homebuying: UltraFICO & Experian Boost ... Good Solutions to Your Credit Challenges? - 06/20/19 04:50 PM
  
 
UltraFICO & Experian Boost 
Good Solutions to Your Credit Challenges?
 
 
Ever since the announcements regarding the new credit scoring systems "UltraFICO" and "Experian Boost" were made last year (and their subsequent implementation earlier this year), questions regarding their use, legitimacy, accuracy, and abilities have come my way ...  
 
In most instances, the questions come from those considering home buying or refinancing but suffering from credit scores considered "fringe" or low scores ... either as a result of NO/little credit or credit issues having occurred.  They're looking for answers and fixes for the challenges they face.
 
And challenges do exist.  While  FICO reports that, for the … (21 comments)

homebuying: Thinking About Buying Your First Home? How to Prepare - 05/02/19 09:37 AM
 
 
Thinking About Buying Your First Home?
How to Prepare
 
Buying a home ... 
 
While the end result ... a home of your own ... is an exciting thing to ponder, it also can be a bit nerve-wracking, can't it?  
 
All sorts of questions race through your mind once you decide to buy ... 
What do I need to do? What do I need to know? Who are the people that can help me? What kind of credit should I have?  Or money saved? How do I get started?  When will I know I'm prepared? More  
Don't panic!  
 
It's important to remember, there is absolutely no … (17 comments)

homebuying: PUD VS Condominium: Serious Differences Exist - 04/26/19 11:02 AM
 
PUD VS Condominium: Serious Differences Exist
 
 
PUD and Condo (Condominium) ...
 
I'm sure you've heard or read these terms when talking or reading of something real estate-related.  They're kind of odd sounding.  Hard to forget.
 
But beyond their rather funny names, what are they? What are their characteristics?  And when you buy/own one, what determines legal ownership?
 
First:  Condo (short for Condominium), is probably the most commonly heard of the two terms.  A Condo property (typically referred to as a "Unit") lies within a legally platted Condominium site having a legally formed "Condominium Association".  
 
A Condo property is established and recorded as such.  The recorded documents also … (23 comments)

homebuying: Want an Advantage When It's Time to Buy? Be Ready With Your Mortgage Pre-Approval - 04/08/19 12:49 PM
 
Want an Advantage When It's Time to Buy?
Be Ready With Your Mortgage Pre-Approval
 
 
A scenario I'm all too familiar with played out once again over this last weekend ...
 
A phone call came in from a prospective home buyer.  They wanted to get pre-approved for a mortgage.  Their realtor had advised them that they needed a Pre-Approval Letter in order to submit an offer on a home they had viewed and fallen in love with.
 
Time was of the essence, as they hoped to submit their offer to the home's Seller immediately.  Interest in the home was high and they were sure there would … (19 comments)

homebuying: Stay Calm and Take These Steps if You've Received a Mortgage Denial - 01/15/19 10:06 AM
 
 
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 … (24 comments)

homebuying: New Freddie Mac Guidelines Regarding Credit History, Authorized Users and Mortgage Approval - 10/01/18 02:14 PM
 
 
New Freddie Mac Guidelines Regarding Credit History,
Authorized Users and Mortgage Approval
 
Recently, Freddie Mac updated their underwriting guidelines, via its "Bulletin" from September 19, 2018 ...
 
One of the key points documented in this Freddie Mac Bulletin related to Credit Reporting and specifically ... "AUTHORIZED User Accounts".  
 
 
Before proceeding further, it's important to know the definition and role of an Authorized User, as per the 3 major Credit Bureaus.
 
An "Authorized User" (as defined by Equifax) is:
 
In a nutshell, being an authorized credit card user means someone has authorized you to use their credit card account. If you’re added to a credit card account as an authorized user, … (24 comments)

homebuying: Homebuying & Mortgages: What Should be Learned - 08/15/15 05:47 AM
Homebuying & Mortgages:What Should be Learned
 
The summer has slipped away quickly.  And schools are already back in session or will be soon ...  
     It makes it the perfect time to talk about the value of "learning", specifically within the financing process.  Both from the homebuyer's perspective and the Mortgage Lender's.  
     Because basically, that's what much of it is.   Learning ...
     I know that this learning portion comes under fire fairly frequently these days. Many think there's way too many questions asked and too much info required.
     But I think that's giving it somewhat of a bum … (7 comments)

homebuying: Being an Active Competitive Person can Benefit You When Buying and Financing a Home - 06/10/15 05:14 AM
Being an Active Competitive Person can Benefit You When Buying and Financing a Home          Are you the type of person that likes competition?  Actively participates in life?
     Those personality traits can make you a great candidate when securing mortgage financing and buying a home ...
     Why?
     In many housing markets, the competition for homes is fierce.  The current limited housing supply means that the quality, well-priced homes move quickly.  Sometimes at above-listing prices.
     That means:  Today's homebuyers need to be fully-prepared to act when they find the home of their dreams.  It also means they need to be committed to actively participating … (9 comments)

homebuying: Mark Your Calendars: Changes Ahead for Mortgage Financing, 1/26 - 01/14/15 04:09 AM
Mark Your Calendars:
Changes Ahead for Mortgage Financing, 1/26 
 
