2019 "Manhattan Irish Fest" March 1st and 2nd - Manhattan, Illinois


2019 "Manhattan Irish Fest"
March 1st and 2nd  -  Manhattan, Illinois


Manhattan, IL is my hometown ... 

Located in the heart of Will County, IL, it's a town proud of its long history, its present vibrancy, and its bright future.  

It's also VERY proud of its deep Irish roots ...

Manhattan residents will proudly tell you that their beautiful town is the home of the "Manhattan Irish Fest", an acclaimed festival and parade that's been running since 1995.

The dates for this year's Manhattan Irish Fest are Friday, March 1st and Saturday, March 2nd.  

The renowned and well-attended Manhattan Irish Fest Parade will be held on Saturday, March 2nd.  If you plan on attending the parade, it is suggested that you arrive in town a minimum of 15 minutes before parade kick-off.  Roads near the parade route are restricted after that time.

The annual Manhattan Irish Fest Parade 5k is once again being held on Saturday, March 2nd.  You must register take part in this 5K.  The race starts at 11 a.m. 

Each year, the list of Fest activities and entertainment grows longer and more varied.  There is truly something to enjoy for old and young alike.

As in previous years, the Manhattan Irish Fest will be held in the parking lot located near the downtown ... just north of the Manhattan Fire Station 81.


Admission to all Irish Festival activities, as well as the festival grounds, requires all visitors to have an Admission Button.  Admission Buttons can be purchased until February 28th at multiple places through Manhattan ... and also may be ordered at the elementary and middle schools during the week preceding the Fest.  

Button prices are $7/each in advance or $10/each at the door.  Children under 7 are allowed Free Admission when accompanied by an adult with button(s).

The line-up for the Manhattan Irish Fest entertainment tent is:


The Entertainment Tent closes at 11 pm on Friday and 10 pm on Saturday.

 
Should you wish further info on activities, entertainment, times and more ... the Manhattan Irish Fest website can be found HERE.

Head to Manhattan, IL on March 1st and 2nd and get your "Irish On" in my hometown of Manhattan, IL.  Attend the 2019 Manhattan Irish Fest


*  Looking to Buy or Refinance a home or Investment Property in Manhattan, Will County, or elsewhere in the Chicagoland - IL/WI area? 


I'll put my 40+ years of mortgage experience and extensive knowledge of the area hard to work on your behalf.
I'm 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


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 Greatly Welcomed & Appreciated!

It's "FATE and RATE" When Applying for a Mortgage


It's "FATE and RATE"
When Applying for a Mortgage


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 and the "fate and rate" of their loan is typically pretty limited. 

That's understandable.  Admittedly, there are many moving parts and asterisks that must be considered by Lenders along the path to quoting rates and awarding loan approval.  

Here's just one sample of that being true ...

Some types of mortgage loans regard credit scores a bit more leniently than others.  At minimum, most showcase some degree of sensitivity to "levels" of credit scores.

What I mean by this ...

Government-backed loans such as: 

are examples of those types of loans that are NOT as sensitive to credit score levels as say ... Conventional Loans.  As always, there are pros and cons to consider prior to using any type of loan, and that remains true with these loans offering more credit leniency.  

Also ... 

The mortgage fees may be a bit higher for borrowers utilizing these loans.  Plus Private Mortgage Insurance in one form or another will be required as well.  

The advantage of choosing one of these loans for your home financing is ...

Because these loans have guidelines that are a bit more "forgiving" and lenient, many hopeful home buyers find themselves able to buy and finance a home more easily (or sooner) than they previously thought possible.  With housing prices currently on the rise and saving money for a down payment remaining a challenge, these types of loans can also serve as a huge advantage for some home buyers ... especially first-time buyers.

But still, it's a fact:  Credit scores remain, to one extent or another, important in determining a borrower's "fate and rate" when they apply for a home loan.  In other words, the interest rate received AND the ultimate success or failure of a mortgage approval rest upon (along with other criteria) credit scores.


