I've Applied & Successfully Closed on a Mortgage Before. I'm Buying Again ... What Now?

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



I've Applied & Successfully Closed on a Mortgage Before.

I'm Buying Again ... What Now?


Spring ...


In Illinois and the Chicagoland area, Spring typically signals the kick-off of a new home sale year. 


New construction starts popping-up as warmer weather allows for digging and pouring of home foundations.  Nicer weather also makes the viewing of existing homes an easier more comfortable pursuit. 


Families with school-age children hope to move prior to a new school year starting in the Fall.  The arrival of Spring acts as a motivation for many home purchases.


Spring's arrival means mortgage inquiries pick-up too.  Over the last month or so, that's certainly proven true for me here in Will County and the Lincoln-Way Area of Chicagoland.  Requests for Pre-Approval letters have certainly risen.


One of the most recent requests I received came from a past client of mine.  They had successfully closed on a home using my services a few years back.  During our phone conversation together, they shared that they had just listed their current home and had already been out looking for a new home a few times. 


They wanted to know, "Could I send them a Mortgage Pre-Approval right away?"  They'd seen a home they liked and wanted to make an offer immediately.


Now as their Loan Officer, I obviously want to accommodate my clients and help facilitate their new home search and financing as quickly and fluidly as possible.  But upon asking a few necessary preliminary questions, I found my client was under the opinion that:


  • Because they currently owned a home ... and had financed through my services previously ... that they were all set to "go" on a new home purchase too 
  • They assumed that they didn't need to be Pre-Approved once again to buy another home
  • They thought it was "one and done".  In their mind, they'd already proven they were good reliable Buyers


Unfortunately that's not true and I had to explain, this is not how it works when financing homes.  Pre-Approvals ... Mortgage Approvals are like food or canned goods.  They have an "expiration date" or shelf life of sorts.  They are not good forever. 


Fact is, EVERYONE hoping to finance a home purchase ... or the refinancing of their current home ... must start a new mortgage process.


That means:


  • A Mortgage Pre-Approval process/Application (typically specific to the new property being purchased) must be started
  • If a Refinance is requested, a new Pre-Approval process/Application must be started
  • New, updated Financial and Credit information will be required by their Mortgage Lender
  • New, updated Employment information will be required by their Lender
  • Questions will need to be answered. 
  • Documentation will need to be updated and supplied  
  • A new, updated Credit Report must be ordered


No one is exempt from this required process ... 


The above requirements will need to be met no matter how many properties the Buyer or person refinancing owns, has owned, or how recently they have financed previously.  As life has unfolded since their previous mortgage financing took place, those "life occurrences" must now be reported, reflected, and verified for any new request for mortgage financing.


Now, that is NOT to say that there aren't advantages to utilizing the same Loan Officer or Lender's services as when financing previously.  That action can prove a definite help and advantage to a Mortgage Applicant and simplify their financing process. 


Why?  That Loan Officer already has much of the required personal and earlier financial information needed for application in their possession and at their quick and easy disposal.  As a result of having earlier and basic information on file, only new or updated information must then be shared with the Loan Officer. 


Only the following new info would need to be supplied upon a new request for Pre-Approval or Mortgage Application:


  • Info/ Documentation regarding current income/employment
  • Info regarding balances of savings accounts, Retirement Accounts, credit accounts, etc., as nothing stays the same for long...
  • Updated information on Marriage status, new Dependents, etc. 
  • (Additional info may be required, as well) 


But again, it is mandatory that a new process or application be started.  Repeat buyers ... repeat mortgage clients ... must not assume they will not have to update and supply recent information to their Loan Officer.


Because most housing markets are experiencing a severe shortage of homes available for sale ... competition is currently fierce between Buyers making offers on homes.  If you're hoping to successfully buy in a highly competitive market, you must be prepared to act quickly when you find the home you wish to purchase.  That means you must already have been Pre-Approved and ready to submit an offer, Pre-Approval already in hand. 


For anyone thinking of selling their current home and buying again:  I strongly suggest that you speak with your Loan Officer BEFORE listing your home.  Gaining full knowledge of all your options, both real estate and financial, is the best thing to do before taking any action.


Should you have questions regarding mortgages or financing in New Lenox - Chicagoland - IL or WI ... or should you be in need of a referral to other real estate-related professionals in the area, please reach out.  I'll be happy to assist you with your questions and needs ...


