Gene Mundt, Mortgage Lender - "Mortgage, Real Estate, & Credit News", September 26, 2014

 

The feedback and conversations I've been having as a result of my weekly emails have been great.  It's been rewarding to hear that so many find the information provided interesting and beneficial.

Below you'll find this week's news and info.  Keep your questions and suggestions for future email blasts coming!  I love hearing from you and your input is greatly appreciated!

Enjoy!

 

How to Prep Your Lawn for Winter  ... 

The end of summer signals the best time to lay the groundwork for a lush field of grass come spring.  (MORE ...)

 

I Received a New Property Assessment.What Do I Do?

As a Chicago-area Mortgage Lender, I've always been asked a lot of questions regarding Taxes and Property Assessments.  Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. 

But throughout the recent housing downturn, the topic of property taxes and assessments has cropped-up more often and has become far more important to homeowners. 

As of this writing  (Sept. 2014), property Assessments have been completed in much of the Chicagoland area and triggered many Assessment Notices ...  (MORE ...)   

 

 

What Kind of Home are You?  Home Personality Quiz.   Take it to discover your personality now! 

(MORE ...)

Selling a Condo or Home Within a HOA?  Make This Info and Documentation Available Now!

If you're a prospective Home Buyer and considering the purchase of a Condominium ... or a home located in and governed by a Homeowner's Association (HOA), there's important info you need to know regarding prior to signing a contract.

If you're on the flip side of the transaction and the SELLER of a property impacted by a HOA, what info and documentation should you disclose and make available to prospective Buyers? (MORE ...)

First Aid Kits for Dogs: Supplies You Should Pack ...

You know you need a dog first aid kit for hikes or camping trips you take with your canine, but do you know what should be in it?

In the short video provided here, Dr. Sarah Wooten covers basic first aid supplies — and how best to store them.  Before you go out with your pet on such an adventure, read up on basic first aid procedures.

(MORE ...)

Thanks for taking the time to read my email ...

As always, should you have questions or be in need of mortgage info or assistance, please contact me.  I'll be glad to hear from you.

Feel free to pass this email on to those you think would benefit and gain from it. 

Thank you!

Gene    

 

Gene Mundt

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220

American Portfolio Mortgage Corp.

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

Quote or Consultation!

Your Referrals Are Greatly Appreciated! 

             

            

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. 

      

 

 

Once Again ... I'm Looking for a Few Good Questions

Once Again ...

 I'm Looking for a Few Good Questions

     A little over a year ago, I posted an article on my Mortgage Blog entitled, "I'm Looking for a Few Good ... Questions"?  In a nutshell, this post asked readers to submit questions and introduce topics of interest they'd like to see covered in my future Mortgage posts.

     Since its writing, analytics have shown me that this post has become my most read, most commented on, and most responded to post.  Many saw my post and the offer it contained, as a golden opportunity ... and they ran with it!  Well over a year later, I'm still getting questions resulting from this post.

     I'm thinking it's time to re-introduce this idea and ask for the public's (and my Referral Partner's) input once again.  Changes that have taken place within real estate and the Mortgage Industry certainly demand it.

     Mortgage rules, regulations, programs, and the housing market itself are constantly evolving.  All the changes can be a bit overwhelming. Certainly to those hoping to enter the housing market as first time home buyers, but definitely for those re-entering the market or process once again too.
    

     As in my previous post, the questions, topics submitted, (and discussions) are up to YOU. 

     The questions can be regarding:

• How and When to Seek a Mortgage Lender
• Credit, Credit Reports, Credit Scores
• Pre-Qualification and/or Mortgage Application
• Mortgage Process
• Condos or Townhomes
• Downpayments
• New Construction Lending
• Jumbo, Apartment, or Portfolio Loans
• More ...

     Ask the questions most important to you.  Here's your opportunity!  

     I'll answer submitted questions publicly for the benefit of all ... unless the question is regarding your personal finances and demands privacy and security.  If in the Chicago-area and in need of answers, guidance, or assistance, please contact me directly for the information or answers you seek.

     I look forward to receiving each of your questions!  Thank you in advance for submitting them ...

