My Mortgage Wish List - Make it YOUR Wish List Too Before You Buy a Home

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



My Mortgage Wish List -

Make it YOUR Wish List Too Before You Buy a Home


As a Grampa, I'm very aware of "Wish Lists".  The topic is of grave concern to my 3 grandkids, especially at this time of the year ...


My little cuties, Henry, Marilyn, and Evie, aren't the only ones working on a Wish List.  Their Grampa Gene is too.  Only mine is aWish List for Borrowers ... those hoping to buy or refinance a home.

What do I ask for on that Wish List?

  1. The Gift of Knowledge
  2. Proactive Acts of Prevention

Pretty exciting, right?

But if received, they would facilitate or eliminate the majority of issues that crop up for Borrowers AFTER they've received a Pre-Approval.  One or the other (or both) would address the "mistakes" I most commonly see committed during that portion of the Mortgage Financing Process.

Below are the issues I see arise most often ... and how my "Wish List" addresses each:

     1.  Problem:  Acceptance of a cash gift or check to be used for Earnest Money, written by someone NOT named in the Contract or the Loan Application.
     Knowledge Cure:  If a Buyer and Mortgage Applicant, the check for Earnest Money should be written from your funds.  Consider it an advance on YOUR Down Payment or the funds needed to Close.  
     Important Preventative Steps:  Checks from Non-Borrowing, Non-Buying Parties cause problems!  Don't use them.

     2.  Problem:  Needlessly transferring money from one bank to another ... or from one account to another within the same bank. 
     Knowledge Cure:  A common misconception held by Borrowers is that all funds needed to cover Down Payment and Closing Costs (known as Cash to Close) must be accumulated or deposited in one Account.  That's NOT true.
     Important Preventative Steps:  Separate accounts, separate investments, separate banks can all be verified and documented.  And their collective balances can be totaled to demonstrate enough Cash to Close.  Rely on the process and Processor to accomplish this.

     3.  Problem:  Working fewer hours during the period of the home search and contract negotiations ... or just before applying for a home loan.  (Note:  This is a problem of particular importance for hourly-paid employees) 
     Knowledge Cure:  Mortgage Underwriters look unfavorably at low YTD       (Year-to-Date) Gross Incomes reported on submitted recent paystubs                (required for Loan Application).  
     Important Preventative Steps:  It's important (when possible), to retain normal hours/pay during all phases of the home buying/application process.
     4.  Problem:  Accepting "Cash" or "Gifts of Cash" and depositing them into the Bank for which the funds needed to Close get verified.
     Knowledge Cure:  Cash has no acceptable means of being verified and counted as acceptable Funds to Close by a Mortgage Underwriter.
     Important Preventative Steps:  Do NOT deposit cash into the bank accounts utilized for Mortgage Application.

     5.  Problem:  Changing jobs prior to or after Mortgage Application without consulting your loan officer.
     Knowledge Cure: In terms of job history, length of employment, verification of income, this matters ... especially if the employment includes an actual change of employers. 
     Important Preventative Steps:  Even if the change in employment is an improvement, make sure to talk to your LO prior to the changes being made.  

     6.  Problem:  "Magician Funds" ... funds initially reported in a bank account that disappears then reappear in a later deposit.
     Knowledge Cure:  Mortgage Underwriters need to know you have enough money to make your future mortgage payments, cover Closing Costs, etc.  That means all funds need to be "seasoned" and verifiable, in your account, for a minimum of  60 days.
     Important Preventative Steps:  Plan ahead.  Make sure all deposits are "seasoned" and in your account(s) well ahead of your Mortgage Application.  If you receive a bonus, gift, etc. ... make it traceable and document it fully.       (Mortgage Underwriters will require that you do so)

Make my Wish List YOUR Wish List too.  Avoid problems during your critical Underwriting Process and at Closing time by proactively educating yourself regarding the needs and demands of Mortgage Approval.  

Follow the tips above ... gather the Documentation you'll need for your financing proactively ... and your home buying and financing wishes will come true.

