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Experience with TD Bank Mortgage
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Rates seem super low, especially on jumbo loans (4.750%) -- the bank itself gets awful reviews on the web, but what about the mortgage division?

Any personal experience?

thanks in advance

Probably dependent to an extent on branch people you deal with. I did a loan at 14th St and 5th Ave. Sales practices were so deceptive that bank eventually agreed to cancel the closed loan with no penalties. It was still Commerce Bank then. Extremely unpleasant experience. But again, that was one branch.

Independent mortgage broker here, very low rates due to low overhead. I close loans with Wells Fargo. But also have relations with other banks. However I find that Wells is very efficient.

Ellen Silverman
Licensed Mortgage Broker
Tel: 212-786-9682
www.esfunding.instantlender.comp

Last year I closed with Wells including several of my neighbors in my building. I have to say it was a pretty good experience and the person was very informative/thorough in explaining things to me that I didn't understand. If you're interested I can forward you their contact.

haha @ ellen

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Do not have a personal experience but heard that they are very careful in making the loan and need more than one appraisal. Great for the shareholders but not so good if you want to close. Also, they do not give any floating rate loans on the coops.

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haha @ jim_hones

I used them for our Jumbo. They gave great rates. yes, they are a bit slow and methodical, but I found them overall to be pretty good. I wll say Citi and Chase totally suck compared to TD.

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It's best to get a coin sorter. It will pay for itself after rolling about $500 .

I am entertaining getting a credit line with TD bank. Their online reviews are awful. Does anyone have any feedback for their loan department and loan servicing? Do they add fees, etc., how is their customer service? Any feedback will be appreciated.

If its an HELOC on a condo in NYC, TD Bank has a 10% cap on the number of units a single entity can own in that building.

We did our refinance with TD and were able to close in a little over a month - 15-year fixed jumbo @ 3.625%. We called the 1-800 number basically and conditional approval was granted within 2 days. Most of the paperwork and signing were done through the internet. Yes, 2 appraisals were needed and total closing costs were $3K. We had a pretty good experience with the mortgage specialist assigned to us. The only thing that was different from our previous Wells' mortgage is they had a more conservative requirement on our co-op's proprietary lease expiration date so our managing agent had to produce a letter. Other than that, everything went quite smoothly. It was a pleasant surprise but we took a gamble as the jumbo rate felt quite low. We recommend TD if you're refinancing.

anybody has any other comments for experience with TD bank recently? I am in same boat. 30 year jumbo loan is being offered at 3.875 (.5 below ratefrom my broker) but I have 40 days to close only.

wc_nyc, do you mind telling me whom your mortgage specialist is? Thanks. I had a terrible experience with TD so far. Started the mortgage process yesterday, and they put down the wrong income on the application, and gave me an approval based on the wrong income. I called the mortgage specialist more than 10 times, and emailed her 4 times, never got any reply. I also called their 1-800 number, and each time got routed back to the same mortgage specialist's voice recording. And her voice recording simply says that she'll reply within 8 hours. I wonder how I could even possibly lock in a rate with her, because the rate today will change tomorrow by the time she calls back. This is completely nightmare. I'm thinking about escalating this to their manager and see if switching to a different mortgage specialist would help.

We just completed a refinance on our primary home in March. We had a private 1st mortgage with a friend and an equity line 2nd with TD Bank from a takeover of Riverside Bank in Florida. The process went amazingly fast: less that 30 days from the day we walked into the branch to inquiry to the final closing. We received a tentative approval notice by email before we got home from the branch. Almost all the communication and process was online, either email or their website. Providing documents in both directions was very easy and status was always immediately available. Of course we are just starting out on a 15 year fixed...lowest rate we could find by the way...so we'll see how it goes over the next 15 years. But so far, the first two months have been great !!

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