2013 Halloween Trick-or-Treat Hours in Will County, IL Communities

2013 Halloween Trick-or-Treat Hours

in Will County, IL Communities   

 

 

     Halloween is almost here!

 

     Little ghosts and goblins ... little witches, pirates, and scarey creatures of all shapes and sizes will soon be ringing doorbells all across Will County.

 

     Most towns and unincorporated Will County, will be celebrating on Thursday, October 31st ... but not all.

 

     Below is a list of the communities in Will County ... and the dates and hours for celebrating and Trick-or-Treating within them:



 

 

 

        

      Hope you have a Spooky, but safe Halloween!

       *  Looking for a new home in Will County (or elsewhere in Chicagoland) to call your own for future Halloween and holiday celebrations?  Contact me!  I'll put my 36 years of mortgage experience and expertise to work on your behalf.

     I can be easily found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

eFax:  815.524.2281

www.genemundt.com

Click HERE for a FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

 

 

When Should a Will County - Chicagoland Home Buyer First Seek Financing Guidance?

When Should a Will County - Chicagoland 

Home Buyer First Seek Financing Guidance?  

     As a Mortgage Originator, I recommend that potential Home Buyers contact me up to one year in advance of their purchase.  

     That's especially true when that Home Buyer is a First-Time Home Buyer.  And here's why ...

     I recently had a young newly-engaged couple contact me for Mortgage financing.  They were hopeful First-Time Home Buyers wanting to learn how well-positioned they were to buy a home.  They also wanted to know more about their Mortgage options and what lay ahead during the Mortgage Process itself.

     This young couple was well-organized.  I'd recommended that they visit my website prior to our meeting and they'd done so.  They had a good portion of their needed financial documentation in-hand and were prepared and ready to talk.

     But when this young couple sat down, I just knew they were scared.  It isn't unusual to see this reaction.  Most First-time Home Buyers have little idea of what they'll face, so it's only natural that they're a bit apprehensive.

     Many have probably heard that there'll be an onslaught of questions to answer.  But they rarely know what those questions will be ... or how answering those questions will end up fulfilling a need within a transaction.

     After working with this young couple, I thought seeing some of the questions they were asked during their first Mortgage Consultation might prove helpful to others in their preparation to buy/finance a home.  Keep in mind, every Buyer's needs and financing scenarios are different and can vary greatly.  But many of the questions you'll hear may be similar or close to those found below.

     You'll most likely be asked:

•  How soon are you hoping to buy?
•  Do you know your Credit Scores?
•  Have YOU pulled your Credit Report from www.freeannualcreditreport.com?  (Depending on your personal situation, I may/may not request to run your Credit Report at this time).
•  Have you saved any monies for a Down Payment?
•  If so, how much have you saved for your Down Payment?
•  Do you want to "keep back" or retain any of your savings after Closing?

     Other questions will include:

•  Have you started an actual home search?
•  Do you know the location and price range of home you wish to buy?
•  Do you know what price a home with those features ... and in that location ... will demand?
•  What debt do you currently have?  
•  Do you have installment Loans, such as Auto Loans, Student Loans, Credit Cards?
•  How many accounts (called trade lines) have you established?
•  What about your Employment(s)?
•  How are you paid?
•  What are you paid?
•  How long have you been on the job?
•  Does that include overtime?  Will that overtime continue?
•  Does your pay include bonuses? Will those bonuses continue to come ... or are they unscheduled?
•  Are their children involved?  Child Support? Alimony?

     
     Knowing this couple was an engaged couple, with a wedding day set, I also asked the following questions:

•  Will your wedding and wedding expenses impact your credit/debt?
•  If so, how much?
•  Upon marrying, will monetary wedding gifts impact your Down Payment?
•  How do you intend to use the gift monies?
•  Have you set-up a separate banking/checking account for wedding/reception funds?  One that separates those monies from the Down Payment funds/account?     

     As you can see, there's a lot to consider as you enter into Home Buying.  Especially true when you're a First-Time Home Buyer or someone getting married during the Process.

     The questions above also prove just how personalized today's Mortgage Process has become ... and just why I recommend starting the Mortgage Process so far in advance.  

     In my next post, I will address:

• HOW and WHY having an early Mortgage Consultation can benefit you
• WHY providing required documentation in a timely manner is important
•  WHAT guidance and assistance you can expect as we move forward in the Mortgage Process together

     You're invited to contact me with any questions or needs at your convenience.  Find me 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/Text:  708.921.6331

gmundt@goapmc.com

eFax:  815.524.2281

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

Your Referrals are Greatly Appreciated & Welcomed!

