Category Archives: Real Estate

Sellers Demand to Know You’re Serious Get Pre-Qualified!

Sellers Demand to Know You’re Serious

Get Pre-Qualified!

Get Pre-Qualified .. Contact Me!

 

Be Pre-Qualified for your Mortgage before you go and view homes!

There, I’ve said it.  First thing.  Right out of the box.  So it can’t be missed.

I place my advice right at the top of this post in bright colors so it’s not overlooked.  And because it’s such a very important message, especially for buyers hoping to purchase a home in a highly competitive housing market.

Right now, homes for Sale are receiving lots of attention.  The shortage of homes currently for sale in most housing markets dictates that.

This means that Buyers must be decisive and ready to act when they find “the home” they want.  They must have already talked to their Mortgage Lender and been Pre-Qualified for their financing PRIOR to the viewing of that home.

Why?

Ever hear the sayings, “Time is of the essence“?  Or “You snooze, you lose“?  Both are truer now than ever before when referring to home buying.

Sellers want to know, “Is this potential buyer qualified to buy my home”?  They want “proof” of such in hand and a Pre-Qualification Letter presented with any offer made.  (My personal practice is to Pre-Approve my buyers, providing even more “peace of mind” to my borrowers and the sellers involved.)

The Pre-Qualification process is not a sales tactic being enacted by your Agent or Mortgage Lender.  It’s reality.

Your real estate professionals are asking that you be Pre-Qualified prior to viewing homes because:

  • It strengthens your offer
  • It will help you better compete in a multiple bid scenario
  • The majority of Sellers won’t even consider your offer if you’re not Pre-Qualified for your financing (and able to produce a Pre-Qualification Letter proving it).

Yes, it’s that clear cut and it’s that simple …  

In the majority of housing markets across the U.S. today, you need to be Pre-Qualified.  That’s definitely been my experience in the housing markets of New Lenox – across Will County – and the Greater Chicagoland area.

So what should hopeful home buyers do?   Contact Me Now!

I refer you back to Paragraph #1.  Be Pre-Qualified!  The sooner the better.

So much of today’s mortgage financing …and the receiving of the best financing option available … relies on borrower’s credit scores and credit history.  They affect the interest rate received, the number and choice of mortgage programs … in short the options they have available to them.

But borrowers all too often focus solely on interest rates.  I’ve found that typically it’s the first thing they want to know when we talk.

There is no doubt that interest rates are important.  However, with some lead-in time to their home buying and a bit of preparation, many borrowers could reap better results (including better interest rates) when applying for their mortgage.

Acting proactively regarding your financing and following the advice of your Mortgage Lender can result in monetary savings.  It can also open up more/better mortgage options at the time of purchase and help your financing process go more swiftly and smoothly.

Most people wouldn’t think of buying a car, TV, or even clothes or shoes without conducting some comparisons or preparation first.  All too often this is not the case when it comes time to buy and finance a home, yet the possibilities for savings are far greater and the savings themselves are larger and carry more impact.

It’s a fact:  In the over-riding majority of cases, you will be required to have been Pre-Qualified by a Mortgage Lender if you wish to view, put a bid on, or buy a home.

Enter into your home buying as prepared as possible.  As ready for competition as possible.  Give yourself an edge.

Contact me now to be Pre-Qualified to buy a home in the New Lenox – Will County – Chicagoland area …

 Get Answers Now!

 

 

Looking to be Pre-Qualified for your Mortgage?  In need of financing and credit answers?  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
American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
 Get a Quote - Be Pre-Approved!
 

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Gene Mundt, Mortgage Originator, an Originator with 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, etc.), DuPage County, the City of Chicago, Cook County,
and elsewhere within IL & WI.
Your Referrals are Always Appreciated and Welcomed!

 

Selling a Condo or Home Within a HOA? Make This Info and Documentation Available Now

Selling a Condo or Home Within a HOA?  
Make This Info and Documentation Available Now

http://www.genemundt.com/Default.aspx     If you’re a prospective Home Buyer and considering the purchase of a Condominium … or a home located in and governed by a Homeowner’s Association (HOA), there is important information you need to know regarding prior to signing a contract.

(For further info, read 2 of my previous posts on Condo/HOA buying: “To Condo or Not to Condo”. That Should Be the Question …”  and … How to Determine if You’re Viewing a Condominium or Townhome”.)

