Gene's Bit of Blogging
Mortgage Lender
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Gene Mundt, Mortgage Lender: Posted on Monday, May 07, 2012 5:39 PM
I May Not Be Yoda,
but I'm Darn Close!
Yesterday, I was reading yet another blog about the low interest rates presently available to home buyers seeking mortgage financing.
Seems another new historic low was announced. Something not quite so noteworthy anymore, as we all have grown used to hearing about how the rates have dipped, dipped, and dipped again.
 And therein lies my big worry, both as a mortgage lender and as a parent. I think buyers have grown quite weary and fairly complacent.
Low interest rates, such as we are seeing presently, should be news that sends home buyers (currently seeking and potential) all giddy. They should be doing a happy-dance.
But although rates remain a topic of interest for mortgage applicants I speak to, the rates we are seeing do NOT stimulate action in the housing market or number of inquiries for financing you would predict. So many potential buyers simply are doing nothing in response.
And I find that sad. That attitude translates into so much potential lost savings . So many opportunities simply being ignored.
I believe that many potential buyers falsely believe they cannot buy. That they will not be approved for loan. It's certainly the mantra repeated by the media. And it seems nowadays, everyone knows someone that knows someone that has an awful story to tell about the financing process. Heck, I even hear it within our own industry.
The truth of it is that there are many successes being celebrated out there. The majority (around 62%) of people that apply for a mortgage loan DO get financing and successfully
buy a home. (Remember, we've seen the result of and are suffering from no one being turned away.)
Now, do mortgage applicants have to work at finding their successes? Yes! Is it easy? No! Are
they frustrated at times throughout the process? H#*$ yes! Should the
process be like this? No! I'm a mortgage lender and I think it sucks that
buyers and those refinancing are put through the ringer like they are. But the
process is what it is ...
So if that is the truth ... and the process is what it is, at least at this point, I ask ... What are you, if a hopeful and/or potential home buyer, going to do? What's your reaction??
I've written some about this in the past ... my own personal experiences with rates, home buying, and financing over my 35+ years within the mortgage and real estate industry. It's been interesting, to say the least.
But over all those years, one thing has remained true for home buyers and those seeking mortgage financing: No matter how bad your financial situation. No matter your credit scores. The situation and your scores CAN be improved and turned around. Help is available.
Okay .. okay ... you're right. I need to add an asterik to those statements ...
- Asterik 1: With time, care, and patience.
- Asterik 2: If willing to do some hard work.
And therein, lies some of the current problem. Many people hate the asteriks. But taking that into consideration, my question becomes this:
If you ever hope to buy a home ... now or in the future ...
Are you going to let those asteriks scare you away from starting the process? Are you going to let the need for some hard work and patience intimidate you into foregoing inquiries about your home buying capabilities and options?
Are you going to let all those stories ... those asteriks ... steal REAL opportunity from you? REAL SAVINGS?? And yes, I said steal. I can talk to you all day and all night about what I think
is the right thing for you to do. And it
will be "yadda yadda yadda" ... just noise in
your ears. Or I can tell you this ...
I may not
be Yoda,
but I'm
darn close!
I'm a mortgage lender, yes. But more importantly, I'm a
husband, a dad, and now a grandfather too. And
that is where my message (and vast wisdom) to you springs from.
I've been there. I've stared-down
growing insurance costs. Rising taxes. Emergency repairs at the home. Health bills for braces, glasses, broken noses, emergency hospital
trips.
I've had to come-up with unexpected costs ... dues for
sports camps, traveling leagues. I've shelled-out extra for Size 15 Nikes.
I've looked college payments in the eye.
And I'll tell you ... your child you never thought you'd hear it from? Yep, even
MORE schooling ... LAW school! Then wedding
plans start. Times 2 ... within 6 months of
one another. Heart-tugging Grandchildren aren't far behind.
All of these expenditures and more might be in your
future as they were in mine, you just never know. So take it from someone that knows ... you need to look for, and take
advantage of, every savings when you can.
Listen to Yoda ...
The savings you
can and will reap by buying now and locking-in a historically low interest rate?? Cha-Ching!
The savings you can and will reap through the lower housing prices found in many
markets right now? Cha-Ching Cha-Ching!
Those savings WILL come in mighty handy later
... believe me.
Forget whatever negative you have heard. Take action.
Reach out. Pick-up a phone. Text.
Email. Whatever! Do it on your break. At lunch time. Before you head to bed.
Ask your questions. Don't just accept what you're hearing on the news ... or from others, no matter who they are. Fight for every option, work for every advantage, every opportunity you can
find. You owe it to yourself and your future.
Contact me. Even if you have challenging financial and credit
issues. Get started on bettering your finances and future. It costs you zippo ... absolutely nothing to talk to me.
You'll be glad we talked. I'll be glad to hear from you ...
* You can find me in several convenient ways:  Direct: 815.277.4036Cell/Text: 708.921.6331 At Skype: 630.219.1316 Through Your Mobile Device:
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Credit Repair, Buying a Home, Credit Reports/Fico Scores, Financing, Mortgage Lender, Mortgages, Working with a Mortgage Professional, Credit and Financial Counseling, Announcements and News, Gene Mundt's Client Services, First-Time HomeBuyers, Money-saving Strategies, Savings Advice, Communication, Asking credit and mortgage questions, home buying, Right Time to Buy a Home, Home Ownership, Clients, Interest Rates, Cost of Living and Bills
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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 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 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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