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The Ida's Direct Mortgage Experience

Here's a quick explanation of everything that goes on when buying a home

1. You apply and share your information

Provide important information for loan application

Set price range & determine down payment amount

Compare Loan Options

Get Pre-Qualification

Begin shopping for homes

Provide important information for loan application

Set price range & determine down payment amount

Compare Loan Options and Monthly Payments

Get Pre-Qualification

Begin shopping for homes

What information do I need to provide?

We've created a handy list of items you'll need to provide in order to get pre-qualifed. Once you submit these key documents, we'll check your credit and verify all of the information. In some cases, we may ask for additional information. 

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What does it mean to be pre-qualified?

All of the client’s documentation is reviewed by both the loan officer and senior management to confirm that you are good to make an offer. It's highly recommend getting pre-qualified before making an offer on a home. 

It's super important to remember these few things once you've entered the loan process. By doing any of the following, it can hurt your chances of getting your dream home.

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DO NOT:

  • Change or Terminate Employment

  • Apply for New Credit

  • Purchase Major Items

  • Miss Any Payments (could damage your credit score)

  • Shift Money Between Accounts

2. We confirm property information

Offer is accepted

Open Escrow (Title Search)

Get property inspection

Get property appraisal

Once your offer is accepted, your agent will open escrow. We will set up the file and request escrow/title fees. Then we will meet with you and review numbers based off of the sale price. At this time you and your agent will also do any home inspections listed in the offer.

What's going on behind the scenes?

Basically, we're making sure that the property is valued correctly. We verify this through an appraisal panel of professionals. Your file is also reviewed by our head processor. We coordinate all of this for you and will let you know if additional documentation is needed.

3. We assemble your loan package for approval

We triple check loan package and review appraisal

Loan submitted for final approval

Sign Final Closing Disclosures

Once we receive the appraisal, your loan package is assembled so that we can submit your file into underwriting for final approval.

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After all reviews are completed and approved, your closing disclosures are issued to be signed. 

4. You sign and celebrate!

Sign final paper work

Bring in cash needed to close

Congrats! You now own a home!

What happens during the closing?

After your loan is approved, all loan documents will be drawn and sent to escrow/title company to prepare the final closing statement with all fees listed. At closing, you will review and sign all final documents at the title company or with a notary approved by the title company.

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We re-review the loan documents one last time and request any final conditions needed to fund your file. Once received, we will wire funds to escrow, funding the loan. The title company then records the deed of trust at the county recorder’s office and escrow/loan file is closed. The home is officially yours!

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We know that this process goes by quickly and want you to feel comfortable with the process. We are always here to answer any questions you may have.

5. We stay in touch

Refinances

Any mail or solicitations about rates

Any questions or concerns you may have

Do you offer other loan services?

Yes! We also do refinances and would love to work with you and your family in the future. Contact us about refinance specials for our past clients!

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After your loan closes, our services don't stop there! We're always available to answer questions or concerns you may have. Often times after purchasing or refinancing you may get mail where companies are soliciting different rates or mortgage deals... bring them in and we can discuss them with you!

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