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Trifecta of Home Buying Motivators: Rising Home Prices, Rents, and Interest Rates

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Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
Trifecta of Home Buying Motivators: 
Rising Home Prices, Rents, and Interest Rates
 

     

     Knowing WHY my clients want to buy a home is important to me as their Lender ... 

     I try to engage them in a conversation about themselves.  Ask them questions.  Find out what's inspiring them to buy or refinance a home.  

     I want to know what hopes and plans they have regarding a purchase prior to delving into the financial aspects of their transaction with them.  I gain valuable insights and direction from our conversation.

    But accomplishing this can be harder than you might think.  Most people have a long list of questions they're in a hurry to ask. Gain answers to.  And that's understandable ...

     But when we do have that conversation, a majority often speak of 1 of 3 major reasons as those things that motivated them to contact me.  

     What are the motivators I hear most often?

     1.  They're fearful of being kept out of the housing market by rising home prices.  

       This is a concern that is again cropping-up after virtually disappearing during the housing downturn.

     2.  They've seen and heard reports regarding: Renting a Home VS Buying a Home in Chicagoland.  

     They've done the math.  And with Interest Rates still being low and rental prices continuing upwards, they're ready to discover what home buying and Mortgage options are available to them.

 

  1. 3.   And perhaps the current single biggest motivator?  The possibility of Interest Rates rising soon. 

         The 
    news has recently been filled with reports of the Fed maybe raising rates as soon as December.  Hopeful Buyers simply don't want to miss out on the lower rates still available now.

         Obviously as a 
    Mortgage Lender, I applaud them asking questions.  Seeking answers.  Contacting meto discuss their concerns.

         It's truly the only way to find what possibilities exist for yourself.  It's the only way to gain the info and FACTS needed to make timely and informed decisions.  

         A while back, I wrote a post entitled, "
    The Modern Mortgage and Mortgage Process are Much Like a Fingerprint or Snowflake ... No Two are Alike".  

         Fact is:  You can't compare any 2 home buying scenarios.  Even seemingly minor differences ... or in finances ... can bring about vastly different results for Buyers/Borrowers.

         It's also a fact:  You can't get started on your home buying and financing process too early.   

         Hoping to buy a home?  

         No matter your motivation for buying ... get educated first.  Get to your local experts in real estate and 
    lending.  Get started on asking your questions.   

           You'll be glad you did ...

 

*  Hoping to buy or refinance a home in the greater Chicagoland area?  Contact me today.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

  

Gene Mundt

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

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! 

 

 

Comments (10)

Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Gene - 3 great reasons for potential buyers to get in touch with you. I had a number of clients who bit the bullet in 2014 and bought a home at what they felt was an astronomical price--their investment has risen by 32% already, and they just refinanced saving .5% interest rate.

Nov 24, 2015 05:16 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

It's so good that you really take a consultative approach. Your clients are lucky to have you.  Interesting to see the prompts that initiate the visit.

Nov 24, 2015 06:55 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene all three points are good ones, and the way you start off the homebuying process with your Borrowers is a wise one.  However, as far as the rates go, we have been hearing for a long time that they will go up, and sooner or later they will.  But I am not going to put much emphasis on them until I see them steadily going up.

Nov 24, 2015 07:13 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com,

I second what Debbie Gartner commented "It's so good that you really take a consultative approach. Your clients are lucky to have you!!"

Nov 24, 2015 08:20 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Very smart, Lottie Kendall ... options to save and invest are available right now.  I'm glad that your clients took the leap ...

Thank you, Debbie Gartner ... I wish more people would reach out for a consultation.  They might be surprised at what .. and how many options exist for them.  At minimum, they find out where they stand and can take steps towards bettering their finances and buying in the future ..

Gene

 

Nov 25, 2015 07:15 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Understand your feelings, George Souto.  It's only an educated guess at this point as to what action will or will not be taken.  The rumblings do seem more serious than in the past tho ...

You and Debbie are so kind, Dorie Dillard ... and your kind words are very appreciated ...

Gene

 

Nov 25, 2015 07:18 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gene, great post, and we hear these fears a lot in Denver too, with our home values increasing 10%+ every year. 

Nov 26, 2015 09:49 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I know your market is HOT!!!, Joan Cox ... so I'm sure these pressures are just magnified for your Buyers.  And I'm sure they  must make their decisions fast too ...

Gene

Nov 27, 2015 12:37 AM
Joan Cox

Yes, and unfortunately this past spring/summer buyers were writing more than one offer, and opting out of others.   Craziness!

Nov 27, 2015 04:43 AM
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

I wish I had written this post Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com because it is excellent advice in Virginia just like it is in Chicagoland.

Dec 01, 2015 03:57 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you, Deanna Early ... happy to know that we are "kin" with Virginia!  And that the info here proved beneficial ...

Hope you're enjoying the Holidays ... Ra Ra VMI!

Gene 

Dec 02, 2015 05:49 AM