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Joliet, IL

Wine, Cheese and Chocolate Food Tour in Joliet

02-10-12
LaNita Cates
LaNita Cates: Real Estate Agent in Plainfield, IL

This is a downtown restaurant/business inspired event, the fourth in a series. This is a wine, cheese and chocolate food tour and will include a wine sample and cheese pairings at three of the locations and delicious chocolate offerings at two of the locations. It is a walking tour although shuttle service will be available free of charge. Participants include: McBrody's Bar and Grill, Thayers 158 North, Chicago Street Pub, GJI's Sweet Shoppe and The Department. There will be prizes and raffles at each location beginning at 8:30 pm.

Dates: Feb. 16, 2012 - Feb. 16, 2012
Times: 5:30 to 8:30 pm
Category: Dining
Location: five locations on tour - all in close proximity, 116 North Chicago Street, Suite 101, Joliet, il 60432

Lion In Winter by Joliet Drama Guild

02-10-12
LaNita Cates
LaNita Cates: Real Estate Agent in Plainfield, IL

Set in the court of Henry II, King of England at Christmas of 1183. This comic drama heats up as the royals play a high stakes game of check and mate for power and love.

February 10 - 12, 2012

Fridays & Saturdays 8:00pm, Sundays 2:00pm

Billie Limacher Bicentennial Park, 201 W. Jefferson Street in Joliet 877-534-1933

Locking-In Your Interest Rate For Your Mortgage Financing. What You Should Know ...

Gene Mundt    Mortgage Lender Chicagoland Mortgage Lending: Loan Officer in Joliet, IL

Locking-In Your Interest Rate
For Your Mortgage Financing
What You Should Know ...
One of the most confusing aspects of the mortgage financing process comes when it's time to "lock-in" an interest rate on a loan.
Contact Gene Mundt Mortgage Lender, Chicago Bancorp for Info and Mortgage Services Purely trying to explain the "hows, whens, and whys" of enacting a "lock-in" of a rate ... especially while talking over the phone or communicating via technology ... can confuse the heck out of most clients. Nevermind when you start to add multiple mortgage programs comparisons ... or several different mortgage lenders into the mix.
I presently have a potential client that is struggling through this portion of her initial financing inquiries right now. She's narrowed her mortgage lender choice down to myself and one other lender. It's my opinion, that she is getting a bit of a shell-game played on her by this other lender she is talking to.
Time will tell, but the lower interest rate she says she is being quoted by them, just doesn't seem to hold water to me. And they are rather evasive when asked about whether that rate is truly "locked-in" for her.
But her plight, which is not an unusual one, brings the dilemma surrounding "lock-in", and the confusion it causes, into light once again. So I thought perhaps addressing this confusing step of the mortgage process here might be of some help.
Let's answer some of the questions I hear most often ... and provide some basic steps to help you get the information you need regarding "locking-in" interest rates ...
First ... What exactly IS the process of "locking-in" an interest rate?
"Locking-In" is the making of an agreement (confirmed in writing) between the Borrowers and the Lender's Representative (Loan Officer) as to the interest rate and mortgage type and term of loan, and a subsequent guarantee of that rate for a specific period of time. The "lock" is typically done at the time a formal loan application is taken and/or another agreed upon time between the application and a week before closing.
Second ... What exactly does this "lock-in" process accomplish for a mortgage client?
"Locking-In" secures a current interest rate for the duration of the lock period, typically as long as the closing date. It protects the Borrower in the event of "changing" markets and "changing" interest rates.
Third ... How long does a "locked-in" interest rate typically last?
As a rule, rate locks are available for 30, 45, and 60 days. Variances can be obtained for longer term locks.
Fourth ... Why does this process sometimes get so darn confusing?
Not every bank, not every loan officer, deals with the discussions on rates, rate locks, fees, and points in the same manner, leading to differences that can become overwhelming for the borrowers. And each bank varies in fees that they charge, contributing to further confusion of borrowers.
Fifth ... If I am speaking to multiple mortgage lenders regarding interest rates, closing costs, and "lock times", what information do I need to acquire from each to accurately do my comparison?
Contact Gene Mundt, Mortgage Lender - Chicago Bancorp Most importantly, compare apples to apples. Make sure that the "lock-in" periods you are comparing are the same, that each mortgage lender has the same information (i.e. credit report, down payment ability, employment information, purpose of the loan, etc). To ensure that each mortgage lender is understanding your situation fully, compare Good Faith Estimates prior to "locking-in" with anyone.
Sixth ... Is there a "Lock-In" fee?
There can be ... so ask this upfront. Every mortgage lender varies on this policy, but typically there is no "lock-in" fee. "Lock-In" fees are typically associated with longer "lock-in" terms.
I also recommend strongly, that you do what you did in school. Take notes! Write things down for future reference and recall. Trying to remember all the information you are given without taking this measure will be almost impossible.
And I want to add one more important piece of information for you here ...
In today's mortgage financing, it's virtually impossible to compare the mortgage scenario and background of one client to another's. Mortgages ... and the quoting of interest rates and mortgage program options ... have become increasingly detailed and personal to each client.
Like winter's snowflakes, you will not find two financial scenarios 100% alike. So comparing your experiences and the information you have received to another's is a waste of time and will only serve to add to your confusion.
I cannot stress enough just how much a client's personal financial details contribute to the outcome of their mortgage financing, their closing costs, and the interest rate they will receive. You may get a ballpark idea of each from plugging information into an online mortgage calculator ... but then again, you may not. Mortgage financing is much like a recipe. Working with all the right ingredients in the exact amount needed makes a huge difference to the outcome.
In the present financial climate, it takes an experienced and knowledgeable mortgage professional to correctly work with all the variables related to your personal financial situation. Only someone that has the needed expertise and experience can discover and arrive at the beneficial mortgage options that lie before you ... and then "lock" you in.
Also remember that it takes dedication, attention, and work on the client's part too.

