“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomeIllinoisWill County

About Will County, IL

Blog_tag

FHA will lower its Upfront Mortgage Insurance Premium

03-09-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
  • view my blog
  • Office: (815) 485-5500
  • Mobile: (708) 439-0165

FHA’s Streamline Refinance Program could benefit millions of borrowers whose mortgages are currently insured by FHA.

Cecelia Marlow a respected Loan Officer shares news beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.

Qualifications:

1. Borrowers must be current on their existing FHA insured mortgage.

2. Mortgage must have been endorsed on or before May 31, 2009.

Currently, 3.4 million households with loans endorsed on or before May 31, 2009, pay more than a five percent annual interest rate on their FHA-insured mortgages. By refinancing through this streamlined process, it’s estimated that the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month.

More Changes Ahead

Late last month, FHA also announced it will increase its upfront premiums on most other loans by 75 basis points to 1.75 percent. In addition, FHA will raise annual premiums 10 basis points and 35 basis points on mortgages higher than $625,500. Read FHA’s new Mortgagee Letter.

This will be effective for all FHA Mortgages originated after April 1, 2012.

Cecelia Marlow

Mortgage Banker

NMLS #294376

Contact Information

Direct (312) 738-6294

Fax (312) 491-7704

3 Comments
Blog_tag

The value of household real estate fell by $367.4 billion

03-09-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
  • view my blog
  • Office: (815) 485-5500
  • Mobile: (708) 439-0165

Household Worth in U.S Increases as Stock Prices Rebound

By Shobhana Chandra - Mar 8, 2012
Play
Foreclosure Aid May Help Property Investors

Household wealth in the U.S. climbed from October through December for the first time in three quarters as an increase in stock prices outstripped a decline in home values.

Net worth for households and non-profit groups increased by $1.19 trillion in the fourth quarter, or 2.1 percent from the previous three months, to $58.5 trillion, the Federal Reserve said today in its flow of funds report from Washington. Housing wealth decreased by the most in more than a year.

Enlarge image Household Worth in U.S. Rises for First Time in Three Quarters

Household Worth in U.S. Rises for First Time in Three Quarters

Household Worth in U.S. Rises for First Time in Three Quarters

Chip Chipman/Bloomberg

Buildings in San Francisco.

Buildings in San Francisco. Photographer: Chip Chipman/Bloomberg

Enlarge image Household Worth in U.S. Rises

Household Worth in U.S. Rises

Household Worth in U.S. Rises

Jacob Kepler/Bloomberg

Rows of houses stand in Las Vegas, Nevada.

Rows of houses stand in Las Vegas, Nevada. Photographer: Jacob Kepler/Bloomberg

The Standard & Poor’s 500 Index (SPX), which rose 11 percent in the final three months of 2011, is again climbing this year as the improving job market builds confidence in the expansion. At the same time, the gain in wealth last quarter was less than half the previous period’s slump, indicating households may continue to repair balance sheets hurt by the recession.

“Consumers are generally repairing their balance sheets,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia. “The performance of the stock market has been a crutch for households. Consumer spending is constrained by the need to pay down debt.”

Since reaching a five-year low of $50.5 trillion in the first quarter of 2009, net worth has improved by $8 trillion. That still leaves it $8.4 trillion below the record high of $66.8 trillion reached in the quarter ended June 2007, six months before the recession began.

Real-Estate Wealth

The value of household real estate fell by $367.4 billion in the last three months of 2011, the first decrease in three quarters.

Owners’ equity as a share of total household real-estate holdings dropped to 38.4 percent last quarter from 38.9 percent.

The S&P/Case-Shiller national index of home prices decreased 4 percent in the fourth quarter from the same time in 2010, according to figures released Feb. 28. The gauge fell 3.8 percent from the prior three months before seasonal adjustment, and fell 1.7 percent after taking those changes into account.

The value of financial assets, including stocks and pension fund holdings, held by American households increased by $1.46 trillion in the fourth quarter, according to today’s flow of funds data.

The S&P 500 has risen 7.6 percent this year through yesterday amid better-than-estimated economic data and expectations Europe would tame its debt crisis.

Household Debt

Household debt rose at a 0.3 percent annual rate last quarter, the first increase in more than three years, today’s report showed. Mortgage borrowing decreased at a 1.5 percent pace, the 11th consecutive drop. Other forms of consumer credit, including auto and student loans, climbed at a 6.9 percent pace, the biggest gain in at least seven years.

