2 Simple Steps That Will Help You Avoid Problems During the Buying and Financing of Your Home

2 Simple Steps That Will Help You 

Avoid Problems During the 

Buying and Financing of Your Home     

     There's an old saying that I heard frequently while awaiting the birth of my children ...
   

 "Babies rarely arrive at convenient times, but come in the middle of the night." 

     Now I don't know if statistics back that up or not, but I do know this:  

     With my own two boys arrival, we headed to the hospital in the middle of the night.  

     And ... a strong analogy can be drawn between this saying and the "arrival" of problems within real estate and mortgage transactions.  They too rarely arrive during working hours or at convenient times.

     Currently I'm working with 2 couples that'll attest to that.  Both have seen multiple issues crop-up within their transaction.  As a result, both have needed answers, assurance provided, and action taken during "non-traditional" working hours.  

     In each case, I've become much more than their Mortgage Originator.  I've become their info, resource, and communication center.  Making phone calls, writing emails, speaking with attorneys on their behalf, asking questions, pushing for answers and action ... because they are getting no info or response otherwise.       

     In both transactions, the "process" will likely be blamed for the issues faced.  But the truth is, in both of these transactions, it's NOT the process at fault.  Problems are human caused and human generated.

     Most of the problems that have occurred so far could have been avoided easily. Two simple actions could have prevented them:

• The Buyers and Sellers could have conducted a more intensive search for experienced, knowledgeable professionals to represent them  (Click on the pic to the right for some great guidance in doing that.  Thank you Bill Gassett, Re/Max Executive Realty, MA)  
• Better communication practiced

     
     So how do these transactions tie into the analogy I've made?

     It became obvious early-on in both transactions that multiple professionals representing my clients had little or no experience with real estate transactions and getting a transaction to the Closing table.  

     There were: 

• Rookies involved 
• Non-real estate related attorneys 
• Those working other jobs besides their real estate-related one
• Those that worked or answered communications only during daytime, week-day hours 
• Terrible communicators  

     Each of the above has contributed greatly to the issues cropping-up ... and caused delays, extra work, and stress for all involved.  

     Now there's no denying that today's real estate and mortgage process(es) demand far more time and attention to detail than they used to.  But it can be navigated smoothly if qualified, knowledgeable professionals are used.  

     In both cases, we'll Close the transaction successfully.  But ... had the Buyers (and Sellers) taken more time to research the professionals they chose to work with, problems would have been fewer or non-existent.  

     Simply having chosen professionals that were more accessible, more experienced, and better communicators would have reaped far better results and less stressful transactions.  Right now, neither couple is enjoying their experience.  Sad ...

     While it's true the potential for problems always exists within any transaction, the issues don't have to be catastrophic or totally stress you out.  Choosing the right professionals can prevent that.

     So take my advice and conduct the 2 simple steps above.  You'll be very glad you did ...

     *  Hoping to Buy or Refinance a home in Chicago or elsewhere in the Chicagoland area?  Contact me!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.

     I can be easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  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

gmundt@goapmc.com

www.genemundt.com

  

             

       

Gene Mundt, Mortgage Originator, an Originator with 37 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 Welcomed!

      

      
     

     

      

      

     

     
     

     

     

     

     

Permitting and Registration Just Got Easier in New Lenox, IL

Permitting and Registration Just

Got Easier in New Lenox, IL

     Just in time for our area's busy construction and home improvement season!  
     

     Great news has arrived for residents, contractors, those hoping to build/improve a home ... and business owners renewing business registrations within the Village of New Lenox, IL ...

     The Village of New Lenox has implemented a new permitting website that offers information and simplifies the application for construction permits and business registrations within the village boundaries.  

     This new feature offered by the Village also allows Applicants to follow the progress of their registrations, permits, and inspections.  It also allows for online payment of applications once an approval notification is received.

     A handy instruction page provides a list of the supporting documents that must accompany each application.  

