Tag Archives: Chicagoland Mortgage Lender

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
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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!

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?
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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?
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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

     

Love Your New Construction … But Educate Yourself About Future Tax Bills

 Love Your New Construction … But Educate Yourself About Future Tax Bills

     *  I want to preface this article by saying it’s geography specific to the Chicago Area and its collar-counties …

     So you’ve opted for building or buying a newly constructed home.  You’ve decided you’re okay with investing most, or all, of your savings to cover the Down Payment and Closing Costs.  After all, it’s a new home, you hopefully won’t need money for repairs or improvements for quite a while. 
    

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

     Plus, the property taxes for your new home will initially be lower, as they’ll be based upon the vacant lot on which your new home is built.  (The new home wasn’t completed yet for the previous tax year’s bill.) 

     But how does this effect your future tax bill and the tax portion of your monthly mortgage escrow?

     When obtaining financing, during your first year of a new construction occupancy, the real estate tax portion of your escrow account is based upon the last available tax bill for that property.  Again, that tax bill, (referred to above), is based on the vacant lot, so your Mortgage Escrow Account, set-up at the time of your Closing, has been funded by low monthly payments … maybe as low as $50 to $100.  

     It must be pointed out:  I, as your Mortgage Lender, am required to base your tax escrow figures upon the MOST RECENT AVAILABLE tax bill.  I, like all Lenders, am prohibited from collecting anything beyond that.  

     The pros for homeowners that result from this are:  Their initial monthly mortgage payments are quite low.  But unfortunately, there are cons that come with this too.  

     What are those?  In the second year of occupancy, the County Tax Assessor having jurisdiction over the property, notes that the property (vacant lot) has been improved upon with a newly-constructed residence.  

     In Chicago and its Collar Counties, the following is an example of what the typical ramifications of this vacant lot/new construction tax escrow scenario are … and the timeframe in which they occur:

   1.  Closing occurs on:  August, 2012.  The Occupancy Permit is issued on that date.

   2.  Taxes for the previous year of 2011 (based on Vacant Land), now payable in 2012, were $100.00.
https://1609956119.secure-loancenter.com/FreeConsult.aspx 
   3.  The Builder paid the 2011 tax bill for $100 at the time of the Closing in August, 2012.

   4.  The Buyer/Borrower’s Mortgage Escrow (based on the 2011 tax bill) is figured and set-up at Closing.  The Mortgage Lender require they pay $50 per month into their escrow for Real Estate taxes, beginning with their first payment due in October, 2012.  

   5.  New tax bills are issued in May 2013, for the previous 2012 tax year.  They still don’t reflect the newly- constructed improved property, as the Assessor’s Records aren’t updated in time to reflect that improved property’s existence.

   6.  AFTER these tax bills are issued, the Tax Assessor updates the property record card noting the Occupancy Permit issuance and the date of Occupancy, August 2012.  The Tax Assessor then submits the new improved evaluation and assessment accordingly.
      
     Fast forward to May 2014 …  

   7.  New tax bills are once again issued, but now they reflect 16 months of improved property (the last 4 months of 2012 and the entire 12 months of 2013).  This new tax bill is issued at the current tax rate levied for the property’s Township.

   8.  As a result, the Homeowner’s/Borrower’s Escrow Account is short.  It doesn’t have enough money in it to pay the new tax bill reflecting the improved (newly constructed) property.  * Remember, the Escrow only has collected the low $50 per month amount allowed at the time of Closing.  But the new bill is “catching up” on the missed months of taxes based upon the improved property.  

   9.  The Mortgage Lender, based upon the new tax bill they have received, sends the Homeowner/Borrower a notice of an increase to their escrow payment … or they provide the Homeowner an option to cover their shortage in escrow with a lump sum payment.

     The result of this new construction tax scenario can be scary and burdensome for a homeowner.  If they haven’t prepared by setting aside an estimated amount for their new higher taxes, panic can set in.  All too often, I’ve seen the homeowner have to opt for the larger monthly escrow payments because of their ill-preparedness. 

     If you are considering the buying or building of new construction in Chicago or a Collar County:  Don’t be caught off guard regarding your new construction property taxes.  They will rise at some point.  Be fully prepared for that. 

