A Recipe for Disaster: Navigating your Mortgage Transaction "Flying by the Seat of your Pants"

A Recipe for Disaster:

Entering your Mortgage Transaction 

"Flying by the Seat of your Pants" 

     Have you ever heard the old saying "flying by the seat of your pants"?  

     I sense that's exactly what some of my potential clients are doing when they first talk to me about buying and financing a home.  It's like the idea of Buying a Home dawned on them in the middle of the night in the middle of some dream. 

     In this day and age of more challenging housing and financing markets, it's not wise to be "flying by the seat of your pants" when entering the Home Buying or Mortgage Process.  Potential Home Buyers and Borrowers need to give the entire process some good hard thought and preparation.  Otherwise they'll meet with frustrations and failures.

     Now I'm not trying to scare anyone by saying this.  Just the opposite.  I'm trying to get a much-needed point across while also providing a clearly marked, easily navigated roadmap to successful Borrowing and Home Ownership.  

     Let me put it this way ... as your Chicagoland Mortgage Lender, I want to be your home financing GPS system. Together, you and I will decide your destination and then we'll formulate a plan to get you there.  But then you, the client, must:  

• Listen carefully to my instructions 
• Follow my instructions in a timely manner
• Follow my instructions precisely  

      ... and you'll successfully arrive at your hoped-for destination ...  your Mortgage Closing.
 

     A successful purchase and Mortgage Closing takes thought and work on every participant's part, whether client or professional.  A Mortgage Lender can't get you to your destination on their own.  Neither can a Real Estate Agent.  Or your Attorney, Home Inspector, Appraiser, or anyone else involved in your transaction. 

     Buying a home and Closing a Mortgage takes effort on everyone's part.  Everyone must be working together towards a common goal.  

     Part of you, the client's, overall Home Buying and Mortgage financing "plan" must include rolling-up your sleeves and doing some work.  Prior to entering the Home Buying Process and throughout the Mortgage Process too.  You need to be prepared mentally for that fact.

     So, what should be the first step in formulating your "plan"?

     Contact me, your Mortgage Lender, at minimum, 3 to 6 months prior to when you hope to start your home search.  That allows time to address credit issues that might be in play.  Whether it's the establishment of credit, the repair of Credit, or the polishing of Credit Scores ... each demands time to accomplish.

     To be prepared for our first Mortgage conversation, Consultation, and Mortgage Process, click HERE for a link to a List of Documents required for most Mortgage Approvals.  You may be asked to provide additional information that addresses your specific financial scenario and transaction, but this list will cover the majority of what it typically needed.

     I see it all the time as a Mortgage Lender.  Those clients that try "flying by the seat of their pants" during their Home Buying and Mortgage financing struggle and are frustrated throughout their entire transaction.  They don't enjoy what should be a very happy time in their lives ... buying a new home.  

     A Recipe for Disaster: Navigating your Mortgage Transaction "Flying by the Seat of your Pants".  Don't let that be you.  Be prepared.  Make a plan ... 

   *   Thinking of Buying, Refinancing, or Constructing a new home in New Lenox, the Lincoln-Way Area, 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:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.com

Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

 

  

 

             

            

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, 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. 

 

 


     

    

     

          

Attend the Mokena Park District's Easter Bunny Brunch on April 12th, 2014

Attend the Mokena Park District's

Easter Bunny Brunch on April 12th, 2014

     The Easter Bunny is coming!  The East Bunny is coming!
    

     
     Hop your way over to Aurelio's Restaurant in Frankfort (IL) on Saturday, April 12th for the Easter Bunny Brunch being held by the Mokena Park District, Mokena, IL.  

     The Easter Bunny will be entertaining those in attendance with face painting and special gifts during the hours of: 10:30 a.m. to 12:00 p.m that day.

     The Fee to visit with the Easter Bunny at Aurelio's Restaurant on Saturday 12th is:  Residents:  $13/per person.  Non-Residents:  $16/per person.  Children under the age of 2 years old are FREE, but do not receive lunch or gifts.  There will be no refunds given for the Easter Bunny Brunch.

     A Buffet Lunch will be available to participants.  It will consist of:

• Pizza 
• Mostaccioli  
• Garlic bread
• Salad
• Soda 

     Every attendee of the Mokena Park District's Easter Bunny Brunch must be pre-registered by no later than Friday, April 4th, 2014.  Those participating under the age of 8 years old must be accompanied by an adult.  

     For further info regarding the Easter Bunny Brunch, contact the Mokena Park District at:  708.390.2401 ... or Email:  info@mokenapark.com.  

     The Easter Bunny looks forward to seeing you at the Brunch on April 12th!

      
     *  Hoping to Buy, Refinance, or Build a Home in Mokena, another Lincoln-Way Community, Will County, or elsewhere in Chicagoland?  Contact Me Today!  I will put my 36 years of Mortgage experience and expertise hard to work on your behalf right away. 
     I can be easily found at:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

Click HERE for a FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

             

            

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, 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. 

Credit Security Breaches: How to Find if YOU Have Been Effected. How to Protect Yourself Moving Forward

Credit Card Security Breaches:  

How to Find if YOU Have Been Effected. 

How to Protect Yourself Moving Forward

     The recent breach in security at multiple well-known retail stores has Credit Card holders more than a little nervous and concerned.  Rightly so ...

     These breaches have led to a number of my clients (those currently in the Mortgage Process and past clients as well) to inquire ... 

• "How do I check to see if I'm a victim of these security breaches?"   
• "What should I be doing about my account?"  

