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.
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.
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
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 Lenox, Will 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 MundtMortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI LicensedAmerican Portfolio Mortgage Corp.nmls #175656Direct: 815.524.2280Cell or Text: 708.921.6331eFax: 815.524.2281
Mortgage Originator - NMLS #216987
IL Lic. #0006220 - WI License
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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