"How Long Will My Chicagoland Mortgage Closing Take?"


   "How Long Will My Chicagoland 
Mortgage Closing take?"     
   


     You've found the home of your dreams ...  

     The documentation and underwriting requirements for your mortgage have been met.  You've finally heard the sweet words "Clear to Close" from your Lender.  The big day, Closing Day, has been set ...

     Once all these things have taken place, I hear the following question from Borrowers fairly often: 

     "How long will my Closing take?"

     Truth is, that can depend.  Many factors contribute to the length of time a Borrower is at the Closing table on their Closing Day.  

     Some of the things that impact the time needed for Closing are:

  • Is your transaction a Refinance or Purchase?
  • Day of the Month in which your transaction is scheduled (Tip: Avoid the last day of the month
  • Closing taking place around a Holiday?  (Holiday-time Closings can be more stressful & shortages in Closing personnel can come into play)
  • Quality of Title Company, Closer, & technology used
  • Size of Loan Package (No pun intended, but size does count!)
  • Piggyback/2nd Loan also involved?
  • Quality/Timeliness of Lender's Funding/Wire
  • Attorney involvement?  (Pace of Closing is typically controlled by Attorney(s)  
  • More ...


     Well-executed, simpler, fluid Closings can take place in as little as a half-hour to 45 minutes.  Those transactions that are more complex or face additional challenges can last much longer.


     Is there anything that Buyers/Borrowers can do to prepare a path to a successful, speedy Closing?

     Yes.  They should take proactive first steps ...  

     They should conduct research ... gain referrals ... do homework ... while searching for their Mortgage Originator and real estate professional.  Much depends on it.  

     Buyers/Borrowers often forget:  They control which professionals and services are utilized in their portion of the transaction.  And the choices they make do impact the amount of time spent at a Closing Table later.

    My Tip:  Spend a little time early in the process to find the best Chicagoland professionals and services available ... or spend a lot of time at the Closing Table later ...    



  
     *  Looking to Buy or Refinance a home in the Chicagoland/IL & WI area?  Contact me today!  I'll put my 37 years of mortgage expertise and experience hard to work on your behalf.
     I can be 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:  1.815.524.2281

You're Invited to Follow Me at:

 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 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 and Wisconsin.  

Referrals are Greatly Appreciated!






      

         

      

     
     

There's No 'I' in Mortgage


There's No 'I' in Mortgage



     I have a confession ...
   
 
     I am a "Sportsaholic".  Anyone that knows me knows that to be true.  Especially my wife.

     Name the sport.  I probably watch it or follow the outcome of its competition/games.  Football, golf, baseball, basketball, hockey, bull riding, tennis, more ... all of them pretty much at all levels.  Local kids teams to professional.

     It probably comes as no surprise then, that I've caught a few of the "March Madness" college basketball games played over the last couple of weeks.  Okay .. admittedly more than a few ..

     While I've watched those games, it's become obvious to me that the old saying, "There's no 'I' in Team" is true. The teams that have played the most cohesively as a group have won their games. 

     It's also hit me that much the same could be said of mortgages ... "There's no 'I' in Mortgage".  Because in today's mortgage lending, there's simply no one person that can originate a loan from start to finish without the help of a "team" of people.  

     As an Example:  In the typical Illinois/Chicagoland transaction, there are many people (occupations/team members) that normally take part in the facilitation of a mortgage transaction.  Those are:

  • Mortgage Originator
  • Buyer
  • Seller
  • Realtor (or Builder)
  • Home Inspector
  • Attorney
  • Title Company (Company & Agent)
  • Loan Opener (Orders Appraisal, Verifications, Moves File to Mortgage Processing Department)
  • Loan Processor (Collects, Reviews Data & Submits loan files to Underwriting)
  • Appraiser/Appraisal Management Company
  • Management Company/Homeowners/ Association (if transaction applies)
  • Underwriter (Reviews & Approves File)
  • Loan Closer (Prepares Documents/Funds)
  • Title Company Closer (Coordinates Buyer/Seller Documents)
  • Homeowners Insurance Agent
  • Mortgage Insurance Company (if applicable)


     Teamwork between all of the above is ESSENTIAL to the fluidness and success of the transaction ...   

