Mortgage Anatomy 101, the Current Mortgage Process, Part 3″

Anatomy of a mortgage part 3

      In Part 1 of the post,  "Mortgage Anatomy 101" ... the Current Mortgage Process"  ... I detailed much of what happens in the initial portion of your mortgage process.  In Part 2, I dug a little deeper into the mortgage process and touched upon your mortgage file's submission into  Underwriting, the Underwriting itself, and then Loan Approval.        In this Part 3, the last article in the series, I will talk about the Closing of your home's financing.  YourMortgage Closing is the … [Read more...]

Mortgage Anatomy 101, the Current Mortgage Process, Part 2″

Anatomy of the mortgage process part 2

In Part 1 of the post, "Mortgage Anatomy 101" ... the Current Mortgage Process" ... I detailed much of what happens in the initial portion of your mortgage process. In Part 2, I will continue to dig deeper into the mortgage process and touch upon your mortgage file's submission into Underwriting, the Underwriting itself, and then Loan Approval. At this portion of the mortgage process, your  Loan Officer  and Loan Processor have reviewed your file and agreed that it is ready for submission … [Read more...]

Good News. The New Non-Traditional Credit References May Help

New 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 … [Read more...]

Getting Married Establish a Lifetime of Good and Sound Financial Habits

Getting married? Here are some good financial habits to plan togehter

Gene Mundt was asked to participate in a recent Bridal Show and Expo in Joliet, IL.  Below is the advise he put together to share: My suggestion to newlywed couples is ... let the excitement of your wedding day die down a bit.  Take some time to relax and just bond.  Then have a few serious talks together.  Ones where you each take the opportunity to communicate your future financial goals and dreams to the other. During your talks, tackle the following tips and suggestions one by one and … [Read more...]

Credit: Who Needs It? Why is it Important? How do you Establish it?

Why is having good credit important

I've been receiving more and more inquiries from young potential Home Buyers as of late.  That's reason for celebration, as I believe now is a great time to enter the housing market.  With home prices still affordable and interest rates so low, there truly is a golden opportunity for young Buyers. But with the growing number of young Buyers, I am also seeing a larger number of hopeful clients with what is deemed as insufficient credit "histories".  That can mean several things, but … [Read more...]

Credit and Credit Management: Reasons to Pay Attention to Both

Take care of your credit before you buy a home

Gene offers excellent advice on how to manage your credit before it becomes a problem. It's not hard to find advice on a full-range of credit issues today.  Experts (or so called experts) are everywhere.  So I find that most of my clients come to me already understanding that credit scores are very important ... and growing more so each day.   But experience with Borrowers pertaining to credit managementhave made it abundantly clear to me, that way too many do not spend enough time or … [Read more...]

3 Reasons to Refinance or Buy a Los Angeles Home Now

3 Reasons to Buy Your Los Angeles Home Now

With FHA and HUD and economists announcing their predictions of higher interest rates (sooner than later) and recent history indicating interest rates can'tget 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 … [Read more...]

Don’t Accidentally Start a Fire When Applying for a Mortgage

We aware of the length of time it takes to get a loan

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 beenabsolutely … [Read more...]

The Not so Simple Task of Quoting Interest Rates

Quoting interest rates is not that simple

     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, then 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 time of writing), the more  you can peel away and sift through those layers of data and information, … [Read more...]

Know Your Terminology Regarding Mortgage Lenders, It’s Very Important

It is very important to know your mortgage terminology

I've offered multiple posts about the importance of being familiar with  frequently-used mortgage terminology prior to entering your mortgage processing.     With all the real estate and financing terminology or slang that can pop-up during a real estate transaction, it's just best to be prepared and educated about what you'll be hearing.  It's for your own benefit.      Over the last few years,  I have found that one piece of terminology, used frequently, is incorrectly … [Read more...]

Short Sales: The Road to Easier Navigation & Successful Transaction

Selling a Los Angeles Home. Get Ready to List

Many recent indicators I've seen, heard, and experienced seem to point to more positives regarding the conducting of Short Sale property transactions. They're fitting the pieces of the Short Sale puzzle together a bit faster and better.      Major servicers (big banks) finally seem a bit better equipped, more willing to avoid foreclosure expenses, and more adept at handling Sellers looking to sell their properties "short".        I say, "it's about time", right?  It's been a … [Read more...]

