Buying, Building, or Refinancing a Home? A Glossary of Terms

Buying, Building, or Refinancing a Home?

A Glossary of Terms  

     Everyone is susceptible to it ... 

     No matter their profession. But as a Mortgage Originator, I sometimes catch myself using slang or industry terminology when talking to clients and referral partners.  When you read and "talk" them as much as I do, it's only natural that it happens.  

     I find that many of my clients are well-read and informed regarding the Mortgage Process.  That they don't even skip a beat when I do it.  They're that familiar with the terms because of all the homework and reading they've done. 

     But for those that are first-time home buyers and new to the process ... or in its very early stages, that slang and those words can seem pretty confusing.  I might as well be speaking some foreign language.

     No doubt about it, there's a slew of words and terms that get used during today's Mortgage Process.  Many of them can be downright confusing.  
     

     Especially when I'm getting that "deer in the headlight look", I slow down ... explain the terms and documents in question ... and make sure they are completely understood before we proceed further.  

     Borrowers just can't make good decisions regarding their financing if they don't understand important parts of it.

     To help Borrowers acquaint themselves with the words and terminologies they'll be hearing throughout their Mortgage Process, I'll often refer them to the Mortgage Glossary I offer on my website. 

     As the Mortgage Process (and Industry) evolves, I add the new words and terminologies being used.  So if it's been a while since you financed a home, my Glossary is a great place to reacquaint yourself with mortgage and real estate terms ... and learn the new ones too.

     Buying, Building, or Refinancing a Home?
A Glossary of Terms  ... Hope my Mortgage Glossary proves helpful to you in all stages of your financing and new home search, whether that's just preliminary browsing or while in the process itself.

     If you have questions, are in need of further clarification of something you don't understand, or are in need of mortgage service, please don't hesitate to contact me.  I'm always happy to assist ...

    *   Hoping to buy or refinance a home in New Lenox - Will County - Chicagoland area - IL or Wisconsin?  Contact Me today!  I'll put my 40 years of Mortgage experience 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.

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 Appreciated!

  

     

      
     

     

New Lenox School District #122 Students Head Back to School for 2015 - 2016

New Lenox School District #122 Students

Head Back to School for 2015 - 2016

     Hard to believe, but kids in New Lenox School District 122 (Pre-School through 8th Grade) are heading back to school soon.  

     The first day of the 2015-2016 school year is August 19th, 2015. (A downloadable 2013-2014 school year Calendar can be found HERE.) 

    
The Schools located within the New Lenox School District 122 include:

• Cherry Hill Early Childhood Center
• Haines Elementary School
• Arnold J. Tyler Elementary School
• Nelson Prairie Elementary School
• Oster-Oakview Elementary School
• Caroline Bentley Elementary School
• Nelson Ridge Elementary School
• Alex M. Martino Jr. High School
• Liberty Jr. High School
• Spencer Trail Kindergarten Center
• Spencer Pointe Elementary School
• Spencer Crossing Elementary School

    
     If you are considering a move into New Lenox School District 122, you can find which school(s) your children will attend by viewing the school boundary maps at these links:

• Kindergartens are dependent on subdivisions
• Primary/Intermediate Boundary Map 
• Junior High Boundary 

      
     Many area stores are currently offering "Back to School" Sales at this time.  To find what school supplies your child will need during the upcoming school year in New Lenox School District 122, click below:

School Supply Lists

Grades Kindergarten/Early Childhood:  Supply List
Primary:  Supply List
Intermediate:  Supply ListJunior High:  Supply List

     

     For those families just beginning a relationship with New Lenox School District 122, please be aware that the district utilizes the "Virtual Backpack" as part of their "Going Green" initiative.  

     Messages/communications to parents, etc. are delivered through the "Virtual Backpack" system HERE.  You do not receive flyers and communications on paper as was often customary in the past.

     Hot lunches are available at New Lenox School District 122.  Should you wish to take part in the Free/Reduced Lunch Program available, please go to:

www.mymealtime.com.  Lunches can be paid for online, or your child may pay by check or cash at the school.

     Forms and information regarding Immunizations and Physicals can be found HERE.

    To participate in New Lenox School District 122 sports, children are required to have an IESA/IHSA Preparticipation Form (physical) submitted.  

     If you'd like to volunteer at a New Lenox School District #122 school, click HERE for info.

     For info regarding safe child care before and after school days, please click HERE.

     For further info and assistance regarding your child's attendance at a New Lenox School District 122 school,  call the District Office at:  815.485.2169, visit their website at: www.nlsd.org, or visit the main office located at:  102 S. Cedar Road, New Lenox, IL.  

     Parents can join the NLSD Mailing List and receive updates regarding news and activities at the schools by visiting the School District website.  

     Have a successful, educational, and fun school year in New Lenox School District 122 schools ...

      
     *  Hoping to Buy a Home or Refinance in  New Lenox, or elsewhere in the  Chicagoland region?  Contact me today!  

I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.

     I can easily be found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

  eFax:  815.524.2281

www.genemundt.com
gmundt@goapmc.com

 

Find Me at the Following Social Media:

 

              

       

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, & 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!

      

Before You Represent a Client on a Condo or Townhome Property ...

Before You Represent a Client on a 

Condo or Townhome Property ...

     Agents:  Do you know what the correct answer is for this question?

     What is the difference between a Condo and a Townhome?

     A simple answer would be:

     The #1 defining difference between the two types of properties is:  OWNERSHIP RIGHTS.  

     It's not about style.  Or about design.  It's not about appearance or physical characteristic comparisons either.

