mortgage approval: 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)

mortgage approval: NOW is the Perfect Time to Review Your Credit - 02/08/19 10:31 AM
 
NOW is the Perfect Time to Review Your Credit
 
Below you'll find a weather report shared for the Chicagoland area just  recently ... 
 
Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40's to single digits ...
 
It's well known that Chicagoland weather is notoriously fickle, but our area residents are a hardy bunch.  Most won't even blink upon reading a weather prediction like the above.  We're pretty used to the craziness ... The recent polar vortex freeze that descended upon the Chicagoland area is a good example of this.  After suffering sub-zero winter temps for days, the local weather quickly changed to an upper 40's … (8 comments)

mortgage approval: The Impact of Late or Missed Payments. Are You Playing "Catch Up"? - 09/18/18 12:10 PM
 
 
The Impact of Late or Missed Payments
Are You Playing "Catch Up"?
 
As a kid, you probably used it yourself with friends when you said ... "You go ahead, I'll catch up".
 
 
As an adult, it's likely you've said, "I'm playing "catch up" at work" after returning from a long weekend or vacation.  Or upon meeting an old friend, asking them to give you a call so you can "catch up" with each other. 
 
So "catch up" is typically seen as a good thing ... 
 
It has a positive connotation.  It denotes affirmative action will be taken or wrongs will be righted.
 
But there is one place where "catch … (31 comments)

mortgage approval: Follow this Simple Rule to Get to Mortgage Closing Successfully - 03/16/15 04:02 AM
Follow this Simple Rule to Get to Mortgage Closing Successfully 
    
 
     Read many articles about Mortgages ... or the Mortgage Process ... and you're sure to come across more than a few that deal with "Do's and Don'ts", both while leading up to Mortgage Application and while in the processing of that Mortgage ...

     
     I've addressed this topic in a post multiple times too.  Even going so far as to make a "10 Commandments" list on this topic.  
     Commandments?  Yep!  It's THAT important.

     These "Commandments" are highlighted in all my conversations with potential borrowers and … (20 comments)

mortgage approval: I've Applied for a Mortgage: What is Automated Underwriting? - 02/16/14 06:23 AM
I've Applied for a Mortgage: 
What is Automated Underwriting? 
 

     If you've read much about Mortgage financing ... or talked to a Mortgage Lender lately, you've probably heard the term "Automated Underwriting" ... 
     This form of Underwriting, performed electronically by a computer, has become the method by which the majority of banks and lending institutions make a decision regarding the "lendability" of a potential Borrower.  It's the analysis of all relevant financial data collected from an Applicant.
     First implemented in the late 1990's, Automated Underwriting has now become the preferred method of analyzing Mortgage Applications.  The … (31 comments)

mortgage approval: The "Science" of Pre-Qualifying Home Buyers During the 1st Quarter of 2014 - 01/13/14 05:18 AM
 
The "Science" of Pre-Qualifying Home Buyers During the 1st Quarter of 2014
 
     Some would say that Pre-Qualifying a Home Buyer these days is a Science.  That meaning there is an exactness to the process as it now stands during the 1st Quarter of 2014.         I'd say that's definitely wrong.  The many changes that have taken place in the Lending Industry (including those that kicked in on January 10th, 2014), have erased much of the exactness from any current lending equation.
     As Mortgage Lenders make adjustments because of the new guidelines regarding "Ability-to-Repay" (ATR) and the … (24 comments)

mortgage approval: When "NO" Doesn't Mean "NO" ... or at Least Not Forever - 12/19/13 12:19 AM
  When "NO" Doesn't Mean "NO" ... or at Least Not Forever          Do I have you thoroughly confused with my title?  If so, let me explain ...           So many of my potential Mortgage Applicants mention thestatistics reported regarding their chances of successfully obtaining financing for a home purchase.  Add what's heard regarding today's actual Mortgage process (which is portrayed as pretty bad too) ... and I can find myself in front of some pretty scared people.  Especially true, if they're First-Time Home Buyers.
       It's hard to deny that the current process for … (26 comments)

mortgage approval: Understanding Real Estate Appraisals. How Appraisals can effect the outcome of your transaction - 06/23/11 09:48 AM
 Understanding Real Estate Appraisals.
How Appraisals Can Effect the Outcome
of your Transaction
 
     Inevitably there's a point during my conversation with almost every new mortgage client that the talk turns to the property appraisal.  If the client themself brings up the topic, it's an indication to me that I'm speaking with an educated buyer. That buyer has already done some homework regarding mortgages already ... and that's good.
     Typically, new home buyers and homeowners want to know the basics of the appraisal. Who is going to do the appraisal? Will they get to see it? Will they … (38 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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