mortgage application: Mortgage Application During COVID-19: The Need for Information and Documentation is Amplified
- 08/10/20 12:33 PM
Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend. My wife had to stop at a store to pick up just one item. The task was supposed to be a short one, so I opted to wait it out in the car. I found a bit of shade, parked the car, and rolled down the window. The car parked next to mine also had their windows rolled down. There was a man and woman inside. The woman was on her cell conversing with someone fairly loudly. At first, her conversation … (18 comments)
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 … (12 comments)
When Applying for Your Mortgage, It's "FATE and RATE"
Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ... They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home. But beyond that, what they know of the actual contribution of the two to the "fate and rate" of their loan is typically pretty limited. That's understandable ... Admittedly, there are many moving parts and asterisks that … (12 comments)
Below you'll find a weather report shared for the Chicagoland area just recently ...
Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40's to single digits ...
It's well known that Chicagoland weather is notoriously fickle, but our area residents are a hardy bunch. Most won't even blink upon reading a weather prediction like the above. We're pretty used to the craziness ... The recent polar vortex freeze that descended upon the Chicagoland area is a good example of this. After suffering sub-zero winter temps for days, the local weather quickly changed to an upper 40's … (8 comments)
mortgage application: What Do Band-aids and the Modern Mortgage Process Have in Common?
- 09/01/15 06:05 AM
What Do Band-aids and the Modern Mortgage Process Have in Common? Remember when you were a kid and you got a cut or scrape? Your mom would wash it up, then place a band-aid on it, right? Days later, after the cut healed, the band-aid would have to come off. I can tell you, just the thought of ripping that band-aid off makes me shudder all these years later. Yeeowwww! Now I'm sure your mom told you much the same thing as mine did when that band-aid had to come off.
Typically a Real Estate Contract reads that Home Buyers must make Mortgage Application within 5 business days after signing the Contract. During the Mortgage Application (and even before) I, as your Mortgage Lender, will advise you to begin shopping for your Homeowner's Insurance. For the Pre-Approval, and even at the time of Mortgage Application, I'm using an ESTIMATED dollar … (15 comments)
mortgage application: Is it Worth it? A Reflection on the Current Mortgage Process
- 05/10/13 03:14 AM
Is it Worth it? A Reflection on the Current Mortgage Process The current mortgage process has a bad reputation ... let's face it. You can't listen to newscasts or read the papers without seeing or hearing stories conveying that perception. Although I understand that today's mortgage process is far more detailed than it was previously (and yes, sometimes even borders on silly), I think in many cases the current mortgage process is getting a bad rap. And bad news makes for good copy and good ratings ... A recent call from clients of … (27 comments)
In Part 1 of the post, "Mortgage Anatomy 101" ... the Current Mortgage Process" ... I detailed much of what happens in the initial portion of your mortgage process.
In Part 2, I will continue to dig deeper into the mortgage process and touch upon your mortgage file's submission into Underwriting, the Underwriting itself, and then Loan Approval.
At this portion of the mortgage process, your Loan Officer and Loan Processor have reviewed your file and agreed that it is ready for … (9 comments)
mortgage application: Hansel and Gretel were the original participants of "Survivor"
- 12/28/12 06:49 AM
Hansel and Gretel were the original participants of "Survivor" It's not one of the most often-heard fairy tales. I think because it's rather "dark" in nature. But the old Brothers Grimm fairy tale of "Hansel and Gretel" contains some good lessons regarding survival within it. Lessons I think, that when applied, can help new Home Buyers (and those Refinancing) to survive and thrive during their mortgage processing. "Hansel and Gretel" were the original participants of "Survivor", in my opinion. For those that might not know the story of "Hansel and Gretel", there's a portion of … (39 comments)
What to Expect When You Apply for Mortgage Financing
So you've heard that applying for mortgages ... and mortgage processing itself ... is a pain in the tush, huh?
I cannot lie to you. It can be ... But I think that stories, heard over and over again, contribute to perpetuating some of those problems. I believe that what an applicant hears (and thinks) prior to mortgage application, can influence what ends-up happening during their mortgage processing. How's that, you say? Let me explain ... … (22 comments)
mortgage application: Being Mentally Prepared to Apply for Your Chicagoland Mortgage is Just as Important as Being Financially Prepared ... A Lesson From the 3 Stooges
- 12/16/11 04:22 AM
Being Mentally Prepared to Apply for Your Chicagoland Mortgage is Just as Important as Being Financially Prepared ... A Lesson From the 3 Stooges For good or bad, my wife and I are fans of the 3 Stooges. Having grown-up in a family of all boys that were faithful viewers, thankfully I married a woman that "gets" the humor of this comedic trio. (Thank you to my brothers-in-law for helping to raise her right.) On a Saturday evening when Marilyn and I are home rewinding from the previous week, we typically find the Stooges … (9 comments)
mortgage application: I'm Flaming Red! Have you seen the new Google service being launched in regards to seeking a mortgage?
- 05/23/11 07:22 AM
I sincerely thought about doing this entire post in FLAMING RED. That's how frustrated ... how upset I was ... how close to flames ... after reading and viewing a video about a new Google service being launched regarding mortgage and financial services. Attached you will find that link to the video I speak of. As a mortgage lender, this new service they are promoting to potential home buyers alarms me greatly. It totally undercuts the important messages that I am personally trying to get across to my clients and potential clients. In this day and age ... after … (95 comments)
Thinking about Buying a Home or Refinancing soon? Read on and be better prepared when applying for your new Mortgage ...
The news and blogs are currently filled with stories regarding the huge and sometimes overwhelming demand for documentation during the mortgage lending process. Much is presently being made of the number and kind of requests being made for proof of finances, payments, credit, and more by lenders and their underwriters during the processing of loans. I personally don't … (36 comments)
mortgage application: Credit Scores Down! Will Prospective Buyers Be Denied?
- 04/22/10 11:49 AM
I have been in contact and working with a prospective client for well over a year while he and his wife were tackling some credit issues. This couple took it upon themselves to gear-up their home search once again and have actually found a property they are interested in purchasing. After being in the works for so long a time, I obviously had to run an updated credit report to start the purchase process again. To my surprise ... because I had been assured that the correct measures were being taken to improve scores ... the new credit scores came in lower. A monthly mortgage payment … (18 comments)
Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend.
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