Are You an IL Disabled Veteran That Owns Property?



Are You an IL Disabled Veteran That 
Owns Real Estate Property?  


Last week, I had another opportunity to provide financing services for a home purchase made by one of America's most cherished assets ... a military veteran.  


It's always a huge honor and distinct pleasure to assist one of our veterans in becoming a homeowner.  

But this particular transaction was noteworthy, as my borrower was a disabled veteran and his home Refinance featured a little-known benefit available to disabled military veterans that buy or own property.  

As a result of his having this often unknown and under-utilized benefit, my veteran's property tax bill/property tax due was ZERO dollars.  

That's right ... ZERO ... 

How was this possible for this disabled veteran?

An (annual) benefit offering property tax relief is available to: 

  • Disabled U.S. Veterans (over and above those benefits available to other Veterans)
  • U.S. Veterans with a service-connected disability of at least 30% or greater, as certified by the U.S. Department of Veterans Affairs 

The amount of exemption received is dependent on the severity of the veteran's disability, plus other factors, including the veteran's income. My borrower was a veteran that sustained a 70% (or over) disability, so he received the highest exemption available ... and subsequently, a ZERO property tax bill/tax due at the time of his Closing.

The current breakdown for the Disabled Veteran's Property Tax Exemption in the State of Illinois is:

  • 30% - 49% Disability:  Disabled Veteran receives $2500 EAV (Equalized Assessed Value) reduction
  • 50% - 69% Disability:  Disabled Veteran received $5000 Equalized Assessed Value reduction
  • *70% or More Disability:  Disabled Veteran is exempted from property taxation in its entirety

It's important for IL Disabled Veterans to know:  

  • Once received, Disabled Veterans are required to re-file for this property tax relief each year, as this exemption is provided annually
  • Surviving Spouses of Veterans killed in the line of duty are eligible for additional property tax relief.  Tax relief received will assist families in maintaining their home.  Surviving Spouses of Veterans killed in the line of duty on January 1, 2015, and after, can receive a total exemption from property taxes       

Also Important:  Other property/assessment benefits exist and are available for veterans with disabilities, but it must be noted that only one exemption per year can be claimed on a primary resident.  

Also of Note:  
  • Under this federal program, state law allows towns to completely exempt property taxes from lands or homes acquired and then modified to accommodate a Veteran's special needs (as of October 1st, 1998).  
  • This action requires a vote by the town's legislative body 
  • Towns may also increase the amount of exemption given when the value of a Veteran-owned property is re-evaluated

So if you're a Disabled IL Veteran, please do not hesitate to inquire, ask questions, and pursue all benefits due you as a disabled veteran.  Local municipalities and townships ... plus IL Veteran Organizations ... may also have resources to assist you.

The links below can also be of help when you begin your search for information on this real estate property tax exemption and other exemption filings:

For Disabled Veterans living in Will County, buying or Refinancing a property within Will County/Chicagoland/IL, and hoping to secure a real estate property tax exemption, I highly recommend that you work with:

Once again I emphasize the importance of:  Filing your Disabled Veteran Property Tax Exemption annually and in a timely manner. 

Feel free to reach out to me should you have any questions regarding the above or any other home financing needs or concerns.  Thank you again for your service to our Country.



* Hoping to Buy or Refinance a Home in New Lenox, Will County, or elsewhere in the Chicagoland area, IL or WI?

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 #216987

American Portfolio Mortgage Corp.

nmls #175656


Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281


  
 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   
    


Gene Mundt, Mortgage Originator, a Mortgage Originator with 40+ years of #mortgage experience, that 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!

















2018 - Will County Communities 4th of July Fireworks








2018 - Will County Communities
 4th of July Fireworks


The skies across Will County will light up with fireworks, during the upcoming 2018 -  4th of July holiday ...

There's a huge assortment of municipalities and groups hosting firework shows and spectaculars (sometimes as part of a community fest) throughout Will County. Below you'll find a handy list I've compiled of those shows.

Take this opportunity along with your family and friends to celebrate our freedom, our Country's rich history, its people, and many wonderful accomplishments ...


2018 - Communities of Will County 
4th of July Fireworks

Aurora Fireworks
Date: July 4th - Start: 9:35 pm
Where: RiverEdge Park - 360 N Broadway St., Aurora
(Portions of Aurora are in Will County)  

Beecher Fireworks
Date:  July 4th  -  Start:  9:30 pm
Where:  Firemen's Park - 673 Penfield Street, Beecher 

Bolingbrook's 4th of July Fireworks
Date:  July 4th -  Start:  @ Dusk/9:45 pm
Where:  Bolingbrook Golf Club - 2001 Rodeo Drive, Bolingbrook

Braidwood Summerfest - Fireworks
Date: July 22nd - Start: Dusk/9:30 pm
Where: Braidwood City Park - 245 W. 1st Street, Braidwood

Channahon Independence Day Fireworks
Date: July 4th  -  Start: 9:15 pm
Where: Community Park - 
23200 W. McClintock Rd., Channahon


Frankfort Fourth of July 
Date: July 4th - Start: Dusk/9 pm
Where: Main Park - 200 S. Locust Street, Frankfort

Joliet Independence Day Celebrations
Date: July 3rd - Start: Dusk
Where: Bicentennial Park - 201 W. Jefferson St., Joliet

Date: July 4th
Start: Dusk/9:20 pm
Where: Joliet Memorial Stadium - 3000 W. Jefferson St., Joliet

*  Lakewood Falls Fireworks
Date:  June 30th  -  Start:  Dusk
Where:  Bruce Ponti Park - 13909 S. Budler Rd., Plainfield

Lemont Park District Freedom Days Fireworks
Date: July 3 -  When: Dusk/9:30 pm
Where: Centennial Park - 16028 127th St, Lemont
(Portions of Lemont are in Will County)

Lockport 4th of July Fireworks 
Date: July 3rd  - Runs: 8 to 10 pm
Where: Dellwood Park - 18th & Lawrence Avenue, Lockport
Mokena 4th of July Fireworks
Date: July 4th  -  Start: Dusk
Where: 10925 W. LaPorte Rd., Mokena

Naperville 4th of July Fireworks (Part of Ribfest Celebration)
Date: July 4th  -  Start: 9:30 pm
Where: Knoch Park - 724 S. West Street, Naperville

 Hoping to buy in Will County? Be PreQualified Now!


