THEE Rule of Thumb Regarding
Your Chicagoland Mortgage Approval,
Your Chicagoland Mortgage Approval,
Application, & Processing
Read many articles about Mortgages ... or the Mortgage Process ... and you're sure to come across more than a few that deal with "Do's and Don'ts". Both while leading up to Mortgage Application and while in the processing of that Mortgage ...I've addressed this topic in a post multiple times too. Even going so far as to make a "10 Commandments" list on this topic.
Commandments? Yep! It's THAT important.
These "commandments" are highlighted in all my conversations with potential borrowers and with those that have already made Mortgage Application. Yet?
You guessed it. A current client of mine just did one of those things they shouldn't do. They broke Commandment #8 & Commandment #10 ...
- # 8: "Thou shall not change bank accounts or move monies between bank accounts".
- #10: "Thou SHALL contact your Mortgage Originator BEFORE doing any of the above."
Now I'm scrambling to fix the damage caused. I'll get it done, but it will take some time. Time that, in today's mortgage process, there's precious little to lose. Certainly the closing date on the Real Estate Contract may be in jeopardy.
I have no doubt that I can and will get this client's Mortgage closed successfully. But to accomplish that, my clients now have to produce additional documentation and a Letter of Explanation to Underwriters to explain their actions. Something that could and should have been unnecessary.
The Mortgage Process will definitely be much more stressful now too. For them and everyone else involved in the transaction. - Don't do ANYTHING until you've talked to your Mortgage Originator
- Talk to your Originator sooner than later
- Follow their advice
Don't follow this rule and you put your Mortgage Approval and transaction in jeopardy ...
* Hoping to Buy, Build, or Refinance in the Chicagoland area? Contact Me now! I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
Gene Mundt, Mortgage Originator, 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 & WI.
Referrals are Welcomed!
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