Can I Sell and Buy a Home at the Same Time?                                  What You Need to Know          Back in the late 70's when I started in mortgages, it was fairly commonplace to have "domino" closings take place.  That meaning multiple buying/selling transactions, each dependent upon an earlier one, successfully take place.           One initial Closing kick-started all subsequent Closings. Like the chain reaction seen in dominoes, each took place in a close time frame, one quickly following another.       The Sellers at one Closing became the Buyers at the next, and so on.  This happened so frequently back then that I didn't think much of it.  It was normal.     But the frequency with which this happened grew less and less.  It came to a grinding halt during th... 05/07/2016

How Prepared are You?       The question above is a timely one.  Why?  We're entering Tornado Season again in the Chicagoland area ...      Did you know ...  In an average year, 1200 tornadoes are reported? That a tornado has the capability to lift 20-tons? The winds of a tornado are clocked at 200+ mph? That those winds can drive a blade of grass through walls, lumber, and more? That the months of April, May, and June typically have the highest number of tornadoes reported each year? That the majority of tornadoes occur between the hours of 3 pm and 9 pm? (But can occur 24 hours of the day) On average, tornadoes claim the life of 80 people per year? That the National Weather Service in Chicago rated 2015's Tornado Season as the most active since recording started in 1950?       All rea... 04/30/2016

Mortgage Change With Real Impact:FHA to Loosen Standard Regarding Student Loans        In recent months, it appears that mortgage lending practices are trending in favor of Borrowers ...          This is great news after years of restrictive guidelines implemented as a result of the mortgage crisis and real estate downturn.        Some examples of this trend to more favorable borrowing practices are:   Fannie Mae re-invents their 3% Down financing program, known as HomeReady, that showcases more options that help Borrowers obtain financing for their Personal Residence Private Mortgage Insurance on Conventional Loans has become less costly to Borrowers putting less than 20% down payment on their home purchase And FHA just announced an upcoming update pertaining to Student Loans and how t... 04/25/2016

 Friend: If you go on Facebook*, you don't have to be there long before you run into an opportunity to take a quiz ... or see a friend posting the results of a quiz they took.  They're extremely popular right now. Admittedly, some of the quizzes you see are kind of silly or obviously for entertainment only.  But some I've seen are remarkably insightful and offer a chance for real learning. So I searched and found some quizzes that I thought could prove helpful to you, other homeowners, and those dreaming of becoming homeowners ... and yes, some quizzes to take just for the fun of it too.  I hope you have fun taking the quizzes found below ... and perhaps learn something along the way.   As always, should you have questions about mortgages, credit, real estate, or more ... or are in need... 04/15/2016

                        2 Simple Steps That Will Help You                               Avoid Problems During the                      Buying and Financing of Your Home          There's an old saying that I heard frequently while awaiting the birth of my children ...          "Babies rarely arrive at convenient times, but come in the middle of the night."      Now I don't know if statistics back that up or not, but I do know this:       With my own two boys arrival, we headed to the hospital in the middle of the night.       And ... a strong analogy can be drawn between this saying and the "arrival" of problems within real estate and mortgage transactions.  They too rarely arrive during working hours or at convenient times.     Currently I'm working with 2 couples that'll attest to that... 04/13/2016

Beyond Down Payment: What Will My Mortgage Closing Costs Be?  When I first speak with new mortgage clients … especially those that are first-time home buyers … there's often a bit of confusion regarding what costs will be involved in the obtaining of their loan.After I've spent some time with them detailing the costs of their loan, I find that many say they were surprised to find that they’ll incur additional costs beyond the funds needed for down payment. (Unless, of course, they’re using a 0% down payment program). Many had incorrectly assumed that their down payment was all that was needed to buy.  But it's a fact.  There are also several fees, beyond that of a down payment, typically involved in the financing of a home. So what are those Costs?  They include, but are not limited to:... 04/07/2016

Let the celebrating continue with our latest homebuyers, Brian and Lauren! After one failed contract, they found a more perfect home of their dreams and with the help of loan originator William Piotrowski were clear to close three weeks ahead of their closing date allowing them to coast worry free into their closing. Congratulations, Brian and Lauren! We wish you and your family many years of happiness and health in your new family home! Let me take the worries out of mortgage lending and help you coast to the closing table for the purchase of your own new home! Stop by to see me in the heart of downtown Naperville at 130 W Jefferson, Suite 208 or give me a call at 630-881-  04/05/2016

