Category Archives: Documentation for Mortgages

Sellers Demand to Know You’re Serious Get Pre-Qualified!

Sellers Demand to Know You’re Serious

Get Pre-Qualified!

Get Pre-Qualified .. Contact Me!

 

Be Pre-Qualified for your Mortgage before you go and view homes!

There, I’ve said it.  First thing.  Right out of the box.  So it can’t be missed.

I place my advice right at the top of this post in bright colors so it’s not overlooked.  And because it’s such a very important message, especially for buyers hoping to purchase a home in a highly competitive housing market.

Right now, homes for Sale are receiving lots of attention.  The shortage of homes currently for sale in most housing markets dictates that.

This means that Buyers must be decisive and ready to act when they find “the home” they want.  They must have already talked to their Mortgage Lender and been Pre-Qualified for their financing PRIOR to the viewing of that home.

Why?

Ever hear the sayings, “Time is of the essence“?  Or “You snooze, you lose“?  Both are truer now than ever before when referring to home buying.

Sellers want to know, “Is this potential buyer qualified to buy my home”?  They want “proof” of such in hand and a Pre-Qualification Letter presented with any offer made.  (My personal practice is to Pre-Approve my buyers, providing even more “peace of mind” to my borrowers and the sellers involved.)

The Pre-Qualification process is not a sales tactic being enacted by your Agent or Mortgage Lender.  It’s reality.

Your real estate professionals are asking that you be Pre-Qualified prior to viewing homes because:

  • It strengthens your offer
  • It will help you better compete in a multiple bid scenario
  • The majority of Sellers won’t even consider your offer if you’re not Pre-Qualified for your financing (and able to produce a Pre-Qualification Letter proving it).

Yes, it’s that clear cut and it’s that simple …  

In the majority of housing markets across the U.S. today, you need to be Pre-Qualified.  That’s definitely been my experience in the housing markets of New Lenox – across Will County – and the Greater Chicagoland area.

So what should hopeful home buyers do?   Contact Me Now!

I refer you back to Paragraph #1.  Be Pre-Qualified!  The sooner the better.

So much of today’s mortgage financing …and the receiving of the best financing option available … relies on borrower’s credit scores and credit history.  They affect the interest rate received, the number and choice of mortgage programs … in short the options they have available to them.

But borrowers all too often focus solely on interest rates.  I’ve found that typically it’s the first thing they want to know when we talk.

There is no doubt that interest rates are important.  However, with some lead-in time to their home buying and a bit of preparation, many borrowers could reap better results (including better interest rates) when applying for their mortgage.

Acting proactively regarding your financing and following the advice of your Mortgage Lender can result in monetary savings.  It can also open up more/better mortgage options at the time of purchase and help your financing process go more swiftly and smoothly.

Most people wouldn’t think of buying a car, TV, or even clothes or shoes without conducting some comparisons or preparation first.  All too often this is not the case when it comes time to buy and finance a home, yet the possibilities for savings are far greater and the savings themselves are larger and carry more impact.

It’s a fact:  In the over-riding majority of cases, you will be required to have been Pre-Qualified by a Mortgage Lender if you wish to view, put a bid on, or buy a home.

Enter into your home buying as prepared as possible.  As ready for competition as possible.  Give yourself an edge.

Contact me now to be Pre-Qualified to buy a home in the New Lenox – Will County – Chicagoland area …

 Get Answers Now!

 

 

Looking to be Pre-Qualified for your Mortgage?  In need of financing and credit answers?  Contact me!  I’ll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
I’m easily found at:

Gene Mundt
Mortgage Originator – nmls #216987 – IL Lic. 031.0006220 – WI Licensed
American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
 Get a Quote - Be Pre-Approved!
 

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Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the
greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, 
Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, 
Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County,
and elsewhere within IL & WI.
Your Referrals are Always Appreciated and Welcomed!

 

Disputing Disputed Accounts

Disputing Disputed Accounts

     Have you reviewed your Credit Report and Credit Scores recently?  If not, I urge you to do so.  For a number of reasons.

But if you have:  I applaud you. Did you find a debt, account, or error there though? After finding it, did you contact a Creditor, a major Credit Bureau, or take action to “dispute” the account?

If you’re planning on borrowing money SOON …  I’d advise against disputing an account or error that’s appearing on your Credit Report …

     Mortgage Underwriting platforms have changed their stance on “disputed accounts”.  Disputes used to be seemingly harmless actions.  Not so anymore.  Underwriting changes have made it possible for disputes to hold up … or even prevent … Mortgage Approvals. 

A recent Borrower of mine can sadly attest to that fact …

In my Borrower’s case:  It took hours and hours of phone calls to explain, detail, document, and sort out a dispute.  A dispute originally lodged by the Creditor.

To make this situation even more frustrating, we came to find that the Creditor’s action had been taken in error.  Nonetheless, it cost my Borrower time, stress, and money to straighten it out.  Requests to rush a revised Credit Report come at a cost.

