Mortgage Process

We’re not talking about square footage, property taxes, or mortgage rates. We’re talking about your credit score because it plays a crucial role in the mortgage process. It can be the determining factor on whether or not you are approved for a mortgage.

A credit review by Diamond is a great first step. While the free credit scores offered give you an idea of your score, it is not always the same as what our lenders will obtain when generating your credit report. We want to help you make sure you are financially sound and educated about your current and future loans. Visit us at a branch or give us a call at 610.326.5490, ext. HOME.

It’s never too early or too late to start saving for a down payment. The bigger your down payment, the lower your monthly mortgage payments.

Diamond has several saving tools to help get you started or add to what you’ve already accomplished.

Millennials on the Move

A video series for first-time homebuyers who are looking for expert tips and guidance to buying their first home.

Buying a home is a large financial undertaking. Trust Diamond’s Mortgage Team to provide personalized support and guidance throughout the entire process. Our dedicated team of professionals will take the time to understand your financial goals to offer solutions that fit your needs.

This step is vital to have in place for when the time comes to make an offer on a home. It shows a seller you are serious and worth their time. It gives you credibility over other buyers who are not pre-qualified.

What We’ll Do for You:

1. We will review your credit score with you, answer your questions, and help you determine your next best step. If your score is good, we will help you leverage that into your best interest rate. If it needs a boost, we can get you on a path to improve your credit score.
2. We will discuss income, assets, and liabilities. In other words, how much money you have coming in, how much is going out, and your savings and debts. From this, we will be able to present the mortgage options that are the best fit for you.
3. We will have a dialogue about types of mortgages which could include: 10-, 15-, 20- and 30-year conventional fixed-rate mortgages; adjustable-rate mortgages; USDA.
4. We will present down payment scenarios from two angles. What the minimum dollar figure or percentage is needed to make your dream happen, and what dollar figure or percentage is ideal. We’ll go over why the bigger your down payment the better and answer your questions.

What We Need From You:

1. Income and employment history – most recent pay stub from within the past 30 days.
2. Bank account/loan balances and depository bank.
3. Government-issued identification, like a driver’s license.

We will discuss the benefits of working with a Realtor – like simplifying the process and saving you money. If you already have one, chances are we know them and would love to work with them again. If you don’t, we can recommend a great fit for you. Either way, your agent should:

1. Provide homes that realistically match your budget and wish list.
2. Explain which neighborhoods are best suited to your lifestyle now and in the future.
3. Help you make the tough choices like: a finished basement or some extra kitchen counter space?
4. Understand, explain, and handle the paperwork which, while there to protect all parties, could feel overwhelming.

1. You found a home that fits your budget, your style, and you have that feeling when you just “know.” You put in the time to get educated. You’re pre-qualified and backed by Diamond’s 70-plus years in this community. You are ready to make an offer, and your Realtor and Diamond will help.
2. When your offer is accepted immediately, or negotiated and accepted shortly thereafter, and all of your documents have been received and approved, Diamond will issue a Mortgage Commitment and schedule closing.
3. Diamond advises you to now begin recruiting friends for moving day. Fun! You should also shop for homeowners insurance. Admittedly not as much fun, but you’ll feel great that you did, and you’ll need it two weeks before closing.
4. Closing time. Your Realtor will set up the location, date, and time. You will need to bring proof of homeowners insurance to closing. You will be the most popular person in the room at closing. So popular that you will be asked for your autograph a few dozen times (that sounds and feels better than “you will need to sign a mountain of paperwork”). When you’re done being a celebrity, one of life’s best feelings will happen, as you will be given the keys to your new home.
5. Congratulations! Make moving day fun with pizza, snacks, and plenty of cold beverages. Take lots of pictures to preserve the memories.