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Text Content

 * Welcome
   * About Us
   * FAQ
 * Home Purchase
 * Home Refinance
 * Commercial Lending
 * Resources
   * LOAN PROGRAMS
   * LOAN PROCESS
   * Mortgage Basics
     * APPLICATION CHECKLIST
     * APPRAISALS
     * CLOSING COSTS
     * CREDIT
     * FORECLOSURE
     * FHA LOANS
     * VA LOANS
     * MORTGAGE GLOSSARY
     * PRIVATE MORTGAGE INSURANCE (PMI)
     * REFINANCE
   * APPRAISALS
   * Mortgage Calculator
 * Loan Officers
 * Join The Team
 * Contact
 * Login

Select Page
 * Welcome
   * About Us
   * FAQ
 * Home Purchase
 * Home Refinance
 * Commercial Lending
 * Resources
   * LOAN PROGRAMS
   * LOAN PROCESS
   * Mortgage Basics
     * APPLICATION CHECKLIST
     * APPRAISALS
     * CLOSING COSTS
     * CREDIT
     * FORECLOSURE
     * FHA LOANS
     * VA LOANS
     * MORTGAGE GLOSSARY
     * PRIVATE MORTGAGE INSURANCE (PMI)
     * REFINANCE
   * APPRAISALS
   * Mortgage Calculator
 * Loan Officers
 * Join The Team
 * Contact
 * Login

LOCATION

5533 west 109th Street, Oak Lawn, IL, 60543

TOLL-FREE PHONE

1-855-456-9782

EMAIL

info@mtg101.com

REGISTERED PROVIDER

NMLS# 1559635


PAIN FREE AND SMOOTH LENDING PROCESS

Lending Experts
Home Purchase


PAIN FREE AND SMOOTH LENDING PROCESS

Lending Experts
Home refinance


PAIN FREE AND SMOOTH LENDING PROCESS

Lending Experts
Commercial Lending
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123


WHO WE ARE


ABOUT US

Since commencement in 2000, Direct Mortgage Investors, Inc has always been
forward-thinking, with creative financing options for those with challenges.
With partnerships with over 200 banks and Investors, we create a frictionless
process to bring in the new era of mortgage loan pathway, which many of our
competitors call our process unique and seamless.

With over 100 employees with a mass diversity, with the capabilities to
communicate in a dozen languages. All of our professional Loan Officers have a
four-year college degree and or over five years operating in the mortgage
finance business, experience and intelligence set us apart from the rest.

Unlike your local retail bank, we wouldn’t treat you as a number, more
straightforward and transparent communication that doesn’t cease after 5 PM.

We are determined to earn your trust by providing you with the foremost service
along with the lowest possible rates and cost. Direct Mortgage Investors, Inc,
your lifetime mortgage lender!




SERVICES


HOME PURCHASE

 


SERVICES


HOME REFINANCE

 


SERVICES


COMMERCIAL LENDING

 


WHAT WE CAN DO


WE CAN HELP

From start to finish our goal to create a smooth loan process for our borrowers.
Meeting deadlines and expectations is what our reputation has been built upon
and is paramount to our continued success in the market. When you come to Direct
Mortgage Investors Inc. you will get five-star service.

Direct Mortgage Investors Inc. is a very reputable and experienced company and
that makes us different than many other companies and we understand the nuances
of our local market and the different loan programs available to all over the
country. We will show you Direct Mortgage Investors Inc. company is the only way
to go.  


FREQUENTLY ASKED QUESTIONS


F.A.Q.

Ask a Question

WHEN SHOULD I REFINANCE?

It’s generally a good time to refinance with mortgage rates are 2% lower than
the current rate on your loan. It may be a viable option even if the interest
rate difference is only 1% or less. Any reduction can trim your monthly mortgage
payments. Example: Your payment, excluding taxes and insurance, would be about
$770 and a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment
would be $700, no you’re saving $70 per month. Your savings depends on your
income, budget, loan amount and interest rate changes. Your trusted lender can
help you calculate your options. Please note that by refinancing your existing
loan your total finance charges may be higher over the life of the loan.

