Gene's Bit of Blogging
DuPage County
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Gene Mundt, Mortgage Lender - The Federal Savings Bank: Posted on Wednesday, May 09, 2012 11:44 AM
Students from Naperville, IL
to Appear on
"Late Show
with Letterman",
May 10th
 I don't know about
you, but anytime David Letterman
has a "Kids Scientist" segment scheduled ... I'm
watching!
Dave's interactions with the
kids are so much fun to watch!
Letterman's "Kid Scientists" programs have
become one of my favorites. And this
Thursday night's program gives me all the more reason to view and enjoy this
ongoing event.
Local students
from Naperville, IL will be taking part
in Dave's "Late Show" - "Kid Scientists" segment, broadcast May 10th.
The Naperville, IL
students involved include:
- Zack Pradel -
Lincoln Jr. High School
- Abby Louise -
Kennedy Jr. High School
- Joy Chiu -
Naperville Central HS
- Jack Brandt -
Kennedy Jr. High School
- Cairo Lawrence
- Kennedy Jr. High School
Teachers
accompanying the students on this "Kids
Scientist" segment will be:
- Jaci Gentile -
Naperville Central chemistry instructor
- Lee Marek -
Retired Naperville North teacher
Our area's learning academies have much to be proud of. Thursday night's May 10th appearance by Naperville, IL students
will celebrate over 20 such appearances by area students on the "Late Show with David Letterman" since 1997.
Congratulations to ALL the students ... and their teachers .... participating on Thursday night's "Kid Scientists" segment!
To view this segment, watch the "Late Show with David
Letterman” on CBS, Thursday, May 10th, at 10:35 pm, CST)
* Hoping to buy a home in the Naperville, IL area? The surrounding Chicagoland region ... or elsewhere across the US? Contact me conveniently and quickly through any of the following means:
Direct: 815.277.4036 Cell/Text:
708.921.6331 Skype: 630.219.1316
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DuPage County, Localism Posts, Announcements and News, Schools, Naperville, DuPage Township, Education, Special Events, Fun, Comical, Educational Opportunities, School Districts, Chicagoland Entertainment
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Gene Mundt, Mortgage Lender - The Federal Savings Bank: Posted on Thursday, March 29, 2012 3:21 PM
Naperville, IL Graduating Seniors! Apply Now for the
Naperville Junior Woman's Club 2012 Scholarships
Scholarships are awarded on the following merits:
- Scholastic Achievement
- Community Service
- School Involvement
- Financial Need
Fill-out the application and send to:
NJWC Scholarship Committee
5032 Switch Grass Lane
Naperville, IL 60564
All Naperville Junior Woman's Club (NJWC) scholarship applications
must be received by April 15, 2012. Scholarships candidates will be
notifed by email or telephone of the Club's committee decision.
Scholarships themselves will be awarded at the Naperville Junior Woman's
Club's May general meeting.
Good luck to all the Naperville, IL area graduating senior candidates applying for these 2012 Naperville Junior Woman's Club (NJWC) scholarships ... and for success during your upcoming college ventures.
* To receive information and assistance regarding mortgage financing to purchase a home in Naperville, Du Page County, or Chicagoland ... please contact me. My entire 35 years in the mortgage business has been served benefiting home buyers and home owners in Naperville and the surrounding Chicagoland region. I'd love the opportunity to earn your trust and your mortgage business. I can be contacted through any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Chicagoland, DuPage County, Localism Posts, Announcements and News, Schools, Naperville, Community Info, Families, DuPage Township, Education, Family Issues, Educational Opportunities, Charitable/Community Organizations, School Districts
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Gene Mundt, Sr. Vice President - The Federal Savings Bank: Posted on Saturday, February 25, 2012 9:51 AM
Considering Helping Your Child
Buy a Home? What Parents and/or Co-Signors Need to Know
 Within the current housing market, there is great opportunity to be found, especially if you're a first-time home buyer. Home prices are down ... lower than they have been for almost an entire decade. And Interest Rates?? The cost of borrowing, in regards to Interest Rates, is at historic lows ... truly a gift, should you be able to take advantage of them.
With all the positive opportunities that exist, many buyers, along with their families, are looking for ways to take advantage of these current positives by buying properties with the assistance of Co-Buyers/Co-Signors. Most considering this path to home ownership are parents and/or relatives.
As a mortgage lender, it is not uncommon for me to receive questions regarding this method of home buying. "Co-Signing" is happening more and more often. In mortgage terms, this method of buying/borrowing is called being a "Co-Mortgagor" ... a fancy term for "another borrower".
This practice is typically utilized when the "non-occupying" Co-Borrower (let's just say a parent) is the stronger applicant on a mortgage ... and his/her income, credit, and assets make for an approvable loan when the "main borrower/buyer" is not able to qualify for a mortgage on their own. Put another way, the child in this scenario is buying their first home, often has adequate credit ... but lacks the job history or income to qualify on their own.
