Being Pre-Qualified for your Mortgage Financing
doesn't have to be Scarey. 
Eliminate the Fear Factor
 
 
 
 
 
 
 
     Even after reading only a few of my mortgage posts, you'll probably pick-up on this  recurring theme  ... the importance of being prepared for your mortgage processing.
 
     I feel strongly that whether you're in the infant stage of your pursuit, further along and actively seeking a property and financing for that Don't be Stressed over your Mortgage Financing! Contact Gene Mundt, Mortgage Lenderhome, or heading to the Closing itself, your success is dependent to an unbelievably large degree on how well prepared you are. 
 
 
     But I have to admit, at times I fear that by emphasizing the need for preparation as strongly as I do ... I risk scaring you some. 

      I've mentioned in prior posts, that the number of pieces of info I need as your Mortgage Lender  to start  Pre-Qualification  has grown.  I worry that by merely mentioning this fact, that Pre-Qualification might begin to sound somewhat overwhelming.  And obviously, that's not the reaction I'm seeking.
 
     So I thought I'd try to clarify much of what you, as a potential borrower, can expect when you and I speak about borrowing money for a home purchase ... or a refinance.  I'm hoping having this info and insight will help you see that the mortgage process isn't as daunting or scarey as it sounds.  I'm also hoping that you will see that YOU can determine much of your own destiny.
 
    In my last post,  "Why don't you produce Rate Sheets?", I quoted the number of pieces of info needed for Pre-Qualification at around 25+. That seems to be about an average number of questions I'll ask during the Pre-Qualification stage of your financing.  And no doubt about it, that number can  sound pretty time-consuming or scarey.
 
Contact Gene Mundt, Mortgage Lender
    
     But after seeing the real nature of the info needed and questions I ask at this point of your process, it shouldn't seem quite so bad.  Take a look at what some of those questions are ...
 
 
 
  •    Name(s)?
  •    Address?
  •    Telephone Number(s)?
  •    Employed?
  •    Employed where? 
  •    Employed how long?
  •    Salary?  - or - How are you paid?
  •    Email Address(es)?
  •    Rent or Own Current Home?
  •    Amount of that Rent/Current Payment?
  •    Car Payment(s)?
  •    Credit Card(s)?
  •    Social Security Number(s)

   See?  Told you it isn't as bad as it might seem!  ALL very basic and easily answered.      

    But that being said, I will continue to point out that even simple questions like those listed above, take time to ask and answer.  Even basic information and  required financial documents  take time to round-up.  Time, Effort, Work is  required on your, the mortgage applicant's, part.  And the need for further info ... producing other documentation ... will still exist as we get deeper into your mortgage processing.  
 
    But being organized ... prepared ... prior to our first talking, can be unbelievably helpful.  It can make our initial conversation flow and move much more quickly.  And it can cut down on the number of conversations or communications we need to have in the future. 

    There is no way to avoid having to provide the info that is required for Pre-Qualification, should you hope to obtain financing.  But the preparation you perform beforehand can make it easier and quicker to get through. 
 
     To best prepare yourself, I recommend that you take a look at the handy list of those  financial documents required for Pre-Qualification, that I provide on my  website.  Feel free to print the list up or save it.  Do the same with the  application  I provide on my website too. 

     Both of these handy documents will help you be much better prepared for your mortgage financing ... and also increase the chances of a successful outcome ... a closed transaction and home to call your own.
 
    Being  pre-qualified  for your mortgage financing doesn't have to be scarey.  Eliminate the fear factor.  Be prepared...
 
    

 
 
    *  Whether buying a home or refinancing in Will County,  Chicagoland, or elsewhere across our nation, work with a  Mortgage Lender  that can eliminate the "scarey" from your mortgage process and lead you to your successful Closing.  Contact me  today.  I'll put my 35+ years of mortgage experience and expertise to work on your behalf.
     I can be found at any of the following:
Cell/Text:    708.921.6331 
Email:  genemundt
Skype:   630.219.1316 


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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender     

Gene Mundt

Regional Manager - Mortgage Lender

                                                                    Personal NMLS #216987

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12 Comments on Being Pre-Qualified for your Mortgage Financing doesn't have to be Scarey. Eliminate the Fear Factor.

AUG
07
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Gene,  To me the scary part would be to not have been properly qualified up front.
4:38pm • #1
106,206 Points 3 Featured Posts

Gene, When a potential buyer comes in or calls, the first thing we tell them to do is get pre-qualified.  They do, we find them a house, get a contract and then wait for about two months.  Then four days before their due diligence period is up and a week and a half before closing, we get a call from the lender saying their is a problem with income verification.  What the heck did they do in pre-qual and what the heck have they been doing for the last two months.?

The information on your web site seems to be the documents and info you would need to actually apply for a mortgage.  So what are you calling a pre-qual? Are we talking about two different things?  Pre-qual to me means something you do before an actual contract.
6:30pm • #2
493,908 Points 75 Featured Posts Outside Blog Called Shot Master

It used to be that I read so many well written Mortgage Posts that it was never a thought in my mind.  However, these days, you are like the last man standing.

