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

Answering Mortgage and Credit-Related Questions and Connecting the Dots ... How Can I Help?

Thu, 02 Feb 2012 13:22:11 -0500

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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Information Available at the Tips of Your Fingers. Tapping Information Available Through Chicagoland County Websites

Mon, 30 Jan 2012 19:06:01 -0500

Information Available at the Tips of Your Fingers.

Tapping Information Available Through

Chicagoland County Websites

Why and How It's Important ...

I've written more than a few times, that I have a background of over 20+ years as a licensed IL Real Estate Appraiser. Back when I started in the mortgage business, it wasn't uncommon for mortgage lenders to have dual responsibilities within their companies like this.

And of all the additional things I've studied, learned, and tackled within the framework of my years of mortgage services, I've found that my appraising education and experience has proven the most beneficial to me in conducting my services ... and my clients. It's just been immeasurable.

To say that "things have changed" somewhat over the years is an understatement. The amount of information now available to a professional Appraiser is almost mind-boggling.

One of the greatest advantages for Appraisers performing appraisals in Will County, IL can now be found through the County's Supervisor of Assessments' website. The Plats of Subdivision for the entire County of Will ... Township by Township ... Section by Section ... Acre by Acre ... Lot by Lot ... and Parcel by Parcel ... is now available just by "clicking" on the Supervisor of Assessments' site.

As a former Appraiser that had to lug and then search through huge mountainous books of information years ago, that fact alone is amazing to me. Those cumbersome books were unbelievably costly to possess too, I may add. Now? Click, click, click ... and that information is yours ... FREE. And whether a professional or a member of the general public. Rather impressive, I'd say.

The information contained within the Will County Supervisor of Assessments' website is accessed easily. The whole website is very "user-friendly". But the same can be said for the other County Departments regarding taxes, recordings, and more. I think Will County has done an exceptionally good job at making this information easily attainable for all that visit their sites. Much the same can be said for other Counties in the Chicagoland area.

Now, you must by this time be asking, "Why should I care about all of this"?

As a Realtor/Broker ... This valuable County information is available to you easily, as well. Research and verifications of tax bills, tax amounts, Assessor's records of recently transacted sales, Recorder's filings for deeds, mortgages, mortgage releases, and more ... are easily found, verified, and then utilized within your transactions. Click ... done! No more chasing down the info like in the past.

Mortgage Lenders ... must access and utilize the same information. Having it as accessible as it is now is fantastic. And that great benefit trickles down to home buying transactions too.

Within my own Mortgage Lending services, it's proven to be immensely beneficial when questions or issues regarding a potential purchased property itself has been raised ... even prior to actual mortgage application. Having the deep well of information contained within these websites has been an unbelievably wonderful asset and pool of information for me. It's assisted me in servicing my clients and referral partners' mortgage lending needs more quickly and thoroughly. It's saved my clients and referral partners time, money, AND frustration.

As a Resident or member of the Public ... the addition of this multitude of information to these Will County websites must not be overlooked. YOU now have simple and easy access to information that was once much harder for you to obtain. That YOUR County of Will (and others) has undertaken the task of making this information available to you, shows great commitment on their part. The task must have been staggering both in the amount of data to be entered and the time it took to complete it.

I've provided a listing below, of a few of the Illinois Counties within the Chicagoland area that are providing a wealth of real estate-related information within their County websites. Bookmark or save this blog. The information contained below is very useful and may benefit you immensely at some point in the future, whether for personal or business purposes.

As always, should you have any questions regarding the information you seek, please feel free to contact me. I'll provide whatever information or assistance that I can to help serve your needs.

Cook/Chicagoland

Counties' Websites & Info

Will County, IL:

Supervisor of Assessments Website: www.willcountysoa.com/

Will County Assessors Directory: www.willcountysoa.com/assessor-information.aspx

Will County Treasurer's Website: www.willcountytreasurer.com

Du Page County, IL:

Supervisor of Assessments Website: www.dupageco.org/soa

Du Page County Assessors Directory:

www.dupageco.org/SOA/1488

Du Page County Treasurer's Website: www.dupageco.org/treasurer

Kane County, IL:

Supervisor of Assessments Website: www.co.kane.il.us/soa

Kane County Assessors Directory:

www.co.kane.il.us/soa/assessorlist.htm

Kane County Treasurer's Website: www.kanecountytreasurer.org

Cook County, IL:

Supervisor of Assessments Website: cookcountyassessor.com

Cook County Assessors Directory: cookcountyassessor.com/townshipassessors.aspx

Cook County Treasurer's Website: www.cookcountytreasurer.com

Lake County, IL:

Supervisor of Assessments Website: www.lakecountyil.gov/Assessor/Pages/Default.aspx

Lake County Assessors Directory: www.lakecountyil.gov/Assessor/Townships/Pages/Default.aspx

Lake County Treasurer's Website: www.lakecountyil.gov/Treasurer/Pages/default.aspx

Grundy County, IL:

Supervisor of Assessors Website:

www.grundyco.org/assessor/assessor.shtml

Grundy County Municipalities & Townships: www.grundyco.org/communities/communities.shtml