     While you’re in your initial Mortgage Process and your Closing, listen to me, your Mortgage Lender.  Heed my advice regarding your escrow and future tax bills.  This issue is too important to not fully understand it, prepare for it, and act upon it …

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

    
     *  For thorough, detailed new construction financing advice and assistance in the Chicago area, contact me today!  I’ll put my 36 years of mortgage experience hard to work on your behalf.  I can be easily found at:

Direct:  815.524.2280815.524.2280
Cell/Text:  708.921.6331708.921.6331
eFax:  815.524.2281815.524.2281
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
 

 

5 Indicators Point to the Wisdom of Home Buying “Sooner than Later”

5 Indicators Point to the Wisdom of Home Buying
“Sooner than Later”
     Today’s news looks something like this …

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

 

Mortgage Rates Convincingly Higher,  Momentum Shifts

     Those headlines come fast on the heels of Interest Rates recently having taken a slight downward track over the last week or so.  Moving forward, the consensus of experts seems to be (along with these articles) that Rates will move generally upward during the year (2014). 
      Often it’s hard to predict with real accuracy where Interest Rates are headed, especially in these quickly changing times.  Interest Rates, much like gas and oil prices, are like yo yos and rise and fall in tandem with the Financial Markets.  The Financial Markets rise and fall upon the events occurring around the world.  Who can predict those?  

     Here’s a good everyday example of what I’m saying:  Ever go to the store and see the gas price at one level only to come back from the store just minutes later to see it higher?  Things can change in a blink of an eye.

https://1609956119.secure-loancenter.com/FreeConsult.aspx 
     So if you’re a hopeful Home Buyer, how are you possibly to know when it’s the best time for you to hop on the “Home Buying Train”?
     A few indicators would point to the wisdom of buying a home “sooner than later”:  
  • 1st Indicator:  The majority of predictions typically point to Interest Rates rising as the year progresses.   Higher Interest Rates = Higher Monthly Mortgage Payments
  • 2nd Indicator:  The prices of homes in many housing markets is on an upward swing.  Higher House Prices = a need for a larger Down Payment and Higher Monthly Mortgage Payments
  • 3rd Indicator:  Recent changes have taken place in the Mortgage Industry, most notably the Qualified Mortgage Rules.  Those entering Home Buying can do so more certain that they will be able to make their payments in the future.
  • 4th Indicator:  Landlords all across the nation are raising rents.  Higher Rental Costs = Less Money Saved.  The old question remains … why pay someone else’s Mortgage or help them build equity?
  •  5th Indicator:  A slightly improved Economy, rising home prices, and fewer delinquencies have eased the stress on Lenders. The result may be more Mortgage Lenders willing to make Mortgages, ultimately making it a bit easier for Home Buyers to finance. 
     At minimum, these indicators should serve as your motivation to inquire as to the options and possibilities that exist for you in financing a home purchase.  It costs you ZIPPOnothing … to obtain the information and answers you need to make your decision.  
     Should you want to buy a home, there is never a better time than NOW to ask those questions.  For FREE, you’ll find out one of two things …
  • You CAN buy … and you get started towards fulfilling your Home Buying dream
  • You cannot buy … and you get started towards building your Credit, repairing and polishing your Credit, or saving for a Down Payment … by following the advice of your Mortgage Lender.  

     Again, it’s FREE to find out, so why not ask?  Either answer gains you valuable info and knowledge.  And either answer moves you in a positive direction and closer to what you ultimately want and hope for.

    5 Indicators Point to the Wisdom of Home Buying “Sooner than Later”.  In the Chicagoland area, contact me today …      

      
http://www.genemundt.com/ContactUs.aspx
    
  *  Wondering if Home Buying, Refinancing, or Constructing a home for yourself is possible in New Lenox, another Lincoln-Way CommunityWill County, or elsewhere in ChicagolandContact Me now!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your best behalf.
     I can be easily found at:
Direct:  815.524.2280815.524.2280
Cell or Text:  708.921.6331708.921.6331
eFax:  815.524.2281815.524.2281
 
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

Preparing to Buy a Chicagoland Home: Seller-Paid Closing Costs

Preparing to Buy a Chicagoland Home:

Seller-Paid Closing Costs

– See more at: http://activerain.com/blogsview/4308152/preparing-to-buy-a-chicagoland-home-seller-paid-closing-costs#sthash.spFanGOx.dpuf

Preparing to Buy a Chicagoland Home: 
Seller-Paid Closing Costs
https://1609956119.secure-loancenter.com/FreeConsult.aspx     Looking out my office window right now, you’d never know that Spring … and Spring’s busier Chicagoland housing market isn’t that far off.  Yet, it’s true …

     Chicagoland First-time Home Buyers (those typically purchasing homes from the low $100K’s to the low-$200K’s) and anyone else hoping to buy during this upcoming Spring’s warmer-weather market, should be making their plans NOW, while winter snow is still on the ground and temperatures are frigid. 

