Mr. Michael Copley reports

TD BANK ELIMINATES PRIVATE MORTGAGE INSURANCE WITH UPDATED "RIGHT STEP" MORTGAGE PROGRAM; RIGHT STEP PROGRAM REQUIRES ONLY THREE PERCENT DOWN FOR QUALIFIED BUYERS

Toronto-Dominion Bank has updated its popular Right Step mortgage program. Right Step provides qualified homebuyers with an alternative to Federal Housing Administration-backed (FHA) loan products. The program features a low 3-per-cent downpayment option and the potential for significant savings on a borrower's monthly payment with no private mortgage insurance (PMI) requirement. Right Step also includes simplified underwriting and appraisal processes for a smooth and efficient approval process.

In addition, the new Right Step program also eliminates the previous version's median income requirements making more borrowers eligible to take advantage of the updated program. Previously, only homebuyers in TD Bank's Maine to Florida footprint, who made up to 80 per cent of the median area income as determined by the U.S. Department of Housing and Urban Development (HUD), were eligible for Right Step. With the updated Right Step program, non-low-to-moderate-income buyers can participate in the program if the selected purchase property is located in an area that is defined as low to moderate income.

"With the updated program requirements, Right Step will allow borrowers to get more house for their money by eliminating the cost of private mortgage insurance from their monthly mortgage payment," said Michael Copley, executive vice-president, retail lending, TD Bank. "Lenders today need to evaluate each customer on an individual basis and offer a loan option that best meets their needs. At TD, we understand that the financial situation of every borrower is unique, and because of the strength and stability in our own lending practices, we're able to offer financing to low-to-moderate-income or first-time buyers who may not have built up equity in a previous property or those who do not have the funds to put 20 per cent down."

TD Bank offers competitive rates on numerous mortgage products including conventional, jumbo, adjustable-rate and FHA loans. Customers can apply for a TD Bank home loan when and where it's convenient for them -- in person at a TD Bank store, through their local mortgage loan officer, by phone at 800-822-6761 or on-line at the TD Bank website.