Frequently Asked Questions about Mortgage Loans

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Q: Do I have to make an appointment to get pre-qualified?
A: No, although some people like to meet in person, most people are delighted to know the interview can be conducted by phone at a time of their convenience.

Q: I was laid off last year from my job and I am back to work now, will this mean I am not qualified for any kind of loan?
A: No, there are many circumstances under which you could be fine and should pursue getting pre-qualified to make sure.

Q: I have no money of my own but a family member can give me a gift for the down payment, can I still buy a home?
A: Possibly, there are loan programs available for which you may qualify with this down payment arrangement.

Q: If I request a pre-qualification, am I obligated in any way to go forward?
 A: No, our pre-qualifications are free of any obligation what so ever.

Q: What is the difference between Pre-Qualification and Pre-Approved?
 A: When you are pre-approved you are asked to provide documents that back up your declared income, assets and possibly debts. In addition your information is submitted to a Lender’s underwriting system that will conditionally approve your loan application. Diamond Mortgage Services can obtain both for you.

 Q: How long does it take to get Pre-Qualified?
 A: Most interviews take no more than 25 minutes depending on how straight forward or complicated your particular finances and credit history is. Then usually, a Pre-Qualification letter can be immediately issued to you.