TD Bank Mortgage Interest Rate and Cost Review

Is TD Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by TD Bank to those of other lenders for a comparable set of borrowers. Here is our review of TD Bank nationally:

Review ItemTD Bank
Interest Ratesimilar to other lenders (-0.05%)
Loan Related Closing Costslower than other lenders (-$479)
National Rate and Closing Cost Star Rating(4)

On average, TD Bank’s interest rates were similar to those of other lenders (-0.05%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$479. Overall, combining interest rates and closing costs we estimate that TD Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit TD Bank, its website is located at: https://www.td.com/us/en/personal-banking/.

TD Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track TD Bank was most active in:

  1. New York, NY
  2. Jersey City, NJ
  3. Boston, MA
  4. Philadelphia, PA
  5. Toms River, NJ

In addition, TD Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Philadelphia, PA, for Jumbo mortgages
  2. Bluffton, SC, for Jumbo mortgages
  3. Charleston, SC, for Jumbo mortgages
  4. Gainesville, FL, for Jumbo mortgages
  5. Columbia, SC, for Jumbo mortgages
  6. Simpsonville, SC, for Jumbo mortgages

TD Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, TD Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.14%-0.03%-0.06%+0.00%+0.00%
Loan Related Closing Cost Difference-$380-$237+$7-$51-$42
Cost Adjusted Rate Difference-0.17%-0.04%-0.06%-0.00%+0.00%
National Star Rating(4.5)(3.5)(4)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.05%-0.01%-0.09%+0.01%
Loan Related Closing Cost Difference-$716-$131-$294-$116
Cost Adjusted Rate Difference-0.02%-0.01%-0.09%+0.00%
Average Star Rating(3.5)(3.5)(4)(3.5)

As a summary, TD Bank is cheap for Conforming and Jumbo purchase mortgages. It is similar to other lenders for FHA, USDA and VA purchase mortgages. For refinancing mortgages, TD Bank is cheap for Jumbo mortgage refinance. It is similar to other lenders for Conforming, FHA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about TD Bank:

Registered name: TD Bank
Registered city and state: Mount Laurel, NJ, 08054
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: TORONTO-DOMINION BANK, THE

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for TD Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.