Overwhelmed or In Charge During Your Mortgage Process? YOU Decide

Overwhelmed or In Charge During 
Your Mortgage Process?  
YOU Decide    

 

     Today's mortgage process can seem a bit overwhelming to some Borrowers ...  

     And that's true whether those Borrowers are First-Time Home Buyers or those that have bought a home a dozen times.

     In comparison with financing conducted during the mid-2000's, today's mortgage process has become a more demanding process for Borrowers with regards to:  

  • Documentation needed
  • Verifications requested 
  • Time and Attention demanded 


     So there are some reasons for this to occur ...  

     With that in mind then, is there anything Borrowers can do to protect themselves from becoming overwhelmed during the processing of their mortgage?

     I've found that the two following issues seem to be the issues that trip-up my Borrowers most often:

     1.  Refusing to just "give in" to the process for the duration of their transaction.  
       
          Truth is, there's no way to get around the process ... or an Underwriters' request(s).  Don't battle it.  You either produce the information, comply, or you don't close.   

     2.  Inconsistent attention is given to the processing of their loan, communications, and requests for information.

     Borrowers simply can't ignore communications or pay attention sporadically.  They must be remain consistently involved throughout the entire process.      

 

     Borrowers that choose to address and conquer these two hurdles fare far better throughout their mortgage processing.  They don't become overwhelmed by the process.

     They flow through their processing more easily and quickly.  Enjoy their transaction far more.  And have a much better chance of closing on their home on time. 

     The stress and success levels of a mortgage process can be greatly dictated by the personal choices YOU, the Borrower makes.  

     Choosing to communicate in a timely fashion ... and being thoroughly involved from beginning planning stages to completion of Closing ... are both wise decisions that will help ensure your transaction's outcome. 

     It remains your decision ...


     
     * Hoping to buy a home in Illinois/Chicagoland or WI? 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:

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

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

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! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

Comments

I like it, there is no way around the process.  Want a home, want a loan, well go through the process.

Posted by David Alan Baker Laveen Realtor & South Phoenix Realtor, Your local Expert (HomeSmart) almost 2 years ago

Gene you are right on the money with these two points.  I am on the phone with my borrowers as soon as a request goes out to them from the Underwriter because as you say they do not pay attention to e-mails and the dates for commitment and closing go by way to quickly.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 2 years ago

Gene you are so right about this - home buyers need to just in to the process and be consistent with their paperwork and communication. It is what is and as I tell my clients....just when you think you've given all the documentation needed - trust me there will be more.  Kind of takes some of the frustration out of it for them.

Posted by Anna Banana Kruchten CRS,CRB, Arizona's Top Banana of Real Estate! (Phoenix Property Shoppe) almost 2 years ago

There is no reason to feel overwhelmed when you have a good mortgage broker working with you. They can help you understand the process and keep calmly moving forward to the close. 

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) almost 2 years ago

Gene

You are so right on target. I have fund that bueyrs who take the process seriously and concientiously work through it pretty well. I try to educate buyers upfront about what they can expect, and having the right attitude, and keeping the end goal in mind, came really help. That doesn't mean there won't be frustrations and annoyances, as with very last minute requests, but it's part of the process. And of course working with the right loan officer can really help. :)

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) almost 2 years ago

It is important for buyers to get things done in a timely manner.  It takes a lot of reminders from the lender to make sure they are getting things done.

 

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 2 years ago

Good morning Gene. A well deserved feature and an important message for all of us.

I was speaking to a competitor yesterday, that was complaining about the current mortgage process. It was painful to listen too, I should send him your post.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 2 years ago

If a buyer really wants to purchase a home, they have to do what is asked, when it is required. That's it! If they do that and are working with a responsive, knowledgeable mortgage professional, they'll be in that home in no time.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) almost 2 years ago

With some things, there are no shortcuts.....but working with a professional like you could make the process much easier Gene.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 2 years ago

Thanks for sharing!!!

The stress and success levels of a mortgage process can be greatly dictated by the personal choices YOU, the Borrower makes.  

