mortgage advice and tips: Taking The Mystery Out of Credit Score Calculations - 05/29/19 12:21 PM
 
 
Taking The Mystery Out of Credit Score Calculations
 
Credit ... Credit Building ... Credit Repair ... Credit Reports ... Credit Scores ... Credit Scoring ...  
I feel a bit like Bubba in Forrest Gump at times when I speak or write of credit-related things ...
 
 
Why?  
Because such a large number of the questions I receive as a Chicagoland Mortgage Originator revolve around credit and credit topics.   And rightfully so, as credit ... and all things reliant upon credit ... make our world go 'round. 
 
Our credit and our credit standing (via Credit Scores) affect everything about our lives.  From simple and modern daily needs like acquiring cell phones and … (22 comments)

mortgage advice and tips: Mortgage Loan Borrowers Top 5 "Hiccups" & Mistakes - 12/19/18 08:50 AM
 
 
Mortgage Loan Borrowers Top 5 "Hiccups" & Mistakes
 
"Wish Lists" are a hot topic for kids, no matter the time of the year.  Do you know any kid that doesn't have a list of things they're wishing for at the handy?
 
Did you know that Loan Officers often have Wish Lists too?  I can tell you that I most definitely do.
 
 
What's at the top of my LO Wish List? 
 
A smooth-flowing, successful mortgage process for each and every one of my borrowers.
 
Sadly though, hiccups and mistakes happen.  Both the real estate and mortgage process are conducted by humans, so it only follows that issues arise.  And it's also … (19 comments)

mortgage advice and tips: Selling Your Home? Should You be Leery of Accepting an Offer from Buyers Approved for FHA Financing? - 11/29/18 11:06 AM
 
 
Selling Your Home?
Should You be Leery of Accepting an Offer from
Buyers Approved for FHA Financing?
 
It's not unheard of to hear my Borrowers (and their Agents) say that Sellers are expressing a leeriness about accepting offers from FHA  Buyers ... 
 
Typically these Sellers' uneasiness is based on rumors and stories they've heard about the difficulty of passing an FHA Appraisal.  They think they'll be required to make their home "right for FHA Financing".    The prevailing thought is typically that FHA ... or the Lender ... will require that they complete a long list of repairs prior to Closing.  That they as a … (45 comments)

mortgage advice and tips: Lender Remorse: Why and How to Avoid It - 06/26/18 11:11 AM
 
 
Lender Remorse:  Why and How to Avoid It
 
No matter the size of the business, businesses today typically choose to incorporate some type of social media into their marketing efforts ...
 
That's certainly true for me.  As a Mortgage Originator, I participate in many of the major social media outlets.
 
Recently, I checked-in on one of the online groups I take part in.  To participate as a business in this particular group, a business must be located and conducting business within its specific business boundaries.
 
"Bonafides" must be proven too.  A business must provide group administrators with proof of their business for verification ... meaning business info, licenses, etc.
 
A large array of businesses are … (8 comments)

mortgage advice and tips: What Makes You Special When You Buy a Home? Your Financial DNA - 05/17/18 12:15 PM
 
 
What Makes You Special When You Buy a Home? 
Your Financial DNA
 
Parents often tell their children they're "special".  They're unique.  Like no other person on earth.  I know I told both of my boys that ... still do.
It's a pretty heavy message for a child to hear, isn't it?  One based on love certainly, but also molecular and psychological facts too.  
Physically, our fingerprints ... our DNA ... is certainly ours and ours alone.  And if you ask parents and grandparents, they'll tell you each child is delivered with their own distinct personality pre-programmed too.
 
With that in mind, I recently wrote an article regarding the personal "recipe" … (10 comments)

mortgage advice and tips: I've Applied & Successfully Closed on a Mortgage Before. I'm Buying Again ... What Now? - 04/02/18 01:48 PM
 
 
I've Applied & Successfully Closed on a Mortgage Before.
I'm Buying Again ... What Now?
 
Spring ...
 
In Illinois and the Chicagoland area, Spring typically signals the kick-off of a new home sale year. 
 
New construction starts popping-up as warmer weather allows for digging and pouring of home foundations.  Nicer weather also makes the viewing of existing homes an easier more comfortable pursuit. 
 