Home Buyers’ Low Mortgage Interest Rates

Los Angeles Home Buyers Act Now While Mortgage Interest Rates Are Low

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 … [Read more...]

What’s Your Point?

Los Angeles mortgage, new rules

What's Your Point??  Nawwwww ... Not THAT Point! A great scene, isn't it?  But it's not those "points" I'm going to talk about in this blog.  No, I'm talking the "points" referred to when discussing mortgage costs and options.      I've had several discussions as of late, with some pretty confused borrowers regarding these "points".  They've had no real grasp of exactly what a "point" is prior to our discussion.  What it can equate to in cost to them.  How the cost of a "point" is … [Read more...]

Los Angeles Mortgage Financing | Cheaper is Not Always Better

Cheaper is not always better when financing your Los Angeles mortgage

Don't "Cut Your Nose Off and Spite Your Face" when it comes to your Mortgage Financing     There's an old saying ...     "You're cutting your nose off and spiting your face" ...      Stretching the point just a bit, I want to use this saying to get a message across regarding interest rates ... and the intense focus that most home buyers, and those refinancing, place on them.     Now I know that sounds a bit ironic coming from me, a mortgage lender.  But as much … [Read more...]

Be Prepared to Make Your Los Angeles Mortgage Application

Now is the time to buy a Los Angeles home and prepare for your mortgage

Time COULD be Money ... Should You Delay Too Long. Be Prepared to Make Your Mortgage Application      A short while ago, I wrote a blog regarding the upcoming increases that will be coming to mortgages as a result of recent government Enactments regarding Fannie Mae and Freddie Mac.      I found a recently-written article in National Mortgage News.  It presses home the same message as my blog. Time is of the essence for those buyers presently in the home buying process ... but even … [Read more...]

Terminology to Help you Navigate your Los Angeles Home Buying and Mortgage Transaction

Understanding Mortgage Terminology

    Words ...     That's all clients hear, if they don't understand themeaning of the words being used or thrown at them.  And that leads to frustration, lack of action, confusion, and loss of interest ... something totally and completely maddening, plus a waste of time, should you be the potential client.     They MAY be hearing ya, but you're not getting through!       As a mortgage lender, I must keep in mind the fact that my clients (and referral partners) don't … [Read more...]

Do you Think the Size of your Los Angeles Mortgage Matters?

The Size of your Los Angeles Mortgage Doesn't Matter

So You Think SIZE Matters??     Okay ... Okay ... get your mind outta the gutter!          I'm talking about the SIZE of your mortgage!      Yesterday, I had to explain this important detail to yet another person involved within a mortgage transaction I am working on.  This time, a seller.      Mistakenly, they thought because the amount of dollars being borrowed was a smaller amount, it meant mortgage processing would be simpler, faster.  That not as many "hoops" would have to be … [Read more...]

The Relationship Between Your Credit Scores and Your Mortgage … More Than “Kissin’ Cousins”

The Relationship Between your Credit Score and your Mortgage

Recently I was reviewing a credit report with a prospective homebuyer.  After going over a few different pieces of information together, we began to talk about differing mortgage programs available to him for his home purchase.  It's fair to say, that this young man's credit scores were ... well, shall I say, "challenged"?  They were close to getting his foot TO the door of a new home, but not quite THROUGHthat door.  He had some work to do. But it quickly became quite clear that my young … [Read more...]

Have a Daughter? Educate her about Finance, Credit and Buying a Home

Educate your Daughter about Finance, Credit and Buying a Home

   Maybe the following has become a more personal worry to me this last year because I became the grandfather to a beautiful baby girl last October.  That certainly has brought the urgency of the following topic "home" to me. In the not too distance past, having conversations with a daughter concerning finances, credit, and buying a home just never would have happened.  Thankfully, those times are now behind us.      As I've mentioned before in previous posts, talking finances and credit … [Read more...]

How to Return to Good Financial and Credit Health

How to Return to Financial and Credit Health, Ways to Fix your Credit

Statistics told us, that prior to Christmas of last year, Americans were doing a pretty good job of decreasing their debt, especially on credit cards, plus they were in a savings mode too But according to statistics recently released by the Federal Reserve, revolving debt (mostly credit cards) is up 5.1%. It is the biggest increase seen in this type of debt in over 3 years. That isn't completely bad news, as it signals a loosening of credit to some extent, a return to spending to some … [Read more...]