Joliet, IL Real Estate News

By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Protecting a Child's Identity has Become More of a Challenge and Increasingly Important for Today's Parents.      In the last two or so years, my wife and I have become grandparents twice.  Suffice it to say, "things have changed"  a bit since we had our two babies ... now parents of their own at 33 and 29 years old.      Back when Marilyn and I had our two boys, we thought that as parents we were pretty on top of things when we got them their own Social Security numbers fairly early on.  We thought we were ahead of the curve.       Now?  Babies are routinely given Social Security numbers at the time that Birth Certificates are applied for.  Typically that occurs right in the hospital.  (If you did not receive a SS# for your child upon their birth and you are in need of a SS# for your...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Once Again an Option for Home Buyers:  3% Down Conventional Financing Program          There's no doubt about it, Financing has been tighter over the last few years.  And, that's as it needed to be.  But it's my opinion, that we are beginning to see some movement towards "loosening" of the tight standards that have now become the norm.        That impression was backed-up by an article I found today in the  New York Times  entitled,  "Signs of Easier Money for Mortgages".  The author of this article speaks of a revival of some types of mortgage programs not seen since prior to the housing and financial downturn ... and how this revival made home buying easier for some they write about.      One such financing option recently re-introduced, is the 3% Down, Conventional Loan Product.  T...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  How to Determine if You're Viewing a  Condominium or Townhome        Townhome ... or Condo??        What are the differences between the two?  And what do those differences mean to you now ... and in the future ... should you be an Owner or are thinking of becoming one?  And what should you do, if an Agent and asked to represent a Buyer or Seller of a Condominium?        Fact is, you can't tell the difference between a Condo and a Townhome just by looking at them.  It's not style, design, or physical characteristics that determine the answer.  It's an OWNERSHIP ISSUE.        Here's facts regarding each type of property:   Condominiums      No Lot or land is owned by a Unit owner      The land is common, typically under one shared tax parcel number (PIN).  Individual Units are then ide...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Warning:  Credit Bureaus Don't Forgive or Forget Quickly!            Today, I am frustrated ...      And the scenario over which I am so frustrated has now popped-up a few times within a very short time.        What's the scenario?      Multiple new clients have contacted me for financing. Both purchase and/or refinancing assistance has been requested.  Many of these clients have related that they have been contemplating taking action for a quite a while.  Great!  So what's frustrating about all of this?      A handful of these clients have made late payments on a car or missed credit cards payments recently.  All while contemplating a home purchase or new financing!  When I asked about the missing/late payments that showed on their credit report, each has made the same remark, "but I...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  What are Appraisers Looking For in Current Chicagoland FHA Assignments?          FHA loans have been gaining a lot of attention as of late.  As of  April 1st, FHA annual mortgage insurance premiums rose  on the majority of FHA loans by 0.1%, or 10 basis points.       Still, even with the rise in cost, FHA is a viable option for many potential Buyers to consider for mortgage financing.  With that said, as with all financing options, the final choice (and wisdom) of mortgage program lies in the individual applicant's personal financials and credit ... and is something that needs to be  thoroughly discussed and weighed  by the applicant and their  Mortgage Lender.      But once the decision to move ahead with  FHA  financing is made ... what then?        This has been of great interest t...
