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New Lenox, IL Real Estate News

By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Newsletter:  September 9, 2015 Friends ...The Fall season offers us cooler days and nights to enjoy our homes.  Golden hues of sunlight and colorful falling leaves. The celebration of friendship around warm outdoor fires.  Fall also provides us time to prepare our homes for the colder winter months ahead.  To button-up and secure.For these reasons and more, I've found and included some timely Fall tips for you below.  I hope they help you utilize the coming Fall days to maximum potential ... around your home, with your family, and in your life. Always remember ... throughout the Fall and entire year, I'm at your disposal for mortgage info, answers, and service ... and for anyone you know and refer that may be in need. Gene~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Let's Play Some Football!   Lincoln-Way Community High School, District #2102015 Varsity Football Schedules           Nothing says Fall like football ...         And the  Lincoln-Way Community High School, District #210, serving the New Lenox,Frankfort, Mokena, and Manhattan  communities,  provides plenty of great opportunities to watch top-notch gridiron action.       Consisting of  4 separate schools and campuses, the Lincoln-Way Community High School, District #210 offers a full 2015 Fall schedule of exciting football games and superb half-time entertainment for area residents' and visitors' enjoyment.      Below you will find the Varsity Football Schedules for each of the 4 Lincoln-Way High Schools.  Whether a Lincoln-Way Knight, Phoenix, Griffin, or Warrior fan ... I hope you take ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
2 Successful Home Buying and Mortgage Transactions NEEDS        Two themes I pound away on in my mortgage posts concern:   The need for good communication skills That clients conduct homework prior to choosing their real estate and lending professionals       Both were certainly front-and-center this last weekend ...     Right from the start of one new transaction, it was clear that the use of technology for communication purposes was going to be no issue for my new contacts or their real estate professional.  Each fired-off questions to me in calls, emails, and texts at lightning speed.      However, it also became obvious that the listening portion of communicating was going to be a bit more of a struggle.  Texts, emails, and calls all arrived on my cell at a furious pace.  The ring o...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Homebuying & Mortgages:What Should be Learned The summer has slipped away quickly.  And schools are already back in session or will be soon ...       It makes it the perfect time to talk about the value of "learning", specifically within the financing process.  Both from the homebuyer's perspective and the Mortgage Lender's.       Because basically, that's what much of it is.   Learning ...     I know that this learning portion comes under fire fairly frequently these days. Many think there's way too many questions asked and too much info required.     But I think that's giving it somewhat of a bum rap. Information ... details are fundamental and lay the groundwork for making sound decisions.  By everyone involved in the transaction.       The recent housing crisis taught us that ...   ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
How to ROCK the Rest of your AugustGene Mundt, Chicagoland Mortgage Lender Newsletter  Friends! Hard to believe!  We're already in the middle of August and School and Fall are just around the corner again. That means time is of the essence if you hope to tackle and complete some "end of Summer" tasks. I've included:  Timely ideas, tips, and reminders below. All will help you "rock" the rest of August and help prepare you, your finances, your family, and home for Fall. Don't be shy ... when it comes to sharing this info. Pass it on (along with my name and contact info) to anyone you think would benefit from it. Please keep in mind:  It's wise to check your Credit at minimum, once a year. If it's been a while since you checked yours, please do so soon.   I recommend that you go to www.ann...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  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...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
 Why It's Smart to View a Home During the Rain  Some people walk in the rain, others just get wet.Roger Miller       Today's weather has been a good representation of our weather over the last week ...                Today's weather has been:        Cloudy.  It's included a storm watch and a flooding alert.  We've had downpours.  Winds.  It's been humid and terribly hot ... all mixed with intermittent sunshine.       As you can imagine, all this recent wet weather has made the viewing of homes a bit challenging for Chicagoland Buyers and their agents.        But, there IS a big silver lining to all this wet weather too ...       Buyers viewing homes get to see properties they're considering for purchase during what's possibly one of the most challenging times for a home or property.  Du...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
