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)
  What CAN Go Hand-in-Hand? Home Buying & Student Loans! Conduct a search on the topic "Home Buying with Student Loans" and pages and pages or articles, information, advice, and opinions pop-up ...  "Do Student Loans Affect Buying a House?" "How Student Debt Can Ruin Home Buying Dreams"  "Here's How To Buy A House When You Have Student Loan Debt" ... each are an example of the many such articles I found when I conducted my search today.  Each article addresses the very real worry that too many hopeful home buyers face as holders of Student Loan debt.      The focus of many of these articles is often placed on just how overwhelming Student Loans can be financially.  They're uber-focused on challenges that can exist.     Many portray a bit of defeatist attitude ...    And that's sad becau...
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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)
  The Language of Mortgage ... What You Need to Know Possessing a knowledge and understanding of the terminology you will use while seeking and securing a mortgage loan is immensely important ... Being familiar with the words heard and used also makes the process flow more fluidly and easily for both Borrower (and Lender).  Because there are so many things to consider, weigh, and decide upon during even the simplest mortgage process ... owning even the most basic grasp of the words heard and used help alleviate confusion and stress for Borrowers, especially first-timers. To help my clients navigate their mortgage process more easily and confidently, I always try to explain and educate regarding the "language of Mortgage". The video I created and provided here will help me do so more eas...
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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)
 Finances and Budgeting Lessons for Youngsters In and Around New Lenox Having an understanding of the basics of finances and budgeting is increasingly important in today's world.  How cash "flows" is something everyone should know. As a Loan Officer, I can tell you though ... too many people do NOT understand or utilize these important financial basics.  And I see the results of this playing out on way too many consumer credit reports and mortgage applications.Because of the issues I see, I've long been an advocate of implementing classes in finances and budgeting as requirements for graduation in our country's high schools.  And I've written many articles voicing this financial education advocacy and action for our children. Opportunities for learning do exist though and they can be fo...
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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)
  When Applying for Your Mortgage, It's "FATE and RATE" Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ...   They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home.    But beyond that, what they know of the actual contribution of the two to the "fate and rate" of their loan is typically pretty limited. That's understandable ...   Admittedly, there are many moving parts and asterisks that must be considered by Lenders along the path to quoting rates and awarding loan approval.   Here's just one sample of that being true ...  Some types of mort...
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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)
 NOW is the Perfect Time to Review Your Credit Below you'll find a weather report shared for the Chicagoland area just  recently ...  Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40's to single digits ... It's well known that Chicagoland weather is notoriously fickle, but our area residents are a hardy bunch.  Most won't even blink upon reading a weather prediction like the above.  We're pretty used to the craziness ... The recent polar vortex freeze that descended upon the Chicagoland area is a good example of this.  After suffering sub-zero winter temps for days, the local weather quickly changed to an upper 40's "heatwave" that saw some people outdoors celebrating on bikes and in shorts.   Yep, we take it all in stride.  We plan ahead, mak...
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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)
 Breaking Down Monthly Payment Estimates for Borrowers  When prospective borrowers first contact me, their main focus is often on the following 3 things ...   What their prospective total monthly housing expense will be   What money they'll need to buy/finance a home The chances of their being approved for a mortgage   They have a laserlike focus on these 3 facets of the process.  As a result, I typically find it's best to immediately address their concerns.  Subsequently, a discussion regarding those elements that contribute to their future total housing expense/monthly payment ensues.  Mentally this "frees" them and allows them to move on to the other important aspects we need to cover regarding their mortgage process.   That talk touches on:   The monthly Mortgage Principal and Inter...
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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)
 What You DON'T Know CAN Hurt You When Applying For a Mortgage  Are you familiar with the saying, "What you don't know can't hurt you?"   According to the  "Oxford Dictionary of Proverbs", it's derived from the saying ... "So long as I know it not, it hurteth mee not" ... first seen in literature around 1576 and continuously thereafter.  So the saying and it's message has definitely been around awhile. But what does this old saying mean?   Historically it's meant that someone can't be made frustrated or unhappy by something they don't know.  It relieves people of worry and perhaps, even to a smaller extent, some responsibility.But as a Mortgage Originator, I'm here to tell you that ...   When it comes to planning,  buying, entering, or navigating the mortgage and home buying process(es)...