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) almost 2 years ago

Good morning Gene. Sometimes the borrowers create their own stress and need a guide to remind them to go with the flow! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) almost 2 years ago

As an agent/broker myself and understanding the loan process..I recently experienced when we bought a new a few months ago...there were a few days were I almost lost it...and we were on top of the loan process and had a great lender..even still it was frustrating to say the least!

Posted by Blatt + Cutino, Broker-Associate 831/206-8070*Call today* (Keller Williams Coastal Estates) almost 2 years ago

Good Morning.  Nice featured post!  Buyers need to understand the process, understand they will be asked for many things and those documents will lead to more questions.  The good news is the buyer and lender are working towards a closing date, when (hopefully) the questions will end!  Agents need to prepare the buyers for the lending process.  The lending world has changed over the last 10 years and this shouldn't come as a surprise to anyone!

Posted by Shirley Coomer, Realtor, Keller Williams Realty, Phoenix Az (Keller Williams Realty Sonoran Living) almost 2 years ago

Wonderful post, Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com.  We can no longer do this alone --- the borrower must be engaged.  One of the perverse consequences of the CFPB's heavy-handed approach to consumer protection is that it strips the lender of the ability to assist the client at critical points of the transaction.  We cannot spare you from the pile of confusing disclosures, we cannot waive timeline requirements, we cannot extend your rate lock free of charge to you.  The CFPB wants the consumer to have the power, so with that power comes responsibility.  Shirk it and we all suffer.

Posted by Rob Spinosa, Executive Loan Advisor, Marin Mortgage Pro (Supreme Lending, Marin County, CA) almost 2 years ago

Indeed as I go through a refi of our loan to get out of a dreaded ARM (we were not meant to stay here more than 5 years - now in year 13 LOL!) it can be as smooth as glass. Listen to your loan officer, get them the stuff they ask for promptly and get your approval real fast!

It's also much easier these days with online portals to upload docs to, rather than hand delivering piles of papers and tax returns.

Trust in the process, trust your loan officer and that property will be yours in no time.

Posted by Corinne Guest, Managing Broker, The Choice of Professionals (Barrington Realty Company) almost 2 years ago

Good morning Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com ,

A well deserved featured post! Rob Spinosa is right "the borrower must be engaged!" The lender cannot spare the buyer from the pile of confusing disclosures, cannot waive time-line requirements, cannot extend the rate lock free of charge.  The CFPB wants the consumer to have the power, so with that power comes responsibility.  Shirk it and every one suffers!!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) almost 2 years ago

I had two buyers last year almost pull the plug on the mortgage process they were so frustrated with the underwriter's requests. Luckily I was able to talk both of them down off the ledge and we closed on time. 

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 2 years ago

Buyers (borrowers) need not feel frustrated if they are in good hands (Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com)

Yes it's tedious and time consuming - but it's process and there is no way around it.  

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) almost 2 years ago

Not cooperating will sabotage a deal every time...good posting

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 2 years ago

Gene, what a great post. A copy should be given to every home buyer especially First time home buyers.

Communication and keeping the requests up to date will make everyone's life easier.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Jones & Co. Realty) almost 2 years ago

Hi Gene - That's excellent advice for borrowers - there's not much they can do except to comply if they want a loan, so they might as well accept that and make the best of it.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 2 years ago

I had a conversation by text today with a buyer who feels that "overwhelmed" by the process.  I'm going to email her a link to this tomorrow.  I don't want to send it tonight as I know she's in a night class, but I know it will help.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 2 years ago

It all starts with the Realtor giving the buyer a proper consultation and

letting the Loan officer go over the process and expectation/costs.

Posted by CA RE Licensing, Pass your TEST or Renew..Click Here (CA RE Licensing) almost 2 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com as much as I can say it's not my responsibility. I usually educate my buyers to the best, point our the key items to focus on - and yes, your 10 commandments!

The buyers who listen, have smooth sailing - and those who don't.....I have to make sure things go right for them.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (eXp Realty) almost 2 years ago

The lenders can be the bane when they are working for their own motivations.  A good buyers agent can see through a lot of things on behalf of their clients.  But, the buyers are going to make the call . . . no matter how many rules and regs, people seem to find the easy work-arounds.

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) almost 2 years ago

Participate