     So, if you’re a hopeful Chicagoland First-Time Home Buyer (or anyone seeking Mortgage financing) what should you be considering or educating yourself about right now … at the beginning point in your process?

     First of all, find yourself a knowledgeable, experienced Mortgage Lender to work with.  Not sure how to do that?   

     Here’s a few suggestions:  

     Inquire with Real Estate Agents that transact in Chicago or the Chicagoland area in which you hope to live.  Check with Real Estate Attorneys, your friends or family members that have Closed on a Mortgage loan recently. Talk to Insurance Agents or others that work in the local real estate industry.  Gather names and note those mentioned multiple times. 

     Don’t skimp on the attention you give this matter.  Do your homework.  Find the right person for you.  (For more help and guidance, click HERE.)

     Once you’ve found your Mortgage Lender, have a long talk with them about your finances and your Credit.  Get Pre-Qualified to discover:

  •   What Home Buying options exist for you
  •   Your Credit Scores 
  •   Your Credit capabilities
  •   If elements of your Credit need polishing 
  •   The Price Range of home you can buy
  •   Establish a timeframe for your upcoming purchase

     
     One of the most important topics you’ll talk about with your Mortgage Lender will be regarding a Down Payment on your home purchase.  At this time in the year, I often hear from Borrowers that Income Tax Refunds will be a contributing source to their Down Payment funds.  

     For Buyers hoping to utilize Income Tax Refunds during their home purchase (or Agents working with those Buyers), it’s critical to make sure that Income Tax Returns are filed as early as all supporting documentation (W-2’s, etc.) is received.  Tax Returns should be filed electronically, as this  expedites the depositing of Tax Refunds into Checking or Savings Accounts.

     It’s important for Home Buyers to know:  Income Tax Refunds ARE acceptable to Lending Underwriters when saving/accumulating assets to buy a home.  Since most loan programs require Down Payment funds to come from the Buyer, it’s important to demonstrate Down Payment funds as verifiable money in accounts.  (Accounts can be Savings, Checking, Money Market, Mutual Funds, Bonds, Stocks, and Retirement.)

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

      

Keep in mind that the:
  • Minimum Down Payment on FHA Loans is 3.5% 
  • FHA requires a 3.5% Down Payment, but ALL or PART of that Down Payment can be a Gift
  • Minimum Down Payment on most Conventional Loans is 5% 
  • At this time, it remains totally acceptable for Sellers to pay Closing Costs.  

     In the case of Sales Prices under $100,000, it’s almost necessary to get Seller-paid Closing Costs due to new regulations in place as of January 10, 2014, per the Consumer Financial Protection Bureau (CFPB).  Certain Closing Costs ARE allowable when Seller-paid.  That simply allows your Mortgage Lender, to cover the cost of traditional fees incurred in a Real Estate purchase at Closing time. 

     I’ve included a breakdown of the guidelines (as of this writing) on the maximum allowable Closing Costs that a Seller can pay.  These Costs are expressed as a percentage (%) of the Sales Price …

     For Conventional Loans:

  • Fannie Mae –  3% if Owner-Occupied  *
  • Freddie Mac – 3% (2.5%in some cases) if Owner-Occupied
  • Investment Property – 2%

    *  Can be greater, if Loan-To-Value is less than 90%
     
     For FHA:

  • Up to 6%

     For VA:

  • Up to 4% 

    
Preparing to Buy a Chicagoland Home: Seller-Paid Closing Costs …  As you can see, there’s quite a list of things to talk over with your Mortgage Lender when you hope to buy a Chicagoland home.  It’s normal to have lots of questions.  So, let’s get started and get those questions answered.  Contact me now so together we can best prepare you to buy a home …

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


     *  Hoping to Buy, Refinance, or Build a Home in Chicago or the greater Chicagoland area?  Contact 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 a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
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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.

The Effect Real Estate Taxes and Insurance have on Mortgage Loan Approvals and Monthly Mortgage Payments

The Effect Real Estate Taxes and Insurance have on  Mortgage Loan Approvals 
and Monthly Mortgage Payments
     There is an acronym in the Mortgage Loan Industry known as PITI.  This stands for:
  • Principal
  • Interest
  • Taxes
  • Insurance(s)   (Insurance for Homeowners Premium and Monthly Mortgage Insurance must be calculated and included in an Estimated Housing Payment.  Mortgage Insurance is required if a Down Payment is less than 20%).

