Home for Sale: 1520 Commodore Lane, Unit #7, Schaumburg, IL

Home for Sale: 

1520 Commodore Lane, Unit #7, Schaumburg, IL

     This newly-listed home located at:  1520 Commodore Lane, Unit #7, in the Glens of Schaumburg, IL, is a spacious Condominium in the Manor/Coach/Villa style.  

     Built in 1986, this property showcases 1,328 square feet with 3 Bedrooms and 2 Baths. 

    The very affordable Listing Price for this home is:  $129,900.


    This home comes equipped with the following:

• Central Air
• Washer/Dryer
• Oven/Range
• Garbage Disposal 
• Dishwasher
• Refrigerator
• Eating-Area in Kitchen
• Formal Dining Room
• Sunken Living Room

• Master Bedroom featuring Walk-in Closet
• Master Bath with Luxury Bath 
• Gas - Forced Air Furnace
• Storm Screens
• Asphalt Driveway
• City Sewer
• Lake Michigan water

    Being a large end-unit Condominium, this property offers a private patio to relax on and common area to enjoy.  Amenities on-grounds include a park and children's playground.  Cats and dogs, within limitations, are welcome.

     Cook County Real Estate Taxes for 2012 were $3443.  The  Monthly Condo Assessments on the property are $215 and include the following home owner benefits:

• Exterior Maintenance
• Common Insurance
• Snow Removal
• Lawn/Yard Care
• Scavenger

     Located just minutes from the Schaumburg Metra Train Station, this home also offers its owners the convenience of a 1-car garage equipped with a garage door opener. 

     To view the home located at 1520 Commodore Lane, Unit #7, in Schaumburg, IL ... or other Schaumburg area homes, contact:  Lyn Sims of Re/Max Suburban at (847) 230-7324. 

     For further information regarding Lyn Sims, and her real estate services, visit:  www.lynsims.net. 

      For timely, valuable information on financing the purchase of the home at 1520 Commodore Lane, Unit #7, in Schaumburg, IL, or other Chicagoland homes ... or to see if you qualify to buy, contact:   Gene Mundt, Mortgage Lender  at:  (708) 921-6331.

                            

      Get the answers and mortgage guidance you need to get on track to successfully buy a home.  Contact Gene Mundt, Mortgage Lender, to be Pre-Qualified as soon as you decide to buy.  In today's more challenging lending environment, the sooner you get started in the mortgage financing process, the better ... as it greatly increases your chances for a successful home purchase.

     For more info regarding the mortgage services of Gene Mundt, Mortgage Lender, NMLS #216987, visit: www.genemundt.com, or email: gmundt@goapmc.com.  If you'd like to be Pre-Qualified for a home purchase or refinance right away, click HERE.  I look forward to speaking to you soon! 



Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                NMLS #216987                                    

      NMLS # 175656           



Gene Mundt, Mortgage Lender, a Lender with 36 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

 

   

    

    

    

Protect Yourself with a Chicagoland Winter Driving Emergency Kit.

Protect Yourself with a Chicagoland 

Winter Driving Emergency Kit

     Did you hear the Chicagoland weather report last night?  They mentioned the word "snow" in their report ... again ...   

     Brrrrr ...

    Fact is though, from now until the warm weather of Spring arrives once again, cold frigid temperatures, blustery winds, and snow are a very real possibility here in Chicagoland.  Add sleet, ice, and more snow.  Each could hide some very real dangers within it.

     Are you prepared to drive in quickly-changing Chicagoland weather?  To survive in your car should you have car problems, get stuck in the snow, or worse ... suffer an accident?
    

     Below you'll find a list of items that will help you address the very real possibilities and dangers of driving in Chicagoland's winter weather.  Each item on the list should be kept in your vehicle at all times.  

     Go pack and store them in your vehicle now.  That way you'll be fully prepared if you get stranded or face an emergency.   

    

      

     Collect and store the below items in your vehicle:

•  A stocked first aid kit
•  Keep a mobile phone & charger available and serviceable
•  Flashlights with extra batteries
•  Blanket(s) or sleeping bag(s)
•  Mittens, socks, and warm caps
•  A small sack of sand or kitty litter for generating traction under stuck tires.  It serves to add weight to your vehicle also.
•  A small shovel.
•  Bottled water  (Remember to allow room for freezing within your container)
•  Booster cables
•  Signaling devices such as flares or flashing lights/mirrors
•  Non-perishable munchies
•  Books, etc. to amuse kids, should they be traveling with you
•  Insurance Information for Vehicle
•  Insurance Information for driver/passengers, especially if there are specific health concerns/medications involved.  
  

     Make sure to carry your emergency kit items in a bag.  Then store and secure the bag inside your vehicle.  That way it's available to you quickly and easily if and when you need it.  (If kept in the trunk, you may not be able to access it after an accident.)

