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Is Total Mortgage Legit? A Deep Dive into Their Reputation and Services

Yes, Total Mortgage is a legitimate mortgage lender. They are a licensed mortgage company that has been in operation for over 20 years, offering a range of mortgage products and services to borrowers across the United States. However, like any financial institution, it’s crucial to understand their strengths, weaknesses, and how they operate before deciding if they are the right fit for your specific needs.

Unpacking Total Mortgage: What You Need to Know

Total Mortgage operates primarily as a mortgage broker, meaning they work with multiple lenders to find the best mortgage rates and terms for their clients. This contrasts with direct lenders, who only offer their own proprietary mortgage products. This broker model can be advantageous, as it provides borrowers with more options and potentially more competitive rates. However, it also means that the ultimate approval and loan terms are dependent on the third-party lenders Total Mortgage works with.

They boast a streamlined online platform designed to simplify the mortgage application process. Borrowers can apply online, upload documents electronically, and track the progress of their application through their digital portal. This focus on technology aims to make the mortgage experience faster and more convenient, appealing to tech-savvy borrowers.

The Pros and Cons of Choosing Total Mortgage

As with any financial institution, Total Mortgage presents both potential benefits and drawbacks. Understanding these can help you make an informed decision.

Potential Advantages:

Wide Range of Loan Products: Total Mortgage offers a variety of loan options, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. This breadth of offerings caters to a diverse range of borrowers with varying financial situations and homeownership goals.
Competitive Rates: As a broker, Total Mortgage has access to a large network of lenders, increasing the chances of finding competitive interest rates.
Online Platform: Their user-friendly online platform simplifies the application process, allowing for convenient document submission and loan tracking.
Streamlined Process: Focus on speed and efficiency aims to shorten the overall mortgage timeline.

Potential Disadvantages:

Broker Fee: While Total Mortgage doesn’t always charge a separate broker fee, some reviews suggest that their rates may sometimes be higher than going directly to a lender, to account for the broker services provided. It’s essential to compare rates and fees from multiple lenders.
Reliance on Third-Party Lenders: The ultimate approval and loan terms are dictated by the third-party lenders they partner with, which can introduce an element of uncertainty.
Customer Service Concerns: Some customer reviews mention inconsistencies in customer service experiences. While many customers report positive interactions, others cite issues with communication or responsiveness.
Aggressive Marketing: Some individuals report receiving persistent marketing communications from Total Mortgage.

Checking Their Credentials: Licensing and Reputation

Verifying the legitimacy and reputation of any mortgage lender is paramount.

Licensing: Total Mortgage is licensed to operate in multiple states. You can verify their licensing information through the Nationwide Multistate Licensing System & Registry (NMLS) website. This is a critical step in ensuring they are authorized to conduct mortgage business in your state.
Better Business Bureau (BBB): Check their rating and reviews on the BBB website. While the BBB rating provides a general indication of their commitment to resolving customer complaints, it’s important to read individual reviews to get a more comprehensive understanding of customer experiences.
Customer Reviews: Read reviews on multiple platforms, including Zillow, LendingTree, and Google Reviews. Pay attention to both positive and negative feedback to get a balanced perspective. Be aware that reviews can be subjective and may not always reflect the entire customer experience.

Making the Right Decision

Ultimately, the decision of whether or not to use Total Mortgage depends on your individual circumstances and preferences.

Shop Around: Always compare rates and fees from multiple lenders before making a decision. Don’t rely solely on the rates quoted by Total Mortgage.
Read the Fine Print: Carefully review all loan documents and disclosures before signing anything. Understand the terms of your loan, including the interest rate, fees, and repayment schedule.
Ask Questions: Don’t hesitate to ask questions about anything you don’t understand. A reputable lender will be transparent and willing to answer your questions thoroughly.
Consider Your Priorities: Determine what’s most important to you in a mortgage lender – competitive rates, excellent customer service, a user-friendly online platform, or a wide range of loan options? Choose a lender that aligns with your priorities.

Frequently Asked Questions (FAQs) About Total Mortgage

1. What types of loans does Total Mortgage offer?

Total Mortgage offers a wide variety of loan products, including conventional mortgages, FHA loans, VA loans, USDA loans, and jumbo loans. They also offer refinancing options for existing mortgages.

2. Is Total Mortgage a direct lender or a broker?

Total Mortgage operates primarily as a mortgage broker. This means they work with multiple lenders to find the best rates and terms for their clients. They do not directly underwrite or fund the loans themselves.

3. Does Total Mortgage charge any fees?

Total Mortgage may charge various fees, including origination fees, application fees, and other closing costs. It’s crucial to get a detailed breakdown of all fees involved before proceeding with the loan. Always compare these fees with other lenders.

4. What is the minimum credit score required to get a loan from Total Mortgage?

The minimum credit score requirement varies depending on the loan program. For example, FHA loans typically require a lower credit score than conventional loans. Contact Total Mortgage directly to discuss your specific credit situation.

5. How long does it take to get approved for a mortgage with Total Mortgage?

The loan approval timeline can vary depending on factors such as the complexity of your financial situation, the type of loan you’re applying for, and the responsiveness of the third-party lender. In general, the process can take anywhere from 30 to 45 days.

6. Does Total Mortgage offer online applications?

Yes, Total Mortgage has a user-friendly online platform that allows borrowers to apply for a mortgage online, upload documents electronically, and track the progress of their application.

7. What is the process for refinancing a mortgage with Total Mortgage?

The process for refinancing a mortgage with Total Mortgage is similar to the process for getting a new mortgage. You’ll need to complete an application, provide documentation of your income and assets, and undergo a credit check.

8. How does Total Mortgage handle customer complaints?

Total Mortgage has a customer service department that handles complaints. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) if you’re not satisfied with their response.

9. Is Total Mortgage licensed in my state?

You can verify Total Mortgage’s licensing information through the Nationwide Multistate Licensing System & Registry (NMLS) website. Simply search for Total Mortgage by name or NMLS ID.

10. What are the current interest rates offered by Total Mortgage?

Interest rates are constantly fluctuating. Contact Total Mortgage directly or visit their website to get the most up-to-date interest rate information. Remember to compare these rates with other lenders.

11. What are the advantages of using a mortgage broker like Total Mortgage?

The advantages of using a mortgage broker include access to a wider range of lenders and loan products, potentially leading to more competitive rates and terms. Brokers can also simplify the mortgage process by handling much of the paperwork and communication with lenders.

12. How can I contact Total Mortgage?

You can contact Total Mortgage through their website, by phone, or by visiting one of their physical locations. Contact information can be found on their website.

By carefully considering these factors and conducting your own due diligence, you can determine if Total Mortgage is the right choice for your mortgage needs. Always remember to compare offers from multiple lenders to secure the best possible terms for your financial situation.