     If buying a property within a Homeowners Association, you can add an “A” to the end of that list/word, so it becomes PITIA.
https://1609956119.secure-loancenter.com/FreeConsult.aspx 
     PITI/PITIA is the actual total housing payment that is arrived at when a Loan Officer is “pre-approving” a Home Buyer.  

     As Mortgage Lenders, we tend to focus mostly on the Sales Price or Loan Amount for Home Buyers’ Pre-Approvals.  But I’m ultimately trying to pin down the Maximum Payment of PITI/PITIA.  This payment is then compared to the Home Buyer’s gross monthly income for what’s called the Housing Ratioor Front-End Ratio.  

     To arrive at the Total Debt Ratio, or Back-End Ratio (ideally 43% in this day and age), I add the Mortgage Payment (PITI/PITIA) to the other monthly debt my Borrowers have … that debt coming from Auto Loans, Student Loans, Installment Payments, Credit Card Payments, Child Support (if applicable) that my Borrower may have.

     So what is the significance of this seemingly straight-forward lending exercise??

     I want to illustrate how important it is to know if the piece of property my Borrower is considering for purchase lies within a Homeowners Association … and if it does, what the corresponding Association Dues are.

http://www.genemundt.com/ContactUs.aspx     Knowing the last available Real Estate Tax Bill is also important for a Mortgage Lender and Borrower.  That bill is needed in order to calculate a Monthly PaymentIf Mortgage Insurance is needed, there are various factors that impact and figure into the cost of that Insurance (i.e., Credit Scores, Down Payment Percentage, Owner-occupied VS Investor, etc.).  

     And lastly, the Principal and Interest (P&I) Payment is calculated based on the appropriate combination of Loan Amount and Interest Rate.  Add the Estimate for monthly Homeowners Insurance … and I get a reliable PITI/PITIA.

     Without a “reliable” and accurate PITI/PITIA, I’d be gambling with your Approval in Underwriting, especially when you’re approaching the Maximum Allowable Debt-to-Income Ratio (DTI).  Debt-to-Income Ratios are best kept at 43% to 45% (or less), for your optimum chance of receiving Loan Approval. 

     The Effect Real Estate Taxes and Insurance have on  Mortgage Loan Approvals and Monthly Mortgage Payments.  Home Buyers need an accurate calculation of their total Monthly Mortgage Payment in order to make sound decisions surrounding their Mortgage financing and home purchase.  It may seem like I’m asking a lot of questions when we’re in the Pre-Qualifying stage of your Mortgage Process.  But as you can see from above, the success of your Approval depends on me asking them. 
     *  Hoping to Buy, Refinance, or Construct a Home within a Lincoln-Way Community (Manhattan, New Lenox, Mokena, Frankfort), Will County, or elsewhere in ChicagolandContact 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 a 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
 

Are you Self-Employed and Hoping to Apply for a Mortgage in Will County and Chicagoland?

Are you Self-Employed & Hoping  to Apply for a Mortgage in Will County and Chicagoland?

    
http://www.genemundt.com

     From a Mortgage Lender’s perspective, the most complicated Will County and Chicagoland Mortgage Applicant is often the Applicant that is Self-Employed.