SHOULD I PAY POINTS TO LOWER MY INTEREST RATE?

Yes, if you plan to stay in the property for a least a few years. Paying
discount points to lower the loan’s interest rate is a good way to lower your
required monthly loan payment, and possibly increase the loan amount that you
can afford to borrow. However, if you plan to stay in the property for only a
year or two, your monthly savings may not be enough to recoup the cost of the
discount points that you paid up-front.

WHAT DOES IT MEAN TO LOCK THE INTEREST RATE?

Mortgage rates can change from the day you apply for a loan to the day you close
the transaction. If interest rates rise sharply during the application process
it can increase the borrower’s mortgage payment unexpectedly. Therefore, a
lender can allow the borrower to “lock-in” the loan’s interest rate guaranteeing
that rate for a specified time period, often 30-60 days, sometimes for a fee.

HOW IS MY CREDIT JUDGED BY LENDERS?

Credit scoring is a system creditors use to help determine whether to give you
credit. Information about you and your credit experiences, such as your
bill-paying history, the number and type of accounts you have, late payments,
collection actions, outstanding debt, and the age of your accounts, is collected
from your credit application and your credit report. Using a statistical
program, creditors compare this information to the credit performance of
consumers with similar profiles. A credit scoring system awards points for each
factor that helps predict who is most likely to repay a debt. A total number of
points — a credit score — helps predict how creditworthy you are, that is, how
likely it is that you will repay a loan and make the payments when due.

The most widely use credit scores are FICO scores, which were developed by Fair
Isaac Company, Inc. Your score will fall between 350 (high risk) and 850 (low
risk).

Because your credit report is an important part of many credit scoring systems,
it is very important to make sure it’s accurate before you submit a credit
application. To get copies of your report, contact the three major credit
reporting agencies:

Equifax: (800) 685-1111
Experian (formerly TRW): (888) EXPERIAN (397-3742)
Trans Union: (800) 916-8800
These agencies may charge you up to $9.00 for your credit report.

You are entitled to receive one free credit report every 12 months from each of
the nationwide consumer credit reporting companies – Equifax, Experian and
TransUnion. This free credit report may not contain your credit score and can be
requested through the following website: https://www.annualcreditreport.com

WHAT IS AN APPRAISAL?

An Appraisal is an estimate of a property’s fair market value. It’s a document
generally required (depending on the loan program) by a lender before loan
approval to ensure that the mortgage loan amount is not more than the value of
the property. The Appraisal is performed by an “Appraiser” typically a
state-licensed professional who is trained to render expert opinions concerning
property values, its location, amenities, and physical conditions.

WHAT IS 80-10-10 FINANCING?

Surprising as it may seem, some folks with hefty incomes find that it’s mighty
tough for them to save enough money to make a 20% cash down payment on their
dream homes. Using conventional financing, such buyers must purchase Private
Mortgage Insurance (PMI) which increases the cost of homeownership and,
ironically, makes it even more difficult to qualify for the mortgage. However,
if you’re a dues-paying member of the cash-challenged class, don’t despair.
Given that your income is sufficiently high, it’s eminently possible to avoid
getting stuck with PMI. That is why 80-10-10 financing was invented. It is
called 80-10-10 because a savings and loan association, bank, or other
institutional lender provides a traditional 80% first mortgage, you get a 10%
second mortgage, and make a cash down payment equal to 10% of the home’s
purchase price. By using this method, you are no longer obligated to take out
PMI on your property.

The same principle applies if you can only afford to make a 5% down, 80-15-5
financing is also available. However, because a smaller cash down payment
increases the lender’s risk of default, do not be surprised when you are asked
to pay higher loan fees and a higher mortgage interest rate for 80-15-5 than you
pay for 80-10-10.



WHAT ARE POINTS?

A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one
point on a $100,000 loan is $1,000. Points are costs that need to be paid to a
lender to get mortgage financing under specified terms. Discount points are fees
used to lower the interest rate on a mortgage loan by paying some of this
interest up-front. Lenders may refer to costs in terms of basic points in
hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.

WHAT IS AN APR?

