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Our Mission
At Members Direct Home Loans, we treat each customer as an individual, not a number. We don't place you into a loan profile formula created by the banking industry. We use "common sense" and will help you obtain the best loan possible. We represent a wide range of "A"-rated lenders with first-quality rates to private "hardship" lenders.
Frequently Asked Questions
What’s the difference between pre-qualification and pre-approval?
Pre-qualification gives an estimate of what you might be able to borrow based on self-reported information, while pre-approval is a more in-depth review, including a credit check and verification of income and assets, showing sellers you're a serious buyer
How long does the mortgage approval process take?
The process usually takes 21-40 days, though this can vary depending on the complexity of your financial situation, lender efficiency, and market conditions.
Can I qualify for a mortgage if I’m self-employed?
Yes, but the process can be more complex. traditionally S/E Borrowers require two years of tax returns, profit and loss statements, and other financial documentation. If this does not work we do have programs specifically designed for S/E Borrowers. Using bank statement to qualify or even on income to qualify.
What are the closing costs, and how much will they be?
Closing costs usually range from 2% to 5% of the loan amount and can include fees for appraisal, title insurance, origination, and more. Some costs may be negotiable and we might have an option to cover part of the costs.
When does refinancing make sense?
Refinancing might make sense if it lowers your rate, shortens your loan term, helps consolidate debt, or allows you to tap into home equity for cash. Make sure the benefits outweigh any fees or costs involved.
What’s an escrow account, and do I need one?
An escrow account holds funds for property taxes and insurance premiums, which your lender pays on your behalf. Typically with low down payment options you will be required to escrow your taxes and insurance,
How do I know what loan amount I qualify for?
Underwriters will assess your income, credit score, debt-to-income ratio, and down payment to determine the loan amount you qualify for. Some programs allow for debt-to-income ratio's up to 60%
What’s the best way to improve my credit score before applying?
Paying down revolving debts to less then 35% of the total, making on-time payments, and avoid opening new credit accounts in the months leading up to your application. Avoid credit inquiries leading up to your financing choice.