In Will County, January Should Make You Think "Taxes" ... both Income & Real Estate

In Will County, January Should 

Make You Think "Taxes" ... 

both Income & Real Estate

For those that are property owners in Will County, January 15th, 2020 was a day of great importance ...

That day marked the release and publication of the Will County Board of Review decisions regarding property assessment changes for the County.  

It also marked the beginning of the 30-day window for filing an appeal for those property owners that might be dissatisfied with their property's value assessment. (Note:  Appeal Deadline is February 14, 2020)

This information is timely and important to anyone that is a property owner within Will County.  Why?

With the posting of this information, Will County property owners can get a very good idea of what their upcoming tax bills will be.  (Installments for tax payments are typically due on June 1st and September 1st in Will County, in two equal installments.)

A wealth of information is available via the Will County Supervisor of Assessment website at www.willcountysoa.com.
Property owners (lenders and other real estate professionals) can find property information by plugging-in a street number and street name in the appropriate fields made available there.  (Hint: Sometimes the less information used, the better).  

Additional links provide access to other valuable County and property information via this website ... property tax bills being just one such example of info available.  

To find tax bill information, click on "Treasury Tax Info".  The past 5 years of real estate tax history will be available by clicking on the "Five Year Tax Inquiry" link.

A far-right column (2019) will reveal the newest assessment figures for your property.  That information will include info submitted by assessment officials located:

• Locally (Township)
• County (Will)
• State (IL)

Below the total assessment shown (identified as "EQ-TOTAL"), will be any entitled exemptions that a property owner may be eligible for.  The net result of those is the "NET EAV" (EAV = Equalized Assessed Value).  

Ultimately, it's the Equalized Assessed Value ... times the 2019 Tax Rate (to be determined) ... that establishes the annual Tax Bill.   

In many cases, Will County property owners with a mortgage on their property have a Tax Escrow Account set-up within their monthly payment.  Their escrow account allows their mortgage servicer to collect monies each month ... and then pay tax bill installments from the escrow account when due.  

It's important to note:  During this time (in January of any tax year) there is what I call an "unknown factor" involved in the estimation of upcoming tax bills, as the final tax rate has not been announced as of yet.  

Ultimately, Tax Rates are determined by the Will County Clerk's office AFTER receiving the levies from various entities.  

What are those entities?  

They are:

• Schools 
• Park Districts
• Fire Department Districts
• Forest Preserve Districts
• Townships
• Library Districts
• Possibly more ...

Each of these entities has an impact on the eventual tax rate.

The above is valuable information for Will County property owners to possess.  And here's why ...

Possible changes in upcoming tax bills are available and duly noted ahead of taxes actually coming due.  That advanced knowledge is beneficial, as it allows property owners time to plan, then act regarding those upcoming changes.

For property owners experiencing a larger uptick in assessment, there may be a need to adjust the amount of tax escrow paid within their monthly mortgage payment.  If this is not performed, a shortage of monies may be found in the escrow account when taxes are due.  

Mortgage holders then must make up the difference due.  Coming up with a lump sum of money at the time the taxes are actually due may prove a hardship for many property owners.

Knowing WHERE and WHEN to look for this valuable information is very advantageous for Will County property owners.  Should you have questions regarding your property's assessment, please contact:

 Will County Supervisor of Assessment office

@ 815.740.4648 

or your local township assessor

Should you have questions regarding the Property Tax Appeal Process, click HERE.  And remember, the deadline for filing an appeal regarding your assessment is February 14, 2020 ... so do not delay.

For my current mortgage clients, if you have tax escrow questions, or are in need of your 2019 mortgage closing statement for tax filing purposes, please contact me at:  

www.genemundt.com 

or 815.524.2280

If hoping to buy or refinance a home or investment property in Will County or elsewhere in the Chicagoland - IL/WI area, please feel free to reach out with your mortgage and escrow questions. 

I'm always happy to answers your questions and assist in whatever way I can.  I'll quickly put my 40+ years of mortgage experience hard to work on your behalf.

Gene Mundt

Mortgage Lender - NMLS #216987 - IL Lic. #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, Channahon, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals are Welcomed & Greatly Appreciated!

HUD/FHA Makes More Condo Transactions Possible

HUD/FHA Makes More Condo 

Transactions Possible 

Today's homebuyers are increasingly reflective of the reality of modern life and its challenges ...

As shared in my recent post, "Mortgage Advice & Options for Un-Married Couples", non-traditional methods of home buying are becoming (often out of necessity) more common and popular, especially among younger homebuyers. 

Concerns regarding:

• Home Affordability
• Family Structure
• Marriage
• Finances
• Student Loans
• Employment
• More

... are motivating buyers to seek home buying solutions beyond those utilized most frequently in the past.

One such solution historically popular with young buyers and those downsizing has been the purchase of a Condominium.  Condos are often seen as the perfect fit for their finances, needs, and lifestyle.

Oftentimes these very same buyers, if borrowing, find the Federal Housing Administration (FHA) financing an advantageous route to purchasing their condominium.   And here's why:

• Down Payment:  The minimum down payment for FHA loans is 3.5% 
• Type of Down Payment:  FHA Allows Borrowers to receive gift funds from Family Members (and in some cases, other ways as well) 
• Credit Scores:  FHA allows Credit Scores well below Conventional Loan Requirements
• Credit Histories:  FHA allows minimal, fair, and sometimes no-credit Borrowers to qualify, pending other factors
• Co-Signing Borrowers:  With an FHA loan, Non-occupying Borrowers (typically relatives) can be introduced as Borrowers to assist in income or credit support for the Primary Borrower
• Employment History:  FHA is the most forgiving Loan Product regarding job tenure, job stability, length of employment, how income is received, etc.  
• Interest Rates:  FHA loans typically run lower than Conventional Loans, when all else is equal

Until recently, restrictions placed by the Dept. of Housing and Urban Development (HUD) on condominiums have proven to be a deterrent to many condominium purchases.  I've written multiple articles addressing this specific financing challenge in the past.

But relief from some of these restrictions arrived on October 15, 2019, as HUD Form-9991 was developed.  

Why is this so important to buyers and sellers? 

HUD Mortgagee Letter 2019-13 and Form-9991, speaks to an SUA ... a Single Unit Approval.  Form-9991 provides Mortgage Lenders the ability to request HUD approval on an individual Condo Unit ... as stated above, something disallowed in the recent past.  

For buyers:  The revisions made possible via HUD Form-9991 and approval via the Single Unit Approval Process will enable FHA insurance of individual Condo units, even if the condominium project as a whole does not have a current FHA approval.  (The property must, however, fall within the requirements stated by FHA/HUD.) 

For Sellers:  Sellers may find the incentive they need to attract new condo buyers, that otherwise may have been shut out of buying with FHA Financing.

Another positive feature of HUD Form-9991 is:

• Revisions will also provide additional flexibility in ratios, specifically the ratio of Investors to Owner-Occupants.  
• This will allow for the possibility of FHA financing in more Condo buildings.    

HUD/FHA has now realized that just because a Condominium Association had not completed the tasks required to get an Approval for the entire complex, did not mean that making a loan (or insuring a loan) on select/qualifying units, was a risky proposition.  

With the completion and submission to FHA of a fact-finding form (FHA Condominium Loan Level/ U.S. Department of Housing Single-Unit Approval and Urban Development Questionnaire), a Lender will then acknowledge that FHA has approved the single-unit approval process with issuance of an FHA Case Number.  

This procedure (completed by the Mortgage Lender) is known as the Case Number Assignment Process.  Upon its completion and issuance, an Appraisal can then be ordered and the mortgage loan processed for Loan Approval.

Having recently closed multiple loans utilizing this process, we have learned that this new process and system can work and prove very beneficial to my home buyers.  

It's been a great way for my entry-level buyers to become Condo owners.  This has been accomplished without Mortgage Lenders ... or FHA/HUD ... taking additional or unnecessary risks.  Ultimately that positively influences future actions by both. 

It's easy to start this condo-buying financing process.  As your Chicagoland - IL/WI Mortgage Originator, I can help.  

Via a brief fact-finding conversation, I will gain the important information needed to understand the Condo Association's make-up and financial standing.  This will help start the process to successfully put a transaction and its financing together ... a transaction that prior to the passing of Hud Form-9991 might have been impossible.  It may also enhance and broaden the housing that can be considered during your home search.  

If you, or your real estate professional, have questions ... reach out to me at www.genemundt.com, gmundt@goapmc.com,  or 815.524.2280.

*  Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - 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, Channahon, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and 

elsewhere within IL & WI.  

Your Referrals & Testimonials are Greatly Appreciated!

  

Mortgage Advice & Options for Un-Married Couples

Mortgage Advice & Options for Un-Married Couples

It probably comes as no big surprise when it comes to the housing market, the younger generations make up a large percentage of home buyers.

The following statistics from the National Association of REALTORS® Research Group April 2022 Report prove that to be true ...

• The typical first-time homebuyer is someone in their mid-30s 
• First-time buyers made up 26% of purchases made
• At 22%, the primary reason for purchasing a home was the desire to own a home of their own. For first-time buyers, this number jumps to 62%

But what caught my eye, in particular, is the significant percentage of homes reported as being purchased by buyers that are unmarried couples.

• Among first-time buyers, 18% of buyers were unmarried couples, and 5% were other household compositions. Both are the highest shares recorded
• Supporting statistics from a recent Coldwell Banker Marriage and Homebuying Study show that "home" is the new engagement ring: 82% of unmarried Americans surveyed, including 85% of females who aren’t married, would rather invest in a home than pay for a big expensive wedding

My own client database certainly backs up these reported statistics ...  

The number of calls and inquiries I received from unmarried couples (and single homebuyers) has grown over the last few years.  I have found that despite the additional concerns sometimes confronting young unmarried couples when buying a home, they are choosing to buy homes together in larger and larger numbers.  

What advantages to homebuying are compelling young unmarried couples to take this action?

• Buying with someone, regardless of marital status, improves home affordability
• With rent costs on the rise, 2 incomes expand the opportunity to buy a home
• 2 incomes expand the opportunity to save a downpayment
• 2 Credit Reports and 2 sets of Credit Scores can be considered for Mortgage Application
• The likelihood of being approved for a mortgage and a larger monthly payment is typically greater
• There is a joint responsibility for expenses such as utilities, etc.

But there are some challenges to buying in this manner too ...  

So with so much on the line, it's vitally important that anyone considering this type of home purchase educate and protect themselves.  A long honest conversation between all parties involved is called for before taking any action, before signing any contract to buy or applying for mortgage financing. 

What should be discussed?  

These issues should be discussed and/or resolved ahead of time:

• Credit and Financial Health  (Credit Scores directly influence mortgage options, interest rates, borrowing capabilities, etc.  Be upfront and honest, as all will be revealed at the time of mortgage application. Go to www.annualcreditreport.com to receive a free credit report)
• What percentage of the house each party owns
• What happens if the friendship/relationship dissolves?
• What happens if the couple marries?
• What if someone dies? (Who receives their share of the home?) 
• What if someone becomes disabled?
• What if one of the parties wants "out"? 
• Who and how is mortgage financing applied for?  
• How are monthly costs and responsibilities to be split?
• Who claims real estate tax benefits?
• How are needed repairs covered?  And by whom?
• Who sees that the monthly mortgage payment is made?
• How are disputes resolved?
• How and Who will you hold title to the property?  (Options may vary depending on the state you live in, but options are typically: Joint Tenancy, Tenants in Common)  
• More ...

As uncomfortable as broaching the topic may seem, it's wise to consider undertaking a legal contract between parties ... a "prenup" if you will ... before starting the home-buying or financing process.  Rules and actions for all parties involved in the purchase are resolved ahead of time this way and everyone involved is protected. 

Then after these actions have been taken you can begin your home-buying journey with peace of mind and knowing you are well-protected.  Your lender will be able to review and find your best financing options.

If you are ready to take these home buying steps anywhere in the Lincoln-Way Area, Chicagoland area, Illinois, and Wisconsin, reach out to me today @ www.genemundt.com.  

Together, we'll research all your mortgage options and decide which serves your needs best moving forward. And, as always, I suggest that my customers consult legal advice for all matters real estate related (understanding that NOT ALL transactions or states require or involve attorneys). 

* Hoping to buy or refinance a home or investment property in New Lenox - Will County or elsewhere in the Chicagoland - IL - WI area?

Contact me today. I'll put my 40+ years of mortgage experience hard to work on your behalf.
I'm easily found at:

Gene Mundt

Mortgage Lender - NMLS #216987 - IL Lic. #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, Frankfort Square, Joliet, Shorewood, Elwood, Lockport, Wilmington, Crest Hill, Symerton, Braidwood, Channahon, University Park, Beecher, Plainfield, Bolingbrook, Romeoville, Tinley Park, Homer Glen, Crete, Peotone, Naperville, etc.), DuPage County, Kane County, Grundy County, the City of Chicago, Cook County, and elsewhere within IL & WI.

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#GeneMundt #NewLenoxMortgageLender #ChicagolandMortgageLender #NewLenoxRealEstate #MokenaRealEstate #mortgageexpert

#FrankfortRealEstate #LincolnWayHighSchoolDistrict #LincolnWayHighSchoolCommunities #howmuchhomecanIbuy 

#whatinterestratecanIget #timing #mortgageexpert #moneytalk #homeloansmadesimple #experiencecounts 

#homebuilding  #askquestions #housegoals #VAloans #home #homeloanpro #JolietMortgageLender #WillCountyMortgageLender #DuPageCountyMortgageLender #GrundyCountyMortgageLender #ChicagoHomeLoans #mortgageinfo #newconstructionloans #endloans #credit #creditreport #40YearsOfExperience #WisconsinMortgageLender #ChicagoMortgageLender #FHAloans #condoloans #investmentproperty #mortgageconsultation #LincolnWayAreaMortgageLender #personalfinance #mortgageprocess #homebuyingprocess #housingmarket 

#WillCounty #fixedratemortgages #REALTORS #weddings #homeownership #firsttimehomebuyers #unmarriedhomebuyers #couplesbuyingahome #coborrowing #prenuptialagreements #security 

Your Referrals are Welcomed & Greatly Appreciated!

Gene Mundt - Herald News 2019 Readers' Choice Award Winner "Best Will County Mortgage Broker"

Gene Mundt - Herald News 

2019 Readers' Choice Award Winner 

"Best Will County Mortgage Broker"

Each year The Herald-News hosts a "Readers' Choice Award" contest ...

This year's voting took place between the dates of September 10th to September 30th.  The winners in each of the award categories were published in the paper on Sunday, December 8, 2019.

I am proud to say that this year's Herald-News "Readers' Choice Award" for "Best Will County Mortgage Broker" was bestowed upon me.  

My entire career ... over 40 years ... has been spent serving those in Will County and the entire Chicagoland - IL/WI region in need of reliable, experienced and trustworthy lending information and service.  Having received this honor is humbling, rewarding, and greatly appreciated.

Thank you to all that took the time to vote for me, as well as The Herald-News.  I look forward to continuing my lending services and educating and serving those in need of mortgage lending information, answers, and service.

* Hoping to buy or refinance a home or investment property in New Lenox - Will County or elsewhere in the Chicagoland - IL - WI area?

Contact me today. I'll put my 40+ years of mortgage experience hard to work on your behalf.
I'm easily found at:

Gene Mundt

Mortgage Lender - NMLS #216987 - IL Lic. #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, Channahon, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals are Welcomed & Greatly Appreciated!