Grundy County Treasurer's Website: www.grundyco.org/treasurer/treasurer.shtml

Kendall County, IL:

Supervisor of Assessors Website: www.co.kendall.il.us/assessors/index.htm

Kendall County Assessors Directory: www.co.kendall.il.us/assessors/township_assessors.htm

Kendall County Treasurer's Website: www.co.kendall.il.us/treasurer/index.htm

McHenry County, IL:

Supervisor of Assessors Website: www.co.mchenry.il.us/departments/assessments/Pages/index.aspx

McHenry County Assessors Directory: www.co.mchenry.il.us/departments/assessments/Pages/AssmtInfo.aspx

McHenry County Treasurer's Website: www.mchenrytreasurer.org/common/countydpt/treas/default.aspx

* Thinking of buying a home ... or refinancing ... in Will County or neighboring Chicagoland counties? Let me put my 35 years of experience and expertise to work on your behalf. Contact me today. We'll work together to find you the best possible mortgage and mortgage terms available to you. Terms that will cement a brighter financial future.

I can be reached 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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Ways You Can Celebrate Valentine's Day 2012 in Chicago and Chicagoland

Sun, 29 Jan 2012 13:06:44 -0500

Celebrate Valentine's Day 2012

in Chicago and Chicagoland

Valentine's Day is coming soon!

I thought it'd be fun to take a look at what the City of Chicago and Chicagoland area offered in the way of celebrations for Valentine's Day. Mortgage lenders need to do "woo-ing" too, you know!

What I found, was an unbelievable amount of info to pour through. Whether you're heading to the City of Chicago ... or celebrating in the Chicagoland suburbs ... wishing for some special "couple time" ... or including the kids ... there are all sorts of Valentine's Day activities to choose from. Heck, I even discovered a novel opportunity to "pop the question"on this special holiday!

I'm sharing a cross-section of the info I found. When possible, I included the websites/contact info available. Hope the ideas/info helps in your quest to celebrate Valentine's Day in a special way with your special someone(s) ...