Here are some examples of that fact: 

  • MOST Conventional Loan Programs have a "minimum" credit score.  You must have that minimum score (or better) to even have a chance to qualify for mortgage approval
  • MOST Conventional Loan Programs have "stepped" pricing tied to incremental differences in credit scores.  
       A.  That means anyone with a lower credit score pays a higher interest rate.  Conversely, those with a higher credit score earn a lower interest rate.  
       B.  Borrowers with a lower credit score can also choose to pay "points" (added costs) to achieve the same interest rate that a borrower with higher credit score might earn (without having to pay "points")
       C.  MOST Conventional Loan Programs have varying interest rates for every 20 points in credit score levels
  • MOST Lenders use the "middle" score of the 3 major Credit Bureau scores pulled for a Residential Mortgage Request.  (Each Credit Bureau provides one credit score
  • When placing LESS than a 20% down payment on a home, MOST Private Mortgage Insurance Companies charge borrowers differently ... and that charge is reliant on credit scores and credit score variances in categories of 20 point increments (in MOST cases)

Note that pesky word "MOST"?  

I refer you back to the moving parts and asterisks I spoke about above.  Exceptions to the rule do exist.  

There are many factors that enter into the interest rate earned and the monthly mortgage payments you'll make.  These factors are also the basis for many other things such as the Closing Costs you pay, the loan program you qualify for, which loan program will serve your needs best ... and yes, even if you receive mortgage approval.  

It's important to remember:
  1. These "factors" are personal to you and you alone  
  2. No comparisons of your loan, interest rate, etc. can or should be made between you and anyone else  
  3. Your personal factors, over time, can change or be changed  
And that's very positive news.  Why?  

If the "fate and rate" you received or thought you would qualify for in the past was not a positive one ... you can have faith that with time and improvements made you can positively change the "fate and rate" you receive in the future.  

The fastest way to learn or change those variables is to talk and work with an experienced and knowledgeable Loan Officer.  So if hoping to buy soon or in the future, reach out to me ...


* Are you hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area? 

Contact Me! 

I'll put my 40+ years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.
I'm easily found at:


Gene Mundt


Mortgage Originator - NMLS #217987 - IL Lic. #031.0006220 - WI Licensed


American Portfolio Mortgage Corp.


NMLS #175656



Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


 Get Answers - Get a Quote Now!



 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 Greatly Welcomed & Appreciated!
  




  



'Tis That Season ... to Review Your Credit


'Tis That Season ... to Review Your Credit 



Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40s to single digits ...


The above is the weather report I found for the Chicagoland area today ...  

Chicagoland residents are a hardy bunch.  Most won't even blink upon reading this weather prediction.  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 "heatwave" that saw some people outdoors celebrating on bikes and in shorts.  

Yep, we take it all in stride.  We plan ahead, make preparations, hunker down, and keep busy inside when our Chicagoland weather turns less than friendly.   

During this latest crazy weather pattern, a young newlywed couple in the very preliminary stages of their mortgage process asked me to run their credit report.  We had spoken a couple of times prior to their making this request, but nothing "official" had taken place up to this point.  

During our initial conversations, they'd talked about their finances and credit histories with me.  Then the credit report came back and well, let's just say there were a few discrepancies found between the reported reality and their earlier descriptions.

Now I don't think there was any attempt on their part to mislead me or to misrepresent the facts, their credit past, or financial standing.  I just don't think either of them fully understood the credit history of the other prior to their being together ... or had a firm grasp on their current credit status or financial standing as a couple.

We have some work ahead of us in order for them to secure financing.  But I'm happy to report that each has rolled-up their sleeves and is focusing on improving their credit scores and financial standing as I write this.

Unfortunately, this predicament isn't all that uncommon.  When there are couples or multiple borrowers involved in a mortgage application, it occurs with some frequency.  Mortgage application and credit report pulls some times turn into "illuminating" experiences.  Neither is a good time for surprises to take place.

And this brings me back full-circle to my intro regarding our recent weather challenges here in Chicagoland ...  

For those thinking of buying a Chicagoland home soon or sometime in the future, bad weather that forces us inside can provide the time and perfect opportunity to perform a credit check.  

Credit checks are what I've been recommending to everyone as of late.  

An annual credit check is very wise.  And the importance of taking advantage of this opportunity ... and doing so well in advance of starting the home buying process ... was perfectly proven by my young clients.

