To be brief enough - Do Not Bother Applying to TDBANK for a mortgage, it is a waste of time.
We have been customers of TDBANK (through Commerce Bank they acquired) for over 5 years now. 5 weeks ago, we applied for a mortgage, looking to buy a Coop in Manhattan that became available at a fantastic Price Discount. We filed our application promptly, met all paperwork requirements (which were almost ridiculous in nature and volume) even before their deadlines, and then figured we were a lock. Why?
We are putting down 30%. Even with that 30% down, on a Primary residence, we would still have enough CASH in TDBANK to meet all payment requirements for the next 2 years if disaster were to strike. We are very prudent people, both with credit scores in excess of 800, fantastic careers, and the mortgage our monthly Coop fees would only represent 17% of our monthly gross income. I'm a businessman, and thats a lock.
So where are we at - after 33 days, TDBANK has still not finished processing the paperwork and appraisals. I'm in a 30 day contract with the seller, so tomorrow morning I have to withdraw from the contract (thank God for the contingency clause in the mortgage contract, or we would have lost our 10% down (standard practice with Manhattan coops) - $160,000!). I have called, people just never return calls. Have emailed, - No responses other than silence.
Now, for those who wonder, can these things really happen, lets make it more succinct. I am the President of a major software company, where cash in bank at the moment - at TDBANK - my commercial banker - exceeds $2,000, 000 - and I control it.
Well, it's at TDBank tonight, along with my own personal funds that are not small. Tomorrow - they will be at another bank!
Stay away from these guys. They are not in any way customer oriented.
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