Trifecta of Home Buying Motivators: Rising Home Prices, Rising Rents, Rising Interest Rates

Trifecta of Home Buying Motivators: 

Rising Home Prices, Rising Rents, 

Rising Interest Rates

     
     Knowing WHY my clients want to buy a home is important to me as their Mortgage Originator ... 

     I try to engage them in a conversation about themselves.  Ask them questions.  Find out what's inspiring them to buy or refinance a home.  

     I want to know what hopes and plans they have regarding a purchase prior to delving into the financial aspects of their transaction with them.  I gain valuable insights and direction from our conversation.

    But accomplishing this can be harder than you might think.  Most people have a long list of questions they're in a hurry to ask.  Gain answers to.  And that's understandable ...

     But when we do have that conversation, a majority often speak of 1 of 3 major reasons as those things that motivated them to contact me.  

     What are the motivators I hear most often?

     1.  They're fearful of being kept out of the housing market by rising home prices.  

       This is a concern that is again cropping-up after virtually disappearing during the housing downturn.

     2.  They've seen and heard reports regarding: Renting a Home VS Buying a Home in Chicagoland.  

     They've done the math.  And with Interest Rates still being low and rental prices continuing upwards, they're ready to discover what home buying and Mortgage options are available to them.

     3.  And perhaps the current single biggest motivator?  The possibility of Interest Rates rising soon. 

     The news has recently been filled with reports of the Fed raising rates. Hopeful Buyers don't want to miss out on the lower rates still available now.

     Obviously, as a Mortgage Originator, I applaud them asking questions.  Seeking answers.  Contacting me to discuss their concerns.

     It's truly the only way to find what possibilities exist for yourself.  It's the only way to gain the info and FACTS needed to make timely and informed decisions.  

     A while back, I wrote a post entitled, "The Modern Mortgage and Mortgage Process are Much Like a Fingerprint or Snowflake ... No Two are Alike".  

     Fact is:  You can't compare any 2 home buying scenarios.  Even seemingly minor differences ... or in finances ... can bring about vastly different results for Buyers/Borrowers.

     It's also a fact:  You can't get started on your home buying and financing process too early.   

     Hoping to buy a home?  

     No matter your motivation for buying ... get educated first.  Get to your local experts in real estate and lending.  Get started on asking your questions.   

       You'll be glad you did ...

      
*  Hoping to buy a home in New Lenox - Will County - Chicagoland - IL or WI?  Contact me today.  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 License 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. 

Your Referrals are Welcomed and Greatly Appreciated!

             



     

         

It's Important to Flex Your Muscles As a Mortgage Borrower

It's Important to Flex Your Muscles 

As a Mortgage Borrower

     It's fairly common to see and hear advice provided about the importance of comparing Mortgage Lenders when looking to finance a home purchase or refinance.  Advice is also commonly given to conduct comparison shopping when it comes to Interest Rates too.  
   
     But it's important for Borrowers to know:  They can "shop" other Fees charged within the financing of their home loan as well ...

     Here in Illinois:  The newly introduced "Loan Estimate" document clearly illustrates which Services/Fees applicants can and cannot shop for when financing a home.  Mortgage Lenders are obligated to provide this information to their Borrowers.

     So which Services fall under each category?

     Services that CAN be shopped:

• Settlement Fee
• Lender's Title Insurance -  Title
• Attorney's Fee
• Endorsements & Misc. - Title
• Doc Fee - Title
• Recording Services - Title
• Wire Transfer - Title
• Closing Protection Letter - Title

     Borrowers should be Aware:  Vast differences in Fees can exist between providers for these services ... as well as the level of the professional's expertise.  


     Gaining referrals and Fee quotes for these services is just as important as those sought for the services of Lenders or Agents.  

     Especially important, is seeking the advice and guidance of a Real Estate Attorney ... an attorney educated, knowledgeable, and active in current real estate transactions.  Not just any attorney will do.  
      
     Services that CAN'T be shopped:

• Flood Certification
• Mortgage Insurance Premium
• Credit Report
• Appraisal Fee

     
     The above-mentioned services and their coordinating Fees, along with the Lender's Origination, Processing, and Underwriting Fees equal the Total Loan Costs charged to Borrowers.  

     Taxes, applicable government fees, possible escrow fees, and other miscellaneous fees may round out the Total Closing Costs charged to a Borrower.

     Choices do exist for Borrowers.  It's important and wise that they take the time and flex their muscles when and where they can as it pertains to the choice of their professionals, as well as the Fees associated with their services ... 

      
*  Hoping to buy a home in the greater Chicagoland area?  Contact me today.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

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

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

You're Invited to Follow Me at:

             

        

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!

        

5 Tips for a Perfect Thanksgiving

Friend,

The winter holidays are upon us once again, as Thanksgiving ... typically the "kick-off" holiday ... is only 1 week away.  

Time certainly flies ... even if turkeys can't!

Life gets busy for us all around this time of year. Who can't use some tips and a helping-hand to carve-out some extra time?  Time that can be spent in more productive and fun ways.

