TD Bank Mortgage of february 2023

Types of home loans

TD Bank home lending allows you to get personalized offers if you buy a home, refinance your existing mortgage, build a house, or renovate.

Mortgage down payment with TD Bank ranges from 3% to 20% on the loan balance.

Your TD Bank loan officer will provide you with a closing costs estimate within three business days after you submit an application. You will get an estimation of the closing costs within 24 hours of the closure. The closing costs typically range from 2% to 6% of your loan amount. 

The loan options you can opt for are:

• A fixed-rate mortgage has the same rate for the entire loan life. The terms are 15 and 30 years. The interest rate for a 30-year mortgage is 6%, while for a 15-year home loan, it is 5.12%.
• An adjustable-rate mortgage has 3, 5, 7, and 10 years loan terms. The interest rate changes at set intervals depending on the SOFR index.
• A construction mortgage covers the cost of building a house. It comes with adjustable and fixed rates and is available for one to four-unit primary residencies or one-unit vacation homes. A construction mortgage loan is for primary residents of 1 to 4 units, as well as for seconds and vacation homes. The down payment required is 20% of the sales price.
• A jumbo loan is a lending option designed to finance larger home purchase amounts. The mortgage loan amounts exceed $726,200. It is available for both fixed rate and adjustable rate.
• VA mortgage is for active-duty military, veterans, and their spouses. There is no down payment, and the loan term is 30 years.
• FHA mortgage has a 3.5% down payment and requires Mortgage Insurance Premium.
• Medical Professional mortgage is for doctors and dentists. The PMI is not required.

Pros and cons

Pros

• There are many types of purchase and refinance loans intended for different purposes. 
• Pre-qualification option. The soft credit pull will not affect your credit, and you will get to know the loan terms. 
• Competitive interest rates. The rates for home loans with other banks are approximately the same. 

Cons

• To qualify for a lower rate, you will need a credit score exceeding 750 FICO.
• Until you pre-qualify, there is limited information available for US citizens on home loans. 

Requirements for applicants

To get pre-qualified for the home loan, you will need to provide the loan officer with details on your basic income, asset, and debt information. The company will give you an estimation of the loan amount you qualify for.

TD Bank requires the following documents:

• Debt, income, and asset information
• A signed construction or purchase contract. The contract amount will impact your TD Bank mortgage.
• Financial statements and insurance
• Employment details and your employer contacts.

To get started with an application with TD Bank, you need to create an account. The pre-qualification decision is made within 24 hours.

If you are pre-qualified, within three days, TD Bank states the rate and payment you will get. If you find the mortgage loan suitable, you can proceed with the mortgage application and provide additional documents.

To finish the online application via the TD Bank website, click the "Apply Now" button under the mortgage you want or sign into your account and continue the application.

If the bank approves you for the mortgage, you can close it within 30 to 45 days. The money will be transferred to your bank account within five to seven business days, and you will receive a loan agreement by mail.

You can access your home equity line of credit or other TD Bank mortgage in the following ways:

• Online through the TD Bank checking or savings account using Online Banking or Mobile Banking.
• Through the Visa Equity Access Card.
• Through home equity checks to pay for improvements and major purchases. Checks take 10 to 12 business days to be delivered.
• In person at a local TD Bank branch. TD has almost 1,300 locations you can use to make your monthly payment.

How to pay off a home loan?

TD Bank allows you to make monthly payments in the following ways:

• A mortgage loan officer can help you to schedule a recurring electronic payment.
• Online payment service allows you to make payments via your account. The payments made by 5:30 pm ET are posted the same day. If you make a payment after 5:30 pm ET or on a non-business day, the payment will be processed the next business day. Online payment service is currently unavailable for Riverside Bank and First Federal Bank of American First Bank accounts.
• Bank by Phone automated service is available 24/7 for requests. The payments are processed the same as with online payment options.
• In person at the local TD Bank store.
• Mail payments to the physical address in Leriston or Columbia.

In case you cannot make payments on time, the bank offers:

• Loan payment arrangement to maintain the monthly payments.
• Loan modification means there will be a change to the loan term. 
• Short sale of a property.
• Deed in lieu of foreclosure - a transfer of the title. 

You can make any amount of lump sum payments without prepayment penalties. TD Bank allows you to pay off your loan faster.