mortgage process: Contract Provisions, Housing Supply, Mortgage Volume: Learning Juggling 101
- 10/19/20 01:45 PM
Contract Provisions, Housing Supply, Mortgage Volume:
Learning Juggling 101
Are you actively pursuing homeownership and out looking at homes with a realtor?
If so, I'm sure your realtor has broached many topics with you already. There's a lot to know and stay informed of when buying and financing a home. It can feel like your juggling lots of things at once.
One facet of the home buying process that's of real importance is the home inspection (which occurs AFTER the contract is agreed upon). Your realtor has probably recommended that you include an inspection in any real estate contract you're considering.
That's wise, as a home … (14 comments)
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mortgage process: The Medicine That Cures During Mortgage Application? "ProActive"
- 08/19/20 08:51 AM
The Medicine That Cures During Mortgage Application?
"ProActive"
I'm presently working with multiple self-employed mortgage applicants ... and as you would probably suspect, the process for these applicants is a bit more detailed in scope.
Why?
There are several reasons. A few of those reasons are found in an article I wrote just a few days ago entitled, "Self-Employed and Hoping to Finance a Home? What You Need to Know ..."
But perhaps the detail that has historically been the largest stumbling-block and biggest frustration for my clients has surrounded the request for/and obtaining of their Federal Income Tax Return. The COVID-19 pandemic we are now facing has only served … (21 comments)
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mortgage process: Adopt a Winning Mindset If Preparing for Mortgage Financing
- 04/17/20 09:25 AM
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)
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mortgage process: What You Need to Know About Financial Markets and the Mortgage Process
- 03/13/20 02:42 PM
What You Need to Know About Financial Markets
and the Mortgage Process
The speed and ferocity with which the financial markets have been moving as of late have been mind-boggling ...
Even consumers that are typically only casual observers of the financial markets, not participants in them, are aware of the market's recent erratic and volatile behavior. Reports of the markets are everywhere.
The level and the speed of the changes taking place have been alarming ... so much so that the trading markets have actually shut down twice (so far).
Hopefully, brighter and calmer days are ahead. But until that takes place, special precautions … (5 comments)
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mortgage process: Don't you think I'm sexy??? If Not, You Should
- 05/16/19 09:46 AM
Don't You Think I'm Sexy???
If Not, You Should
Americans are fascinated with houses. The internet, advertising, magazine racks, and TV viewing schedules revolve around them.
No matter whether it's buying, building, repairing, remodeling, decorating, flipping, investing, improving, beautifying ... whew, it's covered in loving detail. There's a never-ending array and supply of conversation, advice, video, showcases, websites, and instruction surrounding each.
And who can blame people for being so fascinated?
Besides being beautiful, homes or "home" inspire us. They are fodder for dreams.
They provide us protection and security, both literally and in the financial sense. They wrap us in a sense of family … (20 comments)
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mortgage process: What You Need to Know About Credit Freezes When Buying a Home
- 01/07/19 03:10 PM
What You Need to Know About Credit FreezesWhen Buying a Home Currently, I'm working with clients that had chosen ... prior to their mortgage application ... to place a Credit Freeze on their credit file and credit accounts ...
They had decided to take that action after the discovery of 2017's major Equifax Credit Breach. In that breach, hackers gained access to consumer's Social Security numbers, names, addresses, and birth dates.
In a number of cases, these hackers also stole driver's license numbers, as well. And in a much smaller number (but still sizeable), other varying identity info was also stolen during that breach.
Pretty scary stuff when you consider the huge … (28 comments)
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mortgage process: When You Navigate Your Mortgage Process: WHO are the People That Help You?
- 09/13/18 10:36 AM
When You Navigate Your Mortgage Process: WHO are the People That Help You? You've decided to become a homeowner ...
Congratulations!
For most people, that means it's time for them to:
Seek and Choose a Mortgage Originator Learn about the steps involved in the mortgage process Educate yourself about the other professionals involved in the mortgage process Learn what real estate professionals you'll need to assist you as you navigate your journey to successful homeownership Educate yourself as to their roles and responsibilities in the process Take action!
The following infographic will help you learn and accomplish that more smoothly ...
It's a roadmap for the mortgage process. It … (20 comments)
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mortgage process: Becoming a First-Time Home Buyer: How & Where to Begin
- 04/24/18 02:30 PM
Becoming a First-Time Home Buyer:
How & Where to Begin
You've made the big decision ...
