Total Mortgage Services Review(s) and Rates
Total Mortgage Services, based out of Connecticut, claims to offer some of the lowest mortgage rates in the country. They offer an extensive range of mortgage products including – fixed rate mortgages, adjustable rate mortgages, home refinance mortgage loans, jumbo mortgage loans, FHA mortgage loans, reverse mortgages, no closing cost mortgages, and first time home buyer mortgages (to name a few). The APR’s on their home loans are often significantly below the national average.
According to Total Mortgage Services, they can offer better APRs on home loans because of their in-house underwriting, their advanced processing technology, and the sheer volume of the business they do. They claim to have access to the widest array of programs and the best possible rates available anywhere. In many states, they’re a broker and a lender, which means they have great flexibility in crafting and customizing a mortgage solution.
Current Mortgage Rates offered through Total Mortgage Services:
(Rates accurate as of 8/30/2010)
- 30 year fixed conventional mortgage advertising an APR of 4.323% with 2 points on loans under $417,000.
- 20 year fixed conventional mortgage advertising an APR of 4.273% with 2 points on loans under $417,000.
- 15 year fixed conventional mortgage advertising an APR of 3.972% with 2 points on loans under $417,000.
- 30 year fixed FHA mortgage advertising an APR of 5.178% with 2 points on loans under $417,000.
- 30 year fixed jumbo mortgage advertising an APR of 5.098% with 2 points.
- 15 year fixed jumbo mortgage advertising an APR of 4.349% with 2 points.
- 5/1 ARM conforming mortgage advertising an APR of 2.638% with 2 points on loans under $417,000.
- 5/1 ARM jumbo mortgage advertising an APR of 4.323% with 2 points.
- 1/1 ARM conforming mortgage advertising an APR of 4.078% with 0 points on loans under $417,000.
- 1/1 year ARM jumbo mortgage advertising an APR of 3.957% with 2 points on loans under $417,000.
Things to keep in mind before applying…
- The APR can vary among mortgage lenders. The most accurate way to determine an APR is to establish the current mortgage rate, loan amount and closing costs.
- No closing cost loans allow borrowers to include closing costs in the loan amount, preventing them from having to come up with the money all at once.
- Mortgage rates change daily, sometimes several times throughout the day. A mortgage professional can monitor current mortgage rates for you.
For current mortgage rates visit totalmortgage.com
Total Mortgage Services Terms and Conditions:
All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice.
Contact Info:
Total Mortgage Services, LLC
326 West Main Street Milford, CT 06460
Phone: 203.876.2200
September 1st, 2010 at 8:48 am
TotalMortgage doesn’t always have as good as rates as they like to tell people on their website. Its also sometimes hard to get someone on the phone, but i liked it better than my old bank
June 21st, 2011 at 1:09 pm
I was thinking of dealing with Total Mortgage Services, based out of CT, but I looked up their reviews and this is what I found. With the BBB their rating was an “A” but there were at least 21 complaints. I have found that the BBB’s rating is not always a reliable way to understand the problems associated with a business. I looked up the details of their complaints and found consumer complaints regarding misleading sales presentations, unauthorized credit card transactions as well as other complaints…why would someone take a chance and use their services?
June 21st, 2011 at 2:32 pm
@Brandi – thanks for the input! I wouldn’t hold too much stock in a BBB rating either, their grading process is pretty much automated and lacks a quality filter for the complaints.
Misleading sales presentations or bait and switch APR’s are definitely something to be concerned about. I’d check out a CT credit union that you’re eligible to join for better rates, low pressure sales and more support imo.