Main Line Homes Blog


Applying for a Mortgage? When "Plan A" Doesn't Work ..

Tredyffrin Easttown home buyers often ask about why they need to be pre-qualified before an agent will show them homes. And yes, there are plenty of agents and I am sure you will find one who will unlock a door and let you see the house. But this post below Applying for a mortgage? When Plan A Doesn't Work.. by Gene Mundt is a fine example of why we insist on buyers getting pre-qualified.

You are not always ready to purchase and it is better to discover the roadblocks early on and find your way around them as suggested in Gene's post before getting disappointed.

Disappointed man sitting at a computer

It supports my post from yesterday Why do I need a Pre-approval? and explains exactly why you need to talk with a mortgage provider first before looking at homes. Only as you improve your credit score, save enough for a down payment and for closing costs are you in a position to purchase. Just as you don't go to the store to purchase food or anything else without your wallet, the pre-approval is the proof you are a ready, willing and able buyer to any seller who asks. So, when you have been pre-approved, and worked your way through plan A-Z give us a call.


Leave comments on Gene's original post


Applying for a Mortgage?

When "Plan A" Doesn't Work ...


One of the social media sites I find most helpful (and enjoyable) is Pinterest.  And I don't mean just business-wise either ...  

Need ideas for your home?  Want to know how to repair something?  Ideas for your landscaping, gardening?  Love history?  Travel?  Fashion?  Looking for a new recipe?  

You can search almost any topic on Pinterest and find a large array of "pins", info, tips, advice, pictures and more to look at and consider.  I can't tell you the number of helpful and informative things my wife and I've found there.   (Or how many great new meals and desserts I've enjoyed from the recipes discovered there.)  

So it wasn't unusual that a pin caught my attention when I visited Pinterest  today.  The pin/meme read:

When I read this message, I immediately thought of a young couple I'm presently working with.  When in need of a Will County - Chicagoland Mortgage Originator, they'd googled and found me.
That was back in March of 2016 ... 
When we first spoke, I learned this couple was engaged and getting married in Spring of 2017.  But they wanted to buy a home before that time.  They wanted to know, "Can we get approved for a mortgage?"
After talking further and gathering the needed information for pre-approval, it was determined that "no", they couldn't buy.  At least not immediately.  
There were several things that were standing in the way of their buying the type of home they wanted ... at least, where they hoped to buy.  A few of the challenges faced included:
  • Neither individual had been in their job the required length of time
  • They lacked sufficient savings or funds
  • Debt 


This couple remained determined, though.  They were eager to listen, learn, and address the issues they faced so they could buy.  So we began our work together.

What were some of the challenges this couple needed to overcome?
  • They needed to improve their credit scores.  (Each did so successfully ... over 30 points)
  • They needed to pay-off debt.  (Following my suggestions, they paid off those debts, now lowered or eliminated, that better positioned them to buy)    
  • They had no downpayment saved.  (They do now)    
  • They had no money saved for closing costs.  (They now do


Each positive action taken allowed them to successfully qualify for a higher mortgage payment, loan amount, sales price. Each in turn, contributed to them ultimately finding the type of home they wanted ... in the location they desired. 
This couple and their actions speak to the truth and wisdom of the meme found above:  "25 More Letters in the Alphabet".  They didn't allow the initial "NO" heard to discourage them.  They didn't get defeated when their "Plan A" failed.
They listened well to my advice.  They consistently and methodically addressed each of their financial challenges. They kept their eye on their desired goal and attained it.
I continually preach and provide the following advice ... "even one year ahead is not too much" ... regarding the amount of time buyers/borrowers need to devote to their mortgage search and pre-approval process.  This clients' experience speaks to why this is true.
As athletes will tell you, you must be in peak shape to accomplish your goals.  It's the same with home buying.  
In order to qualify for the home you dream of ... in the neighborhood you desire ... you need to be in peak financial shape. That requires "training".   Your training is enhanced when you work with the right coach ... and when you devote time and dedication.
If "Plan A" doesn't work when you apply for a mortgage ...  
Be calm.  Stay cool.  Don't give up.  Contact me ...  


* Hoping to Buy or Refinance a Home in New LenoxWill County, or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf. 
I'm easily found at:

Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281


 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. #0006220  -  WI License                                                                                                     

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! 


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Comment balloon 15 commentsNick Vandekar, 610-203-4543 • February 24 2017 02:06PM


Nick and Trudy thank you for the re-blog, I missed this post the first time around.

Have a good weekend.

Posted by Shahar Hillel, Mortgage Consultant, Loan Officer. (Augusta Financial Inc.) over 2 years ago

Thank you for sharing this post with your readers, Nick & Trudy Vandekar ... it's appreciated.  Hope that it proves of value and provides motivation for those of your clients thinking of buying.

Read your bio with great interest.  How amazing that you have a family history and love of antiques.  Hope you share some insights of that in future posts ...


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) over 2 years ago

Gene Mundt I do include that love of antiques in some posts, i manage an antiques show for a local charity and generally blog about that and do posts with some of our exhibitors as well. This was such a well timed post as I had done a video yesterday talking about pre-approval and this dovetailed so nicely with that.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 2 years ago

Shahar Hillel, there are so many posts on AR it is not surprising we miss a few, that is why I like Second Chance Saturday, and Kathy Streib's post as well with a round up of posts from the week. many of these are from people I follow and I still miss many of these.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 2 years ago

I find it critical to have the buyer talk with the lender early in the process. It saves so much wasted time.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 2 years ago

Debbie Reynolds totally agree. Most of our buyers are pretty savvy and come prepared or luckily have very good credit.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 2 years ago

This is  a good reblog. I have a listing that buyers previewed and wanted to buy. I sent them to a lender. They are following the lender's advice to build their credit. Sellers were okay on waiting for the buyers.. we close end of March.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) over 2 years ago

Thanks for the re-blog. Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi is outstanding! I'm going to go over to his post and read it all over again!

Thanks, Nick & Trudy Vandekar!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) over 2 years ago

This is an excellent selection for a reblog and great information to share.

Posted by Roy Kelley (Realty Group Referrals) over 2 years ago

Thanks for the re-blog, Nick and Trudy.  I have had some customers who've had to go with the backup plan(s).

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 2 years ago

Nick & Trudy Vandekar  this so applies everywhere for buyers... the only difference it the location and the price...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 2 years ago

Good Sunday morning. Have a great day and an outstanding week.

Posted by Roy Kelley (Realty Group Referrals) over 2 years ago

Roy Kelley thanks

Endre Barath Jr buyers so often are unaware of what their credit is like and how it will affect them when they buy.

Gabe Saunders buyers are often surprised and may need a little time to prepare to acheive what they want.

Patricia Feager thanks for reading, commenting and going to the original post.

Rebecca Gaujot those were understanding sellers.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 2 years ago

Nick & Trudy, great re-blog, as getting approved is the first step of the Purchase Process, and so important.  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 2 years ago

Joan Cox, thanks for stopping by, you never know what you don't know. The more I read about buyers having problems they usually were unaware. With so much identity theft today,it is important to know before you try to buy that everything is in good order.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 2 years ago

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