Happy Valentine's Day!

~~~~~

Valentine's Day 2012 Celebrations & Offers

in Chicago/Chicagoland Area

Salon Evania …

Pamper YOUR Valentine during the whole month of February at Salon Evania in Frankfort, IL.

Book any combo of Hair and Make-Up Application … and your Valentine receives a FREE Manicure to top-off their look! They’ll look spectacular when you step-out on the town to celebrate!

Salon Evania is located at: 13 Old Frankfort Way, Frankfort,

Tel.: 815.277.2420

Salon Hours:

Tuesday, Wednesday, Thursday: 11am-8pm

Friday & Saturday: 9am-5pm

Closed Sunday & Monday

Noble Horse Chicago Carriage Rides

Noble Horse Carriage Rides are a fun way to tour Chicago's No. Michigan Ave. shopping district.

Boarding/Drop off is at Michigan Ave. & Chicago Ave. (800 No.) Pick up/Drop off service to/from nearby hotel /restaurant is available for an extra fee.

Carriage Ride Hours: Every day: 10:00 am - 4:30 pm & 6:00 pm - midnight.

Carriage Ride Costs: $35 per 1/2 hr, $70/hr, up to 4 passengers. Extra charges apply for 4+ passengers. Tip additional.

For Info: 312-266-7878

Chicago Odyssey Valentine Dinner Cruise

Odyssey Cruises location: 600 E. Grand Ave., Streeterville

Valentine's Cruise: February 10th : 7:30 - 10:30 pm

Boarding: 6:30 pm

Cruise includes: Dinner service, live entertainment, champagne toast & single red rose/couple. Premium bar package available for an additional $35.

Love Songs and Lights (FREE)

Now through February 19th

Enjoy the sights, lights, and love songs along State Street when the Chicago Loop Alliance presents “Love Song and Lights” as part of Lightscape, a multisensory experience. Visitors are encouraged to submit love songs dedicated to their loved ones through Twitter, text messaging, or the Lightscape website. The winning song will be chosen at random and will play with a romantic-themed colored light show.

Chocolate & Champagne Tour

Join Chicago Chocolate Tours for their annual “Chocolate and Champagne Tour!”

Enjoy an evening of chocolate, Champagne and chocolate-Champagne confections. Guests learn about the history, myths and pleasures of both chocolate and Champagne, two fantastic combinations of art and nature.

Date: Friday, February 10th - 5:30 pm

Tickets are $50/pp To reserve: (312) 929-2939.

More Info: http://www.chicagochocolatetours.com/events

Sex, Love & the Second City: A Romantic Dot Comedy presented by UP Comedy Club

Now through February 29th

From legendary comedy theatre The Second City comes a play about relationships in the age of social networking. Can we all live in eHarmony? Or are our lives too much of an open (Face)book? Find out more in this hilarious new show!

For info: http://upcomedyclub.com/show_right.cfm?id=121613

Ice Skating at the McCormick Tribune Ice Rink

Open through Sunday, March 11th, weather permitting. Free! Open to the public.

Skate rental is available for $10.

Ice rink is located on Michigan Ave. between Washington & Madison streets.

Rather do your skating closer to Heaven?

Skating in the Sky – John Hancock Observatory

Now through April 8th

Take in awe-inspiring views of the city and beyond at the world’s highest skating rink on the 94th floor of the John Hancock Observatory. Located 1,000 ft. off the ground, the rink will be open for skating daily from 9am–11pm. Last skating ticket is sold at 10pm.

Valentine's Day Couples Cooking Class

Charlie Baggs - Belden Stratford

2300 N. Lincoln Park West - Lincoln Park

February 11th: 6:30 - 9 pm

Sip complimentary prosecco with your partner as you watch an introductory cooking demo, prepare an international array of gourmet small plates with hands-on instruction and then sample the fruits of your labor.

Winter Dance (FREE)

February 11th: Dance lesson 5–6pm, open dancing 6–8pm

Enjoy dance lessons at this indoor dance party in an indoor heated tent before heading out to see Luminous Field, the outdoor site-specific art installation by Luftwerk.

Dancing is preceded by a 1-hr lesson led by professional instructors from the American Tango Inst.

Admission is free, food & beverages by Park Grill available for purchase.

Then head over to:

Luminous Field Lights Up Millennium Park

February 10–20: Fridays & Saturdays 6-10pm (FREE)

Sunday-Thursday 6-9pm

See Millennium Park transformed into a digital canvas of light and geometrical form with its first-ever site-specific video and sound installation by the Chicago-based artistic ensemble Luftwerk. Created specifically for Millennium Park, the installation will illuminate Cloud Gate – known by many Chicagoans as “The Bean” – and its surrounding AT&T Plaza with dramatic images and colors set to music composed by Owen Clayton Condon.

Say “I Do” in Millenium Park

February 11th & 12th

Couples can get engaged on the ice, and enjoy a Chicago Winter Dance celebratory package, including 5 minutes of exclusive ice time for the marriage proposal, complimentary skate rental, and either dinner at the Park Grill or champagne and dessert at the Park Grill lounge.

For more info about the Chicago Winter Dance engagement packages, contact: lauren.rosenberg@cityofchicago.org or call: 312.744.7094.

North Central College's Madden Theatre at the Fine Arts Center

Sun., Feb. 12th - 6:00 PM

171 E. Chicago Ave., Naperville

Music: Cabaret star Sally Mayes showcases her classic and seductive vocals in her show "Valentine".

Tickets: $30 & $25. Box office: 630-637-SHOW

For Info: northcentralcollege.edu/show

WINTER ON THE GREEN

Feb 12th Time: 1-3 PM

Breidert Green - Oak & Kansas Streets, Frankfort, IL

Bring your Valentine sweetheart to taste a variety of chocolate fondue delicacies! Visit members of Frankfort Boy Scout Troop 270 while they demonstrate a winter campout and sample their hot cobbler made in Dutch ovens!

Info: 815-469-2177

Or: http://www.genemundt.com/blog/2012/01/05/Winter-on-the-Green-to-be-Held-in-Frankfort-IL-on-Sundays-January-8th-to-February-12th-2012.aspx

Wine & Wildlife: Animal Attractions at Lincoln Park Zoo

February 14th

Times: 5:30–7 pm or 7:30–9 pm

Ages 21 and up only!

