Why Are the Most Recent 2 Years of Your Life Important in Financing?

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/4rcY

  

Why Are the Most Recent 2 Years of Your Life Important in Financing?



     It's definitely true.  Much has changed in the Mortgage Industry and the financing of homes in a very short time.  

     But one thing has not changed.  That is the importance placed by Mortgage Lenders and their Underwriters on the most recent 2 years of a Mortgage Applicant's life.

http://www.genemundt.com/MortgageChecklist.aspx     Why is this 2-year period so important?

     There are several factors that are considered and weighed by Underwriters when they're reviewing a Mortgage Application for Approval.  Many of those decision-making factors take place during "the most recent 2 years" of a potential Borrower's History.

     And sometimes there are also "waiting periods" tied to the "passing of time" during this 2-year period.  Examples of lending tied to this "passing of time" period are:

  • FHA's timeline for acceptance of a Borrower's filing and subsequent discharging from a Chapter 7 or Chapter 11 Bankruptcy
  • VA's guideline requirement concerning a 2-year waiting period after a Short Sale or Foreclosure


     But EVERY Mortgage Applicant, whether they are a First-Time Homebuyer, someone returning to home ownership, or Refinancing, must disclose the following at the time of their application:

  • Employment History 
  • Residence History 
  • Payment History 
  • Information regarding the amount and type of debt they have incurred


     So what gives with the Mortgage Industry's obsession with the last 2 years of your life?  What answers are Underwriters seeking ... or what clues or insights regarding your behavior are they examining throughout that time period?

     Simply, they're watching for an established 2-year pattern of financial and employment:  

  • Stability
  • Reliability
  • Consistency
  • Accountability
  • Responsibility


     So, if you're someone hoping to buy a home or refinance, know that the most recent 2 years of your life will be examined closely during your Mortgage Process.  A 2-year residence history, income (all types), current savings/savings history, and current credit/credit history will have to be documented and provided to your Lender.

     But also consider this good news:  If you have suffered financial problems in the past, you are NOT condemned to rent forever.  

     The Mortgage Industry provides pathways to help you successfully become a homeowner either for the first time or once again.  And in most cases, you can get on solid financial footing within ... yep, you guessed it!  A TWO Year Period of time.  

     Kinda ironic, right?

     But true.  Often, in a 2-year period you can build from scratch ... or re-build credit.  A stable employment history can be established.  Money can be saved for a down payment.

     It's also true that help and guidance is readily available. With the help and guidance of a Mortgage Lender throughout that 2-year period, you can typically gain the credit/credit history and ability to borrow money to become a homeowner, if you follow the advice and directions they provide.


 https://1609956119.secure-loancenter.com/FreeConsult.aspx
     Bonus Alert:  That help and guidance is often provided to you at NO Cost.
 


     Whether you're just beginning your journey to home ownership ... or hoping to return to it once again, in the Chicagoland-area reach out to me today.  The sooner we get started, the sooner you reach your goal ...

 

http://www.genemundt.com/ContactUs.aspx



     *    Hoping to Buy, Build, or Refinance a home in the greater Chicagoland area?  Contact Me today!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
 

 

  
Posted by

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   

 

  

 

 

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! 

 

 

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Praful Thakkar 11/16/2014 01:01 PM
  2. Nina Hollander 11/16/2014 08:58 PM
Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
Windy City Real Estate
1st Time Buyers
Consumer Mortgage Tips
Bananatude

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,095,638
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gene... it was my pleasure to repost!

Nov 17, 2014 12:58 AM #47
Rainmaker
1,229,841
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, Richie Alan Naggar Author PEARLS SERIES of books ... what a compliment!

I think, like with any other financial service, you must take the time and do the homework to find the best .. and RIGHT credit repair service, should you hope to take that route, Bill Roberts .  That said, if the credit issues are of such a magnitude that you feel the need ... I'd recommend talking to a good attorney.  Find out your legal obligations and routes available to return to better credit standing. 

But I feel with guidance, knowledge, and tenacity ... most in need can address the issues themselves with little cost.  Mortgage Lenders can be a no-cost source for help and info too.  Again, the magnitude of the problems being faced will often provide the answer as to whether assistance beyond a Lender is needed.  Great question!

Gene

Nov 17, 2014 01:05 AM #48
Rainmaker
1,229,841
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 so much for your kind comments, @JoaChicago Real Estate ... Goran Utvic!  And I'm hoping you and I can make that happen!