     Unfortunately, there isn't one definitive answer that completely addresses all the various scenarios that may exist concerning these credit breach issues.  I typically suggest to my Mortgage clients that they call Customer Support at their Credit Card Company, aka the Creditor, and request the current status of their account to ensure its complete accuracy.  Taking this action will also reveal whether their account has been compromised in any way.

     IF there is, or has been suspicious activity on an account, the account should be closed immediately ... and if desired, a replacement Card and new account number assigned.  (Don't forget to destroy old cards and update any automatic payments that are being made via the account.)

     Next,  the Credit Bureaus should be notified of the need and reason for the closing of the original account/Card number.  The action taken will then be reflected in your updated Credit Report from that point on.

      
     This is very important, should you presently be in the Mortgage Process or entering it soon ...

     DO NOT DISPUTE the account status or history of your account, but rather make a formal statement (i.e. written statement) and send it to the 3 major Credit Bureaus.  Those Bureaus are:

• Experian
• TransUnion
• Equifax

     Your written statement should include the following info:  

•  My account with (include the name of your Creditor) was closed due to a Credit Card breach by others".

or ...

• The statement should include the specific instructions provided you by the Credit Card company

     
     Again, do not dispute ... or use the word dispute, within the statement you send to the Bureaus.  Credit Lines that are referenced by "In Dispute" will cause concern for Underwriters if you are seeking a home Mortgage, or soon will be.


     Automated Underwriting Systems (AUS) now used in the Mortgage Industry will specifically denote "Disputed Accounts" and can potentially cause a denial for new credit if there are several such reported accounts.

     Credit Security Breaches: How to Find if YOU Have Been Effected. How to Protect Yourself Moving Forward ...   

     The Bottomline is:  When in doubt, talk to your Credit Card company's Customer Service Department.  If you're already in the Mortgage Process, talk to your Mortgage Lender.  

     If you're  planning to be Pre-Qualified or Apply for a Chicagoland Mortgage soon, contact me prior to taking action.  I can then successfully assist and guide you through the entire action and process.

     And remember to monitor your Credit Report consistently in the future to guarantee that the correct actions and information are being reflected there and no further issues arise ...

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

Direct:  815.524.2280

eFax:  815.524.2281

Cell or Text:  708.921.6331

gmundt@goapmc.com

www.genemundt.com

Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

             

               

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, 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. 

 

    

Heading to College? Protect Your Finances Now .. and for the Future

Heading to College?  

Protect Your Finances Now ... 
and for the Future

    
     It happens fairly frequently ...
     

While reading through a potential Mortgage Applicant's Credit Report, I'll discover that many of their reported debts and Credit Cards were first established while they were in college. And now years later, they're still trying to pay off those debts.

Yes, it's true. The Credit Card Act (signed into law May 22nd of '09) was written to address some of these issues by removing Credit Card companies ... and the temptations they offer to college students for applying for cards ... from campuses.

For those under 21, the Credit Card Act has also made it harder to be approved for a Credit Card. A parent, guardian, or spouse must be willing to co-sign on a Card ... or the applicant must prove that they have sufficient income to pay for their credit obligation.

These limitations and restraints are helping. But I can tell you from experience, they're not eliminating the problem. Not by a long shot.

Ask many of my clients. When they were in college or under the age of 21, they probably thought Home Buying was a long way off. Or they might have even thought they weren't interested in becoming a homeowner.

Whether you're planning on becoming a future homeowner or not, it's important to remain financially sound while in college. Having poor credit or large amounts of debt hurts you financially ... in the short term and long.

Access to services and the cost of those services (think cell phones/service), rent, car insurance, auto loans, and more are impacted by your debt and Credit Scores.

So what are the biggest credit and financial issues I see taking root during the college years of Mortgage Applicants?

Student Loans: Face it, often they can't be avoided if someone hopes to go to college. But the amount(s) borrowed can be addressed, as can proper usage of the monies received from these loans.

     Students must remember that Student Loans must be paid back and cannot be deferred forever.  Think long and hard before you borrow money ... for any reason.

• Lack of Budgeting:  Learning how to budget and then sticking to a budget is important.  Go crazy with your money and Credit Cards now and you'll be paying for it for a long time after you graduate.
• Making Minimum Monthly Payments:  Only making minimum monthly payments on Credit Card(s) raises the cost of the money borrowed because of all the interest charged.  Unfortunately, students often do not get the best terms for their Credit Cards.  Interest Rates are typically high.  

      A.  Credit Cards are vital to establishing a good credit history, so I'm not advocating that you don't apply for a card prior to attending college or while there.  Just use the card(s) judiciously ... and wisely.  

      B.  Pay as much as possible off the balance you owe each month. You'll save on the interest you're charged, you'll pay the balance off sooner, your Credit Scores will build higher, and you'll be better positioned to buy and borrow for the things you need while still in school ... and after you graduate too.

• Applying for too many Credit Cards: Those offers and bargains offered at the store registers can come back to bite you later.  Stick to 1 or 2 low-limit Cards and pass on opening more.
• Using the "cash advance" feature on Credit Cards:  Do this only when it's an absolute emergency.

   So many of the Credit Reports I see are "haunted" ... (sometimes for years) by my Borrowers' past expenditures and the poor credit decisions, they made while in college. Don't let this happen to you (or your child). 
     

Protect your financial future ...

Establish a budget as part of the college plans you're making. Apply sparingly for Student Loans and Credit Cards. Stick to your budget. Your financial future will be much better if you do.

And should you decide to Buy a Home in the future, you'll be much better prepared to do so at the best possible terms ...

  * Thinking of Buying or Refinancing a home or investment property in New Lenox, Will County, or elsewhere in Chicagoland - IL/WI?

Contact Me Now!  

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 and WI. 

Your Referrals are Always Appreciated!