When "NO" Doesn't Mean "NO" ... or at Least Not Forever

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
When "NO" Doesn't Mean "NO" ... or at Least Not Forever
     Do I have you thoroughly confused with my title?  If so, let me explain ...

      So many of my potential Mortgage Applicants mention thestatistics reported regarding their chances of successfully obtaining financing for a home purchase.  Add what's heard regarding today's actual Mortgage process (which is portrayed as pretty bad too) ... and I can find myself in front of some pretty scared people.  Especially true, if they're First-Time Home Buyers.

     It's hard to deny that the current process for obtaining Mortgage financing can be challenging.  I've addressed this fact many times in prior posts.  In those post I've firmly stated what I also believe to be a fact ... that WHO you choose to work with while pursuing your financing makes a world of difference in the outcome you find.  
     Simply:  If you, as a hopeful Home Buyer, don't take the time to do your homework ... or make the effort to find and work with an experienced and knowledgeable Mortgage Lender, you do yourself a huge disservice and severely lower the chances of your finding success.  At minimum, you end-up having fewer financing options and higher financing costs.
     But let's say that you did what I recommend above and you still received a "NO" on your Mortgage Application.  What then?
     This is where I say "NO" doesn't have to mean "NO" .. or at least mean "NO" forever ...  
     I've referred to the Mortgage process as a "recipe" of sorts in the past.  It's definitely true.  Specific Mortgage programs often have specific requirements.  That means as your Lender, I must supply specific information or "ingredients" to Underwriters to secure the perfect "recipe" for Mortgage Approval regarding that Mortgage program.  
     Should we receive a "NO" regarding that specific Mortgage program, it doesn't mean that we can't try another financing option for you.  A "NO" doesn't have to mean "NO" for every option you have at your disposal.  
    Again, this is where your choice of Mortgage Lender comes into play.  If you've chosen your Mortgage Lender wisely, you are more likely to have a menu of financing options available to you ... and their experience and exposure to challenging scenarios will greatly expand your opportunities and chances for success.   
     But okay, let's talk worst-case scenario.  You and I worked through every option you have available to you to this point  and we're still receiving that "NO".  It can happen.  And yes, it can mean that for the time-being you've hit a dead-end.  
     As your Mortgage Lender, I'll assess and then relate to you my advice as to how to best proceed.  If I'm aware of other  opportunities and options that exist for you elsewhere, I'll tell you that.  If credit issues are the problem and we need to work on them, we'll tackle that together.  If there are appraisal or home inspection issues, we'll tackle that too when and where we can.  In other words, we'll leave no stone unturned in order to turn that "NO" of today into a "YES" as quickly as possible.
     So it's true.  Not every "NO" is created equal.  There are those times When a "NO" Doesn't Mean "NO" ... or at Least Not Forever ...
     Much of thatis dictated by the choices you make as the future Home Buyer and Mortgage Applicant.  So take control.  Make wise choices.  And don't take "NO" for an answer!  Explore, discuss, and review all your options ...
     *  Hoping to Buy a Home or Refinance in a Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact me today!  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
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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! 




Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 12/19/2013 02:39 AM
  2. Winston Heverly 03/17/2014 11:48 PM
Lending / Financial
Illinois Will County New Lenox
1st Time Buyers
Buyer Information - What Buyers Need to Know in Today's Market
credit repair
buying a home
mortgage approval
mortgage lender
applying for a loan

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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

Definitely one of the messages I was trying to get across, Noah ...

Exactly what a good Lender does, George ... your client is much better positioned and prepared if that's done ...

John:  Well ... and perfectly said!  And thank you ... you're always so kind ...

Same to you, Jane!  It's true ... I don't give up on my clients ... and I hope they do not give up on me either ...


Dec 19, 2013 05:47 AM #8
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Excellent post, very important topic and terrific explanation Gene.  Well done sir.

Dec 19, 2013 08:06 AM #9
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Wow Gene, that is a mouthful of a title but rings the bell true..buyers should reach out to knowledgeable lenders like you to guide them through the process.

Dec 19, 2013 08:07 AM #10
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Gene - so important that buyers work with a local lender that is successful in that particular area. Lenders can help turn around a bad situation when all the cards are on the table. Best to start with a lender and work together towards that goal

Dec 19, 2013 09:30 AM #11
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

Thank you for the timely post. You are right on the market. No can mean no for the moment.

Dec 19, 2013 09:08 PM #12
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So true, Gene.  Prospective buyers need to find a lender/broker who's an expert and knows how to help in tricky situations.

Dec 19, 2013 09:19 PM #13
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Gene:  As always a timely post to get buyers to understand the mortgage process and that there is hope if they are with the "right" mortgage partner.  Congrats on another featured post!


Dec 20, 2013 01:34 AM #14
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, Roger .. your kind words mean alot ...

