All around consistency with your mortgage is a clear-cut necessity nowadays whether it be consistency with products, investment tools, mortgage loan types, and last but definitely not least, customer service. With ConsumerDirect Mortgage, you could expect to open a mortgage with a 106 year old FDIC Insured Bank that is as resilient as they are committed towards providing every aspect of mortgage convenience to the table. That would mean being Fannie Mae, Freddie Mac & HUD Seller Servicer as well as the nation’s low-cost lenders for not only FHA & VA loans, but Fixed, conforming and jumbo loans as well!
Editor’s Note: “As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.”
ConsumerDirect Mortgage In-depth Analysis:
Now, as I mentioned before, ConsumerDirect Mortgage offers a wide array of Mortgage loan types, so you’re bound to find a loan type suitable towards your financial lifestyle. With FHA loans, VA, loans, Jumbo loans, HARP loans, and your traditional 15-30 year fixed mortgages, conventional fixed and adjustable rate mortgages, hybrid adjusted rate mortgages.
With pre-qualifications being a click away, no obligations, no commitment, you’ll be able to get a quote directly correlated towards what your answers were on the mini-questionnaire. Starting with What loan type you need, New Home Purchase or Home Refinancing and going towards your property needs, credit score, income and so on so forth. The questionnaire should only take but a minute to accomplish. Read more below for ConsumerDirect’s Requirements.
ConsumerDirect Mortgage Summary:
- Apply Now
- Account Type(s): FHA loans, VA, loans, Jumbo loans, HARP loans, traditional 15-30 year fixed mortgages, conventional fixed, adjustable rate mortgages, hybrid adjusted rate mortgages.
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
ConsumerDirect Mortgage Basic Requirements:
Here’s how ConsumerDirect’s home loan process works:
- Complete their simple mortgage pre-approval letter request
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Before I get into this section, it’s necessary that you be mindful about the Debt-To-Income ratio requirements and how they do vary among programs. In most cases at ConsumerDirect Mortgage, no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment). If you’re self-employed, you’ll have to provide information including federal tax returns from the past two years and profit/loss marginal statements.
One thing I’d recommend is participating in ConsumerDirect’s education courses for you first-time buyers, of course. Moving on, below is the listed necessary documents you may need. Again, having all the necessary documents and validation information makes the process a whole lot more smooth.
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Now, summing up the post, here’s what ConsumerDirect Mortgage does best: They offer a versatile array of mortgage loan programs for their customers. They offer exceptional educational resources and they offer an astoundingly low-rate on their mortgages. You should expect convenience with your mortgage process so as long as you have all the necessary documents and validation information in place.
Now, doing my best attempt at digging for the interest rates, closing costs, and minimum credit score requirements, it’s still unclear in regards to these aspects. For anyone that has purchased or refinanced a loan with ConsumerDirect, we’d really appreciate some feedback regarding your experiences. Be sure to check out our Best Mortgage Rates for all your home-buying needs!
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