Families with school-age children hope to move prior to a new school year starting in the Fall.  The arrival of Spring acts as a motivation for many home purchases.
 
Spring's arrival means mortgage inquiries pick-up too.  Over the last month or so, that's … (22 comments)

mortgage advice and tips: 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)

mortgage advice and tips: Ready ... Set ... GO! "Get Organized" and Ready to Buy a Home - 01/16/18 12:10 PM
 
 
Ready ... Set ... GO!
"Get Organized" and Ready to Buy a Home
 
Did you know that January is "Get Organized" (GO) month?
 
Every January, since the inception of "Get Organized" Month in 2005, the National Association of Professional Organizers has highlighted and promoted the many benefits that can be realized through the advancement of or organization and efficiency.  Seeing to the elimination of chaos, clutter, and disorganization improves lives and mental health too. 
 
Suggestions and even printables for organization and de-cluttering are everywhere.  Pinterest is a great place to find multitudes of choices and guidance on each.  (I provide a link to just one of … (18 comments)

mortgage advice and tips: The Holidays are the Most Wonderful Time of the Year (Unless They Ruin Your Credit) - 11/30/17 07:31 AM
 
The Holidays are the Most Wonderful Time of the Year
(Unless They Ruin Your Credit)
 
It's that time of the year again ...  
And that means the Holidays are here!  Decorations, holiday songs, family gatherings, eggnog, parties ...
And Shopping!
Like the majority of Americans, you've probably found yourself ... or will find yourself ... doing one or both of the following during the Holiday Shopping Season:
 
Standing at a register in a store paying for a holiday purchase Making a holiday purchase online  
And inevitably, you'll find yourself being asked at the time of check-out ... or at some later date via an email or text ... if … (11 comments)

mortgage advice and tips: Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing - 10/25/17 11:16 AM
 
Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing
 
Blogging's always been a great outlet for me as a Mortgage Originator ...  
 
While it's served me well in many capacities, I've always found the greatest benefit takes place during the preparation of my articles.  
The research, studying, and reading required of me in the production of my posts continually provides me ample and additional opportunities to learn.  That's a huge plus for me ... and my clients.
 
The comments and questions left in response to my posts also prove very valuable too.  They often serve as a catalyst for future posts. 
 
Such was the case when … (30 comments)

mortgage advice and tips: Home Buying & Financing: Taking the Steps to Reap BIG Change - 09/07/17 12:38 PM
 
Home Buying & Financing:
Taking the Steps to Reap BIG Change
 
Have you set yourself a goal of buying a home in the Chicagoland area?
 
If serious about buying, I'm betting you've tried to grow your savings, improve your credit standing, and raise your credit scores ... and chosen to work with a Mortgage Originator (because that's the fastest most efficient way) to help you do so.
You've been successful and you're now in a much more advantageous position to buy.  But what comes next?
 
Because of your decision to work pro-actively with an Originator prior to entering the home buying/financing process, you're ahead of many mortgage applicants. … (6 comments)

mortgage advice and tips: TV Home Buying & Home Renovation Shows: Fact VS Fiction: - 08/04/17 08:31 AM
TV Home Buying & Home Renovation Shows: Fact VS Fiction
 
I just read yet another article on TV's home buying/home renovation reality shows.  This one focused on how these TV shows set the tone for real estate trends and expectations consumers have for real estate transactions.
 
Trends ... buyer and seller expectations ... buyer and seller needs.  Each is now uber-sensitive to the barrage of info shared (or not shared) within these shows' scripts. 
Some proof of this lies within "what's hot and what's not" in real estate.  The article I read urges us to think about granite countertops and stainless steel appliances.  These TV shows preach that these … (19 comments)

mortgage advice and tips: Mortgage Transactions Need Game Plans & Options Too - 07/09/17 09:33 AM
 
Mortgage Transactions Need Game Plans & Options Too
 
 
If you watch sports much (and admittedly, I do.  Just ask my wife), you've probably seen clipboards and playbooks in the hands of coaches on the sidelines. Those clipboards and playbooks hold the "game plan" for their team and their path to (hopefully) victory ...
 
By the time the actual game is played, the players have seen, heard, and practiced the game's designated game plan and plays  repeatedly.  The idea being that their actions and reactions become natural, automatic, rote.
(Vince Lombardi was legendary for his meetings, film-watching, and practice sessions.  Enjoy the clip attached to the pic!)
 
But even with all … (23 comments)

mortgage advice and tips: Applying for a Mortgage? When "Plan A" Doesn't Work .. - 02/23/17 02:10 PM
 
Applying for a Mortgage?
When "Plan A" Doesn't Work ...
 
One of the social media sites I find most helpful (and enjoyable) is Pinterest.  And I don't mean just business-wise either ...  
Need ideas for your home?  Want to know how to repair something?  Ideas for your landscaping, gardening?  Love history?  Travel?  Fashion?  Looking for a new recipe?  
You can search almost any topic on Pinterest and find a large array of "pins", info, tips, advice, pictures and more to look at and consider.  I can't tell you the number of helpful and informative things my wife and I've found there.   (Or … (38 comments)

mortgage advice and tips: Your Buyer's Guide to Closing Cost Credits - 01/26/17 02:10 PM
Your Buyer's Guide to Closing Cost Credits
Closing Costs ... people are always interested in them.
 
HOW they can be paid, borrowed, financed ... and possible credits for Closing Costs that might be available to them from their Sellers or their Lender. 
I find that many of my new clients have preconceived notions about Closing Costs.  Or they're just plain confused by them.
And it's easy to understand why this can be the case.  The differing loan types ... Conventional, FHA, VA, USDA, Jumbo loans ... all have varied Rules and Guidelines.  It can be tough for new Borrowers to wrap their head around all of it. It's a lot to … (12 comments)

mortgage advice and tips: How Do You Turn Your Dream of Buying into Reality? Through Preparation - 05/21/16 05:41 AM
How Do You Turn Your Dream of Buying into Reality? Through Preparation
 
 “Plan for what it is difficult while it is easy, do what is great while it is small.”   -  Sun Tzu 
      Who doesn't like looking at beautiful homes? 
     Who can resist the temptation of imagining themselves living in those homes?  I certainly don't know anyone  ... 
     While it's great fun to view and dream about home after beautiful home, it's no secret.  Today's hopeful Buyers face some challenges when it comes to buy.  
     Low home inventories have proven to be an issue in many housing markets.  Credit, … (7 comments)

mortgage advice and tips: Can I Sell and Buy a Home at the Same Time? What You Need to Know - 05/07/16 03:01 AM
               Can I Sell and Buy a Home at the Same Time?                                  What You Need to Know     
     Back in the late 70's when I started in mortgages, it was fairly commonplace to have "domino" closings take place.  That meaning multiple buying/selling transactions, each dependent upon an earlier one, successfully take place. 
     
     One initial Closing kick-started all subsequent Closings. Like the chain reaction seen in dominoes, each took place in a close time frame, one quickly following another. … (28 comments)

mortgage advice and tips: 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)

mortgage advice and tips: Common Sense Credit Advice While Buying and Financing a Home - 03/01/16 02:24 AM
Common Sense Credit Advice
While Buying and Financing a Home

        It would seem to be common sense, right?

     If you're in the process of applying for a Mortgage and heading towards your Mortgage Closing ... you shouldn't do anything that would upset the fragile balance of your credit or the Mortgage Approval received from your Mortgage Lender.  

     Yet it happens ...

     I provide the advice spoken of above multiple times throughout their mortgage processing to all my clients.  I tell them ...  
 
     Stop!  Think!


 Don't buy anything on current credit accounts/cards   Don't … (8 comments)

mortgage advice and tips: Applying for a Mortgage Soon? Don't Dispute that Account - 02/16/16 07:47 AM
Applying for a Mortgage Soon?
Don't Dispute that Account
 
 
     Sounds counterintuitive, I'm sure ...
 
     But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report.
 
     Why?  Unknowingly, you can be creating real problems for your Mortgage Application and Approval. 
 
     Consider this:  A creditor can refuse to change their disputed rating.  Too many disputed accounts on a Credit Report may result in your loan being denied.
 
     Is that a really a risk you want to run at such an important time?
 
     A … (11 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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