Do Student Loan Debt Solutions Now Exist for You?

Do Student Loan Debt Solutions 
Now Exist for You?


I'm sure you've seen these headlines or others like
them ...


 Contact Me for Info!"Debt-Locked: Student Loans Force Millennials to Delay Life Milestones"

"Yes, student debt is delaying homeownership"


It's a sad fact.  Student Loan Debt is a huge concern for many consumers in the present economy. And because of that, it's become a huge concern for the commercial and governmental sectors too.  Rightfully so.

In a previous article, "Student Loan Debt Guidelines  Simplified by Fannie Mae", I spoke of Fannie Mae, (the GSE, Government Sponsored Enterprise that oversees and ensures mortgage liquidity and guidelines to many Banks, Lenders, and Mortgage Providers) and how their recent clarification of rules made regarding the calculation of Student Loan Debt addressed this very issue. 

The new clarifications were favorable for home buyers with Student Loans.  In fact, the new changes may be instrumental in making home buying a reality for many that thought it impossible before.

Why?  

The April 25, 2017, changes provided Mortgage Underwriters with the ability to accept the Student Loan Debt payment amount listed on an applicant's Credit Report.  Or in those cases where the payment amount doesn't show on the applicant's Credit Report, they can now use 1% of the outstanding debt or a manually calculated, fully amortizing payment.  That is welcomed change and flexibility.


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But there is also a valuable too often overlooked feature to be found within the recent Fannie Mae changes.  

That's the "Student Loan Cash-Out Refinance Option"
  
Although a Cash-Out Refinance to pay off debts (of any kind) has long been available for homeowners holding equity in their home, Fannie Mae's 2017 springtime changes contain a new option for those with Student Loan Debt to consider.  

In the case of this new option:

  • The Borrower must pay off at least one (1) Student Loan in its entirety
  • Proceeds of the Cash-Out Refi must be paid directly to the Student Loan Service Provider at Closing
  • Student Loan Debt must be paid-in-full with the proceeds of the Cash-Out Refinance  (Partial payments are not permitted)
  • The new option "forgives" or "eliminates" certain costs normally charged to the Borrower that is conducting the Cash-Out Refinance
  • The saved costs can result in either a Lower Interest Rate or additional "cash out" at Closing time.
As with many new loan programs, there will be a bit of a learning curve as to the "ins and outs" associated with it.  But for current homeowners with specific criteria, there can be some much-needed relief found by pursuing a Student Loan Cash-Out Refinance.

Those that can benefit from this Student Loan Cash-Out Refi are:

  • Current homeowners with (sufficient) equity
  • Homeowners of any Property or Occupancy Type
  • Homes cannot be For Sale at the time of disbursement
  • Personally obligated Student Loan Borrowers
  • Those looking to reduce/eliminate higher interest rate Student Loans 
  • Those looking to reduce/eliminate higher Student Loan payments
  • Parents (the Homeowner) who may have co-signed on a student loan for a son/daughter and is willing to take on the debt as "mortgage debt" rather than a Student Loan. (Currently, there is a tax benefit to doing so).  


The takeaway from the info above should be this: Whether someone with Student Loan Debt dreaming of buying a home in IL or WI ... or a current homeowner hoping for some debt relief ... it's worth your time to talk with me (or your own LO) to get the facts regarding the existence of any financing options that could be of benefit to you.  You won't know what's possible until you do.

While still more changes are needed to address the serious Student Loan Debt issue.  These are not nearly enough and they've been too long in coming.  But it's a positive that we're finally beginning to see some small steps being taken to address Student Loan Debt and the stranglehold it places on those that possess it.

Contact me to learn if these changes impact your ability to lower your monthly Student Loan payments, their interest rate, or to eliminate your Student Loan Debt ... or if other options exist to help you buy or save money ...


 Contact Me With Your Questions!


* Looking to find what possibilities exist for you?  Hoping to Buy or Refinance a Home in New Lenox  or elsewhere in the Chicagoland-IL-WI area? Contact me! 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 Licensed

American Portfolio Mortgage Corp.
nmls #175656

Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281

Get a Quote
 

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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 Always Appreciated and Welcomed!









