Gene Mundt - Let's Talk Mortgages & Real Estate!

Word: routine (rū-tēn') Definition:

1. A prescribed, detailed course of action to be followed regularly; a standard procedure.
2. A set of customary and often mechanically performed procedures or activities. See synonyms at method.
3. A set piece of entertainment, especially in a nightclub or theater: The audience laughed at the comedian's routine.
4. Slang. A particular kind of behavior or activity: Must you go into your hurt routine when you don't get your way?
5. Computer Science. A set of programming instructions designed to perform a specific limited task.

 

     When a job is performed each day, year after year, I think it's only natural that a "routine" gets developed. I know I do this with certain tasks.  In my mind, I'm providing myself some order ... avoiding chaos. 

     "Routine" can also even be reflected in our speech. Sometimes when my wife and I are talking, Marilyn will stop me mid-sentence and say "you're speaking a language I don't understand". She's reminding me, that although the real estate and mortgage terminology and definitions I'm using may seem "routine" or of a language that is universal to me, it's not to her ... and most likely, will not be to my clients either. It's good advice and something I really work very hard to remember.

     Right now, there has never been a clearer or more urgent need for home buyers and borrowers to understand the "language" of real estate and real estate financing. Mortgages, and their processing, should not be performed "routinely" by any lender.

     Calls for action have been made recently (on the behalf of home buyers) for a simpler and shortened explanation of the documents borrowers will be asked to sign at their closing and also for the mortgage processing itself.

     Now, have no doubt, home buyers must understand and be willing to take the time to educate themselves and see to their processing compliance needs. They must commit themselves ... and demand answers of their real estate professionals.

     And I believe THIS is a crucial point where a very fundamental and vital difference becomes crystal clear between lenders and the services they offer.

     If, as a borrower, you see that the lender you are working with is:   

• rushing through explanations
• won't take the time to answer your questions
• won't clarify
• doesn't clarify
• or can't provide you with reading and learning materials to assist you ...

    It's time for you to re-think if you're working with the right lender!

     Yes, the "language" and the process is somewhat  "routine" to us within the real estate industry ... but when you as a borrower reach out for help or ask questions, we in the industry must be willing and capable of responding quickly and in a way that can truly help clarify and assist. With our time and attention. With our efforts. With our answers.  With the educational tools we can provide.

     Below you can find links to information and informational videos regarding a variety of home buying, selling, and lending topics. These are just a small portion of the topics, information, videos, and assistance available on my company's (Chicago Bancorp) website, www.chicagobancorp.com.

     I've listed videos and links to information that I think serve as a good starting point for those entering (or thinking of entering) the home buying, selling, or lending process. 

     There is a time and place for "routine" in everyone's life. But there should be nothing routine about the actions and answers your lender provides when working with you.

     Should you be experiencing that with your lender, stop them. Tell them. No matter the time or place. No matter what point in the process you find yourself ... Pre-Approval to Closing ... you have the right to stop your lender or stop the mortgage process.  Then, when moving forward, if your lender cannot, or will not, address your concerns ... make it part of your "routine" to seek assistance elsewhere.

     Here's a small sample of videos and information available to you on the Chicago Bancorp website, my personal website, and through my services at Chicago Bancorp ...

The dictionary of Mortgage Terms: www.chicagobancorp.com/mortgage_dictonary.php

Understanding Interest Rates: www.chicagobancorp.com/interest-rates.php

Application Document Needs: www.genemundt.com/Application-Info.html

Homebuyer & Seller Videos: www.chicagobancorp.com/guided_videos.php

     Please check the Chicago Bancorp website, www.chicagobancorp.com, or contact me, Gene Mundt ... for more information, other videos and tools available, seminars to attend, or more specific answers for your lending, credit, and financial scenario.  I will be more than happy to take the time to answer your questions to your satisfaction.

 

     *  I have served the needs of Illinois/Chicagoland home buyers and home owners for 35 years through my thorough understanding and education in mortgage lending, appraising, and financial planning. I look forward to assisting you with your needs too.