So You Think SIZE Matters???
Okay ... Okay ... get your mind outta the gutter!
I'm talking about the SIZE of your mortgage!
Yesterday, I had to explain this important detail to yet another person involved within a mortgage transaction I am working on. This time, a seller.
Mistakenly, they thought because the amount of dollars being borrowed was a smaller amount, it meant mortgage processing would be simpler, faster. That not as many "hoops" would have to be jumped through.
Bzzzzzzzzzz! Wrong! SIZE ... in this case, does NOT matter.
Whether borrowing for a small amount mortgage or jumbo mortgage amount, the over-riding majority of the mortgage process will remain much the same. Perhaps a few details will change, but overall the same verifications, the same credit requirements, the same credit check, the same legal work, the same title work, the same procedures within mortgage process, the underwriting requirements needs ... ALL will be pretty-much remain the same, no matter the SIZE of the loan.
Nope. I'm sorry to say ... the same t's will have to be crossed. The same i's dotted. Mind boggling and a bit frustrating, I know ... but true. None of these procedures or processing actions are tied into the SIZE of your loan!
So get past all those old prejudices and rumors! Prepare yourself. Educate yourself regarding the realities of mortgage processing.
And how do you accomplish that?
Do your wise and thorough preliminary homework. Find and work with a professional mortgage lender that will assist and guide you from your initial fact-finding and mortgage/home buying inquiries and questions ... through to successful transaction closing, homeownership, and beyond. It's crucial to take the time to perform and accomplish this. It can save you big money and lots of aggrevation. THOSE are the measurements that should be important to you ...
* My mortgage lending measurements are: 35 years of mortgage industry experience and expertise. Over 20+ years of IL Licensed Real Estate Appraising to guide you and your agent through to a successful mortgage closing. Over 10 years of IL Certified Financial Planning with which to assist you during mortgage processing AND AFTER your mortgage transaction is closed.
Contact me now through any of the following means if hoping to buy in Chicagoland, Will, DuPage, or Kane County, Illinois, or across our nation. I'll be happy to hear from you ... and work with you to fulfill your dreams.
Direct: 815.277.4036 Cell/Text: 708.921.6331
Email: gene@chicagobancorp.com
Website: www.genemundt.com
Click Here 4 a: NO Cost NO Obligation Mortgage Consultation
Skype: 630.219.1316
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
Great post! I ran into this situation just a couple weeks ago where the buyer thought it would be extremely simple to get a same mortgage loan! I still do not think that I convinced her otherwise, but I tried!
KW
Gene..the lending machine Mundt. Let him train his twin LOAN guns on any target and it becomes a bulls eye
Team Honeycutt: We ALL run into this particular misunderstanding once-in-awhile ... and it's good to educate those within the transaction as to the truth. I think sometimes that if they are unconvinced, it's because they don't want to be. Say "hey" to SarahGray Lamm for me, should you see her ...
Richie: Love the nick-name! This loan will close successfully within the timeframe promised ... for which I am very glad and greatful ...
Gene
Gene, this is an exceptionally creative way to get the point across that every mortgage takes the same amount of work! This is why it is critical to start with an experienced lender and one who cares about their clients! Thank you for you kind comments this morning on my post on social networking. We both know it works. May the coming year be your best one yet! Emily
Size matters in that the buyer should seek a mortgage rep with the depth and breath of experience to get them to a successful closing. And I just happen to be friends with one...none other than Mr. Gene Mundt.
Gene - I hope you and a wonderful Christmas and got to spend a lot of Grandpa time with the Grandbabies. Happy New Year to you and your family!
A good lender can make all the difference in the transaction and satisfaction; hope you have a Happy New Year, Gene.
Gene -- and then there is the issue of loan officer compensation which makes it less attractive for many loan officers to work on smaller loans.
I agree with Teral....and, I would bet that you are one of the best!
Another great bit of education for the home buying consumer. Logically you would think it would be easier with a smaller loan, but as you say, it is exactly the same.
Emily: Thank YOU for the wonderful phone call! And I'll have a great 2012 ... but you must join me, of course! We'll both meet our goals utilizing the many benefits of AR and social networking ...
Karen: I love your turn of words! Well done!! And thank you so much for the kind words. Let's meet for that coffee soon ... I'll be in touch. We'll raise a cup of java to the New Year and our prosperity ...
Teral: Definitely ... and teamed with a great agent it insures a successful transaction and very happy homeowner. Wishing for a busy and successful New Year for you too ...
Steven: Totally understand. But I've found that typically these clients have come my way because of a referral from a prior client or from a close referral partner. And because of that I am glad to have the chance to be of assistance. Make them happy with the first small loan .. and when they move-up they will keep me in mind and refer me to others. Many of the issues I have with lender compensation do not revolve around the loan amount, but other complaints ... of which we could probably talk together for hours! We can never say our jobs are boring, right???
Don: Thank you. You're very kind. Hopefully at some time in the future, I will be able to prove your generosity true. Have a Happy New Year, my friend ...
Awwww .... I thought for sure YOU would chirp-in on this one, Donne! I would have been disappointed otherwise ...
Jane: Glad you found the information beneficial. Hopefully others will, as well ...
Gene
Good information for our buyers! Small, big . . . doesn't seem to matter much, especially these days! What does matter a whole lot is having a knowledgeable, dedicated lender guiding them through the obstacle course!
I like your terminology "obstacle course", Valerie. The perfect analogy for mortgage processing today! My best wishes are extended for a wonderful New Year!
Gene