Don't be a Self-Diagnosing Doctor or Armchair Quarterback When Buying and Financing Your Home

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



Don't be a Self-Diagnosing Doctor or
Armchair Quarterback When
Buying and Financing Your Home
      Hard to believe in this record-setting summer of intense heat, but yep ... NFL football camps are already back in session or starting soon.

Get in the game!  Contact Gene Mundt, Mortgage Lender for your FREE Mortgage Consultation now!    Football came to mind when reading  Carla Muss-Jacobs', (EBA Portland),  recent re-blogging of an excellent post written by  Debe Maxwell,  ( Savvy + Company Real Estate), entitled,  "WebMD, Can You Teach Me How to Perform My Own Tonsillectomy?"  (Two of my very favorite real estate bloggers on  ActiveRain.)

    The post touched-upon the fact that more and more info and advice is available regarding home buying and  mortgage financing  than ever before, courtesy of the internet and social media.  And because of that fact, professionals within our industry (whether in Will County, Chicagoland, or elsewhere across the nation) are finding that they are running into self-taught real estate  "doctors"  more often during home buying transactions.

     What's a real estate "doctor", you ask?  They are those potential home buying clients that think, because of all they have read and seen on the internet, that they're fully educated and capable of conducting their own real estate transaction and financing.  They want to tell the professionals what to do.  They want to perform or direct their own real estate-related "surgery".

Get a Professional opinion about your mortgage options.  Contact Gene Mundt, Mortgage Lender today!    Now it seems to me that these newly educated "doctors of real estate" often know a whole lot of "armchair quarterbacks" too.  It never fails.

     If you follow football, you know that an armchair quarterback is someone that will sit on the sidelines and second-guess all the plays.  They think they can do better calling or executing the game.  Or they're smarter, faster, tougher than the coaches or professionals playing the game.  Never mind of course, that the last time they were in uniform or saw action was decades ago. 

     It's my belief that the game of football (just like real estate) has evolved over time.  That the game we view now is quite different from the game we played or watched years ago. The modern player is faster, bigger.  The game is much more demanding mentally. The physical challenges have grown.  The stakes ... much higher.

     Compare all those things mentioned above regarding football, to the act of buying and financing a home within the current market VS a home purchased and financed just 5 years ago.  I think a lot of similarities can be drawn. 
     The act of buying a home within the current housing market ... and the process of financing that home, is definitely more mentally demanding than it used to be.  Physically it's more stressful.  And the stakes have vastly grown in the last few years too.

     And just as an armchair quarterback play calling from their recliner really doesn't help their favorite team ... an armchair quarterback calling plays from the sidelines of a home search or throughout mortgage financing isn't helpful either.  Especially if that "quarterback" hasn't bought a home in years.

     Now I'm not advocating that home buyers not seek outside help or guidance during their home buying and mortgage financing experience.  Not my intention at all.  I believe that, especially for young, first-time home buyers ... the support and direction provided by parents or reliable sources can be particularly helpful and calming.

     But the important message I took away from  Debe Maxwell's  post was: 

     Just as you wouldn't want a self-taught doctor performing your tonsillectomy surgery ... those entering the housing market or seeking mortgage financing, need to allow the professionals that are trained, educated, and experienced within the current housing market ... and  mortgage lending ... to do what they are trained, educated, and experienced to do.  What the professionals were chosen for in the first place.

     Clients shouldn't be performing their own surgery.  And armchair quarterbacking isn't healthy for them either.

    Do yourself a big favor ... don't be a self-diagnosing doctor or listen to armchair quarterbacks when buying and financing your new home.  I say, do your preliminary homework well.  Ask your questions.  Listen to the answers.  Conduct your consultations.  Form  your game plan with your real estate and mortgage professionals.  And then let them execute it.

