Frequently Asked Questions

TAM Mortgage is a direct lender — not a broker — which means we control your rate, underwriting, and closing timeline. You get one dedicated loan advisor from application to keys, transparent pricing with no hidden fees, and an average close time of 21 days versus the industry average of 47.

TAM Mortgage is licensed to lend in 48 states. Whether you are buying locally or relocating across the country, we can serve you with competitive rates and local market expertise.

Because we are a direct lender, we eliminate the broker margin — so your rate reflects wholesale pricing. On average, TAM Mortgage borrowers save over $200 per month compared to quotes from the top five national banks.

Your dedicated loan advisor is available by phone, email, and text during business hours. Most inquiries receive a response within 2 hours. You can also reach our main office at (877) 826-6678 for immediate assistance.

Absolutely. We use bank-level 256-bit encryption for all data transmission and storage. Your information is never sold or shared with third parties. We comply with all federal and state privacy regulations.

Most borrowers receive a real pre-approval letter within 15 minutes. We use a soft credit pull that does not impact your score. The letter is backed by our underwriting team and accepted by sellers and listing agents nationwide.

It depends on the loan program. Conventional loans require as little as 3% down, FHA loans start at 3.5%, VA and USDA loans offer 0% down for eligible borrowers. Down payment assistance programs may also be available in your area.

Absolutely. We offer Conventional loans with as little as 3% down, FHA loans from 3.5% down for credit scores as low as 580, VA loans with zero down payment for eligible veterans, and USDA loans for qualifying rural properties.

To get started, you will need your last two years of tax returns, recent pay stubs (last 30 days), bank statements from the past 60 days, and a valid government-issued ID. Self-employed borrowers may need additional documentation such as profit-and-loss statements.

TAM Mortgage averages 21 days from contract to close — compared to the national average of 47 days. Our in-house underwriting, digital document collection, and proactive appraisal scheduling keep the process moving efficiently.

Conventional loans typically require higher credit scores (620+) but offer more flexibility on property types and no upfront mortgage insurance. FHA loans are more accessible with credit scores as low as 580 and lower down payments, but require both upfront and annual mortgage insurance premiums.

VA loans are available to active-duty service members, veterans, National Guard and Reserve members, and eligible surviving spouses. VA loans offer zero down payment, no monthly mortgage insurance, and competitive rates backed by the U.S. Department of Veterans Affairs.

A Jumbo loan exceeds the conforming loan limits set by the FHFA — currently $766,550 in most areas. Jumbo loans are ideal for purchasing higher-priced properties and typically require a credit score of 700 or higher, a larger down payment, and proof of substantial reserves.

Adjustable-Rate Mortgages (ARMs) offer a lower introductory rate for a fixed period (typically 5, 7, or 10 years), after which the rate adjusts periodically. ARMs can make sense if you plan to sell or refinance before the adjustment period begins, or if you expect rates to decrease.

Yes. Our Non-QM programs serve self-employed borrowers, investors, and those with non-traditional income documentation. We accept bank statements, asset depletion, and 1099 income in place of standard tax returns.

Consider refinancing when current rates are at least 0.5–0.75% lower than your existing rate, you want to switch from an ARM to a fixed-rate mortgage, you need to access home equity, or you want to remove mortgage insurance. Use the break-even calculation — divide closing costs by monthly savings — to determine if refinancing makes financial sense.

A cash-out refinance replaces your current mortgage with a larger one, allowing you to take the difference in cash. This can be used for home improvements, debt consolidation, education expenses, or other financial needs. You typically need at least 20% equity remaining after the refinance.

Refinancing closing costs typically range from 2% to 5% of the loan amount. These may include appraisal fees, title insurance, origination fees, and recording fees. TAM Mortgage offers transparent pricing with no hidden fees, and we can sometimes roll closing costs into the new loan.

While a higher credit score generally means better rates, FHA Streamline refinances may be available with minimal credit requirements if you already have an FHA loan. VA Interest Rate Reduction Refinance Loans (IRRRLs) also offer simplified qualification for existing VA borrowers.

The interest rate is the cost of borrowing the principal amount, while the Annual Percentage Rate (APR) includes the interest rate plus other costs such as mortgage insurance, origination fees, and discount points. APR gives you a more complete picture of the total cost of borrowing.

Discount points are upfront fees paid to the lender at closing in exchange for a lower interest rate. One point typically costs 1% of the loan amount and reduces your rate by approximately 0.25%. Points make sense if you plan to keep the loan long enough to recoup the upfront cost through lower monthly payments.

Once you have a signed purchase agreement or decide to proceed with a refinance, your loan advisor will lock your rate. Rate locks typically last 30 to 60 days. At TAM Mortgage, your locked rate is guaranteed in writing — what we quote is what you get at closing.

Common closing costs include appraisal fee ($400–$700), title insurance, attorney or settlement fees, recording fees, prepaid taxes and insurance, and lender origination fees. TAM Mortgage provides a detailed Loan Estimate within three business days of application so there are no surprises.

After you submit your application, your loan advisor reviews your documents and orders a credit report. You will receive a Loan Estimate within three business days outlining your rate, monthly payment, and estimated closing costs. From there, we move into processing and underwriting.

Underwriting is the process where a lender verifies your financial information, assesses risk, and determines whether to approve your loan. The underwriter reviews your credit history, income, assets, employment, and the property appraisal. At TAM, underwriting is done in-house for faster turnaround.

Common delays include appraisal issues (low value or needed repairs), missing or incomplete documentation, employment or income changes during the process, title issues, or new debts taken on before closing. Your TAM advisor proactively monitors for potential delays and communicates early.

In most states, TAM Mortgage supports hybrid closings where many documents can be signed electronically before the closing appointment. Some states also allow full remote online notarization (RON). Your advisor will let you know what options are available in your state.