downpayments: Did You Conduct a Year-End Review? - 01/25/18 11:18 AM
  Did You Conduct a Year-End Review?  For many businesspersons, the end of one year and the beginning of the next signals the need for a year-end review.  And while I always conduct such a review of my own business, I typically don't share my findings publically.    But this year, I'm going to speak of my results, as I was somewhat surprised by what I found during this annual exercise.  Very pleasantly surprised in one specific category.  
I definitely recognized that changes were taking place, as a many of the Chicagoland housing markets have healed to a good degree since the housing and economic downturn of the … (8 comments)

downpayments: Your Tax Refund can Help You Become a Will County Home Buyer - 01/30/17 01:37 PM
Your Tax Refund Can Help
You Become a Will County Home Buyer
 
Last week, the Internal Revenue Service (IRS) announced it had started accepting 2016 Income Tax Returns for processing ...
If you're one of those estimating you'll receive a refund on your taxes ... and you dream of buying a Chicagoland home in the future ... now is the perfect time to:

Get Started  Contact Me   Ask your financing questions  Discover what options you have to borrow and buy  Position yourself for the mortgage best suited to your needs
The refund money you receive can be extremely helpful in buying a home.  A common use for the refund money is to use … (5 comments)

downpayments: Eliminating FHA Mortgage Insurance? Mining for Gold! - 09/30/16 02:35 AM
Eliminating FHA Mortgage Insurance?
Mining for Gold!
 
 
      A comment often heard regarding today's mortgage process is that it's "difficult" or tedious.  There are too many questions, requests for information, or details to navigate ...
     And while it is true that there can be much to gather, to do, to talk over, to digest for Borrowers ... as their Mortgage Originator, I see real positives in that. 
     Why?  
     Within all that info and detail gathered from mortgage applicants, lies opportunity.  
     The more info and detail I have at my disposal as your Originator, the better the possible outcome.  All revelations help me … (11 comments)

downpayments: What is FHA Mortgage Insurance and How Does it Work? - 09/29/16 07:44 AM
 
What is FHA Mortgage Insurance
and How Does it Work?
 
     Mortgage Insurance remains a hot topic for potential Borrowers, current Borrowers, and professionals alike.  And of great interest, no matter which type of mortgage program it's utilized in ... Conventional or FHA (Federal Housing Administration).
     While I've written in the past about Mortgage Insurance as it relates to Conventional financing, I now want to focus on its counterpart within FHA Loans ... which is mandatory, guaranteed, and government issued (not Privately backed by Corporations).  (See past posts, "Understanding Private Mortgage Insurance. PMI: The Pros and Cons" and "How to "Replace" Mortgage Insurance") 
     Since FHA Loans are government insured, it should come as no surprise … (17 comments)

downpayments: Gifting of Down Payment Funds: An Early Christmas - 08/03/16 04:52 AM
Gifting of Down Payment Funds: An Early Christmas        Many of today's Millennial First-Time Homebuyers have learned from previous homebuyers' experiences and their financial struggles ...             The previous decade's housing crisis and financial recession taught them that they should buy a home that's well within their financial means.  One that is under-budget and below the maximum levels at which they can be Pre-Approved for a Mortgage.
       The crisis also shaped many Millennials new view of home ownership.  One that differs greatly from previous generations.  
     Many are willing to consider and buy homes that fly in the face of what is considered … (50 comments)

downpayments: Is 20% the Perfect Down Payment When Buying a Home? Maybe … Maybe Not - 01/13/16 06:23 AM
Is 20% the Perfect Down Payment
When Buying a Home?
Maybe … Maybe Not


     A 20% down payment is often heralded as the perfect goal for those contemplating the purchase of a home ... 

     And it's hard to argue that there's anything wrong with having that goal in mind when saving for an upcoming home purchase.  The financial discipline it takes to save that amount of money is considerable.

     Yet I have found as a Mortgage Lender, that this goal often seems totally unattainable to many dreaming of buying a home.  And as a … (6 comments)

downpayments: Down Payment Requirements: My Top 4 Posts - 05/19/15 03:59 AM
 
Down Payment Requirements:  My Top 4 Posts
 
     It happened again ...  
     "It" meaning a call from a hopeful home buyer thinking they needed a full 20% down payment to buy a home. 
     First:  Let me correct this nasty misconception about home buying and lay this myth to rest ...