     The processes will go more smoothly. The results will be greater.  You will be happier, if you just allow yourself to enjoy and reap the benefit of your real estate and mortgage professional's knowledge, experience,  and expertise.
    *  Work with a  mortgage lender  with over 35+ years of experience and expertise available  for your benefit.  Contact me  today.  We'll talk.  Set a game plan and get you started towards your home buying or refinancing goal.
     I can be found at any of the following:
Cell/Text:    708.921.6331 
Email:  genemundt
Skype:   630.219.1316 


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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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This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
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Illinois Will County Joliet
Chicago Area Real Estate BUZZ!
1st Time Buyers
Buyer Information - What Buyers Need to Know in Today's Market
home buying
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working with professionals
new housing market demands

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Beth Spradley
Capital Real Estate - Tuscaloosa, AL
Selling Homes in Tuscaloosa and Birmingham Alabama

The football analogy is fantastic.

Jul 27, 2012 12:43 PM #7
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I definately agree with this post..  I give buyers a flow chart of all of the steps to get from "finding the house" to "closing" .. I remind them that finding the house is the easy part... and then there are many many steps to get to closing.

Jul 27, 2012 12:47 PM #8
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

All comes back to knowing what you don' know and respecting those who do !

Jul 27, 2012 01:59 PM #9
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Gene, I guess, I will email this post (or something similar to this) to some of my buyers who think they can 'treat' themselved without a 'doctor' because they are registered with 'WebMD'.

Jul 27, 2012 02:55 PM #10
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Probably never get people that won't at least try it a time or two. I believe people would preform their own surgery if they could save enough  money

Jul 27, 2012 03:45 PM #11
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Great post, Gene.  It seems very risky to me to try to do either side of this on your own.  It feels like a recipe for disaster, and I don't think most people realize this until later in the transaction when it is too late and can often result in a lost deal.

Jul 27, 2012 08:40 PM #12
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

No matter what business you are in, we all come across arm chair quarterbacks. This is the very reason, we can be succesful in spite of any market condition.

Jul 27, 2012 08:42 PM #13
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)
Gene a recent buyer of mine had her father to look at a couple of houses that she was considering. Fortunately the buyer could clearly see that the Dad was postering. Her words to me were "he means well" and that was a relief to know that she realized that although he meant well, she didn't take him too seriously.
Jul 27, 2012 09:51 PM #14
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

 You make so many excellent points in this post Gene. Actually gave me no less than 3 topic ideas to blog about( so thanks). Loved your arm chair quarterback analogy. Like taking advice on finances from your BROKE uncle Darrel!!

Jul 27, 2012 10:26 PM #15
Linda Piper
Planatek Financial, Inc. - Ventura, CA

Gene:  Well said.  We all know that every transaction is unique and the rates and guidelines change so often that considerable investment of time goes in to maintaining our knowledge base to help our clients.  I spend an enormous amount of time just educating buyers about how the lending process works - I'm sure you do also.  Very frustrating to have to undo and reset expectations with the self-taught.  Nicely written about a sensitive and frustrating topic!

Jul 27, 2012 10:59 PM #16
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Gene, it seems every family has an armchair quarterback who has advice to give. Leave it to the professionals to get the job done right.

Jul 27, 2012 11:01 PM #17
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

All so true, Gene.  And this applies to so many more things in life.  It is always best to seek the advice of a professional.

Jul 28, 2012 12:16 AM #18
Denise Hamlin, Broker/Owner
Cardinal Realty ~ 319-400-0268 - Iowa City, IA
Helping Happy Clients Make Smart Choices

This is my favorite post of the day Gene. You are so right. Love your comparison to armchair quarter backing, it's a really great way to make your point that when it comes to real estate you need professionals to guide you through the process.  

Jul 28, 2012 01:10 AM #19
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

Louise:  Thank you so much!  What an honor, coming from you ...

Carla:  Yes, I get a fair share of requests for 2nd opinion.  And I always tell those calling me for those, that I don't mind being #2!  Thanks for providing the inspiration for my post.  Your post was greatly appreciated ...

Sharon.  Thanks ... and I agree.  There's alot of good that comes via the internet ... but it still needs to be recognized that professionals accomplish their tasks daily.  The professionals gain more info and indepth, hands-on experience and expertise.  THAT is what gets the transaction to Closing and completion.  You don't gain that insight on the internet ...

Mona:  I like the sound of that!  First .. that I'm fulfilling a need for you and your clients ... and selfishly, that you told me about it.  It felt good hearing it ...