The annual percentage rate (APR) is an interest rate reflecting the cost of a
mortgage as a yearly rate. This rate is likely to be higher than the stated note
rate or advertised rate on the mortgage, because it takes into account points
and other credit costs. The APR allows homebuyers to compare different types of
mortgages based on the annual cost for each loan. The APR is designed to measure
the “true cost of a loan.” It creates a level playing field for lenders. It
prevents lenders from advertising a low rate and hiding fees.

The APR does not affect your monthly payments. Your monthly payments are
strictly a function of the interest rate and the length of the loan.

Because APR calculations are effected by the various different fees charged by
lenders, a loan with a lower APR is not necessarily a better rate. The best way
to compare loans is to ask lenders to provide you with a good-faith estimate of
their costs on the same type of program (e.g. 30-year fixed) at the same
interest rate. You can then delete the fees that are independent of the loan
such as homeowners insurance, title fees, escrow fees, attorney fees, etc. Now
add up all the loan fees. The lender that has lower loan fees has a cheaper loan
than the lender with higher loan fees.

The following fees are generally included in the APR:

 * Points – both discount points and origination points
 * Pre-paid interest. The interest paid from the date the loan closes to the end
   of the month.
 * Loan-processing fee
 * Underwriting fee
 * Document-preparation fee
 * Private mortgage-insurance
 * Escrow fee

The following fees are normally not included in the APR:

 * Title or abstract fee
 * Borrower Attorney fee
 * Home-inspection fees
 * Recording fee
 * Transfer taxes
 * Credit report
 * Appraisal fee

WHAT DOCUMENTS DO I NEED TO PREPARE FOR MY LOAN?

Below is a list of documents that are required when you apply for a mortgage.
However, every situation is unique and you may be required to provide additional
documentation. So, if you are asked for more information, be cooperative and
provide the information requested as soon as possible. It will help speed up the
application process.

Your Property

 * Copy of signed sales contract including all riders
 * Verification of the deposit you placed on the home
 * Names, addresses and telephone numbers of all realtors, builders, insurance
   agents and attorneys involved
 * Copy of Listing Sheet and legal description if available (if the property is
   a condominium please provide condominium declaration, by-laws and most recent
   budget)

Your Income

 * Copies of your pay-stubs for the most recent 30-day period and year-to-date
 * Copies of your W-2 forms for the past two years
 * Names and addresses of all employers for the last two years
 * Letter explaining any gaps in employment in the past 2 years
 * Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental
income:

 * Provide full tax returns for the last two years PLUS year-to-date Profit and
   Loss statement (please provide complete tax return including attached
   schedules and statements. If you have filed an extension, please supply a
   copy of the extension.)
 * K-1’s for all partnerships and S-Corporations for the last two years (please
   double-check your return. Most K-1’s are not attached to the 1040.)
 * Completed and signed Federal Partnership (1065) and/or Corporate Income Tax
   Returns (1120) including all schedules, statements and addenda for the last
   two years. (Required only if your ownership position is 25% or greater.)

If you will use Alimony or Child Support to qualify:

 * Provide divorce decree/court order stating amount, as well as, proof of
   receipt of funds for last year

If you receive Social Security income, Disability or VA benefits:

 * Provide award letter from agency or organization

Source of Funds and Down Payment

 * Sale of your existing home – provide a copy of the signed sales contract on
   your current residence and statement or listing agreement if unsold (at
   closing, you must also provide a settlement/Closing Statement)
 * Savings, checking or money market funds – provide copies of bank statements
   for the last 3 months
 * Stocks and bonds – provide copies of your statement from your broker or
   copies of certificates
 * Gifts – If part of your cash to close, provide Gift Affidavit and proof of
   receipt of funds
 * Based on information appearing on your application and/or your credit report,
   you may be required to submit additional documentation

Debt or Obligations

 * Prepare a list of all names, addresses, account numbers, balances, and
   monthly payments for all current debts with copies of the last three monthly
   statements
 * Include all names, addresses, account numbers, balances, and monthly payments
   for mortgage holders and/or landlords for the last two years
 * If you are paying alimony or child support, include marital settlement/court
   order stating the terms of the obligation
 * Check to cover Application Fee(s)

WHAT CAN I DO TO IMPROVE MY CREDIT SCORE?