             

New Home Construction Financing in the Chicagoland Area

    

New Home Construction Financing

in the Chicagoland Area

     My wife and I were out running errands over the last weekend.  We weren't alone.  The roads were filled with cars. 
       
     As we drove along, we both noted the healthy spattering of new construction popping up all over.  Once a very familiar sight in our area, new home construction came to a screeching halt during the housing crisis.

     The area in which we live, Will County, IL ... as well as the entire Chicagoland area ... exploded with new construction during the housing boom.  According to the 2010 Census, Will County, IL saw a growth in population of almost 35% over that reported in the 2000 Census.  (That 2000 Census had reported an increase of almost 41% over the previous census.)  It's no wonder Will County was named the 2nd fastest growing county in the State of Illinois during that time.

    Seeing newly-framed homes, new developments, and a number of contractor's trucks on the highways once again was very welcomed, as it's a sign of an improving economic and housing market.  This new construction activity has delivered bonuses with it.  It's brought a flurry of calls and questions regarding new construction financing.  

     As with many things in the current real estate industry, the new form of construction financing doesn't completely resemble the old.  Here's some of the changes to be found ...

     Years ago, vacant lots were often times owned or purchased by the homeowner.  In this scenario, when the Individual (not a Builder or Contractor) owned a lot and chose to build a new home on it, the typical financing route was a "6-month construction loan", secured by the Individual Lot Owner (Borrower) at a Bank or Mortgage Company. 

     During the construction process, the Individual/Lot Owner requested that 4 or 5 "payouts" be made.  These "payouts"  were funds from the loan that paid the Sub-Contractors for their completed work (supported by signed and notarized Contractor's Waivers).   

     Payouts were usually preceded by inspections (performed by the Bank or Mortgage Company's Appraiser) that verified the payout of funds requested appropriately reflected the actual work completed.

     The stages at which these "payouts" were considered, usually include completion of:

• Excavating and Foundation
• Rough Framing/Construction of the Residence/Garage 
• Rough Mechanicals - Plumbing, Electrical, Heating and Air Conditioning are "Stubbed" in
• Insulating, Drywall, Millwork (Trim, Doors, Windows)
• Final Inspection - (100% Complete - Final Occupancy Permit)

     After completion of construction, the Homeowner sought a permanent, or "end loan" to pay off the Construction Loan.  (Construction Loans are typically a short term, interest only type of loan ... not intended to be for a Fixed Term, such as 15, 20, or 30 years.)  The Individual/Borrower's permanent Mortgage was then based upon a "completed" value, as determined by the Mortgage Lender's Appraisal. 

     This value estimate was typically in line with the Cost or Value of the lot, PLUS the Construction Costs (Labor and Materials).  The new loan was then considered a Refinance. Loan-To-Value considerations were based upon the new Appraised Value.


     In today's environment, MOST of the building sites in Will County, and elsewhere in the Chicagoland area, are created and owned by Developers/Builders, who market/sell their products from Model Homes.  

     Prospective Home Buyers contract for varying features and amenities offered in addition to the basic model chosen and semi-customize their new home according to their tastes and preferences.

     In this scenario, the Builder funds his own construction process (usually with their own banking relationships, or cash), and when the home is completed ... sells the home outright to the new Homeowner.  The Homeowner/Buyer secures traditional Mortgage financing, according to the agreed-upon Sales Price, and closes after the Final Occupancy Permit is issued and the home is complete.

     So what are your current financing options if you own your own lot in Will County or Chicagoland and wish to hire your own Contractor to construct a new home on that lot? 

     I have good news!  

     Another loan option exists and is  available to you in this building/financing scenario.  This loan option performs as a combination of the two forms of financing related above.  It's known as a  "Construction to Perm"  loan.  

     A "Construction to Perm" loan provides the money needed during the construction period and then converts to a permanent (End Loan) after construction is completed.  

     I'll be offering more information regarding this loan option ("Construction to Perm") in greater detail in an upcoming blog.  Should you have questions or have a more immediate need for information or assistance, contact me at your convenience at any of the options found below ...

    
  
     *  Hoping to Buy or Build a Home in Will County or elsewhere in the Chicagoland region?  Contact Me!  I'll put my 37 years of mortgage experience, knowledge, and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

  

             

        

Gene Mundt, Mortgage Lender, a Lender with 37 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. 

Your Referrals are Greatly Appreciated!

       


    

How Are Your Clients Feeling Today?

How Are Your Clients Feeling Today?

