Tag Archives: Finances

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!
 
     

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


    

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

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

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

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

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

       MOST standards are:

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

  • Employment/Income: *  

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

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

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

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

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

  • Debt-to-Income Ratios: 

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

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

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

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

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

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

Direct: 
Cell or Text: 
eFax: 
 
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
 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

     

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
  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

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?
 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.

Heading to College? Protect Your Finances Now … and for the Future

Heading to College?  Protect Your Finances Now … and for the Future

     It happens fairly frequently …

https://1609956119.secure-loancenter.com/FreeConsult.aspx     While reading through a potential Mortgage Applicant’s Credit Report, I’ll discover that many of their reported debts and Credit Cards were first established while they were in college.  And now years later, they’re still trying to pay off those debts.

     Yes, it’s true.  The Credit Card Act (signed into law May 22nd of ’09) is supposed to be addressing some of these issues by removing Credit Card companies … and the temptations they offer to college students for applying for cards … from campuses.  

     For those under 21, the Credit Card Act has also made it harder to be approved for a Credit Card.  A parent, guardian, or spouse must be willing to co-sign on a Card … or the applicant must prove that they have sufficient income to pay for their credit obligation.

     These limitations and restraints are helping.  But I can tell you from experience, they’re not eliminating the problem.  Not by a long shot.  

     Ask many of my clients.  When they were in college or under the age of 21, they probably thought Home Buying was a long way off.  Or they might have even thought they weren’t interested in becoming a homeowner.  

     Whether you’re planning on becoming a future homeowner or not, it’s important to remain financially sound while in college.  Having poor credit or large amounts of debt hurts you financially … in the short term and long.  Access to services and the cost of those services (think cell phones/service), rent, car insurance, auto loans, and more are impacted by your debt and Credit Scores.  (Click HERE for a previous post on this subject).   

     So what are the biggest credit and financial issues I see taking root during the college years of Mortgage Applicants? 

  • Student Loans:  Face it, often they can’t be avoided if someone hopes to go to college.  But the amount(s) borrowed can be addressed, as can prophttp://genemundtchicagolandmortgage.blogspot.com/2013/08/tackling-millennial-student-loan-debt.htmler usage of the monies received from these loans.  

     Students must remember that Student Loans must be paid back and cannot be deferred forever.  Think long and hard before your borrow money … for any reason.

  • Lack of Budgeting:  Learning how to budget and then sticking to a budget is important.  Go crazy with your money and Credit Cards now and you’ll be paying for it for a long time after your graduate.
  • Making Minimum Monthly Payments:  Only making minimum monthly payments on Credit Card(s) raises the cost of the money borrowed because of all the interest charged.  Unfortunately, students often do not get the best terms for their Credit Cards.  Interest Rates are typically high.  

      A.  Credit Cards are vital to establishing a good credit history, so I’m not advocating that you don’t apply for a card prior to attending college or while there.  Just use the card(s) judiciously … and wisely.  

     B.  Pay as much as possible off the balance you owe each month.  You’ll save on the interest you’re charged, you’ll pay the balance off sooner, your Credit Scores will build higher, and you’ll be better positioned to buy and borrow for the things you need while still in school … and after you graduate too.

  • Applying for too many Credit Cards: Those offers and bargains offered at the store registers can come back to bite you later.  Stick to 1 or 2 low-limit Cards and pass on opening more.
  • Using the “cash advance” feature on Credit Cards:  Do this only when it’s an absolute emergency.

     So many of the Credit Reports I see are “haunted” … sometimes for years … by my Borrowers’ past expenditures and the poor credit decisions they made while in college.     Don’t let this happen to you (or your child).   

     Protect your financial future.  Establish a budget as part of the college plans you’re making.  Apply sparingly for Student Loans and Credit Cards.  Stick to your budget.  Your financial future will be much better if you do.  And should you decide to Buy a Home, you’ll be much better prepared to do so at the best possible terms …


     *  Thinking about Buying, Refinancing, or Constructing a  home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me Now!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

                                     Direct:  815.524.2280

Cell or Text:  708.921.6331
eFax:  815.524.2281
 
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
 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

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.

