Lethal Mix:
Procrastination and Mortgage Financing
If you read about real estate and financing much at all, you've probably run across numerous articles that spoke to the challenges and frustrations that can be found in modern-day transactions and their financing ...
And as a mortgage lender, I won't deny that it can be true. Challenges and frustrations 
exist. For clients and professionals alike.
exist. For clients and professionals alike.But ... and there's always a "but", right?
In most cases, those challenges and frustrations don't need to be overly stressful, insurmountable or deal-killing. Answers and solutions typically do exist.
It's been my experience, that what causes or contributes to many of the issues and challenges heard and read about ... and yes, the high levels of stress experienced in many clients' transactions ... is procrastination.
Tasks, phone calls, communications, inquiries, documenting delays ... forgotten, side-stepped, pushed to the back-burner too long.
And simply put, procrastination and mortgage financing don't mix well. Here's just one example of this being true ...
Just yesterday I received a call from past clients of mine. They related that they'd received my latest postcard mailing (and previous ones) and it motivated them to contact me. Welcome news for any lender to hear.
These clients had been thinking of selling their present home and buying a new one for quite a while, but they had gotten side-tracked and forgotten to call each time they had received something from me.
But now they want to take action ... immediately. They want to put their present home on the market and go looking for a new one. Their agent says they just need a Pre-qualification Letter.
Again, this should be great news, right?
Well yes, it should be. But unfortunately the clients have placed themselves in a poor position credit-wise since we last worked together.
Their credit is not currently where they need it to be in order to move forward. Their goal is not achievable right now. They need to take some corrective actions if they wish to accomplish their goal in the future.
Their credit is not currently where they need it to be in order to move forward. Their goal is not achievable right now. They need to take some corrective actions if they wish to accomplish their goal in the future.
They could have found a different, more positive outcome if they had taken action and contacted me when they first decided to buy a new home. We could have addressed their issues and taken measures to improve their credit.
Their financial circumstances could have improved to a point where they could haven taken action now, as they hoped for. Instead, they have to wait.
Their financial circumstances could have improved to a point where they could haven taken action now, as they hoped for. Instead, they have to wait.
Here's another example of procrastination. This one takes a different type of toll ...
A client of mine is a real estate investor, always looking for a new property to add to his growing real estate portfolio.
He'd been monitoring the progression of a sale of a specific condo property for quite a while and he's now successfully contracted to buy this property.
I've been working with him on securing his financing for the purchase. But it's always hard to reach him and get him to respond in a timely and efficient manner.
A client of mine is a real estate investor, always looking for a new property to add to his growing real estate portfolio.
He'd been monitoring the progression of a sale of a specific condo property for quite a while and he's now successfully contracted to buy this property.
I've been working with him on securing his financing for the purchase. But it's always hard to reach him and get him to respond in a timely and efficient manner.
I get it. We all have lives.
But during the same fore-mentioned time period, he's also arranged some travel for his wife. Why is this detail important?
The wife's signature is required on documentation for purchase and financing of this condo property (and has always been in previous transactions). But she is going to be out of town on the day of Closing and the Closing Date is upon us. He's just telling me this now.
Can we solve this issue? Certainly ...
But there is a mad last-minute scramble to get the necessary paperwork done and the clients are stressed-out about it (as well as their agent and attorney). It all could have been avoided. It's an issue that could easily have been addressed or completed during less stressful times.
But ...
It is said that ...
And in financing and real estate, I believe this to be especially true. Just see the above two examples.
It's far better to take pro-active action ... precipitant steps ... and talk to your lender early in your decision-making process. To discover possible hurdles, tackle issues, and make plans head on and preemptively.
Regarding these matters, there is simply no such thing as "too early" ...
Avoiding the issues that result from procrastination is such an easy thing to do. The benefits of taking action can be enormous.
So if you've been thinking of buying ... even if it's in the future or down the road ... reach out NOW. Ask your questions. Get the info you need. Kickstart a plan. Ask for assistance. Just do it.
Remember: Procrastination and Mortgage Finance is a lethal mix ...
But during the same fore-mentioned time period, he's also arranged some travel for his wife. Why is this detail important?
The wife's signature is required on documentation for purchase and financing of this condo property (and has always been in previous transactions). But she is going to be out of town on the day of Closing and the Closing Date is upon us. He's just telling me this now.
Can we solve this issue? Certainly ...
But there is a mad last-minute scramble to get the necessary paperwork done and the clients are stressed-out about it (as well as their agent and attorney). It all could have been avoided. It's an issue that could easily have been addressed or completed during less stressful times.
But ...
It is said that ...
Procrastination is, hands down, our
favorite form of self-sabotage ... (Alyce P. Cornyn-Selby)
It's far better to take pro-active action ... precipitant steps ... and talk to your lender early in your decision-making process. To discover possible hurdles, tackle issues, and make plans head on and preemptively.
Regarding these matters, there is simply no such thing as "too early" ...
Avoiding the issues that result from procrastination is such an easy thing to do. The benefits of taking action can be enormous.
So if you've been thinking of buying ... even if it's in the future or down the road ... reach out NOW. Ask your questions. Get the info you need. Kickstart a plan. Ask for assistance. Just do it.
Remember: Procrastination and Mortgage Finance is a lethal mix ...
* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI?
Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:
Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell: 708.921.6331
eFax: 815.524.2281
eFax: 815.524.2281
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