Gene's Bit of Blogging
Choosing a Mortgage Lender
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Gene Mundt, Mortgage Lender: Posted on Monday, May 07, 2012 11:15 AM
You're OFFICIALLY Invited ...
Seems like I've read a real "rash" of posts lately regarding "visiting". In person. Via the internet.
These posts have followed closely on the heels of the ActiveRain social media site's "meet-ups" that were held just a short while ago in many locations across the US and Canada.
Guess we bloggers (especially AR members) are just a friendly, out-going, social bunch! Guess it also explains why we're in a people-business like real estate.
But these recent posts, and their subsequent comments, really had me thinking. How "welcoming" are my posts when someone reads them? How 'bout my other social media? Do clients, referral partners, everybody reading them ... understand that they include an "invitation"? There really shouldn't be any doubt, should there??
And although I need to always be aware of this while I'm blogging, writing, speaking on an ongoing basis ... I also decided that maybe it's time I just post an official invitation to all my clients, blog followers, and AR members, potential clients. An invitation that says ... "Come Visit Me! You're invited. My door is always open". Figuratively-speaking and literally.
But "meeting" here, getting to know you through your comments, emails, texts, skyping, phone calls, technology ... is great too!
So I guess my official "invitation" is rather broad and open-ended. I'll be thrilled to meet in person ... or online. To write back and forth. To read. To comment. To email, text. To pick-up the phone and talk. Through your subscriptions to my blogs. To ask questions back and forth .. and to have you seek my services too, should you need that.
ActiveRain posts written after the "meet-ups", told of members ... "friends" ... getting together ... and the many great things that came as a result of their doing so. Ongoing results. Those that had attended the "meet-ups" were so glad that they had taken the time to meet and visit. Accepted the "invitation" to do so. You and I, we can do that too!
So ... You're invited to stop. Stop soon. And stop often to meet ... visit ... share! Real-time or cyber ...
An official Invitation ... from Me to You!
* It's easy to find me ... stop and talk. Ask questions. Sit a spell. You can "visit" me at any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331 1823 Centre Point Circle, Naperville, IL Conveniently at Skype: 630.219.1316 |
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Gene Mundt, Mortgage Lender: Posted on Friday, May 04, 2012 10:50 AM
When Is a Deal NOT a Deal??
 Relax! This is NOT a trick question! The answer to this question? It's actually pretty simple to figure out.
A Deal is NOT a Deal when you will come to regret having made the purchase in the first place, at some later date.
What brought this topic to mind was a thoughtful, well-written blog post by real estate agent and ActiveRain member, Barb Van Stensel. In her post, Barb talks about the realities of viewing, obtaining, then successfully transacting, a condominium property.
Barb Van Stensel is absolutely 100% correct with her summation of condominium purchases too. Buyers should ask questions, demand thorough inspections of the property itself, the property management company involved, AND the condominium association under whose direction the property finds itself, all PRIOR to signing a contract for purchase and seeking financing.
I cannot stress the following advice strongly enough...
When considering the purchase of a condominium property, it absolutely vital that you do your homework regarding the professionals you seek and then work with during your purchase and mortgage financing.
 Choose a real estate professional and mortgage lender that meets and surpasses specific criteria.
And what should that criteria be? Choose only real estate and mortgage professionals that are educated and experienced regarding condominium transactions and have successfully completed and closed them RECENTLY. And I repeat ... RECENTLY!
The condominium market is a quickly-changing housing market. The need for current experience and thorough knowledge and understanding of these transactions ... and their regulations ... cannot be overstated. Simply said ... it is NOT the time to work with a rookie or someone that typically does not work within this specialized market.
The Chicago and Chicagoland area in which Barb Van Stensel and I live, provides a perfect example of the urgent need for meeting the criteria I outline above. Chicago and Chicagoland currently has a large array/choice of condominium properties from which to choose during your condo property search. Choose unwisely regarding your selection of real estate and mortgage professional ... and you run the real risk of personally finding out just when a Deal Is NOT a Deal. Most likely, you'll be living proof of it.
I have a complete and thorough education and understanding of just what constitutes a "condominium" VS a "townhome". I also understand the workings of condominium associations and management companies because I dealt with so many of them while appraising ... and mortgage lending.