     Both FHA and Fannie Mae (Conventional Loans) have recently announced upcoming changes that will kick-in on January 26, 2015 ...  
     FHA has announced a 50 Basis Point reduction in Monthly Mortgage Insurance costs to Borrowers, resulting in most cases, a half-percent cut on MI charges.  
     An example of cost reduction realized:  
     A $200,000 Loan reaps an $83.33 per month savings.  That reduced Mortgage Insurance payment savings gives a Borrower MORE buying power,perhaps as much as $17,000 in price and/or loan approval.  
     It also means the Borrower realizes a reduction in their Debt-to-Income (DTI) Ratio … (16 comments)

homebuying: 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)

homebuying: The Reason I Dislike Online Mortgage Calculators - 04/09/14 07:16 AM
 
The Reason I Dislike Online Mortgage Calculators
     There are real estate and mortgage financing topics that are written about often ...  
     For someone outside of the real estate or mortgage industry, it must seem somewhat repetitious (and maybe even somewhat boring) to see a particular topic written about one ... more ... time.  Yet I, as a Mortgage Lender, feel strongly that some real estate and mortgage financing topics are that important and bare repeating ... and continuous updating.
     But even I will admit, there are those times I just cringe when I see a trendy, or … (63 comments)

homebuying: Heading to College? Protect Your Finances Now .. and for the Future - 02/04/14 12:22 AM
 
Heading to College?   Protect Your Finances Now .. and for the Future          It happens fairly frequently ...
     While reading through a potential Mortgage Applicant's Credit Report, I'll discover that many of their reported debts and Credit Cards were first established while they were in college.  And now years later, they're still trying to pay off those debts.
     Yes, it's true.  The Credit Card Act (signed into law May 22nd of '09) is supposed to be addressing some of these issues by removing Credit Card companies ... and the temptations they offer to college students … (29 comments)

homebuying: " Great teamwork is the only way we create the breakthroughs that define our careers" ... Coach Pat Riley - 09/19/11 11:19 AM
 
 
    " Great teamwork is the only way we create the breakthroughs that define our careers"
                                                                                           Coach Pat Riley

    
     During the last couple of weeks, I've had the opportunity to meet face-to-face during mortgage appointments with many new homebuying clients.  Nothing really unusual about that, except for one thing.
     In a handful of these appointments, their real estate agent has accompanied them during their initial mortgage pre-qualification appointment with me.
    THAT does not happen often, so it was quite notable to me.  But what made it even more notable, is that in … (23 comments)

homebuying: Who's the Real Expert Here? The Buyer or the Appraiser? Part 2 ... - 09/07/11 06:10 AM


     Yesterday, in Part 1 of this post, I spoke of a first-time home buyer facing the dilemma of having to "adjust" her purchase offer on a home or walk away from the transaction.  This home buyer found herself in this predicament because appraisers (and yes, I said plural) would not "adjust" their evaluation for the home.
      As supported by the many comments I received regarding Part 1 of this post, this dilemma is not an isolated incident.  It in fact is occurring in near epidemic levels in many areas of our country.       There is … (24 comments)

homebuying: Remember the Song From Sesame Street ... "One of These Things Is NOT Like the Other"? Is This YOU or YOUR Real Estate Professional? - 03/10/11 08:23 AM
 
 
Remember the song from Sesame Street, "One of These Things is NOT Like the Other"?  The song was trying to teach a valuable lesson.  There ARE differences between things ... between people.
Well, let's face it ... in the world of mortgage lending, there are few real mortgage program differences that separate service providers.  Yes, it is a fact that there are some lending institutions and lenders that can offer a handful of financing programs that others may not ... or "twists" on these programs.  Those differences are important to be aware of and know. 
But it's my contention … (2 comments)

homebuying: With Real Estate You Have to be Like a Boy Scout ... Prepared & Diligent! - 05/26/10 08:25 AM
 
     After reading and commenting on an article written by AR member Rich Edgeley, Greater Chicagoland Home Inspection, How Old is My House? A Greater Chicagoland Home Inspection Primer Pt 4, I really got reminiscing about my own real estate and older home experience.  I thought ... maybe there are lessons to be offered here.     
     As I related to Rich, our first home was what would kindly be called a "starter home".  The old deed given to us by the property estate at closing read 1857.  
     Tucked up way in the corner of a large lot (you could lie with your feet touching … (12 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



Listings

Links

Archives

RSS 2.0 Feed for this blog