When Should a Will County - Chicagoland Home Buyer First Seek Financing Guidance?

When Should a Will County - Chicagoland 
Home Buyer First Seek Financing Guidance?  

     As a Mortgage Originator, I recommend that potential Home Buyers contact me up to one year in advance of their purchase.  

     That's especially true when that Home Buyer is a First-Time Home Buyer.  And here's why ...

     I recently had a young newly-engaged couple contact me for Mortgage financing.  They were hopeful First-Time Home Buyers wanting to learn how well positioned they were to buy a home.  They also wanted to know more about their Mortgage options and what lay ahead during the Mortgage Process itself.

     This young couple was well-organized.  I'd recommended that they visit my website prior to our meeting and they'd done so.  They had a good portion of their needed financial documentation in-hand and were prepared and ready to talk.

     But when this young couple sat down, I just knew they were scared.  It isn't unusual to see this reaction.  Most First-time Home Buyers have little idea of what they'll face, so it's only natural that they're a bit apprehensive.

     Many have probably heard that there'll be an onslaught of questions to answer.  But they rarely know what those questions will be ... or how answering those questions will end up fulfilling a need within a transaction.

     After working with this young couple, I thought seeing some of the questions they were asked during their first Mortgage Consultation might prove helpful to others in their preparation to buy/finance a home.  Keep in mind, every Buyer's needs and financing scenarios are different and can vary greatly.  But many of the questions you'll hear may be similar or close to those found below.

     You'll most likely be asked:

  •  How soon are you hoping to buy?
  •  Do you know your Credit Scores?
  •  Have YOU pulled your Credit Report from www.freeannualcreditreport.com(Depending on your personal situation, I may/may not request to run your Credit Report at this time).
  •  Have you saved any monies for a Down Payment?
  •  If so, how much have you saved for your Down Payment?
  •  Do you want to "keep back" or retain any of your savings after Closing?
     Other questions will include:
  •  Have you started an actual home search?
  •  Do you know the location and price range of home you wish to buy?
  •  Do you know what price a home with those features ... and in that location ... will demand?
  •  What debt do you currently have?  
  •  Do you have installment Loans, such as Auto Loans, Student Loans, Credit Cards?
  •  How many accounts (called trade lines) have you established?
  •  What about your Employment(s)?
  •  How are you paid?
  •  What are you paid?
  •  How long have you been on the job?
  •  Does that include overtime?  Will that overtime continue?
  •  Does your pay include bonuses? Will those bonuses continue to come ... or are they unscheduled?
  •  Are their children involved?  Child Support? Alimony?
     Knowing this couple was an engaged couple, with a wedding day set, I also asked the following questions:
  •  Will your wedding and wedding expenses impact your credit/debt?
  •  If so, how much?
  •  Upon marrying, will monetary wedding gifts impact your Down Payment?
  •  How do you intend to use the gift monies?
  •  Have you set-up a separate banking/checking account for wedding/reception funds?  One that separates those monies from the Down Payment funds/account?     
     As you can see, there's a lot to consider as you enter into Home Buying.  Especially true when you're a First-Time Home Buyer or someone getting married during the Process.

     The questions above also prove just how personalized today's Mortgage Process has become ... and just why I recommend starting the Mortgage Process so far in advance.  

     In my next post, I will address:
  • HOW and WHY having an early Mortgage Consultation can benefit you
  • WHY providing required documentation in a timely manner is important
  •  WHAT guidance and assistance you can expect as we move forward in the Mortgage Process together

     As always, you're invited to contact me with any questions or needs at your convenience.  Find me at:

                                         Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License #21697 

American Portfolio Mortgage Corp.

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

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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, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI

Your Referrals are Greatly Appreciated & Welcomed!


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