You've decided to buy a home!
Now what? Where do you begin?
Begin by focusing on your future mortgage needs ...
So ... you've heard that securing a mortgage and financing a home can be challenging?
The mortgage process can seem a bit daunting to some First-Time Home Buyers. But I'm here to tell you, it doesn't have to be that way. Your home buying dream can become a reality if you prepare yourself and devise a plan, and then stick to that plan.
Here's how and where to start ...
It's always a wise first step to thoroughly educate and … (31 comments)
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mortgage process: My Mortgage Wish List - Make it YOUR Wish List Too Before You Buy a Home
- 11/17/17 08:24 AM
My Mortgage Wish List -
Make it YOUR Wish List Too Before You Buy a Home
As a Grampa, I'm very aware of "Wish Lists". The topic is of grave concern to my 3 grandkids, especially at this time of the year ...
My little cuties, Henry, Marilyn, and Evie, aren't the only ones working on a Wish List. Their Grampa Gene is too. Only mine is aWish List for Borrowers ... those hoping to buy or refinance a home.
What do I ask for on that Wish List?
The Gift of Knowledge Proactive Acts of Prevention Pretty exciting, right?
But if received, they would facilitate or eliminate … (18 comments)
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mortgage process: When's a Real Estate Deal a Real Deal?
- 11/09/17 10:33 AM
When's a Real Estate Deal a Real Deal?
When does a real estate deal become a real deal?
At what point can a buyer rightly assume that they have entered into a secured transaction to buy?
Is it when the offer is accepted? When a formal Contract is signed? The "Process" of its financing is in motion? Appointments for Inspections or Appraisals are made? Some other "step" in the Process? Recently, a pre-approved buyer I was working with, made an offer to buy a home they had fallen in love with. After negotiation, they and the Seller(s) signed a formal Contract.
Within 2 days of the … (8 comments)
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mortgage process: Discover the "Secret" to a Successful Fluid Mortgage Process
- 11/01/17 10:20 AM
Discover the "Secret" to a
Successful Fluid Mortgage Process
Having been in the mortgage business for as many years as I have, I've had the pleasure and opportunity to meet and work with many of Chicagoland's best real estate professionals ...
With some, the relationship goes back decades. I say "relationship", as over the years we've come to know each other well. I've gotten to know about spouses, kids, grandkids, pets, life situations, and more through our shared stories.
Subsequently, strong bonds and trust have been forged between us. Because of that, I've had the pleasure of working with many of my referral partner's family … (6 comments)
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mortgage process: Home Buying & Financing: Taking the Steps to Reap BIG Change
- 09/07/17 12:38 PM
Home Buying & Financing:
Taking the Steps to Reap BIG Change
Have you set yourself a goal of buying a home in the Chicagoland area?
If serious about buying, I'm betting you've tried to grow your savings, improve your credit standing, and raise your credit scores ... and chosen to work with a Mortgage Originator (because that's the fastest most efficient way) to help you do so.
You've been successful and you're now in a much more advantageous position to buy. But what comes next?
Because of your decision to work pro-actively with an Originator prior to entering the home buying/financing process, you're ahead of many mortgage applicants. … (6 comments)
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mortgage process: EMBRACE and LOVE Mortgage and Home Buying Education
- 05/25/17 03:57 PM
EMBRACE and LOVE
Mortgage and Home Buying Education
During a recent face-to-face mortgage application with first-time home buyers, it soon became abundantly clear to me that ...
The couple simply Had. No. Clue.
As we talked together further,this also became obvious ...
Beyond the time we'd spent together in an earlier phone conversation (and subsequent follow-up email), they'd not given one moment of further thought or effort to their financing. Zero. Nadda. Zilch.
However, this couple had professed to me over and over that they "really wanted to buy a house". They said adamantly they "didn't want to rent any longer". But they'd done absolutely nothing … (7 comments)
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mortgage process: With Golf and Mortgages: It's Important to Know the Rules
- 04/28/17 09:53 AM
With Golf and Mortgages: It's Important to Know the Rules
There are a LOT of rules in golf ...
