FAQ's (Frequently Asked Questions)
- Can Diamond Mortgage give me a home loan with bad credit?
- Is it safe to do mortgage business over the internet?
How long does it take to respond to my mortgage quote request?
- Does Diamond Mortgage charge a broker fee?
- Do mortgage brokers charge more than banks?
- What are some of the costs involved with mortgages?
- Can I borrow more than the actual value of my home?
- Do I have enough income to purchase a home?
- Should I pre-qualify before home shopping or after?
- Where can I find additional information on mortgages?
"Can Diamond Mortgage give me a home loan with bad credit?"
Sometimes, yes, we can. However, at Diamond Mortgage, we
insist on discussing with the customer our honest opinion on whether it
would be a good idea to do so or not. In some cases, the customer may
have flaws in their credit that may not be of much effect. In other
cases, it is just the opposite. There are many lenders willing to lend
to people with bad credit at a very high interest rate. We would rather
tell you that waiting a little longer to fix your credit up would be a
better choice than just give you a super high rate loan. We are
not allowed to discuss any details of your credit report with you if you
decide to apply, however, we can supply you with the resources to start
the credit repair process. Try visiting our
"Credit Learning Center".
"Is it safe to do mortgage business over the internet?"
The information that we ask for in our
quote is of little use to any criminal activity. We don't ask
for information such as social security number. We simply try to
familiarize ourselves with you so that we can discuss your options.
"How long does it take to respond to my mortgage quote request?"
Generally, a loan officer should be in contact with you within
24 hours of your quote request.
- "Does Diamond Mortgage charge a broker fee?"
No. Diamond Mortgage does not charge a mortgage fee as
some other mortgage brokers do. Our profits come from the lenders
pocket, not the customers.
- "Do mortgage brokers charge more than banks?"
No. The common myth is that mortgage brokers charge more than
the banks. This is not true in many cases. As a matter of fact, working
with a mortgage broker usually speeds up the closing time and gets you a
better rate...saving you time and money!
"What are some of the costs involved with mortgages?"
A good rule of thumb is to account for 3-4% of the total loan
price in expenses. These expenses include lender fees and others
such as title search.
"Can I borrow more than the actual value of my home?"
Yes. We can arrange that. Request a quote
and ask about our 125% loan.
- "Do I have enough income to purchase a home?"
This is a very general question and can depend on many factors.
We recommend taking a look at our
Income Requirement Calculator
and asking for a free quote.
"Should I pre-qualify before home shopping or after?"
Absolutely! We always suggest getting a
free quote first to pre-qualify. This way, you have an idea of
how much you can spend. Sometimes customers have a higher limit
than what they thought.
"Where can I find additional information on mortgages?"
We recommend checking out our Mortgage
Mortgage Glossary can help you
with a lot of that "mortgage lingo" that you might not recognize or even
find out the correct spelling such as amortizations...a very commonly
misspelled word! Below is other misspelled words we see quite often.
- Mortgages- morgages,
mortages, morgagus, motgages, mogages, mortgags, mortgegus, mortgagus,
mrtgages, ortgages, nortgages, mortgugs, morrtgages, morteges.
- Refinancing - Refinance-
refinencing, refnance, refnancing, reefinance, reefinancing, refnance,
refnancing, refernancing, refernance, refiancing, refiance, refinanc,
- Home Loans -home
lones, hme loans, home lons, hom loans, hom lones.
- Our Home Owner
Resources page contains various links to ease the tasks with home
ownership such as insurance, home builders, interior decorators,
furniture suppliers and much more!
- Got bad credit...or good...or don't
know? Our Credit
Learning Center is filled with information to aid with credit
maintenance and repair. There is even an option to get a copy of
your credit report.
that we are currently licensed in Indiana,
Alaska. If you are applying for home
loans, mortgages, refinancing, or debt consolidations outside of these
states, you can still fill out the same quote form, however a third party
mortgage or home loan or debt consolidation broker may contact you rather
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