As we process your application, you will receive emails and phone calls updating you on the progress of your mortgage. We divided the process into six steps which are outlined for you below. Keep in mind, a smooth mortgage transaction is dependent on a collaborative effort between you and your DRMC Loan Officer. Due to the nature of a mortgage loan, some areas may overlap, and it is possible that you may have to repeat a step. Our goal is to work closely with you to make the process smooth and efficient on the way to a timely closing.
- FINDING A MORTGAGE CONSULTANT - A professional and licensed Diamond Residential Mortgage Consultant will save you time and money throughout the loan process by finding a mortgage that is tailored to your needs.
- MORTGAGE PRE-QUALIFICATION - Pre-qualifying is a cursory review of your ability to purchase a home. When you are pre-qualified by a Diamond Residential Mortgage Consultant, you can be confident that every house you view is within your price range.
- PRE-APPROVAL - Pre-approval goes a step beyond pre-qualifying. All of your financial information including income, assets, and credit are verified and reviewed by an underwriter and pre-approval is confirmed.
- LOAN APPLICATION - The loan application is the second most important step to purchasing your home. Lenders use a standardized document known as Form 1003.
- MAKING OFFERS/SIGNING A CONTRACT - During this process, your real estate agent will outline your purchase contract and explain the details of each section.
- INSPECTION OF PROPERTY - After an offer has been made, an inspector should evaluate the property in detail and confirm that everything is in good working condition.
- CLOSING - The final step is closing the deal. This may take place at a title company or a location of your convenience, and the title is conveyed to you by a recorded deed.