I like the way you think, Jane.  You prove that getting a buyer to the transaction table takes teamwork between agents and lender.  We need each other.  A good reminder ...

Sweet words to hear, for any Lender, Tammy!  If only more took that stance ...

Beth:  Thank you ... but my wife would tell you that my football analogy is actually just proof of a big disease.  That being a football fan ...

Ahhhh yes, Sally.  Respect. Something sadly lacking too often ...

Praful:  Glad to help!  Feel free to utilize it, if you think it will help ... I'd be honored ...

You're probably right, Joyce ... and especially true in these more challenging economic times.  Some view it as a "need to do" almost.   I, of course, would argue that it actually garners the exact opposite result ...


Jul 28, 2012 02:54 AM #20
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Here in Naples we have found that 87% of all buyers (2nd homes) research on the internet before their plane touches down.  We actually like this because they know alot more than in the past and we don't have to spend our time educating them about the area.  In alot of cases they already know which development they want to live and our jobs sre easier.

Jul 28, 2012 04:20 AM #21
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

Debbie:  As self-serving as it may sound, you are exactly right when you express that opinion.  It's hard enough for professionals to stay on top of all the info and regulations that enter into the modern day transaction.  To think someone that is a novice, or outside the industry could do it is unimaginable.  Just too many "curve balls" can come your way.  Very good comment ...

Joe:  We're not alone in seeing this within our industry.  You're right when you say it happens everywhere ...

Charita:  Ahhh yes.  Parents!  They can be of a great assistance or really much-up a deal.  Glad yours turned-out well ...

Greg:  Glad to hear that my post served beneficial and inspirational to you.  Typically everyone knows what an armchair quarterback is ... so happy that the analogy worked.  Thanks for the comment ..


Jul 28, 2012 04:49 AM #22
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

Linda:  Your spot-on when you talk about "unlearning" something being harder than learning it new.  I've definitely found that to be the case.  Education is definitely key to a successful transaction .. and I agree totally with your sentiment that it should be a huge portion of what we do ..

Michael:  So true!  Each family seems to have someone fulfilling this role ... or trying to.  But unless they ARE in the business, finding true professionals to work with is vital ...

Definitely true .. this does not pertain only to our industry, but to others as well ... good point ...

Thanks Denise!  Glad you liked the analogy and you thought it got the point across.  And btw ... Go Hawkeyes!  We're fans at our house ... our son's a U of Iowa grad ...

I understand what you are saying, Chris and Dick.  Having an idea of where and what you want to view, prior to getting to Naples would be helpful.  But when it comes to the actual transactional portion or completion of that transaction ... I say that clients must be willing to listen to their professionals.  Exactly why they contacted you in the first place, I would think.   Obviously you impressed them via your conversations or website, etc. ... prior to them contacting you or touching down on Naples soil ...



Jul 28, 2012 11:27 AM #23
Beth Paterson
Reverse Mortgages SIDAC, LLC, NMLS #1790592 - Saint Paul, MN
CRMP, NMLS #342859

Love your post, Gene!  Specializing in reverse mortgage we find so many myths and misstatements in the media, by politicians, friends and neighbors.  I've learned to ask people if they go to the plumber if they are having health problems.  Of course they don't they actually go to the specialist.  So they should also go to the specialist to get the facts to decide if the loan is right for them and their situation.  I love the self-taught doctor analogy too.  Thanks for sharing.

Jul 28, 2012 02:42 PM #24
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Gene - I've been around real estate pretty much all of my life, and I know just how complicated it can be.  I agree that it's not something somebody should try to do on their own without experience.

Jul 28, 2012 04:29 PM #25
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

Ooooo particularly challenging mortgages there, Beth.  So much indepth conversation and revelation needed to get the answer right for each client.  You definitely have to be the expert ... mixed-in with part  financial planner, counselor, pastor, and more.  You make an excellent analogy yourself in your commen ..t.

Christine:  Definitely more and more true in the current climate, for sure.  Hard enough for professionals to stay on top of all the changes and intracacies, let alone the public ...


Jul 29, 2012 02:48 AM #26
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