Carlsbad Real Estate News and Views: April 2017

Here's the REAL scoop on living in Carlsbad ~ beaches, things to do, places to eat, community events, and of course neighborhoods, homes and the Carlsbad real estate market in general, including surrounding communities like Encinitas, Cardiff, San Marcos, Oceanside, Solana Beach and Del Mar.

With Golf and Mortgages: It's Important to Know the Rules

Gene always has wise words for us, and here he draws an analogy between knowing the rules for golf, and for mortgages. If you want to win you have to follow the rules.


Please stop by Gene's post to share your thoughts there, too. He'll appreciate it.

With Golf and Mortgages:

It's Important to Know the Rules

There are a LOT of rules in golf ...  

That fact has drawn increasing attention as of late.  But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years.  Just ask these pros: 

LPGA star Lexi Thompson, PGA players Craig Stadler and Paul Azinger, golf mega-star Tiger Woods, and more.  Not knowing ... or being unaware of a rule ... cost them strokes during important golf rounds and ultimately a win (and money) on the tour. 
Strong parallels between the importance of the rules in golf and mortgage lending can be made.  Be unaware or not know the rules of mortgage lending?  It can possibly cost you ... in time, money, and opportunity to attain success.  
Just as in golf, the rules of mortgage lending are important.  They are intended to ensure all play by the same rules.  The "rules" demand that Lenders ... and the entities that insure loans ... approve borrowers that are "qualified" to borrow money and have the ability to repay the loan in full, no matter race, sex, familial status, location of property (redlining), and more.
The Mortgage Pre-Approval is another good example of a "rule" existing in the modern mortgage process.  While the act of being pre-approved was suggested by agents years ago, it has now become almost a necessity.  While some agents may show a property to a potential Home Buyer that has not pursued Mortgage Pre-Approval, it's become increasingly rare. 
So how and why did this "rule" come about?  
The process of obtaining a Mortgage Pre-Approval likely started with Home Buyers needing to prove an "edge" over their buying competition in a highly competitive housing market ...
When a Buyer proves they can successfully complete their home financing to buy, they are viewed more favorably by Sellers.  It's easy to understand why most Sellers (and their agents) stick to this "rule" regarding Mortgage Pre-Approvals and entertain offers from pre-approved Buyers only.
Do otherwise?  They risk a possible loss of valuable time and money.  And disappointment.
The backbone of any Mortgage Pre-Approval is the potential Borrower's Credit Report.  In order for me to order a tri-merge Credit Report, I, as your Lender, need the following basic info from each Borrower to be placed on the Mortgage:
  • Full Name(s)
  • Address(es):  2 years required*
  • Social Security Number(s)
  • Date(s) of Birth
  • Permission to run the Credit Report(s)

     * If you haven't resided at your current address for two (2) years:  Info regarding your previous address(es) is required.  

     If currently renting, sometimes, the following is needed:  The name, address, and telephone number(s) of Landlord or letter from Landlord stating the amount of Monthly Rent and the Statement "Paid as Agreed for past 12 Months". 


What does the all-important Credit Report disclose to your Lender?

It provides your Credit Scores from each of the 3 main credit bureaus: EquifaxTransUnion, and Experian.  The middle Credit Score received is the score that Lenders utilize during your Pre-Approval.  
Here's an example of that "rule" ...
Credit Bureau 1:  723 Score
Credit Bureau 2:  735 Score
Credit Bureau 3:  741 Score
The score the Lender uses is:  735
Why are Credit Scores so important to Lenders?
Most mortgage loan programs/loan types have minimum Credit Score requirements.  Some loans are simply not available to Borrowers with lower Credit Scores ... or those that don't meet minimum loan requirements.
"Rules" regarding Credit Scores are clear.  The lower your Credit Score, the lower your chance of securing a Loan Approval.  Likewise, lower Credit Scores typically mean higher Interest Rates, increased financing costs, or both.  The higher your Credit Scores, the lower the Interest Rate earned for financing. 
 Future Pro - Marilyn Mundt! 
Once it's determined that you are credit eligible, you will be asked for more detailed information regarding:
  • Employment - Employment History
  • Current Employer
  • Length of Employment
  • Income
  • HOW you are paid (Salary, Hourly, Commission Bonus, Overtime, Social Security, Pension, Investment - if retired or disabled)


Those items or documentation that will verify income will be required at this time too.  Those include:

  • W-2's
  • 1099's
  • Tax Returns (Last 2 years)
  • PayStubs (Last 30 days, consecutive)
  • Court Orders for Support or Alimony  
You then move on to the topic of Down Payment Funds.  Be prepared to answer the following questions:
  • What Down Payment Funds do you have available, if any?
  • Are Gift Funds being provided to you?  If so, by whom?  And how much?
  • Are your eligible for VA Home Buying Benefits?  

    Note:  Should you wish to flex your VA Home Buying Benefits, you will be required to supply the following documentation in addition to all the basic info:   

  • Copy of your original Certificate of Eligibility
  • Copy of DD-214
Most Buyers are typically asked for the following: 
  • A copy of your Driver's License of State ID Card
  • A signed copy of the Real Estate Contract on the home being purchased, plus any Riders
  • Names & Contact Information for your Attorney
  • Name and Contact Information for your Insurance Agent 


Where/When applicable, you may be asked for the following:


  • All pages of your Recorded Divorce Decree(s) or Separation Agreement(s)
  • 12 Month Court Printout of Child Support received
  • Bankruptcy Papers:  Recorded Bankruptcy Discharge, plus the Schedule of Creditors
  • Collection Documentation:  Filed & Stamped Release of any Judgment, plus explanations of any outstanding Collections
  • Your most recent Social Security Award Letter or Pension Award Letter


If you currently own Real Estate, you'll be required to provide the following info:


