In and Around New Lenox: Finances and Budgeting Lessons for Youngsters



 In and Around New Lenox: 
Finances and Budgeting Lessons for Youngsters


Having an understanding of the basics of finances and budgeting is increasingly important in today's world.  How cash "flows" is something everyone should know.

As a Loan Officer, I can tell you though ... too many people do NOT understand or utilize these important financial basics.  And I see the results of this playing out on way too many consumer credit reports and mortgage applications.

Because of the issues I see, I've long been an advocate of implementing classes in finances and budgeting as requirements for graduation in our country's high schools.  And I've written many articles voicing this financial education advocacy and action for our children.

Opportunities for learning do exist though and they can be found almost anywhere ... and now the New Lenox Community Park District has added another such learning opportunity to its scheduled classes for this Spring, 2019.  I applaud them.

Focusing on kids between the ages of 10 to 14, the New Lenox Community Park District is offering "M&M Budgeting" ... a class aimed at teaching 6th, 7th, and 8th graders financing, money, and budgeting basics.

Kids attending M&M Budgeting are given a "paycheck" in M&M's ...  

Then each child participant must establish their own budget using their M&M paycheck funds.  They must then budget for their upcoming expenditures, such as food items, clothing, entertainments, etc.  

Their subsequent expenditures help them see and deal with their budgeting choices and applications.  Real consequences ... real lessons ... all learned in a fun (and tasty) way.

The M&M Budgeting class will be held at the New Lenox Community Park District:

  • On: Wednesday, March 27th 
  • At:  1 to 2 pm 
  • At:  The Administration Building (All-Purpose Room


The deadline for registration is Wednesday, March 13th.

Should you have questions regarding the M&M Budgeting class or registration, please contact the New Lenox Community Park District at 815.485.3584 ... or go to:     



It's my opinion that the lessons shared during this class (and others like it) are extremely valuable and should be learned by children as early as possible.  Certainly prior to their leaving high school and making monetary decisions regarding future schooling or entering the work world.  

The benefits reaped from this education will accompany and assist them through their entire life ...


* If you're hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland area, please don't hesitate to contact me. I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:


Gene Mundt

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


American Portfolio Mortgage Corp.
NMLS #175656



Direct: 815.524.2280 
Cell/Text: 708.921.6331 
eFax: 815.524.2281

 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 Welcomed & Appreciated!




2019 "Manhattan Irish Fest" March 1st and 2nd - Manhattan, Illinois


2019 "Manhattan Irish Fest"
March 1st and 2nd  -  Manhattan, Illinois


Manhattan, IL is my hometown ... 

Located in the heart of Will County, IL, it's a town proud of its long history, its present vibrancy, and its bright future.  

It's also VERY proud of its deep Irish roots ...

Manhattan residents will proudly tell you that their beautiful town is the home of the "Manhattan Irish Fest", an acclaimed festival and parade that's been running since 1995.

The dates for this year's Manhattan Irish Fest are Friday, March 1st and Saturday, March 2nd.  

The renowned and well-attended Manhattan Irish Fest Parade will be held on Saturday, March 2nd.  If you plan on attending the parade, it is suggested that you arrive in town a minimum of 15 minutes before parade kick-off.  Roads near the parade route are restricted after that time.

The annual Manhattan Irish Fest Parade 5k is once again being held on Saturday, March 2nd.  You must register take part in this 5K.  The race starts at 11 a.m. 

Each year, the list of Fest activities and entertainment grows longer and more varied.  There is truly something to enjoy for old and young alike.

As in previous years, the Manhattan Irish Fest will be held in the parking lot located near the downtown ... just north of the Manhattan Fire Station 81.


Admission to all Irish Festival activities, as well as the festival grounds, requires all visitors to have an Admission Button.  Admission Buttons can be purchased until February 28th at multiple places through Manhattan ... and also may be ordered at the elementary and middle schools during the week preceding the Fest.  

Button prices are $7/each in advance or $10/each at the door.  Children under 7 are allowed Free Admission when accompanied by an adult with button(s).

The line-up for the Manhattan Irish Fest entertainment tent is:


The Entertainment Tent closes at 11 pm on Friday and 10 pm on Saturday.

 
Should you wish further info on activities, entertainment, times and more ... the Manhattan Irish Fest website can be found HERE.

Head to Manhattan, IL on March 1st and 2nd and get your "Irish On" in my hometown of Manhattan, IL.  Attend the 2019 Manhattan Irish Fest


*  Looking to Buy or Refinance a home or Investment Property in Manhattan, Will County, or elsewhere in the Chicagoland - IL/WI area? 