Some of the details a new Home Buyer should know regarding Homeowner’s Associations are:

  • Rules governing the Homeowner’s Association (HOA)
  • Restrictions attached to the ownership and use of the property
  • Assessments, Fees, Dues *

* Are any of these Assessments past due?  And if so, what percentage?

  • Budget of the HOA
  • “Health” of the HOA
  • Status of Reserve Funds
  • Percentage of Owners versus Renters

If you’re on the flip side of the transaction and the SELLER of a property impacted by a Homeowner’s Association, what information and documentation should you disclose and make available to prospective Buyers?  https://1609956119.secure-loancenter.com/FreeConsult.aspx

As most Buyers will also be utilizing a Mortgage to purchase the property, the following info and documentation will most likely be required from a Seller, the HOA, or the Signee (property holder) involved in the transaction.

Note:  Be aware that the Mortgage Lender representing the Home Buyer will need or request some of the following info/documentation also.

    • A copy of the HOA Budget/Accounting
    • Declaration and By-Laws
  • HOA Questionnaire and/or Survey  

In Illinois and the Chicagoland area, a HOA Questionnaire/Survey will be requested by the Mortgage Lender or Buyer’s Attorney.  There is typically a charge for the Homeowner’s Association to fill-out and prepare this document.  The person responsible for this payment is often designated as part of the Real Estate Contract.

Sellers that make these documents and information available to potential Home Buyers (and their representatives) and take measures to act proactively provide a great service.  They help facilitate their sale, the transaction, and the Buyer’s mortgage application more quickly and smoothly.

Should you be thinking of selling a home or condominium located within a Homeowner’s Association, start gathering this information and documentation sooner than later in the sale process.  That way there will be opportunity for fewer delays caused by a Buyer’s questions or requests.

As an added piece of information: 

Please be aware that in the cases where the Seller is a Bank, or an Entity such as Fannie Mae, Freddie Mac, FHA, or VA, often times there will be little or NO information made available to the Buyers from the Sellers.  In other words, the Buyer MUST track these down themselves through whatever means.

Bottom line, there may be some “inherent” risks and extra “work” involved when buying a property that has been Foreclosed upon.  The “price” may be discounted, but so may the “offerings from the Seller”.  This can be especially true when the property is a condominium.  That’s why working with a Mortgage Lender, Realtor, and Attorney experienced in these types of transactions is so very important.

If hoping to buy a Chicagoland Condo, or home located within a Homeowner’s Association … contact me today.  I’ll put my 37 years of Mortgage experience and knowledge hard to work on your behalf.

I can be easily found at any of the following:

Direct:  815.524.2280
Cell/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   Digg Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

 

2014 Fall Festivals, Pumpkin Farms, Hayrides & Halloween Venues in Will County, IL

 2014 Fall Festivals, Pumpkin Farms, Hayrides

& Halloween Venues in Will County, IL

     This past week’s cooler temperatures and falling leaves remind me that Fall … and the Halloween holiday … is just around the corner.  And pumpkins, corn mazes, haunted houses, scarecrows, spooky ghosts, witches, and goblins of all shapes and sizes are arriving with them.
     For those that live in or near Will County, in Illinois … that means families and friends will be looking to get out and enjoy all this beautiful season has to offer.
http://www.genemundt.com      So, I put together a list of Pumpkin Farms and Patches, Corn Mazes, Hayrides, Halloween Venues, Fun Fall Festivals and more that can be found within the boundaries of Will County, IL … along with info, links, and directions for each venue on the list.
     I hope my list will help you, your family, and friends find a Fall seasonal event to visit and enjoy near you!
Garden Patch Farms
14158 W. 159th St., Homer Glen, IL
Choose from 60+ varieties of apples and pears
30 acre u-pick field and orchard
8am – 6pm Daily
 Phone: 708.301.7720
 www.gardenpatchfarms.com
Johansen Farms Petting Zoo
Sept. 13th through October 31st
Click HERE for Hours
710 Boughton Rd., Bolingbrook, IL
www.johansenfarms.com
Petting Zoo & U-Pick Pumpkins
Konow’s Corn Maze
Opens September 20th, 2014
10 am to 8 pm, each day
Pets Welcome!
16849 So. Cedar Rd., Homer Glen, IL
Admission:  Ages 2/under: Free
3+: $9.00/pp
 2 Mazes, Jumping Pillow, Mechanical Bull,
Cow Train, Indoor Playland, More!
www.konowscornmaze.com
Howloween Hoopla
Saturday, October 25, 2014
Hours:  11 – 3 pm
FREE Admission
Festivities: Costume contest, prizes, pet vendors,
free pet services of nail clipping, micro-chipping, wellness checks, more
Free giveaways, doggy games, food vendors! All dogs must be leashed.
DirectionsWhalon Lake in Naperville, IL
Info, Call:  Will County Forest Preserve –708.534.8499
Channahon Park District – Harvest Fest
Saturday, October 11, 2014
Hours:  1 to 3 pm
Drink hot cider, listen to music, make scarecrows, decorate pumpkins, hayrack rides, and try apple bobbing.  Gourmet popcorn, caramel apples, more for sale! We supply the pumpkins and hay, just bring Scarecrow clothes/accessories.
Central Park, Channahon, IL
Siegl’s Cottonwood Farm
Sept. 20th – November 1, 2014 (and Columbus Day)
Military Appreciation Day is Opening Day
Open:  Daily – 10 am to 6 pm
Pumpkin Patch,  Cornfield Maze, Hayrack Rides,
Petting Zoo, Kaity’s Country,
20+ unlimited attractions, Pony Rides,
Pumpkin Mine Kiddie Train, Ghost Town Rail Road,
Dad’s First Tractor Maze, Ft. Cottonwood
Tickets Available Online:  HERE
 Discounts Available
Directions/Farm Map:  HERE
17250 So. Weber Rd., Crest Hill, IL
www.ourpumpkinfarm.com
 
