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)
 Taxes, Escrows, New Construction, & Assessments in Will County In Will County, Illinois ... Property taxes are paid to the Will County Treasurertwice a year ...  The first installment of Real Estate taxes is typically due around the beginning of June and the second installment becomes due around the beginning of September.  When paid, the installments cover the previous year's taxes due. Example:  The payment dates for 2016 Will County taxes were June 1, 2017 for the 1st installment ... and the 2nd installment is due on September 1st, 2017.  (Will County taxes, like most IL Counties, are paid one year in arrears).Escrow Accounts:  Many homeowners have an escrow account that includes their real estate taxes (Insurance, Mortgage Insurance, Flood Insurance, etc. may also be included in an...
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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)
 Prove to Sellers You're Serious:  Be Pre-Qualified! Be Pre-Qualified for your Mortgage before you go and view homes!There, I've said it.  First thing.  Right out of the box.  So it can't be missed.I place that advice right at the top of this post in bright colors so it's not overlooked.  And because it's such a very important message, especially for buyers hoping to purchase a home in a highly competitive housing market.  Right now, homes for Sale are receiving lots of attention.  The shortage of homes currently for sale in most housing markets dictates that.  This means that Buyers must be decisive and ready to act when they find "the home" they want.  They must have already talked to their Mortgage Lender and been Pre-Qualified for their financing PRIOR to the viewing of that home.  ...
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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)
Could a New Construction Home Be a Home Buying Option For You?(Lincoln-Way - Chicagoland Area) These days, it's not uncommon to hear my Borrowers express some frustration over the market's current housing inventory shortage and the challenges it presents them ... Many of my clients have found themselves facing multiple-offer situations on homes they've viewed and wished to buy.  They've eventually lost out to another Buyer's bid on those homes.  That's a tough situation to find yourself in. Because of this, I'm seeing new construction homes enter into my Borrower's consideration and new home searches increasingly often ... Every housing market has its own "personality" and prime buying/selling season.  That's certainly true here in Chicagoland and elsewhere across the Midwest where weat...
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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)
 Visit Will County Pools, Water Parks, Splash Parks, Splash Pads - 2017    School's out for the summer across Will County, IL ...    And as I'm writing this post, temperatures are hovering in the steamy 90's.  Many local parents are looking for safe, healthy ways to keep their kids active and entertained throughout the summer.     Swimming, swimming classes, water parks, splash parks, and splash pads can be a great answer to their dilemma.  Many area facilities are available to address and beat the heat all across Will County.     Some of the facilities are affiliated with local communities or community park districts. Others are businesses. But all offer cool opportunities, activities, and water fun that will "keep 'em busy" in healthy positive ways all summer long.   Below you'll find...
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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 Funds Needed at Closing = "Cash to Close" "Cash to Close" ...It's the term used in mortgage lending that refers to the final amount of money a Borrower needs to bring or send to their Closing on their Closing day.   But in today's modern mortgage process, "Cash to Close" actually means anything but cash when it comes time for you to produce funds at the time of your Closing.  Why?  Today's rule of thumb regarding mortgage closing fund requirements is: (Rules and practices vary from State to State, so for simplification, I refer to Illinois practices here.)   Amounts under $50,000 are typically brought to Closing via a Cashier's Check Amounts of $50,000 and over are sent by wire from the Borrower's Bank to the Title Company's Bank  So HOW does your Mortgage Lender calculate the act...
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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)
 2017 Will County Farmer's Markets  Each year I share current dates and info regarding the many Farmer's Markets held throughout Will County, IL.Why?   Well first, I have a very proud "farmer's daughter" for a wife.  We support family farmers at our house. But eating fresh fruits and vegetables is good for us too.  Did you know that the average American eats less than 2 servings of vegetables per day though? That's almost 5 times less than the amount recommended by physicians. Eating fresh fruits and vegetables found at local Will County Farmer’s Markets is a simple and economic way to introduce healthy alternatives into your diet.  Here are 7 ways you'll benefit from doing so:  (From HeadtoHealth.com)1. You get 10-20 times more fiber in your diet without really trying2. All nutrients 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)
  Be a "Daydream Believer" ... Buy a Chicagoland Home  Do you dream of owning a home?If so, you're not alone.  Home ownership has been an integral part of the "American Dream" ... some say the defining portion ... for a long long time.  The term "American Dream" was first coined by historian James Truslow Adams back in 1931 in his book "The Epic of America".   Adams wrote in that book,  "The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement." But the "American Dream" has taken a bit of a hit as of late ... and is now deemed unattainable by many younger potential home buyers.  In a new report conducted by search site Apartment List, it was found that "80% of millennials 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)
 The Gift of Knowledge: Best. Graduation. Gift. Ever. My goddaughter, Katie, is graduating from high school this week.  She's just one of the approximately 3.3 million graduates graduating from U.S. public and private high schools this year. We'll be celebrating Katie's accomplishment(s), as well as her upcoming journey in fall for college in New York, with our entire family in early June.  So much life lies in front of her.  So many opportunities and experiences ...   I think back to when my wife and I were celebrating our 2 boys graduations.  It was an unbelievably exciting time for them and us.  But as parents, we also worried a bit.  We knew what lay ahead of them could prove challenging.  Little did we know when we sent them off to college just what the definition of "challenging" ...