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By Marco Amidei
(RE/MAX Suburban )
Sunset Point, Joliet, Illinois About Sunset Point Sunset Point is a subdivision of single family homes built by Deer Point Homes starting in 2013. Sunset Point is located in Joliet, Illinois east of Route 53 and north of Laraway Road. Average taxes in Sunset Point $1,209 Average association fees in Sunset Point $0 Average home size in Sunset Point 2,184 ft2 Average lot size in Sunset Point 0.95 acres Average year built in Sunset Point 0 Homes for sale in Sunset Point Address Beds Baths Built Price 1910 Meadowview Dr. 0 0.0 0 $1,233,800 1901 Crab Orchard Ct. 4 2.1 0 $273,400 1903 Crab Orchard Ct. 3 2.1 0 $241,100 1905 Crab Orchard Ct. 3 2.1 0 $233,900 315 Pheasant Run Rd. 3 2.1 0 $192,200 401 Pheasant Run Rd. 4 2.1 0 $252,800 1902 Crab Orchard Ct. 0 0.0 0 $19,900 311 Pheasant Run Rd. 0 ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  David, not Goliath, is Perfect for the Job            I often hear the line, "I talked to ....  (fill in the name of a BIG Bank)  ... and they told me that they will give me a loan at  (fill in a ridiculously low interest rate)".   I wish I had a dollar for every time I've heard it.        When I hear that said, I know that mentally a line has been drawn by that potential client.  I know that any conversation held and any information received will be compared to what the lender at the "BIG Bank" told them.  Their info will be the measuring stick by which I am judged.          Why?  That "BIG Bank"is a known name ... a franchise, if you will.  And whether they are known for good or bad reasons, their name is familiar and easily recognizable.         Me?  I work for  American Portfolio ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  "Mortgage Anatomy 101" ...  the Current Mortgage Process, Part 1      There's no doubt about it ... the current mortgage transaction bares little resemblance to the transaction that took place even a few years ago.  The process has definitely evolved.          I liken these changes, to say  Fred Flintstone  evolving into  Iron Man.  Initially fairly simplistic, with few details ... eventually turning into very sophisticated and advanced.  For clients that have navigated a mortgage process even a few years ago or prior, the current process may seem almost unrecognizable.  They'll face a vast learning curve when Refinancing or buying a new home now.      Much has been made of all the changes that have occurred.  And I think that some of the talk has taken a toll on the psyche of those c...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  The Changing Status of  "Non-Traditional Credit References"        When talking with potential clients seeking mortgage financing, one of the very first things I do is provide the address to my website.  I've loaded my mortgage website with helpful info and tools to benefit all those that visit there.       One of the bits of info that I use and stress the importance of, is my "Mortgage Checklist".  This list includes the info and documentation that is typically needed for mortgage application and processing.   Having this list available ahead of time helps applicants tremendously and makes their mortgage application and processing gomuch more quickly and smoothly.       When viewing my list, you will see that those mortgage applicants presently renting are asked for info regarding th...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  I'm Looking For a Few Good ...  Questions??              Business has gotten ... busier.  That's a good thing.  I mean, who doesn't want to be busy?  Or even busi-er in the future?      But there are a few small negatives to being busier too.  Like, I'm finding that I just don't have the same amount of time to scour the internet for interesting and informative real estate industry-relevant news as I used to.       The outcome of this has been that I'm not finding the inspiration for my mortgage blog as quickly or as easily.  That's just one of the many ways the internetand my reading serves me well.  It serves as a springboard for my blogging.  Typically a topic ... a written line ... a comment somewhere just "clicks" something inside of me ... and whoosh.  A blog is born.       But r...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Don't assume.  Pick-up the phone, email, text today. Get the facts as they pertain to YOU and YOUR personal finances. You may just end up a home OWNER ...        There are many people presently renting and dreaming of Buying a Home at some point "in the future".  After hearing or reading information or talking to others regarding the housing crisis and mortgage financing, they have come to the conclusion that they just can't buy a home now.  Or anytime soon.      For some, that's true.  Their conclusion is based on fact.  Fact surrounding their finances or credit.  They know for a fact that there is repair needed and it will take a predetermined amount of time to make the improvements and corrections needed in order to buy or buy once again.        Examples of this?  Foreclosures, ban...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Helpful Info & Hints for First-Time Homeowners Filing 2012 Taxes        By now, you should have received the end-of-year information you need to file your 2012 taxes.  If you were a new First-Time Home Buyer during 2012, this year will be your first opportunity to claim any tax savings available to you through your homeownership. First-Time Home Buyers                   Homeowners can deduct expenses they sustain throughout the year for owning their home.  But which ones?                   Below is a list of some of those deductions your can itemize when you file  Form 1040,  Schedule A  for taxes:      *  Real Estate Taxes:  The homeowner must have paid the taxes at the time of Settlement/Closing (the share you, the homeowner paid as opposed to the Seller) ... or to the taxing body d...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  You're Getting Married!  Congratulations! Establish a Lifetime of Good and Sound Financial Habits Together      This Sunday, February 24th, 2013, I will be participating in the  Bridal Show and Expo  being held at The Renaissance Center,  214 No. Ottawa Street, in Joliet, IL.  The hours of this year's event are 12 Noon to 4:00 pm.       