1 More Reason to Have Good Credit ... and Keep Good Credit

1 More Reason to Have Good Credit ... 

and Keep Good Credit

     Did you know that ... according to a survey by the Society for Human Resource Management, 60%+ of private employers check the credit histories of at least some of their job applicants. 13% conduct them on ALL candidates. 

     Rather sobering statistics that provide even more credibility to my ongoing message regarding the importance of obtaining and keeping good credit ...  

     Creating a good credit history, then maintaining it, is vital these days.  It's why I recommend checking your credit, at minimum, once per year, either by going to www.annualcreditreport.com or by contacting me.

     Proof ... strong proof ... lies within these stats.  More and more of our lives are dependent on our credit status.  Insurance rates.  Obtaining cell phones.  Loans of all types.  Renting an apartment.  Utility services within our homes and businesses.  Jobs.

     And yes, you read that right.  JOBS ...

     Here in Illinois (other states also - Hawaii, Washington, Maryland, Connecticut, California, and Oregon) we have laws and rules prohibiting employers from using an applicant's (or current employee's) credit history when making decisions regarding employment.

     On January 1st, 2011, it became unlawful for Illinois employers to utilize credit reports in this manner ... unless a "satisfactory credit history is an established bona fide occupational requirement of a particular position or a particular group of an employer's employees".  

     An example of that?  To receive a mortgage license to do mortgage lending within the State of Illinois, I had to undergo fingerprinting and a credit check.  There are other employs that require the same.

     But for those states that do NOT have a similar law or protections in place, the issue remains.  Poor credit, or even credit issues from your past, can come back to haunt you in the present when you make application for a new job.  

     And with American credit card holders between their late 20's and early 30's acquiring more debt than older consumers, the issue of credit could loom even larger in the future. 

     What do employers hope to learn from running a credit report on a job applicant or employee?  

     Simply, they're looking for clues into the behavior and mindset of that applicant.  They're looking for a glimpse of their priorities. Their approach to life.  What the likelihood for fraudulent behavior or activities might be if hired? And a whole host of other insights that would somehow show how they might conduct their job. 

     One note should you be applying for a new job:  An employer can not run a credit report without notifying you in writing that they are going to do so.  

     Employers must also gain your written authorization to run the report.  And the report they acquire is just that, a report.  It does not include actual credit scores. But again ... what are they looking for?  

     The following are the most common "red flags" that an employer will look for:

     *  Foreclosures
     *  Bankruptcies
     *  Liens
     *  What percentage of your credit you are utilizing on credit cards, loans, etc.
     *  Late Payments and Late Fees
     *  Recent activity, inquiries, or credit usage

      All of the above truly provides you 1 More Reason to Have Good Credit ... and Keep Good Credit.  Although there are protections in place in many states, the facts remain ... many states DO allow employers to run credit ... and credit and credit scores are increasingly important.  

     Credit maintenance is important and should be a full-time focus. Not just when you're hoping to find a new job.  Not just when you're dreaming of buying a home.

     *  Dreaming of buying, building, refinancing, or investing in a home in New Lenox, Will County, or elsewhere in Chicagoland?  

Contact me now.  We'll check your credit and get you on the path to home ownership.

     I'm easily and conveniently found at:

Gene Mundt

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

Phone/Cell/Text:  708.921.6331

gmundt@goapmc.com

  www.genemundt.com

  

              

       

Gene Mundt, Mortgage Originator, an Originator with 48 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. 

Your Referrals are Greatly Appreciated!

     

     

    


      

       

     

You Go to the Gym. You Workout Daily. But How is Your FINANCIAL Fitness??

You Go to the Gym.  You Workout Daily. 

But How is Your FINANCIAL Fitness??

     During a mortgage pre-qualification, I ask many questions.  Among those questions are those pertaining to the applicant's credit and credit scores.  This shouldn't be surprising, given the enormous importance credit plays in mortgage lending.

     What's surprising to me though, is NOT the number of those applicants that don't know their credit scores.  Nope.  

     It's the sheer number of those that think they DO ... and are totally, utterly, completely wrong.  They truly have no clue just how "financially fit" or unfit they are.  

     Now I'm not saying that people are trying to misrepresent the reality of their credit scores.  That happens, although I don't understand why someone would try this, as I'm obviously going to uncover the truth when their credit report is run.   