Directions: http://www.lpzoo.org/plan-your-visit/hours-location-directions

$45 ($40 for Zoo members)

Those who are wild at heart can woo their loved ones at the zoo on Valentine’s Day. This adults-only event takes place inside Regenstein African Journey. Champagne and chocolates are served as participants get the inside scoop on the risqué side of animal courtship.

We Heart Hopping - The Western Suburban Quilt Shop Hop

Dates: Feb. 9th - Feb. 12th

Times: Thurs. 10 am-8 pm, Fri. & Sat. 10 am-5pm, Sun. Noon-4pm

Location: Roberts Sewing Center, 2011 S. Weber Rd,

Crest Hill

Visit 7 of your favorite quilt shops in the western suburbs, each hosting it's own Valentine Hop! Stop at all 7 and you're eligible to win one of 22 great prizes. Hoppers must pick up a "passport" and get stamps from each shop to participate in the grand prize.

Info: 815-729-1600 Website: http://www.robertssewingcenter.com/

Have little ones and family/friends you want to include in some of the celebrations??

Head to: Key Lime Cove Indoor Waterpark Resort in Gurnee

Key Lime Cove offers 65,000 sq. feet of water thrills. There’s no cold, rain, or snow as it’s always a balmy 82 degrees! Wild Rides are guaranteed to get your pulse pounding. Float down the river if you're looking forward to Takin’ it easy. Play pond kiddie pool available for Lil’ Limers who need extra special attention in a fun, safe, secure environment.

Lost Paradise Waterpark is open:

Monday thru Friday: 10 am to 9 pm Saturday & Sunday: 9 am to 9 pm

Info: http://www.keylimecove.com/water-park/index.cfm

Valentine's Day Jump - Pump It Up with the Kids

Friday, February 10th

Time: 6:00 - 8:00 PM

Located: 4995 Varisty Dr., Lisle

Tel: 630-310-5700

Enjoy jumping, climbing on the new Rock Wall, the glow party going in Arena B.

Dinner is $10 for a 12 inch pizza & 2 liter drink.

Info: 630-310-5700 to register Or E-mail: piulislemanager@gmail.com

Website: http://www.pumpitupparty.com/

Family Valentine Dance - Chicago Women's Park & Garden

Friday, February 10th

Time: 4:00 -6:00 PM

Price: $10

Family fun dance with a Valentine theme - ALL AGES

Located: 1801 S Indiana Ave, Chicago

Tel: 312-328-0821 Info: http://www.chicagoparkdistrict.com/events/family-valentine-dance/

Downers Grove Ice Festival: Love is in the Air

Friday, February 10th - 6:30 pm thru Sunday, February 12th - 3:00 pm

Downtown Downers Grove: Main & Curtiss Street

Admission: $4.00 (Proceeds benefit Noah's Hope)

There will be live carving demonstration on Friday evening at 6:30 pm ... and on Saturday and Sunday from 11am-3pm. The live demonstrations will take place throughout Downtown Downers Grove.

Also: a Ronald McDonald Magic Show, Pancake Breakfast, tasty street vendor, a special movie of E.T. at Tivoli Theatre.

Info: http://www.downtowndg.org … http://www.downtowndg.org/icewebtemp.pdf ...

Contact: 630-725-0991.

Clifford Valentine Party - Fox Valley Park Dist.

Saturday, February 11th

Time: 12:00 PM - 1:30 PM

150 W. Illinois Ave., Aurora

The big red dog is the guest of honor for this celebration that will feature crafts and games for everyone.

Hot dogs, chips and punch served.

Advance Arrangements Required. Call park to register. Tel: 630-859-8606

Registration closes Thursday, Feb. 9

Minimum Age: 3 yrs. Pricing: Residents: $5 Non Residents: $8

Valentine Pictures & Pony Rides - Sponsored by Plainfield Park Dist.

Date: 2/12/2012

Time: 1:00 - 3:00 PM

Where: Normantown Trails Equestrian Center, Plainfield, IL

Pony Rides: $10 Pictures: $3

Take a picture with Peter Pan for Valentine’s Day! He'll be festively dressed for the event and will pose for as many pictures as you can take in 3 minutes.

Pony rides also available. Rides are 10 minutes in length. Helmets provided.

Bring your camera as NTEC will not be providing a photographer/photos for this event.

Please call ahead to book pony ride times as those with reservations will be served first.

For Info on the Normantown Trails Equestrian Center: http://www.plainfieldparkdistrict.com/par-Normantown.asp

Valentine's Day American Girl

Held at the Rec Center

Geneva Park Dist: 3507 Kaneville Road, Geneva, IL

Decorate a special Valentine's Day outfit with accessories for your favorite doll.

Minimum Age: 3 yrs. Max. Age: 12 yrs.

Advance Arrangements: Children ages 3-5 require parent

Pricing: $37 for residents $57 for non-residents

Info: http://www.genevaparks.org/contact.php

Some Additional Inexpensive, but Wonderful Ways to Say “I Love You”

Valentine’s Day Crafts at your local library:

Simply making a Valentine’s Day card and spending some one-on-one time together communicates big love to the littlest people in your life. Most area libraries, offer some sort of card-making project to help small hands craft cards that say {or illustrate} “I love you.”

And if you’re still in need of more Valentine’s Day ideas … don’t miss:

TribLocal Tweets: All about Valentine’s Day

Wednesday, February 1st

Time: 7 - 8 p.m.

TribLocal staff and blogger Johanna Cook, aka Momma Cuisine, will be hosting a chat about all things Valentine’s Day. From candy to dinner for two, she’ll be offering up tips for how to treat your sweetie, or loved ones. To participate in the chat, follow @TribLocal, TribLocal community producers and @MommaCuisine from 7 to 8 p.m. on February 1st. Make sure to use #TribLocal in your tweets.

Info: TribLocal, 312-731-5460 Or: triblocaltips@tribune.com

* Love yourself enough this Valentine's Day to check your credit ... and/or get pre-qualified for home buying. Interest Rates are at historical lows ... and housing prices are down too. And that makes this Valentine's Day a great time to think about buying a home.

Contact me now for your FREE Mortgage And Credit Consultation. I'll be glad to hear from you and have the opportunity to earn your trust ... and your mortgage business.

I can be reached at:

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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Time COULD be Money ... Should you Delay TOO Long. Be Prepared to Make Your Mortgage Application

