What to Expect When You Apply for Mortgage Financing

By
Mortgage and Lending with NMLS #216987 IL Lic. #0006220

 

 

What to Expect When You

Apply for Mortgage Financing

 

 

 

    So you've heard that applying for mortgages ... and mortgage processing itself ... is a pain in the tush, huh?

 

 
    I cannot lie to you.  It can be ...
 
 
 
    But I think that stories, heard over and over again, contribute to perpetuating some of those problems. I believe that what an applicant hears (and thinks) prior to mortgage application, can influence what ends-up happening during their mortgage processing. 
 
 
    How's that, you say?  Let me explain ...
 
    The stories heard set expectations. They serve to make applicants so fearful, so uptight about the mortgage process ... that they sometimes LOOK for and EXPECT problems to occur.

    And it's been my experience, that if the mindset is to expect trouble, troubles are usually found.  I believe attitudes and expectations often play a huge role in the eventual outcome.
 
 
 
    Please believe me, I'm not trying to gloss over obvious and undeniable lending industry issues ... the present process CAN be a royal pain. For ALL involved, whether Buyer or Professional.

    The process of financing a home can, and is too often, tedious, repetitive, frustrating, and way too lengthy in duration. In comparison to the "easy-breezy" lending practices of the mid-2000's, today's mortgage applicants are asked to be far more engaged in a myriad of ways, and in every step of their mortgage process.

    Applicants are likely to have to produce large amounts of financial documentation, offer clarity (both verbal and written) regarding that documentation, and much more. Some of which, at times, admittedly makes absolutely NO sense to have to supply. Yes, the Mortgage Process CAN be as guilty as accused.

    But we've seen the results of the "easy-breezy".   And it's not pretty. Too many people had to face financial hardships. Too many people still suffering
 
 
 
 
 
   It's my opinion that, if we want to truly protect Home Buyers ... the process of borrowing large amounts of dollars to buy a home should NOT be "easy-breezy". There's too much at stake for them, both in dollars and their financial future. That's not to say though that I, as a  Mortgage Lender shouldn't be pursuing ways to make it "easy-er" for them.
 
    I've found that much of what makes the life of my mortgage applicants easy-er,  can be summed-up pretty easily.
 
     Potential Home Buyers should: Take simple steps to prepare themselves prior to application, educate themselves about the entire process of buying a home and financing that home, and set themselves realistic expectations as to what it will take on their part to accomplish their home buying, their mortgage application, and the processing of their mortgage to completion.
 
 
    Yep ... I said it. Some of the responsibility must be the mortgage applicant's. But should an applicant follow my advice and accomplish the 3 things I mention above, success should follow, in a majority of cases. Plus there will be fewer unhappy stories to pass on to others following them, deep-sixing a vicious cycle of doomed expectations.

    So, to help you, the Buyer, to accomplish the education and preparation you need, I have included a few links (below) to some beneficial info.   "Click"  on the links provided and take a good look. Download the info and keep it for handy reference.

 
    Keep in mind that your home buying and mortgage financing will be specific to YOUR financial scenario. More, or different info, may be required during your application and processing. But these links below should be a good and sound launching pad towards reaching your end goal. A successful mortgage closing and home purchase.

    Please remember, should you have questions, please feel free to  contact me  for answers or assistance.

 
Helpful Links,
Courtesy of Gene Mundt  
 
Contact Gene Mundt, ,Mortgage Lender

    Information & Documentation Needed for Mortgage Application

 

    Mortgage Pre-Approval Application  (Includes much of the info that will be required from you for actual mortgage ap)

 
 
 
   I'm hoping that these links help you significantly in many ways ...

