What Makes You Special When You Buy a Home? Your Financial DNA

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

 

 

What Makes You Special When You Buy a Home? 

Your Financial DNA

 

Parents often tell their children they're "special".  They're unique.  Like no other person on earth.  I know I told both of my boys that ... still do.


It's a pretty heavy message for a child to hear, isn't it?  One based on love certainly, but also molecular and psychological facts too.  


Physically, our fingerprints ... our DNA ... is certainly ours and ours alone.  And if you ask parents and grandparents, they'll tell you each child is delivered with their own distinct personality pre-programmed too.

 

With that in mind, I recently wrote an article regarding the personal "recipe" each individual borrower brings to their financing.  That post used the parental lesson spoken of above but reconfigured it a bit for use in explaining the modern mortgage process.  The message I provide in this article builds on that analogy.

 

Each consumer hoping to finance a home should know that each of us has our own "recipe" or financial fingerprint and DNA that is unique.  But it's also important that consumers understand:

 

HOW they build or construct their financial DNA foreshadows the financing they'll receive (or not receive) when they buy or refinance a home.  You're either "special" in one way ... or the other.

 

This fact presents a very real mental and emotional struggle for some hopeful Borrowers.  The lesson so easily and eagerly embraced on a personal level as a child somehow becomes one they find very hard to embrace as an adult Mortgage Applicant.

 

I find as a Loan Officer that it's usually at this point in the mortgage process that the thought of being "special" or unique can lose its luster for Applicants.  Or it thoroughly brightens their day.

 

Applicants that find they have fewer options than they previously thought they would find it near impossible to believe this harsh truth ...  

 

Finances and credit history are so uniquely personal that they might not have the same financing options available to them as say ... their cousin.  Or their co-worker.  Or their friends.

 

The options earned by others, in their mind, have become the gold standard for mortgage options (whether that's true or not).  It's also the measuring tape they use to determine the quality and validity of the information they're hearing from their Loan Officer. 

 

It can prove to be quite a challenge to a Loan Officer to dispel these preconceived opinions ... 

 

But truth is, a Mortgage Applicant's loan options are dictated by their personal financial history.*  Expenditures, debts, length of credit history, types of credit applied for/utilized, the frequency of new credit inquiries and applications, how consistently and timely debts are/were paid, etc. ... are all unique to an individual. 

Your financial decisions and actions are measured via credit scoring models.  The timeline and facts regarding your financial history are displayed via your Credit Report.  The entirety of the information results in Credit Scores.

 

Think of the three of them as your "genetic financial DNA Test Kit" ...

 

Your parents, grandparents, family.  All were right.  When you were a child, they didn't want you to compare or measure yourself to anyone else. 

 

You shouldn't do it as a potential Borrower either.

 

And yep, this is just another of the many reasons why it's so darn important to talk to a Lender as soon as you decide to buy (or refinance) ...  and to find the most knowledgeable, experienced loan officer you can find.  One that you can thoroughly rely on for factual information, sound advice, and reliable guidance.

 

Information, advice, and guidance that is yours and yours alone ... 

* Differing Lenders have differing loan programs available to consumers.  Those in need of financing to buy or refinance a home should perform research as to the lending programs each Lender can offer prior to making an actual application. 


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  -  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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Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
First Time Homebuyer
Advice for Buyers
Bananatude
WillCounty
Tags:
credit report
credit history
credit scores
finances
dna
mortgage requirements
mortgage advice and tips
financial dna
parental lesson

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Rainmaker
973,204
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

This is one of the reasons I stress early in the conversation the need to talk to a lender.  No matter what rate or "deal" a buyer's sister/brother/uncle/neighbor/co worker claims to have received, it has nothing to do with them because everyone is different.

Now I am going to say because they are special. ;-)

May 17, 2018 01:20 PM #1
Rainmaker
2,346,851
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Gene... loved this analogy to DNA... a great way to have prospective borrowers think about it.

May 18, 2018 05:33 AM #2
Rainmaker
3,481,654
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, love your message, and the process alone sometimes "loses the luster" when buying a home.    Great post.

May 18, 2018 01:57 PM #3
Rainmaker
4,197,490
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.  Nothing we can do to change our physical DNA, but there's a lot we can do to improve our financial DNA.

May 19, 2018 04:32 AM #4
Rainmaker
1,220,470
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Thanks for sharing this interesting analogy!

May 19, 2018 06:35 AM #5
Ambassador
1,552,181
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Think I've mentioned this before, my daughter hopes to buy her first home next year. I sure hope she's taken my advice and talked to lender. First, we need to get our Financial DNA as perfect as possible... :) 

May 19, 2018 11:03 AM #6
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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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