The labor market may help to repair household finances. Payrolls rose by 210,000 in February and the jobless rate held at 8.3 percent, according to the median forecast of economists surveyed by Bloomberg News before a Labor Department report tomorrow.

Company balance sheets are faring better than households, today’s report showed. Businesses had a record $2.23 trillion in cash and other liquid assets at the end of the fourth quarter, up from $2.12 trillion in the prior three months.

Total non-financial debt climbed at a 4.9 percent annual pace last quarter, led by a 13 percent increase by the federal government and a 4.6 percent gain among businesses. State and local government borrowing dropped at a 1 percent pace.

To contact the report on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

0 Comments
Blog_tag

Is that the smell of sweet success in your home ... Or ???

03-09-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending: Loan Officer in Joliet, IL
  • view my blog
  • Office: (815) 277-4036
  • Mobile: (708) 921-6331

Is that the smell of sweet success in your home ...

Or ???

I'm an advocate of staging services when selling homes. I think, especially in the present challenging housing market, that sellers often-times need every advantage possible to gain the sale they seek.

I'm also the husband to a chronic migraine sufferer. And to anyone that knows and loves someone that deals with this horrendous affliction ... you know that many things can prove to be a "trigger" for a headache. And that includes smells.

Enjoy the Sweet Smell of a Successful Mortgage with Gene Mundt, Mortgage Lender It has been said that nothing is more memorable than a smell. And that can be good ... or bad ...

It only stands to reason, that if a home smells like animals, litter box, stale, musty, or of cigarettes ... many potential buyers are going to balk at buying. If those odors are bad enough, carpeting, window treatments, and even drywall may have to be replaced. And that means extra expenditures for buyers.


Uh-oh. Can you say "peeeee-uuuuuuu"?? Compare that home with odors to a similarily-priced home without ... and there's not much of a guess as to which home is going to sell more quickly.

That's a simple comparison. But it's been my experience as someone that has lived with a migraine sufferer for 35 years, that smells that are typically thought of as pleasant to most ... can be unpleasant or toxic to someone that gets severe headaches.

ANY smell can be someone's "trigger". The reaction can be immediate, with the mere whiff of the "trigger" smell enough to start a long and painful migraine episode requiring medications ... or a retreat to bed or a bathroom. (Be aware, that this can also be the reaction for someone with respiratory problems, as well.)

So as strongly as I advocate finding the "sweet smell of success" through the talents of staging professionals and the use of their staging techniques during the sale of properties ... I also advocate and urge all professional Stagers, real estate agents/brokers, and home sellers themselves ... to NOT place scents, perfumes, candles, potporri, air fresheners, herbs, flowers, i.e. ANY odor-producing items in properties while they are actively being shown for sale.

Should they be utilized,you may be innocently and inadvertently placing a potential buyer at health risk ... and the view/sale of the home in jeopardy.


Remember, a potential buyer will never buy a home that they cannot enter or cannot view ...

* Smell the "sweet success" of selling your home ... or buying a new one. With over 35 years of successful mortgage business behind me, I can offer you referrals to real estate's finest home staging and agent/broker professionals ... besides my own mortgage services. Should you need answers to your questions or assistance, please contact me. I'll be happy to hear from you and put my experience and expertise to work for you.

Contact me at any of the following:

Direct: 815.277.4036 Cell/Text: 708.921.6331

Email: gmundt@thefederalsavingsbank.com

Website: www.genemundt.com

Skype: 630.219.1316

Click here 4 a: NO Cost NO Obligation Mortgage Consultation

65 Comments
Blog_tag

Homer Glen Homes Market Report December-February

03-07-12
Judy Orr - SW & near West Chicago suburbs
Judy Orr - SW & near West Chicago suburbs: Real Estate Agent in Orland Park, IL
  • view my blog
  • Office: (708) 536-8200

I have been busy for this time of year since around the end of December. There was a point in time where I thought I couldn't handle all of the buyers that wanted to look for homes, but my husband Jimmy and I handled it, although it was a bit stressful.

The chart below shows the market report for single family Homer Glen homes from December 2011 through February 2012.

Homer Glen homes market report

I am surprised that there were a couple more sellers that put their homes on the market in December vs. in January. As you can see, many more sellers are ready to sell in 2012.

The next two columns show Averge Original List Price and Median Original List Price. The next column and the chart below show the different number of sold homes in the 3 months, and you can see that figure is going up as we get close to the end of winter in Homer Glen.

