Presently Have a FHA Mortgage? A FHA Streamline Refinance Could Save You Money!

Presently Have a FHA Mortgage?  

A FHA Streamline Refinance Could Save You Money

     Did you finance a property using an FHA-insured mortgage? (Federal Housing Administration).  

     
     It's possible that you can now Refinance and save money on your monthly Mortgage payments through a FHA Streamline Refinance ...

     How do you save?

     Reduced FHA Mortgage Insurance Premiums: FHA recently enacted a 50 Basis Point reduction in Monthly Mortgage Insurance costs to Borrowers, resulting in most cases, a half-percent cut on Mortgage Insurance charges. (For more info regarding these changes, click HERE ).   

     Interest Rates:  FHA interest rates are lower than Conventional Loans, typically a full quarter per cent lower.  A good savings on a monthly Mortgage payment.

     So ... what is an FHA Streamline Refinance?  

     It's a Refinance of your current Mortgage that will reduce your Interest Rate.  Many times during a FHA Streamline Refinance it's possible that an Appraisal may not be required.

     Please note however:  If an Appraisal isn't conducted, Closing Costs can NOT be rolled into the loan.  (Ask me for further details and options regarding Appraisals.)

     A Streamline loan reduces the amount of paperwork and documentation required from loan applicants too.  No Verification of Income or Assets is needed.  Both of these features are definitely a bonus for those refinancing via a Streamline loan.

     Who qualifies for an FHA Streamline Refinance?  

• You must presently hold an existing FHA loan
• You must have been current on your monthly Mortgage payments during the previous 12 months
• You must use a FHA-Approved Lender for your new loan
• You must have owned your property for a minimum of 6 months
• The potential SAVINGS reaped must be at least 5% on your monthly payment attributed to the Principal and Interest and Monthly Mortgage Insurance 

     Another bonus to utilizing an FHA Streamline Refinance loan is found via the Closing Date set for the new loan. 

     Prior to the FHA changes made on January 26, 2015, larger amounts of interest (as much as 31 days) could be collected by Lenders at the time of Closing. That has changed and Borrowers save money because of it.  

     Real money-saving potential exists for many present FHA-insured Borrowers.  Is that you?

      If in Illinois - the Chicagoland area, Contact Me today for more detailed info regarding FHA Streamline Refinancing and to discover what savings might exist for you ...

     *  In need of reliable Mortgage answers and service? Hoping to Buy, Build, or Refinance a home in Illinois - the Chicagoland area?  Contact me at any of the following:

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 Business and Referrals are Appreciated!

     

     

     

     

     

      

     

This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back.

        

     

How Choosing the Right Lender Can Make a Difference

     

How Choosing the Right Lender 

Can Make a Big Difference

     Mindset.  Mood.  Outlook. Funny how the human mind works ...  

     Saturday night we headed into the northern part of the City to visit family.  There was a high number of people walking or riding bikes.  There'd been fewer out over the last few weeks, driven indoors by the sub-zero temps.  

     There was still plenty of snow on the ground. Temps aren't allowing it to melt.  But the air seemed almost warm.  To our minds, it seemed near balmy.  

     Yet just one short month ago, we'd probably thought the very same temperatures brutally cold.  The recent bitter cold has quickly re-set our inner thermometers, as well as our mindsets.  Our perception is totally different.

     So, what does all this have to do with mortgages?

     On Saturday morning, I'd received a call from a new contact.  One hoping to buy a home.  They'd been referred to me by a mutual friend, one that was a mortgage client of mine.  

     My caller had been working with another Lender.  Issue after issue had cropped-up in their mortgage processing and they were totally frustrated.  They had agreed to contact me when their friends recommended doing so ... but somewhat reluctantly.

     Our conversation lasted a little over a half-hour. They'd peppered me with questions.  But by the end of our conversation, the frustration I'd first heard in their voices was gone.  

     
     What changed their mind?  

     The same home was being purchased. The same real estate contract was in play.  Work still needed to be done on their part ... and a lender's.  