Considering the (child's) parent's income and credit and debt, makes the loan approvable because the parents' "vitals" help the numbers ... meaning the debt-to-income ratios ... needed to reach the approval level. With FHA, the down payment requirement is only 3.5%, and the Borrower (who MUSToccupy the purchase residence) gets as good of Interest Rate as if they had borrowered on the mortgage alone.
Obviously this is great for the son/daughter, but what about the "Co-Signor, Co-Mortgagor, Parent" involved? The fact is, they will share the same debt and note responsibility as the main applicant. That debt/responsibility will appear on their credit report as their mortgage obligation. If the child misses a payment, the parents (Co-Signors/Co-Mortgagors) credit report will show as having a late payment. A very valid reason for all parties involved to give this great consideration prior to agreeing to start the mortgage process.
 Consider this tho ... Co-Signors/Co-Mortgagors (in my most recent Co-Signor/Co-Mortgagor case) were considering buying a home on their child's behalf, because they didn't think the child could qualify on their own. These parents were fully-prepared to put forward a 20-25% down payment, purchase the home in their own names, and then move the child in as a tenant. The ability to become Co-Signors/Co-Mortgagors changed the financial scenario they received significantly for them and their child.
How did it change? What are the differences to be found within the two methods of home buying?
The biggest difference is in how the bank perceived their upcoming ownership. Parents that just buy a property outright and rent it to their child are considered investors by the bank lending money. Investors pay higher interest rates to borrow money (typically a minimum of 3/4%) ... and/or their Closing Costs rise several thousand dollars. Why? Because the bank considers this type of loan a higher RISK because of the "occupancy" status of the property.
Now you know a bit about the ins-and-outs of Co-Signing/Co-Mortgaging. But if you're a parent, or someone considering Co-Signing/Co-Mortgaging, you're going to need to know ... where and how do you start the process? What financial documentation will be expected from you? What funds will be subject to verification?
Much of the process of mortgage financing will be the same for Co-Signors/Co-Mortgagors as for the actual resident(s) of the property. A handy list of those financial documents needed for mortgage application can be found via my website, by clicking ... "HERE".
What is probably the most common concern or question I hear from Co-Signors/Co-Mortgagors (parents), is ... "How has the mortgage process changed since I last participated in it"?
There is no denying the truth. For a great many parents the mortgage process will be unrecognizable from their own prior financing experiences. And admittedly, the requests for documentation and verification will seem a bit overwhelming.
But documentation and verification is what is required to move the modern mortgage process along to successful completion. Underwriters and end-lenders will not be deterred from it. Co-Signors/Co-Mortgagors must be prepared to have monies/accounts/downpayments verified, along with their employment, credit/debt, and more, just as their child will.
Now, more than ever, the mortgage process itself is specific to those borrowers taking part in it ... so individual and personalized instructions regarding your financial scenario will be provided by your mortgage lender. Listen. Learn. Comply.
If you do so, those requests are completed in a timely fashion, and the lender's instructions are followed, Co-Signors/Co-Mortgagors can help their child successfully establish credit, obtain historically low interest rates, and buy a home at very friendly housing prices.
Should this be a financial step you are considering within your own family ... contact me, or your own mortgage professional, to obtain information specific to your needs.
Becoming a Co-Signor/Co-Mortgagor for your child could be the gift that sets them down the path to a healthy financial future.
* For personalized mortgage information and service regarding your family's Co-Signor/Co-Mortgagor options in Chicago, Chicagoland, or across the nation, please contact me. I will put my 35 years of mortgage experience and expertise to work on your family's behalf. I can be contacted through any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Credit, Buying a Home, Credit Reports/Fico Scores, Mortgages, Chicagoland, DuPage County, Will County, First-Time HomeBuyers, Families, Debt, Mortgage Closing Costs, Asking credit and mortgage questions, Home Buyers, Children, home buying, Right Time to Buy a Home, FHA Mortgage Lending, Down Payment, Mortgage Costs, Closing Costs, Interest Rates, Pre-Qualification/Pre-Approval, Baby Boomers, Co-Signing Mortgages, Parents/Relatives Assisting with Down Payment/Home Buying
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 30, 2012 3:14 PM
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:
Du Page County, IL:
Du Page County Assessors Directory:
Kane County, IL: Kane County Assessors Directory:
Cook County, IL:
Lake County, IL:
Grundy County, IL: Supervisor of Assessors Website:
Kendall County, IL:
McHenry County, IL:
* 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 Skype: 630.219.1316 |
Mortgage Lender, Real Estate, Appraisals, Chicagoland, DuPage County, Localism Posts, Will County, Gene Mundt's Client Services, Will County Services, Cook County, Lake County, Chicago, Community Info, Community Services, Helpful Hints, home buying, County Services and Departments, Property Assessments
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Friday, January 06, 2012 3:53 PM
DuPage County, IL Sr. Citizens Real Estate Tax Deferral Announced for 2012
Information/Applications Now Available
Through March 1, 2012
 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.
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 mustbe 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 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Real Estate, Real Estate Advice, DuPage County, Localism Posts, Announcements and News, Property Tax Bills, Money-saving Strategies, DuPage Township, Seeking Advice, Senior Issues, Home Ownership, Tax Deferral Programs
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