New Lenox 4th of July (Celebration)
Date:  July 4th
Start:  7 pm  (Fireworks at Dusk)
Where:  Village Commons - 1 Veterans Pkwy, New Lenox

Park Forest Independence Day Fireworks
Date: July 4th - Start: 9:15 pm
Where: Central Park - 410 Lakewood, Park Forest

Plainfield Fireworks
Date: July 3rd - Start: Dusk
Where: Plainfield Central HS  -  24120 W. Fort Beggs Drive, Plainfield

Village of Romeoville Fireworks
Date: July 3rd  -  Start: 9:30 pm
Where: Village Park - 900 W. Romeo Rd., Romeoville

Tinley Park Fireworks
Date: July 4th  -  Start: 9:15 pm
Where: McCarthy Park - 16801 W. 80th Avenue, Tinley Park

Wilmington Independence Day Fireworks
Date: July 4th - Start: Dusk
Where: North Island Park, Wilmington

Enjoy a Wonderful and Safe 4th of July! 

     
    

Hoping to Buy or Refinance a home within Will County, IL?  Contact me today!  I'll put my 40+ years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:

Gene Mundt
Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Lic. #216987

American Portfolio Mortgage Corp.
NMLS #175656


Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281 


 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
      Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

Gene Mundt, Mortgage Originator, an Originator with 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

      Referrals are Appreciated and Welcomed!      

Why and How to Avoid Lender Remorse


Why and How to Avoid Lender Remorse


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 represented within the group.  As this group is related to "home" services, you'll find everything from plumbers to landscapers ... appliance repair to home organizers ... and much more.

A string of consumer requests for business recommendations steadily appears in the feed.  The referrals and feedback provided to the group are timely and based on past personal experiences with contractors/businesses. That makes the information exchanged there very valuable to consumer and business alike.  

But while the work (and professionals) sought in the majority of online requests and feedback represent a future expenditure of money, few of the jobs/work discussed are equal in expenditure to those costs associated with the act of buying, selling, or financing a home.  Regardless of that fact, few requests for recommendations and referrals for a Mortgage Originator or mortgage advice are ever found. 

That's not good for many reasons ... and here are some facts and figures that prove why:

  • 18% of Americans spend an hour or less searching for a home loan.  (per Inman article)
  • Few consumers obtain information from outside sources, such as websites, financial and housing counselors, or personal acquaintances (such as friends, relatives, or coworkers) (Consumers Financial Protection Bureau)
  • One in four first-time homebuyers report being completely unfamiliar with the mortgage process from the start
  • The Consumer Financial Protection Bureau (CFPB) surveyed 5,000 recent home purchasers in a national studyIt found 47% of buyers didn’t “seriously consider” more than one lender
  • According to a J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Studyalmost 1 in 5 homebuyers (21%) regretted their choice of lender
  • A comparison of buyers' expenditure time/research:






Plus:  Consider these cost comparisons regarding interest rates provided by LiveFrugalLee:

And:
  • Nearly half — or 46% — of Americans say they are unfamiliar with alternative down payment options, according to a recent survey conducted by national online lender Laurel Road

All of these stats and info prove ...  

Not conducting a thorough search for an Originator ... not taking the time to ask questions and seek answers ... not asking for referrals and recommendations?  It costs you money.  Big money.  It also has great potential to cost you in stress and frustration.  


So, how can you avoid becoming just another of the stats above?  

Invest in yourself, your financial success, your future ...  

Take every opportunity and use every resource at your disposal to conduct research.  Start that research early ... well in advance of the time you hope to actually use it.  Even a year ahead of when you hope to finance and buy is not too much time.

An online group such as the one I describe above is just one of the many resources available that offer such opportunity, insights, and assistance.  Friends, relatives, co-workers, real estate professionals (of all ilk) are also reliable resources.

The bottom line if you hope to avoid Lender Remorse is this ...  

Don't fear asking for testimonials and reviews from those you know and trust.  Take the time needed to do a thorough check of those Originators you are considering.  Use online resources such as YELP, Facebook, etc. to find feedback for local lenders/Originators serving your area.

You'll be far better prepared when you finance your home purchase (or refinance) ... and far happier with the end results. 

Should you wish to start a search for mortgage information or assistance in the New Lenox - Will County - Chicagoland area - IL & WI, please consider viewing my testimonials and recommendations ... and website ... 






* Hoping to Buy or Refinance a Home in New Lenox or elsewhere in the Chicagoland area, IL or WI?

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 #216987

American Portfolio Mortgage Corp.
nmls #175656


Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281


  
 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   
    


Gene Mundt, Mortgage Originator, a Mortgage Originator with 40+ years of #mortgage experience, that 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! 







Are You an IL Disabled Veteran That Owns Property?

Are You an IL Disabled Veteran That  Owns Real Estate Property?    Last week, I had another opportunity to provide financing servi...