Once you have made the decision to work with a mortgage professional at Diversified Financial Services, Inc. you will need to get Pre-qualified for your loan.
Your Personal Loan Consultant will ask you a few questions to better help you. This will include your residence history, employment history, social security number, and date of birth. We will then need to pull a current credit report to establish your credit history and debt-to-income ratio while we underwrite your loan.
Once your Loan Consultant has determined that you will qualify we will order a property appraisal. Whether you are re-financing a property or purchasing a new home, a current appraisal will be required. Recent changes in the marketplace now require that appraisals are now ordered through an Appraisal Management Company and paid for directly by the customer at time of order. The customer will receive a call within a few days of paying for the appraisal to set up a time for the appraiser to come inspect the property. Once completed the customer will receive a copy of the appraisal from the Appraisal Managment Company.
While we are waiting for the appraisal to come in, now is a good time to start gathering the required documentation that will be needed to submit your loan.
Once our processor has put together a complete loan package with all the verifications and documentation including the appraisal the file will be submitted to the lender to obtain an “approval”. In most cases the underwriting department will ask for additional documentation that our office will ask you to provide. This underwriting process can take anywhere from 5 to 10 days.
After we have satisfied all the conditions from the lender we will set up your closing at one of our title companies. In most cases your Personal Loan Consultant will be there during your closing to answer any questions that you may have and to ensure the loan paperwork is correct.