      If even one of the people mentioned above doesn't complete their portion or task within the processing of the transaction ... or doesn't perform it in a timely, thorough manner ... the deal can derail.  Get off-track.  Temporarily or permanently.

     This speaks to the importance of this fact for Buyers and Sellers ...  

     Taking the time and making the effort to find and select their transactions' "Team" members can't be overstated.  The choices they make can have a huge impact on their transaction's outcome.

     No matter the sport or endeavor, the ability and talent to work as a "team" is typically very important.  That is definitely true in today's mortgage financing. 

     There's no 'I' in Mortgage ...



  
Looking to Buy or Refinance a home in the Chicagoland/IL & WI area?  Contact me today!  I'll put my 37 years of mortgage expertise and experience hard to work on your behalf.
     I can be 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:  1.815.524.2281

You're Invited to Follow Me at:

 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 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 and Wisconsin.  

Referrals are Greatly Appreciated!



      

        

The New Mortgage Process: It's Unsung Advantages


The New Mortgage Process: 
It's Unsung Advantages 



“Fear not the unknown. It is a sea of possibilities.” 
 Tom Althouse


Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.

Dale Carnegie



“How can you know what you're capable of if you don't embrace the unknown?”
 Esmeralda Santiago, Conquistadora


Never be afraid to try something new. Remember, amateurs built the ark, professionals built the Titanic.

Unknown



“The big, bad unknown is only that until it is known. Then you look back and wonder what all the fuss and worry was about.” 
 S.A. TawksThe Spirit of Pessimism




I’m sure you see a pattern in the quotes above.  They all address the topic of fear

Fear.  Whether I’m talking on the phone with them, or they’re sitting in front of me, many of my new clients reveal some level or form of it. 

I’m seeing this far more often than I used to.  And I suppose it’s not too hard to understand why, given the reputation that the current Mortgage Process holds. 

It’s become somewhat commonplace to see media represent the modern Mortgage Process as an “uphill battle”.  A progression of “daunting” tasks.  Something to fear. 

I believe that kind of reporting (and the resulting perceptions and fears it fosters), keeps many wishful Buyers/Borrowers from asking questions or seeking info about financing or buying a home.  And that’s sad …

Now I’ll not deny that the current mortgage process is far more detailed and lengthy than its counterpart of a decade ago.  Proof … of a Borrower’s status, credit history, and employment … now all need to be fully and thoroughly documented and scrutinized. 

It’s also true that current Borrowers are expected and need to be more involved in their mortgage process.  

But it’s also a fact:  

Current Borrowers are relieved of some of the burdens and demands that would have been previously required of them in transactions.  That fact has gone largely unsung and unnoticed.  

Some benefits being enjoyed by new Mortgage Applicants are:


  • Advanced Technology allowing for safe delivery of documentation
  • Elimination of the need for physical collection, signing (E-Signatures), and delivery of documentation. Borrowers often do not need to physically visit their banks, insurance agents, their employers/HR departments, investment counsellors, etc. to gather documentation.  Technology does the work
  • Advanced Communications make fact-finding easier, faster, and saves time
  • Expanded & Flexible Service Hours are offered by many Originators (non-traditional office hours & weekends) ... a huge convenience 
  • Safe, secure online Pre-Qualification & Application options are now often available
  • Pre-Qualifications & Applications can now be conducted in the convenience of Borrowers’ homes, workplaces, or other destinations ... or via phone/other technology
  • Closings of a Mortgage can now take place during more flexible hours and in the comfort of the Borrower’s home, workplace, etc. …
  • More … 


Each of the above benefits is currently offered by myself (and other Originators) within the modern Mortgage Process.  Yet, these benefits are often overlooked or left unmentioned by the media … and potential Buyers and Borrowers remain unaware of them.

It’s left unsaid that these improvements to the current Process vastly expand and improve the level of personal service offered to Mortgage Applicants now versus that was received even a few years ago.  The importance, benefit, convenience, and relief provided to Borrowers via these improvements shouldn’t be overlooked. 

I’m not suggesting that the improvements/benefits found within the current Mortgage Process erase the requirements and responsibilities made upon today’s Borrowers. But they do assist in “un-complicating” the process in some ways.  Ways that should serve to offset misperceptions and fears currently held by those wishing to buy.

