10:51 AM 05/06/2012
We need a $750k mortgage for a 2 family brownstone in CH. We've done a little digging around and TD Bank seems to be the best offer at 4.25% for a 30 year fixed with 20% down. We can also buy down the mortgage to 4% by paying 1% of the loan amount. We need money for reno so we would prefer to keep the downpayment at 20% and TD seems to be one of the few banks that does not require 25%. If you have a mortgage with TD, we would love to hear what your experience was. Did they seem flexible and willing to work with you? If so, do you recommend any particular TD mortgage rep? Was their appraisal fair? It would also be good to know how long they took to close (they "guarantee" closing in 30 days).
My experience with TD was weird. When we were buying our place and shopping around for a mortgage, TD had reasonable rates. The problem was that they wouldn't provide a pre-approval letter and would only consider the application after we were in contract. Seemed odd, so we walked away and got a better deal (and a pre-approval letter) elsewhere.
6:16 PM 05/06/2012 | 0 Votes
Check out the Bushwick Community Credit Union. They will match any mortgage rate, are speedy, and on the up and up. They seemed somewhat flexible on down payments when we inquired.
12:51 AM 05/07/2012 | 0 Votes
I recently financed with TD and got nearly $2million in financing for the purchase of a 4 fam in CH. We also shopped around a lot and were amazed that they were willing to do 20% down on a multi-family. No other bank was willing to do that, nor did any other bank have as competitive a rate on a multi-family.
I also liked the fact that their closing costs are spelled out from the start with no surprises. Their closing costs are pretty low too when you consider the spread between the interest rate and APR.
I highly recommend TD Loan officer Tony Busanich (732-306-2231). He's been recommended on this site before. He really knows his stuff and doesn't make you false promises about what TD will underwrite - I think he has a direct line to the underwriters. He's a really nice guy too. Don't submit the application online because then you'll get a randomly assigned loan officer. Give Tony a ring, you won't regret it.
Relatively speaking (I find that banks are still quite conservative), TD shows some degree of flexibility to work with you because strictly speaking they don't have to comply with Fannie Mae guidelines (as they are a portfolio lender).
Yes its true they generally don't provide pre-approvals. Get your pre-qual / pre-approval elsewhere if you have to. Once you're in contract (actually as soon as you go into due diligence) they let you apply, and they really do give you the conditional commitment within 24-48 hours which is really cool. We were able to get our conditional commitment and give the seller reassurance even before he signed. Of course there are lots of conditions and it took several iterations to clear everything (I think their back-office could be a little more automated) but no worse than other banks. Regarding the closing date, all I can say is that they will close when you need to close. If you say 45 days they will close in 45 days, if you say you 30 days, it will be 30. It won't be less but it won't be more either. That's been my experience.
They outsource the appraisal, I suspect all the banks do that. The appraiser did come in a little low and I wasn't happy about that. This is something they need to work on. One problem is that the appraisers are required to use recent sales in the past 6 months only and they need to be similar buildings in similar condition. In CH and CG and BH, there aren't always enough good comps. I have heard that other banks give low appraisals too in these brownstone neighborhoods, but I don't have enough perspective to say whether TD was any better/worse. If your appraisal comes in low, you could always challenge the appraisal but it could hold up things for weeks/months so I suspect it's not worth it.
Overall, my experience with TD was very good. They have a great product and it was a relatively smooth process getting to closing.Hope this helps. Good luck!
12:19 AM 05/08/2012 | 0 Votes
When we were shopping for a mortgaeg we foudn the best rates at TD and Chase but were warned by broekrs and friends in the business that it can be very hard to close with these banks. On the other hand, closing wasn't that easy for us with a mortgage broker either, so who knows how much worse that might have been?
12:58 PM 05/08/2012 | 0 Votes
Just wrapped up a 4 month experience with TD bank, which as mentioned above, we were attracted by the good rates as well as flexibility. When it came time for the appraisal, it came in $150k lower than our contract price, used strange comps and we were not provided an response to our questions about the appraisal - we were only given the automated "need to come up with the difference, or have the seller bring the price down" response. We started the process again with a smaller lender and within 30 days, we secured our mortgage, spoke with real people about our specific situation. In general I felt like we were dealing with an automated service with TD.
3:21 PM 05/08/2012 | 0 Votes
I am a mortgage broker pretty active here. I can get you 3.875% today on the wholesale channel.
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
8:49 PM 05/08/2012 | 0 Votes
TD has good rates but once you get past their sales staff, the rest of their support is a DISASTER. They had the most unprofessional mortgage processors and underwriters I have ever dealt with. I've worked with Chase, Wells, TD and BOA. TD is by far the most amateur. I have my primary and Heloc w TD.... if their rates weren't so low....i doubt they would be able to stay in the mortgage business.
11:04 AM 05/18/2012 | 0 Votes
I'm a little late with this as I have been away, but I just wanted to thank everyone for the very useful information. Thanks again!
7:37 PM 06/03/2012 | 0 Votes
My experience with TD was absolutely great in every aspect and I have many reference points since I've done this many times before. The rates offer were by far the lowest (this is after even I called Adam Dahill who is highly regarded on this site), their electronic work flow for collecting documents made the whole process super easy and they were very understanable and easy when it came to extending the lock as my purchase has protracted.
Overall, I would give TD 10 out of 10 on every point from the rates, to expediency, customer service and flexibility. My sister also used them for her townhouse in Park Slope and loved her experienced with them. I especially enjoyed workning with Anthony Busanich, their mortgage officer. I plan to use them for my refinance now.
4:12 PM 02/22/2013 | 0 Votes