     
 *  Hoping to Buy, Build, or Refinance a home in a Lincoln-Way Area community, Will County, or elsewhere in the Chicago area?  Contact Me today!  I'll put my 37 years of Mortgage experience hard to work on your behalf.
     I can be easily found at the following:

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 Quote and Consultation!

You're invited to Follow me on the 

major Social Media found below

and my Mortgage Blog!

             

            

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. 

     

 

      
    

Selling a Condo or Home Within a HOA? Make This Info and Documentation Available Now

Selling a Condo or Home Within a HOA?  

Make This Info and Documentation Available Now

     If you're a prospective Home Buyer and considering the purchase of a Condominium ... or a home located in and governed by a Homeowner's Association (HOA), there is important information you need to know regarding prior to signing a contract.  

     *  (For further info, read 2 of my previous posts on Condo/HOA buying: "To Condo or Not to Condo". That Should Be the Question ..."  and ... "How to Determine if You're Viewing a Condominium or Townhome".) 


     Some of the details a new Home Buyer should know regarding Homeowner's Associations are:

• Rules governing the Homeowner's Association (HOA)
• Restrictions attached to the ownership and use of the property 
• Assessments, Fees, Dues *

       * Are any of these Assessments past due?  And if so, what percentage?

• The Budget of the HOA
• "Health" of the HOA
• Status of Reserve Funds
• Percentage of Owners versus Renters

     If you're on the flip side of the transaction and the SELLER of a property impacted by a Homeowner's Association, what information and documentation should you disclose and make available to prospective Buyers?
    

      As most Buyers will also be utilizing a Mortgage to purchase the property, the following info and documentation will most likely be required from a Seller, the HOA, or the Signee (property holder) involved in the transaction.  

     Note:  Be aware that the Mortgage Originator representing the Home Buyer will need or request some of the following info/documentation also.

• A copy of the Covenants, Conditions, and Restrictions (CC&Rs) 
• A copy of the HOA Budget/Accounting
• Declaration and By-Laws
• HOA Questionnaire and/or Survey  

     In Illinois and the Chicagoland area, an HOA Questionnaire/Survey will be requested by the Mortgage Lender or Buyer's Attorney.  There is typically a charge for the Homeowner's Association to fill-out and prepare this document.  The person responsible for this payment is often designated as part of the Real Estate Contract.

     Sellers that make these documents and information available to potential Home Buyers (and their representatives) and take measures to act proactively provide a great service.  They help facilitate their sale, the transaction, and the Buyer's mortgage application more quickly and smoothly.

     Should you be thinking of selling a home or condominium located within a Homeowner's Association, start gathering this information and documentation sooner than later in the sale process.  That way there will be opportunity for fewer delays caused by a Buyer's questions or requests.

     As an added piece of information:  

     Please be aware that in the cases where the Seller is a Bank, or an Entity such as Fannie Mae, Freddie Mac, FHA, or VA, often times there will be little or NO information made available to the Buyers from the Sellers.  In other words, the Buyer MUST track these down themselves through whatever means.

     Bottom line, there may be some "inherent" risks and extra "work" involved when buying a property that has been Foreclosed upon.  The "price" may be discounted, but so may the "offerings from the Seller".  This can be especially true when the property is a condominium.  That's why working with a Mortgage Originator Realtor, and Attorney experienced in these types of transactions is so very important.

     If hoping to buy a Chicagoland Condo, or home located within a Homeowner's Association ... contact me today.  I'll put my 40 years of Mortgage experience and knowledge hard to work on your behalf.

     I can be easily found at any of the following:

Gene Mundt

Mortgage Originator

NMLS #216987  -  IL Lic. #031.0006220

WI Lic. #216987

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, 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 Welcomed & Appreciated!

     

     

     

     

     

Getting Married and Buying a Home: Building The Perfect Union

Getting Married and Buying a Home:  

The Perfect "Union"

     I've always enjoyed working with my First-Time Home Buyers.  Their enthusiasm is infectious ... 