     No, I'm talking those people that honestly do not know their financial and credit standing.  Being in the dark about credit and credit scores ... it's just not financially healthy.

     Credit and credit scores, are written about and talked about endlessly with great detail.  There's a good reason for that.  

     Now more than ever, your credit scores play a huge part in what you are charged when buying items.  Or whether you successfully obtain those things you want or need to live or work. 

     Credit scores can be:  

• The bottom-line determinate as to whether landlords will rent to you  
• Whether you'll get a utility company to supply service in your home, apartment, or business when you apply for it  
• Whether you can get a cell phone or cable provider to put you under contract for service  
• More ...

     In today's world, all very important things ... 

     It's mandatory that you carry car insurance when driving.  What you pay for that auto insurance will be dictated by your credit scores.  Other insurance premiums will be affected, as well.   

    Those credit cards with the low-interest rates seen advertised all the time (especially around the holidays)?  You won't be eligible if your credit scores are too low. 

     Your credit scores can't just matter to you when you're hoping to buy a home ... 

      Everything related above is why it's so important for you to get aware ... and stay aware ... of your credit scores and credit standing.  You have to pay attention on an ongoing basis. 

     Look at it this way ... 
    

     Your financial health needs must be addressed much like your physical health needs do. 

     You need a yearly financial checkup, just like you do your physical checkups.  Your financial checkup is the act of running your credit report at least once per year.

      You can't wait until the time you want to view and buy a home to become financially "fit" ... if you hope to successfully (and most economically) buy a home.  

Being knowledgeable about your credit and your financial health should start long before that time (6 months to a year is not too long).   It should remain a lifelong and ongoing regimen.  

     So get knowledgeable about your financial fitness NOW.  Find out your credit scores and then stay educated about maintaining or improving them.  

     I can help you accomplish that.  There will never be a better time than right now to get started.  Pick up the phone. Email ... text ... contact me ... or stop by and talk to me today.

 

Have credit questions or needs?  Want to know your credit scores?  Hope to get on track to buy or refinance a home or investment property?  

Contact me now.  With 40 years of credit and mortgage experience and expertise, I can help you accomplish your goals successfully and fluidly.   
     I'm easily found at:  

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI License #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.277.4036      

Cell/Text:   708.921.6331
eFax:  815.524.2281    

gmundt@goapmc.com

                                                       www.genemundt.com

 

           

  

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, #Elwood, #Lockport, #Wilmington, #Plainfield, #Bolingbrook, #Romeoville, #Homer Glen, #Crete, #Beecher, #Braidwood, #Monee, #Beecher, #Peotone, #University Park, #Channahon, #Naperville, etc.), DuPage County, Kane County, the City of Chicago, Cook County, and everywhere within IL & WI.  

Your Referrals are Always Greatly Appreciated!

  

A Wedding - Home Buying Registry ... What Do You Think?

A Wedding - Home Buying Registry
What Do You Think?
 

     Prior to my wife joining me in my business, she worked in a local travel agency owned and run by one of her best friends.  For many reasons, she loved her job there.  Can you think of a job that could be more fun that promoting travel and travel destinations?  And the clients!  They were typically a pretty upbeat, fun group.  Especially those planning their honeymoons.

     I think my wife would have stayed working at the travel agency forever had business not come to a screeching halt as a result of 9/11.  If you remember correctly, no one went anywhere for a good long while after that.  And marketing wasn't going to change that.

     But one of the marketing concepts that was just beginning to take shape at the travel agency just prior to that momentous day was focused on couples planning their honeymoon.  Kay Travel had just implemented a new Honeymoon Registry system and it was beginning to take off.  

     The Honeymoon Registry worked much like other registries.  Couples chose their honeymoon destination, then added a menu of items or activities that they wanted ... say like a snorkeling adventure, a specific restaurant, or horseback riding.  Wedding guests were made aware of the Registry via the Shower or Wedding invitations.   

     Friends and relatives interested in gifting in this manner could then choose to donate to the honeymoon's general cost or supply/arrange a "gift" off the couple's menu of chosen activities/items.  I always thought the idea a good one.  And as I said, it was catching on.

