TD Bank Mortgage Rates and MTG Process Reviewed

TD Bank services customers in states along the east coast.

TD Banks Slogan is “Americas Most Convenient Bank”.

We’ll review there mortgage rates and then review just how convenient they are able to make your banking experience.

Each of the loan scenarios will be based on an 80% loan to value and 1 point.

30 Year Fixed

  • Rate of 4.125%
  • APR of 4.263%

15 Year Fixed

  • Rate of 3.375%
  • APR of 3.615%
  • Note: The 15 year fix at 0 points is only 3.625% with an apr of 3.719%.
  • TD’s 15 year fixed product is one of the better we have seen.

Lets compare these rates to the nations average mortgage rates. (Based on Freddie Macs Primary Mortgage Market Survey).

  • Average 30 year with 0.8 points = 4.23%
  • TD Bank 30 year with 1 point = 4.125%
  • Average 15 year with 0.7 points = 3.66 %
  • TD Bank 15 year with 0 points = 3.625%

As you can see TD Bank is lower than the national average.  There 15 year fixed mortgage is excellent right now and worth taking a look into.

Is the loan process “convenient”?

As I browse through TD Banks website I notice it is easy to navigate and find my way around.

They have some pretty cool programs like the Mortgage Rate Security, If rates drop after you have made 12 timely payments, you may be able to lower your rate without refinancing.  Or the Hassle Free Mortgage Guarantee which is there pledge to you that your mortgage process will go smoothly.

They also have a rate watch feature that will notify you via email when rates hit your goal.

Use our Mortgage Calculator to figure out your payments.

Now obviously I haven’t gone through the mortgage process with them so I cannot speak to that, but according to MyBankTrackers bank review TD Bank has 2 out of 5 stars based on 155 user reviews.  This is not a good rating.  This rating is based on TD Bank as a whole, not just there mortgage department.

If you have had a good or bad experience with TD Bank please share in the comments below.

TD Bank serves Connecticut, Delaware, Washington DC, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia.


Best CD Rates For Monday July 12 2010

The best 12 month CD Rates we could find for Monday July 12th, 2010 are sitting around 1.55% APY. CD Rates are expected to head to higher grounds after the end of this year and early next year. As the US economy continues to slow down and inflation stays where it’s at, the Fed has no reason to raise interest rates. As long as the Fed keeps interest rates at record lows, the interest rates on CDs will stay the same. As soon as interest rates begin increasing, so will CD Rates.

The national average for a 12 month CD is 0.83 percent starting this week. Even though this national average rate is dismal, you will find better luck with a local bank or credit union or an institution online for a much higher rate. Do not get stuck with this rate, as you can find much higher rates from Flagstar Bank and Sallie Mae.

Both of these banks are currently offering 12 month CD rates at 1.55% annual percentage yield.

Flagstar Bank requires a minimum of $500 for their CD and Sallie Mae has a minimum opening deposit of $1. These might be a good option if you are looking for a place to put a small amount of cash and earn more than the current 1.1% interest rate on a high yield savings account. The only downside to putting money into a certificate of deposit is you have to wait the full 12 month term or risk losing money from an early withdrawal penalty