Mokena Park District – 
33rd Annual Halloween Hollow
Friday, October 17:  6 – 10 pm
Saturday, October 18:  Noon – 9 pm

Sunday, October 19:  1 pm – 6 pm

Admission:  $2/pp, per day
(Children under 5 – Free)
Activities w/admission:
Ghost Town Games, Monsters Marketplace, Entertainment, Hayrides, Kiddie Straw Maze, Great Pumpkin Weigh-in & Jack-o-Lantern Contest, Scarecrow Lab, Treat Bags,
MakeUp Contest, Costume Contest, Giveaways
Mega Pass for Carnival Rides Available!
Location:  Main Park – Mokena Park District  
More Info: 708.390.2416
 
 Forest View Farms – Pumpkin Patch & Haunted Hayrides
October 1st – October 30th
Patch Hours:  9:30 am – 4 pm
Closed on Mondays, except on Holidays
U-Pick Pumpkins, Pumpkin Patch, Haunted Hay Rides, Camp Fires, Etc.
16717 Lockwood Ave., Tinley Park, IL
More Info: 708.560.0306
www.fvfarms.com/fall-festival
Bengston’s Pumpkin Farm
September 27th – October 30, 2014 
For Hours/Admission, click HERE
New Happy Swing, Apple Cider Donuts, Food Vendors, Sweets/Treats,
New 6 Lane Fun Slide, New Pumpkin Playland, Pumpkin Launcher, Crazy Corn Maizey, Pig Races, Milking Cows, Hayrides, Halloween Shop, Corn Box,
Kiddie Rides, Kids Village, Kids Games,  Petting Zoo, Food, More!
Stroller Friendly –  Free Parking
Unlimited Kiddie Rides included EVERYDAY!
13341 W. 151st St., Homer Glen, IL
www.pumpkinfarm.com
                 Odyssey Fun Farm
September 27th through November 1, 2014
                 Daily: 10 – 6 pm

Zombie Safari Hay Ride 

110 acre farm – 13 acre pumpkin patch – 15 acre corn maze
5 acre courtyard with family activities: 
Odyssey Petting Zoo, The Inflatable Kidz Zone,  corn cannons, pig races, a cow train, hay rides, and pony rides (available Saturday & Sunday only)
Zombie Safari Hay Ride – Friday, Saturday, Sunday 
For Admission, click HERE
Coupons Available:  HERE
19111 S. Oak Park Avenue, Tinley Park, IL
www.odysseyfunfarm.com
Settlers Pond Shelter Pumpkin Patch
Opens October 1, 2014
Hours:  7 Days a Week – 10 am to 6 pm
Directions:  HERE
Additional Info: 
Donations Welcome
Plainfield Park District’s – Haunted Pony Rides
October 26, 2014 
2:30 PM – 4:00 PM
Normantown Equestrian Center
Horses dressed up in Halloween costumes.
Rides last for 10 minutes. Helmets are provided. Bring your camera.   
Ages 3 & up
Cost: R/NR $10  – Min. 1/Max. 4
Please register & pay prior to the event!
Butterprint Farm Pumpkin Patch
24936 S. 80th Avenue, Monee, IL
Butterprint Farm open ONLY to REGISTERED GROUPS. Call for tour times/ pricing. 1½ – 2 hour tours offered weekdays from Last Full Week in September – Oct. 31, 2014
Please Note: Butterprint Farm is closed on weekends

