The Words Chosen Can Make a Difference
Today I'm working on a rather challenging mortgage scenario for new and hopeful applicants ...
There are many elements to this transaction that serve to make it somewhat extraordinary.
But the one thing that's proving the most challenging is the wording chosen for a portion of the signed Contract.
The applicants involved have excellent credit/credit scores and secure employment. Their financial position is stellar and very secure. Every indication is that they're financially rock solid and would be at little risk for credit issues arising in the future.
Yet, there is that darn wording within the Contract to be concerned with. And it's causing a bit of havoc ...
So my objective in writing this post is:
- To alert real estate professionals to the importance of word choice within a Real Estate Contract. It can influence the difficulty and speed with which their Applicants' Mortgage financing is secured.
- In extreme cases, it can hinder or prevent a successful Mortgage Application.
That's what is being experienced by my new Applicants. The wording within their Contract is hindering and slowing down their entire buying/financing process.
So how can this be prevented?
In transactions that may be somewhat out of the ordinary or challenging like mine:
It would be wise prior to the writing of the Contract ... or certainly prior to the signing, that agents and clients have a conversation with me (the Mortgage Lender).
This one simple act could prevent problematic issues from rising during the financing process. It will help mortgage underwriting and application proceed more smoothly for the client ... and for the professionals involved too.
I'm confident that I will work through the challenges found within this present Contract. However, it'll take time to do so. The unknown time element will cause some additional stress for the client. Stress that could have been avoided.
So take the time to make a call. Ask me questions. Ask for direction. It's definitely worth doing ...
* Have clients that hope to Buy, Build, or Refinance within the Greater Chicagoland area? Contact me today! I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
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.
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