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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)
  New Freddie Mac Guidelines Regarding Credit History, Authorized Users and Mortgage Approval Recently, Freddie Mac updated their underwriting guidelines, via its "Bulletin" from September 19, 2018 ... One of the key points documented in this Freddie Mac Bulletin related to Credit Reporting and specifically ... "AUTHORIZED User Accounts".    Before proceeding further, it's important to know the definition and role of an Authorized User, as per the 3 major Credit Bureaus. An "Authorized User" (as defined by Equifax) is: In a nutshell, being an authorized credit card user means someone has authorized you to use their credit card account. If you’re added to a credit card account as an authorized user, you will receive a credit card in your name, linked to the primary account owner’s accoun...
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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 Impact of Late or Missed PaymentsAre You Playing "Catch Up"? As a kid, you probably used it yourself with friends when you said ... "You go ahead, I'll catch up".  As an adult, it's likely you've said, "I'm playing "catch up" at work" after returning from a long weekend or vacation.  Or upon meeting an old friend, asking them to give you a call so you can "catch up" with each other.  So "catch up" is typically seen as a good thing ...  It has a positive connotation.  It denotes affirmative action will be taken or wrongs will be righted. But there is one place where "catch up" is not viewed as favorably.  It's viewed with more skepticism ...   And that's with credit and repayment of debts ... Credit bureaus ... creditors ... and mortgage underwriters ... view "catch up" with a much...
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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)
   When You Navigate Your Mortgage Process: WHO are the People That Help You? You've decided to become a homeowner ...Congratulations!For most people, that means it's time for them to: Seek and Choose a Mortgage Originator Learn about the steps involved in the mortgage process Educate yourself about the other professionals involved in the mortgage process  Learn what real estate professionals you'll need to assist you as you navigate your journey to successful homeownership Educate yourself as to their roles and responsibilities in the process Take action! The following infographic will help you learn and accomplish that more smoothly ...It's a roadmap for the mortgage process.  It will help you easily and successfully navigate the exciting home financing and buying path you're about to...
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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)
  Pre-Approval VS Pre-Qualification:How "Approved" are  You?  If you take a look online, you can easily find multiple definitions and opinions on just what constitutes a Mortgage "Pre-Qualification", "Pre-Approval", and "Pre-Approval Letter" ... and the differences that exist between them ... So that said, as a Mortgage Originator, when first contacted by my potential Borrowers, I must ask (along with other things) what the client(s) know about the mortgage process as a whole.  Also, what they know regarding Pre-Qualifications and Pre-Approvals ... and then ascertain which (Pre-Qualification or Pre-Approval) best fulfills their need(s), both in the short-term and long.  If trying to find out what financing or home buying options they may or may not have at their disposal ... or just hop...
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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)
  Lincoln-Way Community High School2018 Varsity Football Schedules(Central, East, & West)   Kids are back in school already ...   That means some great gridiron action is available each week at your local high school ... Lincoln-Way Community High School, District #210, serving the New Lenox, Frankfort, Mokena, and Manhattan communities, provides plenty of great opportunities to watch top-notch football by our area's talented players. Consisting of 3 schools and campuses, Lincoln-Way Community High School, District #210 is offering a full 2018 schedule of exciting football games and superb half-time entertainment for area residents' and visitors' enjoyment.Below you'll find the 2018 Varsity Football Schedules associated with each of the Lincoln-Way High Schools and their varsity footbal...
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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)
 Recent Changes to Fannie Mae DeliverGood News to Chicago - Chicagoland Condo Buyers   No matter your lifestyle, Chicago - Chicagoland ... with its many diverse neighborhoods and extended surrounding suburbs ... has real estate property for sale that will fit and satisfy your personal tastes, budget, lifestyle, and needs ... Property prices may now also be seen as an advantage to buying in the Chicago - Chicagoland area.    While a post-recession recovery has occurred in much of its extended and diverse housing market, the Chicago - Chicagoland area has not experienced the larger property price increases that other metropolitan areas have elsewhere across the U.S.     For those contemplating the purchase of their first home ... or even those selling their present home and buying again ....
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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)
  Lender Remorse:  Why and How to Avoid It No matter the size of the business, businesses today typically choose to incorporate some type of social media into their marketing efforts ... That's certainly true for me.  As a Mortgage Originator, I participate in many of the major social media outlets. Recently, I checked-in on one of the online groups I take part in.  To participate as a business in this particular group, a business must be located and conducting business within its specific business boundaries. "Bonafides" must be proven too.  A business must provide group administrators with proof of their business for verification ... meaning business info, licenses, etc. A large array of businesses are represented within the group.  As this group is related to "home" services, you'll ...