Had they performed a credit check earlier it would have been extremely beneficial for them.  They could have started their credit repair and credit improvement long ago, and already raised their credit scores.  Higher credit scores equate to saving money.  

But because this couple waited to check their credit and seek info and guidance, they just now learned the facts pertaining to their credit scores and standing.  They just now are beginning to pay down their debt more advantageously and strategically.  

And I cannot emphasize this enough:  If this young couple had run a credit check previously, they would currently hold a much clearer and truer picture of each other's credit history.  Something of great importance for a great many reasons.  

It's easy to run a no-cost credit check.  It can be performed at:  www.annualcredit.com.  

Each of us is entitled to this under the current federal credit laws.  Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company.  

Those companies are:
       P.O. Box 2002, Allen, TX  75013
       888.397.3742
       P.O. Box 2000, Chester, PA  19016
       800.916.8800
       P.O. Box 740241, Atlanta, GA   30374
       800.685.1111

Running this free credit check annually will help you: 
  1. Discover if errors exist on your credit report 
  2. Detect identity theft or credit card fraud that may have taken place 
  3. Monitor your financial status 
  4. Keep your credit reporting information accurate 
  5. Rebuild your credit 
  6. Improve upon savings

If you're considering the purchase of your first home, here are some additional helpful "homebuyer-to-be" tips:
  • Review ALL of your open credit card accounts often 
  • Compare their CURRENT balance to the AVAILABLE credit limit  (One of the biggest mistakes I see prospective buyers make concerns credit card limits.  Too many allow balances to exceed credit card limits ... or almost as bad, allow balances to stack-up right below their limit)
  • Borrowers should strive for balances at (maximum) 47% of their available credit limit to maximize credit scores
  • DO NOT CLOSE OUT any credit cards prior to applying for a mortgage.  Cards need to remain open with the lowest balances possible VS their limit (as mentioned above).  
  • The longer an account is open and has a reported account history, the more "weight" is given to that account.  Newer credit holds less "weight" because it has a shorter credit history reported
  • If you think you need info and help regarding your credit, contact a Loan Officer/Mortgage Originator.  Again, do this well in advance of hoping to buy (or refinance).  

Most Originators
 provide this advice free of charge, so why wait?  

The benefits of seeking this help go way beyond those found while seeking and securing a Mortgage.  Higher credit scores can lead to lower interest rates when borrowing money on homes, cars, and other types of loans.  They can also improve the homeowner's insurance policy (and quoted rates) available to you for your purchase.

If challenging and blustery weather conditions have you inside for the day or even a few hours, take advantage of that time.  Head to www.annualcreditreport.com or one of the 3 main credit bureaus to check your credit.  You'll be better off for it ...


* Are you hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area?

Contact Me!  I'll put my 40+ years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.

I'm easily found at:



Gene Mundt

Mortgage Originator - NMLS #217987 - IL Lic. #031.0006220 - WI Licensed


American Portfolio Mortgage Corp.

NMLS #175656




Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


 Get Answers - Get a Quote Now!



 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 Greatly Welcomed & Appreciated!
  

Breaking Down Borrowers Monthly Payment Estimates


 Breaking Down Borrowers 

Monthly Payment Estimates



When prospective borrowers first contact me, their main focus is often on the following 3 things ... 


  • What their prospective total monthly housing expense will be  
  • What money they'll need to buy/finance a home
  • The chances of their being approved for a mortgage 

They have a laserlike focus on these 3 facets of the process.  As a result, I typically find it's best to immediately address their concerns.  


Subsequently, a discussion regarding those elements that contribute to their future total housing expense/monthly payment ensues.  Mentally this "frees" them and allows them to move on to the other important aspects we need to cover regarding their mortgage process.  


That talk touches on:  

  1. The monthly Mortgage Principal and Interest payments 
  2. Real Estate Taxes 
  3. Homeowner's Insurance
  4. If applicable, Private Mortgage Insurance


While initially much of their focus is on the Principal and Interest (and interest rates) portion of the monthly payment  ... I always stress that the Real Estate Taxes and Homeowner's Insurance (etc.) portion of their payment is of equal importance.  And as such, it's something that they and their agent need to be cognizant of when searching for homes. 

