Total Mortgage

Total Mortgage Review

Total Mortgage are offered by Total Mortgage Services LLC (NMLS #2764), a direct lender founded in 1997 and based in Milford, CT. Total Mortgage are available in 9 states across the USA.

Key Takeaways

• 5 different mortgage programs offered. Total Mortgage offers FHA, FHA 203k, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. Total Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Total Mortgage has a maximum loan to value ratio of 90%, which is higher than average. Most lenders want you to have at least 20% equity.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Total Mortgage.
• Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Total Mortgage.
• Maximum DTI ratio. Total Mortgage has a maximum debt-to-income ratio of 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.

Total Mortgage Pros & Cons

Total Mortgage FAQ

How much can you borrow via Total Mortgage Services LLC?

Total Mortgage allows borrowers to apply for loan amounts of up to $5,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Total Mortgage?

Total Mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Total Mortgage Services LLC offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does Total Mortgage charge an application fee?

Yes, there is an application fee of $495.

Note that if your loan originator or loan officer claims not to charge an application fee, the cost of the loan process is probably included somewhere else in the closing costs. As with other closing costs, the application fee is often negotiable. However, you may need to offer a higher down payment or have an excellent credit score to get your loan officer to consider a lower price.

Do they charge mortgage origination fees?

Yes, Total Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Total Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• FHA 203k: An FHA mortgage you can also use to finance home improvements.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Total Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Total Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Total Mortgage is (844) 830-2919.

What is the support contact email?

The support contact email for is contact@totalmortgage.com.