Fri, 20 Jan 2012 17:40:36 -0500

Time COULD be Money ...

Should You Delay Too Long.

Be Prepared to Make Your Mortgage Application

A short while ago, I wrote a blog regarding the upcoming increases that will be coming to mortgages as a result of recent government Enactments regarding Fannie Mae and Freddie Mac.

I found a recently-written article in National Mortgage News. It presses home the same message as my blog. Time is of the essence for those buyers presently in the home buying process ... but even more so for those that are contemplating a home purchase or refinance of their present mortgage within the near future.

Simply said, taking action NOW is much better than later ... when it comes to costs associated with mortgage financing. Wait too long, and you'll pay more.

So, my suggestion is this ... should you even be flirting with the idea of buying a home or refinancing ... start gathering the information and financial documentation that will be REQUIRED by your mortgage lender when applying for your loan.

Should you decide not to buy, no harm ... no foul. At worst, your financial records are probably better organized than they were previously. But if you DO decide to pursue home buying or refinancing, you'll be ahead of the game, ready to go, and be much better positioned to advance your mortgage application and mortgage processing quickly. And possibly save yourself from those rising costs being talked about.

What documents and information are needed when you apply for mortgage financing?

Below you will find a handy list of those things that you will be REQUIRED to supply almost any mortgage lender at the time of your mortgage application. It's the same list I make available for my clients and for download at my website. The REQUIRED Information and Documents list can be found at: www.genemundt.com/Required-Mortgage-Docs.html .

List of Information & Documentation Needed

When Applying for a Mortgage

Basic Information:

Last 2 years W-2's and Tax Returns
Last 30 Days consecutive Pay stubs
Name, Address, and Telephone Number(s) of your Employers for the past 2 years
Last TWO (2) months Bank Statements (ALL pages) or 60-Day printout of accounts from the Bank that is stamped and signed by a representative of the Bank. (Including 401K, Credit Union, Profit Sharing, etc.)
Copy of your Social Security Card(s). (FHA/VA only) and Driver's License (ALL Borrowers to be involved in the mortgage)
Name, Address, and Telephone Number(s) of your Landlord ... and the amount of the Rent Payment (Renters only)
Application Fee
Signed (and legible) Real Estate Sales Contract and ALL Riders on home being purchased
Names and Phone Number(s) of Real Estate Agent, Real Estate Attorney, and your Insurance Agent
Copy of Earnest Money Check (as available)

Miscellaneous Information Needed - If Applicable:

Recorded Divorce Decree(s) or Separation Agreements (ALL Pages).
Recorded Bankruptcy Discharge and Schedule of Creditors
Most recent Social Security Award Letter or Pension Award Letter
Filed and Stamped Release of any Judgment and Paid Receipts of all Collections
12 Month Court Print-out of Receiving Child Support
Address and Information on any other Real Estate-Owned

Self-Employed Buyers: In Addition to Basic Information

Year-to-Date Profit and Loss Statement with complete Tax Returns (Last 2 years Filed)

Veterans: In Addition to Basic Information

Copy of DD-214
Original Certificate of Eligibility

It costs you nothing to talk to me or your own mortgage lender. Why not find out what options are really available to you? Why not find out IF home buying is a possiblity? And When? Why not find out HOW you could accomplish buying ... or move closer to that reality?

Gather the information and financial documents on this list. Get prepared ... be ready to take action ... and make that contact!

* Ready to take action? Thinking of buying soon or in the future? Need some financing and credit questions answered? Contact me! I'll put my 35 years of mortgage experience and expertise to work for you. Together we'll discover the options that exist for you in today's market.

I can be contacted 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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

The Appraisal Process ... Chances to Learn More, Share, and Be Happy When the Stars All Align

Mon, 23 Jan 2012 13:18:39 -0500

The Appraisal Process ...

Chances to Learn More, Share, and

Be Happy When the Stars All Align

This last week, I attended my local Three Rivers' Association of Realtors (Serving Will and Grundy Counties, IL) Learning Lunch. I was very impressed by the great turnout for this particular event.

I believe the topic being highlighted at this luncheon greatly influenced members' decision to attend ... as it was a topic that touches upon all of us within our industry frequently. The topic in question??

Appraisals!

Three Rivers had arranged for 3 local, independent Appraisal firms (one of which is on my Chicago Bancorp "approved Appraiser" list) to be on-hand and provide presentations regarding the current market, the challenges presented by the lack of sales, and the "type" of sales occurring and needing to be appraised.

One Appraiser addressed the recent changes to the Appraisal report itself. He talked of the "exactness" that is required in certain categories where adjustments are made. He drove home the point that Realtors can help Appraisers greatly by providing detailed information within their listings.

How does that more detailed information help the Appraiser? It was pointed out that it most certainly assists from an accuracy standpoint ... but it also greatly improves the ability of the Appraiser to provide a more timely turnaround on the completed Appraisal too.

The second Appraiser discussed the need to satisfy mortgage lenders' Underwriters with detailed and accurate reporting ... sometimes with as many as 6, 7, or 8 Comparables being utilized within an Appraisal report. All the Appraisers on-hand for the Learning Luncheon agreed that 4 Closed Sales and 2 Active Listings were the starting point for most of their Appraisals.