 
 
 
 
  *  Let's work together to make your home buying and mortgage service as smooth as possible ... stress free.  Contact me  today. I'll put my 35+ years of experience and expertise to work on your behalf.
    I can be found at any of the following:
Direct: 815.277.4036
Cell/Text: 708.921.6331
Skype: 630.219.1316
Mobile:  m.genemundt.com

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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

NMLS # 175656

 

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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at: 

815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 06/01/2012 07:43 AM
  2. Eric Michael 06/01/2012 12:44 PM
  3. Andi Grant 06/01/2012 02:02 PM
Topic:
Lending / Financial
Location:
Illinois Will County Joliet
Groups:
Advice for Buyers
Mortgages
1st Time Buyers
Chicago Area Real Estate BUZZ!
Local Expert
Tags:
home buying
preparing to apply for mortgage
mortgage processing
mortgage application
applying for a mortgage

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Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

You're definitely right about the "know what you are doing" part, David.  Education paves the way to success ...

Thanks, Jane!  I'm hoping the info contained here helps in the preparation that's needed.  I appreciate the kind words ...

Gene 

May 31, 2012 09:08 PM #3
Rainmaker
1,969,571
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great info Gene.  I'm currently having some serious issues with an underwriter requesting some additional documentation from a buyer that should have been done weeks ago.

Jun 01, 2012 05:10 AM #4
Rainmaker
409,905
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Gene, 

Great info.  It is a lot more detailed and it should be. However, knowing what to expect and how you as a buyer can help make it through the process is huge.  We've had a number of relatively easy closings recently and that's because the Buyers have been prepared.  

All the best, Michelle

Jun 01, 2012 07:47 AM #5
Rainmaker
542,279
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Gene, fantastic blog about applying for a mortgage. Hopefully this will calm some people down, eliminating at least some of the fear of buying a house.

Jun 01, 2012 09:45 AM #6
Rainmaker
1,323,199
Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

Love what you wrote about those that expect troubles/problems, they are usually found.  Going in with pre-conceived ideas or notions happens all the time.  If people rely on their professionals and there are some good folks out here, they should try to be a little more adapting.  Yes, the loan process is often tedious, but when you're working with a seasoned professional, such as yourself Gene, they should breath a sigh of relief.

Jun 01, 2012 11:15 AM #7
Rainmaker
179,829
Randy Mitchelson
iPartnerMedia.com and Homeland Heroes Home Loans - Estero, FL
Internet Marketing Expert, Author, Activist

Consumers and real estate pros can get additional mortgage and credit score tips and updates on my ActiveRain blog too: http://activerain.com/blogs/rnmitc

Please subscribe for monthly updates.

Jun 01, 2012 12:35 PM #8
Rainmaker
534,498
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Great post, it is important to set the right expectation. In today's market, we see financing deals take up to 6 months or so in Manhattan NY condo market, bank request documents over and over from the borrowers...!

Jun 01, 2012 01:11 PM #9
Ambassador
457,916
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Gene: Patience is a virtue. At least that's something we should all keep in mind if we're getting a mortgage, originating a mortgage, etc., etc. Thanks for your always thoughtful post!

Jun 01, 2012 01:24 PM #10
Rainmaker
210,131
Andi Grant
310-508-4354 | FirstTimeHomeBuyerRealEstate.com - Long Beach, CA
First Time Home Buyers Los Angeles, Long Beach

Great info Gene!  I tell buyers to have all financial documentation current and ACCESSIBLE.  It doesn't seem as much of a pain when you are ready at a moment's notice to send.

Jun 01, 2012 02:05 PM #11
Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Thanks to all for your comments.  This Feature caught me on a crazy busy day ... but I'll hurry back to answer to each and every comment ASAP.  Thanks to all ... I appreciate your taking the time to stop and read the post ...

Gene 

Jun 01, 2012 02:21 PM #12
Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Gabe:  A lament I hear too often.  Hope the problems soon are all solved and you can close successfully ...

Michelle:  Thanks for letting us all know that.  Proof that an educated buyer is always the happiest buyer ...

