mortgages: Don't you think I'm sexy??? If Not, You Should - 05/16/19 09:46 AM
 
 
Don't You Think I'm Sexy???
If Not, You Should
 
 
Americans are fascinated with houses.  The internet, advertising, magazine racks, and TV viewing schedules revolve around them.
 
 
No matter whether it's buying, building, repairing, remodeling, decorating, flipping, investing, improving, beautifying ... whew, it's covered in loving detail.  There's a never-ending array and supply of conversation, advice, video, showcases, websites, and instruction surrounding each. 
 
And who can blame people for being so fascinated? 
 
Besides being beautiful, homes or "home" inspire us.  They are fodder for dreams. 
 
They provide us protection and security, both literally and in the financial sense.  They wrap us in a sense of family … (20 comments)

mortgages: 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)

mortgages: Do You Have Pets? Need Room for Them to Roam? - 03/25/19 03:18 PM
 
Do You Have Pets? 
Need Room for Them to Roam?
 
 
Our son, John, and his family recently added a new member to our family ... Lily.  A sweet playful beautiful black puppy.
 
Lily is now Marilyn's and my "furry grandchild" and is quickly establishing her place in our lives.   
As with all our grandchildren, we can't wait to see her ... and it's an absolute "must" that we have a pup treat of some kind for her each and every time we do.  I often find pup treat crumbs in my coat pockets these days.
 
In the pic here, Lily is sleeping on her favorite … (15 comments)

mortgages: The Language of Mortgage ... What You Need to Know - 03/08/19 12:43 PM
 
 
The Language of Mortgage ...
What You Need to Know
 
Possessing a knowledge and understanding of the terminology you will use while seeking and securing a mortgage loan is immensely important ...
 
Being familiar with the words heard and used also makes the process flow more fluidly and easily for both Borrower (and Lender).  Because there are so many things to consider, weigh, and decide upon during even the simplest mortgage process ... owning even the most basic grasp of the words heard and used help alleviate confusion and stress for Borrowers, especially first-timers.
 
To help my clients navigate their mortgage process more easily and confidently, … (14 comments)

mortgages: 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)

mortgages: Retirement Funds, 401K, & IRA Accounts: Their Use in Real Estate Purchases - 01/24/19 11:29 AM
 
 
Retirement Funds, 401K, & IRA Accounts:
Their Use in Real Estate Purchases
 
There are several ways buyers can "fund" their home or investment property purchase beyond those funds they've built up via their savings accounts ...
 
As a potential home buyer, it's always important to discover and thoroughly investigate all options at your disposal.  Finding and working with a good loan officer makes a big difference in this regard.  
 
An experienced knowledgeable LO will do their homework and then present you with a menu of available options. Then they'll help you weigh the pros and cons of each as they pertain to you and your future … (20 comments)

mortgages: 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)

mortgages: This Message is So Important, it Bears Repeating - 11/15/18 02:17 PM
  This Message is So Important, it Bears Repeating    Home buying is often spoken of as an uphill, stressful challenge ...  

And while it's true that there's much to know and do during the mortgage process ... the following is also true:  
Buyers retain much of the control in determining how quickly and fluidly they navigate the process.
You ask, "how?"     Education and knowledge.     Simply, borrowers that gain a working knowledge of how the mortgage process works and progresses, know what will be expected of them, and stay engaged and utilize that knowledge ... help themselves immensely prior to and throughout their mortgage process.     That knowledge is powerful.  That knowledge helps … (38 comments)

mortgages: 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)

mortgages: Reduced Costs Seen for Private Mortgage Insurance - 08/14/18 01:43 PM
 
 
Reduced Costs Seen for Private Mortgage Insurance
 
In a period of rising mortgage interest rates, some good news has recently arrived from the Private Mortgage Insurance (PMI) industry ...
 
Most of the predominant PMI companies have reduced rates charged to borrowers that finance a home and have less than 20% to place as a down payment.
 
As the entire mortgage/lending industry seems to be adopting a "specific risk-based pricing", mortgage insurance companies are taking that approach as well.  In addition to "reduced rates/lower premiums", mortgage insurance companies have tracked and now built-in adjustments for specific variables on a case-by-case basis.
 
Statistics show that two-borrower loans perform better than one.  As … (20 comments)

mortgages: With Golf and Mortgages: It's Important to Know the Rules - 04/28/17 09:53 AM
With Golf and Mortgages: It's Important to Know the Rules
There are a LOT of rules in golf ...  

That fact has drawn increasing attention as of late.  But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years.  Just ask these pros: 
 LPGA star Lexi Thompson, PGA players Craig Stadler and Paul Azinger, golf mega-star Tiger Woods, and more.  Not knowing ... or being unaware of a rule ... cost them strokes during important golf rounds and ultimately a win (and money) on the tour.  Strong parallels between the importance of the rules in golf and mortgage lending can be made.  Be unaware … (28 comments)

mortgages: Rent VS Buy: Which is RIGHT for You? - 04/20/17 09:58 AM
 
Rent VS Buy:
Which is RIGHT for You? 
 