* Hoping to Buy or Refinance a Home in New Lenox 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 #216987
American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
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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! 




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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! 


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


Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 06/13/2018 02:00 AM
  2. MaryKay Shumway 04/07/2018 09:23 AM
  3. Gabe Sanders 04/16/2018 11:00 PM
  4. Debe Maxwell, CRS 04/16/2018 08:56 PM
Home Buying
Illinois Will County New Lenox
Consumer Mortgage Tips
Buyer Information - What Buyers Need to Know in Today's Market
financial advice
financing a home
selling and buying a home
preapproval for mortgage
talk to a lender
mortgage advice and tips
competitive housing market

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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

Gene, great post to remind buyers the process is the same - first, second and third time!  

Apr 06, 2018 05:25 AM #2
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is very good reading for prospective mortgage borrowers.

I will schedule a June reblog.

Apr 06, 2018 10:07 AM #3
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Gene- I bet you run into a lot of that from people you've helped before. But you don't stay in business as long as you have without dotting your "i's" and crossing your "t's".

Apr 06, 2018 06:08 PM #4
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Gene, This is good information for borrowers. If they have done it before things probably have changed a whole bunch and they need a brush up.

Apr 06, 2018 08:32 PM #5
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Gene.  I often tell buyers this very thing.  Many don't believe me until they speak to their lender.

Apr 07, 2018 04:27 AM #6
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Well, that would be nice if it was true. :)  However, there's a reason you have to recheck everything right before closing even when a loan has been approved - things change.  Ha. 

Apr 07, 2018 07:40 AM #7
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Sound advice from my AR brother! I think that John Q believes that some are exempt from the entire process - as you said, NO ONE is exempt!

Have a fabulous weekend, Gene!

Apr 07, 2018 08:24 AM #8
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hello Gene - so much of our role in this business (and in life) is carefully listening and then responding/ asking/ answering.  Great post. 

Apr 07, 2018 08:33 AM #9
MaryKay Shumway
The Kellstrom Ray Agency, Inc. (Est. 1948) - Sister Bay, WI
Door County Wisconsin's Real Estate Expert

Great post, Gene!  "One and Done" made me laugh! Congrats on the feature, well deserved.

Apr 07, 2018 08:45 AM #10
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Gene the loan whisperer....

Apr 07, 2018 04:08 PM #11
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Gene

As always you offer excellent education and wise counsel to would-be buyers, and sellers! We should neveer assume that consumers always know how all this works, no matter how many times they have had a loan.


Apr 10, 2018 07:49 AM #13
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Gene, excellent post. my favorite part: I strongly suggest that you speak with your Loan Officer BEFORE listing your home.  Gaining full knowledge of all your options, both real estate and financial, is the best thing to do before taking any action.

Apr 10, 2018 08:09 AM #14
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

People have a way of doing a lot of assuming and believe they have figured everything out.

This is a good post for those folks, I hope it is well read and helps them.


Apr 10, 2018 09:05 AM #15
Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Gene-A nice educational piece! The world changes and rules change, so people need to keep their qualifications updated if they want to buy again.

Apr 10, 2018 06:16 PM #16
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

"A shelf life" for a mortgage is a good phrase to remember.  Thanks for that one!   That will help explain to buyers, like your repeat client, that the process has to be repeated.  Great post!

Apr 10, 2018 10:23 PM #17
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Gene,

They seem to have reversed the process. I always recommend getting the approval first, regardless of how long ago you purchased another home.

Apr 11, 2018 08:28 PM #18
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

A very good blog post. People need to understand the process, as there may be unpleasant surprises if they don't.

Apr 16, 2018 09:09 PM #19
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Yes, every purchase needs a new pre-approval. Things do change, not only things like wages, but also regulations.

Apr 17, 2018 03:41 AM #20
Patricia Feager
Selling Homes Changing Lives

Proof positive! You can't assume people know what to do when they decide to put their home on the market and purchase a new home, especially when financing is a requirement. 

I love your analogy about food expirations. Great job Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi !

Apr 17, 2018 05:35 PM #21
Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Some lending requirements remain the same, while others change with the times.

Apr 17, 2018 09:27 PM #22
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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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