Gene's Bit of Blogging
Importance of Credit
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Gene Mundt, Mortgage Lender: Posted on Monday, April 16, 2012 2:51 PM
Coulda ... Woulda... Shoulda! That's What You're Going to Say, if You Don't Buy Now!
Missed Opportunities!
Regrets!
Lost Potential!
Coulda ... Woulda ... Shoulda!
That's what you're going to be hearing yourself say ... if you don't buy a home while the current unique and beneficial housing market's opportunities exist.
Why? How do I know this?? Because I've begun to hear some Coulda ... Woulda ... Shoulda's ... stories related to me. People are telling me they're kicking themselves over lost opportunities.
Reports from many agents and potential home buyers alike, say homes in many areas of Chicago, Chicagoland, Will County (and elsewhere) are moving more quickly once again. (One Example relating this change in the housing market comes from Chicagoland Agents: Read this post from Howard & Susan Meyers, The Hudson Company, regarding the housing market on Chicagoland's North Shore: "The Worm Has Turned".)
Many markets are
healing and seeing rebounding prices. Sellers are receiving multiple
offers for their properties.
Opportunities have been lost by some potential home buyers, leaving these potential home buyers wishing THEY had taken action sooner.
A few of my own clients have said they regret not regaining control over their own finances or taking action to improve their credit prior to talking to me. They wish they had checked their Credit Report sooner and more often. They now know they'd be much further ahead and have more financing options open to them when they buy.
Many have stated they simply wish they had listened and followed their real estate agent's advice better. They mistakenly thought they were going to "low-ball" a bid and steal a home at a ridiculously low price, then ended-up losing out. The "low-ball" philosophy just didn't work.
Still others have been fence sitters. They've delayed making a sales offer too long and lost-out to other buyers capable and willing to make a home buying decision.
Good news does still exist! Interest rates and housing prices remain low.
But do not doubt this ... time is of the essence. You need to take action.
Take steps NOW to prepare yourself. At minimum, find and team-up with an experienced, professional mortgage lender. Get the home buying ball rolling.
There are no negatives to having your credit report run. Most mortgage lenders will do it for free. I do. And whether you buy a home soon or down the road ... you win. You save money on all sorts of services because you've improved your credit scores. Insurance. Cell phone service. Credit cards ... you name it. The better your credit, the less you pay, the more money you save.
Avoid the Coulda ...
Dodge the Woulda ...
Protect yourself from the Shoulda ...
* Discover what home buying and financing options exist for you, whether in Will County, IL, Chicagoland, or any of the 50 states. Contact me today! We'll work together to get you on the right path to homeownership ... now ... or for the future.
I can be contacted through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331 Conveniently thru Skype: 630.219.1316
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Credit, Credit Repair, Buying a Home, Credit Reports/Fico Scores, Importance of Credit, Mortgage Lender, Mortgages, Real Estate, Working with a Mortgage Professional, Chicagoland, Will County, Agents and Brokers, First-Time HomeBuyers, Chicago, Asking credit and mortgage questions, Home Buyers, home buying, Right Time to Buy a Home, Home Ownership, Los Angeles CA agents and realtors, Los Angeles Home Buying, Winnetka and North Shore, Interest Rates, Pre-Qualification/Pre-Approval
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Gene Mundt, Mortgage Lender: Posted on Wednesday, March 14, 2012 10:45 AM
Timely and Important Mortgage Information for Those Wanting to Buy a Home
Carra Riley was such a great hostess during this interview. She knew exactly what home buyers want and need to know when entering the housing market and asked great questions.
She guided us through important details and timely financing topics ... topics and info that will help listeners navigate ... or "connect the dots" when buying a home and obtaining a mortgage.
I think you will find the information available of great assistance ... whether you are a first-time home buyer, someone refinancing, a move-up buyer, investor ... or an agent hoping to pass-on something of informational value to your clients.
If a question you have is not covered within this interview ... or if you are in need of mortgage guidance or assistance ... please do not hesitate to contact me. I'll be happy to hear from you, answer your questions, and assist you with your needs.
Thanks for listening. I look forward to connecting with you soon ...
Gene
Just "click" and listen!
