Answering Mortgage and Credit-Related Questions

and Connecting the Dots ...

How Can I Help??

 

    

 

     Sometimes I wonder ...

 

     Am I really getting through to my clients?  My referral partners?

 

     Now I know there are ways to measure some of that.  Analytics are available and increasingly detailed for your website, social media, and more.

 

     But I still sometimes wonder ... am I providing the information or answers to questions that are really on the minds of those finding and engaging me?  

 

     I remember having some heart-to-hearts with my kids when they were young.  Giving them a fairly thorough explanation on some topic ... only to find out afterwards that I had just given them a bunch of info they really could have cared less about. 

     What they'd REALLY wanted to know was ..... (fill in the blanks).   I in my zeal to help them or explain something had totally misinterpreted what they really were asking me.  Or I had assumed I knew what they wanted to know ... or should know.  Confused it or saw it through my own agenda.

 

     I do believe the information I typically provide my clients or referral partners is very worthwhile and has value.  It IS information they should have at some point in the process. 

 

     But I also think that it can sometimes have holes within it.  Or miss the mark, if it's not thee information they want, need, seek, or are ready to digest at the time.  I can still be leaving many dots unconnected for them.

 

     Obviously implementing better and more thoughtful listening skills all the time improves this issue.  But I also realize that nothing solves it like simply taking the time to ASK ... "What it is YOU want or need to know"?  "What questions do you have"?  Or ... Simply ASKING ... "Did I answer the questions you have or provide you the information you seek"?

 

    

 

     I'm thinking I should provide some real opportunity. Give YOU that chance now.     

     So ... Put your "Thinking Caps" on!

 

   

 

     What questions do YOU have regarding mortgage lending, mortgage processing, credit, appraisals, securing loan approvals, or more ... that you'd like answers to ... or information on ... that haven't been addressed??  What dots haven't been connected for you?  Here or elsewhere ...

     Simply ... How can I assist you and answer your questions better?

 

      I'll be taking the questions asked ... and the topics raised ... and addressing them in upcoming posts.  Should you have need for a more timely or personal response ... I will contact you directly.

 

      This will prove very educational and insightful for me ... so I thank you ahead of time for your participation and your questions.  I hope it proves educational and beneficial for all that participate, as well ...

 

 

 

     *  Should you have more direct mortgage and credit needs or questions, please contact me at 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

 

 

 

 

    

 

 

• 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.

                                  Click Here 4 a: NO Cost NO Obligation Mortgage Consultation

 

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.

Cost Of Mortgages to Increase

 

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

 

Skype:  630.219.1316  

The New Year is Upon Us.  Make '2012' the Year of YOU!

The headline reads ...

 

 

Average 30-year mortgage rate a record 3.91 pct.

    Please feel free to follow me through any of the major social media sites ... thank you ...

     Click here 4 a: NO Cost NO Obligation NO Obligation Mortgage Consultation