Dominion Bank(US:TD) Yahoo Finance·2024-08-14 20:39Core Insights - TD Bank provides a diverse range of mortgage products tailored for various borrowers and financial objectives, with competitive mortgage rates compared to many rivals. However, its services are limited to 15 states and Washington, D.C., restricting its accessibility to a smaller borrower segment [1][6][24]. Mortgage Product Offerings - TD Bank offers multiple types of home loans, including conventional, FHA, VA, jumbo, and medical professional loans, as well as home equity loans and HELOCs. The bank also provides low-down-payment options and down payment assistance programs to enhance affordability [6][8][9]. - The bank's home equity loans come with fixed interest rates and terms ranging from five to 30 years, while HELOCs start at $25,000 with no minimum draw required [10][12]. Borrower Assistance and Tools - TD Bank has various down payment assistance options and offers up to $10,000 in lender credits, which can help borrowers avoid mortgage insurance costs and reduce interest rates [9][25]. - The bank provides online tools and resources for homebuyers, although these can be challenging to locate. The resources include a home lending learning center and mobile apps for managing loans [22][25]. Application and Preapproval Process - Borrowers can apply for a mortgage through TD Bank's website, in person, or over the phone. The application process requires personal information and details about the desired mortgage [18][19]. - TD Bank refers to its preapproval process as "prequalification," which involves a hard credit pull and requires a meeting with a loan officer [20][21]. Rate and Cost Assessment - TD Bank scored 2 out of 5 stars for mortgage rates, indicating a higher-than-median mortgage rate of 6.625% in 2024, and a total loan costs score of 3 out of 5 stars, with near-median total loan costs of $4,966.51 [17][31]. - The bank's rates can be personalized based on location, credit score, and down payment, making it easier for borrowers to understand potential costs [13][25]. Comparison with Competitors - Compared to Bank of America, TD Bank offers a wider variety of mortgage products, including construction loans and second home loans, but has a more limited geographic footprint [24][27]. - While Rocket Mortgage has standout features like a 1%-down loan for first-time buyers, TD Bank provides a broader range of loan options, including HELOCs and medical professional loans [27].