interest rates: How Financing Options are Affected by the Rise & Fall of Federal Reserve Interest Rates - 09/26/19 10:41 AM
  How Financing Options are Affected by the Rise & Fall of Federal Reserve Interest Rates    My phone is ringing off the hook these days ...
The latest move by the Federal Reserve has garnered lots of attention and piqued the interest of many.  Many of my callers are wondering:   Have mortgage interest rates fallen? If so, how much have they fallen? How might this affect my current mortgage? How does this affect the financing options I have?
Answering those questions is not as easy as it might seem, as each caller     (and consumer) possesses their own individual financial standing and credit history.  As a result, … (25 comments)

interest rates: When Applying for Your Mortgage, It's "FATE and RATE" - 02/12/19 12:21 PM
 
 
When Applying for Your Mortgage,
It's "FATE and RATE"
 
Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ...  
 They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home.    But beyond that, what they know of the actual contribution of the two to the "fate and rate" of their loan is typically pretty limited. 
That's understandable ...   Admittedly, there are many moving parts and asterisks that … (12 comments)

interest rates: Interest Rate "Indifference" ... it Can Cost You - 12/01/16 10:28 AM
 
Interest Rate "Indifference" ... it Can Cost You
 
     Interest Rates are talked about endlessly ...  
 
 
Will interest rates rise ... or won't they?   How big will the rate hike be? How soon will the Federal Reserve Board raise its benchmark interest rate? What indicators could influence a decision? How will an increase effect the markets? How will an increase effect housing and financing? More ...      
     Speculation regarding interest rates and their rise has been going on for almost a full year now.  In fact, it's been non-stop since the Federal Reserve Board last took action and raised rates in December of 2015.  That … (18 comments)

interest rates: Interest Rates Rumored to Rise Soon. What To Do to Save Yourself Money NOW - 11/17/15 04:51 AM
Interest Rates Rumored to Rise Soon.
What To Do to Save Yourself Money NOW
 
     While many Economists, Banks, and Lenders are now assuming (and reporting) that there will be a rise in interest rates in the near future, that assumption is at best, an educated guess ...  

     A rise in interest rates has been predicted for quite a while now.  Yet, it's not happened to this point (at least from the standpoint of the Federal Reserve Bank)...

     That fact could be viewed as somewhat of a financial "gift" ... as lower rates have allowed many to get more financially … (24 comments)

interest rates: Have a HELOC and First Mortgage? Pay Them Off With a Jumbo Loan - 06/03/15 04:40 AM
 
Payoff a HELOC and First Mortgagewith a Jumbo Loan       There was once a time where interest rates on Jumbo Loans were typically  1/4%  to  1/2%  higher  than "conforming" loan amounts.      Jumbo Loans are: Loans with a beginning Principal Balance of $417,000 or greater (in most areas)       Or ... 
Loans with a beginning Principal Balance of $625,500 and above (in 46 U.S. Counties considered "high-cost areas)     Conforming Loan Amounts are:
 Loans with a beginning Principal Balance of less than $417,001.
     During that time, it was very common for a higher-end homeowner to borrow the maximum Conforming Loan amount ($417,000 or $625,000), and then … (5 comments)

interest rates: Mortgages: The Importance of Response Time - 04/07/15 06:43 AM
Mortgages: The Importance of Response Time 
     I have clients that are in the midst of their mortgage process.  I've been trying to get ahold of them for days, but haven't had much luck.     
     Early yesterday, I'd contacted them yet again, this time letting them know that the interest rate they'd hoped to secure was now available.  
     I felt we had to act fast.  Government reports from last Friday have interest rates experiencing mood swings.    
     I heard nothing back throughout the day.  So when I saw a text from them finally roll-in late last … (49 comments)

interest rates: Do You Know What Your Mortgage Interest Rate Is? - 02/03/15 02:23 AM
 
Do You Know What Your Mortgage Interest Rate Is?  
     An article I read today quoted a remarkable survey finding.  It reported that a whopping 35% of American mortgage holders are unaware of the interest rate they currently pay on their home loan. 
     35%!  1+ out of 3.  Unsure of what interest rate their largest debt payment is based on.
     If this is true, it only makes sense to also assume that:  Those mortgage holders that don't know their present interest rate, also don't know if their interest rate could be improved upon via a new refinance of their mortgage.  
     I question: … (19 comments)

interest rates: More Good News for High-End Well-Qualified Buyers - 11/21/14 03:19 AM
More Good News for High-End  Well-Qualified Buyers  
     JUMBO Loans, and the advantageous interest rates they have been enjoying, have been in the news quite often over the past few months.  
 