Of course you aren't but I hope you get my drift, Gene.  Simple & smart post, amigo.  I can understand why this is a career for you and not something that just peeked threw the elbow of reality.  You actually know what you are doing.  That's refreshing.

I wish it weren't.  Wish it was more typical than it has been.
8:24pm • #3
AUG
08
498,310 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Leslie:  I understand your frustrations.  And I can only answer for what I do, not another Lender.  But there is overlap on information needed in each step of the process, for sure.  I like to gather more info upfront in the early portion of the process, so I'm not facing what you describe further down the road.  The more complete my insight .. the more complete the info I gather upfront, the better prepared I am as the Lender too.  And the more secure my referral partners can be that when I say I can get a loan done ... they can believe me and trust that I will.  Not to say that issues don't arise at times, but typically I have been aware ... and made my agent, etc. aware .. that those things could be an issue at some point.  I'd like to think that many of the agents I work with are repeat and referring agents because of that reason.

You are right in that many of the documents on that list are not needed right away.  I like to get my new borrowers working on the list right away though.  But as far as the pre-qual goes, in today's current atmosphere ... the pre-qual is much more detailed than in the past.  For me, at least.  When you jump into the mortgage process, it's with both feet now ... no toe-dipping anymore ...

Jason:  I don't even know where to start other than to say ... thank you.  Simply, thank you.  Being a lender these days, isn't easy.  You can think you've got everything covered and poof ... the underwriter throws you a curve ball.  Never dull, that's for sure ...

Sure I can't lure you into working with me????

Gene
7:20am • #4
498,310 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Bill:  That's for sure!  If an agent, I'd make sure that didn't happen ... you need to know that you're working with someone that at least has options and possibilities ...

Gene
7:21am • #5
468,018 Points 66 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Gene, Excellent post. This is the summer of first time buyers. Many are not prepared when they come to my listings. Fortunately I always make sure a lender has my listings pre-approved and have financial fact sheets. I'm even amazed when I see how much cheaper the monthly payments are compared to comparable rentals.

I give the buyers the lenders fact sheets and the serious ones will call and get pre-approved. Gene you are the type of lender that I prefer to work with. Someone who will hold the clients hand from day 1 to the closing table.
6:50pm • #6
493,908 Points 75 Featured Posts Outside Blog Called Shot Master

Gene -  "Sure I can't lure you into working with me????"  The line, "Never say Never" rings a bell.  I also enjoy Bettag & Nevin from the Mortgage side of things on here.  I do miss it.  And there is a reason beyond just writing my online diary that I'm still around;)  We'll be in touch.
7:32pm • #7
130,218 Points

This is the first thing that should happen with any Buyer.  If they are not willing to take those steps you may want to move on to the next client that wants to follow the plan that always works!
9:35pm • #8
3 Featured Posts Outside Blog

Gene, this is a very informative post that should help to dispel fears.  

That said, I'm sort of in the same boat as Leslie regarding the terminology.  I was taught that a pre-qualification is an informal estimate of what a buyer can borrow, the questions are asked but not much documentation is involved and the borrower's credit isn't run.  A pre-approval is the formal process where documents are reviewed, information verified by the lender, and credit reports run, etc.  Pre-approvals are golden, while pre-quals are mostly worthless.  The terms seem to be used so interchangeably that it's confusing. 
10:32pm • #9
AUG
09
796,755 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Too many people let the Fear Factor over Finances win without even trying to fight it first.
12:09am • #10
644,631 Points 111 Featured Posts Outside Blog Called Shot Master

The prequal process can see a bit daunting, but one thing for is sure that without, the buyer really doesn't have a leg to stand on.  Buying a home for the none pre-qualified buyer is like a shot in the dark.
6:02am • #11
498,310 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Mitchell:  I'm honored by your words.  Thank you.  Would love the opportunity to work with you and a client ... should they be more technologically open-minded to doing business that way, of course ...

Jason:  I'll be waiting for you ... okay?

Sajy:  Totally agree.  If a client is not willing to be pre-qualified, it's a huge clue to the agent ...

Iris:  JMO, but the pre-qual and pre-ap have morphed pretty much into the same thing.  As you point out, one is typically meaningless.  I prefer, right from the get-go, to provide a more credible, valid assessment of the options available to my client ... and what those mean in regards to the action taken by referral partners.  Time is typically of the essence too ... so getting more info upfront helps catapult the transaction quickly .. and more efficiently.  I don't give false hope to either the clients or professionals I work with.  In order to provide a dependable opinion, more info and time is needed.  It puts a bit more stress on me initially, but it's worth it in the long run.  Again, JMO ... thanks for commenting.  Hope all is going well with the sale of your partner's home??

Michelle:  Unfortunately, true.  Some give-up without much of a fight or effort.  Sad, as there is so much positive to be found in the housing market now for buyers ...

Charita:  Most definitely ... and hard to think that an agent would really want to involve themselves prior to their client speaking to a lender either.   Time and marketing costs are too high ...

Gene

 
11:42am • #12


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