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If you are buying a home in Los Angeles, especially if you are a first-time home buyer, you probably have a ton of questions. I am not going to be able to cover them all, but hopefully this series will answer the main ones. Q: What can I afford? A: The first step you will want to take is to consult with a lender. They will determine if and what you can afford to buy. This will be based on: Your gross income Available cash for downpayment, closing costs, and lender-required … [Read more...]
To Jumbo or not to Jumbo, that is the question. Many of my Chicagoland referral partners have been reporting that their higher-end housing markets are seeing healthier sales this Spring. Finally! Our local housing markets are healing! All very good news. Paired along with that is even more good news. Lending options are once again appearing for high-end real estate purchases and refinancing. "Jumbo" loan options are re-emerging. But what is considered a "Jumbo" … [Read more...]
This is the first in a great series about the mortgage process from our own Gene Mundt. Please visit Part 2 and Part 3 for more...... There's no doubt about it ... the current mortgage transaction bares little resemblance to the transactionthat took place even a few years ago. The process has definitely evolved. I liken these changes, to say Fred Flintstoneevolving intoIron Man. Initially fairlysimplistic, with few details ... eventuallyturning intovery … [Read more...]
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. … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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, … [Read more...]
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 … [Read more...]
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 … [Read more...]
If you are considering buying a home in Los Angeles please don't think we agents are being difficult when we tell you there is no point in starting the process until you have spoken to a lender. This is not personal. YOU CANNOT MAKE AN OFFER ON ANY HOUSE WITHOUT A LETTER FROM YOUR LENDER. Or if you are paying cash, without showing that you have the funds in place. You may have the best credit out there, which is good. You may have way more money in the bank than you need. Great. … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
