Your Mortgage Application Must Read
Like a Best-Selling Novel
It happened again yesterday ...
Someone hoping to obtain a mortgage through my services
asked, "Why do you need so much information and documentation?"
There are many answers that could be given to that question. And some of those answers have layers of explanation attached to them. A very quick and simple answer is, "It's now required by new laws, rules, and regulations".
But upon hearing this question, I often turn the tables and ask in return, "Would YOU lend thousands of dollars of your own money to a stranger without gathering as much information as you could?" That typically resonates pretty well. And the answer given to this question is most often "no".
Admittedly, there are instances where the number of requests for info and documentation is a bit out-of-whack and excessive. But in the majority of my transactions, the reasoning behind the requests make sense. The Underwriters are trying to answer 2 simple questions:
- Do your current finances support your request for a Mortgage Loan on the property you've chosen?
- Does your Credit History prove a track record of fiscal responsibility that supports a Mortgage Approval being given?
To clarify it even further:
The Mortgage Application, current finances, and credit history must read much like a story or best-selling novel. They each must:
- Be an introduction to the Applicant(s)
- Provide details of their life (both current and past)
- Showcase their actions and their decision-making skills
As in a novel, the Mortgage Application, the info and documentation provided regarding finances, and Credit Report become the "storyline". Each must be enriched by enough detail and insight that the Underwriter can follow the "storyline" and draw conclusions from it.
If an Underwriter is unable to do that from the info and documentation you (and I, as your Mortgage Lender) provide, we must (and will) be asked for more info and more documentation until the questions the Underwriter has are fully answered.
To help my clients write their personal "storyline", I make a Checklist of Documentation Typically Required for Mortgage Application available on my website ... and also as a convenient hand-out. Gathering this info and documentation early has proven to be a huge advantage to clients.
It allows ample time to thoroughly prepare and document your "storyline" for Underwriting scrutiny. That lowers the stress you feel during your transaction. And I will point out, it's typically the stressed-out clients facing time constraints that end-up asking me, "Why do you need so much info and documentation?"
So my message really boils down to this: If hoping to buy, build, or refinance a home in the Chicago-area ... contact me sooner than later! Don't wait or hesitate.
Your Mortgage Application Must Read Like a Best-Selling Novel. The more time you allow yourself to write your personal storyline, one fleshed-out with detail and documentation ... the more quickly and easily you'll pass through your Underwriting and Mortgage Process.
Take action and get writing today ...
* When buying, building, or refinancing a home in a Lincoln-Way Community, Will County, or elsewhere in the Chicago area, contact me. I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Cell or Text: 708.921.6331
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 Referrals are Greatly Appreciated!
Your Referrals are Greatly Appreciated!