A Puppy + Documentation + a Mortgage = Success!

A Puppy + Documentation + a Mortgage = Success!

Mortgage financing is a "people business" ...

Because of that, human emotions, reactions, and life itself are on full and glorious display throughout the life of a mortgage transaction.  And surprises ... especially when young, first-time home buyers are involved ... sometimes occur.

An Originator's life is never dull ...

Experience has taught me:  No matter how long I've been in the mortgage business (and I have 40 years under my belt),  I can still encounter "firsts", "never befores" and outright surprises while assisting my clients and referral partners.  

A transaction I had this last spring proved that point by containing ALL of the elements mentioned above ... plus a few more.  

My eager client:

• Was a young home buyer
• A first-time home buyer
• Had credit deficiencies
• Had a limited down payment
• Possibly needed Gift Monies 
• Faced a few other "challenges"

From our first conversation together, I'd fully understood:  There were going to be some unique elements at play in this borrower's transaction.  One by one we addressed the unique issues at hand.  

We started with their credit deficiencies and then moved on to their down payment challenges.  Upon conquering both, we tackled Pre-Approval, then actual Mortgage Application, after a Contract for purchase was obtained.  

During the processing of the mortgage, we had to verify that the client's Earnest Money Check had cleared their bank checking account.  To successfully accomplish that, I needed a print-out of their account statements.  

Proof of the Earnest Money Check having cleared the account was verified in the statement I received.  But that statement revealed something else too.  

A deposit had recently been made to the account in the amount of $3,000.  I knew that the size of that deposit was going to raise questions in Mortgage Underwriting so we'd have to explain and document it.  

The client and I had discussed the possibility of their utilizing Gift Monies as a portion of their borrower's funds in earlier conversations.  So I asked if the deposit in question represented a deposit of a Gift?  The borrower answered ... 

"Nope.  It's from the sale of a puppy".  I can only imagine the look on my face.

Now, as I learned, English Bulldog puppies are quite valuable (as are other purebreds).  My borrower stated that he could produce a "Dog Bill of Sale" and documentation to prove that important fact.  

That documentation would be in the form of a "Certified Pedigree Form", stating the puppies' parents' names and their sires and dames.  The borrower would also provide 4 online "comparables" relating to sales of similar English Bulldog puppies via a legitimate breeding business.

Now as a Mortgage Originator that was also a real estate appraiser for many years, I've got to tell you, I appreciated and respected the offer of "comparables".  Especially those with all sales having taken place within the prior 6 months and showing a price variance of less than 10% (up or down).  

Pretty darn impressive!

All the info and supporting documentation proved crucial to my borrower.  Because of it, they erased any need for Gift Monies to complete their transaction and financing.  

The documentation they presented to Mortgage Underwriting was so complete and convincing that the Underwriter was fully-satisfied with the "DDD".  (During the processing of this loan, the comparables became known in our office as the "DDD", the "Dog Deposit Documentation".  An attempt at a little mortgage humor, I guess.)  

But seriously, producing that documentation?  It had a very positive effect on this borrower's transaction.  A puppy + documentation + a mortgage truly can equal success!  This borrower's mortgage received Approval and their transaction successfully Closed.  

Remember my mentioning "surprises", "firsts", and "never befores" above?  This borrower and transaction fulfilled them all.  

Plus, I learned quite a bit about English Bulldogs ...

In New Lenox, the greater Chicagoland area, Illinois, or Wisconsin, contact me with your questions ...

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

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.

Referrals are Greatly Appreciated & Welcomed!

  

Create Options and Put Yourself in the Driver's Seat During Your Mortgage Financing

Create Options and Put Yourself in the 

Driver's Seat During Your Mortgage Financing

Blogging's always been a great outlet for me as a Mortgage Originator ...  

While it's served me well in many capacities, I've always found the greatest benefit takes place during the preparation of my articles.  

The research, studying, and reading required of me in the production of my posts continually provides me ample and additional opportunities to learn.  That's a huge plus for me ... and my clients.