     Permits/Registration for the following can now be made online:

• Driveway
• Fence
• Shed
• Windows
• Doors
• Siding
• Roof Modifications
• Business Registration
• Contractor Registration (Renewals Only)

     Those hoping to make application for any of the above must create a User Account in order to utilize this online feature.  

     Please Note:  Applicants will be required to choose either a Residential Account or Business Account, depending on the action being taken within the site.

     To create an online account, click HERE.

     Also:  All hired work within the Village of New Lenox must be performed by a contractor registered with the Village.  Permits for building are not approved otherwise.

     Further details regarding the above and other features of living and doing business within New Lenox can be found on the Village website (HERE).

*  Hoping to Buy or Refinance a home in Chicago or elsewhere in the Chicagoland area?  Contact me!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  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

gmundt@goapmc.com

www.genemundt.com

  

             

       

Gene Mundt, Mortgage Originator, an Originator with 37 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 Welcomed!

     

     



     

       

Beyond Down Payment: What Will My Mortgage Closing Costs Be?

Beyond Down Payment: 

What Will My Mortgage Closing Costs Be?  

     When I first speak with new mortgage clients … especially those that are first-time home buyers … there's often a bit of confusion regarding what costs will be involved in the obtaining of their loan.

     After I've spent some time with them detailing the costs of their loan, I find that many say they were surprised to find that they’ll incur additional costs beyond the funds needed for down payment. (Unless, of course, they’re using a 0% down payment program).

     Many had incorrectly assumed that their down payment was all that was needed to buy.  But it's a fact.  There are also several fees, beyond that of a down payment, typically involved in the financing of a home.

     So what are those Costs?  They include, but are not limited to:

     Lender Fees:

• Appraisal
• Credit Report
• Application Fee
• Flood Certification
• Origination Fee
• Underwriting
• Processing
• Mortgage Interest

     Title Company Costs:

• Settlement /Closing Fee
• Owners Title Policy
• Lenders Title Insurance
• Endorsements
• Recording Fee(s)
• Tax Service Fee
• E-Mail/Wire Fees

     Third Party Costs:

• Attorney Fees (if applicable)
• Home Inspector
• Surveyor
• Home Owners Insurance
• City/County/State - Real Estate Transfer Tax Stamps
• Condo Association Documents (if applicable)
• Possibly More, if/when applicable

     Now please note:  Costs do vary from Mortgage Lender to Mortgage Lender. The same goes for title companies and third-party vendors involved in the transaction.

     Also:  Each property location being considered for purchase, (state, county, city, subdivisions, etc.) can mean different costs paid at the time of Closing (Monthly Mortgage Payments can also differ even if Sales Price remains the same). That makes it virtually impossible to list and identify specific costs within this article.

     To be fully informed: Borrowers should take steps to educate themselves regarding cost variations that may exist between the homes considered for purchase. 

     The best source for this needed information?  Your Loan Originator and/or Realtor.

     Since the costs listed above are paid in addition to any Down Payment funds needed, Borrowers are asked to show they have the ability to cover their Closing Costs with proven money/funds/balances in accounts ... OR request that their Seller offers a Closing Cost Credit to pay for all, or a part of, their Borrower’s costs due at Closing.

     It's important to note that some states require the Seller to pay or reimburse a Borrower for certain title company charges, and/or real estate taxes, and Transfer Tax charges. Again, the specifics regarding this are tied to the location of the home being purchased. 

     My advice regarding Closing Costs is always this:

     Ask ALL your questions and gain the information you need BEFORE you make your offer ...  

     And if you find that you’re working with an Originator or Realtor that is ill-prepared to address your questions or unwilling to provide you the information you need?  Move on. Only work with professionals that will.

     Because only then will you be thoroughly prepared to make a wise decision regarding your choice of home and its financing …

*  Hoping to Buy or Refinance a home or Investment Property in New Lenox - Will County - Chicagoland - IL/WI?  

     Contact me!  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 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 & WI. 

Referrals are Welcomed!