buying a home: Be Prepared! Act Proactively! Gather & Retain this Documentation & Info for Future Mortgage Application - 07/22/19 12:19 PM
 
 
Be Prepared! Act Proactively!
Gather & Retain this Documentation & Info
for Future Mortgage Application
 
 
There is typically one bit of knowledge that the overwhelming majority of home buyers already know when they contact me for a mortgage ...  
 
They know they'll need to provide "a boatload" of information and documentation to get their mortgage ball rolling.  
 
What exactly does "a boatload" entail?   Well, they're not sure about that.
 
And that's certainly understandable.  Until you've actually gone through the process of pre-qualifying and applying for a mortgage, there's typically no exposure to or need for that having that kind of information.
 
 
But if you're someone that:
(13 comments)

buying a home: There's 1 Reliable Way to Learn How Much Home You Can Afford - 05/01/18 03:04 PM
  There's 1 Reliable Way to Learn  How Much Home You Can Afford     Want to know how much home you can afford?  
To do that you must consider ...    Your Income Outstanding Debt Credit Scores Savings Accumulated for Down Payment/Closing Fees Interest Rate Loan Term Property Taxes Possible HOA Fees in play More
Each of the items listed above should be likened to "ingredients" needed for a recipe.  Which ingredients ... and the amount of each ingredient used ... formulates YOUR personal home affordability recipe.  
So HOW do you figure your personal home buying and financing recipe?  How do you know WHICH "ingredients" are to be used?
If you're … (31 comments)

buying a home: Becoming a First-Time Home Buyer: How & Where to Begin - 04/24/18 02:30 PM
 
Becoming a First-Time Home Buyer:
How & Where to Begin
 
You've made the big decision ... 
 
You've decided to buy a home!
 
Now what?  Where do you begin?
 
Begin by focusing on your future mortgage needs ...
So ... you've heard that securing a mortgage and financing a home can be challenging?  
The mortgage process can seem a bit daunting to some First-Time Home Buyers.  But I'm here to tell you, it doesn't have to be that way.  Your home buying dream can become a reality if you prepare yourself and devise a plan, and then stick to that plan.  
Here's how and where to start ...
  
It's always a wise first step to thoroughly educate and … (31 comments)

buying a home: Do You Really REALLY Love that Home?? - 03/13/18 03:10 PM
 
Do You Really REALLY Love that Home?
 
A statement I often hear from my new mortgage clients is ... 

 
"I found a house!  I just love it!"

I think that's exactly what you should hear from clients searching for a home.  A home that will house their life ... and probably represents the single-most expensive expenditure they've made in their lives.  And as their Loan Officer, it's certainly something I want them to feel and experience.  

 
But I also know moving forward, that the intense emotional connection they have towards the home they love and want typically serves as a positive motivating factor during their mortgage process.  Clients "in love" with … (35 comments)

buying a home: Choosing Your Loan Officer: Don't Short-Change Yourself - 03/07/18 08:16 AM
 
 
Choosing Your Loan Officer:
Don't Short-Change Yourself
 
The act of obtaining a mortgage has become a deeply personal and individualized pursuit. In its present form, it has little in common with mortgage applications of the past.
Because of that fact, the act of choosing a Mortgage Originator/Lender is far more important now than ever before.  There's far more riding on your choice.
Yet, statistics show that all too often little time or effort is expended on studying and making that choice:
According to a Report, almost half of consumers who borrow to finance a home only seriously consider a single lender or broker before obtaining a loan  An article by PR Newswire … (13 comments)

buying a home: My Mortgage Wish List - Make it YOUR Wish List Too Before You Buy a Home - 11/17/17 08:24 AM
 
 
My Mortgage Wish List -
Make it YOUR Wish List Too Before You Buy a Home
 
As a Grampa, I'm very aware of "Wish Lists".  The topic is of grave concern to my 3 grandkids, especially at this time of the year ...
 
My little cuties, Henry, Marilyn, and Evie, aren't the only ones working on a Wish List.  Their Grampa Gene is too.  Only mine is aWish List for Borrowers ... those hoping to buy or refinance a home.
What do I ask for on that Wish List?

