Looking At and Dreaming About Pretty Houses?
Prepare Yourself to Buy
“Plan for what it is difficult while it is easy, do what is great while it is small.”
-- Sun Tzu
Who doesn't like looking at beautiful homes?
Who can resist the temptation of imagining themselves living in those homes? I certainly don't know anyone ...
While it's great fun to view and dream about home after beautiful home, it's no secret. Today's hopeful Buyers face some challenges when it comes to buy.
Low home inventories have proven to be an issue in many housing markets. Credit, debt, finances, student loans, saving for a down payment ... all can present very real challenges and make it difficult for those hoping to buy. And certainly the process of securing a mortgage is more demanding now too.
So what do you do if you want to turn your home dreaming ... into a successful home buying reality?
Sounds like too easy an answer, doesn't it? But it's really not ...
I've been in the mortgage industry for almost 40 years and it's become very obvious to me that those clients of mine that prepared themselves well in advance of their home buying and financing were the most successful. They certainly navigated the demands of their loan financing more easily and quickly too.
Consider the list below: It's a list of the many steps involved in the home buying process that occur immediately (or quickly) upon a Real Estate Contract being signed ...
- Financing/Loan Application MUST begin
- Escrow is set-up
- Home Inspection
- If required, a Survey must be conducted
- Attorney Review Period (if Attorney is involved)
- Appraisal is performed
- Insurance must be secured
Depending on the region, state, or municipality requirements in place, other actions may need to be taken as well. This means virtually every Home Buyer will face multi-tasking of some sort during their processing.
So the more educated and better prepared you are regarding all these requests you'll face, the better. It pays to plan and prepare ahead.
Gather and set-up files for the financials and documents found below. Then be prepared to produce them, as each will/may be required during your mortgage processing.
- Paystubs (W-2's)
- Bank Statements
- Mortgage Statements (if other properties are owned)
- Tax Returns (Personal and Business, if self-employed)
- Divorce Decree (if divorced previously)
- Child Support documents and court payment/print-outs (if applicable)
- Investment Accounts
- Retirement Accounts
- Contact Information for Employer, Servicers above, Attorney, Insurance Agent, etc.
- Bankruptcy Papers (if applicable)
- Collection Papers (signed/stamped, if applicable)
- Social Security/Pension Papers
- If a Veteran: Certification of Eligibility/DD-214
Remember to update these files as new documents and info becomes available. (To view a more thorough checklist of the documents typically required for Mortgage Application, click HERE.)
I think you can see from the list(s) above, that you have a number of documents/financial information needed during your loan process (depending on your personal scenario). Waiting to start your collection of these documents until after you have chosen and contracted for a home will inevitably introduce extra stress into the process for you.
I know that for a fact. I've seen it happen.
Looking at and Dreaming About Pretty Houses? Prepare Yourself to Buy ... Start your preparation to successfully buy and finance your Chicagoland home now ...
Get organized. Contact me. Get Started today. Together we'll eliminate stress, hassle, and time delays to turn your dreams of home buying into reality ...
* Hoping to Buy or Refinance a home in Chicago or elsewhere in the Chicagoland area? Contact me! I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
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 & WI.
Referrals are Welcomed!