That fact has drawn increasing attention as of late. But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years. Just ask these pros:
LPGA star Lexi Thompson, PGA players Craig Stadler and Paul Azinger, golf mega-star Tiger Woods, and more. Not knowing ... or being unaware of a rule ... cost them strokes during important golf rounds and ultimately a win (and money) on the tour. Strong parallels between the importance of the rules in golf and mortgage lending can be made. Be unaware … (28 comments)
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mortgage process: Interest Rate "Indifference" ... it Can Cost You
- 12/01/16 10:28 AM
Interest Rate "Indifference" ... it Can Cost You
Interest Rates are talked about endlessly ...
Will interest rates rise ... or won't they? How big will the rate hike be? How soon will the Federal Reserve Board raise its benchmark interest rate? What indicators could influence a decision? How will an increase effect the markets? How will an increase effect housing and financing? More ...
Speculation regarding interest rates and their rise has been going on for almost a full year now. In fact, it's been non-stop since the Federal Reserve Board last took action and raised rates in December of 2015. That … (18 comments)
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mortgage process: A Recipe for Success: Does Your Mortgage Originator Possess the Right Ingredients?
- 09/21/16 01:45 AM
A Recipe for Success:
Does Your Mortgage Originator Possess the Right Ingredients?
A couple of days ago, I received a comment regarding my recent blog/post, "How to "Replace" Mortgage Insurance" from a fellow ActiveRain Member and real estate industry professional. (Thank you Patricia Feager, Dallas Premier Keller Williams Realty, Flower Mound, TX) ...
Within her comment, Patricia Feager said ...
"Gene, you have a skilled talent that explains things on the level I can understand. Thank you for sharing this outstanding and very educational information!!!"
I greatly appreciated the kind words she wrote, as my number one goal as a Mortgage Originator … (13 comments)
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mortgage process: How High Demand, Low Inventory, Multiple Offers Effect Chicagoland Appraisals
- 06/06/16 09:43 AM
How High Demand, Low Inventory, Multiple Offers
Effect Chicagoland Appraisals
Media Reports regarding the somewhat limited inventory of homes currently for sale within Chicagoland housing markets are everywhere. They certainly are supported by a large portion of my mortgage clients' personal recounts. Many have said that they've found a smaller selection of homes for viewing and consideration ...
For Chicagoland Sellers that have priced their homes wisely and correctly, that limited supply of homes has translated into greater demand and possibly ... even multiple, competing offers received on their home. Sometimes, offers fairly aggressively priced too.
Home Sellers receiving … (28 comments)
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mortgage process: Are You a Hopeful Home Buyer? Did You Just File Your Taxes?
- 02/11/16 07:23 AM
Are You a Hopeful Home Buyer?
Did You Just File Your Taxes?
Did you just file your taxes? Or hoping to soon?
If so, and thinking of buying an IL/Chicago-area (or Wisconsin) home in the near future, now is the perfect time to talk to me to get started with your financing.
Why? Two great reasons ...
As most lenders will want to see your latest (2 years) tax returns and W-2's, you've got some of thedocumentation requirementsfor financing already accomplished ... and handy.
If you're receiving a tax refund, you've got … (29 comments)
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mortgage process: October 3rd, 2015 TRID Changes: A Team Mentality is Vital for Success
- 10/02/15 02:16 AM
October 3rd, 2015 TRID Changes:
A Team Mentality is Vital for Success
By now, I'm sure you've heard about the BIG changes coming to home buying and mortgage financing ...
Those changes are called Tila-Respa Integrated Disclosures, or TRID for short.
They take effect on October 3, 2015 and include ALL Residential Mortgage Loan Applications taken on and after that date.
Long talked-about prior to their effective date, these changes are being put into place to help Buyers and Sellers educate themselves and become more informed about their real estate transaction and mortgage process.
… (12 comments)
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mortgage process: It's Not About "Having" Time. It's About Making Time
- 09/22/15 07:08 AM
It's Not About "Having" Time.
It's About Making Time
Quote above by: Rachael Bermingham
Mortgage Lenders often catch a lot of grief (and bad press) for Closings that
don't take place on time ...
As a Mortgage Lender, I think some times that's a bad rap. But I can't speak to others' actions or the level of service they provide.
I can only address my own professional actions and experiences, my own service level, my own transactions, and what I see take place within them.
And what I'm seeing more and more often is a very slow and lackadaisical response time in regards to my requests for information and … (15 comments)
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