mortgage: The VA's IRRL Refinance Loan is Simple, Easy, & Beneficial for Veterans - 11/24/20 10:03 AM
 
 
The VA's IRRL Refinance Loan is Simple,
Easy, & Beneficial for Veterans
 
 
It sounds like an obvious.  Elementary too ...  
 
A loan program's primary mission should be:  Make life better and easier for the consumer(s) utilizing it.
 
If that's the goal, then the VA (Veteran's Administration) has nailed it with their Interest Rate Reduction Loan.  This loan is better known by the acronym of "VA IRRL". 
 
What does the VA IRRL loan do?
 
This loan serves U.S. Veterans already holding an existing VA Loan by refinancing their present loan into a new lower interest rate loan.   This is accomplished all while requiring limited documentation from veteran borrowers. 
 
Because of the VA IRRL loan, … (3 comments)

mortgage: The Funds Needed at Closing = "Cash to Close" - 06/07/17 12:35 PM
  The Funds Needed at Closing = "Cash to Close"
 
"Cash to Close" ...
It's the term used in mortgage lending that refers to the final amount of money a Borrower needs to bring or send to their Closing on their Closing day.  
But in today's modern mortgage process, "Cash to Close" actually means anything but cash when it comes time for you to produce funds at the time of your Closing.  Why?  Today's rule of thumb regarding mortgage closing fund requirements is: (Rules and practices vary from State to State, so for simplification, I refer to Illinois practices here.)   Amounts under $50,000 are typically brought to Closing via a Cashier's … (24 comments)

mortgage: Creating a Paper Trail to Document Funds for Your Mortgage Closing - 03/26/14 02:13 AM
Creating a Paper Trail to Document Funds for Your Mortgage Closing      
     It used to be years ago, that couples .. husbands, wives, and even the kids, kept their financial accounts together in one bank, one savings account, and typically just one checking account.  I know my parents and my wife's parents certainly did it that way.
     But these days, multiple accounts in multiple institutions is the norm.  Each individual often maintains their own accounts: savings, investment, retirement, and credit.  They maintain and pay their own personal accounts, plus they've divided the responsibility for payment of household … (56 comments)

mortgage: To "Jumbo" or not to "Jumbo"! That is the question ... - 05/21/13 06:30 AM
 
To "Jumbo" or not to "Jumbo"!   That is the question ...
     Many of my Chicagoland referral partners and fellow ActiveRain members have been reporting that their higher-end housing markets are seeing healthier sales this Spring.  Finally!  Our local housing markets are healing!

     Margaret Goss, Baird & Warner Real Estate - Winnetka/surrounding communities, Howard Meyers, The Hudson Company - Winnetka/surrounding communities, and Corinne Guest, Barrington Realty Company - Barrington area, each have written posts indicating that the higher-priced properties in their area are once again moving at a better pace.  All very good news.

      Paired … (9 comments)

mortgage: Changes are Ahead! The "Perfect Storm" for Buying a Home Will Not Last Forever - 02/05/13 12:13 AM
 
Changes are Ahead!  The "Perfect Storm" for Buying a Home Will Not Last Forever  
     If you're hoping and dreaming of becoming a First-Time Home Buyer, you're probably currently battling with yourself over the timing of a home purchase.  

     Is NOW the best time?  Or should I wait a bit longer?

     If you have:  
*  A secure job ..  *  Excellent credit .. 
*  Savings for a Down Payment ...  the answer to those questions is probably fairly clear to you.  And you may already have taken steps towards achieving your goal.

(82 comments)

mortgage: 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)

mortgage: "Sorry Charlie", Even Though You Qualify For The Loan There Is One Minor (MAJOR) Problem... - 09/23/10 07:53 AM
 
     We've had a real flurry of great posts here on ActiveRain lately ... and I find myself re-blogging more than in the past.  The following is a real gem of a post ... and one that carries a very important message for all of us.
     This blog by Deb Brooks, Lake Livingston Real Estate, Huntsville, TX, is a great example of what I speak.  It touches upon a subject of particular concern and importance to me ... that being the maintenance of my client's credit standing.  It should be important to you too.
     Within my own personal … (6 comments)

mortgage: Home Staging Success Stories ... Research & Fact Finding - 03/21/09 11:20 AM
Today I have decided to do some hardcore research and fact-finding.  I'm hoping those involved directly in the home staging facet of the real estate industry respond in large numbers to my quest for information and knowledge regarding their services.
For a while now, my wife has spoken about my need to "think outside the box" in regards to my services and marketing.  She's directly involved in my work as she does my marketing and thankfully ... has always served as my number one promoter.  She pushes me to think beyond the marketing I am already seeing done.  She also inspires … (25 comments)

mortgage: Optimism For The Mortgage Industry - 03/04/09 11:22 AM
These days it's hard to find encouraging signs or words regarding the mortgage industry.  All forms of the media grind out accountings of the fluctuations, stresses, and atrocities happening within it daily.  I don't believe in being an ostrich burying my head in the sand, but I can't help but wonder if all the negative press doesn't somehow make our problems worse.
It's true that consumers and homeowners need vital facts and information to react and make sound decisions regarding their finances and credit.  Especially now, they need to be educated about opportunities and options available that will truly assist their fragile or dire financial positions.  The number of phone calls I receive picks-up dramatically after each … (0 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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