Frequently Asked Questions

How do I start the application process for a mortgage?

Access our online application, or call us at 239-945-4348 ext. 100

Is Tomasso Mortgage fully licensed?

Our staff is State and Federally licensed.  This includes full background checks, fingerprints, credit reports, and continuing education.

What mortgage types do you offer?

Tomasso Mortgage offers a wide range of products to choose from, some of the most common products available are – FHA (Federal Housing Authority), VA (Veteran Affairs), Conventional, ARMS (adjustable-rate), Reverse mortgage, Construction-Perms, and Foreign National.

What mortgage is the best fit for me?

Our Loan Originators are licensed and qualified to help you get the best program based on your financial situation.

How much can I afford to borrow?

Your Loan Originator can help you figure out how much your mortgage amount could be, and therefore what price range of homes to look at.  This is known as a pre-qualification – not the same as an approval or pre-approval – and it’s wise to do it before you start house shopping.  The pre-qualification gives you some idea of what size mortgage you’ll be eligible for, based on the preliminary information you give the Loan Originator about income, assets, and debt.

What will my rate be?

Rates are based on a variety of factors such as the loan purpose, your credit history, and the loan amount.  Call one of our Loan Originators for more details.

What are the closing costs?

Borrowers pay fees at closing for services provided by the lender and 3rd parties, such as title companies.  Lenders are required to provide a written estimate of these costs within 3 days of receiving a loan application.

What’s the minimum down payment to qualify for the loan?

Some mortgages, like VA and USDA, offer loans with no money down.  An FHA loan has a minimum of 3.5% down, and a conventional has as little as 3% down.  Ask your Loan Originator for more information on the minimum down payment required for your loan, and decide what is right for you.

What Documents do I need for a loan application?

You can refer to the “Process” tab on our main page, and go to the “Items needed for your pre-approval or loan application”.

What might delay approval of my loan?

A job change, an increase or decrease in salary, a new debt, a change in your credit history, or a change in marital status could delay your loan approval. The best way  to avoid that is to put your financial life in a holding pattern until you reach the closing table.