New Lenox, 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)
  3 Reasons Why Borrowing Money To Buy or Refinance a Home Makes Sense Right Now          With  FHA and HUD  and economists announcing their predictions of higher interest rates (sooner than later) and recent history indicating interest rates can't get much lower,NOW seems like the perfect time to Buy and Sell home.  And that may be especially true if you're a First-time Home Buyer.          Present Homeowners can also position themselves for a brighter financial future with a Refinance of their present mortgage and securing a mortgage term reduction or lower interest rate. Gary Ryan Blair, a well-known motivational speaker, was once quoted as saying, "Opportunities are easily lost while waiting for perfect conditions".  I agree, but I think NOW is as near to "perfect" as it gets in the...
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By James A. Browning, MRE REOCertified(R) SSCertified
(Browning Real Estate School/REO Institute)
  VIRGINIA BUSINESSMAN SENTENCED TO 14 YEARS IN FEDERAL PRISON FOR $41 MILLION BANK FRAUD SCHEME AND TAX SCAM Fraud Scheme Contributed to the Failure of Bank of the Commonwealth WASHINGTON, DC - George P. Hranowskyj, 47, of Chesapeake, Va., was sentenced yesterday to 14 years in prison for carrying out elaborate and sophisticated fraud schemes that contributed to the failure of the Bank of the Commonwealth and defrauded investors and the government of millions of dollars.   Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Juan C. Molina, Acting Special Agent in Charge of the FBI’s Norfolk Field Office; Rick A. Raven, Special Agent in Charge of the Internal Revenue Ser...
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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)
  Calling New Lenox-area Moms!  Daughters! ... and Friends!              The New Lenox Community Park District is holding a  "Holiday Spa Day"  on December 8th, (2012) between the hours of  9 am to Noon.  ALL ages ... from the very young to lovely seniors ... are invited to register for this heavenly day of pampering.      Trend Setter's Paul Mitchell Schools from Tinley Park is hosting this  "Holiday Spa Day"  event.  So come get your style-on for your holiday parties!      Now, I have to admit, my wife brought this information to my attention.  From the reaction she was having ... I can tell that this event being held at the  New Lenox Community Park District  is going to be popular ... and Registration is going to go fast!  So don't delay ...      This  "Holiday Spa Day"  event will ...
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Coventry Heights, New Lenox, Illinois About Coventry Heights Coventry Heights is a single family home subdivision built in the 1970's and 1980's. Coventry Heights is located in New Lenox, Illinois east of Gougar Road and north of Francis Road. Average taxes in Coventry Heights $7,197 Average association fees in Coventry Heights $0 Average home size in Coventry Heights 2,826 ft2 Average lot size in Coventry Heights 0.63 acres Average year built in Coventry Heights 1978 Homes for sale in Coventry Heights Address Beds Baths Built Price 1620 Pine Grove Ln. 3 2.1 1975 $250,000 1831 Lewis Ln. 3 2.0 1980 $250,000 1710 Coventry Rd. 5 3.1 1980 $377,808 1810 Windsor Ln. 4 2.1 1975 $205,000 Sales Summary for Coventry Heights  (Nov 6, 2011 - Nov 5, 2012) # of Sales Average Days on Market Average Li...
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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)
    Santa's Elves Babysitting November 30th & December 14th, 2012, at the New Lenox Park District      Are you a busy parent with lots to accomplish this Holiday Season?  Holiday parties to attend?  Shopping to complete?  Do you live in or near  New Lenox, IL?         Then I have some great news and information for YOU!      On November 30th and December 14th, the Santa's Elves at  New Lenox (IL) Park District  will be available to babysit for your child between the hours of 6:00 pm to 10:30 pm.  This event will take place in the Lions Community Center (Room 4), located at:  One Manor Drive, in New Lenox.  Please use  Entry F  to come in.           The elves will serve pizza for dinner, play, conduct crafts, and provide a movie for your child while you  get your shopping done, attend a ...
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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)
    Listen ... Educate ... and Ask Questions the entire way.  It's for your own good!           You, like me, have probably been reading about the upsurge in home sales and rise in demand for home mortgages.  All good news, right?     Well, it seems yes ... and no.     NBC News  just yesterday,  released an article  speaking to this very issue.   Seems that yes, demand for new mortgages is growing.  But banks are not handling the rise in business very well.  And because of this, the new  Federal Reserve's stimulus plan  is in jeopardy.  Or at minimum, in jeopardy of not being utilized to its full potential.      Part of the hope of this latest stimulus, was that banks would lower interest rates even more than the historic lows we have been experiencing.  This in turn would motivate Home...
