Applying for a Mortgage? When "Plan A" Doesn't Work ..

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


Applying for a Mortgage?

When "Plan A" Doesn't Work ...


One of the social media sites I find most helpful (and enjoyable) is Pinterest.  And I don't mean just business-wise either ...  

Need ideas for your home?  Want to know how to repair something?  Ideas for your landscaping, gardening?  Love history?  Travel?  Fashion?  Looking for a new recipe?  

You can search almost any topic on Pinterest and find a large array of "pins", info, tips, advice, pictures and more to look at and consider.  I can't tell you the number of helpful and informative things my wife and I've found there.   (Or how many great new meals and desserts I've enjoyed from the recipes discovered there.)  

So it wasn't unusual that a pin caught my attention when I visited Pinterest  today.  The pin/meme read:

When I read this message, I immediately thought of a young couple I'm presently working with.  When in need of a Will County - Chicagoland Mortgage Originator, they'd googled and found me.
That was back in March of 2016 ... 
When we first spoke, I learned this couple was engaged and getting married in Spring of 2017.  But they wanted to buy a home before that time.  They wanted to know, "Can we get approved for a mortgage?"
After talking further and gathering the needed information for pre-approval, it was determined that "no", they couldn't buy.  At least not immediately.  
There were several things that were standing in the way of their buying the type of home they wanted ... at least, where they hoped to buy.  A few of the challenges faced included:
  • Neither individual had been in their job the required length of time
  • They lacked sufficient savings or funds
  • Debt 


This couple remained determined, though.  They were eager to listen, learn, and address the issues they faced so they could buy.  So we began our work together.

What were some of the challenges this couple needed to overcome?
  • They needed to improve their credit scores.  (Each did so successfully ... over 30 points)
  • They needed to pay-off debt.  (Following my suggestions, they paid off those debts, now lowered or eliminated, that better positioned them to buy)    
  • They had no downpayment saved.  (They do now)    
  • They had no money saved for closing costs.  (They now do


Each positive action taken allowed them to successfully qualify for a higher mortgage payment, loan amount, sales price. Each in turn, contributed to them ultimately finding the type of home they wanted ... in the location they desired. 
This couple and their actions speak to the truth and wisdom of the meme found above:  "25 More Letters in the Alphabet".  They didn't allow the initial "NO" heard to discourage them.  They didn't get defeated when their "Plan A" failed.
They listened well to my advice.  They consistently and methodically addressed each of their financial challenges. They kept their eye on their desired goal and attained it.
I continually preach and provide the following advice ... "even one year ahead is not too much" ... regarding the amount of time buyers/borrowers need to devote to their mortgage search and pre-approval process.  This clients' experience speaks to why this is true.
As athletes will tell you, you must be in peak shape to accomplish your goals.  It's the same with home buying.  
In order to qualify for the home you dream of ... in the neighborhood you desire ... you need to be in peak financial shape. That requires "training".   Your training is enhanced when you work with the right coach ... and when you devote time and dedication.
If "Plan A" doesn't work when you apply for a mortgage ...  
Be calm.  Stay cool.  Don't give up.  Contact me ...  


* Hoping to Buy or Refinance a Home in New LenoxWill County, or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf. 
I'm easily found at:

Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
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 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! 




Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Nick Vandekar, 610-203-4543 02/24/2017 06:10 AM
  2. Debbie Reynolds 02/28/2017 02:00 PM
  3. Gabe Sanders 03/07/2017 11:50 PM
  4. Robert Bob Gilbert 03/07/2017 02:35 PM
Lending / Financial
Illinois Will County Joliet
Home & Credit Savvy
Advice for Buyers
mortgage preapproval
mortgage advice and tips
mortgage qualification and approval

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Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

That is a great lesson on doing everything right to prepare for a mortgage. This is the way to avoid all that disappointment.

Feb 24, 2017 01:02 PM #18
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


When a buyer has to go to plan B . . . . Gene Mundt  is the the Wisconsin mortgage originator to get the job done.

Good luck and success.

Lou Ludwig

Feb 24, 2017 07:53 PM #19
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


Congratulations on receiving a feature for your post.