     






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 the rest of Chicagoland ...  

There's a new crispness to the air.  The hours of sunlight are fewer.  The night temperatures cooler. 

 Will County
And of course, that means wonderful things like pumpkin farms, fall festivals, corn mazes, haunted houses, scarecrows, spooky ghosts, witches, and goblins of all shapes and sizes are cropping up everywhere.

Just who doesn't LOVE Fall?  

Here in Will County, we're lucky to have many wonderful venues offering spectacular opportunities to enjoy all things Fall.  In order to help you plan your visits and Fall fun, I've provided a list containing the names and info to many of Will County's pumpkin farms, pumpkin patches, corn mazes, hayrides, (and more).  

I hope the info proves beneficial to you, your family, and friends and you have a chance to get out and enjoy Fall in our County ...



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



Johansen Farms Petting Zoo
Opens September 15th
Petting Zoo, Rides, Obstacle Course,
U-Pick Pumpkins, and More

Konow's Corn Maze
September 17th to October October 30th
Sun – Fri: 10 am – 7 pm
Sat: 10 am – 8 pm  

2 Mazes, Jumping Pillow, Petting Zoo, Concessions, 
Cow Train, Face Painting, Indoor Playland, 
Concerts, and More!

Siegel's Cottonwood/Pumpkin Farm
Opening Day September 23rd
Hours:  Daily 10 am – 6 pm
Pumpkin Patch, Cornfield Maze, Hayrack Rides, Petting Zoo, Climbing Wall, Siegel's Sports Zone, Zipline, More 


Mokena Park District 
Dates:  October 13th - 15th
Info: 708.390.2401


Bengston's Pumpkin Farm
Opening Date: September 15th
Complete List/Info of Attractions: HERE
Stroller Friendly

Heap's Giant Pumpkin Farm
Pumpkin patch, Hayrides, Corn/Bean Mazes, 
Heaps o' Fun Barn, Farm Animals, Live Entertainment
Info: (815) 475-7373 


Dollinger's Pumpkin Farm
 Sept. 18th - Oct. 30th
Daily:  10 am - 6:30 pm
Indian Corn, Apples, Pumpkins, Corn Pit, Farm Animals/Petting Zoo/Bee Barn, 4-Acre Corn Maze, Farm Playground, Gift Shop, Train Ride, Honey, Hayrides, Food
Info: 815.467.6766

Lockport Park District - Hayride of Horror
Dates:  Friday & Saturday
October 6, 7, 13, 14, 20, 21, 27 & 28
Times:  7 - 10 pm 
(Last ticket sold @ 10 pm) 
Tickets/Info: HERE
Info: 815.838.1183


Windmill Acres
Opening September 30th
Monday-Friday:  9 am - 6 pm
Saturday:  9 am - 6 pm
Sunday:  11 am - 5 pm  
4 Acre Corn Maze, hayrides, petting zoo, zip lines, 
concession, mums, game room, pony rides, 
face painting, pumpkins, corn stalks, corn pit, gift shop, more
Website:  Windmill Acres
Phone: 708-278-2870 

Settlers Pond Pumpkin Patch
Opens October 1st
Open 7 Days: 10 am - 5 pm
Corn & Straw Maze, Haunted House, Pedal Tractor Races, 
Bounce House, Hayride, Barrel Train Ride, Petting Zoo,
Putt Putt Golf - Wheelchair Accessible
Phone:  708) 663-8103

Mott's Pumpkin Farm
28741 Harlem Ave., Peotone
Open daily:  10 am - 8 pm
Pumpkins, Mums, Straw Bales, 
Corn Stalk Bundles, Roadside Market
Info 
Phone:  708.258.9985

Bronkberry Farms
Open through Halloween
Tuesday thru Sunday: 9 am - 6 pm
"You Pick” pumpkin patch, weekend hayrack rides, 
corn stalks, straw bales, mini pumpkins, 
caramel apples, gourds, honey, mums, fall 
hanging baskets/combination planters
Website:  Bronkberry Farms
Phone:  (815) 436-6967 


Remember to verify dates, hours, and info prior to visiting any of the events, pumpkin farms, and other seasonal venues within Will County this Fall ... just in case of last minute changes or inclement weather ... 

