Paper or Paperless billing? Which serves YOUR needs best?


Paper or Paperless billing? 
Which serves YOUR needs best?    

     

     These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

     
There are obviously many positives to be found within these paperless services:


  • Trees are saved  
  • Reduced postage costs  
  • Less paper documentation to organize or save/store
  • Possible rewards for switching to paperless
  • Payments can often be made/posted same-day
  • Automated payments can be set-up
  • More

     But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

     For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

     Their paper bill serves as a concrete reminder regarding their payment date, the balance they owe, expenditures made, interest rates, and more. For many, e-billing has just made it too easy for them to forget or overlook these important things.

     I've had clients report to me that paperless billing was the cause of a late payment showing on their credit report. They'd overlooked or forgotten an e-billing notice and paid a bill after a due date.

     This late payment had resulted in a lower credit score when seeking their mortgage. A lower score that ended up costing them money in the form of a higher interest rate.


     A few clients had missed billing errors or fraudulent charges made on their credit card accounts. They hadn't taken the time to look at their monthly e-billing or available e-statements.

     Important information or notices had been missed.  The penalties incurred can be quite harsh, especially if there's a timeline attached to reporting the errors and fraud in question.  

     
The same goes for any company's request for a response regarding possible upcoming changes to your account. Should the notice of that request be missed, it can prove costly.

     
But beyond each of these, depending on the creditor, late-or-missed payments can have even more severe consequences. They can create roadblocks or delays for those seeking mortgage approval.     

     Bottomline, you need to pay your bills on time. And you need to find and stick with the method of bill payment that works for you consistently and successfully. Whether that be paper or paperless.

     So do an assessment of your preferences and habits regarding billing. (Do the same regarding your use of automatic payments, mobile payments, etc.) Then make your informed, well-thought-out, preferred choice ...

     Paper or Paperless billing? Which serves YOUR needs best?






     * When in need of Mortgage info, guidance, or service when buying a home in Will County or elsewhere in Chicagoland, contact me. I'll be happy to 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



American Portfolio Mortgage Corp.
NMLS #175656


Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


   

Click Here for: Testimonials



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.


Referrals are Appreciated and Welcomed



Get to Know the Schools in New Lenox School District #122 - New Lenox, IL

Get to Know the Schools in 
New Lenox School District #122
New Lenox, IL

   
     New Lenox School District #122  meets the educational needs and more of 5,400 students from the New Lenox, IL area.   

     Students, ranging from Preschool to 8th Grade, attend the following schools:
     
     An average of 85% of New Lenox School District #122 students have met and/or exceeded the Illinois Learning Standards for 9 consecutive years.  (Individual school report cards for each New Lenox School District school can be viewed by clicking HERE.)

     The New Lenox School District #122 offers a full curriculum of studies.  It broadens and enhances student educational opportunities via the extracurriculars it offers.  

     Those include:
  • Music/Band(s)/Chorus/Orchestra 
  • A Variety of Sports (Volleyball, Basketball, Cheerleading/Poms, Cross Country, Wrestling, Track, Bowling, Ultimate Frisbee, More)
  • Student Council
  • Speech/Drama/Spring Play
  • Art Club
  • Mathletes
  • National Honor Society
  • Spanish Club
  • Mine Craft
  • More ...
     
     An active PTO (Parent Teacher Organization), New Lenox School District Foundation, and the New Lenox Community itself … work with the New Lenox School District to help improve the experience and opportunities available to its children, teachers, and staff members.

     The New Lenox School District Foundation works hand-in-hand with the New Lenox Park District and many New Lenox community athletic organizations to provide additional recreational opportunities and resources for residents of New Lenox.  

     They’ve expanded playgrounds and added to the availability of playground equipment at each New Lenox District school.  Many of the school campuses now have soccer, baseball, and softball fields as a result of the hard work and efforts of these organizations.

     New Lenox School District 122 has been awarded the prestigious Bright Star Award for 12 consecutive years. The Award is given to school districts with the highest student performance provided at the lowest cost.

     Only 80 of the 872 school districts within Illinois received the award this past year. The Bright Star Award is provided by SchoolSearch, a firm that assists relocating families with valuable school information.

     New Lenox School District #122 also provides an excellent variety of  Special Education Programs.  All team members work with … and provide support for … the students and families.  (Additional info can be found HERE)

     The NLSD #122 Special Education team consists of an:   
  • ·    Administrator
  • ·    School Psychologist
  • ·    School Social Worker
  • ·    Special Education Teacher
  • ·    General Education Teacher
  • ·    Occupational Therapist
  • ·    Speech Pathologist
  • ·    Physical Therapist
  • ·    School Nurse
     
     Resources are also available for those NLSD #122 students that suffer hearing loss. (Click HERE for additional info/brochure)

     The school boundaries for each level school located within the New Lenox School District (Kindergarten, Primary - Intermediate, and Junior High) can be viewed via the District's website and District Boundary map.  (Click HERE)