Here's an example of why this is so very important ...

A recent prospective home buyer of mine requested that I estimate a monthly mortgage payment on 3 properties they'd viewed and were considering.  Two of the 3 properties were on the same street and within one block of each other.

These two closely-located homes were found within a tract subdivision in the same city and were the very same model of home.  That should be easy enough, right?

Well ... not exactly ...


These particular homes were in an IL city that is somewhat unique.  It has portions of itself that are located in 4 separate counties.  And each of those counties has a different tax base and uses a different reporting system.


So my research on these properties constituted:


  • Taking the property addresses and determining the correct county in which each of the properties resides 
  • Visiting each county's Property Assessor and Treasurer website(s) 
  • Finding (verifying) each property's respective PIN (Permanent Index Number) a number unique to every property  
  • Searching and finding the amount of the latest annual real estate taxes
  • Learning how each tax bill was calculated 

Now if you guessed that I found via my research that 2 drastically different tax bills existed for these 2 closely-located properties ... you're right.  

Although these homes were basically identical ... on the same block, of the same age, the same size, the same design, with Listing Prices only $5,000 apart ... a $450 difference between their latest annual tax bills was revealed. 

Because of that, the "Qualifying Housing Expense" provided my clients for each home was quite different too.  My comparison showed that a $65 gap in monthly housing payment between the two homes existed for them. 


A little more research revealed just why this difference in total annual real estate property taxes existed.  One of the homes was not lived-in by its Owner, while the other property was owner-occupied.  


The property assessments for each home were nearly identical but after the homeowner living in their property received their Homestead Exemption, the Net Assessment of the owner-occupied property was lower and therefore reduced the annual tax bill due.  In this particular case, by $450 per year.


If my borrower ends up choosing the property with the higher tax bill, successfully closes, and moves into the property ... the next year's tax bill will be reduced, as the new homeowner/property will reap the benefit of their Homestead Exemption.


This discussion ... these comparisons, are just one example of the many important discussions and comparisons a borrower should hold with their Mortgage Originator.  An understanding of this basic component and how it affects their total monthly mortgage payment ... and ultimately their success in achieving Mortgage Approval ... is vitally important for borrowers.


Recently I saw an industry marketing piece that suggested to Originators that they use an advertised "easy-to-use and inexpensive program" for determining accurate real estate taxes.  They could also then use the tool to disclose correct monthly housing payments and housing expenses to their borrowers during their mortgage process with peace of mind.  


I submit that it's wise for borrowers to seek an Originator that does not need this type of service. That their Originator should know how and where to find the tax and assessment information for the properties that they are considering for purchase and/or financing.


Their Mortgage Originator should thoroughly understand property tax and assessment systems and calculations  ... and then be capable of accurately calculating and explaining the ramifications of those tax calculations (and property assessments) on monthly housing payments, expenses, and tax escrows to their borrowers ... both in the current and future tense.  How can an Originator possibly expect their borrowers to understand it all if they do not understand it well themselves?


"Combined Housing Expense" and monthly mortgage payments are a main focus and concern for borrowers as they enter into their home buying and financing.  Rightfully so, as much depends on the info and answers they are provided by their Originator.


A new Buyer/Borrower is focused on and hungry for this important information.  Understandably so, as their choice of home, the affordability they seek and find, their future finances, and ultimately their mortgage approval rests upon it ...


Choose your Mortgage Originator wisely ...



* Are you hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area?

Contact Me!  I'll put my 40+ years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.

I'm easily found at:


Gene Mundt

Mortgage Originator - NMLS #217987 - IL Lic. #031.0006220 - WI Licensed


American Portfolio Mortgage Corp.

NMLS #175656



Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


 Get Answers - Get a Quote Now!


 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 Greatly Welcomed & Appreciated!
  




































2019 "Manhattan Irish Fest" March 1st and 2nd - Manhattan, Illinois

2019 "Manhattan Irish Fest" March 1st and 2nd  -   Manhattan, Illinois Manhattan, IL is my hometown ...  Located in ...