When asked if they avoided using "Short Sales" or foreclosures as Comparables, to a person they said, "no one wants to have to use "distress" sales, but name a housing market that is "free" of them? This is especially true when needing to use Comparables that SOLD in the last 6 months, were in the same neighborhood or marketplace, and were similar to the Subject Property."

Many of the Realtors in attendance wanted to know the "magic formula" that Appraisers use to "adjust" for all the above factors? Unfortunately, the reply was, "There is none".

Again, all 3 Appraisers stated that only adjustments for true differences in the properties were being allowed. Condition of the Comparables, if inferior or superior to the Subject Property, could be considered and adjusted for. But there should NOT be expectations that a Comparable that was sold as a Short Sale or Foreclosure should ... or would ... get a "bump up" in value because of the terms of that Sale ... ESPECIALLY if there were no "traditional" market sales to be found.

Of much interest to those in attendance, was the discussion of the new Appraisal Requirements recently enacted. Discussion regarding those ratings of C1 to C6 (Best to Worst), and Quality of Construction Ratings, also from Q1 to Q6 (Highest to Lowest), with specific definitions for these ratings from 1 to 6, raising many questions for clarification.

All of the Appraisers indicated that the time involved in completing an Appraisal had doubled or tripled in the last few years. They noted that the ability to satisfy a Mortgage Lender or Underwriter has become increasingly difficult in recent times. Someone wondered aloud, "Why is that"?

A variety of answers were provided by the Appraising viewpoint, but I (as a Mortgage Lender) believe the real answer is: that Appraisals, which are the support for the Value Estimate arrived at, and the "completeness" and "accuracy" of the Appraisal Report, remain the biggest hurdle for a Loan Originator and Underwriter to get past when a loan file gets SOLD in the secondary market. You simply must have a logical, defensible, and solid Appraisal Report to satisfy Quality Controls of End Lenders ... Fannie Mae, Freddie Mac, and independent loan servicers.

The end result of the Appraisal itself must be that the Buyer pays a fair price for their home. But the Mortgage Lender must retain the right to know the "true market value" of the property being purchased or lent upon. And thirdly, the "Agencies" themselves need to know that the value was arrived at without any undue pressures or influences.

These days that happens when the stars are all aligned ... a truly beautiful thing to behold when it occurs.

The Three Rivers Association of Realtors is to be commended for hosting this important and timely topic for discussion and education at this month's Learning Lunch. The more everyone involved within our industry knows and understands of each other's contributions to the process of buying, selling, and financing homes, the better. It makes the entire transaction flow much more smoothly and easily toward successful conclusion. And ultimately that is what we all want ...

* Looking for an experienced Mortgage Lender within the Will and Grundy County Area? Or a Referral Partner that has the expertise, knowledge, and wide program of services to satisfy and successfully close the transactions of your clients? I have over 35 years of mortgage lending, appraising, and financial planning service and expertise that will accomplish that and more.

Contact me today ... I'll love hearing from you and also cherish the opportunity to earn your trust and mortgage business.

I can be contacted 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

Available via Your Mobile Phone/Devices Now!

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Anatomy of a Home Staging: from Lived In - to Vacant - to Staged & SOLD

Tue, 10 Jan 2012 15:16:17 -0500

Anatomy of a Home Staging: from Lived In - to Vacant - to Staged & SOLD

~ Portland Oregon home undergoes a staging transformation ~

UPDATE: this home went under contract in just 8 days!

People sometimes ask if they should stage their home after they move out, wondering if it would look bigger when it's vacant. We believe the answer lies in the photos that show a home lived in, then vacant after the family moved out, and finally when staged by our Portland OR home staging company.

When we live in our homes, we make the spaces work for us, but when it's time to sell, we have to think like a buyer. Today's buyers want an open space where they can imagine entertaining their family and friends, a space that feels inviting.

Here's an example of a home that we staged recently, showing all three phases (lived in - vacant - staged)

In the living room: Defining the room's function & adding art to highlight the home's best features adds to its appeal & opens up the space

In the family room: Clearly defining the focal point & highlighting the fireplace gives balance & proper flow

In the office: lightening the paint color and removing excess furniture really opens up this space

In the master bedroom: exposing the hardwood floors, opening blinds & adding light makes the room feel more open

If you're selling your home, make it easy on yourself: Consult with a professional home stager on the best way to present your home to today's buyers for a faster sale! This home was sold just 8 Days after staging and listing ... in the month of December!!

~ Staging and Photos by Room Solutions Staging ~

*** *** ***

Room Solutions Staging offers home staging services to Portland Oregon homeowners, real estate agents, builders, banks, and investors to prepare homes for the market. Our home staging clients love our customer service and our home staging statistics! Our home staging services in the Portland OR metro area include consultations, staging for both vacant and lived-in homes, and interior restyling service. For a free home staging proposal, please contact us @ 503-246-1800.