     I suppose I see a bit of myself going through the same excitement and challenges at the time of my first home purchase. Remembering that I probably felt much the same as they do now.  

     What comes as second nature to me as a Mortgage Originator now, sure didn't seem to at that point in my life. I was very excited .. and terribly nervous too.  I saw that in my own sons too when they bought.  There was a whole range of emotions showing. 

    

     Recently, I've talked to several couples that are pairing the experience and excitement of becoming First-Time Home Buyers with the demands of planning a Wedding.  (For additional info, view my post, "Are you a Recent Will County - Chicagoland Bride?  How to Change your Last Name Once the Wedding is Over".)   

     The newly-engaged couples have been at different stages of this momentous step though.  Some were buying prior to their wedding.  Some were going to be closing on their new home simultaneously with their wedding.  Still others were marrying first and buying soon afterwards. 

     For many of those in the two latter categories, their "Wedding Gift Monies" were being counted on as a source of Down Payment Funds (or for Closing Costs).  If these gift monies are not handled properly, it can cause issues later, during the Underwriting portion of their Approval Process.

     Fortunately, the majority of First-Time Home Buyers planning on utilizing Wedding Gift monies for Down Payment or Closing Costs come to see me for a Mortgage Pre-Approval well before they viewed homes and signed a Real Estate Contract.  

     That's great timing, as it enables me the opportunity to counsel and advise them on the correct way to "accept" Wedding Gift Monies (most often checks) before depositing them into their account(s).

     So what is the correct way to accept Wedding Gift Monies?

     The important thing to remember is:    

     Mortgage Underwriters look for "verifiable" funds and a corresponding paper trail for those funds into account(s).  

     That means that EACH and EVERY check received as a Wedding Gift and utilized as Down Payment Funds (or Closing Costs) must be copied and provided to their Lender for Underwriting purposes and viewing. 

     If deposits to accounts are made and they show on bank statements in the 60-day (or so) period Underwriter's request for viewing, and the above procedure was not followed?  A very frustrating and painstaking paper chase ensues.  

     Believe me, it's much easier to make copies of each check when first received, then it is to backtrack and do the required documentation later.

     It's very important to remember:   Where the monies for Down Payment and Closing Costs come from matters greatly! 

     Underwriters will demand that they actually SEE the source of the Gift Monies being deposited.  They'll want to know if the deposits meet these criteria:

• It the deposits/monies "make sense" 
• If they are logical 
• If they fit into the pattern of normal and regular deposits made by the Borrowers  

     Large deposits are a red flag for Underwriters.  It's almost certain that they'll question them.  

     Why?  Large deposits could possibly be borrowed monies that require a repayment.  

     The logical question in an Underwriter's mind then becomes:  If monies do require repayment, will it impact the recipient's Debt-to-Income Ratio?  An answer will surely be sought. 

    

      The good news is:  Wedding Gift Monies are an allowable Down Payment source, when properly documented.   

     But:  Fannie Mae's, Freddie Mac's, FHA, VA, etc. rules must be satisfied by Mortgage Lenders and their Borrowers.

     Should YOU be an engaged couple hoping to buy a home in Chicagoland/IL/WI ... and hoping to utilize Wedding Gift Monies as all or-a-portion-of your Down Payment of Closing Funds for your home purchase, contact me NOW. 

(And please:  Bring/forward a copy of your wedding announcement and/or wedding invitation to me, if actual Application for Mortgage is made.  Yes, it never hurts to include this in your mortgage documentation!)

     We'll discuss all your assets, debts, and credit so you can take advantage of the best Mortgage financing options available to you.  We'll also prepare you, and the receipt of your Wedding Gift Monies, so your Mortgage Process and Approval flow as smoothly and easily as possible.  

      That is definitely something you'll greatly appreciate when your attention should be focused on your Wedding Plans and future happiness ...

*      Hoping to Buy or Refinance a home or Investment Property 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 Licensed #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, and 
Portfolio Loans in Chicago and the greater Chicagoland region, including: 
The Lincoln-Way Area, Will County, (New Lenox, Frankfort,  Lockport, 
Channahon, 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 & Testimonials are Welcomed!