Questions and Attention to Detail Make For
Successful Chicagoland Mortgage Closings
"It's the little details that are vital.
Little things make big things happen" ... John Wooden
I've been blessed with some very intelligent and highly-engaged Mortgage clients. From our very first communication, these clients have been completely immersed in the details of their mortgage process and thoroughly educated about it.
They've questioned me about every step of their process too. Why this? Why that? And it has been welcomed ...
One client, after receiving his Appraisal Report, actually took the time to read the full Report in its entirety. He asked me detailed questions about the terminology used within the Report, specifically terminology that pertained to his financing. Every question he asked was well thought out. I was blown away by it.
Another Buyer wanted to know why I cared so much about the background and details of the Condominium Association he was buying in. He also wanted to know why I needed a Condominium Association Questionnaire completed and why I examined the Questionnaire so thoroughly upon receiving it.
As I explained that his interests in his Condominium Unit, his finances could be impacted by the numbers and info reported on that Questionnaire ... I virtually saw the recognition of that importance cross his face.
The Questionnaire on the property he was interested in, had revealed a very important fact. One entity owned and represented 40% of the payments made into the Condominium Association's monthly budget. All my pesky "rules of Lending", my many questions to his agent, my attention to the details surrounding this Association ... they all seemed to make a bit more sense to him after I pointed out that one very important fact to him.
What was so important about it??
If the entity responsible for 40% of the Condominium Dues stopped or failed to make payment of their Dues, the remaining 60% ownership would be asked to make up the difference. The remaining 60% (of which he'd be a part) would then become responsible for a full 100% of the Association's budget.
Click! That's where and when the light came on for my young Condo Buyer. He now fully understood that this newly uncovered "detail" .... one that up until now he deemed "pesky" ... could directly impact HIS wallet, both short term and long.
My point for relating the above stories?
I know that the Mortgage Process can seem long and tedious. I understand it can seem filled with too many questions, too many requests for documents and copies, and too many nagging details.
But while I understand the frustrations that accompany all the above, you need to understand: Many of today's Underwriting and Mortgage Lending rules and requirements are based upon or come as the result of past transactions and experiences.
And so often (see my young Buyer), there is a valid and important reason as to why I'm asking you (or others) for info or documentation.
Questions and Attention to Detail Make For Successful Chicagoland Mortgage Closings ... should you not understand something I'm saying or don't understand why I'm making a request ... ask questions, just as my clients did.
Asking questions will help you understand the benefits and protections that will come your way when seeing to those details and through fulfilling the requests ...
* Buying a Home or hoping to Refinance in Will County or elsewhere in Chicagoland? Contact me today! I'll put my 37 years of mortgage experience and expertise hard to work on your your behalf.
I can be easily found at:
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.
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