     These loans have continued to be a good bargain in comparison to the past, due to the current rate climate and Lenders' appetites for making high-end, high-performance loans to well-qualified Borrowers.   
          Great!         But for American Portfolio Mortgage Corp. customers, existing or new, the news just got even better.  Why?   
     Generally, loans above 80% of the Sales Price/Appraised Value … (10 comments)

interest rates: Federal Reserve Announcement: Music to the Ears - 09/18/13 09:51 PM
 
Federal Reserve Announcement:
Music to the Ears  
The Federal Reserve's decision to forego a slow-down of bond-buying caught most by surprise yesterday. That included the Dow and the S&P. It was "music to the ears" ... as after the Fed announcement made by Fed Chair Ben Bernanke, both rocketed to record highs.
The majority of analysts had expected the Fed to implement a slow withdrawal of its bond-buying program ... a program that presently sees about $85 BILLION worth of bonds being purchased each month. All indications had pointed to it. 
 My hope is that this delay in … (56 comments)

interest rates: As a Chicagoland Home Buyer You Need to Decide ... Do you Want to Save a Little or a Lot? - 07/10/13 01:56 AM
  As a Chicagoland Home Buyer You Need to Decide ...
Do you Want to Save a Little or a Lot? 
     When bad things happen once or twice, I find it to be circumstance.  Add a few more "things" into the mix and I consider it plain ol' bad luck.  Add several more and I say it's not bad luck anymore.  You've established a trend.  And maybe it's time to analyze the choices being made.
     Lately, I've been seeing a bad trend developing within some  clients' Home Buying transactions ... that being Home Buyers holding firm on purchase … (25 comments)

interest rates: An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions - 06/24/13 04:21 AM
 
An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions  
      Last Friday, after an especially volatile couple of days in the market, I sent out an email to my referral agents, brokers, and others regarding what was taking place as it pertained to Interest Rates ... and how a rise in Interest Rates might effect their clients and transactions.
       Here is my email, as it read last Friday (6/21/2013) ...  
 
     Interest Rates are RISING!
     The markets have been especially volatile over the last few days.  Interest Rates, already … (55 comments)

interest rates: How to Choose Your "Super" Mortgage Lender - 02/14/13 05:51 AM
 
How to Choose Your "Super" Mortgage Lender  
     One of the questions I see crop-up often on real estate websites such as  Zillow  and  Trulia  comes from  First-time Home Buyers.  It concerns HOW they should go about looking for and choosing the  Mortgage Lender  for their first home's financing.

     Often, in response to these questions, I see others offering up the name of a lender they know for contact.  And I suppose if that name crops-up multiple times, that does provide at least a starting point from which a home buyer can work.

     … (28 comments)

interest rates: Low Interest Rates and Lower Housing Prices. Ask What They Really Translate to For You in Dollars and Cents - 02/06/13 07:12 AM
 
Low Interest Rates and Lower HousingPrices. Ask What They Really Translate to For You in Dollars and Cents  
     There are many great things about being a Mortgage Lender.  I can tell you,  it sure makes you feel good when you know your efforts contributed to someone's happiness and success. 

     I've been working in the mortgage industry for a long time now.  36 years to be exact.  And during those years I've seen alot.   When I started in the business back in 1977, the interest rate for Conventional Loans was hovering in the low 6%'s.  … (19 comments)

interest rates: No drama needed. No magic necessary ... - 01/15/13 06:15 AM
 
 
No drama needed.  No magic necessary ...