 Choose the Wording For Contracts Carefully          Today I'm working on a rather challenging mortgage scenario for new and hopeful applicants ...               There are many elements to this transaction that serve to make it somewhat extraordinary.       But the one thing that's proving the most challenging is the wording chosen for a portion of the signed Contract.      The applicants involved have excellent credit/credit scores and secure employment.  Their financial position is stellar and very secure.  Every indication is that they're financially rock solid and would be at little risk for credit issues arising in the future.     Yet, there is that darn wording within the Contract to be concerned with.  And it's causing a bit of havoc ...     So my objective in writing this post i...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
 Important Reasons to Pay Attention to Credit and Credit Management               My experience has taught me:  Way too many people don't spend enough time ... or pay proper attention to ... their finances.  That simple tasks regarding credit maintenance are often overlooked, forgotten, or dismissed.     I've also found that:  Poor credit scores are typically not the result of overspending alone.  A lack of understanding of how spending, payment/non-payment of financial obligations reflect on their credit report (and when those become reflected) often causes or contributes to issues.     This leads me to believe:  Courses addressing credit and credit management are needed (and by that, I mean they should be mandatory) in ALL high schools.  We need to provide children the education ... t...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Mortgages: The Importance of Response Time      I have clients that are in the midst of their mortgage process.  I've been trying to get ahold of them for days, but haven't had much luck.          Early yesterday, I'd contacted them yet again, this time letting them know that the interest rate they'd hoped to secure was now available.       I felt we had to act fast.  Government reports from last Friday have interest rates experiencing mood swings.         I heard nothing back throughout the day.  So when I saw a text from them finally roll-in late last night, I was a bit frustrated.  Even more so when I read their message.       They'd been online and had seen a low interest rate posted on another lender's website.  The mortgage program attached to the interest rate they'd seen will no...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Help a New Home Owner Celebrate  Valentine's Day this Saturday, 2-14-2015      Valentine's Day is this Saturday, February 14, 2015 ...        Do you know a new home owner or have a new home owner in your neighborhood?  Valentine's Day would be the perfect time to stop by and help them celebrate their recent entrance into home ownership and new home.     Below are ideas for some great gifts to bring along on your visit.  Gifts that will help the home owner celebrate their very first Valentine's Day in their new home: A new Front Door - Entrance Wreath A Monogrammed Doormat Perennial or Indoor Plant  New Address Numbers to heighten Curb Appeal An equipped Toolbox Garden/Yard Tools A Home Owner's Maintenance/Repair Manual A Gift Card to a Home Decor - Hardware Store A Cozy, Warm Throw in a...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Friend:   Hope this finds you surviving all the snowfall we had this last week ... and you're healthy, safe, and warm ...   I've included a variety of topics within the articles for this week's blast.  Finances to gardening and more.  All included to educate, entertain, and be helpful as we move towards Spring.   Refinancing, as a result of low interest rates and recent changes regarding down payment requirements, is proving beneficial for many at this time.  If you'd like to discover if refinancing could lower your monthly costs, please contact me.  We'll run some numbers to see what your current options are.   I thank you for your loyalty and support.  The family, friends, and co-workers you refer me are greatly appreciated ...     Gene   ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~   10...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Spring 2015: Are You Hoping to Become a Successful Home Buyer or Seller?            In the Chicago-area, February typically means Spring ... and warmer weather ... is still a couple months away ...         Brrrrr ...         But that doesn't mean that you can't dream and plan for Spring or warm weather activities.        If presently a Chicago-area home owner and dreaming of selling your home ... and buying a new one ... there is good news.  Most present indicators point to 2015 being a good year to do that.          It's predicted that move-up Sellers, as well as Boomerang Buyers and Millenials, are going to take advantage of low interest rates and a bettering economy and return to the housing market.  New construction starts are also supposed to rise.         There are also reports of...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
