As often happens, another's writings motivate me to write a post of my own. That was the case with a post written by fellow-lender (CT) and ActiveRain member, Joe Petrowsky. Joe's recent post entitled, "Going from 6% to 4.25% Isn't Always a Good Idea", inspired me today.
For me, the meaning of Joe Petrowsky's post was clear. No blanket statements can be made regarding today's Mortgage Lending.
There's certainly no "one size fits all" statements to be found regarding mortgages these days. Each client's individual finances needs, goals, credit history/scores, plans for the future, and more ... need to be considered and taken into account when making an assessment regarding the wisdom of buying and refinancing.
Again ... and I can't stress this point enough:
The needs and goals of a Borrower, both short term and long, should weigh into their final decision regarding the buying or refinancing of a home.
But this FACT needs to be stressed strongly too:
What your Uncle Bob, co-worker Eddy, or friends Maria and Phil learned and experienced through their mortgage consultation and Closing process, does NOT pertain to you. No matter how closely you think you pair-up with them, their situation, salaries, price of home, or other info and statistics.
Remember: Even very small differences in the following info (and more) can garner differing outcomes for Borrowers:
- Credit Scores/Credit Report/Credit History (of both you and any Co-Borrower(s)
- Income(s): Differing outcomes can be found based upon HOW Mortgage Applicants are paid. Are bonuses involved in income earned? Commission-based income? More ...
- Property Taxes: The real estate taxes of 2 similarly-priced homes can be drastically different. The amount of the property taxes contributes greatly to a Mortgage Approval/Denial.
- HOA Fees: Same situation noted above regarding Property Taxes.
- Down Payment made
- Mortgage Program utilized for financing
- Financial Goals - Financial Needs
- ETC. ...
What I'm trying to impress upon you (or your clients) is this:
The only way anyone can personally know for a FACT if it's timely and wise for them to Refinance ... or if they can be approved for a Mortgage to purchase a home ... is via a Mortgage Lender and a thorough Mortgage Consultation.
Don't Assume You Know the Outcome of a Mortgage Consultation You've Never Had. Talk to your Lender to obtain the FACTS as they pertain to your personal finances, home, goals, and needs. What you discover may surprise you and will certainly have the ability to improve your future ...
* If in the Chicagoland-area and wanting to discover the FACTS regarding your financial scenario, your ability to Buy a Home, Construct, or Refinance ... contact me today! I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Regional Manager - Mortgage Lender
American Portfolio Mortgage Corp.
Personal NMLS #216987
NMLS # 175656
Gene Mundt, Mortgage Lender, a Lender with 36 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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL. Gene Mundt, Mortgage Lender can be contacted at:
815.524.2280 or via his email: firstname.lastname@example.org.
Contact Gene Mundt, Mortgage Lender soon!