I'll put my 40+ years of mortgage experience and extensive knowledge of the area hard to work on your behalf.
I'm easily found at:

Gene Mundt

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


American Portfolio Mortgage Corp.


NMLS #175656



Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281


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 Welcomed & Appreciated!

It's "FATE and RATE" When Applying for a Mortgage


It's "FATE and RATE"
When Applying for a Mortgage


Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ...  

They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home.  But beyond that, what they know of the actual contribution of the two and the "fate and rate" of their loan is typically pretty limited. 

That's understandable.  Admittedly, there are many moving parts and asterisks that must be considered by Lenders along the path to quoting rates and awarding loan approval.  

Here's just one sample of that being true ...

Some types of mortgage loans regard credit scores a bit more leniently than others.  At minimum, most showcase some degree of sensitivity to "levels" of credit scores.

What I mean by this ...

Government-backed loans such as: 

are examples of those types of loans that are NOT as sensitive to credit score levels as say ... Conventional Loans.  As always, there are pros and cons to consider prior to using any type of loan, and that remains true with these loans offering more credit leniency.  

Also ... 

The mortgage fees may be a bit higher for borrowers utilizing these loans.  Plus Private Mortgage Insurance in one form or another will be required as well.  

The advantage of choosing one of these loans for your home financing is ...

Because these loans have guidelines that are a bit more "forgiving" and lenient, many hopeful home buyers find themselves able to buy and finance a home more easily (or sooner) than they previously thought possible.  With housing prices currently on the rise and saving money for a down payment remaining a challenge, these types of loans can also serve as a huge advantage for some home buyers ... especially first-time buyers.

But still, it's a fact:  Credit scores remain, to one extent or another, important in determining a borrower's "fate and rate" when they apply for a home loan.  In other words, the interest rate received AND the ultimate success or failure of a mortgage approval rest upon (along with other criteria) credit scores.


Here are some examples of that fact: 

  • MOST Conventional Loan Programs have a "minimum" credit score.  You must have that minimum score (or better) to even have a chance to qualify for mortgage approval
  • MOST Conventional Loan Programs have "stepped" pricing tied to incremental differences in credit scores.  
       A.  That means anyone with a lower credit score pays a higher interest rate.  Conversely, those with a higher credit score earn a lower interest rate.  
       B.  Borrowers with a lower credit score can also choose to pay "points" (added costs) to achieve the same interest rate that a borrower with higher credit score might earn (without having to pay "points")
       C.  MOST Conventional Loan Programs have varying interest rates for every 20 points in credit score levels
  • MOST Lenders use the "middle" score of the 3 major Credit Bureau scores pulled for a Residential Mortgage Request.  (Each Credit Bureau provides one credit score
  • When placing LESS than a 20% down payment on a home, MOST Private Mortgage Insurance Companies charge borrowers differently ... and that charge is reliant on credit scores and credit score variances in categories of 20 point increments (in MOST cases)

Note that pesky word "MOST"?  

I refer you back to the moving parts and asterisks I spoke about above.  Exceptions to the rule do exist.  

There are many factors that enter into the interest rate earned and the monthly mortgage payments you'll make.  These factors are also the basis for many other things such as the Closing Costs you pay, the loan program you qualify for, which loan program will serve your needs best ... and yes, even if you receive mortgage approval.  

It's important to remember:
  1. These "factors" are personal to you and you alone  
  2. No comparisons of your loan, interest rate, etc. can or should be made between you and anyone else  
  3. Your personal factors, over time, can change or be changed  
And that's very positive news.  Why?  

If the "fate and rate" you received or thought you would qualify for in the past was not a positive one ... you can have faith that with time and improvements made you can positively change the "fate and rate" you receive in the future.  

The fastest way to learn or change those variables is to talk and work with an experienced and knowledgeable Loan Officer.  So if hoping to buy soon or in the future, reach out to me ...


* Are you hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area? 

Contact Me! 

I'll put my 40+ years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.
I'm easily found at:


Gene Mundt


Mortgage Originator - NMLS #217987 - 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 Answers - Get a Quote 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.  

Referrals are Greatly Welcomed & Appreciated!
  




  



'Tis That Season ... to Review Your Credit


'Tis That Season ... to Review Your Credit 



Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40s to single digits ...


The above is the weather report I found for the Chicagoland area today ...  

Chicagoland residents are a hardy bunch.  Most won't even blink upon reading this weather prediction.  We're pretty used to the craziness ...

The recent polar vortex freeze that descended upon the Chicagoland area is a good example of this.  After suffering sub-zero winter temps for days, the local weather quickly changed to an upper 40's "heatwave" that saw some people outdoors celebrating on bikes and in shorts.  

