This is such a great and positive post about the mortgage loan process by my friend Gene. I hope it goes viral!
The UnSung Advantages of the
New Mortgage Process
“Fear not the unknown. It is a sea of possibilities.”
― Tom Althouse
Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy. - Dale Carnegie
“How can you know what you're capable of if you don't embrace the unknown?”
― Esmeralda Santiago, Conquistadora
Never be afraid to try something new. Remember, amateurs built the ark, professionals built the Titanic. - Unknown
“The big, bad unknown is only that until it is known. Then you look back and wonder what all the fuss and worry was about.”
― S.A. Tawks, The Spirit of Pessimism
I’m sure you see a pattern in the quotes above. They all address the topic of fear …
Fear. Whether I’m talking on the phone with them, or they’re sitting in front of me, many of my new clients reveal some level or form of it.
I’m seeing this far more often than I used to. And I suppose it’s not too hard to understand why, given the reputation that the current Mortgage Process holds.
It’s become somewhat commonplace to see media represent the modern Mortgage Process as an “uphill battle”. A progression of “daunting” tasks. Something to fear.
I believe that kind of reporting (and the resulting perceptions and fears it fosters), keeps many wishful Buyers/Borrowers from asking questions or seeking info about financing or buying a home. And that’s sad …
Now I’ll not deny that the current mortgage process is far more detailed and lengthy than its counterpart of a decade ago. Proof … of a Borrower’s status, credit history, and employment … now all need to be fully and thoroughly documented and scrutinized.
It’s also true that current Borrowers are expected and need to be more involved in their mortgage process.
But it’s also a fact:
Current Borrowers are relieved of some of the burdens and demands that would have been previously required of them in transactions. That fact has gone largely unsung and unnoticed.
Some benefits being enjoyed by new Mortgage Applicants are:
- Advanced Technology allowing for safe delivery of documentation
- Elimination of the need for physical collection, signing (E-Signatures), and delivery of documentation. Borrowers often do not need to physically visit their banks, insurance agents, their employers/HR departments, investment counsellors, etc. to gather documentation. Technology does the work
- Advanced Communications make fact-finding easier, faster, and saves time
- Expanded & Flexible Service Hours are offered by many Originators (non-traditional office hours & weekends) ... a huge convenience
- Safe, secure online Pre-Qualification & Application options are now often available
- Pre-Qualifications & Applications can now be conducted in the convenience of Borrowers’ homes, workplaces, or other destinations ... or via phone/other technology
- Closings of a Mortgage can now take place during more flexible hours and in the convenience and comfort of the Borrower’s home, workplace, etc. …
- More …
Each of the above benefits is currently offered by myself (and other Originators) within the modern Mortgage Process. Yet, these benefits are often overlooked or left unmentioned by the media … and potential Buyers and Borrowers remain unaware of them. And left fearful of entering the Process and the Process as a whole.
It’s left unsaid and unsung (and largely unknown) that these improvements to the current Process vastly expand and improve the level of personal service offered to Mortgage Applicants now versus that received even a few years ago. I believe the importance, benefit, convenience, and relief provided to current Borrowers via these improvements shouldn’t be overlooked. Time, effort, paper, security, and more are all saved and/or benefited by them.
I’m not suggesting that the improvements/benefits found within the current Mortgage Process erase the requirements and responsibilities made upon today’s Borrowers. But they do assist in “un-complicating” the process in some ways. Ways that should serve to offset misperceptions and fears currently held by those wishing to buy.
What I’m saying is: If you think you might want to buy ... of even if you're unsure ... contact me and ask your questions. Don't let anything stand in your way. Certainly not a fear of the Process.
If you're working with the right Originator at your side: You'll find the success you seek and the Process should go more smoothly and quickly.
So: How do find that “right”Originator?
While interest rates are certainly important, it’s important to pay attention to other details and attributes while searching for your Chicago-area Mortgage Originator too.
While interviewing Originators, find one that:
- Listens well as you explain your needs
- Encourages you to ask questions
- Provides clear, thorough explanation to each question asked
- Offers to seek/research answers and info, if none is readily available
- Offers Options to un-complicate and ease your upcoming Process
- Communicates via a variety of methods
- Offers ongoing communication, information, and service beyond the Closing Table
It’s these attributes and talents (and more) that will make the difference for you. They serve as solid clues regarding the level of service you’ll receive … and the ease of the Process experienced while working together.
It’s only natural to feel a bit anxious while buying and financing a home. It’s a big step … an exciting one. But true fear … fear that keeps you from your home buying goals and dreams? Don't allow it in your financing equation.
Education combats fears. Educate yourself so you can address and eliminate as many of the “unknowns” and possible issues you might face prior to entering your Mortgage Process.
Get started today. Ask your questions …
* Are you hoping to buy a home in Chicagoland – IL – WI? Let's talk! I'll put my 37 years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.
I can be easily found at:
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
Mortgage Originator - NMLS #216987
IL Lic. #0006220 - WI License
American Portfolio Mortgage Corp.
Gene Mundt, Mortgage Originator, 37+ 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.
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