The Growing Importance of Making Timely Decisions When Buying a Home or Seeking a Mortgage

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Gene Mundt, a mortgage professional in the greater Chicago area, has written a very clear post on the dangers buyers face from failure to keep in touch with their loan officers.  He explains how delays in decision making can end up possibly killing the deal before it can be fully re-started.

The Growing Importance of Making Timely Decisions
When Buying a Home or Seeking a Mortgage

     This following issue is of growing concern, importance, and timeliness.  What's the issue?  
     Home Buyers taking extended periods of time making decisions regarding their home purchases and their mortgage financing.

     I just had a client that re-connected with me after having gone stone colWebsite of Gene Mundt, Mortgage Lenderd silent for an extended period of time.  I repeatedly tried to get them to respond to my email, texts, or calls, but got nothing.  The last time we had spoken, they had indicated that they were sure they could negotiate a better "deal" and a better price on the home they were viewing.

     Their call caught me somewhat off-guard.  Their message even more so.  This client told me they had:  

      A.  Made an offer on a home utilizing my Pre-Approval, provided to them months ago.  (Another issue.  Another blog.)

     B.  Are now buying the very same home they had hoped to buy all those many months ago. 

     What has changed during the interim months?  Interest Rates have jumped higher.  Substantially higher.  Enough higher that the dollars they saved through their months-long negotiations do not offset the increased cost in their monthly payments due to the higher Interest Rates.  

     In short, this Buyer no longer qualifies for the financing they need to buy the home they want.  They negotiated and rate-shopped themselves right out of home ownership. What else has changed during the months this client was out of contact with me?  

     The volume of real estate business being conducted.  More homes are selling.  Lenders are running at full capacity.  Rising Interest Rates have placed increased stress on them.  Processing and Underwriting times are longer.        

Link to FREE Chicagoland mortgage consultation with Gene Mundt, Mortgage Lender     Title companies are under pressure too.  Especially during certain times of the month or dates surrounding holidays, agents need to be aware that title companies may/may not be capable of Closing your loan on a date of your choosing. All these things are contributing to much more challenging transactions.  

     Only time will tell if Interest Rates return to a point that will allow my client to proceed with a purchase.  Or if the home they want is still available in the future.  But in the short term ... it's not looking promising.

      The example I provide above proves what can happen when timely decisions are not made and when there is no consistent communication between parties involved in a transaction.  It also proves the value of a client listening to the professionals they have chosen to work with.  With Interest Rates bouncing like they currently are, that importance will only increase ...

Contact info for Gene Mundt, Mortgage Lender

     *  Hoping to Buy a Home or Refinance in Joliet, Will  or  DuPage County, or elsewhere in the Chicago/Chicagoland area?  Contact me today!  I'll put my 36+ years of mortgage experience and expertise hard to work on your behalf.
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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender     

Gene Mundt

Regional Manager - Mortgage Lender

                                                                    Personal NMLS #216987


NMLS # 175656


Posted by


Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
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Comments (3)

Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Steven,  When we snooze we lose.  Buyers have to be engaged in the process and be willing to make timely decisions.  Smart buyers shop their self right out of the market. 

Jul 05, 2013 12:45 PM
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

Steven:  Thanks so much for the re-blog of this post.  I think right now we're in a transitional period for buying, selling, and Interest Rates, as well.  We need to drive the point home that timing of our decisions is hugely important.  Hopefully your readers benefit from your post here ...


Jul 06, 2013 12:11 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Kathleen -- I am not sure it is the "smart buyer" as much as the overly analytical buyer who is pricing themselves out of the market.

Gene -- glad to repost such an important topic.  I agree we are transitioning in all those areas, and as always, this is occuring differently in each locale.

Jul 06, 2013 02:56 AM