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Back in My Day ... When I Was Your Age. WAIT! There's alot more ....

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

 


    
     Knock! Knock!
            Knock!Knock!
 
 
 
Back in my day ...

When I was your age ...

 
       Start a conversation with old sayings like that, and you'll lose a young person's attention quickly.  I know that's how I reacted when I heard them years ago.   

     And I understand.  Everyone has to learn their own life lessons.  Again, I know I did my fair share of learning the hard way.  Trial and error.  Life's hard knocks.  But still ... there are those times in my past that I wish I had learned a little differently. Some way a bit less painful perhaps ...
 
     Yesterday, I wrote a blog entitled, "Answer This Home Buying Question. Are YOUR Personal Ducks in a Row?".  In a nutshell, my blog talked of a young client of mine that had prepared herself successfully for buying a home.  She had gotten her "ducks in a row" and is now prepared financially, credit-wise, and mentally to become a new homeowner.  All as she will enjoy a large savings in monthly payment ($200/month) in comparison to what she would have paid 2 years ago at the onset of her journey to home ownership.

    Obviously, all great news for my client, but I couldn't help but think, this happy ending could be playing-out so many more times than we are presently seeing.  And that fact that it's not kinda saddens me.
 
    Young, first-time buyers have an opportunity presently before them that comes around very rarely.  Historically speaking, maybe NEVER!  The stars are aligned.  Interest rates are unbelievably low.  Housing prices have tumbled way down.  There's also a large number of homes on the market from which to choose.  Perfect trifecta!
    
   When I was their age ...  Back in my day ...
   Warning!  Now comes the obligatory story ...
 
 
   When I bought my first home at 21, the house my wife and I chose had some "issues".  (I'm being kind)  The house had no central heating.  The walls were covered with 8 layers of wallpaper.  There were no kitchen cabinets, save the sink ... and it had a hole in it for where the pump used to be.
   
     The front porch of the house had a horse hitch on it.  (no kidding!)  The lot the house sat on was determined to be too big in ratio to the size of the house (a whopping 640 sq. ft. of rompin' stompin' castle!) that had been built in 1857.  Conventional mortgages were definitely out.
     
     We had purchased a fridge to hold drinks and food while we worked on the home prior to moving in ... and when it kicked-on the whole house went dark.  (20 amp service just doesn't light-up a home like you think it would!)  But I think you get my drift and understand why I say the house had some "issues" to overcome.
 
      But we had determined that it had good "bones".  It was structurally sound.  So we had worked through all the issues regarding the mortgage financing and the fact that it was an estate sale and purchased it.  Our parents thought we had lost our minds.
 
     Eight years later (and two babies), we sold the place.  We had more than doubled the size, re-wired, added new plumbing, a deck, a garage (and a driveway, as I guess horses didn't need one), added new kitchen cabinets we stained ourselves, split-off much of the land into another lot, and had sold that lot to pay for much of the remodeling of our home. 
 
     Buying that house?  It was the best financial decision we ever made.  It allowed us entrance into a housing market in a town that we never would have been able to purchase in otherwise.  It got us started.  Thankfully we weren't afraid of hard work and we didn't decide to pass on the opportunity
 
     Obligatory story over!  And yes.  That was "when I was young".  That was "back in my day".  But I guess what I'm saying is this.  There's a lesson to be learned from my story and others.  And that's ... Opportunity is knocking for many right now.  Are you overlooking it? 

     I'm talking about that perfect trifecta mentioned above contributing to and delivering those opportunities.  Interest rates,housing prices, and greater variety of home from which to choose ... then add valuable professional assistance being offered in huge quantities to boot.  Knock!  Knock!  Knock!  Knock!

     Don't let this great opportunity slip by you because you didn't take action or because something was less than perfect.  If that means confronting your finances now, do it.  If that means getting a grips on your credit, let's get started.  And if that means taking a wider, more open-minded view of homes on the market ... consider it.
 
     These opportunities before you right now are so very rare.  Find out what they are, or can be, for you personally.  Pick-up the phone!  Email your questions!  Text for information!  Click to get connected!  Do what it takes so you can personally benefit from these opportunities! 
 
      If you ever hope to buy a home ... now is the time to start working towards that goal ...


     *  Now's the perfect time to pick-up that phone to call me at 815.277.4036.     Email your questions to me at: gene@chicagobancorp.com.  Text me on my cell:  708.921.6331.  Click HERE to get connected!       Or here: www.genemundt.com/Mortgage-Consultation.html. 
         Together we'll discover YOUR personal opportunities in today's housing market and with mortgage payments.
  
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ 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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

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Comments (14)

Jenifer Lower
Bozeman Montana Real Estate .net - Bozeman, MT
Your Dream. Our Passion.

Fun!  We don't have to start with back in my day, it is the best day to buy and a great example to suggest why they should take advantage of the opportunities that are knocking in a safe, sound sensible manner.