     Last week, I stumbled upon an article in the New York Times entitled, "In a Mood?  Call Center Agents Can Tell".  It was quite an interesting article and I hope you have time to "click" on the link to the article above and read it.

     But what I took away from this article was that software, in

its' infancy, is presently being developed that evaluates and reveals the true emotion of customers or callers during their conversations.  The software performs what is called "emotional analytics".  

     The analysis offered by the software detects if the words being used by a caller/customer match-up with their real feelings and emotions ... or if they are contrary to them. In other words, if the words they are speaking are portraying their true intent and desires.  And in what capacity or levels they might react to your responses to them at that time.

     My reaction when reading this article?  Simply ... wow!

     While I have some reservations surrounding the privacy issues raised through the implementation of this sort of software (also talked about within the article) ... and how that might be resolved, my imagination was "off to the races" when considering how this might be put to use.  Imagine how it could prove beneficial to Agents and Mortgage Lenders when working with clients, potential clients, and even Referral Partners.  
    

     Imagine if we as professionals could detect and analyze the actual true emotions of those we were speaking to.  Imagine if we could detect and analyze their true intent and desires.  

     Imagine if we could reliably detect and analyze basic personality types.  How that insight could prove beneficial in providing service and advice ... or even showing properties clients would be predisposed to.
 
     But even more mind-blowing could be the usefulness of this software tool within our own businesses and how we present ourselves in public, to clients, or those we work with.  Think how we could make improvements in our public speaking, our client presentations, responses, and voice communications ... all based on fact and data. 

     Now I'm thinking if emotions and personality can be analyzed accurately and convincingly, that the analytics will lead to changes being made within those very elements of our businesses.  That analytics will show us how to tweak our style of speaking.  Moderate our voice.  Change our choice of adjectives and buzzwords within our speech.  And more ...

     I can see both pro and con to this new software.  It could be used to good advantage or bad.  The negative aspects makes me wonder if this software becomes fairly widespread in its application and use, will we ever be able to judge the true level of sincerity or capabilities of any person we are dealing with?  Will we then have to further analyze whether we are hearing or seeing what is their basic behavior and who they truly are?  Or if it is a learned and controlled behavior?

    What do you think?  

     *  Looking for an experienced, knowledgeable Mortgage Lender to provide service for your Chicagoland Mortgage clients?  Contact Me!  I'll put my 36 years of mortgage experience and expertise hard to work on their (and your) behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

Click HERE for a FREE Mortgage Consultation!

Ready to Apply for Mortgage Financing?

      

     
     

Why are Federal Tax Returns Important to the Mortgage Process?

Why are Federal Tax Returns

Important to the Mortgage Process?

     A recently submitted file reminded me yet again, of the pressing need within Mortgage Processing for Income Verification to the "n'th degree" ...  
    
     The topic of Income Verification is sometimes a topic that mystifies my Mortgage applicants.  They question why they must produce so much paperwork and so many documents.  The requests seem "over the top". 
 
     A mortgage lender requires that Borrowers provide a Federal Tax Return, including all Schedules, W-2's, 1099's, and also that the IRS confirms those figures via tax transcripts.  

     Current lending requirements demand that most, if not all, loan files include a signed 4506-T (IRS Form #).  This form allows and authorizes the Internal Revenue Service (IRS) to confirm the filings of a Borrower (and Spouse/Co-Applicant, if applicable).  

     These transcripts validate the copies given to the Mortgage Lender by the Borrower(s).  Given the Mortgage Industry's recent issues, it's now mandatory and logical that Lenders request this information verifying Income.  

     When a Mortgage Lender obtains: 

• Copies of paystubs  
• Sends a VOE (Verification of Employment) to an Employer that also shows a client's earned income for the current year and two prior years ...

    
     Why are Federal Tax Returns also needed?  And what is an Underwriter looking for on the client's Tax Returns and Schedules?


     A Federal Tax Return (Form 1040, 1040A) speaks to the total income earned and filed with the IRS.  

     Because income can be generated in several ways and is supported by various documents, even an hourly-paid, W-2 employee can have a uniquely completed return, should they have any of the following:

• Side business
• Investment income (dividends and interest)
• An additional pension from a prior occupation
• Unemployment income
• Social security benefits
• Real Estate Holdings 
• More ...

     But what if the "side business" is struggling and showing a loss ... and is running at a deficit?  And what if the employee showed "Unreimbursed Business Expenses" (Form 2106) that literally are deducted from the gross, reported, W-2 income? 

     These two scenarios are fairly common.  And if not addressed and accounted for, can take a loan file from Approval at 49% DTI (Debt-to-Income), to a Denial at 51% DTI after the negative adjustments to Income are made.