Staging That Sells Portland Homes!

Portland home stager Maureen Bray of Room Solutions Staging was a Featured Designer for HGTV's popular show "My First Place"

~ Licensed ~ Insured ~ Accredited ~ Certified ~

~ content may not be reproduced without permission ~

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

Thu, 19 Jan 2012 15:42:45 -0500

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:

Gene Mundt Financial Terms Glossary

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

Email: gene@chicagobancorp.com

Website: www.genemundt.com

Skype: 630.219.1316

Click Here 4 a: NO Cost NO Obligation Mortgage Consultation

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Can YOU Spare a Strike?? Bowl for Kids' Sake Through Big Brothers Big Sisters of Will and Grundy Counties in March

Wed, 18 Jan 2012 09:45:03 -0500

Can YOU Spare a Strike??

Bowl for Kids' Sake Through Big Brothers Big Sisters

of Will and Grundy Counties in March

It's a sad fact. Some kids aren't lucky enough to have strong role models in their lives. But the Big Brothers Big Sisters organization is trying to change that for kids nationwide.

Bowl for Kids' Sake, sponsored each year through Big Brothers Big Sisters is the organizations' largest fundraiser aimed at raising money to help children in need across our country.

Big Brothers Big Sisters of Will and Grundy Counties in Illinois is part of that overall effort and is once again taking part in this year's annual Bowl for Kids' Sake being held on 4 different dates in March, 2012.

How can YOU participate and help area children?

1) Start a team

Teams are formed with five or six members. Consider creating a team with family, friends, fraternity brothers, sorority sisters, or co-workers.

2) Start securing sponsorships

Each bowler is asked to raise a minimum of $100 in sponsorships for a total of $500 - $600 raised per team.

Want to know the best part? All of the event expenses are completely underwritten by our corporate sponsors. That means 100% of the money raised by bowlers goes directly towards supporting children served by Big Brothers Big Sisters in your community.

3) Start bowling

After you have secured your sponsorships, it's time to have fun! Receive 2 Free games of bowling (shoe and ball rental included!), a Bowl for Kids' Sake t-shirt, food, drinks, chances to win door prizes!

This year's Bowl for Kids' Sake Event Schedule is:

VIP Opening Event!

Crest Hill Lanes, 905 Theodore, Crest Hill

March 3, 2012

8:00 pm - 10:00 pm

Cops VS Fire Event

(Police & Fire Dept. teams only)

Strike 'N Spare, 811 Northern Avenue, Lockport

March 4, 2012

12:00 pm - 2:00 pm

Grundy County Event

Echo Bowling Lanes, 220 Bedford Road, Morris

March 10, 2012

12:00 pm - 2:00 pm

Grundy County Event

Echo Bowling Lanes, 220 Bedford Road, Morris

March 10, 2012

2:00 pm - 4:00 pm

Will County Event
Strike 'N Spare, 811 Northern Avenue, Lockport

March 24, 2012

2:00 pm - 4:00 pm

This year participating bowlers will be vying for a FREE iPad. The more money they raise in donations, the more chances they have to win! YOU could be that lucky winner, if you too sign-up and partner with Big Brothers Big Sisters of Will and Grundy Counties during this event. You receive one entry into the iPad Raffle for every $150 of donations you raise.

For additional information regarding the Bowl for Kids' Sake Events being held in March, go to:

Bowl for Kids' Sake, Will & Grundy Counties

To register for one of the Events, go to:

Register Now: Bowl for Kids' Sake, Will & Grundy Counties

To donate to an existing Bowler at one of the Events, go to:

Donate Now: Bowl for Kids' Sake, Will & Grundy Counties

Can YOU Spare a Strike??

Bowl for Kids' Sake through Big Brothers Big Sisters of Will and Grundy Counties this March! Take action to help our area kids now!

* Thinking of buying a home or refinancing a loan in the Will and Grundy county area? In need of answers to your mortgage and credit questions?

My 35 years of mortgage experience and expertise will safely see you through your entire mortgage process, from your 1st questions, to pre-approval, to through successful mortgage closing and beyond. Contact me today at any of the following, to get started:

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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Do You Know The Difference Between Allergies and Mold Symptoms?

Tue, 17 Jan 2012 10:50:13 -0500

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

Via Inspector David Snell (Snell Experts):

I have spoken a lot in the past about mold and its toxic effects on humans…especially children. I have written article after article on how to find mold in your home, how to get rid of mold and even how to hire an expert in the area to help you when you are over run with mold.

What I have never talked about is how to spot the signs and symptoms of mold when you don’t know that it is in your home. Mold can grow and hide anywhere, so unless you have somebody come to your home and inspect it every few months, you could never even know what is growing in your walls or in your crawl space.

What does this mean for you? Usually when you have a cold or an illness you blame it on your kids who just started back to school, or the weather or the fact that it’s allergy season. What probably never runs through your mind is that many of your symptoms can be an exact symptom of mold inhalation and growth.

So now I think it is important to talk a little bit about these symptoms and what to look out for, when to suspect mold is an issue and how to handle it when you suspect it.

Constant Headache

Nose bleeds

Constant fatigue

Coughing up blood

Loss of appetite

Weight loss

Breathing problems

Sexual Dysfunction

Chronic sinus infections

These are just the most common signs and symptoms of mold exposure. Now, I know firsthand what going to the doctor and saying “I think I have been exposed to mold” will do. Mine actually looked at me like I had two heads! So, what is the first step when you suspect that your symptoms are caused by mold?