I was asked to participate in the Bridal Show and Expo by one of my favorite referral partners,  Heather Jelic, of  RE/MAX Action  located in Lisle, IL.  Heather Jelis and I are looking forward to meeting all the young couples attending this event.  Their happiness and enthusiasm is infectious and it certainly makes it fun to be in their presence both at the Expo and working with them in the future when they buy a home.      I obviously wanted to have ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Tearing the Heart Out of a Housing Transaction      I heard it again just this weekend.  A home's Appraisal came in nearly 25% below the Sales Price agreed upon ($200,000 - $250,000 range).  The news was tearing the heart out of the Buyer, Seller, and their agents.  Heck, the entire transaction!        I ask ...     Can the market recovery truly establish any solid footing if Appraisals continue to get in the way of a Buyer and Seller's agreement of terms?  Or can the market really rectify and heal itself with prices established by a professional Realtor who knows a  Comparable  from a Seller's "need to sell it at" price utilizing the new HVCC system?       It's a fact that many Appraisals are still completed in a timely and efficient manner.  Having been an Appraiser for over 20 year...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  How to Choose Your "Super" Mortgage Lender        One of the questions I see crop-up often on real estate websites such as  Zillow  and  Trulia  comes from  First-time Home Buyers.  It concerns HOW they should go about looking for and choosing the  Mortgage Lender  for their first home's financing.      Often, in response to these questions, I see others offering up the name of a lender they know for contact.  And I suppose if that name crops-up multiple times, that does provide at least a starting point from which a home buyer can work.           But I think those looking for mortgage lending services, especially First-time Home Buyers, need a more specific answer to that very important question.  First-time Home Buyers need real guidelines they can follow to help them find the stron...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Your Will County & Chicagoland Mortgage Closing:  What You Can Expect            You've gone through Mortgage Pre-Approval ... the Mortgage Application itself ... the verifying of employment(s) and savings accounts ... the documentation needed ... and  Underwriting.  You've complied to every request presented to you.  Answered every question.  Dotted every "i" ... crossed every "t".       Gulp!   Now what?     The Mortgage Closing.   The culmination of all your hard work and what you have been planning for over the previous months!     Just how do you determine when your Closing should take place though?  Well, first ... a date has been set and agreed to within your  Real Estate Sales Contract.  If your mortgage processing went reasonably smooth, you will be closing on or close to tha...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Your Preparation and Planning for Buying a Home Needs to Start Well in Advance of Your Viewing of Homes        One of the biggest mistakes I see potential Home Buyers make occurs right at the very beginning of their  home buying transaction.  Time and time again, I see this same mistake being made.  What is it?                  They wait too long to have their credit and credit scores checked by a Mortgage Lender ...                  And why do they wait too long?  Because:      *  They assume they know their scores and credit standing      *  They do not understand, should they have credit issues, just how long it can take to clear errors or improve their scores      *  Their decision to purchase a home has been done spur-of-the-moment, with little preparation or forethought      *  ...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Phil Mickelson:   What he Teaches us About Credit and Credit Reports             I'm a fan of golfer  Phil Mickelson.  I'm not alone.  Phil is one of the most popular golfers playing in the  PGA  today.      Now if you follow golf and Phil Mickelson's play, you know that Phil ... well, Phil can make your head spin.  One day he'll have you shaking your head with his choice of club, his decision-making, or loss of concentration.  Just frustrate the heck out of you.  And the next, he'll blind you with the depth of his remarkable talent.  (As I write this, Phil ended his day at the Waste Management Phoenix Open on Thursday, 1/31/2013 with a round of 60.)       But because of Phil's history, it came as no surprise to anyone when a few years back, Phil Mickelson's golf play seemed on yet an...
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Townhomes on the Lake, Joliet, Illinois About Townhomes on the Lake Townhomes on the Lake is a town home community built in the mid 1990's. Townhomes on the Lake is located in Joliet, Illinois south of Hennepin and west of Essington Road. Average taxes in Townhomes on the Lake $0 Average association fees in Townhomes on the Lake $0 Average home size in Townhomes on the Lake 0 ft2 Average lot size in Townhomes on the Lake 0.00 acres Average year built in Townhomes on the Lake 0 Homes for sale in Townhomes on the Lake None Sales Summary for Townhomes on the Lake  (Jan 31, 2012 - Jan 30, 2013) # of Sales Average Days on Market Average List Average Sale Ratio% 6 170 $173,950 $161,733 93.0% Recent home sales in Townhomes on the Lake Address Beds Baths Sold 3535 Lake Shore Dr. 2 2.0 $124,500...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  1 More Reason to Have Good Credit ... and Keep Good Credit      Did you know that ... according to a survey by the  Society for Human Resource Management,  60% of private employers check the credit histories of at least some of their job applicants.  13% conduct them on ALL candidates.         Rather sobering statistics that provide even more credibility to my ongoing message regarding the importance of good credit.  Creating a good credit history, then maintaining it is vital these days.  It's why I recommend checking your credit, at minimum, once per year, either by going to www.annualcreditreport.com, or by contacting me.      Proof ... strong proof ... lies within these stats.  More and more of our lives are dependent on our credit status.  Insurance rates.  Obtaining cell phones....
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