Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info

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

 

 

Down Payment Requirements,
Credit, and Interest Rates.
Finding Reliable Info ...
 
 
 
 
 
 
 
      Today ... I'm frustrated. And maybe just a tad ticked too.
 
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      Why??
 
 
      Because I ran across yet another so-called "expert" of our industry providing totally misleading and incorrect information, via a very large media outlet. This time their message was regarding ... down payment requirements, credit, and interest rates.
 
 
 
 
      3 pretty major and important motivators for home buying, wouldn't you agree?  3 things you definitely want the truth about .. and facts on, if you're thinking about refinancing or buying a home.   Right??
 
 
      Well, there was this article.  Its "expert" ... handing-out totally incorrect information about these 3 important issues. There they were providing info on what we mortgage lenders are looking for and demanding from clients regarding down payments. Strongly eluding that a full 20% down payment is being demanded, or we'll not even consider financing a home.
 
      And I say ... WRONG!!!
 
      Now I can write blogs, comment, Tweet, Pinterest, FaceBook, and talk about these topics until I'm blue in the face. I can scream at the top of my lungs that options DO exist regarding all of them too.  Believe me, I have!
 
 
 
 
      But I, (at least currently) don't have the forum of a huge media or social media outlet behind me.  Nor do I have the "volume" or reach that this particular "expert" enjoys.  So I doubt I'm going to counter-balance the incorrect and misleading info that was released to the masses through their article. 
 
 
      There was one positive I found while reading this article.  It allowed for comments ... and over 300 comments had already been left.  Most were pretty-much denouncing the article's contents as "dribble".  And I'm being kind as to my terminology.
 
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      It was obvious that the public was completely aware that what they were reading lacked credibility.  They were "calling" the author on its erroneous and very misleading contents.  They knew they were being shoveled something bad. 
 
      But man oh man ... the misconceptions and incorrect info included within THEIR comments was pretty staggering too!  And disheartening.
 
 
 
 
      Beyond that?  I want to know WHO pronounced the person writing this article an expert? WHO decided that their "dribble" was fact-filled and worthy of spreading?? (Yes, I said spreading.)  And has this so-called "expert" actually written a loan, let's say ... in the last 5 years or less??
 
      I'm really left wondering about these things after I read articles such as this ...
 
      Other questions entire my mind too.  Like... what end-purpose is being served by passing on this negative, erroneous information? Especially now? During a time when current and potential home owners alike need reliable, valuable, correct facts and info regarding their financing options and credit? Info they can depend on. All served positively. With real hope injected into it?? To what end??
 
      I tell ya, I personally just don't get it. These news articles totally confuse me. They completely frustrate me. And yep, they anger me too. This bad information takes a real toll.  It erodes confidence.
 
      I guess the only thing I can do is keep preachin' ...
 
 
 
 
 
 
 
      * Work with a Mortgage Lender that will take the time, make the effort, and has the expertise and experience ... to answer your questions, guide you, and provide the mortgage service you need and deserve.
Contact me now ... through any of the following means:
Cell/Text: 708.921.6331
Email:  genemundt
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Mobile:  m.genemundt.com
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

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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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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Richie Alan Naggar 07/12/2012 11:49 PM
  2. Gabe Sanders 07/16/2012 02:11 AM
Topic:
Lending / Financial
Location:
Illinois Will County Plainfield
Groups:
Mortgages
Chicagoland and Northern Illinois Real Estate
Local Expert
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
Tags:
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working with a true mortgage professional
seeking guidance

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Rainmaker
876,608
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Gene.. giving out false or misleading information is ridiculous. I don't know why this "expert" would be looking to give the consumers infomation that would have them running for the hills. I really question their motives.. 

Jul 12, 2012 12:40 PM #1
Ambassador
642,949
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Gene, what is up with giving out false information?  It takes just as much work as giving out the right information.  All we can do is be glad there are warriors like you out there spreading the right word.

Jul 12, 2012 01:00 PM #2
Rainmaker
2,257,053
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

We hear and see it all the time. It is our jobs to set the record straight. When the authors of such articles leave access to comments, I answer. If they leave contact information, I communicate with them. Often, when there are articles incorrectly written, I will incorporate them in a blog that I do.

Jul 12, 2012 09:02 PM #3
Rainmaker
3,255,296
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The famous "I read it on the internet" has replaced the "I saw it on TV" as the mantra for proclaiming truth everywhere...and that "truth" may well be a figment of someone's imagination, perpetuation of current urban legend....etc. etc. etc.
 

Jul 12, 2012 09:51 PM #4
Rainmaker
537,828
Rob Spinosa
Guaranteed Rate, Marin County, CA - San Anselmo, CA
Vice President of Mortgage Lending, Marin County

I won't mention any names, but are the initials Suze Orman?  Just kidding.

Fact of the matter is that changes in our industry are happening so fast that unless someone is originating loans full-time, I can't see how he/she can be an authority on providing information to consumers.  Moreover, changes from state to state make it increasingly difficult to read national news and know how it would relate to your situation in your neighborhood.

Another reason why A/R is so helpful in getting the good word out.  Excellent post, as always, Gene.

Jul 12, 2012 11:39 PM #5
Rainmaker
2,455,679
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

That is why I support anybody who is doing a good job in today's market by blogging and commenting accordingly. Those that provide good service to this once in a lifetime transaction and insure a predictable rewarding outcome should be recognized and be referred out...case in point. Keep up the good work Gene...we need you

Jul 12, 2012 11:45 PM #6
Rainmaker
2,455,679
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

worthy of a re-blog...thank you Gene

Jul 12, 2012 11:49 PM #7
Rainmaker
177,562
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates
The reality is that incorrect information will always be out there. As a professional, your job is to correct it. The Earth is flat.
Jul 13, 2012 01:05 AM #8
Rainmaker
698,877
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Just like any industry there are bad and good.  A few years ago a customer was turned down for a loan because there were too many foreclosures in the specific area.  They were totally qualified and the house appraised out.  The loan broker actually told my customers, "when looking for your next house don't buy anything south of this street, north of this street, bordered by this street.  I am not in the mortgage business but I did use the term "red lining".  The loan broker of course denied it and we went back and forth for some time.  Pathetic.

