Plainfield, IL

"Rumours" ... catapulted Fleetwood Mac to the top of the charts during the year 1977 ...

• 3.5% down payment for FHA Loans
• $100 Down - on HUD Foreclosed properties
• $1,000 Down on IHDA Loans
• 5% Down on Traditional Conventional Loans
• No Money Down on VA and USDA Loans
• 3% Down on some Homepath Properties
• .... and More!

Obtaining mortgage loans has become a much more detailed and nuanced process. There is truth to that. And seeing to ... and dealing with these many details ... can likely take mortgage and real estate professionals' focus off the most fundamental of concerns that potential home buyers have. The basics, like that of down payments.

Don't "Cut Your Nose Off and Spite Your Face"

when it comes to your Mortgage Financing

There's an old saying ...

"You're cutting your nose off and spiting your face" ...

Stretching the point just a bit, I want to use this saying to get a message across regarding interest rates ... and the intense focus that most home buyers, and those refinancing, place on them.

Now I know that sounds a bit ironic coming from me, a mortgage lender. But as much as I think the interest rates we are seeing right now are a huge HUGE advantage to those seeking mortgage financing ... I also think that the extreme attention and importance placed on rates by consumers can be rather myopic and ultimately end-up being detrimental to their long-term financial health.

Using a play on another old adage, I believe ... "man/woman cannot (and should not) live on interest rates alone". And too many times I see mortgage clients doing just that. They make decisions based SOLELY on interest rates.

Typically a lower interest rate, and the subsequent lower payment attached to it, puts a "fire out". Meets a need in their mind. They see a tangible difference in the numbers they're going to shell-out each month ... and that's obviously important. I understand that ...

No one ... NO one really WANTS a mortgage. No one WANTS to pay money out of their pocket each and every month. But the need is there, right? And call it the financial planner in me, but a home buyer or homeowner is typically talking the biggest financial "stake" and financial need they have in their lives when speaking to me about their mortgage financing.

So I ask you ... Why not get the "biggest bang for your buck" that you can from it? Utilize it? Maximize the benefits you receive?

A wise decision on your mortgage rate and mortgage program CAN do that for you. And simply put, the lowest interest rate ... and the mortgage program/term attached to it ... may NOT be the best overall financial decision for you. And ultimately that's what you're trying to do ... pave the way to a better, more stress-free financial future, right?

But you have to be working with a mortgage lender that has the expertise, experience, and knowledge ... and will take the time ... to explain ALL options available to you. Options that may serve a better financial purpose for you in the short and long-term. Options that may leave you much healthier financially for the future.

Many times the difference in interest rates between mortgage programs can be small ... but still carry a HUGE and reverberating impact on your finances. The importance of working with a mortgage lender that can and will "paint the picture" for you regarding the short and long-term benefits of each of your mortgage options cannot be overstated.

That's why I believe making your mortgage selection based solely on interest rates can be like ... "cutting your nose off and spiting your face".

So I suggest ... don't make the decision hurredly. Take the time to do the homework necessary to find the mortgage lender that can provide you all the information, products, and services you need. Then listen intently to what they say. Take notes. Ask questions. Get ALL the facts regarding ALL the mortgage options and interest rates currently available to you. Have the mortgage lender you're speaking with "paint you the picture" in hard numbers. Consider carefully the comparisons provided you.

Then and only then, make your final financing decision. That way when you move ahead with your financing you will know for a fact that you chose the right mortgage lender. On your Closing Day, you will know for a fact that you have the best mortgage financing for YOU personally ... in the short-term AND long-term.

You'll feel .. and be ... much happier and healthier financially for it.

* Work with a Mortgage Lender with 35 years of experience, expertise, and knowledge in mortgage lending, appraising background, and financial planning. Contact me today. Together we will discover the mortgage financing that best suit your needs, in the short-term and long-term both.

I can be contacted through any of the following:

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

Buying a Short Sale in Plainfield, IL

Short sale purchases are complicated transactions that require knowledge and experience. The first step to buying a short sale in Plainfield is to determine if this type of transaction is right for you.
You'll need to ask yourself the following questions:

1) Am I a patient person? Short sales take an unknown and often substantial amount of time to complete. The time from accepted offer to closing could be as little as 60 days or as much as 1 year (or more). If you answered YES, keep reading!

2) Am I willing an able to make repairs to the property? The typical short sale has had regular maintainance deferred by the seller as they (usually) have little money or desire to keep the home up. You should expect to paint, replace carpet and take the home AS-IS. The seller will make no repairs for you (unless they may be required for your loan). If you answered YES, a short sale could be for you!

3) Am I looking for a deal? Short sales offer the opportunity to buy a home for less than full market value. Because the seller will receive no money at the sale, they are willing to offer the home for less than market value and the lender prefers to sell via short sale than foreclosure. Duh, who doesn't want a deal?

4) Do I need to sell my current home before buying the short sale? If NO to #4 and YES to #1, #2 and #3, you are likely to be a good candidate for a short sale purchase!

5) Do I have a preapproval letter dated in the last 60 days? If YES, call Steve Roake at (815) 603-0077 and I'll be happy to show you short sale homes that are in your budget. If NO, call Steve Roake at (815) 603-0077 and I'll get you in touch with a lender that can get you preapproved to buy a Plainfield short sale.

Click the link to search for short sales in Plainfield

Newly opened La Dolce Vita in Plainfield! This is a must-try Italian restaurant! The staff is awesome and the decor is up-scale. The linguini con scampi e broccoli was to die for and the wine list is fabulous! This is a great restaurant and a great addition to Plainfield! I wouldn't call it "kid-friendly" but it's perfect for adult friends who need a night out or a romantic dinner!

Located at 16108 South Rt. 59 in Plainfield. ladolcevitarestaurante.com to view hours and directions as well as their menu.

During the month of December, 2011, 73 single family homes sold in Plainfield IL.

Of the 73, 13 were short sales and 25 were short sales.

The average market time was 188 with the minimum being 1 day and the maximum 1,239 days.

The minimum home sold for $73,000 and the maximum sold for $495,000.

The average home listed at $227,651 selling at $216,008.