Here's an important message that definitely bears repeating ...
If you ever hope to enter the home buying market ... there is no better time than NOW to start the buying process!
And whether you're hoping to buy within 6 months or 6 years down the road, the following statement is true. The first steps you take towards purchasing your home will be the same. Those steps will begin with credit. It's also true, that your processing and preparation for Closing Day will end with credit also.
What does that mean?
It means that ... Your Mortgage Professional will begin your journey to a home purchase by pulling your credit report. It is now common practice that they will do so once again just prior to your actual Closing date when within the actual buying process.
Why?
Royal trumpeters please ...
CREDIT IS KING ...
This being the case, all future buyers (remember, whether buying now or later) need to seek an up-to-date accounting of their current credit scores and financial standing as soon as possible. The further out from your buying experience, the better.
Simply put, this action affords you more time to rectify or improve your credit scores before you navigate the home buying course, should those actions be needed. The best and most financial options are available to those that have good credit scores ... and nowdays, the kingdom is awarded to those with good credit only.
Through Chicago Bancorp's services, I can help you accomplish becoming King of your Castle (or Queen, of course). Again, that's whether you're hoping to buy right now ... or somewhere down the line.
CREDIT IS KING!
BUT IT'S ALSO KEY TO ROYAL CREDIT STATUS!
- Minimum scores dictate whether qualification is even remotely possible
- Credit is key to many of the underwriting conditions for Approval for a home loan
- Credit is key to the number of financing program options available to you during a purchase
- Credit is key to the insurance rates you receive for homeowners insurance
- Credit is key to the interest rate options available to you during your home buying
- Credit is key to whether you have purchasing power for needed items within your home once closed
- Credit is key to etc. etc. etc. ... and etc. ...
With so many of life's important possibilities, financing options, and cost-savings hinging on your credit score ... can you really afford to bypass the opportunity to work with me on your credit/FICO scores?
SUCCESS IS ATTAINABLE ...
If you're EVER hoping to buy a home ... If you're hoping to SAVE yourself money ... If you desire more CONTROL over your finances and financial future ...
- NOW is the time to act.
- NOW is the time to write, text, email, stop by my office, or call me for assistance.
- NOW is better than later.
- Take action NOW.
CONTACT ME, Gene Mundt, at Chicago Bancorp: 815.277.4036. Text/call me on my Cell at: 708.921.6331. Email me at: gene@chicagobancorp.com. Reach me through my website: http://genemundt.com. Stop by my office at: 1555 Naperville/Wheaton Road, Naperville, IL ... or 129 Capista Drive, Shorewood, IL ... or downtown Chicago location, available for the convenience of those residing within the City.
Become KING (or Queen) of your credit and castle ... not the Court Jester. Your royal credit status awaits ...
No matter your location ... no matter when you intend to buy ... GET STARTED NOW!
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
Inasmuchas I agree that you MUST have credit (GOOD CREDIT) to purchase a large box item such as a home, I have become a FIRM believer in a DEBT-FREE society. Aside from a mortgage, if people would just SAVE better, they wouldn't have bad credit in the first place. I could go on and on, but my main point is having credit makes us buy more. If we don't have the money for an item, we can probably live without it for a while.
Jean: Agreed, in theory ...
But right now, you better have a paper trail at minimum to show underwriting, or you're in trouble when it comes to financing. Plus, they want to see a certain amount of credit established as well. Sounds backward and contrary to what used to be considered good financial standing ... but it is true. Until some of that changes, we have to play the credit game the way underwriters see it ... not as we wish it was. The media is reporting more often that what you're promoting IS happening. People are saving a little again and cutting back on credit purchases .. and consuming less. Thanks for writing and commenting Jean ...
Gene
Gene - As both you and I already know, it's much easier to work with someone with less than perfect credit than to work with someone with no credit. Give me a borrower with a 580 median score, there are things to we can do that can legally and permanently increase their score in 60-90 days. For someone with no score - good luck, especially now. Getting credit is so much harder now than improving credit. JMHO
Gene - So true! Credit is king, and queen for that matter! Bad credit? Do not pass go. Do not collect $200
I think I missed the point of this post. Did you say that everyone needs to get all their financial ducks in a row before applying for a loan for one of the largest purchases they will ever make? Or are you announcing the coronation of a new ruler?
Whether or not you will become a homeowner hinges on the power it takes to buy. Credit is indeed king. True, true, true.
Gene: There is a pecking order ... that's for sure. We can do both though. Guide those that need help in improving what they have in place ... or helping those that have no credit .. establish some healthy credit. We're magicians and doctors rolled into one, Donne. All kidding aside, it does feel good to help someone and then see their resulting successes. These days, I'll take the "feel good" scenarios where I can get them ...
Nevin: I know we all must sound like we're harping on this subject ... but you're entirely correct. You get nowhere with bad credit in this current financial environment. And, that's good really. It was time to raise that bar!
Jane: I guess after all of last week's conversations about kings and princes on here ... I can understand your confusion! But unfortunately I'm not making any announcements of that kind ... just the ducks in a row thing ...
I know ... back to the zzzzzzzzzzzzzzzzzzzzzzzzzz ...
Gene
Charles: It's actually that simple too. Good credit + sound professional advice + solidly appraised property ='s A successfully purchased and closed home. I feel another blog coming on ...
Thanks for writing!!
Gene
Good morning Gene,
Thanks for a great post..Good credit is necessary and trumps everything in obtaining a loan!
Hey Dorie! Good to see you again! I appreciate your kind words. And yes, it begins and ends with credit. On that you are definitely spot on ...
Have a great rest of the week ..
Gene
Gene: Thanks. This is so true. By the way, I referred a colleague's dad your way. He was looking for a lender in Illinois. Take care.
Paul: You have been a gift! Thank you so much. I hope to be able to return the favor sometime very soon. And thanks also for the thumbs up on the post. Your good opinion is valued ...
Gene
Or like a famouse sports apparel maker likes to say, "Just do it!"
Russel: Yes! That's definitely the right idea!! Perfect ...
Gene