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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)
  Retirement Funds, 401K, & IRA Accounts: Their Use in Real Estate Purchases There are several ways buyers can "fund" their home or investment property purchase beyond those funds they've built up via their savings accounts ... As a potential home buyer, it's always important to discover and thoroughly investigate all options at your disposal.  Finding and working with a good loan officer makes a big difference in this regard.   An experienced knowledgeable LO will do their homework and then present you with a menu of available options. Then they'll help you weigh the pros and cons of each as they pertain to you and your future plans.   Now it's important to first point out:  "Low or NO Down Payment" mortgage programs exist.  And they certainly can help ease the need for large savings 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)
  Stay Calm and Take These Steps if You've Received a Mortgage Denial  Emotions play a big part in the home buying and financing processes.  In fact, an emotion (or two) may have provided most people the initial motivation to begin the process to buy in the first place ...   Emotions, such as curiosity, optimism, joy, excitement, pride, and even surprise drive people's desire to buy a home.   Add to those the emotions someone may feel during mortgage pre-approval and application ... such as nervousness, fear, stress, and anticipation ... and it's easy to see why the processes of home buying and financing are likened to an emotional rollercoaster.  Most of my posts focus on those actions borrowers can take to avoid or slow that emotional rollercoaster down.  My aim is always to guide the...
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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)
  What You Need to Know About Credit FreezesWhen Buying a Home   Currently, I'm working with clients that had chosen ... prior to their mortgage application ... to place a Credit Freeze on their credit file and credit accounts ...They had decided to take that action after the discovery of 2017's major Equifax Credit Breach.  In that breach, hackers gained access to consumer's Social Security numbers, names, addresses, and birth dates.  In a number of cases, these hackers also stole driver's license numbers, as well.  And in a much smaller number (but still sizeable), other varying identity info was also stolen during that breach.  Pretty scary stuff when you consider the huge number of people that conduct personal banking and business online via their computer or cell phone.  Their deci...
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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)
  Mortgage Loan Borrowers Top 5 "Hiccups" & Mistakes "Wish Lists" are a hot topic for kids, no matter the time of the year.  Do you know any kid that doesn't have a list of things they're wishing for at the handy? Did you know that Loan Officers often have Wish Lists too?  I can tell you that I most definitely do.  What's at the top of my LO Wish List?   A smooth-flowing, successful mortgage process for each and every one of my borrowers. Sadly though, hiccups and mistakes happen.  Both the real estate and mortgage process are conducted by humans, so it only follows that issues arise.  And it's also true that rare or unseen things can take place during a process. But there are some hiccups and mistakes that are more commonplace or occur with more frequency.  Things that with a little pr...
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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)
 Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance"   Mounting Student Loan debt has become a huge concern ...  This is true not only for individuals carrying student loan, but for GSE's (Government Sponsored Enterprises) like Fannie Mae that oversees and ensure mortgage liquidity and guidelines to Banks, Lenders, and Mortgage Providers.   In a previous post, I noted that Fannie Mae had revised guidelines as they pertain to treatment of Student Loan Debt when applying for loan.  Those changes were favorable for Home Buyers carrying student loan debt, as they allowed Mortgage Underwriters some flexibility in examining and allocating for student loans. This new more relaxed view removed some financing obstacles and made it easier for Mortgage Lenders to re...
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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)
  Selling Your Home? Should You be Leery of Accepting an Offer from Buyers Approved for FHA Financing? It's not unheard of to hear my Borrowers (and their Agents) say that Sellers are expressing a leeriness about accepting offers from FHA  Buyers ...  Typically these Sellers' uneasiness is based on rumors and stories they've heard about the difficulty of passing an FHA Appraisal.  They think they'll be required to make their home "right for FHA Financing".    The prevailing thought is typically that FHA ... or the Lender ... will require that they complete a long list of repairs prior to Closing.  That they as a Seller will need to get their home in FHA "financeable" shape and that the cost of doing those repairs will be all theirs to shoulder. I can tell you, having once fulfilled the ...
