How does the loan process work - part 1 of a 3 part series
DDA Mortgage • January 29, 2020
Know how the loan process works from the beginning to the end before committing to a provider.
So, what is the first step to getting a mortgage in Florida? Watch the video to learn more.
The first step to getting a mortgage in Florida is to find a mortgage broker to take a loan application. Typically this is done over the phone. We ask some basic questions like where you've lived and where you've worked for the last two years? Who you do you bank with.
We ask yes or no questions on the declaration. We need your social, date of birth, and how many years of school do you have.
Once we get that loan application started, we can put your credit and we run it through DU and LP. We want to make sure it's approved before we submit it to the underwriting.
The other thing we're going to do is ask you for documents. we're gonna
need your documents so we're gonna ask
✓ 2-years personal returns
✓ 2-years of W-2’s
✓ 2-months bank statements with all pages
✓ Copy of drivers license and social security card
✓ Copy of leases if applicable
✓ Copy of mortgage statement
✓ Copy of owner's title policy if a refinance
✓ Copy of old survey if a refinance
✓ Copy of note and mortgage in some cases
✓ Letters of explanation if needed
✓ 2-years of W-2’s
✓ 2-months bank statements with all pages
✓ Copy of drivers license and social security card
✓ Copy of leases if applicable
✓ Copy of mortgage statement
✓ Copy of owner's title policy if a refinance
✓ Copy of old survey if a refinance
✓ Copy of note and mortgage in some cases
✓ Letters of explanation if needed
We do not have you send it to us directly. If anyone ever asks you for this information through an unsecured method STOP immediately. All brokers have secure emails so we send the information through a secure site. You open the site up and all you do is upload PDFs right in there.
The processor takes the files and waits for a home inspection and an appraisal which we will discuss further in Part 2 of our series.
Check out our other helpful videos to learn more about credit and residential mortgages.
✅ the principal you borrowed ✅ all interest paid over the years ❌ It does NOT include taxes, insurance, or HOA unless noted. Because longer terms spread payments out more slowly, they lower the monthly payment but massively increase total interest paid. Below is a simple example to show how total payments change by loan term. ✅ Example: $300,000 loan at 6% interest 15-Year Mortgage Monthly payment: ≈ $2,531 Total paid: ≈ $455,682 Total interest: ≈ $155,682 30-Year Mortgage Monthly payment: ≈ $1,799 Total paid: ≈ $647,514 Total interest: ≈ $347,514 40-Year Mortgage Monthly payment: ≈ $1,650 Total paid: ≈ $792,089 Total interest: ≈ $492,089 50-Year Mortgage Monthly payment: ≈ $1,595 Didier Malagies nmls212566 DDA Mortgage nmls32432 Total paid: ≈ $956,140 Total interest: ≈ $656,140 ✅ Summary: Total Payments by Loan Term Term Monthly Payment Total Paid Over Life Total Interest 15-Year ~$2,531 $455,682 $155,682 30-Year ~$1,799 $647,514 $347,514 40-Year ~$1,650 $792,089 $492,089 50-Year ~$1,595 $956,140 $656,140 ✅ Key Takeaway A longer mortgage = lower payment, but the total paid skyrockets because interest accrues for decades longer. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
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Here are the main types of events that typically cause the 10-year yield to drop: Economic slowdown or recession signs Weak GDP, rising unemployment, or falling consumer spending make investors expect lower future interest rates. Example: A bad jobs report or slowing manufacturing data often pushes yields lower. Federal Reserve rate cuts (or expectations of cuts) If the Fed signals or actually cuts rates, long-term yields like the 10-year typically decline. Markets anticipate lower inflation and slower growth ahead. Financial market stress or geopolitical tension During crises (wars, banking issues, political instability), investors seek safety in Treasuries — pushing prices up and yields down. Lower inflation or deflation data When inflation slows more than expected, the “real” return on Treasuries looks more attractive, bringing yields down. Dovish Fed comments or data suggesting easing ahead Even before actual rate cuts, if the Fed hints it might ease policy, yields often fall in anticipation. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