Credit scoring models are complex and often vary among creditors and for
different types of credit. If one factor changes, your score may change — but
improvement generally depends on how that factor relates to other factors
considered by the model. Only the creditor can explain what might improve your
score under the particular model used to evaluate your credit application.

Nevertheless, scoring models generally evaluate the following types of
information in your credit report:

 * Have you paid your bills on time? Payment history typically is a significant
   factor. It is likely that your score will be affected negatively if you have
   paid bills late, had an account referred to collections, or declared
   bankruptcy, if that history is reflected on your credit report.
 * What is your outstanding debt? Many scoring models evaluate the amount of
   debt you have compared to your credit limits. If the amount you owe is close
   to your credit limit, that is likely to have a negative effect on your score.
 * How long is your credit history? Generally, models consider the length of
   your credit track record. An insufficient credit history may have an effect
   on your score, but that can be offset by other factors, such as timely
   payments and low balances.
 * Have you applied for new credit recently? Many scoring models consider
   whether you have applied for credit recently by looking at “inquiries” on
   your credit report when you apply for credit. If you have applied for too
   many new accounts recently, that may negatively affect your score. However,
   not all inquiries are counted. Inquiries by creditors who are monitoring your
   account or looking at credit reports to make “prescreened” credit offers are
   not counted.
 * How many and what types of credit accounts do you have? Although it is
   generally good to have established credit accounts, too many credit card
   accounts may have a negative effect on your score. In addition, many models
   consider the type of credit accounts you have. For example, under some
   scoring models, loans from finance companies may negatively affect your
   credit score.

Scoring models may be based on more than just information in your credit report.
For example, the model may consider information from your credit application as
well: your job or occupation, length of employment, or whether you own a home.

To improve your credit score under most models, concentrate on paying your bills
on time, paying down outstanding balances, and not taking on new debt. It’s
likely to take some time to improve your score significantly.

WHAT IS A PMI (PRIVATE MORTGAGE INSURANCE)?

On a conventional mortgage, when your down payment is less than 20% of the
purchase price of the home mortgage lenders usually require you get Private
Mortgage Insurance (PMI) to protect them in case you default on your mortgage.
Sometimes you may need to pay up to 1-year’s worth of PMI premiums at closing
which can cost several hundred dollars. The best way to avoid this extra expense
is to make a 20% down payment, or ask about other loan program options.

WHAT HAPPENS AT CLOSING?

The property is officially transferred from the seller to you at “Closing” or
“Funding”.

At closing, the ownership of the property is officially transferred from the
seller to you. This may involve you, the seller, real estate agents, your
attorney, the lender’s attorney, title or escrow firm representatives, clerks,
secretaries, and other staff. You can have an attorney represent you if you
can’t attend the closing meeting, i.e., if you’re out-of-state. Closing can take
anywhere from 1-hour to several depending on contingency clauses in the purchase
offer, or any escrow accounts needing to be set up.

Most paperwork in closing or settlement is done by attorneys and real estate
professionals. You may or may not be involved in some of the closing activities;
it depends on who you are working with.

Prior to closing you should have a final inspection, or “walk-through” to insure
requested repairs were performed, and items agreed to remain with the house are
there such as drapes, lighting fixtures, etc.

In most states the settlement is completed by a title or escrow firm in which
you forward all materials and information plus the appropriate cashier’s checks
so the firm can make the necessary disbursement. Your representative will
deliver the check to the seller, and then give the keys to you.

9000

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LOCATION

150 S. Pine Island Road, Suite 300, Plantation, Fl 33324

TOLL-FREE PHONE

1-855-456-9782

SUPPORT PHONE

1-866-833-2998

REGISTERED PROVIDER

NMLS# 1559635


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An Illinois Mortgage Licensee. Licenced by the Division of Banking – Illinois
Dept. of Financial & Professional Regulation – 312-793-3000, 100W. Randolph. 9th
Floor, Chicago, IL 60601. Any information in this site does not constitute a
mortgage loan approval. Rates are subject to change without notice. For
licensing, go: www.nmlsconsumercaccess.org 

 

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