     You DO NOT have to have a 20% down payment to buy a home!  
     Multiple options exist that can help you become a home owner with a "minimal" down payment ... or with NO down payment, in certain cases.  
     I view this as a very important message … (24 comments)

downpayments: My Top 6 Posts - Gene Mundt, Mortgage Lender - 01/09/15 12:07 AM
My Top 6 Posts - Gene Mundt, Mortgage Lender       
     Now that I've been blogging for well over a handful of years, I have a real "library" of articles and topics I've addressed ...  
     During this time I've also had a chance to analyze just which of those topics my followers have thought they gained the most from ... and those posts they found most interesting.
     I've been happy to discover that my readers respond in largest numbers to posts that are educational in nature. Why?  I see informing and educating clients/readers (and my referral partners) as one of … (42 comments)

downpayments: It's a MYTH: You Don't Need 20% Down to Buy! - 01/07/15 04:37 AM
  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 … (12 comments)

downpayments: Downpayments: Sometimes It's Good to Find Out You're Wrong - 06/23/14 09:01 AM
 
Downpayments: Sometimes It's Good to Find Out You're Wrong     
 
     A recent article featured in the MReport, (a mortgage industry news magazine) reported that a large percentage of young, first-time potential homebuyers believe they need a large downpayment to buy a home.  
     The article said that the average first-time homebuyer surveyed in a Zelman & Associates research study incorrectly believed that Mortgage Lenders demand minimum downpayments of 11% to 15% to be made in order to obtain financing to purchase a home.  
     Now this isn't the first time I've seen articles and stats of … (9 comments)

downpayments: There ARE Alternatives to FHA Financing. Ask Me About the "Home Possible" Mortgage Option! - 06/16/14 07:31 AM
 
There ARE Alternatives to FHA Financing Ask Me About the "Home Possible" Mortgage Option!      

     Although FHA perhaps remains the most reliable First-Time Homebuyer Program currently available, it may no longer be the only or best option for certain qualified Borrowers.       
    
     With the current costs of upfront Mortgage Insurance and the increased costs of Annual Mortgage Insurance, I have sought alternative options for my Borrowers in the Conventional Financing environment.  I currently have a great option available for my clients.  
     The chart below shows how I (via APMC) have applied this program … (8 comments)

downpayments: What are the Requirements to Qualify for a Home Loan Today? - 04/22/14 01:39 AM
 
What are the Requirements to Qualify for a Home Loan Today?    
     Frequently I hear the question ...  
     "What are the requirements to qualify for a home loan today"?
      To answer that, I'm first going to list what are considered as foundation requirements for current mortgage loans.  When I say "foundation", I mean that they are the basic requirements that must typically be met by those seeking financing.  
     The most basic and frequently seen requirements (the foundation of most mortgage approvals) are as follows:
Credit:  Middle FICO Scores are used to determine eligibility.          MOST standards are:
   … (60 comments)

downpayments: Dispelling Nasty Rumors Regarding Down Payments - 02/10/12 02:05 AM
 
 
Dispelling Nasty Rumors Regarding Down Payments      
          "Rumours" ... catapulted Fleetwood Mac to the top of the charts during the year 1977 ...
         "Rumors" ... was the name of an episode on the TV program Glee this last spring ...           And Rumors ... are once again swirling about the amount of down payment a borrower needs to buy a home and obtain mortgage financing in the current market.         THOSE rumors don't sound pretty.  THOSE rumors don't make you smile or tap your toes.  Nor are they humorous … (10 comments)

downpayments: Announcing the "Comeback Kid" ... PMI! (Private Mortgage Insurance) - 01/02/12 04:24 AM
Announcing the "Comeback Kid" ... PMI! (Private Mortgage Insurance)               In the good news department, it appears that the private mortgage insurance companies may be loosening up their guidelines and appear to be regaining a lost share of business that FHA has been enjoying.         Coupled with the higher monthly mortgage insurance costs associated with FHA loans now, and the "availability" of privately issued mortgage insurance, more Conventional loan scenarios are taking hold.         Of those options at 5% down, single premium (paid upfront at closing) is emerging from the pack. With the single premium … (20 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)

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



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