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 Lender ... 

     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 maybe raising rates as soon as December.  Hopeful Buyers simply don't want to miss out on the lower rates still available now.

     Obviously as a Mortgage Lender, 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 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


You're Invited to Follow Me at:

 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   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

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!

             



     

         

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


You're Invited to Follow Me at:

 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   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

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





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


     While many Economists, Banks, and Lenders are now assuming (and reporting) that there will be a rise in interest rates in the near future, that assumption is at best, an educated guess ...  

     A rise in interest rates has been predicted for quite a while now.  Yet, it's not happened to this point (at least from the standpoint of the Federal Reserve Bank)...

     That fact could be viewed as somewhat of a financial "gift" ... as lower rates have allowed many to 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?   

     Low interest rates over the last couple of years have helped many become first-time home buyers.  Higher interest rates ... paired with less beneficial down payment programs/options ... could have prevented many of those purchases.

     Lower interest rates also benefited home owners 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 is the time for you to take action.  

     Now, prior to any possible upcoming interest rate hike.  As those higher interest rates will weaken your financial muscle, weaken your buying power, and lessen any 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 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


You're Invited to Follow Me at:

 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   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

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!

  
     

        

     

     
     

     

2017 Will County Fall Festivals, Pumpkin Farms, Corn Mazes, Hayrides

2017 Will County Fall Festivals,  Pumpkin  Farms,  Corn Mazes, Hayrides       The look of Fall has begun to arrive in Will County and...