Make Your Homebuying Season a Successful One

Make Your Homebuying Season

a Successful One


It's that time of year again.  Spring training is wrapping up.  It's time for the real competition to begin.

If you thought I was talking about baseball season, you'd be wrong.  I'm talking about home buying season!

Traditionally, Spring is the start of prime homebuying time, especially for those areas of the country that experience harsher, colder winter weather.  That's historically been true here in the Chicagoland area in which I reside and offer my services.

This past year, because of COVID and its restrictions, the stark differences between homebuying seasons may not be quite as dramatic as those in the past.  It's now become fairly customary for homebuyers to conduct, at least initial searches for homes, online.  Live home viewing is conducted only for properties being seriously considered for purchase.

Spring's warmer temperatures have arrived now all across the Midwest.  Because of that, the prime season for new construction has also arrived and kicked into gear.  New construction is popping up all over the Chicagoland area.  

It's a very welcome sight too as the new homes are so sorely needed.  Area homebuilders are trying to meet the demand for more new housing as many housing markets are presently suffering from a low inventory of homes for sale.  

The time of year, still-low interest rates, and availability of homes are all making for a very competitive housing season this year.  Buyers are finding that they need to bring their "A-Game" from first pitch on if they are truly serious about finding success as a borrower and home buyer.  

Any home buyer that falls behind in this pitch count is going to suffer real frustrations.  But not all buyers are catching that sign yet.

A call I recently received from a hopeful borrower/buyer is the perfect example of that being true.  It perfectly showcases how NOT to enter into a search for a mortgage and home in a competitive home-buying market.  

From the very beginning of the call, it was obvious that the caller had given no thought or conducted any preparation prior to the making of their call.  Even the very basics of home buying/financing warm-ups and conditioning had been skipped.  

Here's how the call went ... baseball analogies included ...

First pitch: The caller had no information at their disposal.  They did not know how much money they or their spouse made during the last year or even what they each made per month.  They had no paystubs, no W-2's, no tax returns available to them during the call.

Foul Ball:  They had no idea what they still owed on their present home, nor did they know what their monthly mortgage payment was.  No mortgage statement was at their disposal.

Another Foul Ball:  This caller couldn't share what their spouse's email address was.  They didn't know it.  Even the simple basics were unavailable.

Third pitch:  They also were completely blank on an assessment of their debts and any savings.  Statements and records were also unavailable.  

They really had no idea of what they could make or afford as a downpayment on a purchase.

Strikeout!

What did the caller know?  

  • That they had been looking at homes and found one they liked
  • They were thinking about making an offer on that home 
  • Their agent and told them they needed a PreApproval Letter

But what PreApproval Letter could be given based on the information they'd provided?  

So if you're someone dreaming of buying a new home, get serious.  Get serious about your preparation and planning for it.  Start now.  

Perform the prerequisite assessment.  Do the warm-ups and conditioning.  Talk to a lender.  Do it all prior to requesting a Pre-Approval Letter or when you hope to make mortgage application.  

Besides having some vague notion of hoping, wishing, dreaming, and ultimately "winning" a home bid ...  make it your goal.  Then put some effort and muscle behind making it come true. 

How?

With the help of your lender, perform a thorough assessment of your financial strengths and weaknesses.  Then conduct financial "strength-training" well ahead of your homebuying season. 

Learn how to pump and flex your financial muscles.  Showcase and stage yourself for your mortgage financing.  Turn yourself into a homebuying All-Star!

Document and track your progress.  Keep good, complete, and thorough records. 

It's really not as hard as it sounds.  An experienced mortgage lender can help you do it successfully, just like physical trainers do.

Kick-off, then conduct your financial training  correctly:  

  • Search and find an experienced knowledgeable mortgage lender
  • Strengthen and hone your financial muscles and skills (Check your credit report, eliminate debt, save money, start working on a mortgage checklist, etc.)
  • Follow your mortgage lender's advice
  • Stay in constant communication throughout
  • Respond to your lender's requests in a timely and efficient manner


Vague notions and lack of commitment will not help you fulfill any dream, let alone the dream of buying a home.  It's a total waste of your emotions and time, as well as that of any agent or lender you contact.

If you're hoping to buy during this year's competitive buying season, gear up and prepare properly.  The successful financing of a home purchase awaits you if you do ...


* Looking for financing answers, options, solutions, and experienced assistance?

Are you hoping to Buy, Refinance or purchase an Investment Property 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.

NMLS #175656


Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


 

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Gene Mundt, Mortgage Originator, an Originator with 40+ 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, Kane County, Grundy County,
the City of Chicago, Cook County, and elsewhere within IL & WI.

Referrals are Appreciated and Welcomed
















 

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