Don't Forget to Request your Cook County Homeowner's Exemption

Don't Forget to Request your

Cook County Homeowner's Exemption

     This is a reminder for those that purchased a primary residence within Cook County during the past year (2013): 

     You are reminded that you can now request and receive a Cook County Homeowner's Exemption.  The Homeowner Exemption helps Cook County Homeowners as it provides tax relief by reducing the equalized assessed valuation on their Cook County primary residence.  (View an informative video regarding this Exemption HERE).

     Through this Exemption, Cook County Homeowners can see savings ranging from $250 up to $2000 per year on their primary residence.  Residences included in this Exemption are:

• Simgle-Family homes
• Condominiums
• Townhomes
• Co-Op or Apartment Buildings (up to 6 Units)

     
     Those applying for this Exemption the first time must have been occupants of their property as of January 1st.  For those that have been owner/occupants longer ... and did not sell their property to new owners within the last year, the Cook County Homeowner Exemption is automatically renewed.

     For those that purchased new construction:  The Cook County Homeowner Exemption is prorated if you purchased a newly constructed home that was not ready for occupancy until sometime after January 1st of the tax year in question.
    

     Applications for the Cook County Homeowner Exemption may be found at the :

Cook County Assessor's Office
118 North Clark Street, Room 320
Chicago, IL 60602

or by clicking on the link below:

Cook County 2013 Homeowner 

Tax Exemption Application

     

     Should you have questions regarding the Cook County Homeowner Tax Exemption, please contact the Cook County Assessor's Office at:  312.443.7550.

 

     *  Cook County property owners are also reminded that Cook County property taxes are due the first week of March, 2014.  For further info regarding Cook County taxes and their payment, go to:  www.cookcountytreasurer.com  or call the Cook County Treasurer's Office at:  312.443.5100.

 

 

 

     Hoping to Buy, Refinance or Construct a home in Cook County, a Lincoln-Way Community, Will County, or elsewhere in Chicagoland?  Contact Me Today!  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

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.  

Gene Mundt, Mortgage Lender can be contacted at:  

815.524.2280, 708.921.6331 ... or via his email:  gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

  

     
    


  

    

Are you Self-Employed & Hoping to Apply for a Mortgage in Will County and Chicagoland?

Are you Self-Employed & Hoping 
to Apply for a Mortgage 
in Will County and Chicagoland?

    

     From a Mortgage Originator's perspective, the most complicated Will County and Chicagoland Mortgage Applicant is often the Applicant that is Self-Employed.

     Why?

     Full Documentation Loan Files are demanded in today's Will County and Chicagoland Mortgage lending.  IRS transcripts are requested (and received) on the vast majority of Mortgage Loan Applications.  

     With Self-Employed Borrowers, the only way to verify income (and expenses) is through an Individual U.S. Tax Return and the Tax Returns filed by the business they own.  And that is true whether that business is a Partnership, Corporation, (S, C, or LLC), or otherwise.

     In most cases, no paystubs exist, as the potential Borrower's business is not paying the Self-Employed owner as a consistent wage like they do an employee.  The same is generally the case for W-2's. 

     Often, no regular monthly deposits of a consistent amount are available for review either.  So, the end analysis rests solely on the business and personal tax returns filed.  Those, in turn, are supported by Tax Schedules and Bank Statement Activity.    

     So you say ... what's the problem?

     As a rule, the majority of Self-Employeds incur expenses in the course of conducting their business.  There are tax advantages to them for reporting those expenses ... and again, the great majority of Self-Employeds take full advantage of their expense "write-offs".  

     Typically, tax advantage expenses are shown on tax returns as a means to reduce income ... which in turn, reduces the amount of taxes paid by the Self-Employeds.  That is the whole idea of filing in this manner and the advantage found in doing so.

     Unfortunately, when those Self-Employeds try to secure a Mortgage loan, this advantage ... reflected on their tax returns as "reduced" income (Net Income), serves as that Self-Employed person's "Qualifying Income" that is reviewed by the Underwriter.  

     There is really no guesswork in this equation.  Net Income

after expenses (with some exceptions and "add-backs") is what a Will County and Chicagoland Mortgage Banker and Underwriter use to determine a Self-Employed Borrower's income level.  I arrive at the Net Income by reviewing the Self-Employed's last two (2) years of filed Income Tax Returns.

     Often times, an Underwriter requires that a Year-to-Date Profit and Loss Statement from the Self-Employed Borrower be submitted.  This is especially true if the loan is being made in the 3rd or 4th Quarter of the year.  In some case files, only the most recent tax year documents are required, but often times two (2) years are needed.

     For that reason, it's a rule-of-thumb lending requirement that a Will County and Chicagoland Borrower be Self-Employed for a minimum of two (2) years in order to qualify for a Mortgage Loan.  This two (2) year history of reported income can also apply to those that are Commission Employees, or 1099 wage earners that serve as Independent Contractors (IC).

     While all of these rules and guidelines are often viewed as overly rigid and inflexible, quite honestly, they make sense. There are cases where less than two (2) years of these types of income are allowed and "approvable".  But in the context of this post, we'll refer to those as rare exceptions.

     The bottomline is:  What the IRS knows and has on record for these kind of Borrowers is what a Will County and Chicagoland Mortgage Lender's Underwriter will see ... and even more importantly, must use for determining income.  

     Self-Employeds hoping to make application for a Will County or Chicagoland Mortgage must understand that fact and know that HOW they file their Tax Returns for the two (2) years previous to their Mortgage Application will impact their ability to borrow money.  Like every other taxpayer, a Self-Employed's tax returns must be a fair and accurate depiction of their true income.  