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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)
    New Lenox Fire Department to Host Open House October 13th to Kick-off Fire Prevention Week                Fire Prevention Week is being kicked-off in the  Village of New Lenox, IL on Saturday, October 13th.  To celebrate the New Lenox Fire Department will host an Open House: Saturday October 13th 12 Noon - 4:00 pm Located at: Fire House #1 261 E. Maple St., New Lenox, IL                FREE fire truck rides around the  Metra parking lot  will be available to all those that attend the Open House.        There will also be an obstacle course and live fire demonstration provided by the firefighters that day.      FREE sugar-level and blood pressure checks will be available throughout the Open House hours.        The New Lenox Fire Department advocates the teaching of fire prevention an...
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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 Accidentally Start a Fire   Install a Fire Detector Within Your Contracts                  From start to finish ... the dates and chronology of a Real Estate Contract have become increasingly important to the outcome of the transaction.  This is certainly true here in my  Will County, IL  housing market, as well as across the nation.         But as of late, I've received some  Real Estate Contracts with some time-frames written into them that have been absolutely impossible to meet.  To offer an analogy, they were a smoldering fire just waiting to burn.        Perhaps my most clear-cut example of this was a recent loan where I received the freshly negotiated contract on my desk mid-afternoon on a Tuesday, and then received a call from the Seller's attorney early the next morni...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Is It Finally Time to Sell is a question analized by Draper and Kramer mortgage company?  Analyzing Your Financial Situation, with interest rates at record lows and home prices remaining low, we know it is a good time to buy, but is it a good time to sell? The biggest influencer in home sales is the economic situation. Harsh economic times last year resulted in low consumer confidence, thus very few home sales. Before you think about selling you must analyze your situation. Why are you selling? Perhaps your lifestyle is changing and you need a larger home or a more family oriented neighborhood, or maybe it’s a new job that is causing the move. Without good reason for selling it is not recommended as the housing market is just in the beginning stages of recovery and you may be selling yo...
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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 Not So Simple Task of Quoting Interest Rates                     I liken Interest Rates to onions in more than a couple of ways.  Much like onions, Interest Rates have "layers".  In today's mortgage financing, a  Mortgage Lender  must weigh all the facts and peel away "layers" of information and data to find and reveal the answers to your  Interest Rate questions.         And right now with Interest Rates being at historic lows (but rising at the time of this writing), the more  you can peel away and sift through those layers of data and information, the better  Interest Rate you can get.  Interest Rates so low that they could make you cry,  just like an onion does.  Simply ask anyone that paid Interest Rates in the "teens" (or above) back in the mid-80's if the thought of recei...
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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 Magic Elixir Needed When Buying a Home and Seeking a Mortgage in Chicagoland                    One of my wife's favorite movies is the 1938 version of,  "The Adventures of Tom Sawyer".   It's a movie classic that's been seen many times at our home.        If you've read  Mark Twain's   book or watched this movie, you'll remember that Tom Sawyer's Aunt Polly gives him teaspoons of what she refers to as "painkiller" when she thinks he's ill.  Seems a dose or two of the potent elixir will cure him of pretty much anything that ails him, even bad behavior.         Watching this movie again the other day got me thinking.  Wouldn't it be great if it were that easy to cure all our ills and problems?         Just one heapin' dose of Aunt Polly's magic elixir and ...  Walah!   All's cured! ...
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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 the Odds? You might be surprised ...             Years ago, our youngest son, John, worked as a caddy at the  Olympia Fields Country Club located in  Olympia Fields, IL.             One day, John is serving as a  Fore Caddy  during a round at Olympia.  Out of nowhere, from somewhere in the middle of the course, comes this streaming shot that literally lands on his head.   Not pretty, let me tell you.               John had already made a few quick trips to the doctor's office and Emergency Ward at the hospital during his short lifetime. All fairly typical little boy injuries. And we had taken them all somewhat in stride. But this little incident? It didn't even seem real ... or possible!            Now typically when his mom or I relate this story to someone, we get 2 rea...
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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)
    Basking in Some Recent Good Housing News             Interesting statistics and trends have been reported by the  Bureau of Economic Analysis  recently.         Refreshingly, they show some positives have finally come to many current households ... and provide reason for some momentary basking.        Did you know ...        *  That household interest payments have fallen to an average of $469/month (as of the end of 2011).      *  That this amount is DOWN from a 2007 high of $728.      *  That translates to an average of $3,300 being saved each year.       Also ... Did you know ...        *  That 5.8% of after-tax income is now earmarked for interest payments on car loans, credit cards, mortgages, and other various loans.      *  That this is the smallest percentage of after-tax in...
