Is it the Right Time for You to Sell Your Present Home and Buy the Next?


Is it the Right Time for You to Sell Your 
Present Home and Buy the Next?



     The final decision to Refinance your existing Mortgage (or not), should be based on one simple thing ...  

 Get the Answers You Need. Contact Me!     It must make good smart financial sense ...  

     That decision is often times determined by the length of time you, as a Homeowner, "guesstimates" you'll own your loan (i.e., stay in your present home).  

     A good rule-of-thumb is:  The monthly payment savings received through the Refinancing (at minimum), should "pay back" your Closing Costs for your Refinance.  

     Similar (and additional) considerations need to be made by those Homeowners hoping to upgrade or "step-up" to a bigger and better home and becoming Home BUYERS again.  

     For those in this situation, it's important to remember:  ALL transactions are not created equal.  

     In most transactions, Home Buyers pay a "fixed" amount of Closing Costs.  "Variables" that affect that amount could be (but not limited to):

     Sometimes, these costs can be paid for by the Sellers, if negotiated into the Sales Contract.  Otherwise, Home Buyers can easily pay up to $5,000 for costs associated with buying.  
https://1609956119.secure-loancenter.com/FreeConsult.aspx
     In simple math this equates to:  A Homeowner's 5-year stay in their purchased home costs $1,000 a year.  ($5,000 of totals costs, divided by the number of years in the home (5), equals $1,000 of costs per year.)

     This fact also needs to be considered: During the time you've lived in your home you've paid down your Mortgage balance ... year by year, payment by payment.  Maybe you've even paid some extra to the Principal too.  

     On the Sales side of their transaction, Sellers must remember:  Their home's Appreciation or Depreciation in value must also be considered.  In a good housing market, the home will have appreciated in value during that duration of time.  That Appreciation helps to cover the costs they as Sellers face when they move on.

     As a Seller:  It's a good rule-of-thumb to assume that costs will equal 8% to 10% of the Sales Price of your home.  That varies of course, depending on the state, city, county, and the percentage of Real Estate Commission being paid.

     While your decision to move can be ruled by emotional reasons or the need for a lifestyle change ... the decision should definitely include financial considerations, as well.  No matter your reasons, if you're ready to move, it's important to "do the math" regarding a move and sale.  Obtaining a Realtor's opinion of what it will take to sell your home is wise.  

     Down Payment funds are critical to any purchase, but especially for those Selling one home and buying another.  BEFORE you agree to list your home and sell it, contact me to get Pre-Approved to discover your options or limitations for purchasing your next home. 

     Many U.S. Homeowners consider a move within the third and fifth year after their first purchase.  National averages have shown that most 30-year Fixed Rate Mortgages last an average of  7 years (approximately).  When Sellers retain control of the timing of their moves from one home to another, they are more likely to come out ahead.  

     Is it the Right Time for You to Sell Your Present Home and Buy the Next?  Possessing the facts and info needed to make sound financial decisions greatly reduces the stress that accompanies the Buying and Selling of a home.  

     In Chicagoland, contact me so we can discuss your plans and do the math for your personal scenario.  We'll discover what options exist for you.  That way you'll be better prepared to make sound Selling or Buying decisions ...        


 Get the Answers You Need .. Contact Me!
*   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
eFax:  815.524.2281
Cell/Text:  708.921.6331



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 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

Your Referrals are Always Greatly Appreciated!





In Today's Real Estate Appraisals: Information is King, Data is Available


In Today's Real Estate Appraisals:
Information is King, Data is Available


     In this automated day and age, a huge amount of real estate sales data is readily available to professionals ...  

     With a few clicks and the entry of a few parameters, a
https://1609956119.secure-loancenter.com/FreeConsult.aspx
Real Estate Appraiser can create an instantaneous list of data for their viewing and use.  Appraisers can realistically and confidently expect that they have a reliable process of finding the most recent, most proximate, most similar property types, featuring the most similar functionality and amenities for their Appraisal Reports at their disposal.  

     In addition, most Assessors post property records online to capture more reliable data on square footage of living area.  Not that pictures tell every story perfectly, but many times the Appraiser has access to interior photos of sales and listings, to get a better "feel" for a property's condition.  

    Add to that, Fannie Mae and Freddie Mac have come up with specific property condition ratings for Appraisers to "qualify" the condition of the Appraised Property.  

     If you've not seen a copy of a Mortgage Lender's Appraisal Report recently, you'll find those ratings below, their corresponding "conditions", or amounts of updating/remodeling/maintenance, that define each rating:

  • C1:  The improvements have been very recently constructed and have not previously been occupied.  The entire structure and all components are new and the dwelling features no physical depreciation.
  • C2:  The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs.  Virtually all building components are new or have been recently repaired, refinished, or rehabilitated.  All outdated components and finishes have been updated and/or replaced with components that meet current standards.  Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. 
  • C3:  The improvements are well maintained and feature limited physical depreciation due to normal wear and tear.  Some components, but not every major building component, may be updated or recently rehabilitated.  The structure has been well maintained.
  • C4:  The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear.  The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs.  All major building components have been adequately maintained and are functionally adequate. 
  • C5:  The improvements feature obvious deferred maintenance and are in need of some significant repairs, rehabilitation, or updating.  The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
  • C6:  The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements.  The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
 
       At the end of 2013, in an attempt to further eliminate mistakes and/or fraud ... and to also improve the quality of Appraisals (and therefore the reliability that Lenders and Servicers of Loans can place on them) ... Fannie Mae developed the "Appraiser Quality Monitoring system" (AQM).  
   
