Do you have any up front fees?
No. The only up front fee is that you pay for the appraisal after we have received your conditional loan approval. This can be done with a credit card and is paid directly to the appraisal management company.
How Is DHL Mortgage Inc paid on my loan?
DHL Mortgage is paid when the loan is complete and we release your loan to the end servicing agent. They pay us a service release premium for the work of putting it together.
Typically we try to waive the underwriting fee of the source which is a fee of about $940. The only other fee for the borrower is a 3rd party processing fee. Then of course there are the title company fees and the fees for the sate of Florida, etc. All of these are shown on the closing disclosure at the end of the process.
At the beginning of the process we try to make our best estimates of what those final closing numbers will look like.
How long does it take to purchase a home?
It partly depends on you and your file and your ability to gather the appropriate documentation but the standard file goes through in about 21 days.
Here is a sample time line of the initial stages of purchasing a home..
- Let’s say you tell me you are ready to purchase a home. We will give you my standard checklist that we will review. DHL Mortgage does not pull credit until we have seen your tax returns and bank statements and debt ratios and cash to close checks out.
- Let’s say on Friday we pull credit and issue you a pre-approval letter.
- On Saturday you make an offer on a property.
- By Monday your offer is accepted
- By Tuesday you will receive disclosures from us based on the property address. You can E-sign these disclosures the same day.
- While this is going on you are within the inspection period of the contract so you can pay for a home inspection to make sure the home is sound with regards to the roof, electricity, plumbing and everything else.
- By Wednesday I will submit your file to underwriting.
- By Thursday I will have your conditional approval in hand and will review this with you.
- By Friday we order the appraisal which will take a week to come back.
While all this is going on we order title and gather all of the necessary documentation to fulfill the conditions of your conditional approval.
What is the difference between pre-qualified, pre-approved, conditional approval and approved?
If you are purchasing you always want to have some sort of a pre-approval letter from a mortgage professional that shows that your profile has been looked at and you are in a position to purchase the home. This will help your Realtor negotiate a better deal for you.
We have pre-qualified you when we review all aspects of your specific scenario and we tell you , “Go find a home in this price range.”
A pre-approval letter is when we have received your proof of income, assets and pulled your credit. We run your deal through automated underwriting through one of the many underwriting engines. e.g Fannie Mae, Freddie Mac or FHA.
You receive a conditional approval after we send your file to our favorite wholesaler and the source has validated or agreed with us that you are great and they issue a conditional approval.
You are fully approved when all of the conditions have been met and you are clear to close
When is my loan locked ?
We will not lock a customer until they actually apply, sign disclosures and the loan has been underwritten.
I am not buying a home for 90 days, when should I start putting my file together?
Now. It is best to get your ducks in a row as early as possible. We will give you an estimate of financing that can be tweaked as you look at different properties in different price ranges
If I go directly to the bank, can’t they give me a better deal?
No. Here at DHL Mortgage we have much less overhead and utilize the wholesale channel of the largest and best wholesaler in the country. By definition wholesale prices are lower than retail prices. We have no application fee and quite often can waive the underwriting fee of the source.
How do I know I am getting a good interest rate and a good estimate?
Check the difference between the note rate and the APR. The more fees and closing costs associated with your loan, the larger the spread between these two numbers. Also beware of an estimate that omits certain closing fees or escrows of taxes and insurance. These costs simply don’t go away if we do not include them on the loan estimate. We have been in the mortgage business for over 20 years and take great pride in getting that estimate very close to the final figures. If anything we try to remain conservative so the final number comes in less.