304 North Cardinal St.
Dorchester Center, MA 02124
304 North Cardinal St.
Dorchester Center, MA 02124
Total Mortgage has been active for over twenty years now. However, years of experience are often not the factor upon which a clear judgment can be made, and when you see online reviews, opinions are rather mixed. In this article, we will look at what they offer and give our honest opinion.
Is Total Mortgage a good company? Total Mortgage is a good company. They have been in the business for over 20 years and have helped thousands of people get into their dream homes. They offer a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, jumbo mortgages, and more.
Plus, they have a team of knowledgeable and experienced mortgage professionals who are ready to help you find the right mortgage product for your needs.
This company was founded in 1997 by John Walsh in Milford, Connecticut. Since then, they have evolved into a big enterprise, and they especially pride themselves on the fact that during the 2007 housing crisis, Total Mortgage went through it unscathed. Nowadays, they have opened their offices in a few different states and offer all the modern estimation services on their official website.
Since 1999, Total Mortgage has had a BBB (Better Business Bureau) file opened, which is an indicator that they have been running a transparent business (in other words, if you ask, for example – “Do you have a deed when you get a mortgage?”, the answer will be an honest no).
A person who has been denied a loan will almost always leave a negative review, but in the mortgage business, this is considered an immensely positive characteristic of an enterprise to have rigid loan rules. They have been known to be pretty strict when it comes to evaluating your credit score and overall financial situation. Hence, if a student wants to get a mortgage loan but doesn’t possess a realistic financial plan, the application will be denied. But, this is exactly the reason for their longevity, as many companies have met their end by lending unreasonable loans.
Of course, they have licenses in other states as well. However, the general rule when it comes to the mortgage business is that people prefer face-to-face conversations with agents, and rightfully so. Although online services have advanced significantly, especially during the pandemic, there are still many shortcomings that are unacceptable.
At first, it seemed that the online mortgage calculator was a groundbreaking service, but soon the disadvantages were starting to become apparent. Namely, they are not accurate, as interest rates and other factors that affect the real estate market, and automatically, your loan, change on a daily, if not hourly, basis. Hence, there is always a possibility that the loan estimation and the one done by an agent in an office are significantly different. Nonetheless, it is a free service, and there is nothing wrong with trying. Moreover, you can learn what factors affect the loan potential (especially important if you have to ask – “What can I get with a credit score of 670 or lower?”).
Still, we have to say that Total Mortgage has really invested effort in their online services and in the website overall, and for a person who wants to apply for a loan for the first time, there are some great sources of reliable information and services that can help you create a realistic picture of your financial capabilities.
|Total Path Guides||If you are new to the process, it is always recommended to find good mortgage literature to read. Total Mortgage offers in the “Total Path Guides” menus a selection of books that deal with all aspects of home buying. Books like “Ultimate Home Buying Guide,” “Understanding Your Credit,” and “Mortgage Programs” are among many which are available. Moreover, PDF versions can be downloaded for free.|
|Checklists||Another resource that we find quite useful are the checklists. FHA, mortgage preparation, and mortgage process checklists are available for free download. They can really help you with the organization, as there will be a lot of issues to address during the lending process.|
|Find Your Loan||This option is in some way similar to the online calculator. Hence you should take its results with a pinch of salt. Still, “Find Your Loan” Is basically a questionnaire that will suggest what type of loan suits you the most. According to your needs, suggestions for both purchasing and refinancing are available. You will then just have to answer a few simple questions by clicking on one of the answers.|
|Today’s Rates||According to the website, interest and annual percentage rates are updated daily for the most popular loan options, which is not bad, especially if you need to compare the rates with those of some other companies.|
All in all, the official website offers a lot to a person who is new to the loaning process, and you should definitely make use of all the available resources. However, if you can’t visit their offices personally and have to rely on online estimation, we recommend calculating everything with the help of a professional mortgage broker. Zillow mortgage calculator and others have been frequently reported for their inaccuracy, and there is no reason why the Total Mortgage calculator should be more accurate as it uses the same algorithms.
One of the best characteristics of this company is the wide range of loan options available. Moreover, for each loan option, they have concisely stated what the requirements are, so you will get a good idea of what suits you after visiting the websites. Very few companies boast such a wide selection.
As you can see, Total Mortgage offers a lot of loan options which truly is a great advantage. You will most likely be able to borrow money even if your credit score is not that healthy, of course, given that you have stable employment. Nonetheless, having a mortgage broker beside you is always advisable. Although, as mentioned, they should be completely transparent when assessing your financial situation.
Generally speaking, when visiting any of their offices, the agents will show patience and understanding if this is your first experience with lenders. And this is not the case with all companies. There is nothing to be ashamed of if you don’t understand the economic register, and according to many reviews, Total Mortgage employees aremore than willing to take the time to explain each term in plain English language. Hence, if you are able to, it is best to contact them and set up a meeting in person.
This seems to be a problem with all mortgage companies, not just Total Mortgage. Simply put, in most cases, the employee that has answered your call will not show the same patience as when talking to you personally. The reason behind this is that perhaps a lot of people are also calling at the same time and waiting, but that is no excuse. According to reviews, many people had poor experiences and were barely able to understand anything, especially if they were unfamiliar with the terminology. They also have the option to send an email via their website, but the chances that you will wait for a reply for more than a few days are high.
If you are searching for a job in this field, Total Mortgage is undoubtedly worth sending your CV to. Many people have reported that they have developed their careers significantly while working at this company. They offer a lot of training opportunities and have implemented an efficient remote system during the coronavirus pandemic. The overall atmosphere is great, according to many reviews, and there are opportunities to attain higher salaries. Still, landing a job might be difficult due to the fact that the company still doesn’t have many open offices and operates only in the aforementioned states.
Finally, we will provide you with a concise overview of the major pros and cons of this mortgage company.
|BBB approved business, and overall, has a reputation for high transparency during loan approvals||Has offices and is licensed only in a certain number of states.|
|Offers a wide selection of loans that can suit all kinds of housing needs. On top of that, many options have fixed rates for a fifteen or thirty-year period.||Online mortgage calculators and other services available on the website are inaccurate as they are not updated on a daily basis.|
|Has a well-organized website that offers a lot of useful free information about the loan process.||Customer service is slow and impatient.|
|Employees show a lot of understanding during personal meetings and are open to explaining each term during a conversation.||Generally speaking, down payments and interest rates are among the higher ones for the majority of loan options.|
|Short-term loans for house renovations are quite affordable, especially their Homestyle Renovation loan.|
It can’t be said that Total Mortgage is a bad company, but when borrowing money for real estate, you should look for the most affordable and flexible rates. This means that you should at least compare two or three different companies and then come up with a decision. Total Mortgage is definitely worth checking out, especially if you need a loan for house renovations.