TD Bank mortgage review: rates, costs & calculator

TD Bank at a glance

TD Bank is the U.S. retail arm of Canada's Toronto-Dominion Bank, headquartered in Cherry Hill, New Jersey, and marketed as "America's Most Convenient Bank" for its long branch hours.

Unlike online-only lenders, its mortgage business is anchored to a dense branch footprint that runs down the East Coast from Maine to Florida, and the bank leans on in-branch loan officers and existing checking, savings, and wealth relationships to source home loans.

That geography shows up clearly in its lending data. TD Bank originated 23,499 mortgages in 2025 for about $8.93 billion, with an average loan size near $380,000 and an approval rate of 64.3%.

Its volume is heavily concentrated in its home markets: New Jersey (13,856 loans) and New York (9,914) lead by a wide margin, followed by Florida (7,766), Massachusetts (4,296), and Pennsylvania (3,966).

Where TD Bank's approval rate sits

TD Bank's 2025 approval rate of 64.3% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.

It is a bank lender, not a nationwide correspondent shop, so a borrower outside the Northeast-to-Southeast corridor may not find a branch nearby.

The most consequential recent development sits at the parent level. In late 2024 TD pleaded guilty to Bank Secrecy Act and anti-money-laundering failures and agreed to roughly $3.1 billion in penalties, and U.S. regulators imposed an asset cap of about $434 billion along with growth restrictions.

To stay within that cap, TD sold roughly $9 billion of residential mortgages, largely jumbo loans, in early 2025. The retail mortgage products remain available, but the constraint has reshaped how aggressively the bank grows this book.

Who TD Bank is best for

TD Bank suits East Coast buyers, especially in New Jersey, New York, and Florida, who value a branch-based relationship and want a low-down-payment path.

It is a strong fit for low-to-moderate-income borrowers or those purchasing in eligible census tracts, who can use TD Right Step's 3%-down structure with no borrower-paid PMI, or the TD Home Access program in qualifying communities.

Loan programs at TD Bank

Its most notable programs and specialties:

• TD Right Step Mortgage — as little as 3% down with no borrower-paid mortgage insurance, for buyers meeting income limits or purchasing in low-to-moderate-income census tracts
• TD Home Access Mortgage — a special purpose credit program (97% LTV, as little as $500 of the borrower's own funds) aimed at expanding homeownership in majority-Black and majority-Hispanic communities, with lender credits reported up to $10,000
• Fannie Mae HomeReady — 3%-down conventional loan with a limited-time grant toward upfront costs
• Conventional fixed- and adjustable-rate mortgages, plus FHA and VA government-backed loans
• Jumbo mortgages for higher-balance purchases above conforming limits
• Home equity lines of credit (HELOCs) and home equity loans for existing homeowners

Typical industry minimum down payment by core loan type — TD Bank's own minimums or credit overlays may run higher:

Where TD Bank lends most

By federal HMDA records, TD Bank's largest 2025 markets were New Jersey, New York, Florida, Massachusetts and Pennsylvania. Explore local rates, home prices and down-payment assistance for each:

States where TD Bank is a top-15 lender

Ranked by home loans originated in 2025 (HMDA). Each state page compares TD Bank with the other leading lenders there, including FHA and VA leaders and what their borrowers paid.

The verdict

TD Bank is a solid choice for East Coast buyers who want a branch-based lender and a real low-down-payment path, particularly through TD Right Step and its affordable-lending programs. Its 2025 volume stayed concentrated in New Jersey, New York, and Florida.

Weigh the convenience of its network and programs against the parent bank's ongoing regulatory constraints, and always compare its quoted rate and fees against other lenders before committing.

How to compare TD Bank

Shopping a few lenders is the single most reliable way to save. Before you commit to TD Bank:

1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
2. Compare the APR, not just the headline rate — it folds in the fees.
3. Weigh service and loan-type fit, not price alone.
4. Verify licensing: search TD Bank on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 03D0JEWFDFUS0SEEKG89, is not a license number.)

Benchmark whatever you're quoted against today's today's average rates.