     But you could tell.  After our conversation, they had a totally different perception of the outcome.  It felt good to provide that for them.

     Mindset.  Mood.  Outlook.  Funny how the human mind works.  And how choosing the right lender can make a difference ... in many ways ...     

     *  Hoping to Buy, Build, or Refinance a home in New Lenox, Will County, or elsewhere in the Chicagoland area?  Contact me today!  I'll be happy to put my 40 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

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

American Portfolio Mortgage Corp.

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 Business and Referrals are Appreciated!

  

     

      

     

     

     
         

     

     

     

     

      

      

     

     

Are You Looking at a Condo or Townhome? Why it Makes a Difference

Are You Looking at a Condo or Townhome?  

Why it Makes a Difference

     One of the first questions I ask when a new client contacts me about buying a Condominium or a Townhome is:

     "Are you SURE you know what you're really viewing?"

     Admittedly, experience has taught me to double-check the answer provided, no matter how sure they sound. History has proven, often they're wrong.

     Despite appearances, the only true distinction between ownership of a Condo and Townhome is found in the legal ownership rights of the LAND upon which the building sits.  An Individual owns  

NO LAND in their purchase/ownership of a Condominium, only a shared portion of the COMMON LAND.

     Think of it this way:  If you're buying a "Unit" on a 2nd floor (or higher), and your "Building/Unit" has NO Contact with any ground, you're buying a Condominium.  Yes, you do have rights to the common ground that ALL the Units in a multi-unit building share.  Common ground that allows you access to your specific Unit.

     On the other hand, if you're looking to buy/own what is referred to as a "Townhouse/Townhome/Villa", understand that these terms refer to a STYLE of housing.  It doesn't necessarily mean you own the land under the structure.

     Confused?  

     Here's some background info:  Many developments were legally set-up and constructed as "Condominium Projects".  The Builder or Realtor may use the term "Townhouse/Townhome/Villa" when they speak or within their marketing materials.  

     This is true even when the style appears to be a Townhouse, but in actuality is legally a Condominium.  Why?  The Original Subdivision Plat gives no LAND rights to the Buyers of the Units.

     These types of developments are less common, but they do exist often enough to cause real confusion in the Marketplace and a bit of havoc too.  With Buyers certainly.  But with Realtors, Attorneys, Title Companies, and Lenders too.  

     Even some Appraisers struggle with the legal differences between the two types of ownership/properties.  I know that for a fact from the decades I performed property appraisals.

     

   

     This IS a big deal for a Buyer.  

     It's not just semantics.  It's not the Lender giving you a hassle.  You must know this difference as a Buyer seeking a Mortgage (and eventually a Seller, as well): 

     

     Loans on a Townhouse/Townhome/Villa are far easier to obtain and less costly in terms of:

• Interest Rates
• Closing Costs

      ... than the same type of Unit that is LEGALLY defined as a Condominium.

     As a general rule, Condominium ownership involves more rules, restrictions of property use, and potential for budget issues with the property Association that manages the day-to-day operations of the Condominium project.  That's true whether it's just a 2-Unit project or a high-rise with hundreds of Units.  True even with projects that are several buildings with common facilities.

     In simple terms, from a Mortgage Lender's prospective:  More can go wrong with a Condominium property than a Townhome property.  Associations are more complex in Condo projects than in Townhouse developments.

     This is a good example of the "trickle-down theory".  When things go wrong in a Condominium project or Association, the Unit Owner suffers.  If the Owners suffer, Lenders can suffer a loss (Foreclosure, Deed-in-Lieu of, Abandonment).

     This added risk incurred by a Lender on a Condominium, is often times offset in higher interest rates or added Closing Costs in the case of a Condominium's financing (varies with Down Payment percentage, quality of Borrower's Credit, Occupancy of the Unit, etc.).

     The seemingly subtle differences between the types of property ownership can have a huge impact on whether a Buyer is approved for financing or not.  It also can have an impact on the Interest Rates and Closing Costs they face.

     As you can tell, it's important to have expert, educated professionals assisting you when thinking of Buying (and selling) a Condominium or Townhome.  It's no time to work with anything less than an expert in these types of sales or lending.  With current experience.

