It might seem a bit strange that a financial institution with initials that stand for “Toronto Dominion” is one of the 10 largest banks in the United States, but TD Bank has nearly 1,300 retail branches in 15 states and the District of Columbia. It calls itself “America’s Most Convenient Bank,” and it backs that claim up with weekend branch hours, 24-hour customer service via phone and extensive mobile banking options.
Millennials rejoice: TD Bank embraces technology. It was the first global financial institution to connect with customers via Facebook Messenger, and it offers a TD skill on Alexa that gives customers information on everything from branch locations to current exchange rates. If you want a lot of options and customer service with a personal touch, consider TD when figuring out how to find the best mortgage lenders.
TD Bank Mortgages
TD Bank offers various loan types for mortgages and refinancing. Here are TD Bank’s four options:
- Fixed-rate mortgages to lock in your rate and monthly payment
- Adjustable-rate mortgages for lower initial monthly payments
- Government loans for first-time homebuyers and U.S. military veterans
- Jumbo loans for homebuyers who need to borrow more than $453,100
TD Bank also offers alternatives to conventional mortgages. They include:
- HomeReady: 15- or 30-year, fixed-rate loans for single-family homes with cancellable mortgage insurance and a 3 percent down payment that can come from gifted funds
- TD Right Step Mortgage: 30-year, fixed-rate mortgage that doesn’t require borrower-paid mortgage insurance, but does require a 3 percent down payment that must come from your own funds
- FHA: 30-year, fixed-rate loan with maximized mortgage insurance and a 3.5 percent down payment that can come from gifted funds
The Application Process
Once you apply, TD Bank will give you a conditional decision on your mortgage application and follow up via phone to go through the next steps. It will also send you a closing costs estimate within three days of receiving your application. TD Bank mortgage loans typically close within 30 to 45 days.
TD Bank Offers Handy Tools
The TD Bank website provides useful homebuying tools you should review before you apply for your home loan. Use the mortgage loan payment estimator, a calculator to help you determine how much you can afford to spend on a house, and check out the interactive guide to various mortgage options. You can also explore the guide that walks you through the mortgage process, provides special information for first-time homebuyers and helps you understand your credit score.
If you’ve reviewed a lot of mortgage information but still aren’t ready to buy, take advantage of the TD’s rate watch service, which alerts you when TD current mortgage rates drop to a certain level. Once you sign up, the bank automatically monitors rates for six months and alerts you if home loan rates drop.
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TD Bank Mortgage Advantages
Even if you don’t apply for a TD Bank mortgage, its calculators and resources are valuable tools you can use in your search for a lender. If you do decide to apply through TD Bank, you can talk to a mortgage advisor at your convenience. Once your application is in the works, you can check its status and access related documents on the TD Bank website. Once you’re approved for your TD Bank mortgage, you can make payments online and enjoy 24-hour customer service.
TD Bank Mortgage Disadvantages
Mortgage rates vary among lenders, so TD Bank might not have the best mortgage rates. Shop around and research a wide range of lenders, including local banks and credit unions, and watch for special promotions that could lower mortgage rates today.
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Consider TD Bank for Your Mortgage
TD Mortgage lives up to its solid reputation by providing customers a number of different loan options, an online suite of tools to help you review those options and easily accessible customer service. Although you have to dig to find actual TD Bank mortgage rates, this bank’s focus on technology — coupled with a human touch — makes it worth considering when you’re reviewing the best mortgage rates and options.
Disclaimer: Rates are current as of Feb. 26, 2018, and are subject to change. This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by TD Bank.