Obviously your first step is going to be to go to the doctor, but you will want to have some information to back up your claim. A mold inspection performed by a professional can give you all of the answers that you will need. When the inspector comes out to your home they will take samples of the mold for lab testing which will help to give you a better idea of what you are dealing with. Of course sending samples off to a lab takes time, but at least you will have an idea when you go to your doctor!

Fire | Water | Mold Damage Repair Experts

704-545-0098 | 888-493-0098

Snell Experts and Executive Restoration are experts in water damage, fire damage and all mold damage repair. Snell Experts is a directory of home services, repair, and real estate agents throughout the US.

support@snellexperts.com

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Being 2012 Optimistic. Let Me Count the Ways!

Mon, 16 Jan 2012 18:25:26 -0500

Being 2012 Optimistic

Let Me Count the Ways!

I don't know if you've noticed it, but I have ...

There's been a distinct change in the air, as of late. An air of optimism that has been missing within our real estate industry for way too long.

I don't mean I'm just seeing or hearing it in the media either. I've seen it in my clients' demeanor, their faces, their outlook. They're more upbeat.

And I've sensed it when I've heard my referral partners' telling of the uptick in activity they've been experiencing since the New Year.

THOSE first-hand accounts. THOSE things.They're the ones I consider reliable!

And if I needed MORE reasons to be optimistic about buyers' attitudes? This last week (yes, the week with Chicagoland's first winter storm of 2012) brought all the following very optimistic and positive actions to light for me personally. I almost had to pinch myself!

When was the last time you heard of these happenings occurring ... all in the same week??

A Seller CLOSED on his sale, and then SIGNED A CONTRACT for another home AND was able to negotiate a possession date/agreement to eliminate a second move?
A couple bought a "step-up" home WITHOUT selling their present home ... which they plan on "updating" to make it saleable? (They will not be renting it out)
A First-Time Homebuyer is "borrowing" against her 401k to be capable of putting 20% down on her new home purchase, thus establishing a home environment of her own?
A FSBO (For Sale By Owner) went under contract?
A "city" couple listed their condominium ... and are now pre-approved for their home purchase in the suburbs?
A young, First-Time Homebuyer decided to buy a home at the top-end of his approvability? While rates hit historic lows? He's completely over his payment shock and fears!

Maybe it's the optimism that comes with the New Year? Maybe it's the winter weather and beautiful snow finally arriving in Chicagoland?? But I prefer to think that Buyers are out there in larger numbers, ready to buy homes, and UNDERSTANDING that there may not ever be a better time to buy than in today's present market.

I say ... Don't get left behind! If you're thinking about BUYING a home (or refinancing), hop on the optimistic bandwagon and contact me today. Together we'll see what can be accomplished for you in today's buyer-friendly housing market with historically-low interest rates.

If you're an agent or broker? Spread the 2012 optimism! Spread the word! Get your prospective clients to me, or to your professional, experienced mortgage lender to be pre-qualified. NOW is the time!

Take 2012 by the tail and make it YOUR year!

* Want to find out if you can buy a home in Chicagoland or elsewhere? Interested in starting the home buying process? Looking for a strong, reliable professional mortgage referral partner?

My 35 years of successful mortgage experience and expertise will help guide and assist you, or your clients, throughout the mortgage process ... from pre-qualification to post-closing.

Contact me today through any of the following means. I'll be glad to hear from you and have the opportunity to earn your trust and your mortgage business.

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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Champions Know the "Rules" of the "Game"

Sun, 15 Jan 2012 15:27:31 -0500

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

Email: gene@chicagobancorp.com

Website: http://www.genemundt.com

Skype: 630.219.1316

Click here 4 a: NO Cost NO Obligation Mortgage Consultation

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Cost of Mortgages to Increase Due to Recent Enactments Affecting Fannie Mae and Freddie Mac

Thu, 12 Jan 2012 11:06:37 -0500

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

Email: gene@chicagobancorp.com

Website: www.genemundt.com

Skype: 630.219.1316

Click Here 4 a: NO Cost NO Obligation Mortgage Consultation

Please follow me on the following Social Media sites:

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

HARP 2.0 Update ... from Fannie Mae

Mon, 09 Jan 2012 18:33:40 -0500

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

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

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

Sun, 08 Jan 2012 11:18:18 -0500

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

Email: gene@chicagobancorp.com

Website: www.genemundt.com/Contact-Me.html

Skype: 630.219.1316

Click here: 4 a NO Cost NO Obligation Mortgage Consultation

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com

Rialto Square Theatre in Joliet, IL School Matinee Series and Educational Programs

Fri, 06 Jan 2012 14:45:56 -0500

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:

http://rialtosquare.com

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

Email: gene@chicagobancorp.com

Website: www.genemundt.com

Skype: 630.219.1316

Click here: 4 a No Cost No Obligation Mortgage Consultation

Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL 60563

Now on Skype! 630-219-1316

www.genemundt.com

gene@chicagobancorp.com