I know who to approach and what to ask them ... and just why. What legal paperwork will be demanded. What lending underwriters will seek from seller, management, associations, buyers, etc. I know what information is absolutely mandatory to my transaction ... and how to interpret that information. My clients and referral partners have come to know this regarding my services and depend on the benefits and protections that knowledge and experience affords them.
When is a Deal NOT a Deal?? That's simple, especially when speaking of condominium transactions.
A Deal is NOT a Deal when ... you come to wish you'd never seen or bought your condominium in the first place ... or you wish you had chosen another professional to work with during your purchase or mortgage transaction.
Don't let that be you! Protect yourself when buying a condominium by seeking-out and then working with an experienced, knowledgeable, successful real estate agent and mortgage lending professional. You'll be glad you did ...
* Thinking about buying a Chicago or Chicagoland condominium now or in the future? Contact me! I'll put my years of experience, education, and expertise to work on your behalf.  I can be contacted at any of the following:Direct: 815.277.4036
Cell/Text: 708.921.6331 Conveniently via Skype: 630.219.1316
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Buying a Home, Mortgage Lender, Mortgages, Working with a Mortgage Professional, Refereral Partners, Localism Posts, Condos and Townhomes, First-Time HomeBuyers, Chicagoland Markets & Special Events, Choosing a Mortgage Lender, Condominium Associations, Seeking Advice, Real Estate Professionals, home buying, FHA Financing for Condominiums, Pre-Qualification/Pre-Approval, Choosing Your Real Estate Professionals
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Gene Mundt, Mortgage Lender: Posted on Thursday, April 05, 2012 11:06 AM
Ready, Willing, and Able. Yep, I'm THAT Easy ...
Ever hear the line, "There are no stupid questions"??
 Well, I think it's VERY true ... especially when you're talking about buying homes or mortgage financing.
NO question is too simple, too far left-field, or too inconsequential to be asked. If, as a Buyer or mortgage client, you don't have the answers you need to comfortably move forward at ANY step of the home buying and mortgage process ...
As a mortgage lender, I LOVE questions! I recommend ... no ... promote ... no ... plead with clients to ask them. It's that important. But how do I convince potential home buyers and clients to stop ... be unafraid to ASK their questions? Convince them that I'm Ready, Willing, and Able ... and Easy to ask??
In his blog, Eric eloquently addresses some scenarios that illustrate why it's so important to get Pre-qualified for a mortgage prior to searching for homes. He also broaches the hard fact that today's mortgage lenders face an uphill battle when trying to initiate "question asking" or inquiries. Some of that rightfully earned. And although I've personally never been accused of being a serial killer, I do pick-up on the negative vibes that emanate from many current buyers ... vibes that obviously can stand-in-the-way of their seeking me out or asking their questions.
So I go back to ... HOW do I assist, or convince, potential buyers to overcome those fears or dislikes? HOW do I get them to ASK their questions??
Some of the answer may lie in the hands of real estate agents. In ever increasing numbers, agents are refusing to show homes to potential buyers that have not taken the first step to home ownership ... that being Pre-qualification for a mortgage. Obviously this act alone makes Pre-qualification almost mandatory. And that's good, as they're ultimately doing buyers a great service.
 Pre-qualification is vital for many reasons, but perhaps none is more important than Pre-qualification provides the home buyer a huge opportunity to ASK questions and to educate themselves. Not only regarding their own finances, but the entire home buying process, and home ownership itself.
During Pre-qualification ... and then while in the processing of their mortgage financing ... buyers should find themselves in the enviable position of having an assortment of real estate professionals at their disposal to answer questions.
Mortgage Lender. Agent. Home Inspector. Title Company. Insurance Agent. Real Estate Attorney. Each educated about their personal transaction. Each available to them. It's truly a buyer's rare opportunity. Take advantage ... ASK questions!
You've probably heard ... the act of obtaining a mortgage and buying a home in today's current market is more complicated than it used to be. And that is very true. Now more than ever before, home buyers need real estate and mortgage professionals at their side that will take the time to help, to educate, to answer, to take action on their behalf, and to act for their benefit.