 "How Long Will My Chicagoland Mortgage Closing Take?"               You have found the home of your dreams ...       The documentation and underwriting requirements for your mortgage have been met.  You've finally heard the sweet words "Clear to Close" from your Lender.  The big day, Closing Day, has been set ...     Once all these things have taken place, I hear the following question from Borrowers fairly often:      "How long will my Closing take?"     Truth is, that can depend.  Many factors contribute to the length of time a Borrower is at the Closing table on their Closing Day.       Some of the things that impact the time needed for Closing are: Is your transaction a Refinance or Purchase? Day of the Month in which your transaction is scheduled (Tip: Avoid the last day of the mo... 03/30/2016

There's No 'I' in Mortgage        I have a confession ...           I am a "Sportsaholic".  Anyone that knows me knows that to be true.  Especially my wife.      Name the sport.  I probably watch it or follow the outcome of its competition/games.  Football, golf, baseball, basketball, hockey, bull riding, tennis, more ... all of them pretty much at all levels.  Local kids teams to professional.       It probably comes as no surprise then, that I've caught a few of the NHL Stanley Cup playoff games played over the last couple of weeks.  Okay .. admittedly more than a few ... and that number even though my beloved Chicago Blackhawks aren't involved this year.      While I've watched those games, it's become obvious to me that the old saying, "There's no 'I' in Team" is true. The teams tha... 03/29/2016

 Friends! The weather in Chicagoland has been especially mild as of late, so this last weekend I walked the perimeter of my home to assess what home maintenance needs to be tackled as warmer Spring weather permits. Unfortunately, I discovered that one bit of maintenance just can't wait for Spring to officially arrive ...   My garage door opener had been acting up.  Sometimes going up or down, other times not. Then it went completely kaput. I had to make a repair call.  Happily, I can report the problem wasn't as bad as I feared. A fairly simple fix was all that was needed. But as a result of my experience, and the fact that Spring is just around the corner, I decided to include 4 tips for Spring within this week's email.  I hope the tips below prove timely and beneficial to you. Please ... 03/17/2016

       Yesterday was a big day for my 5 year old grand-daughter, Marilyn ... as she became a brown belt in Tiger Kwon's Taekwondo.        Marilyn's pictured above with Master Kwon at the New Lenox (IL) school location.  He's been great and taught her well throughout her time at the school.      It's been fun to watch her improve and grow as she's taken the classes.  The benefits of her participation have been immeasurable.  Her self-discipline, listening skills, and physical strength have all improved immensely.  All good things for a 5 year old!      Her Grandpa Gene and Grandma Marilyn are really proud of her ... as you can probably tell.  We believe this is just the beginning of all the many amazing things this little girl will accomplish.        Watch out world!!   Gene Mundt   Mort... 03/06/2016

  Have Credit Challenges?Don't Sell Yourself ShortMortgage Options May be Available       FACT ...      Just because you faced credit issues in the past, doesn't mean you can't obtain an Approval on a home loan today ...      I, (via, American Portfolio Mortgage Corp.) have a FHA loan option available for you if:  2 of the 3 credit scores on a mortgage credit report pull are 580 or higher.        Other positive factors must exist within your credit history ... and additional compensating factors must also be present when these lower credit scores are reported.  Employment history  Reasonable debt  Stable income  Down payment of 3.5% (minimum)  Reserves (money retained after Closing) ...       Each of the above is a factor that could make a difference to an Underwriter when reviewing you... 03/04/2016

 Are You a Hopeful Home Buyer?Did You Just File Your Taxes?         Did you just file your taxes?  Or hoping to soon?            If so, and thinking of buying an IL/Chicago-area (or Wisconsin) home in the near future, now is the perfect time to talk to me to get started with your financing.      Why?  Two great reasons ...             As most lenders will want to see your latest (2 years) tax returns and W-2's, you've got some of thedocumentation requirementsfor financing already accomplished ... and handy.       If you're receiving a tax refund, you've got funds "saved" and available for down payment needs on your home purchase.      Producing tax returns is often the step of the mortgage process that proves most daunting for my Borrowers.  Having to dig-up returns and W-2's seems much... 02/11/2016

Is 20% the Perfect Down Payment When Buying a Home?Maybe … Maybe Not      A 20% down payment is often heralded as the perfect goal for those contemplating the purchase of a home ...       And it's hard to argue that there's anything wrong with having that goal in mind when saving for an upcoming home purchase.  The financial discipline it takes to save that amount of money is considerable.      Yet I have found as a Mortgage Lender, that this goal often seems totally unattainable to many dreaming of buying a home.  And as a result, it looms over them mentally and keeps them from inquiring about the options they might have at their disposal to buy.        That's sad ...      Because fact is:  There are many NO or LOW down payment mortgage options now available to both First-Time Home Buy... 01/13/2016