The comments and questions left in response to my posts also prove very valuable too.  They often serve as a catalyst for future posts.  

Such was the case when I received a comment from Riverside, CA Real Estate Agent, Author, and ActiveRain member, Richie Alan Naggar.  In a comment responding to an article I'd written regarding down payments, Richie shared his personal experience.  He wrote ... 

"Way back when ... when I bought for the first time, 

5% did it with employment.  Later on, when purchasing again, I put larger amounts down to reduce the debt load.  

I like the thought of being able to choose those amounts". 

The last sentence surrounding down payment choices and options really hit home with me.  And it got me thinking.

Back when our boys were in school, my wife and I always stressed to them the importance of creating options for themselves.  In regards to their achievements at school, that meant they were to live up to their abilities and achieve the best grades possible.  

We felt, the better their grades, the larger menu of options they'd create and enjoy when in pursuit of higher education.  At that point, they'd have a wider and better selection of schools to choose.  And they would be better able to dictate where they attended college, not the other way around.

As Richie Alan Naggar's comment clearly points out, options are a very valuable thing to have at your disposal when it comes time to make a down payment or finance your home.  I couldn't agree more.  During the time leading up to your home buying and financing, earning and creating options for yourself should remain a primary focus and goal.  

So how do you go about creating those options for yourself?  Options are earned by: 

• Building a good credit history  
• Paying bills on time  
• Saving money  
• Not over-spending  
• Spending wisely  
• Buying within your means  
• Making sound decisions
• And more ...

The more effectively you do these things, the more options you create and have at your disposal at the time you buy and finance a home.  You grow the number of choices you have.  

The results are that YOU are in the driver's seat during your financing, from Pre-Qualification to Closing and beyond.  And that's the best place to be.

In New Lenox, Will County, the greater Chicagoland area, Illinois, or WI, contact me with your questions and to get started on building your options.  

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

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.

Referrals are Greatly Appreciated & Welcomed!

  

  

2017 Halloween Trick-or-Treat Hours for Will County, IL Communities

2017 Halloween Trick-or-Treat Hours

for Will County, IL Communities   

  

Halloween is right around the corner!

Little ghosts and goblins ... witches, pirates, and scary creatures of all shapes and sizes will soon be ringing doorbells all across Will County.

Most towns and unincorporated Will County areas will be celebrating their Trick-or-Treat hours on Tuesday, October 31, 2017 ... but be aware, many have Fall and other "spooktacular" events going throughout the month of October for your enjoyment too.

As a parent, I know it's helpful to know Trick-or-Treat hours ahead of time in order to make plans.  To help you and your family do that, I've provided the following list of the communities in Will County ... and the dates/hours they'll be celebrating Trick-or-Treating this year (2017).  

I've tried to be as thorough and accurate in my search as possible ... but the times and hours above do not reflect any last-minute changes made by municipalities or changes made because of inclement weather.  Should you have questions in either regard, please be sure to contact your local municipality. 

And Please Remember ... practice safety measures (whether human or furry) while celebrating Halloween festivities and during Trick-or-Treat hours.  Stay safe ... be aware of your surroundings ... and enjoy!

     Halloween is supposed to be scary. Financing your home isn't. 

     If you're hoping to Buy or Refinance a home in Will County 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 and help erase any fears you may have.
     I can be 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

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.

Referrals are Greatly Appreciated & Welcomed!

Saving for a 20% Down Payment? A Wise Pursuit?

     

Saving for a 20% Down Payment?  

A Wise Pursuit?

     
By nature ... and because I'm a Mortgage Originator ... I'm typically a huge proponent of saving money.

I firmly believe that budgeting resources and saving money should be a major focus and goal.

But as the old saying goes, "there is an exception to every rule" ...  

The "exception" in this case, revolves around the myth supporting the absolute need for a 20% down payment when buying a home.  

Take Note: I said myth.  

Despite the number of times I (and others) have denounced this myth, it prevails.  But the myth is not true or valid.  