ASK your questions! Start asking them while searching for your mortgage lender. Continue asking them when seeking referrals for other real estate professionals. Ask them every step of your mortgage and home buying process. In fact, never stop asking them.
I'm Ready, Willing, and Able to answer them. Yep, I'm THAT easy ...
* I look forward to having the opportunity to answer YOUR questions and earn your mortgage business. Let me put my 35 years of expertise and experience to work on your behalf. Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Buying a Home, Mortgage Lender, Mortgages, First-Time HomeBuyers, Buying or Renting, Choosing a Mortgage Lender, Asking credit and mortgage questions, home buying, Home Ownership, Clients, Pre-Qualification/Pre-Approval, Educational Opportunities, Choosing Your Real Estate Professionals
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Gene Mundt, Mortgage Lender: Posted on Monday, March 26, 2012 12:46 PM
You Wouldn't Call a Part-Time Doctor to Do Your
Heart Surgery, Would You??
As we often do, my wife and I were having a discussion about work the other day. I had just gotten home and it had been a very trying afternoon.
A Closing that day had taken much longer than it should have. Also, one of the deals I'm presently working on had developed "hiccups". Nothing that can't be solved, just frustrating.
 The deals of two of my underling lenders had needs and issues to see to as well. Glitches, and not all that uncommon anymore in the scheme of things. But still, there had been a number of them ... and the time dealing with them had mounted up.
Upon reflection of all these issues, both my wife and I were struck by a commonality that ran through each of the transactions like a thread. Each of the current transactions suffering issues had at least one real estate person working within it that was not full-time. One transaction had several "part-timers" working on it. And unfortunately, in each instance that had made a difference ... a negative one.
Earlier that day, I had in fact taken issue with one of my own lenders about missing an important meeting. The meeting ... one held the same time, same place each and every week, are considered mandatory. Yet, they were a no-show. (No valid reason as to why they were not in attendance). And a topic had been covered that would have been of assistance to them on their troubled file.
One transaction I refer to had an attorney involved within it that rarely handles real estate any longer. Another deal had agents that were at best ... part-time.
Still another transaction had had a title company involved, that seems to be only dabbling at doing business. They literally had left clients sitting in their offices after a Closing waiting for follow-up documentation, no one from the title company represented within the building. All had left. Most lights out. Still scratching my head about that one.
And it all made me wonder how ...
* In this day and age of quickly-changing regulations, rules, information, needs, underwriting, etc. ...
* In this day and age of short-sales, REO's, foreclosures, this litigious society, etc. ...
* In this day and age when transactions are so detailed, nuanced, and possibly even time-restricted ...
How can anyone presume to conduct business on a client's behalf devoting less than full-time to their profession or business?
And WHY would any client ... especially in this day and age ... take the risk of relying on someone that did not devote full-attention and energy to them, the tasks at hand, or their profession? Because that IS what they are doing. Taking a huge risk.
 If this was a medical situation, you certainly wouldn't work with a part-time doctor, would you??
Real estate transactions typically involve the largest debt any client will ever incur. Certainly home buyers should demand that high standards of professionalism and knowledge be met within their home buying transactions too.
Here is my opinion regarding this issue ...
Today's transactions demand great attention to detail and follow-up. Constant communication and vigilance. If you utilize the services of real estate professionals devoting only part-time effort and attention to your transaction, you expose yourself to risk, error, and extra costs. At minimum, you will most likely experience last-minute drama in your transaction ... unneeded, frustrating, and typically avoidable.
I can't stress the importance of this matter enough ...
Do yourself a huge favor. Protect yourself and your interests ... by doing your preliminary homework well.
Seek referrals, check websites. Ask for testimonies, speak to prior clients, verify a professional's successes ... prior to making a final decision regarding who you will work with.
Don't be afraid to ask the question ... "are you full-time"?? It's important that you know just how much time they are committing to you. It is well-worth it to you to ask these questions and do this preliminary homework. It will save you time, energy, frustration, and possibly even money down the road.