Heap’s Giant Pumpkin Farm
September 13th to October 31, 2014 & Columbus Day
Hours:  9:30 am to 6:30 pm
25 acre pumpkin patch, Hayrides, Corn/Bean Mazes, Heaps o’ Fun Barn,
Heaps’ Home Cookin’, Farm Animals, Live Entertainment
More Info:  (815) 475-7373 
Dollinger’s Pumpkin Farm
September 22nd – October 30, 2014
Open Daily – 10 – 6:30 pm
Free Admission & Parking
Also Available:  Indian Corn, Squash, Gourds, Apples,
Mini Pumpkins, Corn Stalks, Farm Animals/Petting Zoo, Straw Bales, Jams/Jellies, 4-Acre Corn Maze, Farm Playground, Gift Shop, Steam Train (weekends), Mums, Honey, Hayrides, Food
For More Info:  815.467.6766

Lockport Park District – Haunted Boat Rides 

Date:  Saturday, October 18th, 2014

Time:  6 to 8 pm

The lights will be OUT at Challenge Fitness’ Haunted Pool! Bring a Flashlight!
Enjoy the spooky fun.  All riders wear lifejackets, and must wear swimwear.  
 Fee:  $5 Resident & Non-Resident 
Info:  815.838.1183
New Lenox Park District – “Boo and Brew” Tasting
Must be 21 and Over to attend!
Saturday, October 25, 2014 
5:30 – 11:00 pm
Variety of Craft Beers available for tasting
Receive a “Commemorative” beer glass
Games,  Hayride, Halloween Costume contest
Food/Additional beer tickets available. Cash bar
Fee:  $20 for Advance Ticket Sales
(Bring receipt to event in exchange for beer tickets)
$25 = 12 Tickets (Night of Event)
$1/additional tickets
 
     Remember:  Always check the info/details provided prior to driving to the venues, especially during days of inclement weather. 
     Enjoy!
http://www.genemundt.com/ContactUs.aspx
      
    
*  Hoping to Buy, Construct, or Refinance a home within Will County or elsewhere in the Chicago areaContact me!  I’ll put my 37 years of Mortgage experience hard to work on your behalf.
     I can be easily found at:
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
 

15 Summer Chicago-Area Home Maintenance Tips

15 Summer Chicago-Area Home Maintenance Tips

 

     Temperatures in the Chicago area are to be in the mid-80’s today.   Finally!  Warmer weather has arrived!

     If you’re a Chicago-area homeowner like I am, this means you’re heading outdoors to perform routine summer maintenance chores.  Particularly after this year’s hard and long winter, there’s plenty to be tackled.

     Having a Checklist of items helps me remember what needs to be accomplished around my home and property for the hot summer months ahead.  Below you’ll find the handy checklist I use.  Hope it proves useful as you assess and maintenance your home …

Warm Weather Home 
Maintenance Checklist
 
    1.  Evaluate and inspect your roof.  Check for missing or loose shingles.  Examine the flashing around the chimney and any skylights.
    2.  Inspect your gutters, downspouts, and exterior drains.  Clean them of any debris.  Make sure gutters and downspouts are securely attached to your home.
    3.  Check your HVAC system.  Have a professional perform a thorough check-up.  An annual check-up should include the changing of any filters and cleaning.
   4.  Repair your driveway and sidewalks.  Freezing cold, salt, and snow can be damaging.  Patch cracks and re-seal, where applicable. 
   5.  Inspect the siding of your home.
   6.  Check and/or replace window and door seals.  Caulk so windows and doors remain airtight and watertight and you keep pests/bugs out.
   7.  Check your window and door locks to make sure they are working properly.
   8.  Check pipes inside and out for leaks caused by winter’s freezing.
   9.  Clean and pressure-wash any decks.  Repair any loose handrails, boards.  Re-stain, seal, or paint to protect the wood and improve curb appeal.
 10.  Take a good look at your lawn and landscaping.  Repair, rake, clean, prune, and weed away winter’s remains and dead vegetation.
 11.  Trim back tree, bushes, and shrubs.
 12.  Inspect and repair any fencing on your property.
 13.  Open up basement windows and air your basement out.
 14.  Inspect all detectors in your home.  Replace batteries.
 15.   Inspect your attic for leaks or infestation.  
 