     Further info can be obtained by contacting the New Lenox School District #122 district office at:


Telephone:  815-485-2169

Office Located at:  102 S. Cedar Road, New Lenox IL


     More:  Visit the following websites for information concerning village, township, and county services, relocating to the area, businesses, places of worship, organizations, utilities, etc., and more at: 






     If in need of mortgage financing information or service when moving to the New Lenox area or elsewhere within the Chicagoland region, please do not hesitate to contact me.  My entire career has been spent serving families in need of sound, experienced, successful mortgage guidance and assistance.
     I'm easily found at:


Gene Mundt

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

American Portfolio Mortgage Corp.
NMLS #175656


Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281


   

Click Here for: Testimonials


  
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.

Referrals are Appreciated and Welcomed!
     






What Funds are Needed at the Time of Closing?


What Funds are Needed at the Time of Closing?

     Most new mortgage clients I speak with have pretty basic concerns regarding their upcoming financing.  One of the questions I hear most often is ...

     How much money will I need at my Closing?

 Get a Quote!     A simple and quick answer might be provided by the following math equation:

Down Payment + Closing Costs/Pre-Paids 
= 
Total Funds to Close

     But unfortunately, it's typically not that simple. Here's why ...  

     While the above equation is an appropriate starting point for buyers/borrowers, the actual amount of funds needed at the time of Closing often decreases during the time of mortgage processing.  

     How?  Often, during the processing of a mortgage or prior to Closing taking place, some items or fees get paid for.  

     Two (2) such fees are:
  1. The Appraisal Fee
  2. The Homeowner's Insurance First-year Premium
     
     Other items and services may also be accounted for AT CLOSING, in the form of Credits due from the Seller:  

     Examples of these include:
  • Real Estate Taxes (Due from the seller)
  • Earnest Money paid (Essentially, an advance towards the down payment, paid by Buyer)
  • The Seller's Portion of Title Insurance (in some States) 

     The amount you owe at the time of Closing can also fall should the following items be applied towards Closing Costs/Pre-paids:
  • Seller Credit
  • Lender Credit
     
     As you can see, the simple equation provided above becomes much more complicated as your mortgage progresses.  While the down payment portion of the equation typically remains pretty straightforward, the amount owed for additional fees can change ... or be decided upon ... as your mortgage process progresses.  

     Once those decisions are made, the monetary difference that remains is funded either by the Loan Amount requested or ... you guessed it ... via another equation:

Purchase Price - Loan Amount =  Down Payment

     Below you'll find examples of the Closing Costs you might encounter.  (Costs vary by State and/or Mortgage Lender.  Talk to me to receive definitive Costs for your Chicagoland/IL/WI financing.)     
     
     Examples of Closing Costs followed by the Entity charging those fees :

 Document Checklist
  • Appraisal Fee - Borrower (Pre-Pays Lender @ Application)
  • Real Estate Transfer Taxes - Per RE Contract (IF paid) (Paid @ Closing)
  • Escrow/Settlement Fee - Title Company (Paid @ Closing)
  • Title Insurance - Title Company (Paid @ Closing
  • Recording Fees (Mortgage, Deed) - Title Company - (Paid @ Closing)
  • Attorney Fees (In certain States) - Attorney (Paid @ Closing)
  • Flood Certification Fee - Lender (Paid @ Closing)
  • Origination Fee - Lender  (Paid @ Closing)
  • Credit Report Fee - Lender (Paid @ Closing)
  • Processing Fee - Lender  (Paid @ Closing)
  • Underwriting Fee - Lender  (Paid @ Closing)
  • Discount Points (IF paid) - Lender  (Paid @ Closing)     

     Pre-Paid Items include:
  • 1st Year Homeowners Insurance Premium
  • Impounds for Real Estate Taxes and Insurance
  • Homeowners Association Dues (IF applicable)
  • Interest Charges (Varies with Closing Date)
  • Mortgage Insurance (IF applicable)


     Once again, the lists above aren't an all-inclusive list of what you as a Buyer/Borrower might encounter in your individual transaction.  Local or state practices may add or subtract to the costs presented here.      

     But the lists make one point very clear:  Borrowers need to be aware that there will be extra costs that accompany buying their home beyond their down payment and future monthly mortgage payments.  And they need to plan for them.

     There are several different ways to do that. That's where I (your Mortgage Originator) come in. 

     Prior to entering into a Real Estate Contract:  Contact me.  We will discuss all options available to you.  That way you know and thoroughly understand the costs needed when you buy and finance a home ... and you can make the wisest decisions moving forward.  

     No surprises encountered.  Just a stress-free and successful home buying and Closing experience ...



    
     * Hoping to Buy or Refinance a Home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll 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 Licensed

American Portfolio Mortgage Corp.
nmls #175656

Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281

 

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 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 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.


Referrals are Welcomed!
      


     

     

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