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     Bottom line is, automation and the already in place "Uniform Collateral Data Portal" (UCDP), has built a "track record" and "library" for not only individual Appraisers, but also individual properties.  There is less and less room for mistakes by Appraisers, or reporting a property selected as a Comparable in a favorable or unfavorable status in order to "manipulate" adjustments during the course of an Appraisal.  

     A couple of examples of this system have already come to lite, according to Fannie Mae.  Examples of an Appraiser's inconsistencies:
  • In one Appraisal:  Reported a Comparable to have Sold for $200,000 in one report, but in another report, cited the Sales Price as $175,000
  • In another case:  Classified the Same Comparable to be in C4 Condition, but on another assignment used the same Comparable, but rated it C3 for its condition.

     In other words, Appraisers will be held accountable for their work, not only to their own standards, but by Appraisal Organizations, Underwriters, and "big sister", Fannie Mae, as well.

     So the next time you think an Appraiser on a listing is being less flexible, there could be a valid reason for their stance.  We can all hope that Reports are a fair and honest effort by the Appraiser and they are letting the Data "speak for itself".  Objectivity is slowly being ruled out.



   

http://www.genemundt.com/ContactUs.aspx
  
     Hoping to Buy, Refinance, or Construct a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me Today!  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.  
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281

Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx

 
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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






   

Calls from Unknown Cell Phone Numbers: Proceed with Caution!

     
 Calls from Unknown Cell Phone Numbers:
Proceed with Caution!

https://1609956119.secure-loancenter.com/FreeConsult.aspx     Being in the real estate or mortgage business, it's not unusual to receive a phone call from unknown numbers.  Even numbers from other area codes, states, or countries.  

     This is especially true should you advertise or market yourself online.  It increases the likelihood of new clients coming from other locales.  Exactly what we're hoping for, right??

     But as businesspersons, we must be careful.  Phone scams are perpetrated via unknown numbers ... and those scams are reported to be on the rise again.  I read an article just this last week regarding the "one ring" cell phone scam, but many other cell/SmartPhone scams exist too. 

     My wife has received 2 cell phone calls from unknown numbers in just the last few days.  The calls were from differing numbers and area codes, but both had the exact same recorded message.  

     The recording was supposedly from "Account Services" and she was to call back for further info, etc.  Luckily, Marilyn knew these calls to be a scam.  Someone was  "phishing" and trying to gain info and access to our accounts via her cell phone. 

http://www.nbcnews.com/technology/missed-call-one-ring-cell-phone-scam-could-cost-you-2D12044967
     With such a huge number of Americans now owning SmartPhones, it's easy to understand why these cell phone scams exist and are on the rise.  The opportunity for scamming and money to be made using these scams via SmartPhones is growing.  More and more of us now use our phones as our main access to websites, all sorts of accounts, placing orders and buying, doing research, communications, conducting business, and more.

     From my wife's experiences, I know personally that these scams are on the rise.  The article I referred to (and others) confirm that.  So please ... be aware.  Be suspicious of unknown numbers calling you.  

     Also, (no matter your job or situation) take precautions to protect your SmartPhone.  Just as you do with your computer, place protective software on your cell.  Keep it activated and updated. Be careful with the personal information you keep stored on your cell devices.

     And spread the word ...  

     Calls from Unknown Cell Phone Numbers: Proceed with Caution!  Tell others so they too are aware of these scams and take precautions to protect themselves.  The more educated we all are to the dangers and scams that exist, the more likely we are to stop these scammers from becoming successful. 

   
http://www.genemundt.com/ContactUs.aspx
  
     Hoping to Buy, Refinance, or Construct a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me Today!  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.  
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281

Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx

 
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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


    

      

St. Jude Catholic Church, New Lenox, IL - Parish Mission Team Recycling Fundraiser


St. Jude Catholic Church, New Lenox, IL 
 Parish Mission Team Recycling Fundraiser 


     St. Jude Catholic Church in New Lenox, IL  is presently taking part in a recycling fundraiser that will help members raise money for mission trip expenses planned during the Spring and Summer of 2014.  Mission Members will be serving to help in a variety of locations, including Kentucky, southern Illinois, and Minnesota.  

     St. Jude's Parish Mission Team members are asking for New Lenox area residents and businesses to help them in their effort and to assist them in their goals.
http://www.st.judes.org 
    
     The Mission Team is asking that the following items be donated:


  • Empty Inkjet Cartridges
  • Cell Phones
  • Laptops
  • MP3 Players
  • GPS Units
  • Toner Cartridges
  • Digital Cameras
  • More  (For a complete list of recyclable items, click HERE)

     Donations can be dropped-off at the following location:

(815.524.2280)

     You can also Register as a St. Jude Church "Group Supporter" on the website, Recycle Rewards at: www.rrewards.com.  St. Jude Church's Beneficiary ID# is:  333180.  

     Recycle Rewards will then send you FREE shipping boxes affixed with prepaid UPS labels.  There will be no cost to you to take part in this program, but you will need to leave the donation-packed UPS box(es) at a UPS drop-off location for pick-up.

     Donations will be accepted locally at  American Portfolio Mortgage  and through Recycle Rewards until May 5th, 2014. 

     Should you have any questions regarding this donation effort or St. Jude's Catholic Church Parish Mission, please contact Terry Grossmayer at:  815.953.9693.

     Thank you in advance for your help and support!


http://www.genemundt.com/ContactUs.aspx

      

    *  Hoping to Buy, Refinance, or Construct a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact me today!  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281

Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage? 
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx

  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
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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
       

Considering Buying a Home? You Need to Check-Out my Mortgage Wish List First

Considering Buying a Home? You Need to Check-Out my Mortgage Wish List First As a Grampa, I'm very aware of "Wish Lists&qu...