     Without a thorough and careful review of a Tax Return, and its supporting Schedules, a Loan Officer and their transaction are open to an Underwriter's Review.  That can absolutely change what appears to be an approved loan, into a denied loan if the Income Calculation is reduced.

     Other common errors made surround those of:

• Self-Employed Borrowers
• Borrowers that have Multiple Income Properties
• Borrowers with a Commercial Property that have filed Tax Returns and Schedules that show the property is owned personally and has a "negative" cash flow.  

    
     The bottom line is that the act of providing Tax Returns is important to the Mortgage Process and Approval of a Mortgage.  Tax Returns do matter, as do all the factors that impact Income ... 


    

*  Hoping to Buy or Refinance a Home or Investment Property in a Lincoln-Way Community, Will County, or elsewhere in Chicagoland - 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 Lic. #216987

American Portfolio Mortgage Corp

NMLS #175656

Direct:  815.524.2280

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, & 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, Lockport, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, 
and elsewhere within IL & WI. 

Your Referrals are Greatly Appreciated!

Is Everyone Right? Is NOW the Right Time for YOU to Buy a Will County or Chicagoland Home?

Is Everyone Right?  

Is NOW the Right Time for YOU To Buy 

a Will County or Chicagoland Home?

If you're a potential Will County or Chicagoland home buyer, it's easy to find a boatload of articles and informational videos heralding just why ...

"NOW is the time to buy".        

But if you're a first-time buyer or someone returning to the housing market after a few years of renting ... how do you know if that is really true?  

Is NOW truly the right time for you?  

Are you wondering if definitive clues and signs exist?  And if they do, just what are they?  Will you need a set amount of dollars saved?  What about credit and credit scores?  And ... is there some easy test to take to discover all this? 

I wish I could say a full-proof test exists.  To be fair, some "tests" do exist that help measures your readiness and capabilities as a potential home buyer.  They're fun and beneficial to some degree.  But you probably won't arrive at any clear or reliable conclusion ... or base your decision to buy or not buy upon them. 

No, you'll most likely begin to consider home ownership or a decision to "buy or not buy a home" based upon a unique blend of two things.  Your emotions and your finances.  

Asking yourself these fundamental and important questions will help you arrive at a decision:

•  Is homeownership the lifestyle I crave?  
•  Do I want the responsibilities that come with becoming a homeowner?  Or do I like being able to call a Landlord to "fix" property issues? 
•  Do I look forward to the longer-term commitments I will be called upon to make when a homeowner?
•  Can I form a budget that would sustain my home purchase?
•  Am I ready to be a member of a specific community?

Consider these questions as well:

•  Am I going to "stay put" for a reasonable amount of time?
•  What are the tax implementations for me as a homeowner VS a renter?
•  Will I have a reliable and resilient source of income that will cover not only monthly mortgage payments but home upkeep as well?
•  What other short or long-term monetary demands do I have that might speed, delay, or conflict with my decision?

If you've considered and answered the questions above and you've decided that home ownership is not for you ... (or at least at this time), there's nothing wrong with that.  The exercise of self-examination proved beneficial in discovering that.  Use what you discovered to your best advantage moving forward.

But if after quizzing yourself, you discovered that home

ownership is right for you ... then what?  What comes next?  

Start with finding your Mortgage Originator.  An experienced Mortgage Originator will help you successfully and fully-prepare for buying and financing a home.  (To help you in your search for a Mortgage Originator, read, "How to Choose Your Will County and Chicagoland "Super" Mortgage Lender".) 

Additionally, you'll find reference tools below that I provide all hoping to buy and finance a home.  I think you'll find them beneficial too:

• Documentation Typically Needed for Mortgage Pre-Approval - Mortgage Application
• How to Request a FREE Credit Report
• What Funds are Needed at the Time of Closing?

Each provides a compass for you to follow through mortgage pre-planning, home buying, and mortgage financing process.  From your exciting and important initial decision to buy to successful Mortgage Closing. 
     
Is Everyone Right? Is NOW the Right Time for YOU To Buy a Will County or Chicagoland Home?  

If you've made the decision ... if you've made the mental commitment to becoming a home owner ... NOW is the time for action.  NOW is the time to start.  Take the first step by contacting me.

*  Thinking of becoming a Will County or Chicagoland Home Buyer?  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 Lic. #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.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, Plainfield, Bolingbrook, 

Romeoville, Naperville, etc.), DuPage County, the City of Chicago, 

Cook County, and elsewhere within IL & WI.

Referrals are Appreciated and Welcomed!