* Work with a full-time experienced, knowledgeable mortgage lender with 35 years of expertise to put to work on your behalf. Contact me today. I'll be happy to hear from you and have the opportunity to earn your trust and your mortgage business. I can be found at any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Buying a Home, Mortgage Banker, Mortgage Lender, Working with a Mortgage Professional, Agents and Brokers, Conducting Business, First-Time HomeBuyers, Choosing a Mortgage Lender, Working with a Real Estate Professional, Home Buyers, home buying, Servicing Clients and Referral Partners, Los Angeles Home Buying, Choosing Your Real Estate Professionals
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Gene Mundt, Mortgage Lender: Posted on Thursday, March 01, 2012 6:10 PM
How to Best Prepare Your
Credit and Financial Position BEFORE Beginning a Home Search Part 2
 Yesterday, I wrote Part 1 to this post. In that portion of this blog, I covered WHY it's important to Plan and Prepare for your home buying/mortgage financing well in advance to actually seeking your mortgage pre-approval or home search.
I also explained and listed what credit/debt, financial documents, and information you will need to gather and then supply to me/your lender when you reach that stage of seeking your mortgage pre-approval.
In this, Part 2 of my continuing blog, I reiterate the importance of adhering to the guidelines provided, especially if you're a first-time home buyer, never having been through the home buying/mortgage financing process before.
Following this pro-active guideline WILL improve anyone's home buying and mortgage financing experience ... streamlining it and enhancing the likelihood of your receiving better interest rates (saving money), more and better mortgage options to choose from, and a less-stressful/more successful mortgage processing.
So after collecting those things listed in Part 1 of this post, what's next?
Credit
- Always Remember: Call/Contact your Mortgage Lender, if you need ANY advice. If considering a purchase in the next 90 days, or in the next year (if you have credit issues especially,) contact me/your mortgage lender for a FREE tri-merge credit report. Find out just what/where you stand credit-wise, then take action!
- Manage your credit cards, making sure ALL balances are kept BELOW the maximum credit available (at worst), and below 10% of the limit (ideally).
- Know the ABC's of your TOTAL debt, from the following criteria:
 - Mortgages (Know the name and address of the Lender, Amount Still Owed, and Your Monthly Payment Amount)
- Home Equity Lines (Again, Know the name and address of the Lender(s), Amount(s) Still Owed, and Your Monthly Payment Amount(s).
- Student Loans (Again, Know the name and address of the Lender(s), Amount(s) Still Owed, and Your Monthly Payment Amount(s).
- Auto Loans (And finally, the same as above. Name, Address(es), Amounts Owed, and Monthly Payments)
- Installment Loans (Meaning: Boat financing, Recreation Vehicles, Motorcycles, Secured Loans, etc.)
- Credit Cards of ALL Types (Know who holds/offers the Card, Account Number(s), What is the Outstanding Balance on Each, and the Minimum Monthly Payment of Each)
Attending to the above IN ADVANCE of entering the mortgage pre-approval process or home search, negotiating a Real Estate Contract, and getting your loan documents together ... not to mention the home inspection process, finding a Real Estate attorney, and shopping for the Homeowners Insurance ... can make your life much easier and eliminate many of the stresses of home buying and financing.
Following these guidelines, can also be the difference between a smooth mortgage approval process ... and failure to be approved for the loan you need.
Invest in yourself and your future. Spend the time needed to get organized. Give yourself the time needed to polish-up those credit scores to the best they can be. Be prepared!
Successfully do the things I suggest above and in Part 1 of this blog ... and you can thank me when we talk about the financing for that new home you're dreaming of ...
* Contact me with your credit and mortgage financing questions and needs. Whether in Chicago, Chicagoland, or across any of the 50 states, I can help. With 35 years of mortgage experience and expertise, I can answer your questions, and assist and guide you successfully throughout your credit enhancement and mortgage process ... and into becoming a new home buyer. I can be contacted through any of the following means: Direct: 815.277.4036 Cell/Text: 708.921.6331
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Credit, Credit Repair, Buying a Home, Credit Reports/Fico Scores, Mortgage Lender, Mortgages, Mortgage & Transaction Processing, First-Time HomeBuyers, Choosing a Mortgage Lender, Debt, Asking credit and mortgage questions, Seeking Advice, Home Buyers, home buying, Pre-Qualification/Pre-Approval
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