When Should a Will County - Chicagoland Home Buyer First Seek Financing Guidance?

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
When Should a Will County - Chicagoland 
Home Buyer First Seek Financing Guidance?  


     As a Mortgage Lender, I recommend that potential Home Buyers contact me up to one year in advance of their purchase.  That is especially true when that Home Buyer is a First-Time Home Buyer.  And here's why ...

     I recently had a young newly-engaged couple contact me for Mortgage financing.  They were hopeful First-Time Home Buyers wanting to learn how well they were currently positioned to buy a home.  They also wanted to know more about their Mortgage financing options and what was ahead of them during the Mortgage Process itself.

     This young couple was well-organized.  I'd recommended that they visit my website prior to our meeting and they had done so.  They had a good portion of their needed financial documentation in-hand and were prepared and ready to talk.
     But when this young couple sat down, I just knew they were scared to death.  It isn't unusual to see this reaction.  Most First-time Home Buyers have little idea of what they'll face, so it's only natural that they're a bit apprehensive.
     Many clients have probably heard that there will be an onslaught of questions to answer.  But they rarely know what those questions will be ... or how answering those questions will end-up fulfilling a need within a transaction.
     After working with this young couple, I thought seeing some of the questions they were asked during their first Mortgage Consultation might prove helpful to others in their preparation to buy/finance a home.  Keep in mind, every Buyer's needs and financing scenarios are different and can vary greatly.  But many of the questions you hear may be similar or close to those found below.
     You will most likely be asked:
  •  How soon are you hoping to buy?
  •  Do you know your Credit Scores?
  •  Have YOU pulled your Credit Report from www.freeannualcreditreport.com(Depending on your personal situation, I may/may not request to run your Credit Report at this time).
  •  Have you saved any monies for a Down Payment?
  •  If so, how much have you saved for your Down Payment?
  •  Do you want to "keep back" or retain any of your savings after Closing?

     Other questions will include:

  •  Have you started an actual home search?
  •  Do you know the location and price range of home you wish to buy?
  •  Do you know what price a home with those features ... and in that location ... will demand?
  •  What debt do you currently have?  
  •  Do you have installment Loans, such as Auto Loans, Student Loans, Credit Cards?
  •  How many accounts (called trade lines) have you established?
  •  What about your Employment(s)?
  •  How are you paid?
  •  What are you paid?
  •  How long have you been on the job?
  •  Does that include overtime?  Will that overtime continue?
  •  Does your pay include bonuses? Will those bonuses continue to come ... or are they unscheduled?
  •  Are their children involved?  Child Support? Alimony?

     Knowing this couple was an engaged couple, with a wedding day set, I also asked the following questions:

  •  Will your wedding and wedding expenses impact your credit/debt?
  •  If so, how much?
  •  Upon marrying, will monetary wedding gifts impact your Down Payment?
  •  How do you intend to use the gift monies?
  •  Have you set-up a separate banking/checking account for wedding/reception funds?  One that separates those monies from the Down Payment funds/account?

     As you can see, there is much to consider as you enter into Home Buying.  This is especially true if you are a First-Time Home Buyer or someone getting married during the Process.  The questions above also prove just how personalized today's Mortgage Process has become ... and just why I recommend starting the Mortgage Process so far in advance.  

     In my next post, I will address:

  • HOW and WHY having an early Mortgage Consultation can benefit you
  • WHY providing required documentation in a timely manner is important
  • WHAT guidance and assistance you can expect as we move forward in the Mortgage Process together


     As always, you are invited to contact me with any questions or needs at your convenience.  You can easily find me at the following:

                                            Gene Mundt
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

 Click HERE for your FREE Mortgage Consultation!

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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. 


Your Referrals & Testimonials are Always Greatly Appreciated! 




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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Gene -  This is a great summary of questions that buyers frequently ask.  I see my job as helping them get the information necessary to make an informed decision.  Working with a reputable "local" lender is another important component to having a successful transaction.

Oct 22, 2013 10:21 AM #3
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

Mike:  Thank you so much .. you're kind.  Always feels extra good to get a thumbs up from a fellow Lender!

Thanks so much, John.  And you're right.  It's wise to find us as soon as possible.  It definitely pays off to do so!

Joan:  I like the way you think!  An agent's help in reinforcing and assisting with clients is so very valuable ... thank you for pointing that out ...


Oct 22, 2013 11:30 AM #4
Jay & Michelle Lieberman
Keller Williams World Class - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

Gene:  you are by far the best expert I have read on the home loan market.