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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)
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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)
  This Message is So Important, it Bears Repeating    Home buying is often spoken of as an uphill, stressful challenge ...  And while it's true that there's much to know and do during the mortgage process ... the following is also true:  Buyers retain much of the control in determining how quickly and fluidly they navigate the process.You ask, "how?"     Education and knowledge.     Simply, borrowers that gain a working knowledge of how the mortgage process works and progresses, know what will be expected of them, and stay engaged and utilize that knowledge ... help themselves immensely prior to and throughout their mortgage process.     That knowledge is powerful.  That knowledge helps during their decision-making.  It helps them retain control of their destiny.Sadly, commonly held mis...
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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)
 2018 - Halloween Safety Tips for Pets  The Halloween Season with all its scary costumes, parties, tasty treats, spooky decorations, and haunted homes is finally here ...  But sadly, potential dangers also arrive with it.  And that means we should be taking the time and making the effort to plan, prepare, and place safety precautions in place.     Those preparations, plans, and safety precautions should keep our furry friends in mind for this year's Halloween Trick-or-Treating hours and parties taking place too.   Please follow the important pet safety tips found on the informative flyer below ...    That way we make sure that this year's Halloween celebrations remain memorable for all the right reasons:        Follow the safety tips above.  Your Halloween celebrations will be memorably...
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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)
  A Mortgage Originator's View of Property Valuations Recently I read an article by Appraiser Tom Horn (Birmingham, AL) entitled: "How do Appraisers Calculate Price per Square Foot?" ...  Soon after reading this informative article, I received an Appraisal in my office on a (purchase) transaction I was originating.  The article and the appraisal motivated me to write the following post.  It summarizes a few of the issues addressed in Tom's article and those I confront fairly often within appraisals I receive.   Appraisals and the act of appraising are of great interest to me.  My interest doesn't spring solely from the fact that I'm a Mortgage Originator and appraisals are a vitally important portion of the lending process.  In addition to my role as a Mortgage Originator, I served as 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)
 2018 - Holiday Shopping Safety Tips Today's brisk cool wind reminds me, another summer with its warm sunny days is in our rearview mirror ... Brrrrrrr!  It also reminded me that the Holidays are just around the corner!   Of course, that means holiday commercials will soon be running on our TVs 24/7 ... and Holiday shopping will once again be on our minds.   Experience tells me that one thing is inevitable during those upcoming holiday shopping trips.  You'll be asked if you want to apply for a new credit card while checking-out at store registers.  Because of that, each year I've written posts warning of the credit and financial "dangers" that lurk while Holiday Shopping.  Each year I've urged ... just say "NO" to new credit offers unless one of the following applies:    Your Credit/Cr...
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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)
 Rental Income: A Growing Investment Trend Over the recent months, I've seen a growing trend in my local Chicagoland real estate markets ... The number of Investors inquiring about the purchase of condos, apartments, townhomes, and even traditional owner-occupied single-family homes to be utilized as rental units - is growing.   Rental income produced by these types of purchases bring a "workable" monthly cash flow to local Investment Buyers.  More people are currently finding that of real interest to them and their financial goals.  Why? In math terms, when buying an Investment Rental Property you:Collect Monthly $ Rent Minus: All Associated Monthly Expenses Equal: Income (Monthly Cash Flow) These Rental Property Investment Buyers intend to rent the purchased properties and make some m...
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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)
 Fall Festivals, Pumpkin Farms, Corn Mazes, Hayrides in Will County - 2018 Fall in all its glory has arrived in Will County ...   There's a new crispness to the air, especially at night now. The hours of sunlight are fewer.  Leaves are turning in color and falling to the ground.   Fall in Will County means many wonderful things ...   Pumpkin farms have opened.  Fall festivals are being held in many of our communities.  You see corn mazes decorating front porches, lamp posts, and mailbox posts. Scarecrows, ghosts, witches, and goblins of all shapes and sizes are revealed by car lights at night. Spooky creatures of all shapes and size decorate lawns and trees. Who doesn't LOVE Fall in Will County?   We're lucky to have many wonderful venues offering spectacular opportunities to enjoy all ...
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