  *  Are you a Self-Employed person hoping to Buy or Refinance a home in a Will County, Chicagoland - IL - WI?  Contact Me Today!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf so you can become a successful new homeowner.         

     I can be easily found at:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  1.815.524.2281

www.genemundt.com

gmundt@goapmc.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.  

Your Referrals are Greatly Appreciated!

Was One of Your New Year Resolutions to Get Financially Fit?

Was One of Your New Year Resolutions 

to Get Financially Fit?

      The New Year is typically the time most people pledge to make changes in their life.  They hope to start anew.  implement new habits.  Turn themselves and their lives around.
    

     Were you someone that made New Year resolutions? 

     Did those resolutions include sticking to a healthier diet, getting fit, quitting smoking, or losing weight?  

     Or did they focus on another type of fitness ... your financial fitness?

     The New Year is the perfect time to address all your fitness concerns.  To get healthy on all fronts.  To pair down, de-clutter, organize, spruce-up Credit, Credit Scores, and finances.  Tax time is just around the corner, so it's also the wise thing to do.  

     When was the last time you ran your Credit Report?  Checked the accuracy of your Credit Report?  

     Now more than ever, your Credit Scores are important.  They play a huge part in determining the cost of items and services you need on a daily basis.  

     Your Credit Scores can determine what you are charged for:

• Rent 
• Auto Insurance
• Auto Loans
• Mortgages
• Cell phone service
• Interest Rates on Credit Cards 
• More ... 

     The effect of having poor Credit and Credit Scores can be far-reaching.

     Because of this, your New Year Resolutions regarding

"fitness" shouldn't be based on diet and exercise alone.  Your Finances and Credit standing and fitness should be taken into consideration as well.  

     This is especially true should you be considering the purchase or refinance of a home in the future.

     Do you need help getting started or beginning a financial "fitness" regimen so you can become a homeowner for the first time ... or so you can return to home ownership once again?  Do you need help in polishing your Credit or just a bit of guidance so you're positioned as best as possible financially?  

     Contact me.  Together we'll discover your present financial position and talk about how we can improve it.  And should you be considering a home purchase during the coming year or the near future, we'll determine the best plan of action for you moving forward.

     No matter your financial position or financial needs, it's always wise to take the time to check them on a consistent, timely basis.  Being aware and knowledgeable about your financial fitness and health should be part of your annual fitness resolution too ...

     
     *  Looking to improve your Credit Scores and financial fitness so you can Buy or Refinance a home in New Lenox, Will County, or elsewhere in Chicagoland?  
Contact Me Today!  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 #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell/Text:  708.921.6331

gmundt@goapmc.com

eFax:  1.815.524.2281

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. 

Your Referrals are Greatly Welcomed & Appreciated! 

      

       

      

Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror

Boomerang Buyers: What to do if you see a 

Short Sale in your Rearview Mirror

        You've probably seen me mention the term "Boomerang Buyer" in a few of my posts before ...  

     This is a classification of potential Home Buyer that is contacting me more and more often for info, as of late.  As the housing downturn gets further and further in our rearview mirror, I believe that will happen even more often in the future.

     Because of the financial and real estate scenarios that gave birth to the "Boomerang Buyer" moniker, many of the questions I receive today surround the topic of Short Sales ... and their effect on Credit Scores.  That certainly was the case with one couple that I spoke to a short time ago.

     As this couple was marrying soon, they also wanted to know how one future spouse's credit history with a Short Sale would effect their Credit Scores as a couple ... and how it would effect them if they made Mortgage Application for a new home purchase soon.

     I pointed out that Credit Scores are based on each individual's unique Social Security Number and their respective histories.  Each individual has 3 Credit Scores specific to them and them alone. 

     In the specific scenario I refer to, it was the male that suffered the earlier Short Sale.  So moving forward, even after they marry, it would be only his Credit Scores that are impacted and reflect the past Short Sale. 

     The impact suffered on her Credit Scores because of the Short Sale most likely ranged from a 70 point drop in Scores to as much as 200 points.  Actually the "hit" taken by any individual's Scores depends on their previous Credit rating.  The higher their Credit Score prior to the Short Sale, the bigger the "hit" taken.

     If there were late payments previous to entering the Short Sale and the Mortgage on the former property was "settled for less than full balance owed" ... and reported that way to the Credit Bureaus by the Lender ... the impact or drop in Credit Scores because of the Short Sale were less impactful.

     It is practically impossible to fully predict the actual number of a Credit drop without knowledge of the Credit History and Credit Scores prior to the occurrence.  But typically, the mere reporting of a Short Sale will mean a "waiting period" for home loan financing for a minimum of one (1) year , but likely longer timelines will be in play.  

     Most likely the minimum wait will be two (2) years, unless the circumstances leading to the Short Sale stemmed from major income or employment hardships.   (See my post regarding "FHA's "Back to Work - Extenuating Circumstances" Program for further information on that topic.)

     Fact is, "Boomerang Buyers" or those having suffered through financial hardships, need to seek out the guidance and assistance of a Mortgage Lender well in advance of when they hope to buy a home again.  Each client's financial scenario is (much like their Social Security Number) unique to them.  Individualized analyzation and guidance will be called for.

     Credit corrections, credit repair, and implementation of the advice I provide will move smoothly ... but slowly.  Ample time is needed to successfully move forward with a purchase.  So contact me now with your Mortgage questions and needs.  We'll get started immediately ... 

     

     *  Hoping to Buy a Home once again?  Looking to Buy, Refinance, or Construct a home in the Lincoln-Way Area, Will County, or elsewhere in Chicagoland?  Contact me today!  I'll put my 37 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

gmundt@goapmc.com

www.genemundt.com

             

        

Gene Mundt, Mortgage Lender, a Lender 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.