Jul 13, 2012 01:21 AM #9
Ambassador
666,558
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Gene: I think we sometimes need to lose a deal only to save it. I recently had an inquiry from a borrower who had gone to a major bank because they wanted to do a HARP loan. After being denied by said major bank they came to me. Preliminarily it appear they qualify for a DU Refi. Plus loan and are not upside down after all if we are able to subordinate their second. These days it takes a knowledgeable and informed loan officer to get or not get deals done. I wonder about the capability of loan officers sometimes, especially at big banks or online institutions.

Keep swinging the bat. I know it's frustrating to have misinformation out there, especially when clients are choosing something that isn't true. But I believe if we keep adding value that will separate us from the rest of the chaff or riff-raff. Thanks for the post. You do great work in a tough and unforgiving business! Have a nice weekend as well!

Jul 13, 2012 01:49 AM #10
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Janis:  You raise the question I do ... WHY would you do this?  I simply cannot believe that the author of this article believed what they were writing.  Who in this day and age would???  Boggles the mind ...

Mona:  I really appreciate your kind words.  And in this instance, having the correct info at their fingertips prior to writing this piece would have been unbelievably simply to find.  Do they have an agenda??

Joe:  In fact, I DID comment.  But the size of the social media outlet that this article appeared in is hard to combat.  Within the comments you did find people that were taking the info found within it as gospel.  Made me want to scream!

Sally:  True!  There is instant credibility awarded the info just because of the size of the media outlet too.  How does the "little guy/gal" combat that??  Like taking a fly swatter to an elephant ...

Rob:  Thank you for the thumbs up!  Coming from you .. that's a true compliment.  But no, this article I speak of was NOT Suze Orman.  I'll get Suze off the hook on this one ... lol.  IMO, you wouldn't have had to be in the business to write this article with better facts and info.  A school report done by a student with a little bit of research would have provided much better, more reliable info.  I just had to shake my head, it was so bad at a basic level ...

Richie:  As always, your support is appreciated and welcomed!   And there are so many great lenders here on AR.  The great majority provide solid, relevant, timely guidance and advice.  And they are much more worthy of the label "expert" than the author of the article I speak of.  It's true ... AR is the place to go for reliable guidance and info ...

Erv:  True and I agree that I must keep "taking my swings" at getting the info out there.  But learning the correct info and facts is so much easier, if a client doesn't have to UN-learn bad/incorrect info first. 

Chris and Dick:  Ooooo ... bad.  Almost makes me shiver.  And you're right.  Every occupation and industry has differing levels of quality workers within it.  Exactly why it's so important to take the time and make the effort prior to making a decision regarding which professionals you will work with when buying/selling a home ... or obtaining a mortgage.  It can make all the difference in the world as to the outcome ...

Gene

Jul 13, 2012 01:59 AM #11
Ambassador
533,485
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Keep preaching indeed, Gene.  I'm very curious on where this article was at and who penned it's false information.  Glad to read that the comments pretty much put the truth back in its place.  Back when I was in the gig and there were many more doing it for a living, the level of mis-information being put out there was mind-blowing. 

Jul 13, 2012 06:25 AM #12
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Mind-blowing ... perfect term for it, Jason.  I was even somewhat taken-aback by how simple it would have been for ANYone researching an article such as this, to have found the correct info.  Even a child would certainly have researched it better and gotten more reliable info.

I just found it so hard to believe that an "expert" would be trying to pass on the info ... or could have believed it themselves when they did.  And btw ... it was on Yahoo Finance ...

Gene

Jul 13, 2012 07:02 AM #13
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Paul:  Thanks for taking the time to comment.  Seems we're all running into these situations fairly often these days.  I have a file in the works right now, where I know I'm being shopped at a bank.  And I am surmising that they either A:  don't know what they are talking about in their facts and figures .. or B: are totally aware that what they are telling this client is a scam.  We'll see who the client ultimately decides to go with ...

The rewards are many, when you see a transaction completed.  But very frustrating at other times ...

Gene 

Jul 13, 2012 12:31 PM #14
Rainmaker
1,017,196
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Our media is not at all required to have facts or the truth on anything any more. Instead feelings and assumptions run the media. I am sick and tired of the problem.

Jul 16, 2012 02:14 AM #15
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I hear ya, Tim.  I'm all for people having dialogue.  But label it "opinion" and editorial then, not news.  News should simply be factual ...

Thanks for commenting ...

Gene

Jul 16, 2012 05:11 AM #16
Rainmaker
486,788
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX
DaveYourMortgageGuy.com

Gene, i actually know the exact article you are talking about.  This is what causes scared home buyers.  Worse is who is not doing the research on articles written before they are published.  And if i am correct he was not even someone who is in our industry but a "financial expert".  Expert on what, anybody can write an article or blog.  but all we need to all really look at what an expert is?  As this individual does not do mortgages for a living.  whew, okay i am don't ranting.....

Jul 17, 2012 02:09 AM #17
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Rant away, Dave!  And I don't think you can possibly understand thoroughly what a mortgage lender does these days unless you're an active mortgage lender writing loans on a consistent basis and working with clients around the clock.  Just no way!  They're writing these articles on hearsay and conjecture, if that's not the case ... and even then, very poor analysis and investigative research goes into it ...

Gene

Jul 18, 2012 05:46 AM #18
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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