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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)
 Quick Fix Credit Repair = A Myth While preparing for this article, I ran a simple Google search using the term "quick fix credit repair".  The result was remarkable.  Over 558,000 articles and references popped up in just seconds.You'd think with all the tips, info, and guidance available at the snap of our fingers, that improving credit and credit scores would be fast and easy, wouldn't you?  But no. As usual, there's more to the story ... While it's true that options exist for those in need of fast credit score improvement for mortgage purposes via rapid rescoring (improvement of even a few points can have a huge impact on the terms offered during mortgage application), raising credit scores substantially typically takes time.  There is no "quick fix".Now I know that fact can seem 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)
 Fannie Mae Simplifies Guidelines for Student Loan Debt   It's been a long time coming, but Borrowers that hold Student Loan Debt may have finally caught a break ... Made effective on April 25, 2017, Fannie Mae gave Mortgage Lenders a much more definitive process with which to calculate Student Loan Debt ... a simplification that was definitely needed and long waited for. Until this change, it had been a real challenge for Mortgage Lenders to compute the actual Student Loan Debt of a potential Borrower. Why?   Not all Student Loans get repaid in the same way.  Nor do all Student Loan Services report Student Loan Debt the same way to the Credit Bureaus.  The waters were pretty muddy for Lenders as to how to use the info available, (if it was available at all).  This new change by Fannie ...
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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)
With Golf and Mortgages: It's Important to Know the RulesThere are a LOT of rules in golf ...  That fact has drawn increasing attention as of late.  But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years.  Just ask these pros:  LPGA star Lexi Thompson, PGA players Craig Stadler and Paul Azinger, golf mega-star Tiger Woods, and more.  Not knowing ... or being unaware of a rule ... cost them strokes during important golf rounds and ultimately a win (and money) on the tour.  Strong parallels between the importance of the rules in golf and mortgage lending can be made.  Be unaware or not know the rules of mortgage lending?  It can possibly cost you ... in time, money, and opportunity to attain success.   Just as in golf, 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)
 Rent VS Buy: Which is RIGHT for You?   Rent VS Buy ... which is better?Seems everyone has an opinion on this debate.  Pro and Con.  But truth is, no one but the person(s) considering this question has the "right" answer.  Or at least what's the "right" answer for them.It's also true:  Facts, emotion, and gut feeling weigh into the making of the decision reached.  Or not so final ... as timing factors into this decision-making too.  The "right" answer can often be just a temporary one.So, with all the factors mentioned above playing into the decision-making process, just where and how do you start?  The right answer to that question is: You should start by doing some simple homework.To make that easier to do, I've provided some handy tools for you on my website. Just click HERE to find ...
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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)
 "Need to Knows" When Buying New Lenox - Chicagoland New Construction  With so many housing markets across the country experiencing a severe shortage of existing homes for sale ... in growing numbers, new construction homes are garnering serious consideration from home buyers ... There are a variety of factors at play explaining this growing interest in new construction.  The fore-mentioned supply shortage is just one.  Certainly, the condition, location, and features found within many of the existing homes found on the market are also contributing to their sale numbers falling short of expectations and hopes.  The "new car smell" or prospect of being able to personalize and semi-customize a home is moving many prospective home buyers to consider new construction as an option too.  Who ...