What I’m saying is:  If you think you might want to buy ... of even if you're unsure, you should ask questions.  You shouldn’t let anything stand in your way.  Certainly not fear of the Process itself. 

If you work with the right Originator at your side, you will be successful and the Process should go more smoothly and quickly.  So how do find that “right”Originator?

While interest rates are certainly important, it’s important to pay attention to other details and attributes while searching for your Chicago-area Mortgage Originator too.  

While interviewing Originators, find one that:

  1. Listens well as you explain your needs
  2. Encourages you to ask questions
  3. Provides clear, thorough explanation to each question asked
  4. Offers to seek/research answers and info, if none is readily available
  5. Offers Options to un-complicate and ease your upcoming Process
  6. Communicates via a variety of methods
  7. Offers ongoing communication, information, and service beyond the Closing Table 


It’s these attributes and talents that serve as solid clues regarding the level of service you’ll receive … and the ease of the process experienced while working together.

It’s only natural to feel a bit anxious while buying and financing a home.  It’s a big step … and an exciting one.  But true fear … fear that keeps you from your home buying goals and dreams … shouldn’t be allowed in the financing equation.  

Educate yourself.  Address and eliminate as many of the “unknowns” and possible issues prior to entering your Mortgage Process.  The fear will disappear.

Get started today.  Ask your questions



 *  Are you hoping to buy a home in Chicagoland – IL – WI?  Let's talk!  I'll put my 37 years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.
     I can be easily found at:
Direct:  815.524.2280
 Cell/Text:  708.921.6331
eFax:  815.524.2281


You're Invited to Follow Me at:

 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 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 and Wisconsin.  

Referrals are Greatly Appreciated!


4 Tips for Spring ... it's Just Around the Corner!





We've had a fairly mild winter, but that shouldn't stop us from getting excited about the arrival of Spring ... 


The weather's been beautiful in Chicagoland the last few days, so this last weekend I walked the perimeter of my home assessing what home maintenance needs to be tackled as improving weather permits. Unfortunately, one bit of maintenance just couldn't wait for Spring to officially arrive.  

My garage door opener had been acting up.  Then went completely kaput. I made a call for repair. 

Happily, I can report the problem wasn't as bad as I feared. A fairly simple fix was all it needed. But as a result of my experience, and the fact that Spring is just around the corner, I decided to include 4 tips for Spring within this week's email. 

I hope the tips here prove timely and beneficial. But remember:   If you have plans for your home in mind this Spring (selling, improvements, or expansion), contact me

Together we'll discover what financial options are available to you ... decide which serves you best ... and then get you on the path to success.   I look forward to talking soon!


Gene 


******************************************


1. How to Maintain a Garage Door ... 

Mike Kraft gives tips on garage door maintenance. There are 3 key steps: 
  • Cleaning 
  • Safety 
  • Lubricating
Find the detailed instructions in a video clip to the right. Just "click" on the pic! 

2. 10 Tips for Spring Cleaning Your Finances ... 



Spring, with new life popping up everywhere, is the source of many an impulse to start afresh.   Apply the tradition to the mess of files and financial records -- paper and virtual -- that have piled up in your life. Here's how to get going ... 


3. 10 Things to Do in the Hour Before Buyers View Your Home (in honor of the recent Daylight Saving Time change) ... 

Once you have listed your home for sale and your real estate agent has put all the pieces together by promoting your listing, buyers will start scheduling times to come in to view your home. 

That being said, you want your home to show in its best possible light and better than the competition. There are a few things I recommend doing in the hour before a scheduled showing ...  (MORE ...

4. Spring Lawn Care & Maintenance Tips ... 

The months of spring are a great time to get back into the yard and do the tasks you’ve had to put off for the winter. Here are some tips and advice for maintaining your lawn this spring. (MORE ...


"Click"
on the pic to the right 
to find Easter fun for you and your family throughout Will County!




I’d appreciate your Review of my services on Yelp, Trulia, or Google+: 




 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, 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 and Wisconsin.  

Your Referrals are Greatly Appreciated!
       





Considering Buying a Home? You Need to Check-Out my Mortgage Wish List First

Considering Buying a Home? You Need to Check-Out my Mortgage Wish List First As a Grampa, I'm very aware of "Wish Lists&qu...