The Gift of Knowledge Proactive Acts of Prevention Pretty exciting, right?
 But if received, they would facilitate or eliminate … (18 comments)

buying a home: When's a Real Estate Deal a Real Deal? - 11/09/17 10:33 AM
 
When's a Real Estate Deal a Real Deal?
 
When does a real estate deal become a real deal?  
At what point can a buyer rightly assume that they have entered into a secured transaction to buy?
Is it when the offer is accepted? When a formal Contract is signed? The "Process" of its financing is in motion? Appointments for Inspections or Appraisals are made? Some other "step" in the Process? Recently, a pre-approved buyer I was working with, made an offer to buy a home they had fallen in love with.  After negotiation, they and the Seller(s) signed a formal Contract. 
Within 2 days of the … (8 comments)

buying a home: Ingredients for SUCCESS - A Puppy, Documentation, and a Mortgage - 10/26/17 03:16 PM
 
Ingredients for SUCCESS -
A Puppy, Documentation, and a Mortgage 
 
Mortgage financing is a "people business" ...
 
Because of that, human emotions, reactions, and life itself are on full and glorious display throughout the life of a mortgage transaction. 
 
And surprises ... especially when young, first-time home buyers are involved ... sometimes occur.
 
An Originator's life is never dull ...
 
Experience has taught me:  No matter how long I've been in the mortgage business (and I have 40 years under my belt),  I can still encounter "firsts", "never befores" and outright surprises while assisting my clients and referral partners.  
A transaction I had this last spring proved that point by containing … (39 comments)

buying a home: Is Saving for a 20% Down Payment a Wise Pursuit? - 10/19/17 09:59 AM
 
 
Is Saving for a 20% Down Payment a Wise Pursuit?
 
Well ... that depends ...
 
Listen, I'm not trying to be evasive or cute with my answer here. 
 
By nature ... and because I'm a Mortgage Originator ... I'm typically a huge proponent of saving money.   As a rule, I firmly believe that budgeting resources and saving money should be a major focus and goal.  So saying, "it depends", cuts a bit across the grain for me.
 
But as the old saying goes, "there is an exception to every rule" ...  
The "exception" in this case, revolves around the myth supporting the absolute need for a 20% down payment when buying … (27 comments)

buying a home: Have Student Loan Debt? A Solution May Exist For You - 10/04/17 10:13 AM
 
 
Have Student Loan Debt?
A Solution May Exist For You 
 
 
I'm sure you've seen these headlines or others like them ...
 
"Debt-Locked: Student Loans Force Millennials to Delay Life Milestones"   
"Yes, student debt is delaying homeownership"
 
"Student Debt May Prevent Some Americans From Buying Homes"  It's a sad fact.  Student Loan Debt is a huge concern for many consumers in the present economy. And because of that, it's become a huge concern for the commercial and governmental sectors too.  Rightfully so.
In a previous article, "Student Loan Debt Guidelines Simplified by Fannie Mae", I spoke of Fannie Mae, (the GSE, Government Sponsored Enterprise that oversees and ensures mortgage liquidity and guidelines to many Banks, Lenders, … (35 comments)

buying a home: Is a New Chicagoland Home on Your Wish List? - 08/21/17 08:24 AM
 
Is a New Chicagoland Home on Your Wish List?
 
If I had one wish ...
 
Remember as a kid how you made wishes all the time?  
 
You made "wishes" over your birthday cake.  On coins you tossed in a fountain.  You "wishes" on the twinkling stars at night ... or the leftover turkey "wishbones" on Thanksgiving. 
 
It seems as we age though, our "wishing" days become fewer and fewer.  We become a bit jaded or hardened to the realities of our lives.  
 
Beyond wishing someone a "Good Morning", our wishing occurs less frequently.  And at times, disappears for days on end.  
 
