TD Bank Mortgage Rates | See This Week's Rates | SmartAsset.com (2023)

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by Chris Thompson Updated July 26, 2022
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There are more than 20 mortgage products available through TD Bank, between jumbo and conventional loans. So customers will have ample loan options, featuring fixed-rate, adjustable-rate, and FHA mortgages.

TD Bank’s physical branches in the U.S. are located solely around the East Coast, limiting its mortgage reach for many customers. The specific states it originates loans in are Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia and Vermont, along with Washington, D.C.

These rates assume a down payment of 20%, a loan size of $200,000 and a credit score of 740 or higher.
Mortgage	Interest Rate	Apply
30-Year Fixed-Rate	6.00%	Compare Rates
15-Year Fixed-Rate	5.12%	Compare Rates

Overview of TD Bank Mortgages

The most common type of mortgage, not only at TD Bank but anywhere, is a fixed-rate loan. TD offers at least four different styles of these loans, including conventional, jumbo, HomeReady and Right Step. The majority of customers will likely end up with a conventional fixed rate mortgage, but if you need a loan larger than $647,200, you’ll have to get a jumbo loan.

Jumbo and conventional loans are also available as adjustable-rate mortgages (ARMs). These types of loans hold a base interest rate for an initial time frame, as well as a subsequent rate period that carries an index-based variable APR for the rest of the loan’s term. For example, TD Bank’s 5/1 ARM has a five-year initial rate period, with a variable interest rate that changes every year, hence the “1.” The bank also features some more unique ARMs, such as 15/1, 5/5 and 1/1 options.

The aforementioned HomeReady and Right Step mortgages both serve the same purpose in that they each are for those that don’t have much to put towards a down payment, or more specifically, as little as 3% of the new home’s value. TD Bank will pay for your mortgage insurance if you choose a Right Step mortgage, while those in the HomeReady program are eligible for cheaper insurance premiums.

What Your Monthly Mortgage Payments Could Be With TD Bank

In order to give a well-rounded picture of the monthly payments that you can expect on a TD Bank mortgage, we’ve come up with projections for some of the most popular options at the bank. While interest rates and APRs get all the attention, many other factors dictate your payments.

First and foremost, the size of your loan is dependent on how much you can afford to pay as your down payment in relation to the overall value of your home. In other words, the balance of whatever’s left over after your initial payment is your mortgage.

The fixed-rate loans listed in this table assume your new home is worth $250,000with a $50,000 down payment.

These payment calculations do not include homeowners insurance, property taxes or closing costs.
Mortgage	Interest Rate	Loan Size	Your Payments
30-Year Fixed	6.00%	$200,000	$1,199/month for 30 years
15-Year Fixed	5.12%	$200,000	$1,594/month for 15 years

How TD Bank Compares to Other Lenders

TD Bank’s mortgage lending offers, interest rates and APRs stack up well against most of its “big bank” competition, such as Bank of America and Wells Fargo. Rocket Mortgage, on the other hand, is much less traditional and yet has very similar rates to TD.

Mortgage	TD Bank	Bank of America	Wells Fargo	Rocket Mortgage
30-Year Fixed	6.00%	5.625%	5.12%	5.5%
15-Year Fixed	5.12%	4.625%	4.50%	5.25%

The mortgage products you’ll find at TD Bank are extremely varied, so you should be taken care of regardless of the style of loan you’re after. While the most popular mortgage options are all present at Wells Fargo, BoA and Rocket Mortgage, TD does have a few more obscure and proprietary choices than most.

Mortgage Type Options

Based on a mortgage

Home Value Points Location Credit Score
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