     Now I know what you're thinking.  Gene ... really?  Another post on condos and townhomes???  But to my defense, I've had a number of recent calls from agents that clearly showcase the need to address this topic.  And I think the topic to be that important.

      Plus, if you've been in the Real Estate or Lending Industry very long, you know nothing is as simple as the answer I provide above.

     So ... how do you seek and find a definitive answer to the question above?  What's the difference?

     If you're a Listing Agent:  It's important to  obtain the documents and info shown below from your Sellers.  That way you know legally what type of property you're listing for sale ...

• A copy of the Tax Bill
• A Survey (if one exists)
• Declarations or Bi-Laws
• Homeowners Association Name
• If a Management Company is involved:  Obtain their Contact Name and Contact Info 
• A FULL Legal Description (available on a Title Policy, Mortgage, or other Closing Documents) 

     If you're a Buyer's Agent:  Reviewing the Listing Agreement for the following indicators will be of great benefit to you and your client:  

• Property Type (is CONDO Referenced)
• HOA Dues (typically higher with condos)
• Property Index Number (PIN) - can provide clues

     
     Also important for Buyer's Agents:  Acquiring the Legal Description of the property being considered for purchase.  Within that Legal Description you'll find valuable info.
   

     Look for these "clues" and terminology within a property's Legal Description:

     If the Legal Description refers to Condominium within the language of the document, it will ... 99.9% of the time ... be a Condo.  (Wondering about the other .1%?  Contact me.)

     If it refers to PUD (Planned Unit Development), Townhouse Association, etc. ... you have a property NOT considered to be a Condo, but rather a Townhouse.
     
     I urge Buyer's Agents use the following BEFORE showing a property ... and most definitely BEFORE writing a Contract:

• Local MLS
• Recorder's Office - Website
• Treasurer's Office - Website
• Your Preferred Lender
• FHA and VA Websites

     
     ... to definitively discover the type of property being considered.  Why??

     Property type determines:  Not only the type of Mortgage Programs available to your Home Buyers, but their eligibility for varying financing options too.  (Not to mention higher rates or closing costs in the case of some condominium scenarios.)

     As I've mentioned in many previous posts, choice of Mortgage Lender matters greatly.  That's especially true when representing clients considering the sale or purchase of Condominiums and/or Townhomes.  

     Working with a Mortgage Originator that has knowledge, experience, and success in Closing these properties is vitally important.  Refer wisely ...

     
     *  Have clients in need of mortgage advice or service in the Greater Chicagoland area?  Contact me.  I'll put my 40 years of mortgage experience, knowledge, and expertise hard to work on your clients' (and your) behalf.
     I'm easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  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, 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!

Subscribe to my Monthly Mortgage, Real Estate, & Credit Newsletter!

Email me today!

  

     
     

Manhattan School Dist. 114 Students Heading Back to Class for School Year 2015-2016

Manhattan School Dist. 114 Students 

Heading Back to Class 

for School Year 2015-2016

     

     School will soon be back in session for children attending Manhattan School District 114 schools (Manhattan, IL) ... my hometown.  

     The first day of the 2015-2016 school year is slated for August 19, 2015.  (For a full school year/downloadable calendar, click HERE.)

     There are multiple schools within Manhattan School District 114.  They are:

• Wilson Creek School

    *  Contact:  25440 S. Gougar Rd, Manhattan, IL
                          Phone:  815.478.4527 
                          Website:  Click HERE 

• Anna McDonald School  

    *  Contact:  200 Second Street, Manhattan, IL
                          Phone:  815.478.3310
                          Website:  Click HERE 

• Manhattan Junior High

    *  Contact:  15606 W. Smith Road, Manhattan, IL
                          Phone:  815.478.6090
                          Website:  Click HERE       
  
     If you are considering a move into Manhattan School District 114, the school boundary map can be viewed HERE.  A Handbook for Manhattan School District 114, school year 2015-2016, is available and can be downloaded HERE.
     

     A School Supply lists for 2015-2016 is available ... just click on the following: 

 Manhattan School District 114 School Supply List, Kindergarten thru 8th Grade. 

     Registration, Fee, and Payment information/methods are available and can be viewed HERE.

     For those families just beginning their relationship with Manhattan School District 114, be aware that the District utilizes "Virtual Backpack" as a part of their "green" initiative and communication system with parents, the community, and businesses.  

     Lunches are available to students through the cafeterias in Manhattan School District 114 schools.  

     

     Manhattan School District has an active Athletic Boosters Club for parents and fans of student athletes.  The Booster Club promotes and supports the athletes, athletic teams, coaches, and sports department throughout the year.

     Music education is important at Manhattan School District 114.  The District offers:  Beginners Band, Concert Band, Marching Band, Summer Band, Symphonic Band, Choir, and Orchestra. 

     Both Band Boosters and  Orchestra Boosters promote, boost, and support the activities and music education of student musicians within the District.

     The Manhattan School District 114 also has active PTO's that support the teachers in promoting the act of learning and and helps make that learning fun for the students.

     For further info and assistance regarding your child's attendance at a Manhattan School District 114, call the District Office at:  815.478.6093, visit their website at:  www.manhattan114.org, or visit the main office located at:  25440 S. Gougar Road, Manhattan, IL in the Wilson Creek School.

     Manhattan School District 114 Students are Heading Back to Class for School Year 2015-2016 soon.  I hope you and your children have a successful, educational, and fun school year at Manhattan School District 114 schools ...

     *  Hoping to Buy a Home or Refinance within the Village of Manhattan, Will County, or elsewhere in the Chicagoland  region?  Contact me today!  I'll put my mortgage experience 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, & 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!