Number of Homer Glen homes sold

The chart above shows the Average Sale Price and the Median Sale Price of homes in Homer Glen and you can see in the chart below that those prices are going down. It will be interesting to see if prices continue to decrease throughout 2012.

Average Sold Price for Homer Glen homes

You can see average and median days on market from the chart at the top. Why are average days increasing? Because there are still many homes on the market that are not selling, and it's usually because they are priced too high for their location and/or condition.

It is still a great time to buy. We don't know when prices will start getting stable, nor does anyone know when they will start increasing. We do know interest rates are still low right now and some think they will increase. It seems like they increase during the Spring and summer, when more sales occur.

The data above is from MRED MLS.

infographic

Real estate recovery - or not?

0 Comments
Blog_tag

I Promise to Love, Cherish ... and Pay My Bills??

03-05-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending: Loan Officer in Joliet, IL
  • view my blog
  • Office: (815) 277-4036
  • Mobile: (708) 921-6331

I Promise to Love, Cherish ... and Pay My Bills??


* Food for thought:

According to the 2010 Current Population Survey (conducted annually by the U.S. Census Bureau), there are about 7.5 million unmarried opposite-sex couples cohabiting in the United States today, a well as another 620,000 same-sex couples. The same source reported that married couples now account for only 48 percent of all households.


Contact Gene Mundt, Mortgage Lender More and more often, especially with young, first-time home buyers, I am assisting unmarried partners with their mortgage financing ... and I'm seeing huge differences in many of their money-handling styles and skills. While I see it in older couples too, the differences often are far more dramatic in the young. It's very clear ... one partner is the saver, the other is the spender. The conversations I have with them certainly reflect that too, as do their credit report(s).

Right now, I am working with a young, unmarried couple hoping to buy their first home and obtain a mortgage. Well, I should say ... SHE is hoping to buy a home. I'm not sure about him. SHE has been the catalyst of each and every call. Every piece of information or documentation I receive to advance their mortgage comes from HER. He has been forthcoming with little. He's also been very non-committal and evasive with answers. I'm a bit unsettled about him, to be truthful.
Now this young couple, may or may not end-up completing their sales transaction. I say their chances are 50-50 at best right now. The outcomes depends on how persuasive SHE can be. And if he quits dragging his feet and finally commits to the process.
It's just my opinion too, but I think this couple has bigger issues that should concern them. Their credit reports read like a life story. While both partners are young, they are old enough to have already established financial outlooks, habits, and distinguishable spending personalities. Theirs are vastly different on all counts. Extremes. And because of that, I see all sorts of problems before them long term. Red flags screaming out "Warning!" and "Caution!"

Contact Gene Mundt, Mortgage Lender for Mortgage Lending Advice Should this couple hope to have a long, happy, and successful future together, I'd suggest they have a sit-down and talk about their finances ... soon. Possibly even counseling. I think they need to be honest with each other about their financial histories (something I think she is possibly unaware of ... or doesn't understand the ramifications of) ... and their financial goals and dreams for the future. There should be no surprises ... no secrets kept between them.

They, as well as any couple (married or unmarried), should both know, understand, and then commit to what financial responsibilities lay before them. They should also know just how and what they hope to contribute as they move forward together ... and how and what they hope the other will contribute as well. An indepth, lengthy, honest conversation is warranted.
And as unromantic as it sounds, especially for this couple and other unmarried couples, this conversation needs to cover any future "what-ifs" ... and how those "what-ifs" affect them legally, should they part or die.

Unmarried partners must not assume that the legal options and protections provided them are the same as for married persons. It is my opinion that protections ... legal protections ... need to be arranged and put into place for each in this couple. That is especially so prior to a large financial purchase/commitment, such as this home ... or a car.
Unfortunately, I do not see much financial harmony within MY young home buying couple right now ... or the likelihood of any real indepth communications between them or any attorney occurring in the near future. Time will tell if they can make a "go" of this, or not. I'm hoping they prove me wrong ... and all ends-up well.
But I urge anyone hoping to buy a home with someone else, especially as a non-married partner ... discuss your plans and goals with one another. Then talk to a knowledgeable, experienced real estate attorney prior to making the financial commitment of buying a home or other large financial purchase. Understand and know your options and possible outcomes. Love and protect yourself enough to take these precautions ...


* In need of mortgage and credit advice? Some mortgage and financial planning guidance? Contact me. I'll put my experience and expertise as a mortgage lender and financial planner to work for you. Together will work towards a successful home purchase and find the financial solutions that suit your present financial needs and your future goals.
Contact me at any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316
45 Comments