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Gene Mundt Mortgage Lender Chicagoland Mortgage Lending

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Champions Know the "Rules" of the "Game"

01-15-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending

Champions Know the "Rules" of the "Game"

I can't tell you how many times, as a mortgage lender, I hear rumors or misconceptions expressed to me regarding the mortgage process.

So much of my time is focused on promoting the "un-learning" of what a client thinks they know as they enter the act of obtaining mortgage financing. So much time is used addressing frustrations with the process itself.
No one needs to think too hard or long as to WHY there are so many misconceptions or frustrations. If the process of mortgage financing was viewed as a "game" of some sort ... you'd definitely have needed a scorecard and notepad to have kept up with all the changes made in the "game" during the last few years. It's been mind-boggling, for sure.
Last Sunday's Broncos vs Steelers game seems to have brought-up many of the same emotional issues I hear people address within the current mortgage process. It certainly highlighted alot of attention on the rules of football itself. How rules, playing by them, or ignoring them, can affect the outcome of a game.
It made me think that by using an analogy of mortgage financing as a "game", I could perhaps make it easier for clients to understand the mortgage process. That I could address some of the most frequent misconceptions and rumors I hear from home buyers (and those refinancing) in a context that would be more easily followed and understood.
Maybe I could utilize the analogy to explain and clarify the misconceptions that typically surround credit, and use of credit scores ... and the act of complying to underwriters' requests for information? So, I'm going to give it a try ...
The first "rule" of the "game" of mortgage financing concerns how your credit scores are utilized in the decision of WHICH financing options and programs are available to you and WHAT interest rates you'll reap through those programs.
Pretty much everyone I talk to knows that there are 3 major credit reporting bureaus and those are Experian, Trans-Union, and Equifax. But what many clients do not understand is that the "rules" of the mortgage financing "game" stipulate that:
A mortgage lender must use the middle score rating from those three bureaus as the "qualifying" credit score ... and it is THAT credit score that really counts most heavily moving forward.
You do not add-up the credit scores and then divide the score total by 3.
The second misconception most often rests upon compliance during the mortgage pre-qualification and mortgage processing itself. And this for me, is where the analogy of mortgage financing and processing most closely imitates a "game".
Admittedly, the "game" rules may seem a bit nonsensical at times. And also they may seem a bit strict and rigid. But the underwriters, Lenders, and government regulators have written the "game" rules as they now stand.
The "rules" are written in stone and not up for discussion. And both "player" and "coach" must adhere to the rules in the "playbook" and "game" ... should they hope to avoid forfeiture ... or hope to be successful.
Want to "win" your personal "game" of home buying or refinancing?
Know, Follow, and Play by the rules. Work with an experienced "coach" (mortgage lender) that knows the rules well. Work with your "coach" to draw-up and execute a successful and winning "game" that will follow the rules quickly and efficiently. Be capable to "play" and execute your game.
Certainly by viewing the home buying and mortgage experience through this "game" analogy, it becomes much easier for most to understand and navigate the homebuying and mortgage processes. And maybe a bit less frustrating ...
* Should you be in need of an experienced mortgage "coach" to assist you during your home buying or refinancing ... contact me. The experience and expertise I have gained during my 35 years within the mortgage business will assist you towards a successful mortgage completion.
I can be contacted through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316
28 Comments
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Cost of Mortgages to Increase Due to Recent Enactments Affecting Fannie Mae and Freddie Mac

01-12-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending



Cost Of Mortgages to Increase

Due to Recent Enactments
Affecting Fannie Mae and Freddie Mac

Recent Enactments that affect Fannie Mae and Freddie Mac, and ultimately about 70% of ALL mortgage holders, are going to drive-up the cost of doing mortgages soon.
Costs are expected to increase, or Interest Rates will rise... time will tell how much, but it's coming soon.
Thinking of buying a home soon or in the future? Playing with the idea? Sitting on the fence regarding your options? Can't make up your mind??

The increases mentioned above regarding higher Interest Rates and additional mortgage costs will affect YOU ... should you not act NOW!!

Why is this happening? What changed?

According to an article written by David Zeiler of "NuWire Investor", an investment news provider, the lowdown on the upcoming changes/increases come courtesy of the new payroll tax cut extension recently passed in Congress. Mr. Zeilers quotes "Money Morning" investment news, as he writes:

The payroll tax cut extension lauded as a victory for the American middle class will in part come at the expense of homeowners and home buyers who will see an increase in mortgage costs. A loan guarantee fee paid for by loan originators like Fannie Mae and Freddie Mac will be increased as part of the measure, and that cost is expected to get passed on to mortgage holders. The tax-bill provision is set to last for 10 years, which experts believe will make it harder for the two insolvent loan servicers to be phased out ...
These increases are not being utilized as scare tactics by mortgage lenders. They are not manufactured by the media. They are real. They are fact. They are coming soon. And they are going to affect a new home buyer's bottom line.