The process will be far less stressful, go much more quickly, and end successfully ...
*  When in need of Mortgage info or service when buying or refinancing a home in New Lenox or elsewhere in the Greater Chicagoland - IL - WI area, contact me.  I'll be happy to 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/Text: 708.921.6331
eFax: 815.524.2281




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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 1 time:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 02/02/2018 01:00 AM
Lending / Financial
Illinois Will County New Lenox
1st Time Buyers
Consumer Mortgage Tips
buying a home
mortgage process
wish lists
financing tips
talk to a lender
new lenox mortgages
will county mortgages
mortgage process advice

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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Gene - this is such good information.   How many people have no clue.  I know you see them every day.

Nov 17, 2017 09:47 AM #1
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Gene - Those problems can stop a home purchase in its tracks, but following your advice - which is as simple as working with an expert lender like yourself, and listening to them - will take care of them and clear the way for a succesful purchase. Have a great weekend!

Nov 17, 2017 10:08 AM #2
Shahar Hillel
Augusta Financial Inc. - Stevenson Ranch, CA
Mortgage Consultant, Loan Officer.

Gene good morning.

Great information and advises.

Good weekend.

Nov 17, 2017 10:35 AM #3
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is great advice to share with prospective home buyers.

Nov 17, 2017 11:49 AM #4
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene I have encountered all of those problems.  These are all problems that can many times be avoided if the Borrower just simply communicates with us before doing them.  Are goal is to help them get a mortgage, so keep us informed of what is going on, and run anything that is going to impact assets or income by us first so silly mistakes that can cause BIG problems are not made.

Nov 17, 2017 02:09 PM #5
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

This is why you are the expert - you face these problems each day and know how to address them! I joke that our profession is one of a Project Manager than anything else - I will go to my grave believing that too, Gene! LOL

Sometimes lassoing the buyers is a task that I often share with my lender as well - some get it right out of the gate, others, you really have to be on your toes...and have a good arm!

Excellent post and advice. Have a great weekend, Gene!

Nov 17, 2017 04:03 PM #6
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, this is great information for all buyers. So many of them make some of these mistakes, all can be prevented if they have the knowledge. 

Nov 17, 2017 04:47 PM #7
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Many years ago, I said this: Gene the mortgage machine. It still holds

Nov 17, 2017 06:25 PM #8
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Gene

There are so many issues that can get in the way of securing a mortgage, or jeopardize it, but following your advice and working with you or someone equally experienced and knowledgeable, will prevent those problems. 


Nov 18, 2017 07:38 AM #9
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

These are all things that I have no knowledge of Gene. Thanks so much for sharing!

Congratulations on a well deserved feature.

Nov 18, 2017 12:23 PM #10
Ron Saporito, Palm Desert, CA Real Estate & Mortgage Broker Since 2003
Ronald Christopher & Associates. Proudly serving Palm Desert, La Quinta, Indio, Coachella, Rancho Mirage, Palm Springs. - Indio, CA
Call (760)574-8486.

Hi Gene -

These are great tips for borrowers to know. Knowledge is key when going through the mortgage process. Thanks for sharing.

Nov 18, 2017 04:40 PM #11
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Consumers need to know this. Thanks for getting the information out. I hope enough people read it and take your advice seriously.

Have a wonderful Thanksgiving Day and thanks for all that you do here on ActiveRain!

Nov 22, 2017 04:38 PM #12
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Good Afternoon, Gene!

I hope you and yours are having a wonderful Thanksgiving!


Happy Thanksgiving!

Nov 23, 2017 01:17 PM #13
Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Gene--Sometimes people are their own worst enemies when it comes to foolish moves between contract and closing. So we have to watch over them like errant children (which they sometimes are).

Nov 24, 2017 12:57 PM #14
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Full heart, yes but, full house, not this year, Gene! Everyone had 'other side' visiting to do and our normal 17 was down to 4. Christmas is right around the corner so, I'll soon get my large family gathering fix I love!

Have a great weekend!

Nov 25, 2017 06:51 AM #15
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Again Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi you seem to be the voice of reason

Dec 01, 2017 08:50 PM #16
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I agree with Marilyn, Gene - it truly is such a high when everyone is altogether - I love my family and time with them is ever-so precious!

Dec 04, 2017 08:31 PM #17
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Gene, I came over from Roy's re-blog. You did such a great job on this post. Buyers who follow your advice will find their loan process to be smooth. Taking an alternative path is only going to add stress ...for you and them! These details make such a big impact when obtaining a mortgage.

Feb 02, 2018 09:51 AM #18
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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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