     Why?
     Full Document ation Loan Files are demanded in today’s Will County and Chicagoland Mortgage lending.  IRS transcripts are requested (and received) on the vast majority of Mortgage Loan Applications.  With Self-Employed Borrowers, the only way to verify income (and expenses) is through an Individual U.S. Tax Return and the Tax Returns filed by the business they own.  And that is true whether that business is a Partnership, Corporation, (S, C, or LLC), or otherwise.
     In most cases, no paystubs exist, as the potential Borrower’s business is not paying the Self-Employed owner as a consistent wage like they do an employee.  The same is generally the case for W-2‘s. Often, no regular monthly deposits of a consistent amount are available for review either.  So, the end analysis rests solely on the business and personal tax returns filed.  Those, in turn, are supported by Tax Schedules and Bank Statement Activity.    
     So you say … what’s the problem?
     As a rule, the majority of Self-Employeds incur expenses in the course of conducting their business.  There are tax advantages to them for reporting those expenses … and again, the great majority of Self-Employeds take full advantage of their expense “write-offs”.  Typically, tax advantage expenses are shown on tax returns as a means to reduce income … which in turn, reduces the amount of taxes paid by the Self-Employeds.  That is the whole idea of filing in this manner and the advantage found in doing so.
     Unfortunately, when those Self-Employeds try to secure a Mortgage loan, this advantage … reflected on their tax returns as “reduced” income (Net Income), serves as that Self-Employed person’s “Qualifying Income” that is reviewed by the Underwriter.  
     There is really no guesswork in this equation.  Net Income after expenses (with some exceptions and “add-backs”) is what a https://1609956119.secure-loancenter.com/FreeConsult.aspxWill County and Chicagoland Mortgage Banker and Underwriter use to determine a Self-Employed Borrower’s income level.  I arrive at the Net Income by reviewing the Self-Employed’s last two (2) years of filed Income Tax Returns.
     Often times, an Underwriter requires that a Year-to-Date Profit and Loss Statement from the Self-Employed Borrower be submitted.  This is especially true if the loan is being made in the 3rd or 4th Quarter of the yearIn some case files, only the most recent tax year documents are required, but often times two (2) years are needed.
     For that reason, it’s a rule-of-thumb lending requirement that a Will County and Chicagoland Borrower be Self-Employed for a minimum of two (2) years in order to qualify for a Mortgage Loan.  This two (2) year history of reported income can also apply to those that are Commission Employees, or 1099 wage earners that serve as Independent Contractors (IC).
     While all of these rules and guidelines are often viewed as overly rigid and inflexible, quite honestly, they make sense. There are cases where less than two (2) years of these types of income are allowed and “approvable”.  But in the context of this post, we’ll refer to those as rare exceptions.
     The bottomline is:  What the IRS knows and has on record for these kind of Borrowers is what a Will County and Chicagoland Mortgage Lender’s Underwriter will see … and even more importantly, must use for determining income.  
     Self-Employeds hoping to make application for a Will County or Chicagoland Mortgage must understand that fact and know that HOW they file their Tax Returns for the two (2) years previous to their Mortgage Application will impact their ability to borrow money.  Like every other taxpayer, a Self-Employed’s tax returns must be a fair and accurate depiction of their true income.  
http://www.genemundt.com/ContactUs.aspx
  Are you a Self-Employed person hoping to Buy, Refinance, or Construct a home in a Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me Today!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf so you can become a successful new homeowner.
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a 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.  
Gene Mundt, Mortgage Lender can be contacted at:
815.524.2280, 708.921.6331 … or via his email:  gmundt@goapmc.com.

The “Science” of Pre-Qualifying Home Buyers During the 1st Quarter of 2014

The “Science” of Pre-Qualifying Home Buyers During the 1st Quarter of 2014
     
https://1609956119.secure-loancenter.com/FreeConsult.aspx

Some would say that Pre-Qualifying a Home Buyer these days is a Science.  That meaning there is an exactness to the process as it now stands during the 1st Quarter of 2014.  

 
     I’d say that’s definitely wrong.  The many changes that have taken place in the Lending Industry (including those that kicked in on January 10th, 2014), have erased much of the exactness from any current lending equation.
 
     As Mortgage Lenders make adjustments because of the new guidelines regarding “Ability-to-Repay” (ATR) and the reduction in Debt-to-Income-Ratios (DTI,) there will be an adjustment period … one with a bit of a learning curve attached to it.  In addition, the technology associated with Underwriting and Mortgages will also be tested and most likely run into some challenges. 
 
     Sure, some things remain much the same, such as the documentation needed from Borrowers for Pre-Qualification and Approval.  But throw in the long list of variables that must be also considered while seeking an Approval:
  • Credit Scores
  • Depth of Credit
  • Employment History
  • Length of Employment
  • Income Amount 
  • How Income is Earned
  • Amount (percentage) of Down Payment
  • Source of Down Payment
  • Reserves (Money retained by the Buyer after Closing)
  • Residual Income (Money left over after Mortgage Payment and other Debts are paid monthly)
  • and More

     plus … the cumulative effect of all these factors … and you see how and why there just might be some adjustment period for clients and professionals alike during this first Quarter.  

     As with most changes that occur in the Mortgage industry, some Mortgage Lenders will be educated and well-versed about these new changes while others are not.  In my opinion, these changes make one thing abundantly clear:  

     Now and moving forward, there is a growing importance for new Home Buyers to seek-out Mortgage Lenders that continually educate themselves and also have hands-on experience with the new rules, regulations, and industry guidelines.  As a Home Buyer, that experience will mean the difference between failure and success to you …

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


     *  Hoping to Buy, Refinance, or Construct a Home within a Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact 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 a 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.  