     Note:  I recently found an App that offers seasonal home maintenance tips and suggestions.  It will remind you when to perform valuable routine maintenance around your home.  You can download it to either iPhones or Androids.  
 
     Click here to get this helpful App:  
 
 
     You’ve now maintenanced, protected, and increased the value of your home.  Relax and enjoy beautiful Chicagoland … 
 
 
 
     *  Hoping to become a Chicago-area Home Buyer?  Looking to Build or Refinance in the Chicagoland area?  Contact Me now!  I’ll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
 
Click HERE for your 
FREE Mortgage Consultation! 
 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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Oo Oo-oo oo That Smell! Can You Smell that Smell?

Oo Oo-oo oo That Smell!   Can You Smell that Smell?

https://1609956119.secure-loancenter.com/FreeConsult.aspx     Read almost any real estate-related magazine or blog and it’s highly likely that you’ll stumble upon an article regarding the odors and smells that can be found in a home.  And how important it is to remove them from your home while it’s for sale.

     It’s generally accepted that all scents … potporri, deodorizers, pet smells, tobacco, foods and spices, etc. …  should be eliminated from a home during its sale and showings.  Fresh and clean is always best. 

     Why?  Odors, scents, and smells can prevent some potential Buyers from viewing your home.  If sensitive to smells, Buyers can be driven from a home quickly or actually be kept from even entering a home.  Simply … smells can trigger all sorts of reactions, both physical and mental.  So it’s best to avoid them.

     But if you’re presently hoping to buy a home, have you considered the outdoor smells and air-quality of a potential home purchase?  Nearby factories, restaurants, farms, heavily-traveled roads … a host of things at and surrounding a property can also produce “smells”.
    

http://www.genemundt.com/PageContent.aspx?PageID=53

     Having grown-up in a more rural town, I can tell you … smells and odors coming can travel long distances.  Giving consideration to what types of properties and businesses also surround your potential home purchase is just wise.

     I’d recommend driving the neighborhoods and surrounding areas of a home you’re considering for purchase a few different times.  And at differing times of the day.  

     Give special consideration to those times that you would typically be at home, might be outside, or opening your windows. Do some investigative work.  

     Take deep breaths.  Do you smell anything?  From which direction is the smell coming?  It is something that smells good or bad to you?  Could you live with it on a daily or frequent basis? 

     Beyond the types of properties mentioned above that can be odor producing … stop and think about other odor-producing activities and elements.  What are the local municipality’s laws, rules, and regulations governing them?

     Also:  If a property you’re considering is located near the border of a municipality, find out if the the connecting municipality allow activities that yours does not?  Think about burning of leaves and property refuse.  Nearby businesses.  More.

     Currently, a very popular feature for homes is outdoor living areas.  Those areas can contain firepits, chiminaria, or fireplaces.  Will the smells (and smoke) coming from those on your property or nearby property be or become an issue for you?

     The reality is:  Smells are everywhere.  They travel long distances.  They can be good and they can be bad.  

     And remember:  There’s much more to contemplate then  the physical construction of a home … or its visual appeal.  If you’re hoping to buy, take the time to recognize ALL the features of a home.  Inside and out.  

     Stop, recognize, and consider what you’ll be breathing in and smelling at any given property too.  Then you’ll be able to make an informed and educated decision regarding buying that property …

     Enjoy the video and song!

 
http://www.genemundt.com/ContactUs.aspx

 
     *  Hoping to Buy, Build, or Refinance a home in a Lincoln-Way Community, Will County, or elsewhere in the Chicago-areaContact Me Today!  I’ll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

 

Dreaming of Owning a Home? Potential Move-Up Homebuyer? Don’t Be Afraid!

