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Direct Home Mortgage

A direct home mortgage is a mortgage that is issued directly to a homeowner by a lender.

Traditionally, people went to professionals called mortgage brokers who helped them secure a mortgage. The broker would write the mortgage then contact a number of different lenders in an attempt to find one who would underwrite.

Today, anyone can be their own mortgage broker by going online and applying directly to mortgage lenders. Eliminating the middle man in this method lowers the costs and increases the mortgage options available to consumers.

How to locate a direct home mortgage

There are thousands of mortgage lenders out there and they all want your business. Mortgage lenders want to work directly with borrowers because they make more money that way.

Most mortgage lenders maintain websites where anyone can apply directly for a mortgage from them. These websites are available 24 hours a day seven days a week and most of them are easy to use.

The average person can quickly apply for a direct home mortgage at these sites by typing in a little basic information. The websites will usually ask for identification, banking information, job information and other basic data.

How to apply for a direct home mortgage 

Applying for a direct home mortgage online is easy; all a person has to do is type their information into the form the lender provides. An applicant can speed up this process by having all the information the lender will ask for ready when they start the process. The lender will usually ask for banking information, identification such as social security numbers and driver’s licenses, and job information.

Once the lender has the information they request, it can make a decision very quickly, usually in a few minutes. The lender can make a quick decision because the information is being examined by the individuals at the lenders headquarters who make the mortgage decision.

Having direct access to the people who make the mortgage decisions is one of the best advantages of applying for a direct home mortgage.

Shop around for direct mortgages

The key to getting the best deal you can on a direct mortgage is to shop around. Don’t settle for the first direct mortgage that you see look at several different mortgages. Then try to get the best interest rate and terms that you can.

One way to get a better interest rate and terms on a direct mortgage is to have lenders compete for it. If you don’t see the rate or terms you want ask the lenders for them. Don’t be afraid to tell lenders that you will go elsewhere if you don’t get what you want. Lenders want your business so they should be willing to make you a deal.