Gene Mundt, Mortgage Lender can be contacted at:  
815.524.2280, 708.921.6331 … or via his email:  gmundt@goapmc.com.

 

Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer Needs to Start & Successfully Complete their Home Buying Transaction

Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer Needs to Start & Successfully Complete their Home Buying Transaction
   
http://www.genemundt.com

      A little over a year ago, I wrote a post entitled, “Have a Daughter?  Educate her Early about Finance, Credit, and Buying a Home”.  It’s proven to be one of my most popular posts and is typically one that people mention having read.  It obviously speaks on a topic of great interest.

     After being approached once again about this post, I thought I’d revisit it and update the info found there.  Admittedly my motivation and personal interest for this topic has only grown.  I now have two grand-daughters.

  • Trade investments less often  
  • Be more risk-averse
  • Keep more of their savings for themselves VS investing
  • “Settle” for more modest returns on investments/annuities/retirement funds

     And strangely enough, should they remain single instead of marrying, many of the differences between them and their single males counterparts will be even more stark.

     So what does this all mean?  How do these tendencies reveal themselves when females Buy a Home?  And what should parents, guardians, and teachers, (and I’d add Mortgage Lenders) do to best assist females to act in their own best interests?

     First, we obviously can’t and shouldn’t give in to old stereotypes.  Women have the capacity to learn and handle their own finances just like men do.  We cannot tolerate or assume because a woman makes a different decision than a man, that their capacity to understand finances is somehow diminished or less than a man’s.  It’s not.

     Secondly, we need to instill a deep confidence in our

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

females.  The confidence to invest, save, and follow their own instincts.  Instincts formed and honed on the counsel, education, and application of investment and savings gained and practiced throughout their lives.

     As a Mortgage Lender, I can relate that I’m working with single female Borrowers far more frequently than I used to.  (And I see single females that are buying alone more often than I see single males doing so.)  My personal findings are backed by statistics and the accounts of many agents I work with.  

     That in turn is backed by the National Association of Realtors profile of home buyers: 

  • Single Female Buyers accounted for nearly twice as large a share as Single Male Buyers for both First-time Buyers (23 and 15 percent) and repeat Buyers (17 and 9 percent)
  • Twenty percent of recent Home Buyers were Single Females, and 10 percent were Single Males 
010: Women-owned households are expected to be 31 million, which makes up more than one-quarter of all home buyers in the U.S. – See more at: http://singlemindedwomen.com/money-tips/the-female-face-of-real-estate/#sthash.x2vs5pcZ.dpuf
National Association of Realtors® profile of home buyers – See more at: http://singlemindedwomen.com/money-tips/the-female-face-of-real-estate/#sthash.x2vs5pcZ.dpuf

  
     Every child, no matter their sex, needs to be thoroughly educated as to credit, financing, debt, savings, investing, and even … Buying a Home.  The better they grasp each topic, the brighter and less stressful their financial future will be.

     But given the statistics proving that females are marrying later (if at all) … and outlive men (42% of women 65 years of age and older are widows) … there is a special importance that must be placed on equipping females to make sound financial decisions.  This protects them definitely, but it also helps them to best benefit from their financial decisions too.

     When Buying a Home, a Chicagoland Single Female Home Buyer/Borrower can best claim the confidence and empowerment they need for their transaction through education.  A helpful article to get these female Buyers started is provided by Realtor.com entitled, “Tips for Single Female Homebuyers”.  Other great info for Single Female Homebuyers is available on that site as well.

     But, I stress the following point:  

     The magnitude of the importance of searching/finding a knowledgeable, experienced Mortgage Lender willing to explain and discuss your financial scenario and all financing options thoroughly simply cannot be overstated.  The same goes for the Agent you choose to work with.

     Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer needs to start and successfully complete their Home Buying transaction.  To get started on your Chicagoland Home Buying & Mortgage Financing process, contact me today … 

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

    
     *  Are you a Single Female hoping to Buy a Home in one of the Lincoln-Way Area communities, Will or DuPage County, or elsewhere in ChicagolandContact 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 a 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.  
Gene Mundt, Mortgage Lender can be contacted at:  

815.524.2280, 708.921.6331 … or via his email:  gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!