|
Q
:
|
How much house can I afford? |
|
A
: |
Before you start looking at homes you need to have some idea of what you can afford. Direct Mortgage offers written pre-approval mortgage commitments. Receiving a DIRECT MORTGAGE COMMITMENT turns you into a "cash buyer". |
| |
|
Q
:
|
How long does it take to get approved? |
|
A
: |
Some loans can be approved in as little as 1 hour providing you supply your mortgage specialist with specific documentation. This also depends on your complete financial picture. |
| |
|
Q
:
|
What documents do I bring to the application? |
|
A
: |
The financing program you select determines the exact documentation required however, generally speaking you should be prepared to bring the following:
- 2 most recent years of Federal income tax returns (w/all schedules).
- Two years of W-2 forms.
- Current pay check stubs.
- Two most recent bank statements on all accounts.
- Landlord name and phone number (if applicable),
- Bankruptcy or Divorce papers (if applicable).
|
| |
|
Q
:
|
How do I know which type of mortgage is best for me? |
|
A
: |
There is not a single answer to this question. The right type of mortgage for you depends on many different factors.
1. Your current financial picture.
2. How you expect your finances to change.
3. How long you intend to keep your house.
Your DIRECT MORTGAGE SPECIALIST will be glad to analyze your specific needs, review specific examples, and recommend a program just for you.
You can also use our Loan Center to investigate how different criteria will affect your loan decision. |
| |
|
Q
:
|
How much down payment will I need? |
|
A
: |
This question also depends on your financial picture and credit. In general, our programs range from NO MONEY DOWN to 20% on up. The loan programs at DIRECT MORTGAGE are very flexible and can be tailored to fit your needs..
|
| |