So I've included 5 articles (plus a recipe and a little bit of fun) below that I hope will help you accomplish just that.  Hope you enjoy each one.

Feel free to pass them on to your friends and loved ones for their reading and enjoyment too.

Gene

*********************************************

Google Maps releases tips for 

beating Thanksgiving traffic ...

Sometimes, getting to that Thanksgiving feast requires a full helping of holiday traffic.

To better help navigate the hordes of cars on the road next week, Google released Google Maps traffic information.  (MORE...)

6 Make-Ahead Thanksgiving Tips & Tricks ...

Meals to whip up before the big day!

To make sure you get to enjoy time with your loved ones, we suggest beginning the cooking process before the big day. 

No matter what version you're making of Thanksgiving classics like turkey, stuffing, gravy, and more (May we recommend these great recipes from Rach?), these tips and tricks will cut down on time spent in the kitchen and increase the time you spend enjoying the most delicious holiday of the year instead.  (MORE...)

Thanksgiving Word Find ... have fun!

Thanksgiving Safety Tips for Pets ...

This special holiday does bring some specific dangers for pets, so pet parents may want to take a few extra precautions. 

Read on for some great tips on keeping your pet safe on Thanksgiving ... (MORE...)

Pumpkin Lush Bars ...

These Pumpkin Lush Bars will make for a delicious fall layered dessert. 

You will find layers of cream cheese filling, pumpkin pudding,  and whipped topping, all on top of a yummy shortbread crust. Perfect for Thanksgiving dessert.

For the recipe, click on the pic to the right!  ~~~~~>

Thanksgiving: How To Avert Turkey Day Disaster (Or Roll With It), Thanks To Sam Sifton ...

Why is Thanksgiving so stressful? If you're the host, it may be the sheer number of things you have to do between now and Thursday. 

If you are feeling overwhelmed by the holiday, Sifton's advice is to do that thing that's hardest when you're freaking out: let go ... (MORE...)

I send my Gratitude and Best Wishes 

to you for a very Happy Thanksgiving. 

Know that our association 

means everything to me!

Gene Mundt

gmundt@goapmc.com

www.genemundt.com

Interest Rates Rumored to Rise Soon. What To Do to Save Yourself Money NOW

Interest Rates Rumored to Rise Soon. 

What To Do to Save Yourself Money NOW

     The Federal Reserve, economists, banks, and lenders are now reporting that there will be (possibly up to 3) rate hikes during the upcoming year.  That rise in interest rates has been predicted for quite a while now.  

     The lower interest rates we have enjoyed over the past few years are likely coming to an end, but not before they have acted as and benefitted many as a financial "gift" of sorts.  

     While the ongoing pandemic has interjected financial challenges for many over the past couple of years, the lower interest rates in effect have also allowed many qualified borrowers to buy a home, or at minimum, get more financially "fit", or position themselves more favorably for their future.

     How was that possible?  

     And ...

     How can the remaining time prior to the predicted raising of rates play to your advantage financially?   

     Even with the escalating home prices seen, advantageous low interest rates over the last couple of years have helped many become first-time home buyers.  Those low rates, paired with beneficial more lenient down payment programs and mortgage options, made many of those purchases possible.

     The lower interest rates also benefited homeowners that chose to refinance and remain in their current homes.  Lower interest rates equate to real financial savings realized on mortgage payments each month.  Savings that can be better directed and utilized elsewhere by consumers ...

          Examples of where those savings can make a real difference:

• Building Savings and Retirement Accounts
• Equity-building Home Improvement projects
• Paying-down or paying-off higher interest rate Credit Cards, Student Loans, or debt. 

     
If you're thinking of:  

• Buying a home 
• Refinancing 
• Performing Home Improvements
• Re-negotiating lower interest rates on credit cards
• Buying a car
• Buying a 2nd home 
• Purchasing a real estate investment property
• More ...

     ... now ... prior to the interest rate hikes ... is the time for you to take action.  

     Why?  Higher interest rates weaken your financial muscle, weaken your buying power, and lessen savings potential.

     The first important step you should take is that of fact-finding.  Contact me to discover what financial options you have at your disposal.  What financial steps make the most sense for you ... and will have the most impact. 

     Ask questions and get the answers you need to move yourself financially forward in a more positive direction soon.  I look forward to assisting you ...

     *  Hoping to buy, refinance, or build a home in the greater Chicagoland - Illinois - Wisconsin area?  

Contact me today.  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 Lender  -  NMLS #216987  -  IL Lic. #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

You're Invited to Follow Me at:

             

        

  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, Frankfort Square, Joliet, Shorewood, Elwood, Lockport, Wilmington, Crest Hill, Symerton, Braidwood, Channahon, University Park, Beecher, Plainfield, Bolingbrook, Romeoville, Tinley Park, Homer Glen, Crete, Peotone, Naperville, etc.), DuPage County, Kane County, Grundy County, the City of Chicago, 
Cook County, and elsewhere within IL & WI.


Referrals are Appreciated & Welcomed!