Gene Mundt - Let's Talk Mortgages & Real Estate! : Illinois: Joliet

 

 

• 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.

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    My wife's entire family is plagued by allergies and asthma issues ... so the title of this post by Inspector David Snell, "Do You Know the Difference Between Allergies and Mold Symptoms?" .. really caught my attention.

    I've seen the misery people suffering from these issues can have ... regardless of the cause.  But what if the symptoms are directly linked to Mold within your home?  What if the symptoms show-up suddenly or are re-occuring? 

    Having the information contained within Inspector David Snell's AR post could save your health and lead to addressing the issues found within your home, as well.

    Should you, or someone within your home, be experiencing any of the symptoms found here ... it's definitely worth investigating the possibility of mold growth somewhere within your home.  If in David Snell's service area (Charlotte, NC), give him a call to have a mold inspection conducted.  If elsewhere in the US, there are many fine inspectors to be found here on ActiveRain ... or locally.

 

Gene

 

 

 

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• To replace a 100-watt incandescent bulb, look for a bulb that gives you about 1600 lumens. If you want something dimmer, go for less lumens; if you prefer brighter light, look for more lumens.
• Replace a 75W bulb with an energy-saving bulb that gives you about 1100 lumens
• Replace a 60W bulb with an energy-saving bulb that gives you about 800 lumens
• Replace a 40W bulb with an energy-saving bulb that gives you about 450 lumens.
  

• Energy Saving Incandescents — about 25% energy savings
• CFLs — about 75% energy savings
• LEDs — about 75% – 80% energy savings
  

• Waste collection agencies  (Check locally)
• Local retailers  (Many of your nationwide retailers/hardware stores have recycling programs)
• Mail-back services (Kits can be purchased in a variety of ways)

                  Click here: 4 a NO Cost NO Obligation Mortgage Consultation

      Skype:  630.219.1316

• Experian
• Transunion
• Equifax

 

 

1.      What's my total payment going to be monthly?
2.      When will I know when my loan is approved?
3.      How much money will I need for Closing?

Festival of Trees to be held November 20th through November 27th

at the Historic Rialto Square Theatre in Joliet, IL

    

     Although the  City of Joliet, IL  has many wonderful examples of beautiful and historic architecture within it, perhaps none shine as brightly as the  Rialto Square Theatre, located on North Chicago Street in downtown Joliet. 

     Since its opening in 1926, the  Rialto Square Theatre  has been the crown jewel of the city.  Designed, opened, and utilized first as a vaudeville movie palace ... the  Rialto Square Theatre  now plays host to many of entertainments biggest celebrities and the area's most popular events.  (See Schedule/Info)

     The upcoming Holiday Season will again be a busy one at the  Rialto Square Theatre.  Starting November 21st,  the annual event,  Festival of Trees, will kick-off the holiday season in the area with their  Opening Night Gala.  Each day during the following week brings a new event and activity to choose from for those attending this long-running yearly festival.  Both young and old will find something to delight them.

     Activities ranging from special luncheons, to a heart-warming tree lighting ceremony, a wine tasting, an "Idol" competition for adults AND juniors, children's movies, to a concert performed on the Rialto Square Theatre's famous  Barton Grand Theatre Pipe Organ,  and more are planned for this year's festival.

 

    

     On November 25th, at 9:30 am ... and then again at 12:00 pm, the Festival of Trees will hold a  Teddy Bear Tea Time  for the youngsters.  Each child will be given a keepsake as a commemorative of their special day at this Festival of Trees event.  Brunch is served during this event ... followed by a visit from St. Nick! 

     Tickets to this children's event go quickly and seats are limited, so reserve your tickets in advance.  Tickets to the Teddy Bear Tea Time  on November 25th can be purchased through the following website:   Teddy Bear Tea Time Tickets at Ticketmaster.

     The grand finale of this week-long festival is the performance of "The Nutcracker" by the Von Heideke's Chicago Festival Ballet, on Sunday, November 27th, at 2:00 pm.  (Click here for ticket info)       

                                 

General Admission prices to the Festival of Trees is:

General Admission Prices

Adults:  $7.00

Seniors (60+) & Children (12 & under):  $5.00

Children (2 & under):  FREE

Early Bird Tickets - Tickets Purchased by Nov. 18th:

Adults:  $5 

Seniors & Children:  $3

Family 4-Packs:  $15

 

     You can also pre-order your Festival of Trees tickets by calling the Rialto Square Theatre  Box Office at:  815.726.6600. 