     The headline reads ...  
"Home Equity Regains $2 Trillion"    
 
        
     As a homeowner, does that headline grab your attention?  Have you been following the home sales in your own area?  Do the sales appear as though they've turned a positive corner?  
     If the answers to the above are "YES!" ... the idea of  Refinancing  your present mortgage must (and should) be banging around in your head.  And rightfully so.  Today's low interest rates are awfully tempting.  And the … (60 comments)

interest rates: 3 Reasons Why Borrowing Money To Buy or Refinance a Home Makes Sense Right Now - 12/06/12 04:00 AM
 
3 Reasons Why Borrowing Money To Buy or Refinance a Home Makes Sense Right Now          With  FHA and HUD  and economists announcing their predictions of higher interest rates (sooner than later) and recent history indicating interest rates can't get much lower,NOW seems like the perfect time to Buy and Sell home.  And that may be especially true if you're a First-time Home Buyer.          Present Homeowners can also position themselves for a brighter financial future with a Refinance of their present mortgage and securing a mortgage term reduction or lower interest rate. Gary Ryan Blair, … (27 comments)

interest rates: Ho! Ho! Ho! Don't "SAVE" or "BARGAIN" Yourself Right Out of Buying Your New Home - 12/03/12 02:37 AM
 
Ho! Ho! Ho! Don't  "SAVE" or "BARGAIN" Yourself  Right Out of Buying Your New Home            I've  written on this topic  before, but the Holiday season has rolled around once again ... and I think the topic so very important, that I'm revisiting it.  Admittedly, a  CBS "Money-Watch" article  I saw just this morning triggered my action too ...          It's Holiday Shopping Time!  And that means "bargains" are everywhere and consumers are often buying Holiday gifts on credit.  It's natural (and smart) to look for "bargains", no doubt about that.  But what about those … (75 comments)

interest rates: Jumbos are Back! - 11/17/12 05:25 AM
 
Jumbos are Back!  
 
     Chicagoland has many areas within it that traditionally can support the use of Jumbo Mortgages ... those mortgages that are higher dollar amounts than the norm or average that exceed allowable limits for "conforming" loans , eligible for placement with Fannie Mae/Freddie Mac.
 
       With many of the housing markets in Chicagoland, and across the nation, now experiencing a resurgence in sale prices, the interest in  Jumbo Mortgage  products is returning.  Both clients and agents alike are  contacting me  for information about availability of this type of financing ... and about … (8 comments)

interest rates: The Not So Simple Task of Quoting Interest Rates - 08/21/12 03:01 AM
 
 
The Not So Simple Task of Quoting Interest Rates                     I liken Interest Rates to onions in more than a couple of ways.  Much like onions, Interest Rates have "layers".  In today's mortgage financing, a  Mortgage Lender  must weigh all the facts and peel away "layers" of information and data to find and reveal the answers to your  Interest Rate questions.         And right now with Interest Rates being at historic lows (but rising at the time of this writing), the more  you can peel away and sift through those layers of … (26 comments)

interest rates: "Why don't you produce Rate Sheets?" - 08/05/12 04:40 AM
 
 
    "Why don't you produce Rate Sheets?"                   Someone asked me recently,  "Why don't you produce Rate Sheets?"                It's a question I'm asked every now and then by agents, potential clients, and even past clients. Years ago, Rate Sheets were a handy and integral part of any Mortgage Lender's marketing. Now you just don't see them as much.             Why?   "I just don't find that they are truly helpful to my referral partners, clients, or my business".         I believe, unless a Mortgage Lender represents … (28 comments)

interest rates: I May Not Be Yoda, but I'm Darn Close! - 05/08/12 01:54 AM
 
 
I May Not Be Yoda,
but I'm Darn Close!
 
 
      Yesterday, I was reading yet another blog about the low interest rates presently available to  home buyers seeking mortgage financing. 
 
     Seems another new historic low was announced. Something not quite so noteworthy anymore, as we all have grown used to hearing about how the rates have dipped, dipped, and dipped again.
    
     And therein lies my big worry, both as a  mortgage lender  and as a parent.   I think buyers have grown quite weary and fairly complacent. 

     Low interest … (14 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

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