Good luck and success.

Lou Ludwig

Feb 24, 2017 08:00 PM #20
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi -That couple will never forget you! You gave them excellent advice and information they needed to know. To them, you were more than just the finance or mortgage guy, you were a compass pointing them in the right direction. You were even more than a coach, you were their own personal Northern Light, guiding them on the right path. They planned and chartered the course (in less time than it takes to get a degree) and they succeeded. 

You are quite an amazing man. You understand and relate to people in the most professional way and succeed in helping others. God bless you! I'm glad I read Nick & Trudy Vandekar re-blog. Congratulations on a great featured post!

Feb 24, 2017 09:37 PM #21
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

This excellent post speaks not only to mortgages but to life in general. Patience, determination, and a backup plan can work wonders to get us to our end goal(s).

Feb 25, 2017 04:06 AM #22
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It starts getting quite discouraging when they are working on plans x, y and z.  

Feb 25, 2017 05:49 AM #23
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The good news is regardless of whether they buy a home or not they first put themselves in a good financial position. Having a goal you reach for is critical and now that they can buy a home their financial situation can be improved more.

Feb 25, 2017 08:38 AM #24
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Gene, it seems to me that lots of folks have never been taught how to save or why it is important. Knowing what we want and what we need to do to get it ... it starts with a plan and working with someone, like you, to guide people through the process. Well done!

Feb 25, 2017 09:47 AM #25
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

When people find someone who really wants to help, they can be guided through disappointment to their goal.

Some people do not allow those who can help to guide them. They just want what they want and go to someone else, often to great disappointment.

Thanks for sharing your caring ways.

Feb 25, 2017 03:58 PM #26
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Gene,

A good, professional lender like yourself can be an asset not just for getting a loan, but also a lot of life lessons, that will help those clients for the rest of their lives.

Feb 25, 2017 09:13 PM #27
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gene, that had to make you so happy to turn the NO around to a YES after your expert guidance!  Congrats, great story, and ones we love to hear!  

Feb 26, 2017 05:33 AM #28
Stu Dye
Mortgage Network, Inc. NMLS #2668 - Portland, ME
Senior Loan Officer

Borrowers are, as we know, RARELY that patient.  But it's gratifying to see that they listened, they trusted, they stuck with it, and they persevered.

Well done, and great post.

Feb 26, 2017 07:52 AM #29
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent advice to share with prospective mortgage borrowers.

Feb 26, 2017 09:42 AM #30
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It makes me feel good when I read stories like this where the buyers listen and take action that gets them into a home. That took lots of hard work and dedication, Gene.

Feb 27, 2017 06:15 AM #31
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

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

Hope your day is going well - GOTTA LOVE YOUR POST TITLE!
Thanks for the inspiration! Lynn

PS Found this on your Blog page and by reading comments - see it was featured! Congrat's. L.

Feb 27, 2017 07:48 AM #32
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

This is a good demonstration of how to serve the public. You educated them, coached them, and helped them become home owners. Well done, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

Feb 28, 2017 08:57 PM #33
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Excellent advice, Gene! In the very first office I worked in during the 1980s, there was a seasoned agent, who would sit down with prospective homebuyers and see if they were pre-qualified.  We use to do that a lot more as agents back then.  Once she determined that they were skinny on down payment, income, or other qualifying factors, she would work with them to pay off debt, and get "market ready" as she said.  Planning is key.

Mar 07, 2017 05:01 PM #34
Kasey & John Boles
Jon Gosche Real Estate, LLC - - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Good stuff here, and applause to you for working with that couple so well.-Kasey

Mar 07, 2017 07:51 PM #35
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Gene - It never ceases to amaze me that if people want things bad enough they find a way. You can tell when you have a motivated home buyer by how determined they are to take the right steps towards getting qualified for a loan.

Mar 07, 2017 10:12 PM #36
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Gene, this is an excellent post and I messed up yesterday as I was so intent to get your post re-blogged I forgot to write a comment on your post. 

Mar 08, 2017 01:55 PM #37
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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