These Words Will Strike Fear in the Heart of Your Mortgage Lender: "Let's Go Shopping!"

These Words Will Strike Fear in the Heart of 

Your Mortgage Lender:  "Let's Go Shopping!"     

     As many do, my wife and I watch home shows on TV fairly often. One episode we saw revolved around a young couple, Ed and Courtney.  
    

     As typical with many First-time Buyers, the young couple had pretty lofty hopes for the home they hoped to buy.  They were looking for the "perfect 10" property.  

     And as often happens, this young couple had what they call "champagne taste ... but a beer budget".

     After a frustrating search, this endearing couple eventually found a home that fit enough of the criteria they'd established for a home and made their offer to buy.  The offer was a bit stingy and negotiations predictably ensued.  But they finally reached a compromise with the Seller and everyone ended up thrilled.

     But then the episode went sour for me ...

     As the show's episode was being neatly wrapped up, the young wife said ... "Let's go shopping!  We need lots of new furniture to fill all those rooms!"  

     My heart froze and I almost fell off my couch.  Stop the cameras!!  What???  Had I really heard what I think I just heard?

     Yep ... the words any loan officer dreads hearing ... 

     Now I know home shows are focused primarily on the home search itself.  But a very important component of that search should include SOME information regarding mortgage financing.  

     At minimum, the show should not have promoted the mindset they did at the end of this particular episode. 

     I've got to tell you, hearing that young wife's words put me into a cold sweat.  I wanted to scream "STOP!" 

     It's my belief that this home show acted irresponsibly when they allowed that young wife's comment to air without addressing the possible fallout of her planned actions.  It should have been included and would have taken only a few moments to do so.  

     A brief "teaching moment" could have helped save so many other Buyers from making this same mistake.  Perhaps even saved their transactions from failure.

      I've written on this subject before, but it bears repeating:  Credit, credit scores, debt, savings, employment, etc. ... all can be incredibly fragile during the period leading up to Mortgage Application and throughout the Mortgage Processing and Underwriting period itself.  

     A new updated credit report will typically be pulled just prior to Closing.  Opening-up new credit, paying-off old credit, moving monies and accounts, employment changes, buying cars or furniture ... can cause big problems for you when you're in the process of buying and financing a home.  

     It can even kill your deal.  So, don't do anything monetarily without talking to me, your loan officer, FIRST! 

     Don't get swept away by the excitement of buying a home until the ink is dry on your Closing Documents.  Reign in that excitement and stay focused on your primary goal:  A Successful Closing!  

     Listen and follow my advice throughout your entire home buying process.  Shop and celebrate after your Closing ...

    
 Are you hoping to Construct, Buy, Refinance or Purchase a home or investment property in  Chicagoland or elsewhere in Illinois or Wisconsin?  Looking for mortgage financing answers, options, solutions, and experienced assistance?

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 License #216987

American Portfolio Mortgage Corp

NMLS #175656


Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
www.genemundt.com
gmundt@goapmc.com





 


              
   



      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, Frankfort Square, Joliet, Shorewood, Elwood, Lockport, Wilmington, Crest Hill, Symerton, Braidwood, Channahon, University Park, Beecher, Plainfield, Bolingbrook, Romeoville, Tinley Park, Homer Glen, Crete, Peotone, Naperville, etc.), DuPage County, Kane County, Grundy County, the City of Chicago, 
Cook County, and elsewhere within IL & WI.


Referrals are Appreciated & Welcomed!