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The Language of Mortgage ... What You Need to Know

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Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
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The Language of Mortgage ...

What You Need to Know

 

Possessing a knowledge and understanding of the terminology you will use while seeking and securing a mortgage loan is immensely important ...

 

Being familiar with the words heard and used also makes the process flow more fluidly and easily for both Borrower (and Lender).  Because there are so many things to consider, weigh, and decide upon during even the simplest mortgage process ... owning even the most basic grasp of the words heard and used help alleviate confusion and stress for Borrowers, especially first-timers.

 

To help my clients navigate their mortgage process more easily and confidently, I always try to explain and educate regarding the "language of Mortgage". The video I created and provided here will help me do so more easily moving forward. 

 

While my simple video doesn't cover every word/term used during every mortgage process, it covers those words seen and heard most often in the majority of clients' experience. 

 

It's my opinion that no one should enter into the mortgage process without possessing an understanding of these basics terms.  Borrowers should always familiarize themselves with the "language of Mortgage".  It's an insurance policy of sorts.

 

Watch the following video ... then have a conversation with me or your own local Loan Officer.  Make sure you ask questions and request clarification of any terms (or other info) that you don't thoroughly understand before proceeding.

 

   

  

Feel free to share this video with others entering the mortgage and home buying process ...

 

And again:  Do not hesitate to reach out to me or your LO for more information and answers concerning mortgages, credit, mortgage terminology, or more.  It's imperative that you feel comfortable and secure as you enter and navigate your mortgage process.

 

 

*  Are you hoping to buy or refinance a home or Investment Property in New Lenox, Will County, or elsewhere in Chicagoland - IL - WI?

 

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 Lic. #216987

 

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(14)

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene I love the video and will share it with the other LO's in the office.

Mar 08, 2019 02:53 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Thank you so much, George Souto ... I appreciate it.  And I'm flattered by it ...


Gene

Mar 11, 2019 07:27 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Very important information  Gene I also love your Video it is short and right to the point. Buyers often get confused and nervous while in the mortgage process having a good mortgage banker in their corner is so important. 

Mar 08, 2019 03:00 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

You summed it up right, Hannah Williams ... confused and nervous.  Both perfect terms.  It's my job to defuse both ...


Gene

Mar 11, 2019 07:28 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Hope the video gets a lot of views. It is so imporant to understand the language of any unfamiliar process. What's it all mean? :) 

Mar 09, 2019 07:18 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Your consistent messaging about the importance and value of video pushed me to make this effort, Debb Janes EcoBroker and Bernie Stea JD .  Hardly going to win an Oscar ... but it delivers my message hopefully.  Thank you for your sharing here on AR!


Gene 

Mar 11, 2019 07:30 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 Mortgage terms are a foreign language to a new buyer...and unfortunately to some agents !

Mar 11, 2019 06:37 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

That's true, Sally K. & David L. Hanson ... and you provide a good reminder to me and other LOs that we must always remain aware of that fact and address it during our communications.  Hoping this video does just that ...


Gene

Mar 11, 2019 07:32 AM
Roy Kelley
Retired - Gaithersburg, MD

This is very good information to share with prospective mortgage borrowers.

Mar 18, 2019 10:00 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

it took me a little minute to get used to certain language in certain contexts, But it’s worth learning like anything else and not as hard as you may think. :)

Mar 18, 2019 11:47 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Roy Kelley It’s important to really look at all your options and not give in to stress. I think that’s the key for a lot of people.

Mar 18, 2019 11:51 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi what a great post for ALL buyers to read.... and the graphic would make a great postcard!!

Apr 30, 2019 03:17 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Wow!  High praise indeed, Barbara Todaro ... I'll make sure I pass your comment on to my marketing assistant wife, Marilyn.  She'll appreciate it, I know ...


Thank you!


Gene


 

Apr 30, 2019 08:58 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Gene. What a terrific and specific explanation of the mortgage process.

Apr 30, 2019 04:54 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Thanks so much, Sheila Anderson ... appreciate the kind words,


Gene

Apr 30, 2019 08:58 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Keeping it simple for buyers is a good thing - and this video does just that. There is a lot of jargon that's gets used - but not often understood.

Apr 30, 2019 09:57 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Yes, I catch myself using "mortgage speak" and try to stop myself, Margaret Goss ... it's second nature to us, but not our clients.  Always great to hear from you!  Hope you're staying dry with all this Chicagoland rain ...


Gene  

May 02, 2019 07:59 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Gene,

So happy that Roy Kelley reblogged this post.  It is so important to understand words as they vary in each profession and they are not what one may assume that they know the meaning of.  Well done. A

Apr 30, 2019 10:30 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

I think it's easy to forget that our clients don't use the language and terms as often as we do, Ron and Alexandra Seigel ... hopefully, this post and info prove helpful as they navigate their financing and homebuying process ...


Gene

May 02, 2019 08:00 AM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA
Alexandria Virginia Homes For Sale

Gene, your post is excellent and I love your video! Understanding the terms that come with a mortgage is very important and you do a great job of keeping it simple. Congratulations on your feature!

May 01, 2019 05:38 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Thanks, Amanda S. Davidson ... appreciate it.  I'll make sure to pass your comment on to my wife, as she helps me put the videos (and my marketing) together.  We're a good team ...


Gene

May 02, 2019 08:01 AM
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Nice work, Gene. Your clients and prospects will appreciate it.

May 01, 2019 06:01 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Thank you so much, Elva Branson-Lee ... I'm hoping it helps them by making the process a bit smoother and easier.


LOVE your town of Atlanta!  My wife and I honeymooned there ... so special memories.


Gene

May 02, 2019 08:03 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Gene - when the language we speak is carefully explained and understood,  everyone wins!

May 01, 2019 09:13 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Definitely true, @Michael Jacobs.  We all need to know, understand, and be able to share ...


Gene

May 02, 2019 08:04 AM
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