 
Rent VS Buy ... which is better?
Seems everyone has an opinion on this debate.  Pro and Con.  But truth is, no one but the person(s) considering this question has the "right" answer.  Or at least what's the "right" answer for them.
It's also true:  Facts, emotion, and gut feeling weigh into the making of the decision reached.  Or not so final ... as timing factors into this decision-making too.  The "right" answer can often be just a temporary one.

So, with all the factors mentioned above playing into the decision-making process, just where and how do you start?  
The right answer to that question is: … (18 comments)

mortgages: Mortgage Applicants and Uber Drivers: A Boss and in the Driver's Seat - 04/09/17 11:35 AM
 
Mortgage Applicants and Uber Drivers:
A Boss and in the Driver's Seat
 
As a Mortgage Originator, my ultimate goal in each transaction is exactly the same as my clients':  A successfully completed mortgage transaction and Closing.  
But neither I or my client(s), should settle for just "getting it done".  That simply shouldn't be enough.  
The buying/financing of a home is momentous.  I want to create an "experience" for them that matches the magnitude of the accomplishment ... a financing experience that's a positive one.
The act of financing a home should be memorable for a host of goodreasons.  I myself have been a homebuyer multiple times, and I've certainly wanted … (9 comments)

mortgages: 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)

mortgages: Closing Cost Options That Help Buy or Sell a Home - 07/21/16 09:02 AM
Closing Cost Options That Help Buy or Sell a Home     
     The accumulation of a Down Payment is often a First-Time Homebuyer's  primary focus once the decision to buy has been made.  Monetarily and mentally, the down payment becomes the one central goal they focus on ...  
     So when I raise questions regarding the availability (and source) of funds needed for Mortgage Closing Costs, the question can catch them by surprise.  
     Oftentimes, First-Time Buyers are either completely unaware that funds will be needed for these Costs, they've (incorrectly) assumed that their Down Payment covers them, or that the costs can … (28 comments)

mortgages: For Current Rate Locks & Refinancing: There's No Rule of Thumb - 06/20/16 05:09 AM
For Current Rate Locks & Refinancing:
There's No Rule of Thumb
 
     I'm working with a young couple that is currently obtaining financing for a newly constructed home (started the process in February this year).  During the last week, we reached the important step in their financing where we wanted to "lock-in" their loan interest rate, as their home is now nearing completion.       At the time their mortgage application was taken, I quoted what that day's going rate was for their financing.  Because the markets had been moving up and down somewhat erratically at that time, I'd advised we monitor the rates … (11 comments)

mortgages: 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)

mortgages: Beyond Down Payment: What Will My Mortgage Closing Costs Be? - 04/06/16 08:27 AM
Beyond Down Payment: 
What Will My Mortgage Closing Costs Be?  

When I first speak with new mortgage clients … especially those that are first-time home buyers … there's often a bit of confusion regarding what costs will be involved in the obtaining of their loan.
After I've spent some time with them detailing the costs of their loan, I find that many say they were surprised to find that they’ll incur additional costs beyond the funds needed for down payment. (Unless, of course, they’re using a 0% down payment program). 
Many had incorrectly assumed that their down payment was all that was needed to buy.  But it's a fact.  There are … (14 comments)

mortgages: "How Long Will My Chicagoland Mortgage Closing Take?" - 03/30/16 07:37 AM
 "How Long Will My Chicagoland Mortgage Closing Take?"        
       You have found the home of your dreams ...  
     The documentation and underwriting requirements for your mortgage have been met.  You've finally heard the sweet words "Clear to Close" from your Lender.  The big day, Closing Day, has been set ...
     Once all these things have taken place, I hear the following question from Borrowers fairly often: 
     "How long will my Closing take?"
     Truth is, that can depend.  Many factors contribute to the length of time a Borrower is at the Closing table on their Closing Day.  
     Some of the things that impact the … (10 comments)

mortgages: There's No 'I' in Mortgage - 03/29/16 03:04 AM
There's No 'I' in Mortgage


       I have a confession ...     
 
     I am a "Sportsaholic".  Anyone that knows me knows that to be true.  Especially my wife.

     Name the sport.  I probably watch it or follow the outcome of its competition/games.  Football, golf, baseball, basketball, hockey, bull riding, tennis, more ... all of them pretty much at all levels.  Local kids teams to professional.

      It probably comes as no surprise then, that I've caught a few of the NHL Stanley Cup playoff games played over the last couple of weeks.  Okay .. admittedly more than a few ... and … (24 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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