I can be contacted through any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Email: gmundt@thefederalsavingsbank.com Skype: 630.219.1316
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Buying a Home, Credit Reports/Fico Scores, Importance of Credit, Mortgages, Refinance, Working with a Mortgage Professional, Condos and Townhomes, Gene Mundt's Client Services, First-Time HomeBuyers, Buying or Renting, Debt, Mortgage Closing Costs, Asking credit and mortgage questions, home buying, FHA Approval for Mortgage Lending, FHA Financing for Condominiums, FHA Mortgage Lending, Down Payment, Mortgage Costs, Closing Costs, Interest Rates, Pre-Qualification/Pre-Approval, Interest Rate Lock-In, Co-Signing Mortgages
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Sunday, January 15, 2012 2:54 PM
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 Skype: 630.219.1316
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Credit, Buying a Home, Credit Reports/Fico Scores, Financing, Importance of Credit, Mortgage Lender, Mortgages, Refinance, First-Time HomeBuyers, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Communication, Mortgage Closing Costs, Asking credit and mortgage questions, Home Buyers, home buying, Mortgage Costs, Interest Rates, Pre-Qualification/Pre-Approval
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 09, 2012 6:19 PM
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 questionsregarding 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 Skype: 630.219.1316
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Credit, Credit Repair, Financing, Importance of Credit, Mortgage Banker, Mortgages, Working with a Mortgage Professional, Credit and Financial Counseling, Announcements and News, Mortgage Crisis, Debt, Credit Counseling, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0, Fannie Mae/Freddie Mac
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Friday, December 23, 2011 3:02 PM
The New Year is Upon Us.
Make '2012' the Year of YOU!
The headline reads ...
Average rate on 30-year fixed mortgage falls to record 3.91 pct., 15-year flat at 3.21 pct.
And yes ... this
means if you're one of those that have earned good credit scores, you could
receive this record low interest rate for your mortgage.
Remarkable, isn't
it?? And to just prove how very
remarkable it is ... I tell you, I've been in the mortgage business for 35
years and when I started out back in the mid-1970's, the average mortgage rate
was in the 6% range. Again I say,
remarkable!
But this post
isn't really meant for those that have good credit scores. (Although I hope you read it and take action
to contact me too!) No, it's message is
meant especially for those that DO NOT have stellar credit or credit scores ...
Why? Because perhaps even MORE remarkable than
this much-broadcasted historical low rate ... is the prediction by many top
financial analysts that these rates (or something close to them) are projected
to last well into the New Year of 2012.
And THAT means that even those without good credit scores presentlymayhave time to improve their scores and still take advantage of good rates in the
near future.
I call THAT
extremely remarkable too! Perhaps even
more so.
So here are my
questions for you: Does that sound like
YOU??? And if it does describe your
present credit scores ... and you hope to buy a home someday ... what are you
going to do about it?? Are you going to
remain on the sidelines and let this unbelievably good opportunity slip through
your fingers??
The New Year is
upon us. Does YOUR New Year resolution
for 2012 include improving your credit habits and credit scores? Does your resolution include the possibility
of a new home? Home OWNERSHIP to fulfill
your dreams?? If so, NOW is the time to
act.
As the old saying goes, "A
journey of a thousand miles begins with a single step". Improving your credit is a journey. Take that
single step by contacting me now ... or your mortgage lender ... to get started
on your personal journey to credit improvement or repair for 2012.
And I say that whether your future holds the
wish for a new apartment, home ownership, or just better opportunities for
employment, better insurance rates, improved cell phone costs, or any of a
hundred different ways your life can improve with better credit scores.
Whenyou can save
money ...Whenyou can improve your life ... When you can make life easier for
yourself by taking this important step ...
When you can fulfill your dreams ... WHY wouldn't you? WHY aren't you??
Make 2012 the
year you ACT. Reach out to me however is
most easy or convenient for you and get started. Credit improvement does take time to
accomplish. And although they say these
fantastic interest rates are going to hang around awhile, that amount of time
may be needed to make the improvements required.
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Credit, Credit Repair, Buying a Home, Credit Reports/Fico Scores, Financing, Importance of Credit, Mortgage Banker, Mortgage Lender, Mortgages, Real Estate Advice, Working with a Mortgage Professional, Credit and Financial Counseling, Gene Mundt's Client Services, First-Time HomeBuyers, Buying or Renting, Obtaining Mortgage Quotes, Pre-Approvals, & Info, New Leaf credit-improvement program, Debt, Asking credit and mortgage questions, Credit Counseling, Helpful Hints, Home Buyers, home buying, Right Time to Buy a Home, Home Ownership
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