Is It Worth it? A Reflection on the Current Chicagoland Mortgage Process

Is it Worth it?
A Reflection on the Current 
Chicagoland Mortgage Process

     The current mortgage process has a bad reputation ... let's face it.  You can't listen to newscasts or read the papers without seeing or hearing stories conveying that perception.  
     Although I understand that today's mortgage process is far more detailed than it was previously (and yes, sometimes even borders on silly), I think in many cases the current mortgage process is getting a bad rap.  And bad news makes for good copy and good ratings ...

     A recent call from present clients of mine in the mortgage process, is representative of what I say.  These clients called after I requested updated banking statements from them.  

     Some info for those that have not financed recently:  Some documentation required for Mortgage Application and processing is more "time-sensitive".  Banking statements are a good example of this.  But typically, obtaining updates is fairly easily accomplished.  Account statements and any updates must include: 
  •    Verified copies must contain the client(s) name(s) 
  •    Your Account Statement must show the FULL account number AND Bank's Name 
  •    There should be NO skipped pages  
  •    Should reflect ALL transactions made within the prescribed dates requested
     The request I made for updated statements was standard and required in order for my clients to Close.  My clients had been informed previously (at their initial mortgage inquiry and later in the process also) that the request would be forthcoming at this point in their processing.  Yet, I heard a big sigh and the following question during their call ... 

     "Gene, is it all worth it?"

      I obviously said "Yes!"  And then offered some words of encouragement also, as the clients sounded somewhat frazzled by my request.  But after I got off the phone, I found myself wondering WHY these clients felt so burdened by my request and WHY  they sounded so overwhelmed.   

     These are the facts as they stand for this client.  The following has been their responsibilities and participation in their mortgage process so far:

     Through the ease and convenience of technology (phone/Skype, my  Website, etc.) ... the clients' initial fact-finding interview/Pre-Qualification conversations were all conducted quickly, easily, conveniently ... without them leaving their workplace, their home, or disrupting their personal schedules. 

     Because I offer a secure online option for  full Mortgage Application on my website ... 
     These clients were able to complete their App at their convenience ... within their own home ... utilizing their own computer.   As a couple, they did not even have to complete the task together ... they each could perform this task within their own timeframe.

     Because I offer the convenience of "e-signing" and a secured eFax service ...  
     They were not required to make a trip to my office (or elsewhere) for delivery/pick-up of the mortgage application or required documents as clients did in the past.  They did not even have to make copies of anything. I did that on my end.  They just scanned/faxed and off the documents went!  

     Through the use of various technology, they were able to ... 
     Contact me via phone, text, email, fax, and even used Facebook  or  Google+  messaging features to ask questions or gather additional info.  I will point out ... all at their convenience from the comfort of their own home, car, or work ... and yes, even during their out-of-state vacation.

     Plus they were able to ...
     Conveniently ask questions and receive answers from me via that wide choice of communications during a very broad timeframe within each day.  Saturdays, Sundays, and late evening hours included.

     Now ... what do my clients gain for their efforts?  They will reap these benefits from their Refinancing:
  •     Shave 10+ years off their present Mortgage term
  •     Substantially lower their monthly payments
  •     Drop their Interest Rate into the mid-3% range
  •     Achieve these savings without any out-of-pocket expenses   
     The details and amount of info needed by Lenders on a Mortgage Application and during mortgage processing is more than it used to be, no doubt about it.  Many more questions need to be asked and answered.  But ... given the opportunity for large monetary savings and the benefits to be found in the short and long term, I must ask this ... 

     How would YOU answer this question, if asked?  How would YOU weigh the effort needed on a clients' part versus the benefits they achieve?  Is it worth it?
     I say "Yes!"  

     *  Thinking of Buying a Home or Refinancing in New Lenox, Joliet, Will/DuPage County, or elsewhere in the Chicagoland area?  Contact me today!  I'll put my 36+ years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at any of the following:
Direct:  815.524.2280
Cell:  708.921.6331
eFax:  815.524.2281     Skype:  630.219.1316
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