Mortgages: Why All Those Questions Are Important

Mortgages: Why All Those Questions 
Are Important   

 

 

      My (almost) 4 year-old grandson, Henry, is the most inquisitive kid I've ever run across.  At times, Henry's little mind comes up with questions faster than his lips can spit 'em out ...  

     Henry constantly peppers me with questions when we're together.  And let me tell you, his "Pop Pop" loves every minute of it.  Asking questions is a great way for him to learn.

     Many of my borrowers are much the same.  Especially when they're first-time home buyers.

     Most borrowers want to know:  

  • Can I get approved for a loan?
  • What info will you need from me? 
  • How much home can I buy?
  • How much money can I borrow?
  • What kind of down payment do I need?
  • How soon can I buy?
  • What will my monthly mortgage payment be?
  • and more ...


     
I think asking questions is good and it's a great way for them to learn ... just as it is with my grandson.


     Today's Mortgage Process ... should start with a conversation and should include your thoughts, plans, and hopes as you enter your home buying process.  And that conversation should also include LOTS and LOTS of questions.  A real exchange and volley of them.

    

     During that initial conversation (often to the dismay of many potential buyers), questioning should go both ways.  


     Fact is, I'll probably end-up asking you just as many questions as you ask me.  

     Why?  First, it's the nature of home lending today.  Lenders are required to have a lot of info, backed-up by proof in the form of documentation.  As a result, I must know you and your complete financial/credit position inside out.  

     And how do I accomplish that?  By asking questions!  

     It's a Fact:  These days, buyers (or those refinancing) must expect and be prepared for questions from their Loan Officer and their Underwriters.  And be willing to answer them fully.  
  
     It's also True:  The more questions I ask you upfront or early in the process, the more clearly and thoroughly I know and understand your needs, personal background, credit, and finances.

     That means I can help and guide you better throughout your entire mortgage process.  It also means I can proactively address many issues that might come up during underwriting.

     So all those questions?  I know often they're not portrayed as such ... but they actually are a positive thing.  

     Preparation is key ... to the success you'll find when applying for your mortgage.  Preparing for the questions ahead of time helps you move through them more quickly and easily.  

     To prepare yourself and get a jump-start on your mortgage Pre-Approval and/or application, click HERE.  You'll find my handy list of the info/documentation typically needed at that time.  If you start gathering the info now it'll prove very beneficial when we speak. 

     Bottomline:  Don't fear hearing or asking questions. Bring 'em on!  

 


     *  Hoping to Buy or Refinance a home in New LenoxWill County, or elsewhere in the greater Chicagoland area?  Contact Me today!  I'll be happy to hear from you and put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

Comments

Gene,

Excellent post, and I agree with you about questions.  Questions show you are smart instead of taking things at face value!  Your grandson is adorable, and I am glad you are encouraging him to ask...A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) almost 5 years ago

You are so right, the questions that are asked are so important, NO STUPID QUESTION. Love the analogy with your little guy, he is already be trained.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 5 years ago

Gene great point.  It is not good to not as ALL possible questions, because the one that is not asked, will be the one that throws a monkey wrench into the process.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 5 years ago

Gene great topic to address, especially now as buyers sometimes don't understand the 'whys' of all the documentation needed these days and I hear their frustration. I address this with buyers before they speak to the lender and encourage them, as you suggest, to ask questions! It's jut more complicated now and doing it right upfront makes total sense to all of us.

 

PS Your little guy Henry is adorable Pop Pop!

Posted by Anna Banana Kruchten Arizona's Top Banana!, 602-380-4886 (HomeSmart Real Estate BR030809000) almost 5 years ago

Questions from children are the most precious - their way of looking and understanding the world are priceless.  

And while questions from buyers may not be priceless, they are indeed necessary for their full understanding of what it takes to get a mortgage.  I know you've got the answers!

 

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) almost 5 years ago

For New Lenox, IL Mortgage and Lending, call (708) 921-6331 for Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com.

Posted by Will Nesbitt, Nesbitt Realty is a family-run brokerage. (Nesbitt Realty at Condo Alexandria) almost 5 years ago

Thank you for your kind words, Ron and Alexandra Seigel ... I think Henry's adorable too .. but I may be just a tad prejudice!

