Toronto-Dominion Bank was founded in 1852 in Portland, Maine under the name Portland Savings Bank. Toronto-based TD Bank Group has since owned the company. The bank offers numerous home loan options tailored to various kinds of consumer needs, alongside a slate of other financial offerings such as investment services and checking.
TD Bank serves all U.S. states, as well as the District of Columbia and the territories of Puerto Rico, the Virgin Islands, Guam, and American Samoa. The institution is accredited by the Maine Better Business Bureau (BBB) with a rating of A+ and an average customer review score of just over 1/5.
TD Bank Mortgage Facts
- Offers a variety of loan products, including qualified mortgages and offerings for low- to medium-income households
- Participates in several government-backed loan programs from the VA, FHA, and USDA
- Provides both fixed-rate mortgages and ARMs, construction loans, jumbo loans, and cash-out refinancing options
- Offers several loan equity calculators on its website
- Negotiates loans over the phone or in person, rather than online
Overall
TD Bank was formed in Maine in 1852 as Portland Savings Bank and attained its current nationwide scale through a series of mergers. The financial institution is now one of the most popular banks in the country and offers many financial products in addition to its loans and mortgages.
The company is accredited by the Maine BBB and maintains an A+ rating with the organization. Consumer complaints and negative reviews are numerous, with over 900 BBB complaints and an average review score just over 1/5.
This is not uncommon for a bank of its size, however—considering the breadth of its services—it is to be expected that many of the issues reported have to do with financial products such as checking and credit accounts.
Current TD Bank Mortgage Rates
TD Bank Loan Specifics
TD Bank Fixed Rate Loans
Fixed-rate home loans are based on steady monthly payments over the life of the loan. TD Bank recommends these loans for individuals who are interested in owning their homes for years to come.
When rates are at historic lows, it may be an excellent time to apply for a fixed-rate loan. Another advantage of this type of loan is that down payments tend to be lower than they are for adjustable-rate products.
TD Bank Adjustable Rate Loans
An adjustable-rate mortgage (ARM) has monthly payments that change during the life of the loan. With this type of loan payments are low at the start of the loan duration. While such an arrangement may seem attractive to buyers who can’t afford high initial payments, borrowers should have a plan for how to handle larger payments later on.
TD Bank recommends these loans for people who intend to sell their homes and note that borrowers can switch to fixed rates later. There are upper limits to ARM rates, which protect homeowners from dealing with costs they can’t handle.
TD Bank Jumbo Loans
Jumbo loans are a type of home loan for either purchasing or refinancing. As of 2018, jumbo loans are granted for amounts over $453,100 in the conterminous United States, yet that limit increases to $679,650 for Alaska, Guam, Hawaii, and the U.S. Virgin Islands.
These types of mortgages can have either fixed or adjustable rates and are recommended for those looking to purchase or refinance high-value homes.
TD Bank FHA Loans
The Federal Housing Administration backs loans for prospective buyers who aren’t able to afford the higher down payments associated with qualified mortgages. TD Bank lists these loans alongside its own unique, affordable loan products and offers them on 30-year fixed-rate models.
Some additional benefits of FHA loans are that up to 3.5 percent of the down payment can come from gift funds to the homeowner and that there is no first-time homebuyer education course required for approval.
TD Bank Government/VA Loans
The Department of Veterans Affairs insures loans with low or no down payments for veterans, service members, and military spouses. Another advantage of VA loans is that they typically don’t require mortgage insurance.
TD Bank suggests that military personnel check whether they are eligible for these special rates and adds that there are a number of government loans available for individuals with connections to federal work.
TD Bank Cash-Out Refinance Loans
A cash-out refinance loan is a specialized type of loan designed to replace an existing mortgage with a new, higher-value one. The difference between the current value of the mortgage and the new amount becomes available to the borrower as equity.
It’s recommended that the money from such loans be used for significant or pressing purposes such as paying off a large debt, making a major purchase or working toward another long-term financial goal.
TD Bank USDA Loans
As part of its affordable housing program lineup, TD Bank offers Rural Development Loans backed by the U.S. Department of Agriculture. USDA loans are guaranteed against default, don’t require a down payment, and are available to individuals looking to build, renovate, or purchase a home in a rural area.
TD Bank Mortgage Customer Experience
TD Bank offers several online tools to make the mortgage application process easier, including a monthly mortgage payment calculator. The calculator takes into account such factors as credit rating, property location, loan purpose, mortgage type, and down payment to predict what a homeowner can expect to pay.
Instead of linking to an online application, TD Bank connects prospective borrowers to agents via phone. The applicant can request to speak about a specific loan type and size, and tell the bank when it is most convenient to get in touch. Those who would prefer to avoid this process can also call the company’s direct phone number at 1-800-822-6761.
Prospective borrowers should be prepared to provide the following documentation when applying for a loan from TD Bank:
- Personal identification such as a passport, driver’s license, voter ID, birth certificate, divorce decree, bankruptcy record, Social Security Number or tax identification number
- Income verification such as pay stubs or Social Security income records
- W-2 forms from every employer the borrower has worked for dating back two years
- Additional income information such as IRS forms for business owners, income information from investment or retirement accounts, bank statements and rental or lease documents
- Property documentation such as sales and purchase agreements
- Proof of homeowners insurance
- Credit score
Mortgage approvals from TD Bank tend to take 30-45 days. This is on the low end compared to the average of top mortgage companies which, according to the latest Ellie Mae figures, is 44 days for all loan applications.
BBB consumer reviews for TD Bank, as tracked by the BBB in Maine where the company was founded, are largely negative. Many of these reviews focus on elements of the bank’s business, such as credit and checking accounts, but there have also been complaints regarding the mortgage process.
While some of these focus on customer service problems, others center around issues caused by technology transitions on the bank’s end. With so many of the over-100 BBB reviews coming in at 1/5 stars, the average is barely above one.
This is not uncommon for large financial services providers, yet consumers are advised to read reviews and inform themselves before opting for the services of this or any other such company.
TD Bank Lender Reputation
Founded in 1852, Toronto-Dominion Bank is a financial institution with over 160 years of industry experience. Although it has received 912 complaints through the BBB’s Maine branch, it holds an A+ BBB rating with the organization and has been accredited since 2012.
Data collected: Nov. 7, 2018
TD Bank Mortgage Qualifications
TD Bank borrower qualifications depend on the type of loan selected. The bank offers borrower-friendly loans to individuals who don’t meet the requirements for standard qualified mortgages, including VA, USDA, and FHA loans.
Government-backed loans allow individuals to use gift money as part of the down payment, provided there is a letter attesting to the fact that the funds are not a loan. Down payments range from 3 percent to 20 percent of the home value, with payments under 20 percent potentially requiring mortgage insurance.
|
Credit Score Requirements |
Gift Funds for Down Payments |
Down Payment Requirement |
Required Debt-to-Income Ratio |
|
See below |
Allowed |
3% and up, based on loan type |
None specified |
In more general terms, the bank’s mortgage calculator tool shows the institution’s perspective on the relative value of credit scores:
|
Credit Score |
Assessment |
|
740+ |
Excellent |
|
720-739 |
Very Good |
|
700-719 |
Good |
|
660-699 |
Fair |
|
<660 |
Not Specified |
TD Bank Phone Number & Additional Details
- Homepage URL: https://www.td.com/
- Company Phone: 888-751-900
- Headquarters Address: 10 Great Falls Plaza, Auburn, ME, 04210-5915
- States Serviced: All 50 states plus the District of Columbia, Puerto Rico, Guam, American Samoa, and the Virgin Islands
The post TD Bank Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.
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