Skip to main content

Half of All Homebuyers Don't Do This. Will You?


Half of All Homebuyers Don't Do This. 
Will You?      


     An article I read this morning stated ...

     "Americans may be spending more time shopping for shoes than for a mortgage, a report from the Consumer Financial Protection Bureau suggests. Almost half of consumers seeking a loan to purchase a home do not shop lenders, the agency said Tuesday."     

                                 (" Nearly half of home buyers don't shop for a mortgage")  

     From experience, I can't say that statistic surprises me.  I've addressed and written on this topic before.

     In previous posts, I've provided a roadmap and examples of important questions for prospective Buyers/Borrowers to ask when searching for a Mortgage Lender/Mortgage services in the Chicagoland area too. 


     They'll serve you well during your lender search.  I include that sampling of questions below:

     1.  How long will my Mortgage Process take?
          (If there are no problems or issues that arise, most mortgages are processed within a 30 to 45 day time period)  
     2.  What Mortgage program is best for me?
     3.  What costs will be involved in my financing?
           (Your Mortgage Originator should provide you with an estimate of your Closings Costs, called a Loan Estimate.)  
     4.  What Interest Rates are available to me?
     5.  Is "paying down" (utilizing Discount Points) the Interest Rate an option ... and is it wise for me to do?
     6.  When will you "Lock In" my Interest Rate?
     7.  What is the  Annual Percentage Rate of my loan?
     8.  Is it possible for me to improve my credit quickly so I can receive a better Interest Rate?
     9.  What Mortgage term suits my financial situation best?
   10.  What is the minimum/maximum Down Payment  I will be asked to make?
   11.  Will my loan be "sold" after my Closing?  And what does that mean regarding the payments I make and where I make them?
   12.   What are the Down Payment requirements for:   
           A.  FHA?
           B.  Conventional Loans?
           C.  VA Loans?
   13.  Is Mortgage Insurance necessary on all loans with less than 20% down?     
   14.  Does the cost of Mortgage Insurance vary with the percentage of Down Payment?
   15.  Can I finance Closing Costs?
   16.  Can someone help me finance with a monetary gift?
   17.  When and How am I able to pay my taxes?
   18.  Is an Escrow Account mandatory? 

     Note:  There may be questions you will want to ask that are specific to your financial situation or transaction.
     
   
      The CNBC article above went on to offer ...

     "It's also best to know what kind of designations or qualifications the lender has in the industry. Ideally, the lender should be taking a holistic approach and seeing how the mortgage fits into the borrower's total financial picture. They should not just be quoting a rate, but helping with financial planning".


     All of that mentioned above ... paired with the importance of conducting a thorough LO search ... is the best way to find and utilize a lender's services


     I can't stress that point strongly enough!


     Don't be in the wrong 50% of Homebuyers! Be in the smart 50%.  Conduct a thorough LO search.  


     Just like shoes, your Originator needs to fit you right!  


    


     

*  In Will County and the greater Chicagoland area, 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 Licensed

American Portfolio Mortgage Corp.
NMLS #175656

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

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 Always Appreciated!



       

     

     

     

Comments

Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…

Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?


These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:


Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…