Gene's Chicagoland Mortgage Blog: Mortgage Applicants are Like Uber Drivers

Mortgage Applicants are Like Uber Drivers

(Both the Driver and Boss!)

As a Mortgage Originator, my ultimate goal in each transaction is exactly the same as my clients': A successfully completed mortgage transaction and Closing.

Gene Mundt, New Lenox - Chicagoland Mortgage Originator

But neither I or my client(s), should settle for just "getting it done". That simply shouldn't be enough.

The buying/financing of a home is momentous. I want to create an "experience" for them that matches the magnitude of the accomplishment ... a financing experience that's a positive one.

The act of financing a home should be memorable for a host of good reasons. I myself have been a homebuyer multiple times, and I've certainly wanted a positive experience each and every time I've financed. I want the same for my clients.

So how do I go about building that positive experience? I'm constantly on the look-out for ways to tweak and improve my services as a whole. I seek things that I can incorporate into the process that will secure "warm and fuzzy" results and create good memories.

But what I've found that is central ... what is key to accomplishing this positive experience ... relies heavily on client participation. I, as an LO, can't create a stellar experience on my own. My clients must "buy into" the mindset and memory building ... and be my partner in its formation.

What do I mean?? Over the years, I've found those clients of mine that fully engaged themselves in their mortgage process were typically the happiest upon its completion.

Those clients were also more likely to feel a sense of pride in their accomplishment and had fewer "coulda, woulda, shouldas" afterward. Much like pro athletes, they put it all on the line and dedicated themselves to attaining success.

I now find that my observations are verified by a recent Home Buyer Reality Report conducted by NerdWallet. Tim Manni, a mortgage expert at NerdWallet, points to 2 very important observations revealed within the Report:

1. “According to our research, borrowers who don’t understand the mortgage process or don’t know enough about their own credit history tend to hit obstacles or be rejected when applying for mortgages."

2. "They also tend to feel regret after their deal is done, even if they succeeded in buying a home. That tells me borrowers aren’t doing enough research—on themselves or the mortgage process—before applying for a home loan.”

Many of those obstacles and challenges mentioned and most often faced by mortgage applicants within this Report can be addressed fairly easily by the applicants themselves. And when they are addressed, they make a huge impact ... not only to how the mortgage process is experienced but the quality of the process and how easily and successfully it is accomplished too.

The focus and the responsibility for the creation of a positive experience tend to always be placed on the Loan Officer. What the LO can do or provide their mortgage clients throughout their mortgage process.

Now let me make it clear. I'm not saying that isn't important or true. LOs need to provide quality advice and service to their clients (and referral partners).

But while it's true the "bar" for LOs can never be too high, it's also true that the mortgage process should be viewed and conducted as a TEAM effort ... a team made of professional and client. Both performing as fully contributing team members.

Borrowers shouldn't abdicate actions, control, or all responsibility to the professional(s) representing them. They need to remain, much like an Uber driver, the boss and "in the driver's seat".

Applicants must remember they control:

The level of preparation and education they perform and pursue prior to Application

The amount of research they conduct during their search for Mortgage Lender

The level and consistency of their engagement throughout the mortgage process

The level and timeliness of their responses to requests made

... each of which is directly related to the success and enjoyment found in their financing experience.

There's no way to sugar-coat it. Today's mortgage process is more detailed in nature and demanding of an Applicant's attention and time than its counterpart of even a few years ago.

Knowing and fully accepting that ... then participating accordingly ... is the first step New Lenox - Chicagoland Mortgage Applicants must take when hoping to reap their "happy ending" when borrowing monies to buy or refinance a home ...

* Hoping to buy or refinance a home in New Lenox, Will County, or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.

I'm easily found at:

Gene Mundt

Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed

American Portfolio Mortgage Corp.