Trying to Underwrite Your Own Loan
I often have the pleasure of working with well-read, well-informed Borrowers. Borrowers that have obviously done some homework prior to contacting me ...
Their comments and questions prove they're invested in themselves, their home buying, their financing process, and their success. They care and it shows.
But as the old saying goes, "a little bit of knowledge can be a dangerous thing". And sometimes my Borrower's questions and comments quickly reveal that they've obtained poor or unreliable info ... or conflicting answers elsewhere to their financing and home buying questions.
When this happens, I know I've got some real work to do ahead of me. As I may have to re-educate my new Borrowers.
Typically, how these clients come by their false info is easily explained. Simple assumptions have been made. They think their home buying and financial scenario is similar to a friend or family members. They're assuming they'll reap the same results.
But in today's mortgages, even seemingly minute differences in credit, prices of homes being purchased, taxes, down payment, or etc. can garner hugely different outcomes. I refer you to my "Modern Mortgage and Mortgage Process are Much Like a Fingerprint or Snowflake ..." post as to how this is true.
Out-of-date info found on the internet can contribute to this too:
The quickly-changing mortgage process makes facts, as they apply to the current process, harder to come by. With the speed of reporting and changes being made within the mortgage process and industry, even a day or few hours can render info obsolete.
It is true that there are things that are common to nearly every transaction. Those are:
- Credit Reports
- Credit Scores
- Proof of Income
- Payment Histories
- Proof of Funds for Down Payment & Closing Costs
But Buyers and Borrowers must be aware: Even within the above, there are vast and uniquely different scenarios that can exist for each and every Borrower. Differences that demand different actions and reap different mortgage options and outcomes.
Buyers and Borrowers can find all sorts of valuable information online. But they must resist the temptation to "underwrite" their own loans. Doing so all-too-often leads to frustration.
My advice: Don't diminish or rob yourself of the enjoyment you should experience during your transaction. Listen carefully to the advice and guidance provided.
Contact me for the info and guidance that pertains to YOUR personal financial and home buying scenario. That way your actions are based on FACT and knowledge from a mortgage professional ...
* Are you hoping to Buy or Refinance a home in the 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, & 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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