Sep 30, 2011 10:30 AM
Carlotta Remong
Berkshire Hathaway HS N.E. Prime Properties - Newport, RI

Wow, what a wonderful story ...and the opportunity is knocking now on some fantastic deals in real estate. And some once in a life time opportunitues only knock once. Thank You!

Sep 30, 2011 10:37 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Jenifer:  Thank you!  You're right ... in the 35 years I've been in the mortgage business, I've not seen such a perfect combination of opportunity available.  Yes, mortgages can be challenging.  But with the right guidance, preparation, and assistance ... it can be accomplished for the majority of buyers.  Why not check that out???  Thanks so much for writing ... and good luck with your business ...

Carlotta:  Pretty name!  As crazy as it sounds, we had a blast during that time of our lives.  Constantly working on something in the house ... and building babies too.  And you're so right about the opportunities only coming once in a lifetime.  It's definitely what I've experienced ...

Gene

Sep 30, 2011 11:21 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hello Gene - I hope lots of prospective first-time buyers see your post - that's one reason I 'liked' it - get it out there on Facebook and more eyes.

Sep 30, 2011 11:46 AM
Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Gene-What a wonderful post and as they say "opportunity only knocks once" and you have to be ready when it does.

Sep 30, 2011 11:46 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I tell my daughter this ALL THE TIME.  I hope I'm getting through.

Sep 30, 2011 12:00 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Lottie:  My posts all go to FB ... just seems to take a while for it to show sometimes.  I appreciate the suggestion though.  Great minds!!!  And thanks for the "like" ... you're wonderful ...

Sharon:  Thanks!  Appreciate the kind words!  And it's knocking loudly right now, isn't it?  Hope lots of first-time homebuyers hear it soon ...

Tammy:  I do too.  I truly think those that don't at least TRY to take advantage of this opportunity will come to wish they had in the future.  Work on your daughter!!!  If she has mortgage questions, please have her call me, Tammy ... I'd love to help if I can ...

Gene

Sep 30, 2011 12:23 PM
Nancy Conner
Olympia, WA
Olympia/Thurston County WA

I hope, too, that many, many first time homebuyers see your post and take it to heart as something they should DO themselves so that someday they can tell the next generation - "Back in my day...."

Sep 30, 2011 12:59 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Exactly Nancy!  Who'd of thought I'd ever be saying it ... but there's my story!!  I'm hoping someone reads it and is inspired to take action.  And in Olympia .. they of course all call you!!

Gene

Sep 30, 2011 02:21 PM
Markita Woods NMLS#196099
Fairway Independent Mortgage Inc. - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

Excellent post once again now its time for the first time buyers to get off the fence and give us a call. Or their "back in the day" story may be filled with regret

Sep 30, 2011 06:10 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Amen Markita!  Shoulda .. woulda ... coulda.  Makes for those regrets you're talking about.  They just need to take that first step and investigate the opportunities.  They may be surprised at what they find out ...

Gene

Oct 01, 2011 03:54 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

LOL  I was cracking up at some parts of this post.  Some days, I feel so old, especially when I'm working with my "kids" (my young, first-timers).  The other day, I met with one to get her to sign off on some paperwork and I met her mom - WHO WAS YOUNGER THAN ME!!!  In my defense, "Mom" was only a year younger than me and was a teenage mom when she started having kids.  But geez!!!  Did I ever feel old.

On another note, I like to talk to my borrowers about when I was their age and bought my first home (I was 24 when hubby #1 and I bought our first home).  I like to educate them that "back then" our interest rate was 16% and almost twice as much as our rent at the time.  I like to talk about what a dinky 2bd place and how we had to "live with" three other couples (it was a gated, detached, fourplex that shared a courtyard and parking/carports).

Nowadays (there's my age showing again), first timers are getting 4% interest rates and their mortgage is hundreds of dollars less than their rent and they can afford modest 3bd houses with yards and garages. 

Oct 07, 2011 12:38 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Totally can relate, Donne.  I'll admit, Marilyn and I started younger than most do now ... but we're enjoying being a bit more free at the opposite end and having grandkids to play with.  Second childhood!!  Great toys!!

I know it's hard for these kids to relate to what you and I went through, never having been through such high rates and all ... but I sure hope we can get through to them that I are living in an unbelievably advantageous time.  No matter what they are reading.  There IS good balancing out the bad.  They might need to work at it a bit, but it definitely is worth tackling.  I'll keep preachin' out my way ... you handle the west coast!!!

Gene

Oct 07, 2011 01:08 PM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

I loved this, Gene!   Felt like I was reliving our start!    only you forgot to mention our 17% interest rates back then!    I am very jealous of the youth now, and a lot of them don't "get it."  Run out and BUY THAT HOUSE NOW!!!!

Oct 10, 2011 03:17 PM