As adults, we … (9 comments)

buying a home: Prove to Sellers You're Serious: Be Pre-Qualified! - 06/21/17 03:11 PM
 
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 … (38 comments)

buying a home: Mortgage Applicants and Uber Drivers: A Boss and in the Driver's Seat - 04/09/17 11:35 AM
 
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 … (9 comments)

buying a home: The Funds Needed at Closing .. and How They are Figured - 12/07/16 09:04 AM
 
The Funds Needed at Closing .. and How They are Figured
 
     
     Most new mortgage clients I speak with have pretty basic concerns regarding their upcoming financing.  One of the questions I hear most often is ...
      How much money will I need at my Closing?        A simple and quick answer might be provided by the following math equation:  Down Payment + Closing Costs/Pre-Paids                                    =                    Total Funds to Close           But unfortunately, it's typically not that simple. Here's why ... … (25 comments)

buying a home: How High Demand, Low Inventory, Multiple Offers Effect Chicagoland Appraisals - 06/06/16 09:43 AM
How High Demand, Low Inventory, Multiple Offers
Effect Chicagoland Appraisals      
     Media Reports regarding the somewhat limited inventory of homes currently for sale within Chicagoland housing markets are everywhere.  They certainly are supported by a large portion of my mortgage clients' personal recounts. Many have said that they've found a smaller selection of homes for viewing and consideration ...

     For Chicagoland Sellers that have priced their homes wisely and correctly, that limited supply of homes has translated into greater demand and possibly ... even multiple, competing offers received on their home. Sometimes, offers fairly aggressively priced too. 

     Home Sellers receiving … (28 comments)

buying a home: Choosing Your Neighborhood When You Buy - 05/21/16 04:02 AM
  Choosing Your Neighborhood When You Buy    
 
     Not too long ago, my wife received a call from one of our neighbors.  The neighbor was asking Marilyn to come over immediately, as she had cut herself and needed help. 
 
     She wanted to know first though ... could Marilyn see blood, apply a butterfly, and not pass out?  My wife could, so she ran over and assisted.
 
     This incident got me thinking.  Neighbors ... and neighborhoods  are important. They can determine (to a large extent) the quality of our lives.  In small and big ways ... and as we found out, even in some … (25 comments)

buying a home: Establishing Credit and Building Scores - 04/28/16 04:57 AM
 
Tracy Becker of North Shore Advisory, Inc. Credit Education & Restoration addresses a problem that I see more and more often as a Mortgage Originator ... many younger clients having little credit history when they go to buy their first home.
 
Many of these young hopeful home buyers have avoided establishing credit lines, credit, and debt.  
 
While Lenders' perspective on this issue is changing (slowly) and they have become a bit more "open-minded" to alternative methods of credit and debt measurement, many still want to see a credit history.  And proof of their Applicant's ability to handle debt wisely.  Tracy Becker offers some great … (3 comments)

buying a home: Mortgage Change With Real Impact: FHA to Loosen Standard Regarding Student Loans - 04/25/16 05:40 AM
Mortgage Change With Real Impact:FHA to Loosen Standard Regarding Student Loans        In recent months, it appears that mortgage lending practices are trending in favor of Borrowers ...          This is great news after years of restrictive guidelines implemented as a result of the mortgage crisis and real estate downturn.        Some examples of this trend to more favorable borrowing practices are:   Fannie Mae re-invents their 3% Down financing program, known as HomeReady, that showcases more options that help Borrowers obtain financing for their Personal Residence Private Mortgage Insurance on Conventional Loans has become less costly to Borrowers putting less than 20% down payment on their home … (6 comments)

buying a home: "How Long Will My Chicagoland Mortgage Closing Take?" - 03/30/16 07:37 AM
 "How Long Will My Chicagoland Mortgage Closing Take?"        
       You have found the home of your dreams ...  
     The documentation and underwriting requirements for your mortgage have been met.  You've finally heard the sweet words "Clear to Close" from your Lender.  The big day, Closing Day, has been set ...
     Once all these things have taken place, I hear the following question from Borrowers fairly often: 
     "How long will my Closing take?"
     Truth is, that can depend.  Many factors contribute to the length of time a Borrower is at the Closing table on their Closing Day.  
     Some of the things that impact the … (10 comments)

buying a home: The UnSung Advantages of the New Mortgage Process - 03/22/16 06:05 AM
The UnSung Advantages of the
New Mortgage Process
 
“Fear not the unknown. It is a sea of possibilities.” 
― Tom Althouse
Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.  -  Dale Carnegie

“How can you know what you're capable of if you don't embrace the unknown?”
― Esmeralda Santiago, Conquistadora
Never be afraid to try something new. Remember, amateurs built the ark, professionals built the Titanic. -  Unknown

“The big, bad unknown is only that until it is known. Then you look back and wonder what all the fuss and worry … (39 comments)

 
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) Rainmaker large

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

Email Me



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