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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 Applicants and Uber Drivers:A Boss and in the Driver's Seat As a Mortgage Originator, my ultimate goal in each transaction is exactly the same as my clients':  A successfully completed mortgage transaction and Closing.  But neither I or my client(s), should settle for just "getting it done".  That simply shouldn't be enough.  The buying/financing of a home is momentous.  I want to create an "experience" for them that matches the magnitude of the accomplishment ... a financing experience that's a positive one.The act of financing a home should be memorable for a host of goodreasons.  I myself have been a homebuyer multiple times, and I've certainly wanted a positive experience each and every time I've financed.  I want the same for my clients. So how do I go about building 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)
  Are Some Credit Reports "Fake News"?Per a Housing Wire report, Experian (one of the 3 major credit bureaus) was fined $3 million for representing that their "purchased" credit scores were the same scores used by Lenders for Mortgage Underwriting decisions. (Housing Wire article link)Their consumers were, (and I am paraphrasing), "receiving the exact same credit scores that Mortgage Lenders use to make loan and credit decisions".  This, they promised, would prove to be a great advantage to these consumers as they started their home shopping and mortgage search. The CFPB (Consumer Financial Protection Bureau) found Experian's sales approach very misleading ... because it was.  They took appropriate action and Experian must now pay for having performed their business in this manner.The s...
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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)
 Our 1st Home was "Imperfectly" Perfect  This post is written in response to Paul Henderson's challenge to write about our "unique and special" homes ... When Paul says it's a "challenge", he's right.  I feel every home I've had the pleasure of living in holds a special place in my heart.  Each represented a specific milestone or offers memories of wonderful times. I know I'm uniquely fortunate to be able to still go back to the place I called "home" as a kid. That home located on Thelma Street in Manhattan, IL has been the Mundt Family home for over 65 years now.  Mom and Dad bought it together shortly after they married.  My Mom still lives there today.   But as special as that home was/is, I'd say the home I remember most fondly is the home my wife and I first purchased together arou...
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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)
  Avoiding a Homeowners Insurance Disaster When You Apply for a Mortgage When buying and financing a home, prospective Borrowers are required to produce a variety of documentation  and information to their Lender at the time of application and prior to the Closing of their loan.  In almost all cases, Homeowners Insurance is included within that documentation requirement.  What service does Homeowners Insurance provide? Why is that service so important?Homeowners Insurance policies offer multiple types of protection and coverage to an insured borrower/home owner.  Those include: Coverage on the STRUCTURE of the home For PERSONAL BELONGINGS LIABILITY protection LIVING EXPENSES, should the homeowner be displaced from their home because of disaster  How is Homeowners Insurance paid for?You'...
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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)
 Receiving Too Many Annoying and Unsolicited Phone Calls, Texts, Emails, and Marketing Ads?  No matter how many times we see them, the "Seinfeld Show" episodes continue to make my wife and me laugh.  Sometimes I think the familiarity of them contributes to the enjoyment we receive.  So many good family memories are attached to our watching and sharing the skits.One such episode includes Jerry encountering a telemarketer's call.  It was a favorite of our youngest son, John ...   While certain things within this clip are dated (landline phones, fashion, long distance service needs, etc.), the annoyance felt upon receiving marketing calls or communications is not.  I've found that the number and frequency of these calls and communications have grown, as of late.  For me, they're a true ind...
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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)
 Have a Mortgage? It's Wise to Review it Periodically  Have you asked yourself any of the following questions?  Is the mortgage I presently hold on my Chicagoland home still the best financial/loan option available to me?   Is it fulfilling my current needs? Does it help me reach my short and long-term goals? Could my mortgage be working harder on my behalf?  If you've not asked yourself these questions yet, you should ...After closing on your mortgage, it's understandable that you'd want to celebrate, take your victory lap, and just get to the business of paying your monthly loan payments. But be aware:  Over time, Mortgage programs ... and the options and benefits they can provide you ... can change or evolve. New mortgage programs and financing rules and regulations are always being ...
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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)
 Benefits of Homeownership at Tax Time It's tax time ... And that means it's time for you to gather all of those envelopes recently mailed to your home marked "Tax Documents Enclosed" and file your taxes for the year. If you became a new homeowner during the previous year ...Your real estate professional and lender probably told you at the time of purchase that homeownership comes with tax benefits.  Well, now's the time to flex those tax benefit muscles.If you closed your loan via my mortgage services during the previous year, you should have received a copy/CD of your Mortgage Closing Disclosure at the end of January.  Much of the information you'll need to prepare your taxes and maximize your tax benefits is available on that Disclosure.Whether preparing and filing your own tax retur...
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