TD Bank provides a full range of banking, insurance and wealth management services in 15 states and the District of Columbia. With the motto “America’s Most Convenient Bank,” it strives to live up to that identity by providing award-winning service to nearly 8 million customers through an extensive network of nearly 1,300 locations along the East Coast.
Starting in Portland, Maine in 1852 as Portland Savings Bank, TD Bank has grown and merged with other financial institutions over the past 160 years to become one of the 10 largest banks in the United States. TD Bank is a subsidiary of the Toronto-Dominion Bank Group of Toronto, Canada, which is one of the few banks in the world rated Aaa by Moody’s.
TD Bank mortgage services are available to borrowers in Connecticut, Delaware, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and the District of Columbia.
TD Bank offers very competitive mortgage rates that it posts on the Mortgage home page of its web site and updates daily. Rates are listed without points, and the APR is provided as well, to make it easy to see exactly what the base rates are for borrowers with good credit.
Among its services, TB Bank offers some of the best mortgage products anywhere. Among them is Mortgage Rate Security, which allows borrowers to obtain a lower interest rate on their mortgage without going through refinancing. If market mortgage rates drop, qualified borrowers can reduce their interest rate by paying a modification fee. Other terms of the mortgage, such as the payoff date, remain unchanged and closing costs are avoided. Borrowers must be current on their mortgage payments to qualify.
Mortgage applications may be initiated online or at any TD Bank branch office. Mortgage products include both fixed- and adjustable-rate mortgages (ARMs), the latter with initial terms of up to 15 years. Jumbo mortgages are also available.
TD Bank is an authorized FHA lender.
TD Bank also provides financing for manufactured homes. These are single-story residences with a steel undercarriage formerly known as mobile homes, but must be attached to a permanent foundation to qualify for financing.
Interest rates for refinancing a mortgage through TD Bank are comparable to those for a home purchase for borrowers with similar criteria. Although the lender’s Mortgage Rate Security option eliminates the need for refinancing for many borrowers (see above), there are cases where refinancing would be the better choice.
For example, a homeowner who currently has a mortgage with another lender may opt to refinance with TD Bank if they find they can get a better deal there. A customer with a TD Bank mortgage may opt to refinance if they wish to shorten the term of their loan to pay it off faster, or extend it if they wish to reduce their monthly mortgage payments.
TD Bank online offers a refinance calculator to determine if refinancing makes good financial sense. This helps homeowners determine if the savings from a reduced interest rate will offset the closing costs involved in refinancing.
Home Equity Loans/HELOCs
TD Bank offers three home equity loan programs, with very attractive interest rates for qualified borrowers. These loans can be good choices for such purposes as making home improvements, paying educational expenses or consolidating high-interest credit card debt.
Standard home equity loans provide a lump-sum payment, to be repaid as a fixed-rate second mortgage over a certain term. The minimum loan amount is $10,000, with repayment terms of five to 30 years.
A TD Bank home equity line of credit (HELOC) allows borrowers to obtain funds as needed, up to a preset limit. Repayment may be at either a fixed or adjustable rate. Minimum limit is $10,000, and borrowers may use as much or as little of their limit as they choose. Interest is paid only on the amount actually borrowed.
TD EquityAccess Plus is a HELOC that allows users to earn rewards and provide overdraft protection on a TD Bank checking account. Both HELOCs provide an access card for ease of use.
For most borrowers, interest paid on home equity loans will be tax-deductable, same as on a regular mortgage. Certain high-value loans do not qualify.
TD Bank Information
Two Portland Square
P.O. Box 9540
Portland, Maine 04112-9540
1701 Route 70 East Cherry Hill, New Jersey 08034