     Nobody wants to believe that the "unthinkable" will occur.  But in the event that it does, it's best to be fully prepared.   

     Protect Yourself with a Chicagoland Winter Driving Emergency Kit ... and drive safely ... 

  

     

     *  Hoping to Buy or Refinance a Home or Investment Property in New Lenox, Will County, or elsewhere in  Chicagoland - IL/WI?  
        
     Contact me today!  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

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

www.genemundt.com

eFax:  815.524.2281

             

    

Gene Mundt, Mortgage Originator, a Mortgage Originator with 40+ years of #mortgage experience, that 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, #Wilmington, #Peotone, etc.), #DuPage County, the City of #Chicago, #Cook County, and elsewhere within IL and Wisconsin.

Your Referrals & Testimonials are Always Greatly Appreciated!

After the Closing: What About Mortgage Payments?

After the Closing: 

What About Mortgage Payments?



     I recently wrote a post on Consumer complaints received about the Mortgage Industry.  Many of my readers were very surprised to find that the #1 complaint was concerning Mortgage Payments and their servicing.

     Because of a number of the comments received on this post, it became very clear to me that there is some confusion about the Mortgage Servicing Process, as it pertains to Mortgage Payments.  And maybe I need to clarify some things a bit more on this important portion of Mortgage financing. 

     So below is some background that will assist you now, while reading news/articles, or while involved in your Mortgage Process in the future.  I also include a link to the Mortgage Glossary on my website, to help even further.

     Definitions: 

     Lender, Originator, Loan Officer, Mortgage Broker, Mortgage Banker ...  All refer to the front person that typically is your point of contact to Apply for a Mortgage Loan.  They also are the person that is responsible for and guides your Application through from start to finish.

     Servicers, End Lenders, "The Bank" ... All refer to the entity (usually a well-known National Bank) that accepts your monthly payment and manages the Escrow payments for Real Estate Taxes, Homeowners Insurance, and Private Mortgage Insurance (if applicable).  They also are called upon to report your Payment History to the 3 major Credit Bureaus (TransUnion, Experian, Equifax).

     Insurers of Mortgages include:  Fannie Mae (FNMA), Freddie Mac (FHLMC), Ginnie Mae (GNMA), FHA (Federal Housing Administration), VA (Veterans Administration), USDA-RD (US Dept. of Agriculture-Rural Development) ... None of these Government Sponsored Enterprises (referred to as GSE's)  or Government Agencies actually accept Mortgage Payments.  (In other words they don't "service" Mortgages.) 

     These GSE's and Agencies simply lay down the rules, guidelines, and regulations that Originating Loan Officers and Mortgage Lenders must adhere to when a loan is "sold" to one of the above-named entities.  Over 70% of Mortgages held at a point during 2009 were eventually "sold" or placed with the Fannie Mae and Freddie Mac agencies (Source: Congressional Budget Office).

     With the info and background above, here's what happens (in the majority of cases) after a Mortgage loan is Closed.  I'm providing an example to help illustrate:

     Let's say a Mortgage loan is granted.  It's a purchase loan and its Closing Date is set for December 15th.  The Home Buyer/Borrower has opted for a Fixed Rate Mortgage with a 30 year amortization.  They want their Real Estate Taxes and Homeowners Insurance included in their Monthly Mortgage Payment.  There's no Private Mortgage Insurance involved in the payment, as the Buyer placed 20% Down (or greater) on their purchase.

     With their Closing Date being the 15th of the month, the  Buyer/Borrower "pre-pays" the remainder of December's interest due (17 days, including the Closing Date).  The Mortgage Lender also collects a "prorated" share of the annual Real Estate Taxes (based upon the last/most recent tax bill for that property) and Homeowners Insurance in order to establish an Escrow Account for the Buyer/Borrower, as of the Closing Date.

     Using this timeline, the FIRST PAYMENT due on this loan is not until February 1st.  As with ALL Mortgage loans, the Interest owed is paid after it is earned.  In other words, the February Payment is for all of January's Interest (Interest paid in arrears).  Another way to say it is, "You skip the month after the month you close in.  Then the montly Mortgage Payments begin".

     Naturally, in addition to the Interest owed, you pay down the Principal Balance proporionately, as well as 1/12th of the Taxes and Insurance(s) due for the year.  All of these portions together are what becomes the Total Mortgage Payment (commonly known as PITI - Principal, Interest, Taxes, and Insurance).

     The million dollar question is typically then:  WHO do I make my Mortgage Payment to?

     While there is no one definitive answer to this question, the greatest percentage of Home Buyers will make their payments to a Mortgage Loan Servicer.  That Servicer is likely not the same party as the Loan Originator.  And that is where it gets confusing for many ...
    