     Two articles I read just this morning addressed the issue of potential home buyers’ fears of rejection as they pertain to mortgage financing.  Each article, also spoke about the many misconceptions the public has that contribute to their fears.

https://1609956119.secure-loancenter.com/FreeConsult.aspx     The statistics quoted in these articles (per a national consumer survey by loanDepot LLC) were somewhat distressing for me as a Mortgage Lender.  The most alarming were:

  •  Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgage
  • More than half (56%) of all buyers who don’t currently own a home, but want to, indicated they’re not pursuing homeownership because they fear they won’t qualify for a loan
  • Of those who want to buy a home but haven’t tried to because they think they won’t qualify, 53% think today’s qualification environment is tougher than last year.


    And finally …
 

  • Fewer than three-quarters of Americans who fear they won’t qualify admitted they haven’t actually taken any steps to find out for sure


     That last statistic is a particularly frustrating one, as it seems that collectively Mortgage Lenders, the real estate industry, and news media have done a good job of delivering the message (a needed educational one, admittedly) regarding the numbers of steps and larger amount of documentation required of today’s mortgage applicants.  

     But we may have done too good a job.  As the statistics show, potential homebuyers are now intimidated and fearful of the homebuying and mortgage process.  That’s not good … nor is it the reaction we seek. 

     If you are hoping and wanting to buy, you shouldn’t be scared of the process you need to follow to accomplish it.  And you certainly should never be scared of approaching or contacting me or your real estate professional.  You should not be afraid to ask questions or perform some fact-finding.  

     What you find out may surprise you! 
    

http://www.genemundt.com/MortgageChecklist.aspx

     Recently I wrote a post, What are the Requirements to Qualify for a Home Loan Today?”  It offered many of the basics for mortgages and mortgage applicants as they exist currently (post written 4/28/2014).

     The truth is:

  • Mortgage programs are available that accept Credit Scores (in some cases) as low as 580.
  • You do NOT have to put 20% Down on your home purchase
  • Mortgage Programs exist for 0% Down (VA and USDA-RD loans) or as little as 3.5% Down (FHA financing)
  • According to Ellie Mae:  Credit standards have loosened in comparisons to one year ago.  Approval rates for  applications are almost 3% higher than they were (58% in March of 2014
  • Exceptions DO exist for those that suffered “Extenuating Circumstances” (Foreclosures, Short Sales, Bankruptcy, etc.)
  • Sellers CAN assist with Closing Costs
  • A NO received on your Mortgage Applications doesn’t have to remain a NO indefinitely
  • Mortgage consultations are typically FREE.  Mine, for Chicago area clients, definitely are.

  
     Please, if you’re considering buying a home now or in the future … don’t assume you know an outcome or the answers to questions left un-asked.  Find out for sure if you can buy for the first time or if you can become a “move-up” buyer.   

     Dreaming of Owning a Home?  Potential Move-Up Homebuyer?  Don’t Be Afraid!  Contact me today.  Together we’ll discover what facts and reality exist for you … and then move forward accordingly.

http://www.genemundt.com/ContactUs.aspx


     *  Hoping to Buy, Construct, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in the Chicago areaContact Me.  I’ll put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
 
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
 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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL


    

What are the Requirements to Qualify for a Home Loan Today?

What are the Requirements to Qualify 
for a Home Loan Today?    
https://1609956119.secure-loancenter.com/FreeConsult.aspx     Frequently I hear the question …       “What are the requirements to qualify for a home loan today”?     To answer that, I’m first going to list what are considered as foundation requirements for current mortgage loans.  When I say “foundation”, I mean that they are the basic requirements that must typically be met by those seeking financing.  

     The most basic and frequently seen requirements (the foundation of most mortgage approvals) are as follows:

  • Credit:  Middle FICO Scores are used to determine eligibility.  

       MOST standards are:

       Conventional:  620 FICO Score or higher
       FHA:  640 FICO Score or higher.  In some cases, the scores utilized can be as low as 580 to 640 
       VA:  620 FICO Score or higher.  Again, in some cases I have options from 580 to 620 FICO Score available for Veterans
       USDA:  620 FICO Score or higher

  • Employment/Income: *  

       Stable, sustainable employment needed.  Usually a minimum of a 2-Year job history required, unless applicant took their (first) job out of college.  Then education can count towards job history.

      Other types of income can also qualify, such as proven Child Support, Social Security, Pensions, Disability, Income from investments, Self-Employment, and etc.

http://www.genemundt.com/ContactUs.aspx
  • Down Payment:  

       *  Your Down Payment does NOT have to be 20%.  Let me stress this important point again …  

      You do NOT have to put 20% down on your home purchase.  Financing options exist for those making lower down payments!
 
