Act Proactively! Be Prepared! Gather & Keep this Documentation & Info for Future Mortgage Application

Act Proactively!  Be Prepared! 

Gather & Keep this Documentation & Info

for Future Mortgage Application

There is typically one bit of knowledge that the

overwhelming majority of home buyers already know when

they contact me for a mortgage ...  

They know they'll need to provide "a boatload" of information

and documentation to get their mortgage ball rolling.

  

What exactly does "a

boatload" entail?  

Well, they're not sure 

about that.

And that's certainly

understandable.  

Until you've actually 

gone through the 

process of pre-

qualifying and applying for a mortgage, there's typically no 

exposure to or need for that having that kind of information.

But if you're someone that:

• Already KNOWS you want to buy
• Are dreaming about homes online, etc.
• Are actively looking at homes
• Think you might want to buy, but at some point in the future 

Well, that changes things ... 

If you find yourself in one of the situations mentioned

above, there's good reason and cause to know and learn

more about mortgage financing and what will be required of

you at that time.  There's plenty of reasons to take proactive

action. 

While the number of documents most often needed by a

lender isn't as bad as the "boatload myth" would have you 

think, it's just plain smart to educate, organize, and prepare 

yourself for reality.  That preparation will pay off for you big 

time during your application and process ahead. 

While good recordkeeping and organizational skills

always pay big dividends, they take on special 

importance when it comes to mortgage application and 

processing.  Having taken the time and proactive measures 

to retain the proper records and information required by a 

lender pays off immensely, as it helps you navigate your 

future mortgage process more quickly and easily ... and

lower the stress you feel during that time.   

So ...

• What documents, records, and information will you need for pre-qualification and mortgage application should/when you decide to buy a home? 
• What records and documents should you proactively be keeping organized and handy now until you need them later? 

I've created a video (below) that shows those things that

are typically required by lenders during pre-qualification

ormortgage application. 

Just click to get started ...  

After watching, download this video for easy

reference and referral in the future.  This and other 

info may also be found by visiting my website and clicking 

on Mortgage Checklist.

Remember to Contact Me should you have any questions or

be in need of mortgage assistance ...

*  Should you be thinking of

Buying or Refinancing a 

home or Investment 

Property in New Lenox, Will 

County or elsewhere in the 

Chicagoland - IL - WI region, please contact me. 

I'll be happy to hear from you and 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 #216987

 

American Portfolio Mortgage Corp.

NMLS #175656

 

 

Direct:   815.544.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

www.genemundt.com

eFax:   815.544.2281     

          

       

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, Lockport, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.  

Your Referrals & Testimonials are Greatly Appreciated!

What Present & Future Will County Property Owners Should Know About Property Assessments

What Present & Future 

Will County Property Owners

Should Know About Property Assessments  

Are you presently ... or are you considering becoming a homeowner in Will County, IL?  

Then the WHEN, WHAT, WHERE, and HOW of taxes and property assessments are ... and should be ... very important to you.  

Property owners (and those looking to buy a home) need to know the following:

• How much their property taxes are (or will be)
• When tax installments are due
• How taxes are calculated
• What tax rates are
• Where and how to pay taxes 
• If  a Tax Escrow should-or-is required in a monthly mortgage payment  
• How real estate is assessed 
• When the real estate is assessed
• Should they wish to protest an assessment:  When, why, and how to start the appeal process and navigate it
• More ...

Why do you need to know all this?  

Because it directly affects you.  Directly and intensely.  It affects your property investment, your pocketbook, your monthly (and long-term) finances, your life. 

So ... for anyone that presently owns property within Will County, IL ... or is presently under Contract to Buy property ...  it's important to know that Revised Property Assessments for the Tax Year of 2019 (payable in 2020) are being sent out soon.  And because 2019 is considered a Quadrennial year for Will County, this year's mailing includes all property owners.

When can Will County property owners expect this year's assessment notices?

Notices are being mailed out on August 2nd, 2019.

To help Will County property owners fully understand the assessment process, The Will County Supervisor of Assessments office is hosting Tax Forums in multiple locations across Will County.  

The locations and times for this year's Tax Forums can be found below:

So what do you do if you think the new assessment received may be too high?  

Here's some info about the appeal process itself ... and some info to help you make an informed decision regarding your property assessment:

First, it's good to know that in Will County, the appeal filing process for the Illinois Property Tax Appeal Board begins the date the Board of Review Final Decisions are published.  The deadlines are thirty (30) days from the date of publication.

For the appeal process deadline dates that apply to your area of Will County, please refer to the dates of publication via the link below: 

2019 Will County Supervisor of Assessments Publication List

If you feel that the Revised Assessment Market Value Estimate pertaining to your property is unfair, or is based upon incorrect data you have 30 days to file a formal appeal.  

This year you have until September 9th, 2019 to file an appeal. 

Your formal appeal must be placed with your local Township Assessor.  It is the local Township Assessor that maintains a Property Record Card on every parcel located within the township.  

This record card is a fact-chart of your property's features and characteristics.  The Property Record Card includes info regarding the square footage of the home, the number of bedrooms and baths it possesses, existence of fireplaces central air, porches, or garage, home's foundation  (crawl, slab, or basement), lot size and more.   

So what is considered a viable reason to appeal an Assessment?

• You can prove an error has been made.  Should there be errors regarding your property features on the Record Card being held by the Township Assessor  

       Note:  If you move forward with an appeal, you will be required to provide facts to the Assessor as proof of the errors made/kept on their Property Record Card.

• You can provide Comparables.  Another way to appeal is to compare your assessment to other similar properties in your neighborhood or area.  

       You will be required to find, then provide information regarding properties with comparable living area (square footage) and features so a comparison can be made regarding assessments.

What I consider the most impactful method of appealing your assessment:

Providing recent sales activity.  I suggest being prepared to provide your own purchase contract and Closing Statement during your appeal, as well.  

If using comparables in your appeal, it's also valuable to know how Will County Assessors calculate a property's Assessed Value.  

The calculation used by Will County Assessors is:

Estimated Market Value  X  .3333  =  Assessment

Example:

$200,000  X  .3333  =  $6,666.66

In Will County, there are 3 ways in which you can submit an appeal.  

Those are:

1. Submit your Appeal in person
2. Send in your Appeal via the U.S. Mail
3. Use the Will County Board of Review's electronic submission portal to submit your Appeal electronically.

       That portal is: borappeals.willcountysoa.com

Again:  Please remember, there are time limitations placed on the submission of your appeal.  Remember, this year's cut-off date is  September 9th, 2019.

The Will County Supervisor of Assessment's goal is to always maintain an open dialogue with taxpayers and to provide thorough assistance.  If you have questions or concerns regarding your property assessment, please reach out to them via their website or at the number 815.740.4648.... or your local Township Assessor.

I'm always happy to answer any questions you have regarding mortgage financing.  Our conversation will include the crucial role that taxes/tax escrows will play in your home purchase ... and your future monthly mortgage escrow payment.  

Please feel free to contact me so we begin our talk today ...

Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicagoland - IL/WI? 

Contact me today!  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 License #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell:  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, Lockport, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.  

Your Referrals & Testimonials are Greatly Appreciated!