank’s rates aren’t as competitive as those of many other national banks. Average TD Bank mortgage rates across all loan types were 0.86% higher than the average prime offer rate (APOR) in 2023. The APOR is a benchmark rate that shows the lowest APR a bank is most likely to offer in the current market.
In 2022, TD Bank’s rates were 0.24% higher than the APOR. That means TD Bank saw a 60% increase in its rate spread from 2022 to 2023.
Fees
According to data from the Federal Financial Institutions Examination Council (FFIEC), TD Bank’s average total loan cost was $2,483 and its average origination fee was $807 in 2023. These averages are much more competitive compared to other major banks. The average total loan cost at Chase Bank was $5,453 and at Ally Bank was $7,193 in 2023.
However, you won’t be able to find what fees TD Bank charges on its website. You’ll get an accurate picture of what you’ll pay once you submit your information to get preapproved for a home loan.
What discounts does TD Bank offer?
What types of mortgage loans does TD Bank offer?
TD Bank offers a variety of home loans including:
Conventional loans
Applicants can choose from various conventional home loan options, including fixed-rate and adjustable-rate mortgages (ARMs). TD Bank also offers the FNMA 97 Mortgage for first-time homebuyers, which requires a down payment of just 3%.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% minimum down payment
FHA loans
Loans backed by the Federal Housing Administration (FHA) are available to those whose income exceeds the limits allowed under other low-down-payment programs. FHA loans require borrowers to pay mortgage insurance, and there are maximum mortgage limits depending on where you buy a home.
FHA loan qualification requirements
- 3.5% minimum down payment
- Mortgage limits apply, which vary by county
VA loans
These loans are backed by the U.S. Department of Veterans Affairs (VA) and offer benefits such as no down payment requirements and no mortgage insurance. VA loans (including refinancing options) are available to qualifying military members, veterans and their families.
VA loan qualification requirements
- No income limits
- Minimum credit score requirements may apply
- Must be a qualifying military member or veteran or surviving spouse
Jumbo loans
TD Bank offers jumbo loans that are larger than the current conforming loan limit. A mortgage is considered a jumbo loan when it is greater than $766,550, the current Federal Housing Finance Agency conforming loan limit for a single-family home. Home loans and refinance loans are available at both fixed and adjustable rates.
Jumbo loan qualification requirements
- Higher down payment may be required
- Higher minimum credit score may be required
Home equity loans
Applicants can choose from home equity loans or home equity lines of credit (HELOCs). Home equity loans are available for terms ranging from five to 30 years at fixed rates. With HELOCs, there is no minimum amount you have to borrow, and qualifying TD Bank customers can choose to lock in their interest rate.
Home equity loan qualification requirements
- Maximum combined loan-to-value (CLTV) ratio not disclosed; varies based on creditworthiness and other factors
- Proof of existing homeowners insurance
- Minimum credit score requirements not disclosed
TD Bank mortgage qualifications
| Credit score minimum | 620 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45% FHA: 43% VA: 41% Jumbo: 45% |
| Down payment minimum | Conventional: 3% FHA: 3.5% VA: 0% Jumbo: 20% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
How to apply for a TD Bank mortgage
1. Choose your loan type
From the home page, navigate to the bank’s “Home Lending” section from the drop-down menu. From there, choose “TD Bank Mortgage Loans” or “TD Bank Home Equity Lines of Credit and Loans.”
2. Get prequalified
Getting prequalified lets you see the rates and terms you may be eligible for. You can start the prequalification process online, by speaking to a mortgage loan officer at a local branch or by contacting TD Bank by phone.
3. Submit a loan application
If you’re satisfied with the rate and term you prequalify for, consider submitting a loan application and locking in your mortgage rate. At this stage, you’re aiming to get preapproved rather than prequalified for a loan.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with TD Bank?
It’s safe to get prequalified with TD Bank. You can check what rates you qualify for without affecting your credit score. To formally apply for a mortgage, TD Bank will check your credit report, which could temporarily affect your score.
TD Bank’s customer service experience
You can contact TD Bank via the following options:
- Phone: 866-325-4516 (mortgages) or 800-815-6849 (home equity loans and lines of credit)
- In-person: Find a location online; opening hours vary
- Chatbot: You can ask general questions using TD Bank’s live virtual assistant
Existing customers can log into their accounts to send a secure message to customer service. These options are typical of what many big banks with brick-and-mortar locations offer.
How does TD Bank compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | 620 | 580 to 620 | 580 to 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 1% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.86% | 1.01% | 0.73% |
| Loan products and programs |
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|
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| Better for: | Existing TD Bank customers who can qualify for rate discounts. | Borrowers who want a more digital-facing loan experience. | Borrowers looking for more affordable down payment assistance options. |
TD Bank vs. Rocket Mortgage
Both TD Bank and Rocket Mortgage offer the option to apply for a loan online. But Rocket Mortgage shows current mortgage rates on its website, and you can get fully prequalified online. Plus, the lender is available in all 50 states and Washington, D.C., whereas TD Bank isn’t. Those who want home equity loan options, though, won’t find them at Rocket Mortgage.
→ Read more in our full Rocket Mortgage review.
TD Bank vs. BMO Harris Bank
TD Bank offers low down payment options like the FNMA 97 Mortgage and the TD Home Access Mortgage, which provides a $10,000 lender credit. BMO Harris offers a range of affordable mortgage options, too. BMO’s Neighborhood Home Loan Product, in particular, stands out in that it has a down payment requirement of just 1% and offers up to $16,000 in closing cost assistance. It’s also available both for those who want to buy and refinance.
→ Read more in our full BMO Harris Bank mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree 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:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
TD Bank allows you to see what rate you may qualify for based on your personal information, the mortgage type and home cost. You can also start an application online and make mortgage payments by logging into your account.
Yes. TD Bank is a legitimate financial institution that has been serving customers, in various iterations, since the mid-1800s.
You can view more info about TD Bank’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a TD Bank home loan may affect your credit score. According to a LendingTree analysis, on average, applying for a mortgage will lead to a drop in your score of about 20 points. It typically returns to its previous level within a year.
TD Bank is a Better Business Bureau-accredited business. Of the 272 customer reviews, many complaints stemmed from unknown fees, though none of these were directly related to home loan products. In the positive reviews, customers wrote that TD Bank provided excellent customer service and was attentive to their needs. TD Bank has a Trustpilot rating of 1.5 out of 5 stars. Of all the positive and negative reviews, none were directly related to the bank’s mortgage programs.
In September 2024, the Consumer Financial Protection Bureau (CFPB) issued an order against TD Bank, finding that it supplied inaccurate customer information to credit reporting agencies and failed to correct or update the errors after learning of them. These errors could have affected customers’ ability to access housing or additional credit.
On the CFPB’s complaint database, there were 109 complaints about TD Bank’s mortgage business over the past three years. These largely had to do with the payment process, or difficulty communicating with the company while it was servicing a mortgage.