Skip to main content

Are YOU making your financial life harder than it needs to be?



     Are YOU making your financial life harder 
than it needs to be?  

     Are YOU paying more for utilities, insurance(s), rent, and cell phone plans than your friends are?  You might want to take a look at your Credit ... the reasons WHY may lie there ...

     Seems I'm always compelled to write something on the topic of Credit.  Why it's important to have good Credit.  How to establish good Credit.  How to improve or repair your Credit.  How to keep good Credit Scores ... and much more.

     It also seems there's good reason to be concerned about this topic too.  Personally, as a Chicagoland Mortgage Lender, I see people struggling with this issue on a daily basis.  Or they're just completely unaware of their credit or the impact it has on their lives.   

     My personal experiences are backed-up by fact too.  I read a CBS MoneyWatch article entitled,  "What hurts your credit?  Many have no clue".  Here were some highlights taken from a survey quoted within that article.  The Survey was conducted by Consumer Federal of American in conjunction with credit scoring firm VantageScore Solutions.  

     Now keep in mind, that VantageScore Solutions credit model is configured a bit differently than the 3 major Credit Bureaus utilized by most mortgage lenders ... those being Experian, TransUnion, and Equifax.  Time will tell if their model becomes the norm. 

          But the survey's results still offer a very compelling story.  One that proves that we have a long way to go before the majority of Americans understand what good sound financial habits are ... and how they help build and maintain good Credit and good Credit Scores.   

     Also as important though, it also proves that we're making life very hard on ourselves via our inattention, lack of education and positive action regarding our credit and credit scores.

     The survey showed that:
  •      93% of those surveyed incorrectly thought that comparison-shopping for mortgages would hurt their Credit Scores.  They won't, if inquiries are made within a short-term time frame.  Credit Bureaus assume a number of inquiries within a short period of time indicates rate-shopping for a mortgage.
  •      Around 33% of those surveyed did not know that co-signing for a loan can effect their credit.  It can.  Both for the good and bad.
  •      40% of those surveyed thought that their marriage status effected their Credit Score.  It doesn't.  Credit Bureaus don't care what your marital standing is.
  •      An astounding 42% did not understand that the Interest Rate they receive on their Mortgage is directly tied to their Credit Score.  Have bad Credit Scores?  The Lender is going to consider you a higher risk and more likely to default on future mortgage payments.  You won't get offered the lowest Interest Rate available because of that. 
  •      Almost 25% of those surveyed didn't understand that the balance you owe on each credit card is reflected in your Credit Score too.  Max your cards out or carry high balances?  Even if you're paying your minimum payments on time, your Credit Score is lower because of
    the high balances you keep on your card(s).
Rule of thumb:  The less you owe on a card in ratio to the Credit Line Available, the better.  Ideally that's 50% or less.    
    I can't impress on you enough how important it is to have a good grasp on your finances and credit standing.  Even if you are not planning on Buying a Chicagoland Home or Refinancing your present Chicagoland mortgage (or elsewhere), it remains vitally important to know and understand.   

     How do you get a grip??  Follow a plan.  Get your bills, financial papers, and documentation organized.  It's a good first step and it helps you get a better understanding of your current financial status and outlook.

     Once that is done, run your Credit.  Or speak to an experienced, trusted Mortgage Lender and ask them do it for you.  Sometimes even the smallest improvements or changes made can have a huge impact on Credit Scores.  Payments made more strategically can also have immense power.

     Keep in mind that many Mortgage Lenders provide FREE Credit Reports as part of their services ... and they will also offer FREE basic advice on how to improve or repair Credit or errors on a report.  I definitely do.  And remember, this is very important to do at minimum once a year, no matter your future plans and even if you already have a mortgage.

     Are YOU making your financial life harder than it needs to be?  Are YOU paying more for services, utilities, insurance(s), rent, mortgage payments, and cell phone plans than your friends are? Find out why! Educate yourself and get a grip on your Credit ... NOW!


     *  Looking for a way to get on the road to good financial health so you too can Buy a Chicagoland Home or Refinance the Chicagoland home you're in? 
      Contact me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.  I can be easily found at:
Direct:  815.524.2280
Cell:  708.921.6331
gmundt@goapmc.com
www.genemundt.com
eFax:  815.524.2281   
 

Ready to Apply for your Mortgage?



 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   Digg Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 
Gene Mundt, Mortgage Lender, a Lender with 36 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
  

       

Comments

Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…

Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?


These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:


Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…