Appreciate the thumbs up, Ginny.  Working with experienced professionals definitely helps ...

Excellent point, Janis ... teamwork's value is sometimes overlooked during a transaction ...

So true, Anna.  The market and rules/regulations can change quickly ... best to stay in touch and continue the effort towards a successful purchase ...

Gabe:  Sometimes it boils down to working with a professional that can OFFER options.  Some have a larger menu to work with than others ...

Evelyn:  Thank you!  Appreciated the opportunity to get-together and talk the other day.  Love working with true professionals ...


Dec 20, 2013 03:26 AM #15
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Gene - Buyers who choose you are truly fortunate. SO many lenders won't go that extra mile, but stick with doing what's easy.

Dec 20, 2013 03:32 AM #16
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

There is more than one way to skin a cat.  Even in this market there are different programs with different brokers and lenders.

Dec 20, 2013 03:56 AM #17
Michael Ha Elmhurst
Rego Park, Forest Hills, Jackson Heights, Corona, Middle Village - Elmhurst, NY
Woodside, Maspeth

There's always a plan B to every situation, a Robin to every Batman. Letting buyers know the right practices is another thing.

Dec 20, 2013 07:33 AM #18
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I know what you mean but I'm taking it that some buyers that shouldn't be even remotely getting a mortgage will keep trying & trying. Despite their 500 credit score they keep hoping that 'someone' will finance them because 'they need a break'.

There is a difference in loan officers & what they provide to their buyers. Good example of this would be LO's that don't offer FHA or similar financing & never tell the buyers they could get that financing option just because they don't handle it. Never did think that was right.

Great post as always!


Dec 20, 2013 08:29 AM #19
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Getting financing after being rejected several times is an indicator that a financial analysis should be completely explored for suitability and sustainability. Respectfully, many LO's only focus on securing the funding without securing important facts and financial information from the client to ensure against the possibility of default. Sometimes, it's best for the client to wait until their financial obligations and cash reserves are secure before adding more debt. That's the primary reason for choosing a MLO, someone who is looking out for their clients best interest, don't you agree?

Dec 20, 2013 04:02 PM #20
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 appreciate your kind words, Marte ... thank you ...

Gene:  True.  And exactly why I say the CHOICE of the Lender you work with is so very vital ...

Michael:  I try to provide the scenarios that are available to them ... and then help them in deciding their best plan of action.  Ultimately it is their decision ...

Lyn:  I understand what you are saying.  Even when you have to say "NO" ... I believe it should be accompanied with an offer to assist them.  Should it be credit assistance or repair .. that is offered.  If the answer to their situation lies elsewhere, I try to assist them then too.  But they have to want the help .. and they have to actually take action.  Beyond that, you and I both ... we're at a dead end.  We've seen them too, haven't we??  Thanks for the thumbs up! 

Kimo:  I think as a potential Borrower you want to seek out Lenders that have multiple options and a full  menu of mortgage programs to fulfill your needs and service you.  I also think the more education and experience that Lenders have is something to consider.  Licensing can be one indication of that.  Those looking for a Lender need to do a thorough search prior to choosing.  That search should include asking questions regarding success rate ... and reputation.  Sadly, that doesn't happen often.   


Dec 21, 2013 03:11 AM #21
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Who you choose make a huge different.  We compare lending to termites, if not now,  then at a later date!  Arizona homes are always under the gun for termites.  My line, "It's not if you're going to get termites, it's a matter of when."   Sounds scarey, but we are so used to them that I find them myself!

Dec 21, 2013 08:42 AM #22
Robert Fowler - 55CommunityGuide.com
President of Retirement Media Inc. - Braselton, GA
55+, Active Adult and Retirement Communities

Gene anyone in Chicagoland looking to buy with mortgage financing would be well serveed to put you on their team.

Dec 21, 2013 01:13 PM #23
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Gene, I love that your post is filled with hope! It is important for buyers to work with seasoned mortgage professionals like Gene Mundt!

Dec 22, 2013 03:46 PM #24
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 prove the point perfectly, Jan ... the choice is theirs ... and it does make a difference ...

Thank you, Robert!  Very appreciated ...

Sharon:  Experience makes a difference ... no matter whether a Lender or an Agent.  No doubt about it ...


Dec 23, 2013 02:08 AM #25
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Gene, it's so important to find a mortgage professional knowledgeable of the different loan products and totally familiar with the process and intricacies of getting a loan to purchase a home.  And you; Mr. Gene Mundt, are that person!

Dec 23, 2013 05:10 AM #26
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, thank you, Mr. Pappas!  Very kind of you and much appreciated.  The sentiment is returned to be sure ..

Happy Holidays!


Dec 23, 2013 06:29 AM #27
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708.921.6331 - 40+ yrs experience
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