TD Bank, otherwise known as Toronto-Dominion Bank, is headquartered in Toronto, Canada, and serves more than twenty-six million customers worldwide through retail and wholesale banking options.
It is one of the largest banks in America and has approximately 1,300 branches spanning fifteen states and Washington D.C. Most locations are concentrated on the East Coast, with the majority of locations in New York, New Jersey, and Florida.
The bank offers a wide variety of services including credit lines, home equity loans and lines, personal loans, IRAs, a range of investment options, and mortgages -- from conventional loans to doctor loans.
TD Bank physician mortgage loan program details
TD Bank offers customers several different loan options that cater to a wide variety of needs. Among those loan programs is their Medical Professional Mortgage. The plan is specifically designed for physicians, dentists, and other medical professionals. It’s intended to enable them to purchase a home at a lower rate than the majority of traditional loans, taking into account the different financial needs and abilities of medical professionals from student loans to earning potential.
With TD’s Medical Professional Mortgage, borrowers are able to qualify for higher loan payments than standard mortgages, purchase homes with a no-money-down option, and even save extra cash for investments or loan repayments.
The mortgage is available at 0% down, 100% financing for any loan up to $750,000 and 5% down, 95% financing for loans up to $1,250,000. These rates are available at fixed rates and as adjustable-rate mortgages. Additionally, no personal mortgage insurance (PMI) is required, and debt-to-income ratios are flexible based on an individual’s verified income with all loans subject to credit approval.
Any licensed medical or dental residents can qualify for the mortgage, along with fellows who have at least two years of their residency completed. Practicing physicians (Doctors of Medicine, Doctors of Osteopathy, Doctors of Podiatric Medicine), dentists (Doctors of Dental Surgery, Doctors of Dental Medical), and oral surgeons who have been out of their residencies for ten years or less may also qualify along with self-employed borrowers who have a minimum of two years’ worth of work history.
Additionally, TD Bank offers banking solutions specifically for healthcare practices. These solutions are intended for, but not limited to, veterinarians, physicians, dentists, and eye care professionals. Among their offered services include practice debt refinancing, practice-related commercial real estate purchases and refinances, expansions, acquisitions, and more.
Dentists, eye care professionals, and veterinarians can borrow up to $12,000,000 with 100% practice financing, plus working capital. Physicians have lending solutions of up to $12,000,000 with 100% practice financing, plus working capital as well, and they also can receive practice mergers and working capital lines of credit.
Pros of financing your home with TD Bank
“America’s Most Convenient Bank”
TD Bank markets itself as America’s Most Convenient Bank with good reason. The brick-and-mortar branches of the bank are open much more often than most banks. TD Banks hold later hours than most banks, and they’re open on weekends and holidays so that customers have much easier in-person access to their bank. If a customer is unable to visit a branch for any reason, customer service representatives are available 24/7 to help resolve issues and answer any questions.
No PMI is required
Private mortgage insurance (PMI) is a kind of insurance that a borrower may have to take out so that their lender, in this case TD Bank, is protected if loan payments stop for any reason. PMI can build very quickly, and oftentimes costs homeowners approximately 20% of the value of their homes. Fortunately, PMI is not required for TD’s Medical Professional Mortgage, and customers can save that extra cash to cover investments, student loans, or anything else they may need.
Easy online banking
TD Bank has excellent online banking options for customers who don’t want to visit a physical bank location to set up accounts, make payments, or resolve any number of banking-related queries. Its online set-up is easily accessible and simple to understand, making online banking as painless a process as it can.
Cons of financing your home with TD Bank
Location, Location, Location
While TD Bank has a good physical presence along the East Coast, customers living in the West or Midwest may find banking with TD to be more hassle than its worth. Yes, TD’s online presence is to be admired, but for customers who prefer a more personal banking experience, TD may not be the best choice. Additionally, online-only banks, like TD in the Midwest and West, tend to have higher interest rates than local branches may offer.