Tag Archives: buying a home

Hoping to Buy a Home? Have Student Loans? Consider “HomeReady” Financing from Fannie Mae …

Hoping to Buy a Home?  Have Student Loans?

 

Consider “HomeReady” Financing from Fannie Mae …

 Loosening Guidelines Can Help You Qualify! Contact Me!

 

After years of warranted tightening of guidelines in the Mortgage Industry, there are some new changes taking place that help to “relax” some guidelines, as they pertain to Fannie Mae (Conventional Loans) …
Come mid-July, 2017, Fannie Mae’s Automated Underwriting Systems will be “tweaked” to allow up to a 50% Total Debt-to-Income Ratios (DTI) … in some cases, not all.
I think there will be a sort of “learning curve” that takes place during the early days of this “tweak” … but, you can probably safely assume that the following will NOT fall within those scenarios considered for the new higher 50% DTI:
  • Low Credit Scores
  • Low Down Payments/ Limited Assets
  • Unstable Employment Histories
In addition to its upcoming increased Debt-to-Income Ratios, Fannie Mae just recently took a more flexible (generous to Borrowers) stance on calculating of Student Loan Debt. (Should you have Student Loans, please contact me to discover if this change benefits you.)
A third change by Fannie Mae was put into place last year with its implementation of a 3% (minimum) down payment program known as HomeReady * …
Below you’ll find the major highlights of Fannie Mae’s “HomeReady” program:
  • Forgiving Credit Scores
  • Reduced Private Mortgage Insurance(PMI) rates
  • PMI is cancellable, per Servicing Guide policy
  • Interest Rates as favorable, if not lower, than traditional Conventional Loans
  • Flexible Income Guidelines allowing:

A.  Non-Borrowing Spouse

       B.  Non-Borrowing Boarder/Rental Income Investigate Options Available to You!
  • Flexible Funds for Down Payment and Closing Costs, allowing Gift Money and Seller-Paid Credits for Closing Costs, etc.
  • There is no minimum contribution required from the Borrower’s own funds
  • Allows Buyers that have been homeowners previously (Do NOT have to be First-Time Home Buyers)
  • Expanded Debt-to-Income Ratios to 50% (in certain cases)
  • ALL property types are allowed, i.e. Condominiums, Townhomes, Single-Family, 2-4 Units (Properties must be Owner-Occupied)

It’s my opinion that “HomeReady” is a financing option that’s presently being under-utilized.  HomeReady’s cousin at Freddie Mac (“Home Possible”) is included in my assessment, as both Programs can be smartly and responsibly implemented to enhance financing options for a segment of Borrowers that might not qualify for other traditional financing programs.  “Home Possible”  and “HomeReady” may also allow some Buyers to qualify for a purchase/ownership of a higher-priced home … something that had eluded them previously.

For those that might fear a return to the more free-wheeling lendingguidelines in play prior to the housing downturn:  Neither of these programs is a reckless, no documentation, “look the other way” financing option.  The financing offered via these programs requires Home Ownership Counseling … an educational session that the overwhelming majority of participants have reported as a great benefit to them.
“HomeReady” can prove to be a very viable option for those Borrowers challenged financially by Student Loan Debt.  It also addresses challenges for those that rely on more non-traditional income sources.  For both scenarios, it certainly is worth consideration.
For those that find themselves in these circumstances and are hoping to buy a home in the New Lenox – Will County – Chicagoland area, reach out.  I’ll investigate all your options and get you on the path to buy and finance a home successfully …
Hoping to Buy or Refinance a home 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 License 216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
Get Answers .. Contact Me NOW!
  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, 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.
Referrals are Greatly Appreciated and Welcomed!

If YOU are a Renter, but Don’t Want to Be …

If YOU are a Renter, but Don’t Want to Be … 
     Day after day, messages via social media and news media constantly show-up regarding the Rent VS Buy debate …

An article I ran across in Forbes today is a prime example.  It offered some rather startling facts regarding the current cost of renting (6/2015).

The headline read … “A Record Number of Americans are Spending More than 30% of Their Income on Rent”.

     Here are 2 statistics from that article that caught my eye: 

     1.  One in five renting households making $45,000-$75,000 a year are spending more than 30% of their income on rent. 

and … 
 
     2.  Meanwhile, it’s good to be a homeowner. The number of households paying more than 30% of their income on housing has declined for three straight years to 39.6 million, or just a quarter of homeowners.
 