     I'm thinking, maybe I should start something similar with my mortgage lending.  Work in tandem with local realtors ... and help couples set-up a Wedding - Home Buying Registry.  I mean, what can you think of that would be more helpful to today's marrying couple?  The hard cold truth is, that saving for a downpayment has gotten much harder.  This could be valuable help and assistance.

     I can tell you from my personal experience with my own sons and the couples I see.  Times have changed.  Needs have changed.

     The average unmarried couple that I see regarding mortgages is no longer as young as those of decades ago.  The age at which they marry has risen dramatically.  Their situations and financial scenarios are quite different as well.  They have the coffeemaker, the linens, and dishes.  They've been out of their parents home and on their own for quite a while.

    And still others are re-starting their lives.  They may have once been self-sufficient, but the recession forced them back home.  Now I'm seeing more and more that are wanting their own place again.  They are dreaming of rejoining the housing market.  Or ... the couple is remarrying.  They're pooling two households of wares and furniture.  Mingling two families.  They need more room.

     Those marrying today find themselves with needs that are quite different from those in the past.  The wedding gifts once gladly received just aren't needed as often.  So again, what would really help these modern couples most? What gift would have real impact on their lives?

     My answer?  Monetary gifts.  Now I know money has become the gift of choice for many wedding attendees.  And I know many marrying couples depend on those gifts to help pay for the wedding day itself.  But if you're like me, just giving money feels somewhat impersonal .. a little detached. 

     If you knew your wedding couple was hoping to buy a home ... and there was a way to actively help them, wouldn't that make the monetary gifting seem just a bit more meaningful?  A Wedding - Home Buying Registry.  Call me crazy ... and I'm thinking outside the box a bit, but I like the concept. 

     Rules and Regulations being what they are now , I'm sure there's more than a few "kinks" to work out with this concept.  But still, it sure would be the wedding gift that kept giving ... and grew in value.  

     Mull the idea over a bit.  What do you think??


     *  Dreaming of owning a home in New Lenox, Will County, or elsewhere in the Chicagoland region?  Contact me!  I'll put my 35+ years of mortgage experience and expertise to work on your behalf.  Together, you and I will get you on the right path to home ownership.
     I can be easily and conveniently found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

www.genemundt.com

FREE Consultation

eFax:  815.524.2281     Skype:  630.219.1316

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Endorsement/Testimonial for Nancy Conner, City Realty Inc. in Olympia, WA

Endorsement/Testimonial for 

Nancy Conner, City Realty Inc. 

in Olympia, WA

     I typically find when speaking to other real estate professionals, no matter what "arm" of the industry they are in ... that the road they took to their real estate career is usually an interesting one.  Many times they have backgrounds of other lines of work that somehow led them to real estate.

     That is the case with  Nancy Conner, Managing Broker at City Realty Inc., in Olympia, Washington.  

     Prior to becoming a real estate professional, Nancy Conner worked in the county Assessor's office for almost 2 decades.  The education and knowledge she gained from her years there were an unbelievably important and helpful one when she became a realtor and broker in 1995.  Imagine the wealth of information she has to draw upon!  Imagine just how much that benefits her clients now, as well as all those participating in transactions with her!

     Not only does Nancy Conner have her own personal job experiences to call upon, but Nancy also had an amazing mentor to draw upon while growing up.  Nancy's father was a realtor and broker, as well.  And now Nancy's son is working with her ... so I guess you'd have to say that real estate runs deep in her blood.

     Nancy's dad, who I knew, ran his real estate office in the town where I started my career.  Back when I first began in mortgage lending, I had the opportunity to work with him and his agents often, as he had some of the area's premier realtors working under him in his agency.  

    Nancy Conner was one of the first  ActiveRain  members to reach out to me when I first joined the AR ranks about 5 years ago.  While talking back and forth, Nancy and I learned more and more about one another and found out just how much we had in common.  

     Nancy Conner serves the home buyers and sellers in the area of Olympia, WA ... and the entire Thurston County area.  I'm providing mortgages back in her home turf of Chicagoland.  But here we are ... friends and business referral partners.  It's truly funny just how small our big world really is. 

     I've learned and gained much from my relationship with Nancy Conner on ActiveRain.  I see much of her father in her in many ways.  From her pictures, I can tell she definitely has his big, easy smile.  From talking with her, I know she has his good heart.  But she approaches the business much the same as he did too.  She gives the same level of caring, detailed attention to her clients, the transaction, and real estate partners.   

