Bank Sweepstakes Will Pay Off Your Home Mortgage Loan

TD Banks is offering a sweepstakes that will pay off the winner's mortgage. Many banks give away plush animals and sports posters to lure in customers, but one East Coast bank is pulling out all stops amid the housing crisis with a sweepstakes that will pay off your home mortgage up to $250,000. The Big Three -- Bank of America, Wells Fargo and Chase -- could take a lesson or two from this marketing campaign given their various consumer woes. (The Wells Fargo $60,000 contest mentioned on WalletPop just doesn't compare).

Here's how the sweepstakes works: If you apply for a mortgage online or in person through TD Bank anywhere from now through April 30, you'll be entered into the Big Mortgage Payoff Sweepstakes for the $250,000 grand prize. There are also six weekly winners who receive $2,500 each. Applicants for a refinance or a new mortgage are eligible. Those who are already TD Bank mortgage customers are automatically entered too. But there's more.

To be eligible for the contest, all you need to do is apply and be a resident of one of 13 states, which are all primarily on the East Coast. Even if you're turned down for the loan or end up accepting a mortgage loan elsewhere, you can still win, according to the official sweepstakes rules.

Payments will be made directly to the mortgage lender. If the winner's mortgage is less than $250,000, the lucky person will be paid the difference back in a check. If your mortgage is zero (i.e. you don't have one, that means you get the full amount paid directly to an account you designate). The grand prize winner also receives $109,725 that may be used toward the payment of taxes on the prize money.

Current 30-year fixed rate mortgage at TD Bank is 5.25% and the 15-year rate is 4.5%, according to TD Bank's website.

Odds of winning? Well, that depends upon the total number of eligible entries received for each drawing, but since non-winning entries are carried over into the next week's drawing, the sooner you apply, the better your chances. Hurry, the contest began March 7th!

Various other bank sweepstakes can be searched on at MyBankTracker.com.

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