The Language of Mortgage ... What You Need to Know

The Language of Mortgage ...

What You Need to Know

Possessing a knowledge and understanding of the terminology you will use while seeking and securing a mortgage loan is immensely important ...

Being familiar with the words heard and used also makes the process flow more fluidly and easily for both Borrower (and Lender).  

Because there are so many things to consider, weigh, and decide upon during even the simplest mortgage process ... owning even the most basic grasp of the words heard and used help alleviate confusion and stress for Borrowers, especially first-timers.

To help my clients navigate their mortgage process more easily and confidently, I always try to explain and educate regarding the "language of Mortgage". The video I created and provided here will help me do so more easily moving forward. 

While my simple video doesn't cover every word/term used during every mortgage process, it covers those words seen and heard most often in the majority of clients' experience. 

It's my opinion that no one should enter into the mortgage process without possessing an understanding of these basics terms.  Borrowers should always familiarize themselves with the "language of Mortgage".  It's an insurance policy of sorts.

Watch the following video ... then have a conversation with me or your own local Loan Officer.  Make sure you ask questions and request clarification of any terms (or other info) that you don't thoroughly understand before proceeding.

Feel free to share this video with others entering the mortgage and home buying process ...

And again:  Do not hesitate to reach out to me or your LO for more information and answers concerning mortgages, credit, mortgage terminology, or more.  It's imperative that you feel comfortable and secure as you enter and navigate your mortgage process.

*  Are you hoping to buy or refinance a home or Investment Property in New Lenox,  Will County, or elsewhere in 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 Lic. #216987

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,  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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

Your Referrals & Testimonials are Always Greatly Appreciated! 

Electronic Recycling Options Provided by Will County

Electronic Recycling Options

Provided by Will County

Take a moment to consider all the electronics you use and enjoy throughout your day ...  

Televisions, cell phones, video games, computers, printers ... the list goes on and on.  It's a fact, electronics and technology are available and touch upon almost every facet of our day.

The electronics we use simplify our lives.  They entertain us.  Connect us.  They serve our interests well and work hard on our behalves.

But what do you do with electronics when they breakdown and no longer work?  What do you do with old technology when it's time to replace them with newer or better technology?  

What then?

For residents of Will County, IL the answer is fairly simple as the County provides many electronic recycling sites located throughout its borders.  Certain rules apply as to what is eligible for recycling at these Will County sites, however.  

Some of those rules are:

• Only RESIDENTIALLY  generated items can be dropped off at a Will County Electronic Recycling site
• An ID proving Will County residency must be provided
• Items can be dropped off for recycling only during stated operational hours
• NO BATTERIES will be accepted (Remove all batteries prior to drop off)
• Items for recycling must be free of packaging
• There is a limit of 2 televisions for recycling per vehicle
• Recommended:  Erase the memories of those items being recycled or "clean" Hard Drives prior to drop off.  Discs should be "rewritten".

Recycling drop off sites are located at:

New Lenox Township
1100 S. Cedar Road, New Lenox
*  2nd and 4th Wednesday 

   Hours:  5 pm - 7 pm 

Channahon Township (in Partnership with Families of Faith Church)
24466 W Eames Street - Rt. 6,  Channahon
* 1st and 3rd Thursday 

   Hours:  5 pm - 7 pm 

Frankfort Township 

11000 W. Lincoln Highway, Frankfort
* 2nd and 4th Tuesday 

   Hours:  5 pm - 7 pm 

Village of Romeoville Public Works
615 Anderson Drive, Romeoville
* 1st and 3rd Tuesday 

   Hours:  5 pm - 7 pm

Village of Peotone Police Department
208 E. Main Street, Peotone
*  1st and 3rd Wednesday 

   Hours:  5 pm - 7 pm

City of Wilmington
1165 S. Water Street, Wilmington
*  2nd and 4th Thursday 

   Hours:  5 pm - 7 pm

City of Lockport

17112 Prime Boulevard (East of I-355)

*  Tuesday and Friday

   Hours:  6 am - 11 am

Of Note:  Joliet, IL residents who pay for municipal waste on their water/sewer bills can call or schedule a pickup online and have electronics picked up from their homes free of charge.  To schedule a pickup, call 1.800.449.7587 ... or go to:  www.wmatyourdoor.com.

Various businesses located within the County also offer various options for recycling of certain electronic items.  For more info and a list of those retailers, click HERE. 

New sites and options for electronic recycling are always being considered and added by the County and the communities located within it.  For the most current information and list of available drop off sites, please visit www.willcountygreen.com.

Will County offers a wide variety of "green" services and initiatives for its residents (and businesses) from the electronic recycling efforts shown above to medication drop-offs and sale of rain barrels.   Its efforts are just one of the many reasons that Will County is a great place to call home.

Should you hope to become a homebuyer in Will County, please contact me.  I'll be happy to assist you with a Pre-Qualification and the financing of your home.

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/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 Greatly Welcomed & Appreciated!

  

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:     

www.newlenoxparks.org/staff-directory

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

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. 

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? 

Contact Me!

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

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 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: 

• VA 
• FHA 
• USDA-RD loans ...

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

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 Greatly Welcomed & Appreciated!