Oct 22, 2013 11:39 AM #5
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

Jay and Michelle:  Wow .. thank you so much!  You're so kind .. and it's greatly appreciated ...


Oct 22, 2013 12:15 PM #6
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene, I think you have been wire tapping my office.  The list of questions you listed above could have been a script for one of my conversations with Borrowers when I am Pre-Approving them for a loan.  Now I need to go and search my office for where you put that bug  :) :) :)

Oct 22, 2013 02:11 PM #7
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Great breakdown for those seeking financial guidance Gene.

Oct 22, 2013 03:35 PM #8
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You shared wonderful questions that all of us need to be asking anyone that may want to get a mortgage in the future. Clients in your are fortunate to be working with you.

Oct 22, 2013 07:25 PM #9
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Gene, these are all excellent questions. Your expertise will help alleviate a lot of their concerns.

Oct 22, 2013 08:48 PM #10
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

An excellent group of questions here.  This list is a great starting point for a little pre-mortgage counseling home work. 

Oct 22, 2013 09:41 PM #12
Bill and MaryAnn Wagner
Wagner Real Estate Group - Ocean City, NJ
Jersey Shore and South Jersey Real Estate
Gene, Excellent post. It would really be great if all buyers started preparing financially for their purchase a year in advance. We find only about 10% of our buyers have started preparations in advance. About 30% have issues to address that puts them 6 to 12 months before they can purchase.
Oct 22, 2013 09:58 PM #13
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope buyers will read this post. I will bookmark this and share it with others.

Oct 22, 2013 10:00 PM #14
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

This is great Gene. I always recommended home buyers, especially first time home buyers, to sit down with a loan officer such as yourself to find out exactly how much they can qualify for a home loan.

Knowing what questions they might be asked will greatly benefit and ease them. I will definitely share this post.

Oct 22, 2013 10:13 PM #15
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

You caught me, George!  I "bug" only the best!

Thanks, Tom .. glad you found the info beneficial ...

Appreciate the thumbs up, Joe ... thank you ...

Thank you, Michael.  I'm glad you found value in the questions I listed ...

Gary:  I hope the list provides some insight into the mindset that needs to be present during a consultation .. and the documentation, etc ...

Bill and MaryAnn:  You make the exact point I was trying to prove.  Often, issues exist .. and those issues take time to address.  Credit remedies can take a while to establish themselves.  Better to start the process well in advance to address that fact ...

Thank you, Gita!  Hope it proves beneficial to you and your clients in the future ...

Goran:  Your recommendation is appreciated.  Starting the process early allows for needed education and discussion.  It proves very beneficial as first-timers move through the process.  The more of your clients that listen to your valuable advice, the better ... thank you ...



Oct 23, 2013 01:17 AM #16
Rob Spinosa
Guaranteed Rate, Marin County, CA - San Anselmo, CA
Vice President of Mortgage Lending, Marin County

A very critical concept here, along with the advance in time frame, is the very fact that the homebuying is a process, not an event.  So by being "in process" for longer, the potential to gain knowledge and experience increases.  This assumes you have a great working relationship with your loan professional, but that too is your choice.

Great blog post.  Thanks.

Oct 23, 2013 03:51 AM #17
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

Well said, Rob.  Especially today, it IS a process.  One best started well in advance of the "event" ...


Oct 23, 2013 04:09 AM #18
Robert Fowler - 55CommunityGuide.com
President of Retirement Media Inc. - Braselton, GA
55+, Active Adult and Retirement Communities

Having a good checklist of questions like that will help other young couples or anyone as they approach the process of buying real estate.  Very helpful.

Oct 23, 2013 08:33 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

Thank you, Bob ... glad you found it beneficial and interesting ...


Oct 23, 2013 11:03 AM #20
Team Honeycutt
Allen Tate - Concord, NC

It is never too early to seek advise about the home buying process. The list of questions should be a great help to us.


Oct 24, 2013 12:39 AM #21
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Gene, it's easy to understand why the first time homebuyer can be so overwhelmed and if only they could all find you, I'd bet there would be a heck of a lot of calmer & wiser first time home buyers. Great post Gene.

Oct 24, 2013 01:15 PM #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

Glad to hear that, Betty ... exactly what I love hearing!

Lynn:  Thank you!  I hope it help all that read it .. no matter their location and no matter how many times they have purchased and financed a home ...


Oct 25, 2013 11:02 AM #23
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