Have a Mortgage? It's Wise to Review it Periodically

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/527S

 

Have a Mortgage?

It's Wise to Review it Periodically

 

 

Have you asked yourself any of the following questions?

 

  • Is the mortgage I presently hold on my Chicagoland home still the best financial/loan option available to me?  
  • Is it fulfilling my current needs?
  • Does it help me reach my short and long-term goals?
  • Could my mortgage be working harder on my behalf?

 

If you've not asked yourself these questions yet, you should ...

After closing on your mortgage, it's understandable that you'd want to celebrate, take your victory lap, and just get to the business of paying your monthly loan payments. But be aware:  Over time, Mortgage programs ... and the options and benefits they can provide you ... can change or evolve. 

New mortgage programs and financing rules and regulations are always being introduced to the market.  Old ones are constantly being "tweaked" or enhanced.

Plus, changes may also have occurred within your life that may have altered the ability of your current mortgage to best serve your needs.  Think about all those things that may have taken place in your life ... or regarding your property ... since you originally closed on your mortgage. 

Have you:

 

  • Changed jobs?  
  • Seen an increase or decrease in pay?
  • Added a spouse?
  • Expanded your family?
  • Improved your credit standing?
  • Seen an increase in the equity of your home?
  • Seen property tax increases?
  • Had a child near college age?
  • Started a business?
  • Paid-off a car ... or had to buy one?
  • More?

 

 Also, do you wonder if:

 

 Contact Me for Answers!

  • You could Sell ... then Buy a new home?
  • You could Refinance?
  • Pay off credit card debt?
  • Shorten your mortgage term?
  • Update or remodel your home?
  • Convert your Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage?
  • Eliminate Private Mortgage Insurance?
  • More?

 

With all the variables in play (both in your life and in mortgages themselves), it could prove well worth your time and effort to have a conversation regarding your present mortgage.  Options may exist ... opportunities may await you. 

A conversation with me (your own local LO) would give you an opportunity to ask some timely and important financial, lending, and credit questions.  Do some fact finding.

Bottomline, if there's a way for you to: 

 

  • SAVE money 
  • ACCOMPLISH goals 
  • INCREASE the value of your home
  • REDUCE stress 
  • ADDRESS other debts
  • CEMENT a fixed interest rate
  • EXPAND on the joy of living in your home 
  • ANSWER the questions you have

 

It's wise to at least try ...

If it's been a while since we talked or since you closed on your Will County - Chicagoland home loan, it's time to get your mortgage review.  Let's find out if you have new and better options available to you.  There's no cost to do so.

Please contact me for answers to obtain answers to your questions ... and for an analysis of your mortgage soon ...

 

 

    
*  Looking to find what possibilities exist for you?  Hoping to Buy or Refinance a Home in New LenoxWill County, or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:

 

Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
nmls #175656
 
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
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Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   

 

  

 

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Ritu Desai 03/09/2017 04:07 AM
  2. Tom Turner 03/09/2017 06:04 AM
Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
Home & Credit Savvy
Chicago Area Real Estate BUZZ!
Consumer Mortgage Tips
Bananatude
Tags:
mortgage advice
mortgage review
chicagoland mortgage services
will county mortgages
new lenox mortgage lenders
financial and credit advice

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Rainmaker
2,112,437
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Great advice!  Congratulations on the well deserved feature! 

Mar 09, 2017 03:44 AM #10
Rainmaker
1,435,839
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

Yes, this is a great reminder. Often, buyers move into homes, start paying their mortgage and pretty much forget about the details. Checking from time to time to see if they can improve their financial picture is a great idea.

Mar 09, 2017 04:36 AM #11
Rainmaker
1,945,352
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Like insurance, shopping all your expenses, it makes sense to reveiw the financing instruments that "lien" on your flow of income monthly. Good advice Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi !

Mar 09, 2017 05:12 AM #12
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Definitely agree that you have a lot to gain by just taking a look at the mortgage, making sure you understand the details that are within it. 