Yep, we take it all in stride.  We plan ahead, make preparations, hunker down, and keep busy inside when our Chicagoland weather turns less than friendly.   

During this recent crazy weather pattern, a young newlywed couple in the very preliminary stages of their mortgage process asked me to run their credit report.  We had spoken a couple of times prior to their making this request, but nothing "official" had taken place up to this point.  

During our initial conversations, they'd talked about their finances and credit histories with me.  Then the credit report came back and well, let's just say there were a few discrepancies found between the reported reality and their earlier descriptions.

Now I don't think there was any attempt on their part to mislead me or to misrepresent the facts, their credit past, or financial standing.  I just don't think either of them fully understood the credit history of the other prior to their being together ... or had a firm grasp on their current credit status or financial standing as a couple.

We have some work ahead of us in order for them to secure financing.  But I'm happy to report that each has rolled-up their sleeves and is focusing on improving their credit scores and financial standing as I write this.

Unfortunately, this predicament isn't all that uncommon.  When there are couples or multiple borrowers involved in a mortgage application, it occurs with some frequency.  Mortgage application and credit report "pulls" some times turn into illuminating experiences.  Neither is a good time for surprises to take place.

And this brings me back full-circle to my intro regarding our recent weather challenges here in Chicagoland ...  

For those thinking of buying a Chicagoland home soon or sometime in the future, bad weather that forces us inside can provide the time and perfect opportunity to perform a credit check.  

Credit checks are what I've been recommending to everyone as of late.  

An annual credit check is very wise.  And the importance of taking advantage of this opportunity ... and doing so well in advance of starting the home buying process ... was perfectly proven by my young clients.

Had they performed a credit check earlier it would have been extremely beneficial for them.  They could have started their credit repair and credit improvement long ago, and already raised their credit scores.  Higher credit scores equate to saving money.  

But because this couple waited to check their credit and seek info and guidance, they just now learned the facts pertaining to their credit scores and standing.  They just now are beginning to pay down their debt more advantageously and strategically.  

And I cannot emphasize this enough:  If this young couple had run a credit check previously, they would currently hold a much clearer and truer picture of each other's credit history.  Something of great importance for a great many reasons.  

It's easy to run a no-cost credit check.  It can be performed at:  www.annualcredit.com.  

Each of us is entitled to this under the current federal credit laws.  Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company.  

Those companies are:
       P.O. Box 2002, Allen, TX  75013
       888.397.3742
       P.O. Box 2000, Chester, PA  19016
       800.916.8800
       P.O. Box 740241, Atlanta, GA   30374
       800.685.1111

Running this free credit check annually will help you: 
  1. Discover if errors exist on your credit report 
  2. Detect identity theft or credit card fraud that may have taken place 
  3. Monitor your financial status 
  4. Keep your credit reporting information accurate 
  5. Rebuild your credit 
  6. Improve upon savings

If you're considering the purchase of your first home, here are some additional helpful "homebuyer-to-be" tips:
  • Review ALL of your open credit card accounts often 
  • Compare their CURRENT balance to the AVAILABLE credit limit  (One of the biggest mistakes I see prospective buyers make concerns credit card limits.  Too many allow balances to exceed credit card limits ... or almost as bad, allow balances to stack-up right below their limit)
  • Borrowers should strive for balances at (maximum) 47% of their available credit limit to maximize credit scores
  • DO NOT CLOSE OUT any credit cards prior to applying for a mortgage.  Cards need to remain open with the lowest balances possible VS their limit (as mentioned above).  
  • The longer an account is open and has a reported account history, the more "weight" is given to that account.  Newer credit holds less "weight" because it has a shorter credit history reported
  • If you think you need info and help regarding your credit, contact a Loan Officer/Mortgage Originator.  Again, do this well in advance of hoping to buy (or refinance).  


Most Originators provide this advice free of charge, so why wait?  

The benefits of seeking this help go way beyond those found while seeking and securing a Mortgage.  Higher credit scores can lead to lower interest rates when borrowing money on homes, cars, and other types of loans.  They can also improve the homeowner's insurance policy (and quoted rates) available to you for your purchase.

If challenging and blustery weather conditions have you inside for the day or even a few hours, take advantage of that time.  Head to www.annualcreditreport.com or one of the 3 main credit bureaus to check your credit.  You'll be better off for it ...


* Are you hoping to buy or refinance a home or investment property in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area?

Contact Me!  I'll put my 40+ years of mortgage experience and expertise to work answering your questions and fulfilling your financing needs.

I'm easily found at:



Gene Mundt

Mortgage Originator - NMLS #217987 - 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 Answers - Get a Quote 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. 

Referrals are Greatly Welcomed & Appreciated!
  

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