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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 Options and Opportunity Availableto Singles Hoping to Buy a Home  Here's a statistic I find fascinating ...According to a recent survey released by the National Association of Realtors (NAR):     Single-female homebuyers outpace single-male homebuyers by a margin of over          2-to-1.  The percentages reported were 18% single-female to 7% single-male.   These statistics certainly back-up what I personally experience as a Loan Officer in New Lenox - Chicagoland.  The number of contacts and requests I receive for information and Pre-Approvals from single females far outweighs the number received from single males.  While not a statistic reported in this survey, here's something I also encounter when working with single home buyers ...    Whether female or male, single buyers often...
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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 Makes You Special When You Buy a Home?  Your Financial DNA Parents often tell their children they're "special".  They're unique.  Like no other person on earth.  I know I told both of my boys that ... still do.It's a pretty heavy message for a child to hear, isn't it?  One based on love certainly, but also molecular and psychological facts too.  Physically, our fingerprints ... our DNA ... is certainly ours and ours alone.  And if you ask parents and grandparents, they'll tell you each child is delivered with their own distinct personality pre-programmed too. With that in mind, I recently wrote an article regarding the personal "recipe" each individual borrower brings to their financing.  That post used the parental lesson spoken of above but reconfigured it a bit for use in expl...
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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)
  There's 1 Reliable Way to Learn  How Much Home You Can Afford     Want to know how much home you can afford?  To do that you must consider ...    Your Income Outstanding Debt Credit Scores Savings Accumulated for Down Payment/Closing Fees Interest Rate Loan Term Property Taxes Possible HOA Fees in play More Each of the items listed above should be likened to "ingredients" needed for a recipe.  Which ingredients ... and the amount of each ingredient used ... formulates YOUR personal home affordability recipe.  So HOW do you figure your personal home buying and financing recipe?  How do you know WHICH "ingredients" are to be used?If you're a prospective borrower that's already performed some research online, you've probably run across a very elementary bit of assistance in this regard ....
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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)
 Becoming a First-Time Home Buyer: How & Where to Begin You've made the big decision ...  You've decided to buy a home! Now what?  Where do you begin? Begin by focusing on your future mortgage needs ...So ... you've heard that securing a mortgage and financing a home can be challenging?  The mortgage process can seem a bit daunting to some First-Time Home Buyers.  But I'm here to tell you, it doesn't have to be that way.  Your home buying dream can become a reality if you prepare yourself and devise a plan, and then stick to that plan.  Here's how and where to start ...  It's always a wise first step to thoroughly educate and prepare yourself prior to taking any new endeavor.  That's doubly true for novice Home Buyers entering their first mortgage process.  The internet can be a very va...
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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)
  Calendar of Events, Celebrations & Observances for April - 2018   When you think about the month of April, what pops into your mind?Spring beginning to show itself ... grass turning green once again ... wearing lighter jackets ... sunshine lasting 'til later in the day ... April offers us all of that ... and a myriad of other ways to reacquaint ourselves with the outdoors and life itself.  The month is chock full of special days and activities to celebrate and enjoy. Below you'll find a small sample of what April can offer us. From opportunities to discover your green thumb and enhance your knowledge ... to ways to take better care of yourself (and your loved ones)... and everything in-between.  You can enjoy:  April 12th:  Drop Everything and Read Day  (The 2nd week of April is Natio...
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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've Applied & Successfully Closed on a Mortgage Before. I'm Buying Again ... What Now? Spring ... In Illinois and the Chicagoland area, Spring typically signals the kick-off of a new home sale year.   New construction starts popping-up as warmer weather allows for digging and pouring of home foundations.  Nicer weather also makes the viewing of existing homes an easier more comfortable pursuit.   Families with school-age children hope to move prior to a new school year starting in the Fall.  The arrival of Spring acts as a motivation for many home purchases. Spring's arrival means mortgage inquiries pick-up too.  Over the last month or so, that's certainly proven true for me here in Will County and the Lincoln-Way Area of Chicagoland.  Requests for Pre-Approval letters have certainly...
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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 Businessperson's Pot O' Gold:Testimonials and Referrals Testimonials and referrals ... as a businessperson, it just doesn't get any better than receiving them, right? Neither are ever a given, no matter how well-deserved.  And in this busy world, they can be hard to come by.  Clients (even happy satisfied ones) get busy, forget, and move on with their lives after moving or financing a home.   Life intervenes with referral partners too.  The search for new clients never ends.  New business demands their attention.  "Niceties" are easily forgotten during these times.  All understandable ... So I was thrilled when I received a note yesterday from a local real estate attorney that had been gracious enough to refer a couple to me.  I felt I'd struck my business Pot O' Gold. We had move...