Note!  Remember to look for my upcoming posts on 2017 Will County Halloween venues ... and Trick-or-Treat hours in communities across Will County ...


 Contact Me!

* Hoping to buy or refinance a home in Will County or the Chicagoland area? 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 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

 Get the Info You Need!
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. etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals are Welcomed & Greatly Appreciated!

Don't "One and Done" to the Equifax Breach

Don't "One and Done" 
to the Equifax Breach


By now, you've probably heard and seen multiple articles regarding the recent Equifax breach of security.  I myself have written on this matter.


 FTC Website

You may believe you've seen and absorbed all the details and instructions surrounding this breach.  And that you've taken the necessary steps to check your credit and finances in order to either repair your compromised credit or further protect yourself.  


That may or may not be true.  Are you willing to take that gamble?  


Seemingly, many are.  I say that because, as I've continued to read the comments left on my post and others' concerning this breach, one thing has become abundantly and alarmingly clear.   

Too many people incorrectly believe that this notice of the Equifax breach requires a "one and done" call to action.  Too many assume that if they check their credit and finances now ... and find no current signs of problems ... that they are in the clear.  That they can breathe a sigh of relief.  

Sadly, that's not true.

Stolen private and financial information can have a long and indefinite shelf life in the resale scam market. Just because a breach of your credit and finances has not reared its ugly head yet today ... does not mean it won't do so at some point in the future.  

As offered in my previous post regarding this breach ...  

You should react to this Equifax breach assuming the worst.  And that's both in the short and long term.  

You should proactively take measures to protect yourself, your finances, and your credit history/credit scores moving forward ... no matter what your credit inquiries find right now.  Consistent timely monitoring is called for.

Adopt this mindset.  Make it your routine.  You'll be better protected and prepared should any issues arise in the future.

If you've found that you've already been compromised as a result of this Equifax breach,  take action quickly.  Following are some of the actions you should take:
  • Contact your bank/financial institution(s).  Cancel credit and debit cards immediately.
  • Consider closing your Checking Account(s).  Reopen a new one.     
  • Change Account Passwords.  
  • Change Account Security Questions.
  • Consider placing a fraud alert or credit freeze.  Educate yourself thoroughly prior to taking action.
  • Go to annualcreditreport.com for a free credit report.  Review it thoroughly.  
  • Go to IdentityTheft.gov or call 1-877-438-4338 to report the compromise.
  • Contact any businesses where bogus accounts were opened.  Ask that account(s) be closed.  
  • If your Driver's License has been stolen:  Find your nearest motor vehicles office at usa.gov/Motor-Vehicle-Services. File a Report.
  • Don't overlook checking these types of accounts too:  Student Loans, Utilities, Cell Services, Retirement Accounts, Investment Accounts, etc. 

 Contact Me for Important Info & Guidance!


I can't stress these very important points strongly enough:  
  1. If you suffered stolen info/data:  Keep detailed accountings of any actions you take to address issues that arise.  
  2. Always request that letters/written proof of your request(s) and confirmation of account closings be forwarded to you.  
  3. Follow-up on communications and requests until they're acknowledged/received.  Having this written proof in your possession can save you time and frustration in the future.
  4. Continue to monitor your personal information, credit, credit report, accounts, and finances on a consistent basis in the future.  
Those intending to do harm using stolen personal and financial information can and will try to do so indefinitely.  This is NOT a "one and done" call to action.  

Stay vigilant from this point forward. Take measures to protect yourself from the havoc that may result from the Equifax breach or any others that might occur in the future.

 Get Answers & Info Now!

* Hoping to Buy or Refinance a home in the Chicagoland area? Contact Me!  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 or Text: 708.921.6331
eFax: 815.524.2281

Get Answers .. Contact Me NOW!


  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   
 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.


Your Referrals are Greatly Appreciated and Welcomed!






Procrastination Does Not Pay When You Hope to Finance a Home

  Procrastination Does Not Pay When  You Hope to Finance a Home   “If you want to make an easy job seem mighty hard, just keep putting off d...