Adopt a Winning Mindset If Preparing for Mortgage Financing
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi always writes such great blog posts and always has solid advice. I haven't read a lot of his posts, but I am going to make a better effort to read more of them in the future!
Adopt a Winning Mindset
If Preparing for Mortgage Financing
Springtime means just one thing to countless millions of people like myself ... The Masters Golf Tournament ...
The delay of this year's 2020 tournament left golf fans with a void to fill until fall.
But thankfully, last year's Master's final round was recently replayed to help fans relieve some of the "pain" we are feeling until that time.
CBS announcer, Jim Nantz held a running interview with the winner of last year's tournament, Tiger Woods, throughout the replay airing. The additional insights he provided throughout the airing were extremely interesting and it made the golf tournament even more fun to watch.
One comment in particular made by Tiger Woods during this show stood out to me. He spoke of the preparation, both mental and physical, that he made prior to the tournament ... and makes prior to every tournament.
Some of his preparations are so religiously performed and are so ingrained in him that they are now done almost automatically and without conscious thought. His body and mind just automatically react and "kick into gear".
I've heard or read about other professionals expressing much the same. Certainly, pro athletes such as Michael Jordan, Serena Willians, Usain Bolt, and Duncan Keith ... each outstanding in their chosen sport ... are all known for their extreme workouts and pre-season and pre-contest preparations.
And professional athletes are not alone in this mindset and dedication to preparation. Professionals of all kinds do much the same. It's ingrained and part of who they are.
It's just a fact. Whether musician, entertainer, surgeon, or businessperson, etc., preparation and the right attitude are paramount to finding success.
Yet sadly, the following statistics and info are reported:
- 64% of consumers lack knowledge when it comes to what they need to qualify to buy a home
- Fewer than 1 in 4 consumers are aware that low down payment programs exist
- Only 17% of consumers know the correct minimum down payment
- A third of consumers surveyed thought credit scores needed to be higher than the FHA minimums
- More consumers reported having seen their credit score recently, but close to half could not recall what it was
This is not the first time I've written of the importance and need for education and preparation when considering a mortgage to buy a home. It's a topic I've felt so important that I continue to hammer away at it consistently.
So with that in mind ...
- What is some of the info you should know and have at your disposal prior to applying for a mortgage?
- What preparations should you make?
Consumers should know and be familiar with the following topics in order to secure the best financing for their needs:
- Credit - Credit Scores - Credit Repair
- Preparing your Finances to Buy
- Mortgage Application, Processing, Closing
- Mortgage Principal and Interest
- Mortgage Escrow Accounts
- Real Estate Taxes
- Homeowners Insurance (Flood Insurance)
- Home Appraisals
- Home Inspections
- Homeowner Associations
- Home Affordability
- How to Choose a Lender
- How to Choose a Real Estate Agent
- Possibly more ... depending on their specific scenario
Being ill-prepared for and poorly-informed about the mortgage process will, at a minimum, make the process more challenging and stressful. It will also increase the likelihood of it costing more. No one wants that.
The decision to prepare or not prepare ... remains the responsibility of the borrower. No one can prepare for them, just as no one else can prepare for any professional pursuing their goals.
Anyone hoping to finance a home should adopt this proactive mindset as they consider the purchase of a home.
I'm more than happy to assist any borrower in pursuing the knowledge they need to buy, finance, or refinance a home. Should you be considering the financing of a Chicagoland - IL - WI home or investment property, feel free to reach out to me today ...
Gene MundtMortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987American Portfolio Mortgage Corp.NMLS #175656Direct: 815.524.2280Cell: 708.921.6331eFax: 815.524.2281
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.
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