     Add the following info and stat from the “How America Views Homeownership” survey into the debate:  
 
  • People who currently rent show a desire to buy homes, with only one in 10 saying they prefer renting over owning    
     So why are so many of today’s Renters not asking questions, seeking guidance, inquiring about home buying, or taking action to buy?
     That’s a question that haunts me as a Chicagoland Mortgage Lender …
     But maybe the survey offers insight:
  • Attitudes about homeownership are positive, but consumers’ misperceptions about credit score, down payment and income requirements persist    
     I can’t address or clear-up every misperception out there with just one post.  So my objective today is simpler:
 
     I want to convince those presently renting … but hoping to buy a home … to contact me or pick-up their phones and call me (or their own local Mortgage Lender).  To get FACTS …
 
     If you’re a Renter and fit any of the following categories:
  • You hope to buy a home, now or at some point in the future
  • You were a homeowner in the past and hope to become a homeowner again
  • You have not had your Credit Scores run by a Mortgage Lender  (Scores/Reports offered by others, such as Car Dealers, Credit Card Companies, online sources can be vastly different from those utilized by Mortgage Lenders)
  • You know your Credit Scores and need help/guidance in improving them
  • You’re tired of renting
  • You have questions regarding what homebuying possibilities and options exist for you
  • A cost comparison/financial analysis would benefit you
  • More …
     
     Make that call or contact:  You may be one of those currently renting that thinks or assumes (incorrectly) they can’t buy a home … but actually can.  I see it often.
     Please note:  I’m not saying there’s anything wrong with renting or not wanting to be a homeowner.  That’s not the intent of my message.
     But there IS something amiss, if:  You WANT and HOPE to buy a home … yet pass on your dream of homeownership because of misperceptions, preconceptions, or inaccurate info.
    If that describes you:  I urge you to have a conversation with me soon.
     That conversation holds the key to gaining the facts and answers you need to make sound decisions about buying and renting.
 
     The info/answers gained from your conversation will:
  • Be based on YOUR finances
  • Be based on YOUR Credit Scores
  • Be based on YOUR needs
  • Provide valuable info that can serve as YOUR personal roadmap moving forward
     The info provided will be based on FACTS.  Facts as they pertain to YOU.  Not myths or stories.
     If you’re a Renter, but don’t want to be:  Get facts now … 
     If in need of mortgage answers … or if you’re hoping to Buy or Refinance in Chicagoland, Illinois, or Wisconsin … contact me today!  I’ll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can easily be found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
Twitter Account of Gene Mundt, Mortgage LenderLinkedIn Account of Gene Mundt, Mortgage LenderFacebook Acct. of Gene Mundt, Mortgage LenderPinterest Acct. of Gene Mundt, Mortgage Lender
Trulia Acct. of Gene Mundt, Mortgage LenderZillow Acct. of Gene Mundt, Mortgage LenderGene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 37 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. 
 
Your Referrals are Greatly Appreciated!

Disputing Disputed Accounts

Disputing Disputed Accounts

     Have you reviewed your Credit Report and Credit Scores recently?  If not, I urge you to do so.  For a number of reasons.

But if you have:  I applaud you. Did you find a debt, account, or error there though? After finding it, did you contact a Creditor, a major Credit Bureau, or take action to “dispute” the account?

If you’re planning on borrowing money SOON …  I’d advise against disputing an account or error that’s appearing on your Credit Report …

     Mortgage Underwriting platforms have changed their stance on “disputed accounts”.  Disputes used to be seemingly harmless actions.  Not so anymore.  Underwriting changes have made it possible for disputes to hold up … or even prevent … Mortgage Approvals. 

A recent Borrower of mine can sadly attest to that fact …

In my Borrower’s case:  It took hours and hours of phone calls to explain, detail, document, and sort out a dispute.  A dispute originally lodged by the Creditor.

To make this situation even more frustrating, we came to find that the Creditor’s action had been taken in error.  Nonetheless, it cost my Borrower time, stress, and money to straighten it out.  Requests to rush a revised Credit Report come at a cost.

Many times:  The best option for a Mortgage Applicant may be to leave the account “as is” … in error and undisputed.  At least temporarily, while trying to gain Mortgage Approval or while in the Mortgage Process.

     But what if you’ve already taken steps to “dispute” an account prior to applying for your financing? 

First:  Have an in-depth conversation regarding the situation with me or your own Mortgage Lender.

There is no set answer for this predicament.  That’s important to know and remember. A discussion with your Lender will help you find a solution and take action based on yourpersonal scenario.

Secondly:  I may ask that you write the 3 Major Credit Bureaus (Experian, Trans Union, Equifax) AND the Creditor itself, to request they remove the dispute.

Be prepared to take action and follow-up on it.  As your Lender I may provide guidance throughout, but I cannot make requests on your behalf.  That remains the responsibility of the Account Holder.

Understand:  Removal of a dispute may be the best and fastest way to address this issue.  It will also address the changes in Underwriting that I mentioned earlier.

In the case of my client, the Creditor later stated that “they guess they needed to review their policies” regarding the placement of disputes on accounts.  Hearing that was of little satisfaction to my Borrower.  And it didn’t reimburse them for their expenditure of time and money.

I will point out, that this issue could have been avoided had my client checked their Credit Report earlier or on a continual basis, as the dispute had lingered there for years.

 So Bottomline:  Reviewing your Credit Report on a regular (I suggest annually, at minimum) basis is a smart financial move.  And it will eliminate issues from arising in the future during your Mortgage Pre-Approval and Processing.

If you’re thinking of buying or refinancing a home soon, take action now.  Talk to me soon … and check your Credit Report.  Both will make your home purchase or financing go more quickly, easily, and successfully …


*  Are you hoping to Buy or Refinance a home in the Chicagoland area?  Contact 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/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
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender  Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, & 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. 
 