Home Buyers can buy with far less than a 20% down payment.  Options for 3%, 3.5%, 5% ... and even NO down payment exist.  

That said, the wisdom (or lack thereof) of buying utilizing a smaller down payment can only be found through a thorough analysis and assessment of the individual borrower's finances, the market in which they hope to buy, their needs, and desires themselves.  Myths and blanket statements prior to a full assessment being made don't serve any borrower well.    

Why do I say that?

Currently, many housing markets across the country are experiencing steadily rising home prices.  And those prices are rising at a speed that outpaces most buyer's ability to save for a down payment.  

Add to that, mortgage interest rates have recently experienced some movement higher and have remained somewhat volatile.  Especially for those home buyers with restrictive finances or small savings, even small increases in interest rates can prove problematic.  These 2 factors combined can definitely inhibit someone's ability to save for a down payment.

This dilemma regarding down payment was once again brought home to me this last weekend.  A young couple I was speaking with expressed that they were reluctant to buy until they had a full 20% down payment saved.  

But upon our examination and comparison of all the factors mentioned above (rising home prices, their capability to save, current interest rate volatility) they came to a much different conclusion.  Buying NOW with a smaller down payment made better financial sense for them.  Even with Private Mortgage Insurance figured into a mortgage payment.

The beauty of the modern mortgage is this ...  

There are typically choices, even for challenged borrowers, and options available for their consideration (even if the options can only be exercised at some point in the future).  

Further:  The options and choices they make will better "customize" their financing to their individual needs and circumstances.  Definitely an improvement from mortgages of the past.

If you're hoping to buy/finance a home, I strongly suggest you do the following:

• Start your search for info and advice before you hope to buy.  Even 1 year prior is not too early
• Check your Credit Report and Credit Scores (Request your free report at www.annualcreditreport.com)
• Seek referrals to find an experienced and knowledgeable Mortgage Originator. (Not sure who to ask, what to ask or look for? Click HERE)
• Seek a Mortgage Originator's advice and guidance
• Ask them questions ... Get answers
• Seek their analysis of your credit and finances
• Seek your Mortgage Originator's analysis and comparisons of your financing options
• Proceed forward based on that advice

Only through the above route can you determine your ability to buy a home and the best and most expedient means for doing so.

If one of your goals is the purchase of a home, seek and find the best route and most economical way of successfully completing that goal.  And keep in mind that no matter what you've heard, saving a 20% down payment may ... or may not ... help you accomplish that goal.

Find out which down payment option is the best personal option for you.  In Chicagoland - IL - WI, let's talk today ...

* Hoping to buy or refinance a home in New Lenox or elsewhere in the Chicagoland - IL - WI region? Contact me today. I'll put my 40+ years of mortgage experience hard to work on your behalf.
I'm 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

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!

2017 - Haunted Round Barn Farm Festival in Manhattan

2017 - Haunted Round Barn

Farm Festival in Manhattan

Do you like hayrack rides?  Hay mazes?


Big bonfires at night?

Spooky things that can scare you out of your mind?

Then head to "Haunted Round Barn Farm Festival" in Manhattan, IL on October 20, 21 & 27, 28, 2017.  

Hours for this year's Festival are:  6 pm to 10 pm

Other features of this spooky Festival include:

• Bounce Houses
• Kids Haunted Area
• Fall Treats
• Music
• Obstacle Course
• Trunk-or-Treat
• Haunted Forest
• Children's Spook Room
• Rat Rods Car Show (October 20th)
• More

An admission of $5 per person will be charged to attend the Festival.  

At Halloween, all roads lead to the Manhattan Park District's "Haunted Round Barn Farm Festival".  A map/directions can be found HERE.

Go prepared to enjoy!

Halloween is scary.  Financing your home should not be.  

If you're hoping to Buy or Refinance a home in Manhattan 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 and remove your fears.
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

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 a

nd 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 Greatly Appreciated & Welcomed!