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

Reblogger Robert Bob Gilbert
Real Estate Agent with Berkshire Hathaway HomeServices Anderson Properties TX Real Est. 567774

This is an excellent article written by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi which tells folks to have backup plans when applying for a mortgage loan. Please stop by Gene's post and leave comments. I also suggest you folow gene if you are not already doing so. Certainly in evrey business having a backup plan9s) is always a critical Idea in my opinion. 

 

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

  

 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. #0006220  -  WI License                                                                                                     

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! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
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Thanks for re-blogging this post, Robert!

Mar 07, 2017 03:10 PM #1
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Bob,

Nice reblog, thank you

Mar 07, 2017 04:12 PM #2
Rainmaker
2,134,617
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

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 05:00 PM #3
Rainmaker
1,144,048
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

Robert Bob Gilbert ... thank you so much for sharing this info with your readers.  It's greatly appreciated.  I hope it proves beneficial to them as they move forward with their homebuying and financing ...

Gene

Mar 07, 2017 06:14 PM #4
Rainmaker
3,233,568
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Bob

We need to have a plan B when things are not working out as planned.

Good luck and success.

Lou Ludwig

Mar 07, 2017 08:09 PM #5
Rainmaker
758,260
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Bob - You know what they say. "If at first you don't succeed, try, try, again." This was a great post showing how you can reach your goals if you don't get discouraged and make a plan for getting where you want to go.

Mar 07, 2017 10:14 PM #6
Rainmaker
4,200,667
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Bob.  Always a good idea to have back up plans.  No matter what the issue.

Mar 08, 2017 04:11 AM #7
Rainmaker
3,484,236
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bob, great post to re-blog, but did read Gene's post, and excellent information! 

Mar 08, 2017 05:40 AM #8
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I liked this one so much that I reblogged it too. Have a wonderful day, Bob.

Mar 08, 2017 05:52 AM #9
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is an excellent selection for a reblog and great information to share.

Mar 08, 2017 05:55 AM #10
Rainmaker
2,040,285
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Thank you for your comments. I think many of the mortgage professionals give the rest of us a different and important viewpoint of things. 

Mar 08, 2017 01:25 PM #11
Rainer
1,425
Michael Adelbert
Cardinalhealth Finance company - Alameda, CA
I'm a Senior Loan Consultant with Cardinalhealth F

Some instances when you might use a Bridge Loan.

A financial solution from Cardinalhealth Finance has many advantages over a traditional commercial loan from a bank.Our low interest-loan offer is available to both commercial and residential properties.

 

We are self-funded, allowing us to move quickly and finance your project using 100% of our own capital.For further information and application, kindly send in your inquiries via our admin-email :  loan@cardinalhealthfinance.com 

 

 

Cordially,

Mr.Michael D. Adelbert 

Company Registered Number 03853401 

www.cardinalhealthfinance.com

Mar 09, 2017 12:59 PM #12
Rainer
1,830
chanyuan chanyuan
chanyuan - Colonie Center, NY

chanyuan2017.06.22

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