I hope that the information provided here on interest rate "lock-in" will assist those presently pursuing mortgage financing. Should you need further information or explanation regarding this part of the mortgage process, please do not hesitate to contact me. I'll be glad to assist you further and in every way I can.



* Looking for further information or answers to your mortgage and credit questions? Contact me! 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 means:

Direct: 815.277.4036 Cell/Text: 708.921.6331

Email: gene@chicagobancorp.com Website: www.genemundt.com

Skype: 630.219.1316

Click Here 4 a: NO Cost NO Obligation Mortgage Consultation


Mortgage Terminology ... Definitions to Help You Better Navigate Your Home Buying and Mortgage Transaction

Gene Mundt    Mortgage Lender Chicagoland Mortgage Lending: Loan Officer in Joliet, IL

Mortgage Terminology ...
Definitions to Help You Better Navigate
Your Home Buying and Mortgage Transaction

Words ...
That's all clients hear, if they don't understand the meaning of the words being used or thrown at them. And that leads to frustration, lack of action, confusion, and loss of interest ... something totally and completely maddening, plus a waste of time, should you be the potential client.

They MAY be hearing ya, but you're not getting through!

As a mortgage lender, I must keep in mind the fact that my clients (and referral partners) don't deal in the terminology of mortgages each and every second like I do. The abbreviations and industry-wide knicknames that I know so well, may be completely unfamiliar to those outside of the mortgage world.

So two things become glaringly obvious to me when dealing with the topic of mortgage words and terminology ...
We mortgage lenders must take care, slow down, and make efforts to speak in terms, and explain with words that clients can easily understand and remember ... and then do likewise when giving instructions or asking them to take action regarding their transaction.

And we must also take the time to educate, when necessary. Provide the definition of some of the terminology, abbreviations, and words that our clients (and referral partners) may be hearing during the course of their transaction, but not understand.
I make a Glossary of Financial Terms available on my personal website, www.genemundt.com. That way, any client (or website visitor) that is unsure of a word or term they are hearing or reading, can easily refer to my website glossary and find a clear, concise definition that helps them understand and better navigate their home buying and mortgage transaction. This feature has been a "hit" with my clients and many have thanked me for including my glossary on my website.
The words and terminologies that I see causing the most inquiries and confusion are:
  • Annual Percentage Rate ... Referred to as APR: - An interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs.
  • Gross Monthly Income: - The total amount the borrower earns per month, before any expenses are deducted.
  • Loan-to-Value Ratio: - The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. (A VERY timely and important definition in the current market!)
  • Origination Fee: - The fee charged by a mortgage lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of face value of the loan.
  • Power of Attorney: - A legal document authorizing one person to act on behalf of another.
  • Private Mortgage Insurance ... Referred to as PMI: - In the event that you do not have a 20% down payment, mortgage lenders will allow a smaller down payment. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance ... insurance that would offset losses by the lender should the borrower not be able to repay the loan.
  • REO (Real Estate Owned): - Property which is in the possession of a mortgage lender as a result of foreclosure or forfeiture.
  • Short Sale: - A Short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves heft fees for the bank and poorer credit report ourcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. Each case is decided individually in that regards.
  • Truth in Lending Act: - A Federal law that requires financial institutions to disclose specific information about the terms and cost of credit, including the financing charge and the annual percentage rate (APR ... see above).
  • Underwriting: - The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount.

Many more financial, mortgage, and legal terms are available on my website at:


Knowing and fully understanding the words, the requests, the financial documents needed, the costs and charges, the actions taking place within your home buying and mortgage transaction is so very important. Having a handy glossary to refer to and assist you in achieving that understanding can help tremendously.

Obtaining a mortgage today is serious financial business ... and a task that has become increasingly difficult to understand and conduct over the last few years. There is no denying that.

So, finding and working with a mortgage lender that will take the time, make the effort, to assist you with the details ... educate ... guide ... listen ... explain everything thoroughly ... has never been more important than now.
But ... that being said. Should you, as a client or referral partner, still ... after finding your mortgage lender ... not understand something being told to you or explained to you ... STOP YOUR LENDER IMMEDIATELY. Do not proceed until you get the answers you need and you feel comfortable resuming the course of the transaction or Closing.
Words. Don't let that be all you hear ...


* Work with a lender that has 35 years of experience and expertise ... all aimed at educating, guiding, assisting, and benefiting you. Contact me today ... and together, we'll get started on your successful home buying and mortgage transaction.
I can be contacted at any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316

Click Here 4 a: NO Cost NO Obligation Mortgage Consultation

Condos and Townhomes Joliet IL - Sold in 2011

01-18-12
LaNita Cates
LaNita Cates: Real Estate Agent in Plainfield, IL

166 condos and townhomes were sold in 2011 in Joliet IL.

Of the 166, 56 were foreclosures and 25 were short sales (85 were traditional sales).

Average market time was 182 days with the minimum market time 4 days and the maximum days on the market 988 days!

Average list price was $112,225 with average sold price at $105,342.