More Favorable Lending Guidelines Now Available for Borrowers      On December 21, 2015, Fannie Mae rolled out a new "more forgiving" loan program.  One that will make it easier for Borrowers to qualify for a mortgage.  That program's name is "HomeReady".       "HomeReady" is a lending program requiring only a 3% down payment be made on the purchase of a home.  Via this benefit found in its "HomeReady" program (less money down), Fannie Mae offers an option to Borrowers/Home Buyers that competes favorably with a current option offered by FHA  requiring a 3.5% down payment.      In fact, not only does this new "HomeReady" loan program give Buyers/Borrowers an option for Loan Approval that might not have existed prior to its implementation, it opens a door to a broader range of property ty... 12/28/2015

 Friend ... The winter holidays are upon us once again, as Thanksgiving ... typically the "kick-off" holiday ... is only 1 week away.   Time certainly flies ... even if turkeys can't! Life gets busy for us all around this time of year. Who can't use some tips and a helping-hand to carve-out some extra time?  Time that can be spent in more productive and fun ways. So I've included 5 articles (plus a recipe and a little bit of fun) below that I hope will help you accomplish just that.  Hope you enjoy each one. Feel free to pass them on to your friends and loved ones for their reading and enjoyment too. Gene  ********************************************** Google Maps releases tips for beating Thanksgiving traffic ... Sometimes, getting to that Thanksgiving feast requires a full helping of ... 11/19/2015

Change is Inevitable.The Outcome From That Change is Not                This last weekend was filled with "My Little Pony", "Shopkins", and "My Littlest Pet Shop" toys.      Our grandbaby, Marilyn, visited with us while her Mom and Dad were busy.  As usual, she had her collection of Ponies, Pets, games, and toys in tow with her when she arrived.      Her cousin, Eva Mae, is much the same when she visits us.  She typically has her favorite doll or stuffed animal tucked under her arm.  Or our little gymnast is tumbling and twirling as she comes through the door.      As the father of only boys, having grand-daughters has been a new experience for me.  These beautiful little girls have taught me much, as I can now pass a quiz about Ponys and Shopkins with flying colors.  I can also make a ... 11/10/2015

  Friend:  Witches!  Zombies!  Ghosts! Haunted Houses!    October is the time when spirits lurk at each and every corner ... October's the time for playing in fall leaves, chillin' in front of bonfires, and bundling-up with warmer jackets for football games played in crisp fall weather. October's also a great time to bundle-up your home for the cold winter months ahead too. To help you accomplish all these things and more, I've included some great articles I found for your enjoyment and use. Hope you get all the treats you deserve and enjoy every minute of October ...Gene   ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~                 Colder weather means you'll be   wanting to use your fireplace soon ...Using Your Fireplace Safely ...One of the joys of the fall and winter season is curling up... 10/14/2015

October 3rd, 2015 TRID Changes:  A Team Mentality is Vital for Success            By now, I'm sure you've heard about the BIG changes coming to home buying and mortgage financing ...                Those changes are called Tila-Respa Integrated Disclosures, or TRID for short.        They take effect on October 3, 2015 and include ALL Residential Mortgage Loan Applications taken on and after that date.       Long talked-about prior to their effective date, these changes are being put into place to help Buyers and Sellers educate themselves and become more informed about their real estate transaction and mortgage process.        The 3-day Disclosure Period (minimum) within these TRID changes is meant to provide more time to clients when receiving exact costs related to their loan.  The ho... 10/02/2015

Mortgages: Why All Those Questions Are Important           My (almost) 4 year-old grandson, Henry, is the most inquisitive kid I've ever run across.  At times, Henry's little mind comes up with questions faster than his lips can spit 'em out ...        Henry constantly peppers me with questions when we're together.  And let me tell you, his "Pop Pop" loves every minute of it.  Asking questions is a great way for him to learn.      Many of my borrowers are much the same.  Especially when they're first-time home buyers.      Most borrowers want to know:   Can I get approved for a loan? What info will you need from me?  How much home can I buy? How much money can I borrow? What kind of down payment do I need? How soon can I buy? What will my monthly mortgage payment be? and more ...      I... 09/15/2015