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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 Promise to Love, Cherish ... and Pay My Bills??     *  Food for thought:            According to the 2010 Current Population Survey (conducted annually by the U.S. Census Bureau), there are about 7.5 million unmarried opposite-sex couples cohabiting in the United States today, a well as another 620,000 same-sex couples. The same source reported that married couples now account for only 48 percent of all households.                 More and more often, especially with young, first-time home buyers, I am assisting unmarried partners with their mortgage financing ... and I'm seeing huge differences in many of their money-handling styles and skills.   While I see it in older couples too, the differences often are far more dramatic in the young.  It's typically very clear ... one part...
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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)
Santa's Elves Babysitting Services Offered Through New Lenox Park District (IL) on December 2nd and 16th              Are you a busy parent with lots to accomplish this holiday season?  Holiday parties to attend?  Shopping to complete?  Do you live near New Lenox, IL?         Then wow ... do I have some great news and information for YOU!        On December 2nd and December 16th, the Santa's Elves at New Lenox (IL) Park District will be available to babysit for your child between the hours of 6:00 pm to 10:30 pm.       The elves will serve pizza for dinner, play, conduct crafts, and provide a movie for your child while you get your shopping done, attend a party, wrap gifts, or just relax for the evening.         Registration is necessary to take advantage of these 2 evenings of great h...
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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)
     Yesterday, in Part 1 of this post, I spoke of a first-time home buyer facing the dilemma of having to "adjust" her purchase offer on a home or walk away from the transaction.  This home buyer found herself in this predicament because appraisers (and yes, I said plural) would not "adjust" their evaluation for the home.       As supported by the many comments I received regarding Part 1 of this post, this dilemma is not an isolated incident.  It in fact is occurring in near epidemic levels in many areas of our country.       There is good news regarding appraisals.  There ARE changes coming for appraisers within the coming months, as directed by FannieMae and other powers-to-be.       According to what I read, as of January 2, 2012, appraisals made for Conventional Loan consideratio...
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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)
           Nothing says fall like football ...       And the Lincoln-Way Community School District provides plenty of great opportunities to watch top-notch gridiron action.      Now consisting of 4 superb schools, the LIncoln-Way School District offers a full fall schedule of exciting football games and half-time entertainment for area residents to enjoy.      Below you will find the Varsity football schedules for each of the 4 Lincoln-Way high schools.  Whether a Lincoln-Way Knight, Phoenix, Griffin, or Warrior fan ... I hope you take the opportunity to support your Lincoln-Way athletes and musicians this fall and throughout the entire year.      Best of luck to all the athletes, coaches, musicians, directors, and parents ...    Lincoln-Way Central Knights – 2011 Varsity Football Sch...
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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)
                            My best Summer crop?  It's Also Good News!                  Potential Home Buyers with Newly-Approvable Credit ...          While going over my databases this last weekend, I unearthed exciting news not only for myself, but for my referral partners too.  I've been tracking the progress of many clients that were in a specific category of potential home buyer ... that being the "near miss" credit category.      What's a "near miss"?      When they first contacted me for mortgage information, these potential homeowners were close to being able to buy a home. They were on the target for loan-approvable credit, but just not a "bullseye" yet.       So while some others, perhaps more immediately credit-worthy future home buyers, were eyeing-up the market ... playing...
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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)
     Given the recent additions to our family, these days my wife and I are watching Sesame Street once again.  Always big fans when our 2 boys were little, we find ourselves renewing our affection for this program and its characters, both old and new.      Our grandchildren are fascinated by this wonderful show.  It's amazing to see their little faces light-up when their favorite characters arrive onscreen.  Marilyn, the older child, likes to dance when the music starts-up.  You can see her little brain just "clicking" as she takes it all in.  I know each child's father was much the same way when they watched years ago.      So when I saw that Sesame Street is tackling the topic of financial literacy through its'   "Talking Cents" project,  I was almost giddy.  I'm not sure the saying...
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The New Lenox Village Board has passed an ordinance which would require the registration and inspection of properties that are vacant and/or foreclosed. The draft ordinance requires any foreclosed property and/or a declared vacant property - unoccupied for six (6) consecutive months or greater or unoccupied for ninety (90) days to be registered with the village. The Association had met with Village officials prior to the passing of the ordiance to try to better clarify and minimize these items. Click here to read the ordinance. The Village of Mokena is requiring all foreclosures to be registered with the village at a cost of $100. No inspections are required.  (Ref MORE)
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