Apply for a Home Mortgage Loan

Direct One Mortgage makes purchasing a new home easy. Buying a home should be a pleasurable experience.  Direct One mortgage encourages our clients to apply and get the loan approved first so that you can relax and worry about one thing, moving into your new home. Let us take away your worries about a home mortgage loan and we will even coordinate the fine details with your realtor and your escrow company so you can obtain the American dream.  We have many loan programs to assist you.

So don't delay, and apply for your home mortgage loan now and find out which home to buy tomorrow.

We understand that many of our clients have good to excellent credit, however we can assist you even if you have less than perfect to bad to worse credit.  Please visit our less than perfect credit section of our website.

If you are a first time homebuyer, this is an exciting time for you.  Before you begin to look for homes, please consider getting a pre-approval.  Real estate agents prefer to deal with potential homebuyers who are pre-approved with a lender so that there will not be a problem during the escrow process.  We can pre-approve you for a first time home buyer loan with no cost to you and fax a pre-approval letter to your real estate agent.

1. Choosing a lender: There are so many brokers and lenders in the US.  We would advise you to take the time to shop and find someone who you can trust. This decision is one of the most important one you will make since the loan officer you will be working with, will be the one to assist you from the beginning to the very end.  Most lenders eventually sell all their loans to a small handful of investors such as FNMA aka Fannie Mae, FHLMC aka Freddie Mac, or FHA to name a few. 

2. The Application: The mortgage loan application which is commonly called 1003 is a uniform application used by all lenders.  Some lenders will require you to physically complete one and some others might complete one for you. Either way, you should make sure that the information on the 1003 is completed correctly especially if someone else completes it for you.  Please do not sign a 1003 without reviewing it yourself if it was completed by a loan officer.

3. Income & Asset Verification:  This process might be arduous for many of you.  We do understand this. However this will be unavoidable if you choose to receive the lowest rates available.  If you choose, you can ask for a no income verification program.  The interest rate and/or fees might be higher in return but for some business owners, this might not be a choice since you might not show a high income on your tax returns every year.  Please consult with your loan officer as to which would be best for you.

4. Appraisal, Escrow, Title Insurance:  These are all third parties needed to complete your mortgage loan process. Your real estate agent as well as your loan officer will assist you with this.

5. The Loan Process:  Your loan officer working together with your real estate agent, will make sure the loan process moves along according to the time table of your escrow closing date.  Time to time, your loan officer might request something from you to assist in this process such as an updated paystub and/or a clarification from your loan application. Please be patient during this process since we are all trying to achieve one thing, which is to fund your home loan.

6. Loan Approval:  Once your loan is approved, your loan officer will be ready to order your loan documents.  Your loan officer will go over in detail with you about your interest rate as well as fees. Please make sure that when you go into the escrow company to sign your mortgage loan document that the loan documents have the correct interest rate and fees that you agreed upon.  Do not sign them otherwise.

7. Loan Funds: Well, you have reached the end of the tunnel.  Congratulations!  Now get the keys to your new home and enjoy the move!!!