Mar 09, 2017 05:55 AM #13
Rainmaker
2,454,744
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Gene remains premium for services, consultations and product....

Mar 09, 2017 06:30 AM #14
Rainmaker
2,996,690
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Wonderful post Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi . SO many home owners all wonder this but do not know where to look. 

Mar 09, 2017 06:35 AM #15
Rainer
389,343
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

Great reminder to always explore your options.

Mar 09, 2017 07:56 AM #16
Rainmaker
757,723
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Never hurts to review your contracts be they a mortgage, or any other service when owning a home. As you say things change and there may very well be better options.

Mar 09, 2017 08:02 AM #17
Rainmaker
90,993
Mary Weiss
Zillow Group Mortgages - Seattle, WA
Trainer & Content Manager

This is a very good reminder indeed - especially for lenders whose business was solely based on refinancing and has since dried up. It's a tough market now with a purchase-only focus, but this is a great way to rejuvenate a dry pipeline. Thanks for sharing and for giving me some ideas! :-) 

Mar 09, 2017 08:21 AM #18
Rainmaker
1,229,665
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

While you make a good point regarding the availability of refinance business diminishing, Mary Weiss ... this plea, aimed at my clients and other mortgage holders, to seek a review is performed on a recurring basis regardless of the present housing/mortgage market.  It's just a wise practice for my clients to stay engaged and communicative ... it's not about my "pipeline".  Simply, why continue to pay more, for longer than absolutely necessary, or into an ill-fitting mortgage product if you can do better?

Gene

Mar 09, 2017 10:49 AM #19
Rainmaker
633,946
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

You put good calls-to-action throughout this blog. And your approachable language makes it easy to "Call Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi." 

Mar 09, 2017 10:52 AM #20
Rainmaker
1,521,597
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Gene, this is great advice for anyone with a mortgage. One thing is for sure and that's change is constant. Nothing to lose by checking to see if there are any better options currently available. 

Mar 09, 2017 10:54 AM #21
Rainmaker
2,790,345
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Gene,  I am always looking for ways to terminate my mortgage.  I focus on doing so each and every day 

I agree, we need to review and make sure what we have now still makes sense. 

Mar 09, 2017 03:58 PM #22
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Gene: I always like your blogs, although not always the greeting back to you, LOL. Never thought about the name Gene before combined with a salutation, ha, ha. I was wondering what could I need to know about checking up on my mortgage. Did something happen to it? And then I realized I refinanced when rates were super low, and I have a 15-year mortgage, and my home will probably be paid off in 5 years. I think I'm OK.

Mar 09, 2017 07:07 PM #23
Rainer
311,855
Linda Metallo DiBenardo
RE/MAX Impact, Lockport, Illinois - Lockport, IL

Excellent post Gene.   Buyers who bought at the bottom of real estate crash/recession/downturn or whatever you want to call it," Now Have Equity" in their homes as the market is heading up.   Those folks will have no problem re-financing.   You should be getting lots of calls, great post Gene.

Mar 10, 2017 09:01 AM #24
Ambassador
4,300,186
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - many times some sellers just have no clue on what's going on with their mortgage.

Not to mention, one seller assumed that he does not need to repay the home equity loan when he sells the home - it can be done later....

Mar 10, 2017 09:30 PM #25
Rainer
477,039
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

It's always best to review all financial instruments annually to determine what if any changes could improve or increase your wealth, reduce your expenses and perhaps even your taxes.

Mar 11, 2017 07:49 PM #26
Rainmaker
871,429
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Good morning Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi This is great information for homeowners for those who do not know and a good reminder for those who do.  Thank you.

Mar 12, 2017 07:34 AM #27
Rainmaker
2,762,446
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It's funny how this isn't common sense anymore. Oh well, this is what blogs are for

Mar 14, 2017 11:08 PM #28
Rainmaker
978,622
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Like any other financial product, it's very important to say on top of every aspect of it.  Clearly you've shown all the reasons to be mindful of a mortgage! Kudos!

Mar 20, 2017 07:50 PM #29
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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