He is VERY well trained, Joe Petrowsky!  Believe me!!

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Wow .. so true, George Souto ... and then we wished we HAD asked that one question missed!

I know I seem like a stickler on this point .. but I do believe that getting as much info upfront paysoff, Anna Banana Kruchten.  You don't waste anyone's time that way ... or their hard-earned dollars.  You also make for a smoother process!   

And Pop Pop adores this little guy ... and is a bit of a push over for him!

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Thank you, Margaret Goss   I appreciate your support and kind words.  My mom used to tell us with our 2 boys that inquisitiveness is a sign of intelligence.  We used to chuckle.  Of course, now that we're grandparents we totally agree!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Appreciate the thumbs up and re-post too, Will Nesbitt ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Gene, So glad to see this post Featured.  Working with a great lender and being prepared to write an offer is key to getting an offer accepted.  We just had to reject an offer from a young couple (first time buyers) who were not ready to buy. They are still waiting on gift funds that they could not prove.

Posted by Kathleen Daniels, Probate & Trust Specialist, Probate Real Estate (KD Realty - 408.972.1822) almost 5 years ago

Gene, I love that you're asking those questions up front.  If there's anything I dislike as an agent is having a surprise in financing that would have been apparent from Day 1 if the questions that needed to be asked were asked.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) almost 5 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com - Well done. Preparation is the key.  So true.

Cheers,

Tom

Posted by Thomas F. Scanlon, CPA, CFP (Borgida & Company P. C., CPA's) almost 5 years ago

Questions are how we learn what we need to know.  It's how your grandson learns, it's how you help buyers and it's how buyers find the right people to help them.  

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 5 years ago

Gene,

I was always taught to get an understanding.  And in the mortgage loan process, you do that by asking questions about the lending and application process and that way there are no surprises. Great post.

Posted by Dinah Stallworth-Lewis, NATCHITOCHES, LA HOMES FOR SALE (Priority Real Estate LLC - 318.332.8281) almost 5 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com as always, a great post. 

Very well said - Preparation is the Key!

After all this is going to be one of the biggest financial decision of their life.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 5 years ago

Buyers, especially the first time ones, need to be handled with lot of care which allows for easy process for also paves way for future referrals!!!

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) almost 5 years ago

Just like Pop Pop has all of the answers for Henry, I know Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com has the answers for his clients. Excellent and very informative post my friend.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 5 years ago

Getting a mortgage, and purchasing a home, all require honest answers to a bunch of questions. Great post.

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) almost 5 years ago

Particularly with young couples/buyers, it's important to ask and verify that question upfront, Kathleen Daniels.  And even more so, it's important for those couples to talk and work with a Lender way in advance of making application.  Those funds can be addressed, mature, and be verified properly and more easily that way ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

While it seems that no matter how much experience you have as a Lender, there's always something that potentially crop-up, change last minute, and cause havoc these days, Liz and Bill Spear ... the great majority of things can be red-flagged and addressed proactively.  It sure makes life much easier for all of us when that is done successfully ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Planning ... preparation.  2 greatly undervalued actions in my estimation, Thomas F. Scanlon ...

Totally agree, Tammy Lankford.  I understand the reluctance and dislike of having so many questions to answer.  But there's no getting around it if you want a mortgage these days.  Best to have a positive outlook and approach it that way.  The more info and answers obtained upfront, the better the process proceeds ... 

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Thank you, Dinah Stallworth.  I think we all hope for a boring, no surprises transaction ...

Exactly, Praful Thakkar ... and for that reason alone attention to detail needs to be paid.  Details are discovered via questioning ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Sham Reddy ... something we all hope to achieve .. referrals for a job well done.

I'll let Henry know you think Pop Pop is the "answer man", Roger D. Mucci ... it's appreciated!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Kat Palmiotti ... honest answers.  You make a very good point!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 5 years ago

Geez, little Henry ain't so little anymore.  I seem to recall he was born around Christmas?  Please tell me "yes" just so I can pretend my brain is still functioning correctly!  LOL  And the questions are very important to ask.  I'm surprised that some borrowers aren't asking!!

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 5 years ago

The more you ask the more you can be helpful to them. Great post!

Posted by Eileen Hsu, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) almost 5 years ago

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