Eric:  I'm hoping the same.  Education is key ... and something I've always tried to promote heavily.  I must sound like a broken record at times ...

Carla:  Thanks so much!  Really appreciate your kind words.  And I think you're right about the preconceived notions.  Just seems like more often than not, negative thoughts bring negative reactions ...

Randy:  While I appreciate that we all have our talents ... I feel most comfortable advising and assisting my own clients ...

Morgan:  You mentioned what I would think is always a keyword and a healthy portion of a equation in a slow processing ... condo.  Seems it just means more layers of paperwork, extra stress, and frustrations way too often.  Definitely an area of real estate that calls for finding and working with seasoned, experienced professionals ...

Paul:  I'm not sure I would have ever thought I could be this patient!!  But you're right ... we must learn to be ... and pair that with maintaining calm.  They say there is a reward in Heaven for those that are patient.  I'm sure hoping so ...

Amen, Andi!  Great advice to be handing out too.  Now more than ever, staying current and organized is indeed a necessity ...  thanks for the re-blog ...

Gene

Jun 01, 2012 06:51 PM #13
Rainmaker
671,263
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Gene:

All good information for buyers.  Hopefully, buyers in your area will read what you have written to help them with the process.  I remember the days of easy breezy loans.  We refinanced some units we have in the early 2000.  It took a little over 2 weeks to complete the process.  We are refinancing some units now. I was told by my lender that it will take at least 30 days but mot probably 45 days. 

Jun 01, 2012 09:42 PM #14
Ambassador
1,352,783
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Gene - will be checking this in real life very soon. Have a condo under contract, but did not move yet as it is a short sale

Jun 01, 2012 10:32 PM #15
Rainmaker
344,906
John Juarez
Prudential California Realty - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

I tell my clients that applying for a mortgage to buy a house requires that they go through a financial colonoscopy. They wince but they get the picture.

Jun 01, 2012 10:32 PM #16
Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Evelyn:  I'd say your lender is probably correct and is being very honest with you, esp. with condos and multi-units.  I firmly believe that is the best way to conduct business too ... set expectations honestly.  Hope the refi goes well ...

Jon:  Seems like "condo" is the keyword in many of these comments.  Always a bit more detailed in nature.  I'm wishing for the best outcome for this sale ...

John:  Great analogy!  And I think a great building block for a fantastic blog!   I think you're on to a very picturesque, but clear explanation of the modern mortgage processing ...

Gene

Jun 02, 2012 07:11 AM #17
Rainmaker
1,054,205
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Hello Gene, congrats on a well deserved gold star.  You recently stopped by one of my posts regarding preapproval and I want you to know that it was very much appreciated.  Always like to have a mortgage persons input regarding that topic.

Jun 02, 2012 05:12 PM #18
Rainmaker
1,054,205
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Gene, by the way I think you might know that I'm from the Chicago area and my brother lives in Bolingbrook...not too far from you in Joliet...say hello to Jake and Elwood :)

Jun 02, 2012 05:14 PM #19
Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Nick:  Thanks so much for taking the time to write ... twice!  And yep ... Bolingbrook is a nearby stopping ground for me for work and play.  Amazing how that area has grown and changed over the last couple of decades.  The whole area, in fact.  I'm hoping if you are up visiting your brother that you'll give me a shout-out ... would love to meet you.  Did you know that they actually have a picnic area/park at the prison now??  Talk about things changing, huh??  Hope business is booming for you, 

Gene 

Jun 03, 2012 07:46 AM #20
Rainmaker
613,946
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Another great primer from the master at simplifying the details of mortgage financing.  Thanks, Gene. It was definitely feature-worthy.

Jun 03, 2012 12:13 PM #21
Rainmaker
722,762
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Appreciate your kind words, Don ... your thumbs-up just plain makes me feel good ... 

Gene

Jun 03, 2012 12:45 PM #22
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Rainmaker
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Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com

708.921.6331 - 37 yrs experience
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