Be Prepared! Act Proactively! Gather & Retain this Documentation & Info for Future Mortgage Application

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/5k8h

 

 

Be Prepared! Act Proactively!

Gather & Retain this Documentation & Info

for Future Mortgage Application

 

 

There is typically one bit of knowledge that the overwhelming majority of home buyers already know when they contact me for a mortgage ...  

 

They know they'll need to provide "a boatload" of information and documentation to get their mortgage ball rolling.  

 

What exactly does "a boatload" entail?   Well, they're not sure about that.

 

And that's certainly understandable.  Until you've actually gone through the process of pre-qualifying and applying for a mortgage, there's typically no exposure to or need for that having that kind of information.

 

 

But if you're someone that:

  • Already KNOWS you want to buy
  • Are dreaming about homes online, etc.
  • Are actively looking at homes
  • Think you might want to buy, but at some point in the future 

 

Well, that changes things ... 

 

If you find yourself in one of the situations mentioned above, there's good reason and cause to know and learn more about mortgage financing and what will be required of you at that time.  There's plenty of reasons to take proactive action. 

 

While the number of documents most often needed by a lender isn't as bad as the "boatload myth" would have you think, it's just plain smart to educate, organize, and prepare yourself for reality.  That preparation will pay off for you big time during your application and process ahead. 

 

While good recordkeeping and organizational skills always pay big dividends, they take on special importance when it comes to mortgage application and processing.  Having taken the time and proactive measures to retain the proper records and information required by a lender pays off immensely, as it helps you navigate your future mortgage process more quickly and easily ... and lower the stress you feel during that time.   

 

So ...

 

  • What documents, records, and information will you need for pre-qualification and mortgage application should/when you decide to buy a home? 
  • What records and documents should you proactively be keeping organized and handy now until you need them later

 

I've created a video (below) that shows those things that are typically required by lenders during pre-qualification or mortgage application. 

 

Just click to get started ...  

 

 

 

After watching, download this video for easy reference and referral in the future.  This and other info may also be found by visiting my website and clicking on Mortgage Checklist.

 

Remember to Contact Me should you have any questions or be in need of mortgage assistance ...

 

 

*  Should you be thinking of Buying or Refinancing a home or Investment Property in New Lenox, Will County or elsewhere in the Chicagoland - IL - WI region, please contact me. 

I'll be happy to hear from you and put my 40+ years of mortgage experience and expertise to work on your behalf.
     I'm easily found at:


Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. 031.0006220  -  WI #216987
 
American Portfolio Mortgage Corp.
NMLS #175656
 
 
Direct:   815.544.2280
Cell/Text:  708.921.6331
eFax:   815.544.2281     

 

 

 

 

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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! 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Sally K. & David L. Hanson 07/23/2019 04:15 AM
Topic:
Home Buying
Location:
Illinois Will County New Lenox
Groups:
Realtors®
Mortgages
First Time Homebuyer
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude
Tags:
mortgages
buying a home
real estate
chicagoland mortgages
preparation for financing
mortgage documentation requirements
new lenox home buying

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Rainmaker
2,020,022
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - This is great information! Congratulations! You have been featured in the "BananaTude," Group.

"Good recordkeeping and organizational skills always pay off," in health, education, personal information, and finances.  

Jul 22, 2019 01:57 PM #1
Ambassador
3,873,552
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Gene- this is excellent!  I think that what scares many buyers is just the thought of gathering all of the information to begin the loan process. 

Jul 22, 2019 06:36 PM #2
Rainmaker
3,255,235
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Ahhh....this process can be soooo overwhelming to first timers...great information...and less intimidating in your presentation !

Jul 23, 2019 04:13 AM #3
Rainmaker
4,997,172
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi the keyword is "proactive"... be totally prepared.... good advice here....

Jul 23, 2019 04:26 AM #4
Rainmaker
3,096,723
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great advice, Gene... I so often see people whose records are so scattered it takes them for what seems like forever to get them together for a mortgage application.

Jul 23, 2019 05:33 AM #5
Rainmaker
3,336,748
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gene - understanding and explaining that "boatload of information" is important.  It's clear you know your "ship".  

Jul 23, 2019 08:08 AM #7
Ambassador
3,802,873
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene the biggest delays I run into in getting a mortgage approved are with Borrowers not providing the necessary documentation quickly.  It can be very frustrating when I cannot get them to understand the sense of urgency in providing documentation.  Sometimes it is because of bad record keeping, but many times it is just because just drag their feet.

Jul 23, 2019 08:29 AM #8
Rainmaker
55,862
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-507-7510

Gene, great info.  Another recent major improvement for borrowers has been the ability to upload their docs directly on lender's site.  Very convenient and time saving!

Jul 23, 2019 08:45 AM #9
Rainmaker
1,322,254
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Gene,
Always great to have an easy to follow checklist to make the mortgage process easy.   Thanks for sharing.

Jul 23, 2019 08:54 AM #10
Rainmaker
1,080,441
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Nice and easy video that young buyers will understand. Great job!

Jul 23, 2019 11:40 AM #11
Rainer
267,962
Stephen Turner
Gemcraft Homes (TriCorner Realty) - York, PA
The BIG Guy of NEW HOME SALES

great idea and video. I've been working on making my own videos and you have just inspired my next topic!

Jul 23, 2019 11:46 AM #12
Ambassador
3,315,326
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Doing a mortgage loan application right now, Brotha Gene! You know, it's always good to know what your buyers go through on the lending side of the transaction too! 

Sage advice and the videos are definitely something I need to do too - you've inspired me! 

Jul 24, 2019 09:44 PM #13
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Rainmaker
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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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