Skip to main content

Ho! Ho! Ho! Don't "SAVE" or "BARGAIN" Yourself Right Out of Buying Your New Home.



Ho! Ho! Ho!
Don't  "SAVE" or "BARGAIN" Yourself 
Right Out of Buying Your New Home

 
     The Holiday season has rolled around once again ... and I think the topic of Credit and opening new Credit accounts while Holiday shopping is a very important one ...  

http://www.genemundt.com
     Holiday Shopping time means "bargains" are everywhere and consumers are often buying gifts on credit.  It's natural (and smart) to look for "bargains", no doubt about that.  

     But what about those supposed "bargain" credit offers you're seeing?  The ones touting 0% rates?  How smart is it to utilize them?  

     Well, it depends ...

     As pointed out in the above-mentioned article, the Credit Card Accountability, Responsibility and Disclosure Act passed by Congress in 2009,  can give consumers a false sense of security while shopping.  Ahhhh ... yes.  

     The "fine print".  That miniscule jibberish behind the asterik or underneath the beautiful bold print-offers in the store-front window.  That "fine print" holds the answer to whether the offer is truly all that it seems on the surface. 

     Shoppers need to take the time to clarify that "fine print".  To ask questions about that credit offer PRIOR to making any purchase or signing on the dotted-line.  And that's especially true, if you are presently in the process of buying a home ... or considering doing so.

     Let me repeat that!  

     If you are thinking of buying a home ... or are in the mortgage process right now ... STOP!  

     Besides all the "fine print" and details of that credit that could come back to haunt you in sheer cost and money ... that "bargain" you think you're receiving could actually be the reason you are denied mortgage approval for a home.   

     And yes, that's even if you are already in the mortgage process and you have been "approved" for a home loan.
https://1609956119.secure-loancenter.com/FreeConsult.aspx

     Remember hearing from your Lender (in Chicagoland that is me) that you should NOT take out any new credit or run any credit reports without checking with me first??  

     That is important!  And this is a perfect example of why I told you that ...

     Credit Reports are run again, just prior to  Closing.  Depending on your personal financial scenario, previous credit scores, recent expenditures, and new credit appearing on that fresh Credit Report ... your  Mortgage Approval could be rescinded.  Or at minimum, your Closing delayed until your credit is corrected back to acceptable terms/numbers.   

     I've seen it happen when clients did not heed my warning on this topic.  And sadly, they lost the ability to buy the home they were under  Contract for.  

     Lost solely because of a seemingly small amount of new credit extended them.  That little purchase they made that they thought was saving them money, ended-up costing them dearly.

     It's clear:  Not all supposed "bargains" are really that.  Home Buyers ... and future Home Buyers ... must be aware of this fact and prioritize.  

     They must assess what is truly important in reaching their ultimate goal of good FICO scores, approvable scores for mortgage financing (throughout their entire home buying and mortgage process) and ultimately ... a successfully purchased and financed home. 

     In today's current mortgage financing, the definition of "Mortgage Process" must now include that time prior to actual mortgage application too.  Home Buyers must be mindful of their credit and credit scores well in advance of that time when they actually apply for their loan.   

     Home Buyers must remain vigilant throughout their entire mortgage process ... and sometimes, even past Loan Closing (depending on the mortgage program utilized to purchase).  Working with an experienced professional Mortgage Lender ... and listening to their advice is crucial to your success.

     Ho! Ho! Ho!  Resist the temptations for "bargains", FREE, and 0% ... low credit financing offered you during the Holidays.  At minimum, delay buying or taking action until you have talked to your Mortgage Lender.

  
     *   Hoping to Buy or Refinance a home in Will County or elsewhere in Chicagoland?  Get the guidance and info you need to successfully accomplish your goals!  Contact me today.  I'll put my 37 years of mortgage expertise and experience to work on your behalf.
     I can be easily found at: 
Direct:   815.544.2280
Cell/Text:   708.921.6331 
gmundt@goapmc.com
eFax:  1.815.544.2281    




 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 LenderGene'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, 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.  

Your Business & Referrals are Greatly Appreciated!

    

         

Comments

Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…

Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?


These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:


Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…