   Info Requirements for Mortgages Fall Into 4 Categories              I often hear the comment about "how hard" it is to get a mortgage today ...        I hear about the challenges faced within the current mortgage process VS those when anyone breathing could get a Mortgage.  At those times, I swear I can hear music ... (click on the box below)                   I'm not trying to be smart or funny.  The "loose" lending standards yearned for ... those in play during the early-to-mid 2000's ... are gone.  Forever.  We need to get beyond them.        If we're honest, those loose standards were in reality, pretty crazy.  And they didn't work-out well for way too many American homeowners.          Now as a Chicagoland Mortgage Lender, I'll admit ... the pendulum has swung back too far in th...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Mark Your Calendars: Changes Ahead for Mortgage Financing, 1/26         Both FHA and Fannie Mae (Conventional Loans) have recently announced upcoming changes that will kick-in on January 26, 2015 ...        FHA has announced a 50 Basis Point reduction in Monthly Mortgage Insurance costs to Borrowers, resulting in most cases, a half-percent cut on MI charges.       An example of cost reduction realized:       A $200,000 Loan reaps an $83.33 per month savings.  That reduced Mortgage Insurance payment savings gives a Borrower MORE buying power,perhaps as much as $17,000 in price and/or loan approval.       It also means the Borrower realizes a reduction in their Debt-to-Income (DTI) Ratio of 1.56 Per cent at a given income amount ... of say $5,316 monthly.  Any one of these factors can be ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  It's a MYTH:  You Don't Need 20% Down to Buy!          It's a MYTH:  You Don't Need a 20% Down Payment to buy a home!         Let me repeat that ... I said,        You Don't Need a 20% Down Payment to buy a home!              I'm not sure how I can say that more clearly, more often, more concisely, and consistently ... or deliver it more emphatically.   I say it again now, almost in fear of sounding like a broken record.        Yet a Zelman & Associates (via the MReport) study reveals that a large percentage of people still believe otherwise.           Here are some of the beliefs found in this study:   Respondents, on average, think Lenders demand at least 11 to 15% Down Payment for a purchase 38% of 25-29 yr. old respondents believe the minimum Down Payment to purchase a home is 15%...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  First, I want to thank you again for your business and support offered during this past year and beyond.  I, my team, and my family all appreciate it greatly.   I hope this message finds you and yours enjoying all the fun and joy the Holiday Season brings.  Below, you'll find some timely tips, info, recipes, and more to help you amp-up your Holiday celebrations.   Enjoy ... stay safe ... and spread the love and cheer this Season holds ...   Gene       32 Easy And Inexpensive Ways To Keep Kids Entertained This Holiday Season ...   Otherwise they’ll never stop asking, “Can we open presents yet?”     (MORE ...)   Taking Better Party Photos with Your Smartphone ...   Enjoying a night out or party with friends presents the perfect photo opportunity. Unfortunately, all of those places have...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
   Rent or Buy in Chicago or Chicagoland? Discover Your Options           It's no secret.  The cost of renting has been rising all across the U.S. ...       A recent article in the New York Times, reported the following regarding the cost of renting nationwide ... and in Chicago/the Chicagoland area:    "For rent and utilities to be considered affordable, they are supposed to take up no more than 30 percent of a household’s income. But that goal is increasingly unattainable for middle-income families as a tightening market pushes up rents ever faster, outrunning modest rises in pay.     In Chicago, rent as a percentage of income has risen to 31 percent, from a historical average of 21 percent."      Another recent article on RentJungle.com reported the following statistics and info:    ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Santa's Elves Babysitting December 19th, 2014, at the New Lenox Park District        Are you a busy parent with lots to accomplish this Holiday Season?  Holiday parties to attend?  Shopping to complete?  Do you live in or near New Lenox, IL?         Then I have some great news and information for YOU!         On December 19th, the Santa's Elves at  New Lenox (IL) Park District will be available to babysit for your child between the hours of 6:00 pm to 10:30 pm.  This event will take place in the Lions Community Center (Room 4), located at:  One Manor Drive, in New Lenox.  Please use Entry C to come in.         The elves will serve pizza for dinner, play, conduct crafts, and provide a movie for your child while you  get your shopping done, attend a party, wrap gifts, or just relax for ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
   Why Are the Most Recent 2 Years of Your Life Important in Financing?      It's definitely true.  Much has changed in the Mortgage Industry and the financing of homes in a very short time.       But one thing has not changed.  That is the importance placed by Mortgage Lenders and their Underwriters on the most recent 2 years of a Mortgage Applicant's life.     Why is this 2-year period so important?     There are several factors that are considered and weighed by Underwriters when they're reviewing a Mortgage Application for Approval.  Many of those decision-making factors take place during "the most recent 2 years" of a potential Borrower's History.     And sometimes there are also "waiting periods" tied to the "passing of time" during this 2-year period.  Examples of lending tied to...
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