     Proceeds from the annual  Festival of Trees  benefit the  Rialto Square Theatre  and its ongoing mission to " lead a performing arts community partnership to enrich the quality of life by encouraging artistic and cultural development” in the Joliet/Chicagoland area.

     Come and enjoy the Festival of Trees being held at the  Rialto Square Theatre, a remarkable representative of the  U.S. National Register of Historic Places found in Joliet, Illinois.  The event, and its' beautiful host, will instill the holiday spirit within  you ...  

 

 

       *  If you are looking to buy a home in the Joliet or Chicagoland area, and are in need of credit, pre-qualification, or mortgage service ... please contact me.  With over 35 years of mortgage expertise and experience behind me, I can help you successfully fulfill your home buying dream.

        I can be contacted at any of the following:

Direct:  815.277.4036     Cell/Text:  708.921.6331

Email:  gene@chicagobancorp.com

Skype:  630.219.1316     Website:  www.genemundt.com   

Click here 4 a:  NO Cost NO Obligation Mortgage Consultation

       I look forward to hearing from you soon ...

 

 

    

 

 

 

     During the process of mortgage pre-qualification, many questions get asked.  Among those questions are those pertaining to the applicant's credit and credit scores.  This isn't surprising at all, given the enormous importance credit plays in mortgage lending.

 

     What is surprising to me though, is NOT the number of those applicants that don't know their credit scores.  Nope.  It's the sheer number of those people that think they DO ... and then are totally wrong.  It turns out they truly have no clue just how "financially fit" they are. 

 

     Now I'm not talking people that are trying to misrepresent the reality of their credit scores.  That happens, although I don't understand why someone would try this.  I'm obviously going to find out the truth when their credit report is run. 

 

 

     No, I'm talking those that honestly do not know.  And being in the dark about credit and credit scores?  It's just not financially healthy.

     Credit, and credit scores, are written about and talked about often and in great detail everywhere ... and there's a good reason for that.  Now more than ever, your credit scores play such a huge part in what you are charged when buying items.  Or whether you get those things you want or need to live or work. 

     Credit scores can be the bottom-line determinate as to whether landlords will rent to you.  Whether you will get a utility company to turn service on in your home, apartment, or business when you apply for it.  Whether you can get a cell phone provider to put you under contract for cell service.  In today's world, all very important things.

 

     Nowdays, you must carry car insurance to drive.  What you pay for that auto insurance will be dictated by your credit scores.  Other insurance premiums will be affected, as well.   Those credit cards with the low low interest rates that you see advertised all the time?  You won't be eligible for them, if your credit scores are too low. 

 

     Credit scores can't just matter to you when you're hoping to buy a home ... 

      Everything related above is why it's so important for you to get aware ... and stay aware ... of your credit scores and credit standing.  You have to pay attention on an ongoing basis. 

 

     Look at it this way ... 

     Your financial health needs must be addressed much like your physical health needs do.  You need a yearly financial check-up, just like you do with your physical check-ups ... only your financial check-up is the act of running your credit report at least once per year.

 

      Again, you don't become financially "fit" just when you're hoping to buy a home.  Being knowledgeable about your credit and your financial health should be a lifelong and ongoing regimen.  So get knowledgeable about your financial fitness.  Find out your credit scores and then stay educated about maintaining and improving them. 

 

     I can help you accomplish that.  And there will never be a better time than right NOW to get started.  So pick-up the phone ... email ... text ... contact me via my website forms ... stop by and talk to me today ...

    

 

     *  Have credit questions or needs?  Want to know your credit scores?  Get on track to buy a home?  Improve or repair your credit and finances?  Contact me now.  With over 35 years of credit and mortgage experience and expertise ... and my  "New Leaf" credit improvement program, I can help you accomplish your goals.   I can be contacted by any of these means:  

Direct:  815.277.4036      Cell/Text:   708.921.6331    Email:  gene@chicagobancorp.com Website:  www.genemundt.com
Click here 4 a:  NO Cost NO Obligation Mortgage Consultation