Business Insider's personal finance team compared TD Bank to the best mortgage lenders and found it to be a standard lender with options for a variety of different borrowers, especially first-time homebuyers.
TD Bank Mortgages is a good lender for those who need affordable mortgage options, thanks to its Right Step and Home Access mortgages, which have flexible credit requirements and allow down payments as low as 3%. Home Access mortgages also come with a $10,000 lender credit. But TD Bank mortgages aren't available nationwide — this bank only offers mortgages in 15 states and Washington, D.C.
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Conforming, FHA, VA, construction, jumbo, Medical Professional, TD Right Step, TD Home Access, home equity loan, HELOC
- Wide range of mortgage options
- Offers affordable loan programs with flexible credit requirements
- Easily explore customized rates
- Only available in 15 states and Washington, DC
- Low trustworthiness rating
- Offers mortgages in 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.
- Minimum credit score and down payment displayed are for conforming mortgages
Overview of TD Bank Mortgage
TD Bank is a bank that offers a variety of financial services. It lends mortgages in 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.
Loan Options
Conventional Loans
- Conforming loans
- Construction loans
- Medical Professional mortgages
TD's Medical Professional mortgage is a type of physician loan, and is aimed at doctors, dentists, residents, or fellows. Physician loans make qualifying for a loan easier for medical professionals, who typically have high debt-to-income ratios (DTI).
Jumbo Loans
TD Bank's jumbo loans are available as either fixed-rate or adjustable-rate mortgages.
FHA and VA loans
It also offers the following types of government-backed loans:
TD's Right Step and Home Access Mortgage Programs
TD has a couple of mortgage programs for borrowers who are struggling to afford a down payment.
Its Right Step mortgage has flexible credit guidelines, making it easier to qualify for than a traditional mortgage. It accepts borrowers who meet income limits or live in a low-to-moderate income census tract. You won't need to pay for private mortgage insurance on this loan, even with a down payment of just 3%.
TD's Home Access mortgage is only available in certain areas to those who meet income limits. It offers a $10,000 lender credit, which can be used toward a down payment or closing costs and doesn't need to be repaid. This mortgage also has flexible credit guidelines and requires no mortgage insurance.
Home equity
TD Bank offers both home equity loans and home equity lines of credit (HELOCs).
How to Apply
You'll need a 620 credit score and a minimum down payment of 3% to get a conforming mortgage with this lender. Other loan types may have different requirements.
You can start an application online or over the phone. You can also use the search tool on the TD website to find a loan officer near you and connect with them directly.
TD Bank Mortgage Interest Rates and Fees
Average Rates and Low Fees
TD Bank's mortgage rates are around average compared with other lenders, according to Business Insider's review of the Home Mortgage Disclosure Act data.
The bank's rate calculator is one of the better rate tools we've seen a mortgage lender offer. You can use the calculator to get an estimate of your rate, monthly payment, and closing costs for multiple loan types.
In our review of HMDA data, we found that the average conventional loan borrower getting a mortgage with TD Bank paid $1,775 in origination charges in 2023. This is on the low end compared to other mortgage lenders.
TD Bank Mortgage Pros and Cons
Pros
- Choose from a variety of mortgage options, including construction loans and mortgages for physicians
- TD's Right Step and Home Access mortgages allow flexible credit and low down payments
- Easily see customized rates and closing costs
TD's range of mortgage options makes it a good choice for many different borrowers. It's a particularly good lender for first-time homebuyers. Both Right Step and Home Access offer flexible underwriting, meaning you could potentially qualify even if some areas of your finances aren't ideal (though you will need a credit score of at least 620).
The Home Access program also offers a $10,000 credit to cover your down payment or closing costs, removing a huge barrier to homeownership for eligible borrowers.
Cons
- TD doesn't lend mortgages in most states
- Ranks low in trustworthiness
The biggest drawback of TD Bank's mortgage offerings is that they're only available in 15 East Coast states and Washington, D.C.
Is TD Bank Trustworthy?
TD Bank has some trustworthiness issues. It has a D rating from the Better Business Bureau and in November 2024 had its BBB accreditation revoked.
In September 2024, the Consumer Financial Protection Bureau issued an enforcement action against TD Bank for reporting inaccurate information about its customers to credit reporting agencies. The bank was ordered to pay $7.76 million to impacted customers and $20 million to the CFPB victims relief fund.
Additionally, in October 2024 the bank pleaded guilty to conspiracy to commit money laundering by failing to keep its anti-money laundering program in compliance with the Bank Secrecy Act.
What Borrowers Are Saying About TD Bank
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about TD Bank's mortgage process. Overall, previous customers appear to have had positive experiences with the bank's mortgage lending arm.
Knowledgeable and Efficient Loan Officers
In online reviews, previous TD borrowers said that the loan officers they worked with were knowledgeable, easy to get ahold of, and prompt.
Your loan officer can make or break your borrowing experience, particularly if you're buying a home. The homebuying process comes with a very important deadline (your closing date) and having a competent loan officer helps ensure you don't miss that deadline. You want someone who answers the phone or responds quickly to texts and stays on top of the process to make sure you're on track to close on time.
Compare TD Bank to Other Lenders
TD Bank vs. Chase Mortgage
Like TD Bank, Chase also offers an affordable mortgage product called its DreaMaker mortgage, which is available to lower-income borrowers and can be combined with Chase's Homebuyer Grant. With the grant, eligible borrowers can get up to $7,500 in closing cost assistance. TD Bank's Home Access mortgage offers a similar $10,000 lender credit. Both programs have flexible credit guidelines.
Chase is more widely available than TD Bank, though it has a smaller range of loan options. You can get a Chase mortgage in all 50 states.
TD Bank vs. Bank of America Mortgage
Bank of America also offers an affordable mortgage product, called the Community Affordable Loan Solution. This mortgage has no minimum credit score, and instead lets borrowers qualify using non-traditional credit such as their rent or utility payment history. It also requires no down payment or closing costs.
Bank of America's Community Affordable Loan Solution and TD Bank's Home Access mortgage are only available in certain areas.
Bank of America lends mortgages in all 50 states.
Bank of America Mortgage Review
TD Bank Mortgage FAQs
TD Bank offers conventional and government-backed mortgages, home equity loans and HELOCs, and a couple of specialty affordable mortgages for lower-income borrowers.
TD Bank has strong online customer reviews and a variety of mortgage options, including affordable loan programs. But whether it's a good lender for you depends on your needs and financial situation.
You can apply for a mortgage with TD Bank online, over the phone, or by working directly with a local loan officer.
Yes, TD Bank offers FHA loans.
TD Bank's mortgage rates are around average compared to other mortgage lenders.
Why You Should Trust Us: How We Reviewed TD Bank Mortgage
For our review of TD Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 4.5 out of 5
TD Bank offers a strong variety of loan types that will meet most borrowers' needs. However, it doesn't have USDA loans.
Affordability: 4.5 out of 5
We think TD Bank is a highly affordable lender thanks to its low down payment and down payment assistance options, including the Right Step and Home Access programs.
Customer Satisfaction: 4.91 out of 5
On its Zillow lender page, TD Bank has a 4.91 rating based on over 700 customer reviews.
Trustworthiness: 2 out of 5
TD Bank has a D rating from the BBB due to government action against the business. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
