Yesterday I was contacted by a couple that are hoping to sell their present home and finance the purchase of a new one ...
As I do with all my new clients, I asked them to tell me what their hopes and goals are regarding their upcoming home purchase and its financing.
The answers I receive to these questions are always of tremendous assistance to me as a Mortgage Lender. They really help to clarify which financing options and programs might be of the greatest assistance in meeting their goals.
But this preliminary part of our conversation helps reveal some other things too ...
Such as: Just how well-versed and educated my new clients are about the purchase and mortgage processes they'll be entering. Simply ... have they taken any steps to prepare?
With my newest clients, it quickly became obvious that they had done little in the way of education or preparation prior to contacting me. During our conversation, the most basic elements of mortgage financing (credit, debt, credit scores, interest rates, mortgage programs, etc. ... even basic mortgage/financing terminology itself) needed explaining.
Let me make it clear: As a Lender, I feel that educating and informing my clients is one of my most important responsibilities. The recent implementation of new mortgage financing rules and regulations (TRID) points out the importance of this need also.
TRID addresses the vital needs of Borrowers by:
- Elevating awareness and demanding the provision of information regarding loan options
- Making it easier for consumers to compare options/rates
- Demands full-disclosure of mortgage-related costs and terms
- Sound decisions and actions are only possible when these key elements are in place.
But as much as I feel that Lenders should be educators throughout the entire mortgage process, I feel that clients must share in that responsibility too. They must work on their own behalf.
So how do you flex TRID's muscles and put them to work on your behalf when entering the home buying and mortgage financing processes?
My #1 Tip?
Early in the process ... and then stay that way ...
- Read ... and Watch everything you can about home buying and mortgage lending
- Use the internet as a learning tool
- Familiarize yourself to real estate and financing terminology
- Take advantage of seminars. Local seminars, if possible. (If none are available locally, find some online. Many seminars are offered FREE of charge.)
- Talk to real estate and lending professionals in the area in which you hope to buy
- Ask lots of questions
- Familiarize yourself and start to gather the info and financial documents you'll need for your Pre-Approval and Mortgage Application
Don't wait until you're actually wanting to view homes! Take action well in advance of that time. As much as 6 months to 1 year is not too much time to allow for this important action.
Education is your best protection and "insurance" policy throughout your transaction (and afterwards too). And your home buying and financing will proceed much more quickly and easily ... and you will enjoy it far more, if you follow my important tip above.
If in the Chicagoland area, elsewhere in IL, or in WI contact me. I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Mortgage Lender - NMLS #216987 - IL Lic. #0006220 - WI Licensed
American Portfolio Mortgage Corp.
Mortgage Originator - NMLS #216987
IL Lic. #031.0006220 - WI License #216987
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.
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