     Anyone looking to buy, sell, or invest in a home or property in the Olympia/Thurston County area of Washington state, or would like information regarding all the area has to offer ... would be wise and well-served to  contact  Nancy Conner at City Realty Inc. to assist them.  They'd have a fierce advocate and friend on their side during their transaction ... and after. 


Gene Mundt, Mortgage Lender
American Portfolio Mortgage Corp.
318 Alana Drive, New Lenox, IL 60451
www.genemundt.com
gmundt@goapmc.com
Direct:  815.524.2280  
Cell/Text:  708.921.6331 

Credit: Who Needs It? Why is it Important? How do you Establish it?

Credit:  Who Needs It?  
Why is it Important?  

How do you Establish it?

     I've been receiving lots of inquiries from young potential Home Buyers as of late.  Continued low mortgage interest rates provide a good window of opportunity to buy for many home buyers.

     But with the growing number of young Buyers, I'm also seeing a larger number of hopeful clients with what is deemed as "insufficient credit histories".  

     That can mean several things.  But typically the fallout is lower credit scores or no credit scores for these hopeful clients.  

     I also see this issue arise when individuals are coming out of Bankruptcy, or for those that always pay cash for their purchases.

     The bottom line is though if there are no open accounts of any kind for credit cards, installment loans, personal loans, or student loans, the Credit Scoring System has no way to judge their credit "worthiness".  They simply have no spending or payment history on which to base a credit score.

    So how do we proceed with a potential Home Buyer, should this be the case?

     In this day and age, credit is vitally important, as credit runs our lives ... or at minimum, affects it greatly.  Establishing credit is not a difficult process.  

     

Below are a few tips and clues I supply my hopeful home buyers  when they wish to establish credit and credit history:

     *  Open up a credit card (known as revolving debt) with a modest borrowing limit.  Major retailers and gasoline companies are two good examples of this type of debt.

     *  Use the newly-established credit card by charging purchases within your budget constraints.  Pay the balance on time and in full each month.

       Note:  I recommend that first-time credit users open only one or two credit lines to begin with.  Take small steps.  Learn to handle your credit wisely.  Crawl before you walk.

     *  If you do not pay off the balance in full each month, keep your credit card balance(s) below 50% of the credit limit.  (This is better for your credit.  Likewise, balances kept below 30% and 10% of the limit, raise the scores even more.)

     *  Never close out old accounts, should you have them.  Keep them open, even if you do not plan on using them.  Remember, the longer you have had a credit profile or the longer the credit history, the better the scoring impact will be. 

     *  Consider using a co-signer to establish a credit account.  Lenders consider the co-signer's credit as existing credit.  (Note:  Co-signing is not without risk, so consider this action carefully.)  

     *  Always make sure prior to taking out new credit or initiating a new credit card, that the company utilized reports to the Credit Bureaus.

     Should you be someone that suffered through a Bankruptcy or Foreclosure ... or had other credit issues, you might have been turned down for credit or credit cards.  In those cases, try opening a "secured" account with a credit union or credit card company.  A  "secured" account"  is one where you deposit cash ($250, $500, $1,000) with the credit company, as collateral for a credit card.  

     Use the card as you would any other ... paying it off in its entirety each month.  This creates a "timely payment history" and lays the groundwork to build credit scores.    

    

If in doubt as to how to proceed in establishing or restoring your credit,  contact me prior to taking action. 

     As always, whether just beginning your pursuit of good credit and credit scores or as part of your ongoing efforts, monitor your credit and credit scores, either by visiting www.annualcreditreport.com to receive your one FREE credit report per year (they report credit, but not credit scores) ... 

     Or again, contact me.  We'll work together to establish ... repair and improve ... and monitor your credit safely and wisely.

     *  Need to establish good credit?  Dreaming of Buying or refinancing a Home or investment property in New Lenox, Will County or elsewhere in Chicagoland - IL/WI?  

Contact me today!  I'll put my 40 years of mortgage experience and expertise to work on your behalf.

     I'm easily found at: 

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. 031.0006220  -  WI License #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell:  708.921.6331
eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

          

      

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, Channahon, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.  

Your Referrals are Greatly Appreciated!