       No Money Down options (0% Down) still DO exist.  VA and USDA-RD loans are examples of this fact
       3.5% Down Payment – FHA Loans feature this Downpayment requirement
       *  5% or More – Conventional Loans are available for these levels of Down Payment
      *  Mortgage Insurance Programs – These loan programs allow for transactions with 5% to 19.99% Down Payment 

  • Debt-to-Income Ratios: 

      New “Ability to Repay” Guidelines, effective 1/10/2014, require all recurring debt (Mortgage, Car Loans, Student Loans, Credit Cards) to be at or under 43% of Gross Monthly Income.    
       
       Note:  Exceptions can be made regarding this requirement.  The Debt-To-Income Ratios can be greater than 43% for those qualifying Borrowers with: 

  • Good credit 
  • Additional assets (reserves) 
  • Good job histories
  • and for those that RECEIVE APPROVAL IN AUTOMATED UNDERWRITING SYSTEMS FOR THAT SCENARIO

     Knowing and working with the requirements shown above should take much of the guesswork out of the question … “What are the requirements to qualify for a home loan today”?

     But as always, to discover and clearly define what requirements are specific to your personal financial scenario, you need to contact me and talk in depth.  Only through a thorough examination of all the facts, can we answer the questions you have and ultimately reach a conclusion regarding your financing and abilities to buy.

  http://www.genemundt.com/ContactUs.aspx

     
     *  To start investigating your current options, contact me.   I’ll be happy to answer your questions and assist you with your Chicago area financing needs.

Direct: 
Cell or Text: 
eFax: 
 
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
 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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

     

AFTER Your Mortgage Closing: Keeping the Lines of Communication Flowing

AFTER Your Mortgage Closing:  Keeping the Lines of Communication Flowing    

     This post, although specifically aimed at my mortgage clients, contains a message that can pertain to other service provider’s customers too …  

http://www.genemundt.com       The topic?  Communication!  

     Specifically, the lines of communication established during our Mortgage Process and Closing together … and the great importance of keeping those lines of communication open after your Closing is over.

     As your Mortgage Lender, I believe that one of the most important elements of the service I provide you concerns your mortgage and credit “education”.  The better you’re educated and informed as you enter and navigate your transaction, the better equipped you are to make sound decisions regarding your financing and Mortgage Process, but also your financial future.

     I also believe that my mortgage services and the educational process I provide you should not end at the Closing table.  Nor should the communication flowing between us …

     As a result, on an ongoing and consistent basis after the Closing, I:   Email, snail mail, blog, use social media, call, text, and utilize every method of communication at my disposal to keep you (and my referral partners) up-to-date and informed as to the latest real estate, financing, and credit news.  
    

https://1609956119.secure-loancenter.com/FreeConsult.aspx     Much of the info provided is client specific and addresses your personal financial scenario, interests, and needs.  The info and the ongoing service is FREE.  And is valuable.

     Now, all of the above is how I HOPE to continue to assist you after your Closing.  But all too often, I begin to find that the lines of communication begin to fail.  Clients’ emails change, as do other means of contact.  The helpful information and communications go unseen.  The potential benefits never realized.

     So here’s my plea:  Please … keep me updated as to any changes in your email addresses, telephone numbers, social media, and etc.  

     I can’t help you or provide beneficial info, if I can’t find you or you don’t open your messages.  Keep our lines of communication open, accessible, and flowing.  You’ll be glad you did …

http://www.genemundt.com/ContactUs.aspx

   
     Hoping to Buy, Build, or Refinance a Home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in the Chicago area?  Contact me today!  Work with a Mortgage Lender that will help you navigate your mortgage transaction .. and will continue to provide beneficial services after your successful Mortgage Closing.
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?  
 
 
  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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Home for Sale: 207 E. Schaumburg Road, Streamwood, IL

 

Home for Sale: 
207 E. Schaumburg Road, Streamwood, IL

    
http://postlets.com/s/207-e-schaumburg-rd-streamwood-il-60107/10840618?tab=photos#inquire     This newly-listed home by Lyn Sims of Re-Max Suburban (www.lynsims.net) is located at:

     in the Woodland Heights area of Streamwood, IL … and is packed-full of great features.   
http://www.lynsims.net/
     
      The Ranch at 207 E. Schaumburg Road in Streamwood, IL features the following:
  • New Countertops
  • 1-Car Detached Garage
  • Circular Drive
  • Double-pane Windows & Storms
  • Newer Central A/C & Forced-Air Furnace 
  • Newer Roof
  • Newer Entry Doors  
  • Newer Gutters 
  • Newer Hot-Water Heater
  • 1 Bath
  • 3 Bedrooms
  • Island/Work-Area in the Kitchen
  • Neutral Carpeting
  • Newer Countertops
  • ALL Appliances
  • Living Room
  • 1060 Square Feet
  • Ceiling Fans

     This very affordable and beautifully cared for home offers a patio and yard filled with beautiful mature trees for you, your friends, and family to enjoy.

