Special offer

Are You a Mortgage Borrower? Flex Your Muscles!

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

Are You a Mortgage Borrower?

Flex Your Muscles!


     It's fairly common to see and hear advice provided about the importance of comparing Mortgage Lenders when looking to finance a home purchase or refinance.  Advice is also commonly given to conduct comparison shopping when it comes to Interest Rates too.  
   
     But it's important for Borrowers to know:
  They can "shop" other Fees charged within the financing of their home loan as well ...

     Here in Illinois:  The newly introduced "Loan Estimate” document clearly illustrates which Services/Fees applicants can and cannot shop for when financing a home.  Mortgage Lenders are obligated to provide this information to their Borrowers.

     So which Services fall under each category?

     Services that CAN be shopped:

  • Settlement Fee
  • Lender's Title Insurance -  Title
  • Attorney's Fee
  • Endorsements & Misc. - Title
  • Doc Fee - Title
  • Recording Services - Title
  • Wire Transfer - Title
  • Closing Protection Letter - Title


     Borrowers should be Aware:  Vast differences in Fees can exist between providers for these services ... as well as the level of the professional's expertise.  

     Gaining referrals and Fee quotes for these services is just as important as those sought for the services of Lenders or Agents.  

     Especially important, is seeking the advice and guidance of a Real Estate Attorney ... an attorney educated, knowledgeable, and active in current real estate transactions.  Not just any attorney will do.  
      
     Services that CAN'T be shopped:

  • Flood Certification
  •   Mortgage Insurance Premium
  •   Credit Report
  •   Appraisal Fee

     
     The above-mentioned services and their coordinating Fees ... along with the Lender's Origination, Processing, and Underwriting Fees ... equal the Total Loan Costs charged to Borrowers.  

     Taxes, applicable government fees, possible escrow fees, and other miscellaneous fees may round out the Total Closing Costs charged to a Borrower.

     Choices do exist for Illinois Borrowers.  It's important and wise that they take the time and flex their muscles when and where they can as it pertains to the choice of their professionals, as well as the Fees associated with their services ... 

 


   
*  Hoping to buy 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:

Gene Mundt

 Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

 

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! 

 

 

Comments (35)

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Lenders are like insurance agents. You have to keep shopping till you get what you want.

Nov 21, 2015 11:40 AM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

Nice breakdown on the variable costs of borrowing, Gene. Buyers need to ask questions, and be aware that they do have options.

Nov 21, 2015 03:29 PM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for a great article!!!

It's important for Borrowers to know:  They can "shop" other Fees charged within the financing of their home loan as well ...

Nov 21, 2015 07:56 PM
Thomas F. Scanlon
Borgida & Company P. C., CPA's - Manchester, CT
CPA, CFP

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com - Excellent post. Well done. Good information for buyers / lenders to shop around.

Cheers,

 

Tom

Nov 22, 2015 02:35 AM
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 Whitebook ... best place to shop, IMO ... is starting with the Attorney, who should be able to advise in this regard.  IF an Attorney is involved in your State, of course.  Agents are another great resource .. and then there is the comparisons of Title Companies themselves.  Not always easy to do at times, but worth the accomplishment if it saves money.

Gene

Nov 22, 2015 07:56 AM
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

Dorie Dillard ... the idea was to simplify comparisons.  Hopefully it is accomplished for clients ...

Rachel Berlin ... those Buyers/Borrowers thoroughly involved in their process will be well-served by these changes ... and options.  Hopefully many are motivated to do so.  Well-priced fees .. paired with quality service ... is key. 

Gene

Nov 22, 2015 08:00 AM
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

It truly is a "recipe" of things that enter in this decision, Kat Palmiotti ...

Hoping this "share" helps in the saving of money, Richie Alan Naggar ...

Gene 

Nov 22, 2015 08:03 AM
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

As with many professions, Kathleen Daniels ... there are those you CAN trust .. and should.  THEY are the ones that make every penny you pay them worth the expenditure.  

And sadly, there are the others.  And they are often paired with those you speak of.  Maybe because that is what they rely upon to secure business?  Not their expertise, quality service, or knowledge ...

Gene

Nov 22, 2015 08:08 AM
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 so much, Joe Kenny ... appreciate your kind words and support.  Hope you and yours have a wonderful Thanksgiving ...

Gene

Nov 22, 2015 08:09 AM
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 would say that ... and add you shop until you get what you truly NEED too, Bill Reddington ...

John Novak ... it's something that sometimes surprises Borrowers.  Options?  Who would have thought???

Gene

Nov 22, 2015 08:12 AM
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're welcome, Sham Reddy ...

You're absolutely right, Thomas F. Scanlon ... Lenders can be a resource of info during these times ...

Gene

Nov 22, 2015 08:14 AM
David A. Weaver
Peoples Bank & Trust Co. - Scottsdale, AZ
24 years helping folks finance their dreams.

Gene, Another well presented piece.  It always surprises me at how little preparation for the mortgage lending process most buyers have done.  A home is arguably the largest financial obligation for most folks, and yet they come to me with very little prior preparation for the mortgage process.  Keep up the good works.

Nov 23, 2015 01:36 AM
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 so much for the thumbs-up, David A. Weaver ... and you're right.  Statistics back your assessment up.  People spend more time picking out shoes than they do their Lender ... crazy and frustrating ...

Gene 

Nov 23, 2015 02:44 AM
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

And to think you explained that on one page! Our disclosures continue to get larger and larger.

Borrowers can shop for some things and it is important for them to know. I have one now where the seller wants them to use a family friend for title and closing. He won't save them any money and will not be familiar with this lender, but it is their choice. 

Nov 23, 2015 09:50 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

Getting harder and harder to explain anything quickly .. and without asteriks,  Dora Griffin!   We keep trying, right??  And what you describe happens unbelievably frequently.  NOT the way to choose those you work with or for their services ...

Gene  

Nov 24, 2015 01:16 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Gene. Very well done post. I am really liking the LE and CD. Having my 6th closing today, only one of them was a real challenge, was because closing attorney office did a poor job.

I like the LE  and CD process.

Nov 24, 2015 03:11 AM
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

Unfortunately, that happens fairly often.  Getting attorneys onboard can be a struggle. But so far, the changed documents get a thumbs-up ... so that's good.

Glad to hear that you're busy too.  Lots of people trying to get in to homes heading into the Holidays.  Lots to be thankful for ...

Enjoy your Thanksgiving,  Joe Petrowsky ...

Gene

Nov 24, 2015 03:25 AM
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com, those options are available in Virginia too which is why my SERVICE is so important.   Buyers also have the right to pick their lender. 

Nov 25, 2015 09:18 AM
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

So true, Deanna Early ...  Service paired with the percentage of successful closings of loans is something Borrowers must know and consider before choosing a Lender.  It's not all about rate!

Gene

Nov 27, 2015 12:41 AM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi   Yes, flex away but not too long. Once you find the home you want --  don't want to lose your place in a competitive market. Only so many days to get the loan once the Contract is accepted. L.

Jul 14, 2016 06:42 PM