TD Mortgage Review 2025
TD Bank: Our quick take
TD Bank, like other Big Six banks, has a wide range of rates, terms and mortgage types. If you're looking for a traditional mortgage, TD Bank is a a solid option.
Who is a TD Bank mortgage best for?
TD Bank mortgage can work well for home buyers with good credit who are searching for a straightforward mortgage as well as home buyers who need a more specific kind of mortgage, like a second mortgage for a vacation home.
Who's eligible for a TD Bank mortgage?
Because it’s a federally regulated financial institution, TD’s lending criteria will generally be quite strict. You’ll need to meet certain eligibility requirements, which include:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does TD Bank offer?
Like all Big Six banks, TD has a long list of mortgage types:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation/second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
TD Bank is not an option if you're looking for a bad credit mortgage. For mortgages designed for people with lower credit scores, check with a B Lender.
How do TD Bank's mortgage rates compare?
Review of TD Bank mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
STANDARD
TD Bank shares four special rates online. That's better than nothing, but a few other Big Six banks share twice as many.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
TD Bank advertises special rates for:
3 year fixed
5 year fixed
5 year closed variable
5 year fixed high ratio
Term length options
EXCELLENT
TD advertises terms ranging from a six-month convertible mortgage to a 10-year fixed.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
TD Bank advertises the following terms on its website:
1 year fixed
1 year fixed (open)
2 year fixed
3 year fixed
4 year fixed
5 year fixed
6 year fixed
7 year fixed
10 year fixed
5 year variable
5 year variable (open)
5 year fixed high ratio
6 month convertible
Prepayment limit
STANDARD
TD has a lump-sum prepayment limit of 15%. That's right in the middle of what Big Six banks typically offer. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply for a mortgage at TD Bank
TD offers limited online mortgage application options. Based on our experience with the bank’s website, it might be easier to locate a local branch and arrange a meeting with a TD Mortgage Specialist if you want to get the mortgage process started.
Expand to preview online application
From the main menu of the TD Bank website, hover over the “Products” tab and click on “Mortgages.”
On the next page, you’ll see a lot of helpful information, and have the option of connecting directly with a TD Mortgage Specialist by clicking “Request a call.” You can also scroll down to the bottom of the page, where you can book an appointment online.
If you want to start the mortgage process yourself online, scroll down and click on “Buy my first home.” Scroll down to find the “Mortgage pre-approval process” section and click “Get pre-approved.”
We found TD’s online pre-approval process to be pretty frustrating.
We repeatedly entered actual, verifiable personal information into our application but never reached a point where we could actually submit it.
TD’s online pre-approval doesn’t appear to be all that thorough anyway. It doesn’t affect your credit score, which typically happens with a mortgage pre-approval.
TD’s terms and conditions say you’ll have to continue the pre-approval process through the phone or in person before your credit score is impacted, so the online component feels more like an introduction than an official pre-approval.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis
Clay Jarvis