     To view this home, gain more information regarding its features, or obtain assistance and info about other area homes, contact Lyn Sims of Re/Max Suburban at:  847.230.7324.  Lyn Sims can also be found via her website at:  www.lynsims.net.

     For timely, valuable information on mortgage financing for the purchase of the home at 207 E. Schaumburg Road, Streamwood, IL … or to be Pre-Qualified for this or other Chicago area homes, contact Gene Mundt, Mortgage Lender at:  708.921.6331, or via his website at: www.genemundt.com.

     In today’s challenging mortgage lending environment, the sooner you get started in the mortgage financing process, the better … as it greatly increases your chances for your successful Chicago area home purchase. 

    Looking forward to speaking with you soon!

http://www.genemundt.com/ContactUs.aspx

     
     *  Hoping to Buy, Construct, or Refinance a home in Will County, Cook County, or elsewhere in the Chicago areaContact Me Today!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.  
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
 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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Homeowners Insurance Importance to Mortgage Pre-Approval, Application & Closing

 

Homeowners Insurance Importance to
Mortgage Pre-Approval, Application & Closing
 

     After you’ve signed your Real Estate Contract and you’ve

agreed to purchase a home, there’s still work for you to do as a Buyer and Borrower …  

     Typically a Real Estate Contract reads that Home Buyers must make Mortgage Application within 5 business days after signing the Contract.  During the Mortgage Application (and even before) I, as your Mortgage Lender, will advise you to begin shopping for your Homeowner’s Insurance.  

     For the Pre-Approval, and even at the time of Mortgage Application, I’m using an ESTIMATED dollar amount for the cost of your Annual Insurance Premium.  Why?  Because I (and Underwriting) must know and use the actual annual premium to calculate your EXACT total housing monthly Mortgage Payment.  

     Note:  No Underwriter will clear a file for Closing without knowing the exact cost for all components of the monthly Mortgage Payment.  So not having this portion of the Process completed in a timely fashion can cause Mortgage Approval and Closing delays.

http://www.genemundt.com     Recently, I had Home Buyers that dragged their feet a bit regarding the pursuit of their Homeowners Insurance Policy.  When they finally received a quote for their Homeowners from their Insurance Agent, it was more than double the amount I’d used as the estimate for their yearly insurance premium at the time of their Mortgage Application.  

     After hearing the higher premium amount, I advised my clients to revisit the quote with their Insurance Agent.  If that conversation proved unsatisfactory, I recommended they seek a second comparison quote.  

     Eventually, my Borrowers did receive their Homeowners Insurance Policy, one containing appropriate coverage at a more reasonable cost.  I then proceeded to re-submit their loan file to Underwriting for their all-important “Clear to Close”. 

     In Chicagoland, Mortgage Applicants are asked to pay the Homeowners Insurance Annual Premium directly to the Insurance Agency and IN ADVANCE of their Closing.  Upon full payment, a receipt is then provided to us (the Mortgage Lender).  That way no premium payment is still due on the actual day of Closing.  (Paying at Closing can be an option, in some cases.)

     Not seeing to the Homeowners Insurance Policy properly is just one way the scales for Mortgage Approval can be tipped from “Approved” to “Not Approved” for Borrowers.  Carefully following the instructions provided to you by your Mortgage Lender throughout your Mortgage Process … and then taking care of them in a timely fashion … saves you from stressful situations arising later in your Mortgage Process.

     Should you need a referral for an experienced, qualified Chicago area Insurance Agent, please contact me.  I’ll be happy to provide you the name and contact info for someone to assist you with your insurance needs. 

http://www.genemundt.com/ContactUs.aspx

     
     *  Hoping to Buy, Construct, or Refinance a Home in the New Lenox area, another Lincoln-Way Community, Will County, or elsewhere in the Chicago areaContact Me Today!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
 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   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL