How do YOU spell Relief? CONDO relief, that is ...

How do YOU spell Relief?  CONDO relief, that is ...

 

     I'm probably dating myself just a bit when I say I remember the commercial included below well enough to deliberately go hunting for it on  YouTube.  (And I'm sure current Dallas/Tony Romo fans say, Roger Staubach who?)

 

 

 

           Back in the early 80's when this ad was running, RELIEF was spelled R-O-L-A-I-D-S ... but as of September 13th, 2012? I think it should be spelled ... F-H-A ... Condominium Projects Revisions!

 

   Yes ...finally... FHA has revised its rules on  Condominium   Projects, for the better.  Some of the highlights include:

 

•     Remember when no more than  15%  of Unit Owners could be  30  days late on their Homeowners Association Dues Payments? Now  HUD  has relaxed that requirement to  60 days late.
•    Investors may now own up to  50% of the total units  in an existing building or project, as long as  50% or more of the Units have been sold to owner-occupants ... in other words, existing projects must have 50% owner-occupancy to be eligible.
•     New Construction or Rehab Conversions within the last 12 months, require only  30%  owner-occupancy to be  FHA certified.
•     Relaxed, clarified Insurance Requirements are now in play.
•     A Greater Percentage of Commercial Space is now allowed within a building:  Increased  to as much as  35% with case-by-case exceptions up to  50%.

        And perhaps the biggest change is the following:

 

•    Less imposing guidelines pertaining to penalties for Homeowners Associations and reporting requirements that ease the concern of volunteer officers  of Condominium Associations will now be in place.

        In other words, more Condominium Associations should be re-applying for FHA approval if their approval has expired ... and more Condo Associations should apply for approval, if they never have done so before.  

 

 

      The alternative?  Conventional Financing,  and the Guidelines attached to it.  Guidelines dictated by the  GSE   giants,  Fannie Mae   and  Freddie Mac. THOSE Guidelines remain firm and more restrictive than those offered by FHA.  Only the strong, best-positioned Condominium Projects can be financed with Conventional Financing ... a term known as "Warrantable", meaning approvable. 

 

      To me, the bottom-line is this ... It's not a perfect world for Condo Sellers, or their Agents.  But at least FHA has begun the process to help ease their pain and suffering. They're trying to provide some RELIEF.

 

 

      My suggestions for Buyers, Sellers, and Agents considering whether to take a Condo listing or presenting an offer for their Buyer? Moving forward, consider this ... 

 

     Choose ... or recommend working with a  Loan Officer   that knows the Condo Financing marketplace.  Your  decision regarding your Loan Officer could make the difference between a long, painful buying experience ... or a successful Closing.  As I have stated in prior posts, this is precisely where my years, knowledge, and expertise gained as a former Appraiser, definitively enhance my grasp and handling of Condominium financing and FHA Condominium Project approvals ... to the great benefit of my clients and Referral Partners.  The insight and information gained through my experience, makes my Buyer's, Referral Partners', and my Condo mortgage transactions a much easier, more successful, and fluid process.

 

     Within this challenging segment of the real estate market, no results are guaranteed.   But knowing ALL the options available to you is much better gained sooner ... than later.

 

      How do YOU spell Relief?  CONDO relief, that is ... as of September 13th, 2012 ... I  spell it ...  F-H-A Condominium Projects Revisions!

 

 

 

 

      * Thinking of buying a  Condominium  within  Will County   or elsewhere in the Chicagoland region?   Contact me  now!  I'll put my mortgage and appraising knowledge, expertise, and experience to work on YOUR behalf ... or your clients'.

      I can be reached through any of the following means:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

Email:  genemundt

www.genemundt.com

Skype:  630.219.1316

Mobile:  m.genemundt.com

 

 

      You're invited to find/follow me via your favorite social media also!

The Power of your PIN or Password: Wimpy or Mighty?

The Power of your PIN or Password:

Wimpy or Mighty?