Gene

Nov 17, 2014 01:09 AM #49
Rainmaker
1,229,841
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

Joan Cox ... Depending where the client is within that 2-year period, you're absolutely right!  Their options can change in a matter of days or less ...

You make a very timely and important point, Rob Spinosa ... and I hope I see a post regarding this very topic from you soon????

Gene

Nov 17, 2014 01:11 AM #50
Rainmaker
1,229,841
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

Ken Tracy ... Congratulations to you!  I KNOW you will find the success you seek and deserve ... Best of luck to you!

Scott Godzyk ... NO!  Not the answer needed or wanting to be heard at that time, to be sure.   Glad you found this info helpful ..

Gene

Nov 17, 2014 01:16 AM #51
Rainmaker
1,229,841
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

David Baker Realtor - Laveen Homes for sale ... glad you found the info timely and beneficial.  Please feel free to "bookmark" the post for future reference, if that will help ... or shout out to me with questions.  Always glad to help, where and when I can ...

Gene

Nov 17, 2014 01:17 AM #52
Rainmaker
1,722,655
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com, Great blog and this is a topic that I wish more consumers were familiar with especially when they are thinking about making a move. 

Nov 17, 2014 01:17 AM #53
Rainmaker
1,229,841
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, Sam Miller.  Hopefully with this info ... and that you provide ... we can help clients in need and in these situations.  The more info they have, the better ...

Gene

Nov 17, 2014 01:32 AM #54
Rainmaker
620,990
MaryKay Shumway
The Kellstrom Ray Agency, Inc. (Est. 1948) - Sister Bay, WI
Door County Wisconsin's Real Estate Expert

Gene, this is great news and a fantastic post not just for the Chicagoland area, but nation-wide.  Thank you for sharing!

Nov 17, 2014 05:05 AM #55
Rainmaker
707,379
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Gene, it was my pleasure to give you an opportunity to expound, and you did it admirably.

Bill Roberts

Nov 17, 2014 09:51 AM #56
Rainmaker
1,516,122
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Excellent information here. The words many need to hear after the past fove or six years..."If you have suffered financial problems in the past, you are NOT condemned to rent forever." 

Nov 17, 2014 09:33 PM #57
Rainmaker
1,229,841
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

My pleasure, MaryKay Shumway, ABR, CRS ... glad you found benefit in the info provided ...

And I appreciated your question and opportunity to keep the dialogue and info flowing, Bill Roberts ... you excel at it!

Gene

Nov 18, 2014 12:47 AM #58
Rainmaker
1,229,841
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

Our industry must provide hope too, Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC ... and well-marked pathways to return to homeownership.  We can't just take away ... homes or hope ...

Gene

Nov 18, 2014 12:49 AM #59
Rainmaker
707,379
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Gene, Hope without a way to accomplish that "hope" is worthless. You provide both the hope and the way.

And you are very smart to answer all comments. Some in the industry think that it is sufficient to "reciprocate" comments but don't answer comments or questions on their posts. Bad move. Keeping the conversation going helps SEO and helps people "find" what they need to read.

Good job.

Bill Roberts

 

Nov 18, 2014 01:19 AM #60
Rainmaker
1,355,289
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

You have compiled a good list of reasons to plan ahead.

Nov 18, 2014 05:38 AM #61
Rainmaker
1,229,841
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

Bill Roberts ... You're quite right.  The give and take of real dialogue is what I seek.  For the reasons you state ... but also because it builds relationships with those I admire here and can learn from.  Thanks for your thumbs up .. and keeping our conversation going too!

Thank you Jeff Jensen ... appreciate it!

Gene

Nov 18, 2014 10:42 AM #62
Rainer
171,565
Mike Warren
Real Estate - Colorado Springs, CO

Very informative article Gene. All the best.

Nov 19, 2014 03:30 PM #63
Rainer
74,880
Brian Clinger
Coldwell Banker AJS Schmidt - Cascade, MI
Brian Clinger ABR, GRI, CRS, SRES

Great overview that I can share with buyers.  Thanks.

Nov 20, 2014 10:52 PM #64
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Need a Mortgage Lender in Plainfield, IL? Start today by calling (815) 524-2280, for Gene Mundt.

Nov 21, 2014 02:38 AM #65
Rainmaker
1,229,841
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

Thanks, Mike!

Brian Clinger ... Music to my ears!  Glad you found the info helpful ...

@Will Nesbitt:  Always appreciate your support and thumbs-up!

Gene

Nov 21, 2014 03:41 AM #66
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,229,841

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
Contact Me For Mortgage Answers, Info & Assistance:
*
*
*
*
Spam prevention

Additional Information