  • Mortgage Account Information
  • If applicable: Info on any Home Equity financing
  • Home Insurance Policy Info
  • Real Estate Tax Bill
  • Address and Info on additional Real Estate owned (Investment, Vacation, Second Home, Timeshares)


For those that are Self-Employed and seeking Pre-Approval or Mortgage Application, the following documentation is typically required:


  • The last 2 years of filed Year-to-Date Profit and Loss Statement
  • 2 years of complete Tax Returns
If you hope to be Pre-Approved and apply for a Mortgage, you can pretty much count on all the above questions and requirements being in play.  Those are the "rules" with financing currently.  
Yes, you're right ...  
There are lots of "rules" involved in the current mortgage process.  But as a I pointed out above, a knowledge of the rules beforehand helps immensely.
So, if you have questions (and you should have many), ask them.  The sooner the better.  Want to know more about the mortgage process?  Reach out to me.  Hope to be Pre-Approved or apply for a Mortgage in New Lenox?  Will County?  Elsewhere in the Chicagoland area?  Contact me.  
Know the "rules" regarding mortgages ahead of time.  Be aware of what info and documentation you'll be asked to produce during your Pre-Approval or Mortgage Application (and gather it pro-actively).
It helps you elevate your financing "game".  Helps you avoid the "traps" and "water hazards" some find during their mortgage process.  And it will make you a winner ...
 Contact Gene Mundt to Find Out More
*  Hoping to be Pre-Approved ... or to buy or refinance a home in New Lenox or elsewhere in the greater Chicagoland agrea?  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 License 216987 
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


My Jeff Dowler signature



eXpRealty of California, Inc. logo



Click to Search for All San Diego Homes


Free Home Valuation Button


My "At Home In Carlsbad" blog (click photo)

At Home In Carlsbad blog


365 Things to Do in Carlsbad (and Nearby) on Facebook   

  Jeff Dowler's Facebook Profile   Jeff Dowler's YouTube Profile    Jeff Dowler's Twitter Profile   Jeff Dowler's LinkedIn Profile


      Certified Residential Specialist (CRS) logo




If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at



CALL or TEXT ME AT (760) 840-1360


Serving Carlsbad (including Aviara, La Costa & Carlsbad Village),  Encinitas (including Leucadia & Olivenhain), Cardiff, Solana Beach, Del Mar, La Jolla, Rancho Santa Fe, San Marcos (including San Elijo Hills), Oceanside, Escondido, and  Greater San Diego

All content ©Copyright by Jeff Dowler. All rights reserved.

eXp Realty of California, Inc. (CA DRE lic #01490977)

Comment balloon 14 commentsJeff Dowler, CRS • April 28 2017 10:54PM
With Golf and Mortgages: It's Important to Know the Rules
Gene always has wise words for us, and here he draws an analogy between knowing the rules for golf, and for mortgages. If you want to win you have to follow the rules. Please stop by Gene's post to share your thoughts there, too. He'll appreciate… more
Poppies, Poppies. No It's Not the Emerald City but Green it Is!
Carlsbad Field of Poppies The Carlsbad Flower Fields are coming to an end, but this field of bright orange poppies at the master planned community of Robertson Ranch is at its peak. No, that's not the Emerald City in the distance, and the… more
2017 Carlsbad Village Faire is May 7 in Carlsbad California
2017 Carlsbad Village Faire is May 7 in Carlsbad California Fair season is upon us, and if you looking for something fun to do over the first weekend in May, then North San Diego County’s most popular arts and craft fair may be just for you… more
Celebrate Carlsbad Day at Legoland Carlsbad
Celebrate Carlsbad Day at Legoland Carlsbad It’s time again to Celebrate Carlsbad Day at a favorite attraction, the famous Legoland Carlsbad. The Carlsbad Education Foundation (CEF) will be the proud recipient of funds donated by Legoland from… more
Best Streets for Oceanfront Homes for Sale in Carlsbad CA and Beyond
Best Streets for Oceanfront Homes for Sale in Carlsbad CA and Beyond Some Carlsbad buyers are particularly interested in living on the ocean, and have the budget to do so. Are you looking for oceanfront homes for sale in Carlsbad While… more
Q1 2017 Market Report for Carlsbad 92011 – Detached Homes
Q1 2017 Market Report for Carlsbad 92011 – Detached Homes The first quarter of 2017 has been a relatively busy housing market in the 92011 area of Carlsbad, and we saw a number of shifts compared to 2016. Here we take a look at the market… more
Carlsbad Creativity - Succulents on Display at Cafe Elysa
Succulents on Display at Cafe Elysa We had breakfast this morning at our favorite place in Carlsbad Village, Cafe Elysa, before our beach walk. Cafe Elysa has put a lot of effort, time, and money into their gardens for all to enjoy while… more
Q1 2017 Market Report for the 92008 Area of Carlsbad – Detached Homes
Q1 2017 Market Report for the 92008 Area of Carlsbad Single Family Detached Homes The first quarter of 2017 in the 92008 area of Carlsbad has been a busy housing market, with some shifts from the same period in 2016 ( here are links to the Q1… more
Top Choice Fish Market and Eatery in Carlsbad CA
Top Choice Fish Market and Eatery in Carlsbad CA Ever since Fish House Vera Cruz closed their restaurant and fish market in Carlsbad Village last year I’ve missed the convenience of their fresh fish for grilling at home. Yeah, the local… more
Q1 Market Report 2017 for Carlsbad 92010 – Condos & Town Homes
Q1 Market Report 2017 for Carlsbad 92010 Condos, Town Homes & Twin Homes The Carlsbad 92010 area includes the planned community of Calavera Hills, Tamarack Point, The Summit, The Foothills at Carlsbad ( several newer neighborhoods of single… more