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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)
 Do You Really REALLY Love that Home? A statement I often hear from my new mortgage clients is ...  "I found a house!  I just love it!"I think that's exactly what you should hear from clients searching for a home.  A home that will house their life ... and probably represents the single-most expensive expenditure they've made in their lives.  And as their Loan Officer, it's certainly something I want them to feel and experience.   But I also know moving forward, that the intense emotional connection they have towards the home they love and want typically serves as a positive motivating factor during their mortgage process.  Clients "in love" with the home they want to buy are simply much more eager and willing to respond to my requests.  They take action more quickly to facilitate their...
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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)
  Choosing Your Loan Officer:Don't Short-Change Yourself The act of obtaining a mortgage has become a deeply personal and individualized pursuit. In its present form, it has little in common with mortgage applications of the past.Because of that fact, the act of choosing a Mortgage Originator/Lender is far more important now than ever before.  There's far more riding on your choice.Yet, statistics show that all too often little time or effort is expended on studying and making that choice: According to a Report, almost half of consumers who borrow to finance a home only seriously consider a single lender or broker before obtaining a loan  An article by PR Newswire states that more time is spent researching a car purchase (11 hours) and an equal amount of time researching a vacation (8 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)
  HOW and HOW MUCH Late Mortgage Payments Can Hurt You  From client info, applications, communications, mortgage industry news, marketing ideas, to social media and more, it seems like I'm reading all the time these days.  The gathering (and sharing) of info is vitally important for an LO.  But as many have found ... and is being energetically discussed currently ... the info found on social media can be a mixed blessing.  An unbelievable wealth of valuable info is out there, but then there's a whole lot of ... well, let's just call it "unreliable and erroneous" info too.  When that unreliable incorrect info is financial, credit, or lending in nature, it can have consequences.  And it definitely catches my eye, so I try to address this issue head-on by blogging and sharing the correct f...
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By Joe Malvarapu, Keller Williams Realty Infinity
(Keller Williams Realty Infinity)
Heather Glen SubdivisionReal estate in Heather Glen subdivision in New Lenox, Illinois consists of homes built between 2010 and 2018. As of 02/09/2018, there are 8 homes on the market in Heather Glen subdivision.Heather Glen Real Estate for SaleWith 4 active, 2 contingent and 2 pending listings, the average list price of a property on the market in Heather Glen is $330,854, with an average living area of 2,767 square feet. Highest priced house on the market located on Knightsbridge Ln with 4 bedrooms, 2 full baths, one half bath and 3,000 sqft of living area is listed at $374,900. Lowest priced home located on Glenbrooke Ln with 3 bedrooms, 2 full baths, one half bath and 2,630 sqft of living area is listed at $299,990.Buying or Selling a Property in Heather Glen?Interested in finding R...
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By Joe Malvarapu, Keller Williams Realty Infinity
(Keller Williams Realty Infinity)
Crystal Springs SubdivisionReal estate in Crystal Springs subdivision in New Lenox, Illinois consists of detached single family homes built between 2006 and 2007. As of 02/07/2018, there are 2 homes on the market in Crystal Springs subdivision.Crystal Springs, New Lenox Illinois Homes for SaleWith 1 active, 1 contingent and no pending listings, the average list price of a property on the market in Crystal Springs is $361,950, with an average living area of 2,580 square feet. Highest priced house on the market located on Bluestone Bay Dr with 4 bedrooms, 2 full baths, one half bath and 2,950 sqft of living area is listed at $379,000. Lowest priced home located on Bluestone Bay Dr with 3 bedrooms, 2 full baths and 2,210 sqft of living area is listed at $344,900.Buying or Selling a Propert...
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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)
  Selling & Buying a Home at the Same Time? It Can Be Much Like Juggling   The definition of juggling is ...  A continuous tossing into the air and catching  (of a number of objects) so as to keep a minimum  of one in the air while handling the others ...   For those trying to sell a home while buying another,  it can feel just like that ... a juggling act requiring great timing, luck, balance, and concentration.Back in the late 1970's when I was a rookie loan officer, the practice of selling and buying a home simultaneously was a fairly common practice.  Not so anymore.  There are many reasons why this has become true, but one stands out most.  Available housing for sale is in short supply creating very competitive buying scenarios in many markets.  In these competitive housing markets...
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