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TD Bank Mortgage Review
There’s a lot to like about TD Bank thanks to solid interest rates, affordable mortgage options and excellent customer service. If you live on the East Coast, TD Bank has over 1,000 locations and is a great option for getting a mortgage.
Toronto-Dominion Bank, or TD Bank for short, offers a wide range of banking products including checking and savings accounts, credit cards, personal loans, mortgages and more. The company has been serving banking and mortgage customers since 1852 when it was founded as Portland Savings Bank in Portland, Maine. TD Bank mortgage rates, specifically, come with fixed interest rates, adjustable rates, Jumbo loans and affordable home loan programs. If you are looking for TD Bank home mortgage options with affordable rates, you’re in luck.
TD Bank at a glance
| Lender | Loan Amount | APR Range | Terms | Key Benefit |
|---|---|---|---|---|
| TD Bank Mortgage | $0 – $484,350 | N/A | 15 – 30 years | Loan options for everyone |
What we like about it
TD Bank offers a full range of mortgages and home equity products including, government-backed, conventional, VA, home equity lines of credit and jumbo loans, with adjustable and fixed rates available. If you need more affordable options or only have about 3% down payment, check out the HomeReady, Right Step Mortgage or FHA loan programs.
More specifically, if you are a physician or dentist, TD Bank offers a medical professional mortgage designed to take your student loans and earning potential into account. With this option, you may qualify for higher loan amounts and even buy a home with no money down required.
Things to consider
If you do not live on the East Coast, it may be difficult to sit down with a mortgage loan specialist.
Another downside is that TD Bank’s online customer service is a bit limited, as the online portal has only been available since 2017. If you choose to contact customer service via social media or email, you will likely be rerouted to the Contact page on its website, where you are urged to visit a physical location or call customer service directly. Still, most customers boast about TD Bank’s supportive customer service experience.
TD Bank also doesn’t provide its mortgage rates online, which can be a huge downside if you want to compare as you shop.
What you need to know
TD Bank is known for having high-quality customer service and a wide variety of financial products for the East Coast customers it serves. It offers four types of fixed-rate loans available for 30- or 15-year rates, including conventional and jumbo, as well as more affordable programs like the HomeReady and TD Right Step Mortgage programs.
Over the past few years, TD Bank has made it easier to get a mortgage quote online and offers great customer service over the phone or in person. Before starting the process of applying for a mortgage with TD Bank, prepare your budget, review your credit score, gather any financial documents and prequalify for a mortgage rate online.
Once you have done this, the process of applying for TD Bank mortgages online is simple (you can also apply over the phone by calling 1-866-325-4516 or by visiting a TD Bank location).
- Head to the TD Bank website, select Mortgage under the Products menu and click the “Apply Now” button.
- To receive your quote, start filling out the application. Fill out your first and last name and email address, then create a password so you can save your application details online.
- Fill out the rest of the application, upload any required documents and submit your request.
- Upon approval, TD Bank will contact you to schedule a closing date and verify the location to finalize the paperwork.
- From start to finish, TD Bank states that the estimated turnaround time for mortgage finalization is 30 to 45 days.
Collateral and criteria
TD Bank does not list all of the criteria for applying for a mortgage on its website, but you will likely need verification documents for your income and personal data. Gather up documents like a W-2 or recent pay stubs, signed tax returns, bank statements and any other financial data that may affect your ability to get a mortgage.
You will also need to check your credit, as TD Bank requires a fairly decent credit score of 620 or better to be approved for a conventional mortgage. However, after speaking with a loan officer, you may find that you qualify for one of the more affordable mortgage programs, such as being able to pay a 3% down payment.
TD Bank alternatives
Bank of America
The bank also offers some affordable housing assistance programs, including down payment grants and low down payment options.
Founded originally in 1904, Bank of America currently has its headquarters in Charlotte, North Carolina. As the second-largest bank in the U.S. by assets, Bank of America is well equipped to handle all of your borrowing needs, including mortgages. Bank of America mortgage loans are available in many variations, including FHA, VA, ARMs — 5, 7 and 10 year — and fixed-rate — 15, 20 and 30 year — options.
- Although it has fewer locations than some of the big U.S. banks, TD Bank’s lending offerings are comparable to institutions like Bank of America. Both companies offer nearly identical types of mortgages, low interest rates and have similar criteria requirements. The main difference is that Bank of America is available in all states, whereas TD Bank only has locations in East Coast states. The one area where TD Bank outshines Bank of America is its outstanding customer service.
PNC Bank
While PNC Bank was founded in 1845 as Pittsburgh Trust and Savings Company, the company has completely reimagined itself since then.
These days, PNC Bank offers an array of banking products and tools that target a wide range of consumers. Offerings include wealth and asset management, checking accounts, online savings accounts, home loans, credit cards, and more.
- When comparing TD Bank reviews with PNC Bank reviews, it’s clear they are comparable financial institutions. Each company has limited physical locations, offers nearly all of the same loan options and requires a credit score of 620 to qualify for a loan. The main factor that helps TD Bank stand apart from PNC Bank is its accreditation with the Better Business Bureau (BBB) (along with an A+ rating). PNC Bank is not accredited with the Better Business Bureau, and many individuals report having issues with customer service. Even so, PNC Bank does have an A+ rating on its profile.
Compare top mortgage lenders
Too long, didn’t read?
If you are looking for a great customer service experience with getting a mortgage, and live in an East Coast state, then we recommend giving TD Bank a try. With many different product offerings for mortgages and wealth-building tools, as well as personal banking options, TD Bank lets you do all of your banking in one convenient place. There’s a reason TD Bank is known as “America’s Most Convenient Bank” and is listed as one of the top 10 banks in America.
Keep Reading
Methodology
We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.
Our editorial team:
- Identifies five factors to compare across each brand
- Determines the rating criteria for each factor
- Calculate an average of those five factor scores to get one SimpleScore
We break down each of these five factors and their rating criteria for our review of the best mortgage companies.
Why do some brands have different SimpleScores on different pages?
Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.
For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.
Perks
Mortgage lending companies that provide more perks receive a higher score from us.
Hard/Soft credit checks
We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.
Customer satisfaction
We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)
Product variety
Mortgage lenders that offer more products for their home loans are given higher scores.
Fees
Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.
Reviewed by
Andrea Perez
Personal Finance EditorAndrea Perez is an editor at The Simple Dollar who leads our news and opinion coverage. She specializes in financial policy, banking, and investing.
