TD Bank, a regional lender, provides a variety of mortgage products but operates only in 15 states and Washington, D.C., limiting its availability. Borrowers in those areas can access down payment assistance through physical branches, though online tools for home buying are reportedly somewhat difficult to locate.
The bank offers numerous loan options, including medical professional loans, home equity loans, and HELOCs. Low-down-payment mortgages and down payment assistance are available to enhance affordability. Applications can be submitted online, in person, or by phone, with discounts offered for setting up autopay or banking with TD. Mobile apps for Android and iPhone devices are highly rated.
However, TD Bank does not serve all states, operating only in Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Washington, D.C. It does not offer USDA or non-QM loans. Personalized rates can be obtained by filling out a quick online form.
Home loan products include purchase loans, refinance loans, conventional loans, jumbo loans, FHA loans, VA loans, fixed-rate mortgages, adjustable-rate mortgages, construction loans, renovation loans, medical professional mortgages, cash-out refinancing, home equity loans, HELOCs, interest-only loans during construction, second home loans, bridge loans, investment property loans, interest rate buydowns, and manufactured home loans. Loans not offered include USDA loans, land loans, ADU loans, non-QM loans, energy-efficient loans, 1% down mortgages, piggyback mortgages, and ITIN mortgages.
For first-time home buyers, TD Bank provides step-by-step guides and low-down-payment options such as FHA, VA, and 3%-down conventional loans, along with construction loans. Assistance programs can help avoid mortgage insurance costs, offer up to $10,000 in lender credits, and allow interest rate buydowns.
In home equity lending, TD Bank offers HELOCs starting at $25,000 with no minimum draw, featuring variable rates that can switch to fixed, and a 0.25% rate discount for eligible checking accounts. Home equity loans come in terms from five to 30 years, with fixed rates and discounts for autopay via TD accounts, and a minimum loan amount of $10,000. Fees include a $99 origination fee and an annual fee around $50 for HELOCs, plus charges for late payments and credit line reductions.
Mortgage rates are not publicly listed, but personalized options are accessible through an online tool that estimates closing costs. Home equity loan and HELOC rates are viewable by entering a ZIP code. According to Yahoo Finance's 2024 HMDA data analysis, TD Bank scored 2 out of 5 stars for mortgage rates, indicating a higher-than-median rate of 6.625%, and 3 out of 5 stars for total loan costs, with a near-median cost of $4,966.51.
Applications can be made online via the "Easy Home Apply" system, by phone, or in person, requiring personal, employment, and property details. Preapproval, termed "prequalification" by the bank, involves a hard credit pull and meeting with a loan officer, with no online option available.
Online tools include a home lending learning center and a "TD Advice" hub with calculators, though these resources are noted as hard to find. The bank's pros include strong affordability with various loan types and rate transparency, while cons involve difficult-to-find online resources, no USDA loans, and a limited 15-state footprint.
Compared to Bank of America, TD Bank offers more mortgage types but has a smaller geographic reach. Compared to Rocket Mortgage, TD Bank provides more loan options like HELOCs and construction loans, though Rocket Mortgage offers a 1%-down loan and closing cost credits.
Frequently asked questions note that rates vary by borrower and are accessible via an online form, a minimum credit score of 620 is required for low-down-payment options, and payments can be made online, by phone, in person, or through the mobile app.