TD Bank holds contest to pay off your mortgage

If you're applying for a mortgage, TD Bank is hoping you'll apply with it. Of course, that's not really news, is it? Every bank hopes you'll apply for a mortgage through them. But TD Bank's contest is kind of newsworthy.

its contest, dubbed the Big Mortgage Payoff Sweepstakes, is going on now through April 30, 2010. Customers who apply for a mortgage during that time period will be automatically entered into a drawing to help them pay off their house, provided their mortgage isn't more than $250,000.

And if it is? Well, then you'll have $250,000 to put toward your mortgage. Either way, it's not such a bad deal. And not to be snarky, but it's a bit more generous than the Wells Fargo contest that went on last year, where it offered people just $60,000 to help pay off their mortgage.

Here's the nice touch: Along with the $250,000, the prize winner will also receive $109,725 that can go toward the payment of taxes on the prize.

Already have a mortgage with TD Bank? You'll automatically be entered in the drawing. And every week, TD Bank is awarding $2,500 to six winners to put toward their monthly mortgage payment.

The grand prize winner will be announced in May, and the winner will get the money within 30 days. For the official rules, check out this link.