Your Referrals are Greatly Appreciated!
 
     

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. 

 

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
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 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

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
 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   Lender411 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

 

How to Avoid Unwelcome Surprises When Buying a Chicago-Area Condominium or Townhome

     One issue that has cropped-up often throughout the time I’ve been a Mortgage Lender (and continues to do so routinely) surrounds the question …

     Is the property I’m purchasing really a Condominium … or is it a Townhome?
  

https://1609956119.secure-loancenter.com/FreeConsult.aspx

      Just last night, the question came up one more time.  My client, who had been told they were purchasing a Townhome, is in fact buying a Condominium.

     The Legal Description of the property proves it is a Condominium.  The tax Permanent Index Number (PIN) shows the property is a Condominium.  Note:  They signed their Sales Contract before they talked to me.

     As you can guess, my Borrower is not very happy … 

     Calls and emails flew back and forth all night between my Borrower and myself regarding this issue.  Question after question was raised.  

     But no amount of talk, frustration, or wishing things were different will change fact.  The Borrower has contracted to buy a Condominium … even if they thought differently.  Facts and legal documentation don’t lie.  (For additional info, please read my post:  How to Determine if You’re Viewing a Condominium or a Townhome)

      When the Developer platted the property they have contracted for, they legally platted the development as a Condominium Project.  Within a Condominium Project the land is “common land”.  The land on which the Condominium is built is NOT OWNED by the individual Condo owner.

     What distinguishes a Condominium from a Townhome is not building design.  

     Let me say that again …

     What distinguishes a Condominium from a Townhome is NOT the design of the building.  Rather, it is the ownership rights of the land found underneath the building.

     In a true Townhome, the land underneath the building is separately divided and owned by each individual Townhome Unit owner.  Pretty much the opposite of Condominium ownership.

     I strongly suggest:  Everyone considering the purchase of a Chicago-area Condominium or Townhome should personally take the time to:

  • Obtain and Read the Legal Description of the property they are thinking of buying 
  • Thoroughly investigate the type of ownership that will  be received via the purchase of the property they are considering 
  • Do so PRIOR to signing a Contract 

 http://www.genemundt.com     Why does it matter?  Condominium Associations can be, and usually are, more restrictive on rules and regulations as they pertain to use of the property.  Restrictive to the point that a property’s marketability and “lendability” can be affected.
     So it’s very important that you take the time to perform this research.  Get the facts you need to make an educated and informed choice regarding your property purchase.  You don’t want unwelcome surprises when you go to finance your Chicago-area purchase …

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

      
     *  Hoping to Buy, Construct, or Refinance a Condominium, Townhome or Single-Family Home in Will County or elsewhere in the Chicago area?  Contact 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?
 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   Lender411 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


    

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
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 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


    

Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed

Just Like Your Underwear: 
Credit Needs to be Freshened-Up, Scrubbed, 
Updated, Fluffed & Changed 
https://1609956119.secure-loancenter.com/FreeConsult.aspx

     Everything needs to be “freshened up” once in a while.  It need to be given a trim.  Updated.  Fluffed.  Scrubbed-up.  Changed or re-arranged.

     Credit is no different! 

 
     But stop and think about it.  When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report?  Over a year?  Two?  More?

     Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now …  

  •  Interest Rates on your credit cards may have risen 
  •  Promotional rates may have fallen off 
  •  Rewards that initially drew you to a specific card, may   have lapsed. 
  •  The credit card company may have updated or dropped the benefits you liked from your card 

     It happens all the time … 

     And your mortgage rate?  The one you might have thought you were doomed to forever because of housing values?  It may actually deserve a second-look.  

     Mortgage Interest Rates have remained low … lower for much longer than most experts thought they would.  And as of this writing, have actually fallen some recently.  Enough that Refinances have come back on the radar for a large number of Americans in many housing markets.

     The airwaves, social media, and news are full of stories that tell of new security breaches. Passwords to banking accounts and websites need to be changed one more time.  We hear of it so frequently, that it’s begun to take on the air of “common occurence”.  

     But it’s not …

https://1609956119.secure-loancenter.com/FreeConsult.aspx
     Your credit and Credit Report are always a “work in progress”.  If you haven’t checked your credit and Report out in the past 12 months, it’s time to now.  You can easily accomplish this on your own.  Just head to: 
 

and request your FREE Credit Report.

     If you want to find out what options exist for you to become a step-up home buyer, or to discover if Refinancing your present mortgage is an option … in the Chicago area, contact me.  Together we’ll run the numbers to find the opportunities that currently exist for you.  

     And if we find your credit and credit scores need improvement, we’ll “freshened them up”, give ’em a trim, fluff, scrub, change or re-arrange them so they’re the best they can be as you head into your financing and the future …

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

      
     *  Hoping to Buy, Build, or Refinance a Home in the Chicago area?  Contact Me Today!  I’ll get you the facts, info, and figures you need to make the best home buying and mortgage financing decisions for you and your future.
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
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 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