I Promise to Love, Cherish … and Pay My Bills??

I Promise to Love, Cherish … and Pay My Bills??

    *  Food for thought: 
        According to the 2010 Current Population Survey (conducted annually by the U.S. Census Bureau), there were about 7.5 million unmarried opposite-sex couples cohabiting in the United States, as well as another 620,000 same-sex couples. The same source reported that married couples account for only 48 percent of all households.

Improve your credit scores with Gene Mundt, Mortgage Lender

      More and more often, especially with young, first-time home buyers, I am assisting unmarried partners with their mortgage financing … and I’m seeing huge differences in many of their money-handling styles and skills.   

     While I see it in older couples too, the differences often are far more dramatic in the young.  It’s typically very clear … one partner is the saver, the other is the spender.  The conversations I have with them certainly reflect that too, as do their credit report(s).
    Right now, I am working with a young, unmarried couple hoping to buy their first home and obtain a mortgage Well, I should say … SHE is hoping to buy a home.  I’m not sure about him.  SHE has been the catalyst of each and every call.  Every piece of information or documentation I receive to advance their mortgage comes from HER.  He has been forthcoming with little.  He’s also been very non-committal and evasive with answers.  I’m a bit unsettled about him, to be truthful.
     Now this young couple, may or may not end-up completing their sales transaction.  I say their chances are 50-50 at best right now.  The outcomes depends on how persuasive SHE can be.  And if he quits dragging his feet and finally commits to the process.

 

    It’s just my opinion too, but I think this couple has bigger issues that should concern them.  Their credit reports read like a life story.  While both partners are young, they are old enough to have already established financial outlooks, habits, and distinguishable spending personalities.  Theirs are vastly different on all counts.  Extremes.  And because of that, I see all sorts of problems before them long term.  Red flags screaming out “Warning!” and  “Caution!” 

Let's Talk About Your Credit & Finances!
    Should this couple hope to have a long, happy, and successful future together, I’d suggest they have a sit-down and talk about their finances … soon.  Possibly even counseling.  I think they need to be honest with each other about their financial histories (something I think she is possibly unaware of … or doesn’t understand the ramifications of) … and their financial goals and dreams for the future. There should be no surprises … no secrets kept between them.

     They, as well as any couple (married or unmarried), should both know, understand, and then commit to what financial responsibilities lay before them. They should also know just how and what they hope to contribute as they move forward together … and how and what they hope the other will contribute as well.  An indepth, lengthy, honest conversation is warranted.

 

      And as unromantic as it sounds, especially for this couple and other unmarried couples, this conversation needs to cover  any future “what-ifs” … and how those “what-ifs” affect them legally, should they part or die.
   Unmarried partners must not assume that the legal options and protections provided them are the same as for married persons.  It is my opinion that protections … legal protections … need to be arranged and put into place for each in this couple.  That is especially so prior to a large financial purchase/commitment, such as this home … or a car.

 

      Unfortunately, I do not see much financial harmony within MY young home buying couple right now … or the likelihood of any real indepth communications between them or any attorney occurring in the near future.  Time will tell if they can make a “go” of this, or not.  I’m hoping they prove me wrong … and all ends-up well.

 

      But I urge anyone hoping to buy a home with someone else, especially as a non-married partner … discuss your plans and goals with one another.  Then talk to a knowledgeable, experienced real estate attorney prior to making the financial commitment of buying a home or other large financial purchase.  Understand and know your options and possible outcomes.  Love and protect yourself enough to take these precautions …  

 

     *  In need of mortgage and credit advice?  Hoping to buy or refinance a home soon or sometime in the future?  Contact me.  I’ll put my 36 years of experience and expertise as a mortgage lender to work for you.  Together we’ll work towards a successful home purchase and find the financial solutions that suit your present financial needs and your future goals.
   Contact me at any of the following:

 

   Direct:   815.524.2280    
Cell/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!