 

 

 

 

 

      As a  Mortgage Lender, I see and review many credit reports for clients and Referral Partners during the early stages of the mortgage process. And all too often, those reports I'm reviewing exhibit that security breaches or errors have been made on accounts, both banking and credit.

 

      Now sometimes, especially when human error is involved, the problem is easily fixed. In those cases, proof is produced to clear-up the problem ... and/or a Letter of Explanation is provided to the account holder (or credit bureau itself) to rectify the issue.

 

      But once-in-awhile, the problem is a bit different in nature. And typically my client is unaware of the problem's existence. Either "life" got in their way ... or they simply were not paying attention.  But we find ... through their credit report review ... that some how ... some way,  their credit account or debit card has been hacked, their PIN (personal identification number) or password stolen.  I bet you know someone personally that's suffered through this in some way at some time.

 

      I just read an article this last week that addresses this more menacing issue.  Written by Lisa Scherzer of  "The Exchange"  on  Yahoo! Finance,  the article told just how very easy it is for criminals to figure out account PINS and passwords.  Seems collectively, we account-holders aren't too imaginative in our efforts to create these security defenses and they're getting breached often.

 

      Ms. Scherzer reported within her article, that data scientist, Nick Berry, founder of  Data Genetics  consultancy, analyzed passwords from released/exposed password tables and security breaches. For those codes that were just 4 digits long, there were only 10,000 possible 4-digit code combinations for the numbers 0 through 9.

 

 

      Nick Berry broke those 10,000 options down to find the least and most predictable combinations  of digits. And what he found was that almost 11% of the 3 to 4 million 4-digit passwords analyzed utilized the code, 1234. 11%!! And it was found that 1234 was used more than the lowest 4,200 codes combined. Make you stop and think??

 

    The 2nd most popular code/PIN was: 1111, (6% usage). Next came:  0000, (2% usage).  Just last year, another  data company and report  found that the most-often used PINS and Passwords were "123456" and "password", respectively. We're a clever bunch, aren't we?

 

      But of all the stats and info I read, perhaps the one that alarmed me the most was the following:  It was found that 26.83% of ALL passwords were discovered easily by utilizing just 20 different combinations of 4 digits.

 

      Use a birth date? An anniversary date? Telephone number? Address? A family member's name? How 'bout your dog's? There's no doubt that they'll help you remember your code. But guess what ... they help criminals crack-it too. And fairly easily.

 

      Also within this informative and helpful article were two tables. One was of the Top 20 most frequently used 4-digit combinations ... and the other of the 20-least frequently used 4-digit combinations.  I suggest strongly that you follow the link provided within this post to see which of the tables your  PIN falls within ... or if it's somewhere in between.  Do some investigating ... and find out where the likelihood of your PIN or password being de-coded lies. Then consider changing your PIN or password.  Because, as I said at the beginning of this post, breaches of security do happen. With remarkable and increasing frequency.

 

     The Power of your PIN or Password: Wimpy or Mighty? Check it out ... and then use the  information and links  provided here to your advantage. Make changes, if needed. Protect yourself, your accounts, your family, and your assets. Do it NOW!

 

 

 

 

     * Hoping to buy or refinance a home within a  Will County  community or elsewhere in the Chicagoland region?

Contact me  now!  I'll put my 35+ years of mortgage experience and expertise to work on your behalf.

I can be found through any of the following:

 

Direct: 815.524.2280

Cell/Text: 708.921.6331

Email:  gmundt@goapmc.com

www.genemundt.com

                                                Skype: 630.219.1316

                                            Mobile:  m.genemundt.com

Frankfort Park District & "Wine Styles" are Hosting a Wine Tasting on November 16th, 2012

Frankfort Park District & "Wine Styles"

are Hosting a Wine Tasting on November 16th, 2012

     If you live in the Chicagoland region, you've already had the "pleasure" of experiencing a bit of what's surely coming .... winter weather!  Many of our recent  Chicagoland  nights have seen temperatures dipping down into the low 30's.   Brrrrr .....

     If you're anything like me, these temperatures have sent you scurrying for some warmer clothes, blankets for the bed, and perhaps ... even had you starting-up the furnace a night or two.  Staying warm is definitely something creeping into our minds once again.

     But after this last summer with its endless string of red-hot days, I'm finding this change of weather refreshing.  I'm ready for some cold weather activities and pursuits.  One of my favorite pursuits is putting my feet up, relaxing by a warm fireplace, and sipping some wine.  Feel toastier just writing about it!

     To help you have the tastiest wines on hand for your  cold weather nights,  the  Frankfort Park District,  along with  "Wine Styles"  in Frankfort,  is hosting an evening of wine tasting and hors d'oeuvres on  Friday, November 16th,  between the hours of 7 pm to 9:30 p.m., at the  Founders Community Center,  located at  140 Oak Street, in Frankfort, IL.

    All attendees must be 21 years of age and older.

   50 different wines will be available for sampling and ordering throughout the evening.  "Wine Styles"  will be on hand to explain about the many varieties of wines on hand and assist you in selecting the best wines for you and your holiday celebrations. 

     Registration is required for this event.  Registration will not  be available at the door the evening of this event.   The Registration Deadline is:  November 13th.  There is a  $12 fee  for this  Fall Wine Tasting  event.  Registration/Payment should be made by contacting the  Frankfort Park District at:

                                                     815.469.9400

or through  Online Registration at:

frankfortparks.org/registration.aspx

     Space is limited for the  Fall Wine Tasting  being hosted by the Frankfort Park District and  "Wine Styles",  November 13th  at the Founders Community Center  in  Frankfort, IL ... so don't delay.  Register today ... and be ready to enjoy that cold winter weather coming our way!



       *  Dreaming of buying a home with a warm, wonderful fireplace in the Frankfort,  Will County,  or Chicagoland area?  Contact me  today!  I'll put my 35+ years of mortgage experience and expertise to work for you ... and turn your dream of owning a home into a reality!
     I can be found at any of the following:

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

www.genemundt.com

eFax:  815.524.2281

Skype:   630.219.1316

What Neighborhood Means ... It's More Than a Cup of Sugar

What Neighborhood Means ... 

It's More Than a Cup of Sugar    

     Not too long ago, my wife received a call from one of our neighbors.  The neighbor was asking Marilyn to come over immediately, as she had cut herself and needed help.  Could Marilyn apply a butterfly and not pass out?  My wife could, so she ran over and assisted.

 

     But this incident got me thinking about how very important our neighbors and neighborhoods  are ... and can be to the quality of our life.  In some small and big ways ... and even in unexpected ways.

     Our family has been blessed in each of the homes we have owned.  In fact, when living in our first home in Mokena, each of our neighbors jokingly said that if one of us moved, we'd all have to move with them.  Each of our households realized just how fortunate we were to have the unique and wonderful blend of neighbors that we did.  And just how dependent we were on each other on so many levels. 

    Each family from that neighborhood eventually ended-up going their own way, but the sentiment that we each held during the time is strong proof that the act of choosing a home should not be taken lightly.  And that the criteria that a potential Buyer should use to make their choice should go beyond that of a home's design and price.  For so many important reasons, the choice of a home should also be based on ... location, location, location.

     What is some of the information regarding a neighborhood that should be sought out prior to signing a contract on a home?  I think the answer lies in what the Buyer considers important to the quality of their  life. 

What do they depend on regarding community services?  What location would best support their lifestyle?  What will be their proximity to the business services they use most often to support and enhance their life?  How close or accessible will they be to all these important things, should they buy at a specific address?

     What are some the things that should be considered?

• Parks
• Restaurants
• Entertainment/Theaters, etc. 
• Activities
• Grocery/Shopping
• Libraries
• Doctors/Hospitals
• Schools/School Districts
• Places of Worship
• Ages of neighborhood population
• Transportation/Commuting/Proximity to commuting/highways
• Taxing bodies/Taxes
• Community Comprehensive Planning
• Community Services - Police, Fire, Water, Sewer, etc.
• Location within the neighborhood, i.e. corner lot, backing-up to busy street, surrounding properties
• Crime rates
• Population/Density
• Noise Levels of Area
• Odors or Air Contaminants
• More ...

     As a former real estate appraiser (and often to the frustration of my wife), I have a tendency to look way beyond a home's appearance and price point.  I look to a property's surroundings and the history of sales within the area.  I believe potential home buyers should act and do much the same.  

     Home buyers should never lose sight that, even if they think they’ll never sell, future circumstances might cause them to do just that.  And educating themselves and remaining educated about the sales history of a neighborhood is very important.

     Buyers need to remember, they're not just buying a house.  They're buying a neighborhood  too ... one I think most Buyer’s hope they'll become an active participant within.  And a neighborhood that hopefully embraces them in return.   

    Most hope that the neighborhood they choose will provide neighbors so caring that they can be called upon to offer a cup of sugar ... or even help to place a butterfly after an emergency.

     *  Receive neighborly mortgage service when buying your new home in the perfect New Lenox - Will County - Chicagoland neighborhood.  Contact me  to ask your financing questions or for a mortgage consultation today!

     I'm easily reached at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

     eFax:  815.524.2281     

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 Appreciated and Welcomed!

FREE "Used Tire Collection" and Recycling Event, Friday & Saturday, October 26th and 27th, at the Will County Fairgrounds, Peotone, IL.

FREE "Used Tire Collection" 

& Recycling Event, Friday & Saturday, October 26th & 27th, at the

Will County Fairgrounds, Peotone, IL

     It's a fact, many municipalities no longer pick-up used tires.  And unless you have left a worn, flat tire at the service that provided a new replacement tire ... you probably have that old tire(s) lying somewhere in your garage or a storage shed.  And it's collecting dust, in the way, and possibly even providing a safe haven for mosquitoes or rodents. 
   


     Well, if you live in the  Will County (IL) area, I have a solution for your tire disposal problem.  This Friday and Saturday, October 26th and 27th, the Will County Land Use Department will be hosting a FREE  "Used Tire Collection"  and Recycling Event.                          
     This event will be held just north of  The Atrium  in the  Will County  Fairgrounds in Peotone, IL located at:  710 S. West Street in  Peotone.   

     The hours of the FREE "Used Tire Collection" and Recycling Event are:

Friday, October 26th:  8 am - 3 pm

Saturday, October 27th:  8 am - 3 pm

      Off-rim and on-rim tires will be accepted at the FREE "Used Tire Collection" and Recycling Event.  All tires must be cleaned-off with no soil on them.  Soiled tires will NOT be accepted during this event.

     A limit of 500 tires per vehicle is set for this event.  

     Recycling used tires helps our environment, as tires never degrade.  Be a responsible citizen this weekend ... and free-up space in your garage at the same time.  Recycle your old, used tires at the FREE  "Used Tire Collection"  & Recycling Event, Friday & Saturday, October 26th & 27th, at the Will County Fairgrounds, Peotone, IL.

    *  Don't be caught flat with bad mortgage service when buying your new home or refinancing.  Contact me ... Gene Mundt, Mortgage Lender for mortgage service that will leave you "pumped up".

     I can be found at any of the following:

Direct:   815.524.2280

Cell/Text:   708.921.6331

gmundt@goapmc.com

www.genemundt.com

eFax:  815.524.2281    Skype:  630.219.1316

Halloween Safety Tips for

Trick-or-Treaters of All Ages 

and Family Pets

     Halloween is supposed to be lots of fun ... and scarey .... 

     Dressing up in outlandish costumes.  Raking in tons of free candy.  Parties.  Trick- or-Treating with your friends.  What kid wouldn't call that the perfect holiday?

     But the potential for danger can exist on Halloween too.  Extra preparations, planning, and precautions need to be taken to make sure that Halloween is memorable for the right reasons. 

     For both kids and adults ... the selection of a Halloween costume is important.  Whether purchased or homemade, a costume needs to be safe, comfortable, and hazard-proof.   

     While making your costume selection, consider these tips:

•    Make sure that ALL costumes are made of flame retardant materials.  
•    When wearing a mask, do not limit or compromise your eyesight in any way.
•    Pre-Test any Halloween make-up you will be wearing in advance for possible reactions.
•    Place reflectors, flashing or glowing lights, reflector rapes, etc., on a costume that will be worn at dark.  Or have your child carry a light stick to heighten visibility.
•    Make sure that a costume fits properly, as to avoid tripping or pieces of clothing (or Props) getting in the way or snagged on objects.
•    Do NOT let children carry hard plastic items, such as swords, scythes, etc.  Items such as these should be flexible to prevent harm, if fallen on.

     During Trick or Treating ...

•    Children should be accompanied by an adult.  The larger the group of children, the more adults needed.
•    Make sure children have "buddies" or Trick-or-Treat in tandem with another.
•    Plan a safe route and stick to it.  If older children are allowed to go in a group, make sure someone within the group has a cell phone.
•    Restrict routes to main, well-lit areas.  Tell children NO Alleys.
•    Stick to Trick-or-Treat hours established for your area ... or curfews.
•    Instruct your children to not eat any candy until you have inspected it.
•    Instruct children to NEVER enter a home or a car of a stranger ... or without your permission.
•    Have "that talk" with your child about destroying property and vandalism and respect for others. 
•    Remember to check both ways when crossing a street.  Hold the hands of little ones within the group, to make sure they do not dart into traffic.

     And for Teen Trick-or-Treaters and Adults:

•    If driving to a party, please drive safely.  Remain extra vigilant and aware. 
•    Take a cell phone with you.
•    If driving, make sure you have plenty of gas to get to your destination and back.  Halloween is not the night to run out of gas.
•    Follow curfews.  Law enforcement is strict surrounding Halloween.
•    Should plans change, let your parent(s) or another adult know.
•    Vandalism is wrong, no matter the season or holiday.  Don't get caught-up in the moment and come to regret it.

      

     And don't forget to protect the safety of your furry family members:
 

•    If a Trick-or-Treater, do NOT provoke someone's pet, whether in a doorway or in a yard.
•    Do not ever feed a pet any candy.  Candy, especially chocolate, can be lethal to an animal.
•    Halloween can be a day of stress for family pets.  Place them out of danger.   Restrict them to an area where they can find quiet and less-stressful activities.
•    Should you dress-up your pet, do not restrict their movements or eyesight, impede their breathing, or have anything dangling off them or their costume.
•    Do not allow your pet near pumpkins, especially if they contain an open flame.
•    Be mindful of electricity sources or electrical cords.  No chewing!
•    If your pet is accompanying you while Trick-or-Treating, make sure they have updated tags and ID's on their collar.
•    Pick-up and dispose of all empty candy wrappers and Trick-or-Treat bags.  Place glow sticks, etc. up and out of reach. They can be hazardous, if ingested.
•   Be aware of mischievous activities and people during Halloween season.

    

     Halloween Safety Tips for

Trick-or-Treaters of All Ages 

and Family Pets.  Follow them ... and your Halloween celebrations will be memorable for safe, fun, and tasty reasons!                     

     *    Mortgage Financing doesn't need to be scarey.  Contact me today!  Together we'll fully prepare you for your successful mortgage Closing.  A real TREAT in today's financing world ...
     I can be found at any of the following:

Direct:  815.524.2280

Cell/Text:  708.921.6331

 gmundt@goapmc.com

  www.genemundt.com

Skype:  630.219.1316    eFax:  815.524.2281