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50% of Homebuyers Don't Do This. Will You?

 

50% of Homebuyers Don't Do This. 
Will You?      


     The first article I read this morning stated ...


       " Americans may be spending more time shopping for shoes than for a mortgage, a report from the Consumer Financial Protection Bureau suggests. Almost half of consumers seeking a loan to purchase a home do not shop lenders, the agency said Tuesday."     

          ( Nearly half of  home buyers don't shop for a mortgage")  Diana Olick  |  Kelley Holland  


       From experience,  I can't say that statistic surprises me.  I've written on that topic before.


     In previous posts, I've provided a roadmap of sorts and examples of important questions for  prospective Buyers/Borrowers  to ask when searching for a Mortgage Lender/Mortgage services in the Chicagoland area too.  They'll serve you well during your lender search.


     I include that sampling of questions below:


        1.  How long will my   Mortgage process  be ?

          (If there are no problems or issues that arise, most mortgages are processed within a 30 to 45 day time period)  
     2.  What Mortgage program is best for me?
     3.  What costs will be involved in my financing?
           (Your Mortgage Lender should provide you with an estimate of your Closings Costs, called a  Good Faith Estimate.  Example provided) 
     4.  What Interest Rates are available to me?
     5.  Is "paying down" (utilizing Discount Points) the Interest Rate an option ... and is it wise for me to do?
     6.  When will you  "Lock In"  my Interest Rate?
     7.  What is the  Annual Percentage Rate  of my loan?
     8.  Is it possible for me to improve my credit quickly so I can receive a better Interest Rate?
     9.  What Mortgage term suits my financial situation best?
   10.  What is the minimum/maximum  Down Payment  I will be asked to make?
   11.  Will my loan be "sold" after my Closing?  And what does that mean regarding the payments I make and where I make them?

 

  12.   What are the Down Payment requirements for:   
           A.  FHA?
           B.  Conventional Loans?
           C.  VA Loans?
   13.  Is Mortgage Insurance necessary on all loans with less than 20% down?     
   14.  Does the cost of Mortgage Insurance vary with the percentage of Down Payment?
   15.  Can I finance Closing Costs?
   16.  Can someone help me finance with a monetary gift?
   17.  When and How am I able to pay my taxes?
   18.  Is an  Escrow Account  mandatory? 

     Note:  There may be questions you will want to ask that are specific to your financial situation or transaction.

          

      The CNBC article I read this morning went on to offer ...

      "It's also best to know what kind of designations or qualifications the lender has in the industry. Ideally, the lender should be taking a holistic approach and seeing how the mortgage fits into the borrower's total financial picture. They should not just be quoting a rate, but helping with financial planning".


     All of that mentioned above ... paired with the importance of conducting a thorough lender search ... is the best way to find and utilize a lender's services


     I can't stress that point strongly enough!


      Don't be in the wrong 50% of Homebuyers! Be in the smart 50%.  Conduct a thorough lender search.  


     Just like shoes, your Lender needs to fit you right!  
  

 

     

 

*  In Will County and the greater Chicagoland area,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:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 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.  Gene Mundt, Mortgage Lender can be contacted at: 

815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

Don't be the product, buy the product!

Schweinderl