     There IS a difference between a Condominium and a Townhome.  That difference will make a big difference to you as a Buyer AND an Owner ...   

     *  Hoping to Buy a Condominium or Townhome in Chicago or the greater Chicagoland area?  My 2.5 decades as a real estate appraiser, paired with my 37 years of Mortgage experience, will assist and guide you towards smart decisions and successful financing.

     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 Business and Referrals are Appreciated!

  

             

      

     

     

2015 "Manhattan Irish Fest" March 6th & 7th - Manhattan, IL

2015 "Manhattan Irish Fest" 

March 6th & 7th - Manhattan, IL

     Manhattan, IL is the place I'm proud to call my home. Anyone familiar with Manhattan, located smack in the heart of Will County, knows that it has deep Irish roots. 

     

     They'll also tell you that Manhattan is the home of the  "Manhattan Irish Fest", a festival that's been running since 1995 and being held once again this year on March 6th & 7th.  

     Activities for young and old are planned for both days of the Fest.  Some are:

     An Irish Breakfast will be served at St. Joseph's Parish Center on Saturday, March 7th, 8 am to 10:30 am.  Advance ticket purchase is required.  Tickets are available at the church rectory by calling:  815.478.3341.

     A special Mass is being held at  St. Joseph's Catholic Church, located at  275 W. North Street , on Saturday, March 7th, at 8:30 a.m. 

     The 21st Annual "Manhattan Irish Fest Parade" will kick off at 11:10 am on Saturday, March 7th.  

     The Parade's preceded by a 5K Run (hosted by the Prairie State Roadrunners) starting at 11 am ... and which follows along the parade route.  Info for those wanting to take part in the 5K Run can be obtained HERE. 
      
     Great music is always a huge part of the fun at the "Manhattan Irish Fest".  The scheduled entertainment for 2015 is:  

Friday:

Bridget Cavenaugh & Pat Otto 

(Irish acoustic set) 

6-6:45 pm

Pipers (short set)

7 pm

Three Men in Kilts 

8:30-10:30 pm

Saturday:

Emerald Society Pipe Band 

12:15-12:30 pm

Sullivan School of Irish Dance

12:30-12:55pm

12:55 pm 5k results

John Condron

1:15 pm

Red Rebel County      ~~~>                                    

3:00 pm 

Deanach (featuring the Hatfield sisters)

5:15 pm

                                                                                                                                                                                  (Red Rebel County)

Grand Marshall with Pipers

7:15 pm

Larkin & Moran Brothers 
7:45 pm to Closing 

 
     A schedule of all planned events at 2015 "Manhattan Irish Fest" can be found HERE!   

     Buttons to "Manhattan Irish Fest" are for sale, both in local establishments and online.  Those selling are:

     *  Manhattan-Elwood Public Library
     *  Manhattan Village Hall 
     *  Whitmore Ace Hardware
     *  Fritz's Pub
     *  Gallagher's Pub
     *  Berkot's Super Foods
     *  First Bank of Manhattan
     *  McHugh Insurance Agency
     *  Hanagan Insurance Agency
     *  Bit O'Blarney Pub
     *  Manhattan Tobacco
     *  BP Amoco
     *  Manhattan Firehouse Restaurant

     *  Tickets can also be ordered through the elementary and middle schools the week prior to the Fest.

     ALL attendees of the "Manhattan Irish Fest" must have Buttons.  Children 7 years and under attend FREE of charge, when attending with a paying adult.  

     

     Attend the 2015 "Manhattan Irish Fest" in Manhattan, IL on March 6th & 7th ...  

     *  Looking to Buy, Build, or Refinance  a home in Manhattan, Will County, or elsewhere in the Chicagoland area?  Contact me!  I'll put my 37 years of mortgage experience and extensive knowledge of the area hard to work on your behalf.  

     I can be found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

   www.genemundt.com   

   eFax:  815.524.2281   

              

       

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. 

Referrals are Always Appreciated!