Announcement Bar

Frequently Asked Questions

We are here to answer your most common questions about the mortgage process. We explain the types of loans available, what you need for a down payment, and how to get pre-approved. We also cover how long it usually takes to get approved, what costs to expect, and what to do if you miss a payment.

As experts with over 25 years of experience, we make sure you understand every step, from choosing the right loan to staying informed throughout the process. Our goal is to make getting a mortgage as easy and clear as possible for you.

We offer a variety of loan products, including conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, Bridge & Transition Loans, Reverse Loans, Constructions loans, and Refinancing options. 

The minimum down payment varies by loan type. For example, conventional loans can require as little as 3% down, FHA loans require 3.5%, and VA and USDA loans may offer zero down payment options. 

Eligibility requirements depend on the loan type but generally include factors like credit score, income, debt-to-income ratio, employment history, and the property’s value and condition. 

Each client is different and each lender is different, so to get pre-approved, you’ll need to submit a mortgage application. That application will determine what provide financial documents such as pay stubs, tax returns, bank statements, and credit information you may need to provide. Click Apply Now to get started.  

Yes, rental income from other units in a multi-unit property can be considered as part of your income and may help you qualify for a larger loan amount. 

The mortgage approval process can take anywhere from 14 to 45 days, depending on numerous factors such as the type of loan, the complexity of your financial situation, and how quickly you provide the necessary documentation. 

Closing costs are fees associated with finalizing your mortgage and typically range from 2% to 5% of the loan amount. These can include appraisal fees, title insurance, attorney fees, discount points, loan origination fees, title and escrow fees, and more. 

The debt-to-income ratio is the percentage of your monthly income that goes toward paying debts. Your debt-to-income ratio is used to assess your ability to manage monthly payments and determine the loan size that you can afford.   

Private Mortgage Insurance (PMI) is required for conventional loans when the down payment is less than 20% of the home’s purchase price. It protects the lender in case of default. 

Yes, refinancing may help you secure a lower interest rate, change your loan term, or access equity in your home. Our team can help you determine if refinancing is right for you. 

Notify your servicer as soon as possible. Your servicer contact information will be on your mortgage statement. Please visit our Homeowner Assistance page for additional information and resources.  

There are 2 types of mortgage updates you will receive from Directors Mortgage. 

  • Once your loan is in-process you will receive email Milestone Updates as your loan progresses through Processing, Underwriting and Closing that will explain the current loan status and what to expect next.  
  • Each Friday, all loan participants will receive an overview of the loan status. The Directors Mortgage: Loan Status Update will indicate as each of these have been completed: Application Received, Submitted to Processing, Submitted to Underwriting, Initial Underwriting Review Complete, Loan approved, Get Ready for Closing Documents, Loan funded. 

Mortgage interest rates are constantly changing and can even change during the middle of the day.

The APR is the cost of credit expressed as an annual rate. The APR includes fees such as mortgage insurance, most closing costs, discount points and loan origination fees. 

The Loan Estimate (LE) is a three-page form that lenders must provide to borrowers within three business days of receiving a completed mortgage loan application. The LE is part of the TILA-RESPA Integrated Disclosure (TRID) rule, which aims to help borrowers understand the costs and terms of their mortgage loans. The Consumer Financial Protection Bureau (CFPB) requires all lenders to use a standardized form to present the information, making it easier for consumers to compare the details of each loan offer they have received. 

Smooth Steps to Buying Your Home

We streamline the home loan process for a smooth and quick process to get you the keys to your new home.

Icon of a document with a person's profile

APPLY

Applying for a mortgage gets you prepared for a smooth homebuying process with a pre-approval in hand. Our online application takes about 20 minutes, and with a review of financial documents, you’ll have a clear picture of your purchasing power.

Checklist icon

PRE-APPROVAL

Our Pre-Approval Advantage makes your purchase offer stronger with up to $10,000 of earnest money protection for financing.*

Icon of a dollar bill with a checkmark representing online payments

MAKE AN OFFER

Once your offer is accepted, our experts will begin underwriting the loan for your home.

Thumbs-up icon symbolizing approval

LOAN APPROVAL

Your loan receives final approval when all items have been received, thoroughly reviewed and accepted, and our loan team prepares for closing.

House icon

CLOSING

Your closing will be scheduled with Title, and you will review and sign all documentation to finalize the purchase of your home. Congratulations!

You Get Peace of Mind
With a Proven Mortgage Expert

At the heart of our business is our commitment to service excellence, reflected in our outstanding 96% client satisfaction rate.1 And combined with speed and efficiency, we deliver deliver in-house purchase closing documents to escrow an average of 4.4 days before closing.1 Our personalized and proactive approach provides our clients with peace of mind, knowing their home loans are handled promptly and professionally.

*Provides buyer or seller with financing protection of up to $10,000 (or lesser amount which is equal to earnest money), if the purchase agreement is canceled for any reason related to the financing contingency. Pre-Approval Advantage is based on information received from the borrower and should not be construed as a formal loan approval; nor does it acknowledge a full commitment to lend by Directors Mortgage.

1Client satisfaction and efficiency information as of 1/1/2024.