Many times:  The best option for a Mortgage Applicant may be to leave the account “as is” … in error and undisputed.  At least temporarily, while trying to gain Mortgage Approval or while in the Mortgage Process.

     But what if you’ve already taken steps to “dispute” an account prior to applying for your financing? 

First:  Have an in-depth conversation regarding the situation with me or your own Mortgage Lender.

There is no set answer for this predicament.  That’s important to know and remember. A discussion with your Lender will help you find a solution and take action based on yourpersonal scenario.

Secondly:  I may ask that you write the 3 Major Credit Bureaus (Experian, Trans Union, Equifax) AND the Creditor itself, to request they remove the dispute.

Be prepared to take action and follow-up on it.  As your Lender I may provide guidance throughout, but I cannot make requests on your behalf.  That remains the responsibility of the Account Holder.

Understand:  Removal of a dispute may be the best and fastest way to address this issue.  It will also address the changes in Underwriting that I mentioned earlier.

In the case of my client, the Creditor later stated that “they guess they needed to review their policies” regarding the placement of disputes on accounts.  Hearing that was of little satisfaction to my Borrower.  And it didn’t reimburse them for their expenditure of time and money.

I will point out, that this issue could have been avoided had my client checked their Credit Report earlier or on a continual basis, as the dispute had lingered there for years.

 So Bottomline:  Reviewing your Credit Report on a regular (I suggest annually, at minimum) basis is a smart financial move.  And it will eliminate issues from arising in the future during your Mortgage Pre-Approval and Processing.

If you’re thinking of buying or refinancing a home soon, take action now.  Talk to me soon … and check your Credit Report.  Both will make your home purchase or financing go more quickly, easily, and successfully …


*  Are you hoping to Buy or Refinance a home in the Chicagoland area?  Contact Me today!  I’ll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
 
 
  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender  Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, & Portfolio Loans in Chicago and the greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 
 
Your Referrals are Greatly Appreciated!
 
     

Selling a Condo or Home Within a HOA? Make This Info and Documentation Available Now

Selling a Condo or Home Within a HOA?  
Make This Info and Documentation Available Now

http://www.genemundt.com/Default.aspx     If you’re a prospective Home Buyer and considering the purchase of a Condominium … or a home located in and governed by a Homeowner’s Association (HOA), there is important information you need to know regarding prior to signing a contract.

(For further info, read 2 of my previous posts on Condo/HOA buying: “To Condo or Not to Condo”. That Should Be the Question …”  and … How to Determine if You’re Viewing a Condominium or Townhome”.)

Some of the details a new Home Buyer should know regarding Homeowner’s Associations are:

  • Rules governing the Homeowner’s Association (HOA)
  • Restrictions attached to the ownership and use of the property
  • Assessments, Fees, Dues *

* Are any of these Assessments past due?  And if so, what percentage?

  • Budget of the HOA
  • “Health” of the HOA
  • Status of Reserve Funds
  • Percentage of Owners versus Renters

If you’re on the flip side of the transaction and the SELLER of a property impacted by a Homeowner’s Association, what information and documentation should you disclose and make available to prospective Buyers?  https://1609956119.secure-loancenter.com/FreeConsult.aspx

As most Buyers will also be utilizing a Mortgage to purchase the property, the following info and documentation will most likely be required from a Seller, the HOA, or the Signee (property holder) involved in the transaction.

Note:  Be aware that the Mortgage Lender representing the Home Buyer will need or request some of the following info/documentation also.

    • A copy of the HOA Budget/Accounting
    • Declaration and By-Laws
  • HOA Questionnaire and/or Survey  

In Illinois and the Chicagoland area, a HOA Questionnaire/Survey will be requested by the Mortgage Lender or Buyer’s Attorney.  There is typically a charge for the Homeowner’s Association to fill-out and prepare this document.  The person responsible for this payment is often designated as part of the Real Estate Contract.

Sellers that make these documents and information available to potential Home Buyers (and their representatives) and take measures to act proactively provide a great service.  They help facilitate their sale, the transaction, and the Buyer’s mortgage application more quickly and smoothly.

Should you be thinking of selling a home or condominium located within a Homeowner’s Association, start gathering this information and documentation sooner than later in the sale process.  That way there will be opportunity for fewer delays caused by a Buyer’s questions or requests.

As an added piece of information: 

Please be aware that in the cases where the Seller is a Bank, or an Entity such as Fannie Mae, Freddie Mac, FHA, or VA, often times there will be little or NO information made available to the Buyers from the Sellers.  In other words, the Buyer MUST track these down themselves through whatever means.

Bottom line, there may be some “inherent” risks and extra “work” involved when buying a property that has been Foreclosed upon.  The “price” may be discounted, but so may the “offerings from the Seller”.  This can be especially true when the property is a condominium.  That’s why working with a Mortgage Lender, Realtor, and Attorney experienced in these types of transactions is so very important.

If hoping to buy a Chicagoland Condo, or home located within a Homeowner’s Association … contact me today.  I’ll put my 37 years of Mortgage experience and knowledge hard to work on your behalf.

I can be easily found at any of the following:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

 

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.