For those that have already acted and purchased a home ... or refinanced a prior mortgage ... Congratulations! Your pro-active and timely decision is to be commended. And think of the dollars you saved yourself!

For those that have not yet taken the step towards homeownership ... or refinanced ... gotten off the "fence", overcome fears, overcome objections ...
NOW is the time to contact me. Call me. Text me. Email me. Skype me. Or .. Click Here!! Together, we need to act on your behalf ... and act quickly.


Please note, however: These changes do NOT impact FHA or VA mortgage holders... for now. But ... with Interest Rates as low as they are presently, it could pay to investigate the financial and savings options that might exist for you. It costs you nothing to have me "run some numbers" and check your credit ... so why not take that quick and easy step?

Don't hesitate, don't lose out, and then have regrets later. Do yourself a huge financial favor. Take action now!

Every dollar. Every savings you can find ... counts!

* Should you be in need of mortgage, financial, or credit answers, please contact me through any of the following methods. I will put my 35 years of mortgage experience and expertise to work on your behalf ... and be glad to have the opportunity to earn your business.
Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316

4 Comments
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HARP 2.0 Update ... from Fannie Mae

01-09-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending

HARP 2.0 Update ... from Fannie Mae

There's a bit more insight and information out on the HARP 2.0 update, at least from Fannie Mae's perspective ...

Beginning Monday, March 19th (2012), Fannie Mae will unveil their new software (more forgiving), and then folks ... stand back! There's going to be a flood of calls, emails, inquiries to be shared!

Best I can tell, the new guidelines for approval will be relaxed or expanded in comparison to the old, meaning more Borrowers/Homeowners will qualify for Refinances than before.

But ... a few details still remain to be addressed. Nothing has been presented to us (mortgage lenders) in concrete and in its' entirety yet. So before the new items and guidelines are implemented ... I remain optimistic, but cautious at this time.

It appears that the best change will be related to a greater "disregard" for property values, or in our industry's vocabulary, LOAN-TO-VALUE, or LTV.

In other words, "current market values" may not be the deal-killer that they are presently. Again, it appears that as long as the Borrowers/Homeowners can qualify on CREDIT, INCOME, EMPLOYMENT, and SATISFACTORY MORTGAGE PAYMENT HISTORY ... they may get the RATE RELIEF and PAYMENT RELIEF that will help them stay in their homes.


Others will simply enjoy a monthly savings, that may help them better position themselves to save and then buy again later down the road, should they wish. That, and keeping more homes from entering the housing supply and further adding to the supply of Foreclosures and Short-Sales, is how everyone "wins" ... including Realtors, Homeowners (Sellers AND Buyers), and the economy in general.

Stay tuned, as there will probably be more updates between now and implementation of HARP 2.0. Good thing because March is only 2 months away!

* Should you have questions regarding HARP 2.0, credit, credit repair, mortgages and refinancing ... or be in need of mortgage service, please do not hesitate to contact me. I will be happy to put my 35 years of mortgage and real estate experience and expertise to work on your behalf.

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


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Du Page County, IL Sr. Citizens Real Estate Tax Deferral Announced for 2012

01-08-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending
Du Page County, IL Sr. Citizens Real Estate
Tax Deferral Announced for 2012
Information/Applications Now Available
Through March 1, 2012

Du Page County in IL, like many other counties, offers many helpful forms of assistance to the senior residents living within its borders. One such program, is the Senior Citizens' Real Estate Tax Deferral Program.
Each year from January 1st to March 1st, Du Page County opens application for participation in this beneficial program. The program assists its senior residents by allowing them to defer the property tax payment on their principal residence.
The deferment of a tax payment is similar to a loan against the senior's property market value . Deferrals are borrowed from the State of Illinois, which in turn pays the current property tax when due. The State of Illinois ensures repayment of the deferred amount through a 6% simple interest rate "loan". A lien is also filed on the residential property. Special Assessments taxes levied by your village or their water and sewer district may also be deferred.
To qualify, Du Page County senior residents must fit the following qualifications:
  • The residential property must be their primary residence and used exclusively for residential purposes.
  • The senior resident(s) household combined income cannot exceed $50,000 annually.
  • Senior must be 65 years of age or older by June 1st, of the year for which the application is made.
  • Senior must have resided in deferred tax property for minimum of the last 3 years.
  • Senior must have NO delinquencies of payment on their property taxes.
  • Senior must have NO special assessments on said property.
  • Senior resident/said property must carry current and adequate Fire and Casualty Insurance.
  • Senior must Own the property, share joint ownership with a spouse, be the sole beneficiary of said property, or be the sole beneficiaries of a land trust for said property.
Application forms (Form IL 1017 and IL 1018) for participation in this year's Du Page County Senior Citizen Real Estate Tax Deferral Program will automatically be mailed on January 9th to those senior residents that took part last year.
For new senior participants, the following information/documentation must be provided at the time the completed application is submitted:

  • Social Security Number
  • Proof of property ownership
  • Copy of current Homeowner's Insurance Declaration page
  • Proof of age
  • Other qualifying information
To receive or download an application, you can call the Du Page County Treasurer's office at: 630.407.5900 or visit its website at: http://www.dupageco.org/treasurer. Additional information or questions may be addressed through either contact, as well.
Completed application forms can be returned by mail, or dropped-off in person, at the Du Page County Treasurer's office located at: Du Page County Treasurer, 421 No. County Farm Road, Wheaton, Illinois, 60187.
Please note that the applicant's signature must be notarized. Notaries are available at the Du Page County Treasurer's office, Monday through Friday, from 8:30 am to 4 pm each day for its residents' convenience.
* For those looking to buy or refinance a home in Du Page County, or the surrounding Chicagoland area, please contact me. I have 35+ years of mortgage lending experience and expertise with which to assist you. I've love the chance to earn your business and your trust.
I can be contacted through any of the following means:
Direct: 815.277.4036
Skype: 630.219.1316
3 Comments
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Rialto Square Theatre in Joliet, IL School Matinee Series and Educational Programs

01-06-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending

Rialto Square Theatre in Joliet, IL
School Matinee Series and Educational Programs
I recently came upon some pretty exciting information and I thought I'd pass it on just in case there are others in the Chicagoland area that, like myself, were unaware of it. I think this info will be of special interest to parents, educators ... anyone that knows, loves, or has interest in the education of youngsters.
The Rialto Square Theatre in Joliet, IL offers a matinee program aimed at kids, Kindergarten through 12th grade. This program is meant to support the curriculum of the Joliet area's school systems.
The Rialto Square Theatre (map/directions) serves as an educational center, providing entertainment that stimulates learning ... while also creating a love for the performing arts. The culturally diverse performances given become teaching tools that have assisted over 500,000 students from over 50 of Joliet's surrounding communities.
Seats MUST BE RESERVED in advance for the approximately one-hour performances. The programs offered are NOT open or available to the general public. Seating can be arranged for groups with special needs students, but the Rialto Square Theatre box office must be alerted to those needs at the time of ticket order.
There are two performances remaining in this year's schedule. They are:

I Have a Dream - February 1, 2012
10:30 am & 12:30 pm
Grades: 3rd through 8th
By: Bruce Craig Miller
The life and impact of Dr. Martin Luther King, Jr. is chronicled in this dramatization.

Super Scientific Circus - February 27, 2012
10:30 am for Grades: Kindergarten through 2nd
12:45 pm for Grades: 3rd through 5th
This Super Scientific Circus proves that science is fun ... AND funny. Boomerangs, beach balls, bull whips, bubbles, and magic are all used to prove the principles of friction, inertia, aerodynamics, sonic booms, ultraviolet light, centripetal force, and air pressure.
Tickets for the performances are $6.00/each. To place Group Reservations, please contact the Rialto Theatre Box Office at: 815.726.6600. Be aware that Contracts to secure seating may be needed, depending on the number of students attending.

Further information regarding the Rialto Square Theatre Matinee Series can be found at: www.rialtosquare.com/educational_programs.asp

Information on the Rialto Square Theatre, listed on the National Register of Historic Places, can be found at:
I have referred to this spectacular and historic piece of architecture to be found within the downtown of Joliet, IL on another occasion, but I hope if you have not previously had the opportunity to visit our area's remarkable treasure, that you will do so soon.
* If thinking of buying a home, refinancing, or seeking information regarding credit/credit repair and mortgage services in the Joliet, Will County, Lincoln-Way Communities, Chicagoland area ... please contact me. I have lived within the area and served the residents of these communities my entire/business life. I know the people. I know the housing. And have 35 years of experience and expertise with which to serve you.
I can be reached through any of the following means:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316

Click here: 4 a No Cost No Obligation Mortgage Consultation

4 Comments