     Remember when I said that Mortgage Loans often get "sold"?  That means your loan has been placed with a different party than the grantor of the loan.  Subsequently, the first payment or two can (might) be made to the company your Originator works for ... or until the loan gets successfully "sold" and set-up for payment elsewhere for servicing.  Current and recently Closed loans are reviewed at this point for accuracy, completeness, and compliance to all Regulatory Guidelines now in place for that individual loan.
     As you can guess, this review process can take 30, 60, 90 days to accomplish.  But Buyers/Borrowers must remember that the Terms of the Mortgage (Interest Rate, Loan Term, Fixed or Adjustable Program) can NEVER be changed by the Servicer after their Closing.  Real Estate Taxes and Insurance rates can change and fluctuate however.  So any changes to your Monthly Payment will come as a result of those things, not changes in your actual Mortgage Terms.

     A good and thorough explanation of your Mortgage Payments and Mortgage Payment Services should be provided during your actual Mortgage Process ... and then again at your Closing.  That way you are better prepared for the transition to your new Mortgage Servicer when it occurs.

     Your letter of direction or communication will typically arrive within that 30 to 90 day window mentioned above.  It will include the details ... and possibly payment coupons or booklet ... within it.  From that point on, you should just follow the Servicers directions in regards to making your monthly Mortgage Payments.    

     After the Closing:  What About Mortgage Payments?  Should issues arise regarding your Mortgage Servicer ... or should you have questions, please do not hesitate to contact me.  As your Mortgage Originator, I will be happy to help wherever and whenever I can ... 

     *  Looking to Buy or Refinance a home in a Lincoln-Way Community, Will County, or elsewhere in the Chicagoland area?  Contact Me!  I'll be happy to put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at the following:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.com

Click HERE for a FREE Mortgage Consultation!

Ready to Apply for your Mortgage?



    





    

What Mortgage Complaints are Made Most Often? You Might be Surprised

     

What Mortgage Complaints are Made Most Often?

You Might be Surprised

     According to a recent report released regarding Mortgage Industry Consumer Complaints, what was the single complaint most often heard regarding the Mortgage Industry?

     A.  The Mortgage Application/Processing of a loan
     B.  Interest Rates and Fees charged on a loan
     C.  Underwriting requirements
     D.  Payment issues with their loan servicer
     E.  Loan Modifications

     I think you will be surprised by the answer ... it's D.  

     62% of the total complaints on file with the Consumer Protection Bureau (CFPB) regarding the Mortgage Industry stem from this one portion of loan service.  That means that the largest number of complaints came from Homeowners after they had already successfully closed on their Mortgage. 

    The remaining percentage of complaints typically surrounded:

• Where to send Mortgage Payments 
• Escrow shortages or overages
• Loan Modification questions and requests
• Late Payments
• The difficulty of Mortgage Application
• Signing the Agreement

     The perception of current Mortgage Industry problems is typically quite different though. The media ... and our politicians ... continue to portray the entire Industry as one mired in the same issues found prior to the housing crisis.  The reality is quite different. 

     That is not to say that the Origination side of the Mortgage business is perfect, or that Underwriting is seemless or without flaws.  Problems still exist in those areas and they provide fuel for many more posts and discussions.

    But great strides have already been made to address the ills that existed ... and changes/new rules and regulations have been put into place that will prevent them (and others) from occurring again.  Even more changes are slated for the upcoming new year. 

     Fact is though, Mortgage Originators have to a great extent successfully made the changes demanded of them.  The proof of that is reflected in the number and types of complaints currently received by the Consumer Protection Bureau regarding Mortgage services.

     But consider this:  Loan Servicing (the term used for handling of Mortgage payments, escrow accounts, modifications, etc.) ... and the #1 complaint heard from consumers ... is handled primarily by the largest Banks.  This most likely means that loan servicing is not likely to change anytime soon, especially if insuring loans becomes less GSE's like Fannie Mae/Freddie Mac ... and more private money (Banks, corporations, insurance companies).      

      Why?  These large Banks have far more lobbying power and can influence decision-makers much more effectively than the smaller Mortgage Bank or Mortgage Broker Associations can. 

     As a result, the need to "change" the industry to eliminate of what is considered the "problems of the past" is still being placed largely on the Mortgage Origination side of the Industry. But I ask ... 


     Is that really where the focus should be?  Does that truly serve the best interests of the Consumer or Home Buyer as they exist today? And does that really address the complaints and issues most Consumers currently have?
 
     As we near January 10th, 2014 and the implementation of the new QM Rules, only time will tell if any of the changes demanded make an impact or improve the actual Mortgage problems that surface most often today ... or if they just create another set of issues for Mortgage Originators and their clients to face ... 

   


    
     *  Hoping to Buy or Refinance a home within a Lincoln-Way Community, Will County, or elsewhere in Chicagoland?  Contact me.  I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.     I can be easily found at the following:

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

eFax: 815.524.2281

www.genemundt.com

Click HERE for a FREE Mortgage Consultation!

Ready to Apply for your Mortgage?