Gene's Bit of Blogging

Real Estate Contracts

Announcing the "Comeback Kid" ... PMI! (Private Mortgage Insurance)

Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Sunday, January 01, 2012 11:52 PM

Announcing the "Comeback Kid" ...

PMI!

(Private Mortgage Insurance)

In the good news department, it appears that the private mortgage insurance companies may be loosening up their guidelines and appear to be regaining a lost share of business that FHA has been enjoying.

Coupled with the higher monthly mortgage insurance costs associated with FHA loans now, and the "availability" of privately issued mortgage insurance, more Conventional loan scenarios are taking hold.

Of those options at 5% down, single premium (paid upfront at closing) is emerging from the pack. With the single premium upfront private mortgageinsurance, borrowers pay a lump sum at closing as part of the total costs of their mortgage. This eliminates any monthly private mortgage insurance costs for the borrower, allowing them to qualify for a higher priced home and mortgage.

Even better, the Borrower does NOT necessarily have to pay for it themselves. Sellers can pay (if negotiated into the Sales Contract) and Lenders can also pay (usually by virtue of charging a higher interest rate or fees).

Even more importantly, the public is slowly learning that they don't need 20% down payment to purchase a home, that options DO exist at 3.5%, 10%, or 15% down.

Spread the word!!

* Discover your (or your clients') downpayment and/or private mortgage insurance options.

Contact menow. Together we will discover the mortgage options most advantageous for your home purchase and financial future.

I can be found through any of the following:

Direct: 815.277.4036 Cell/Text: 708.921.6331

Email: gene@chicagobancorp.com

Website: http://www.genemundt.com

Click here 4 a: NO Cost NO Obligation Mortgage Obligation

Skype: 630.219.1316

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When Buying a Home, Retain the Services of an Experienced, Knowledgeable REAL ESTATE Attorney. There IS a Difference in the Counsel You Can Retain.

Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, July 18, 2011 11:35 AM

I've been reminded several times over the last couple of weeks of just how important it is for new home buyers to have an experienced real estate specific attorney at their side throughout their home buying experience and home closing.

I've had closings where a top-knotch real estate attorney has been in attendance. It's been obvious that they've interacted with our mutual clients throughout their entire home buying transaction. They (or their office) has continually and actively interacted with me, their client's lender, throughout processing. During the home closing itself, they've been engaged and interacted with everyone at the closing table. They offered valuable insight, guidance, and paved a clear path towards the completion of a successful home closing. It's easy to see, they've earned every penny of their fees.

Unfortunately, the opposite has been seen representing my clients too. Most of these attorneys were NOT real estate specific counsel. Nothing wrong with them being educated in another area of the law ... until it impacts my home buying client and the outcome of a transaction.

To put it delicately, a few of these attorneys were absolutely clueless as to how to guide, assist, or protect our mutual clients. My clients were most definitely NOT getting what they were paying for.

Because they lacked the experience and knowledge they needed, these attorney's came ill-prepared and un-educated as to what they should be doing. In those instances, I had to step-in and explain closing documents and closing information routinely handled by experienced real estate attorneys. In yet another closing, I provided a suggestion for a solution to a legal issue between buyer and seller. Again, on an issue routinely handled by an experienced real estate attorney.

Now I don't relate these stories to relate to you how wonderful I am ... nor to state how much I know or how hard I worked. Nope. Not my point. My point in relating this is to get this message across to home buyers ...

When buying a home, find and retain the legal services of an experienced, knowledgeable REAL ESTATE SPECIFIC attorney with current real estate expertise.

I've written about this topic before, but the importance of following my advice above just continues to grow. In this current challenging housing market, when utilizing the services of legal counsel, you absolutely .. positively .. need the services of an attorney knowledgeable and experienced in current real estate law. And I do say and point out the importance of CURRENT.

Laws, rules and regulations .. they've all changed at mind-numbing speed over the last couple of years. IMO, there is no way that an attorney that does not work within real estate in a regular, continuous, and repetitive basis can offer the full expertise and protection needed by today's home buyer. And a couple of closings I've had over the past few weeks showcased that fact in an alarming fashion.

I can't emphasize it enough. Do your homework. Take the time. Get referrals. Get references. Speak to other real estate professionals. Get feedback. Find the active and knowledgeable REAL ESTATE SPECIFIC attorney that can provide the valuable real estate legal services you need.

Heck, for that matter ... follow that recipe to find all your real estate professionals. Whether agent, lender, home inspector, appraiser, etc. ... it's the best way to find and work with quality real estate professionals. You find and get the best results for yourself. And your short and long-term interests are best served.

* If in the Chicagoland area and in the need of a real estate specific attorney ... or real estate professionals in other fields, please contact me for a referral. I've had the pleasure of working with many of our area's finest real estate professionals and will be glad to provide you names and contact information for their services. I can be reached at: