Gene Mundt is a Chicago Mortgage Lender who is an excellent source for all things mortgage-related. Here is another gem from him: Although the term “PMI” … Private Mortgage Insurance … is seen and heard frequently, there remains a shroud of mystery surrounding it … When I first speak with potential Chicagoland – IL/WI Borrowers, they sometimes have a negative […]
The Pros and Cons of Private Mortgage Insurance (PMI) Read More »
It doesn’t take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won’t come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB’s new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan’s cost structure. So let’s hop in our DeLorean and venture to find out what is prepaid interest?
Back to the Future – Prepaid Interest Explained Read More »
Credit … Credit Scores … they’re a big issue, no matter someone’s age. But for Millennial-age hopeful home buyers, credit-related issues are of particular interest and importance these days. I’ll add they may be a bit frustrating too …Millenial home buyers should quickly establish credit. It’s been very well-documented: The job market and financial problems have dogged Millennials. As a result, many have poor credit. Or have avoided accumulating debt entirely.
Millennials: How to Establish Credit Quickly and Easily Read More »
While you are waiting for new housing inventory to come on the market in Los Angeles Rob Spinosa has great advice on how to avoid damaging your credit. These are good tips to follow.
10 Things Buyers Can do While Waiting For Inventory Read More »
The overall way that lenders decide how much loan you qualify for, and that is by considering your debt-to-income ratio. This is a comparison of your gross (pre-tax) income to housing and other expenses.
Other expenses include such long-term debts as car or student loan payments, alimony, or child support.
How Does The Lender Determine Your Loan Amount? Read More »
Courtesy of Gene Mundt, Portfolio Mortgage, Chicago Definition and Purpose of a Piggyback Loan: To reduce the amount of the first loan amount, used in addition to a Borrower’s own funds (Down Payment). Advantages of Using a Piggyback Loan: The Piggyback is typically used to reduce the first loan amount to an 80% level, so as
What is a Piggyback Loan and How Does it Work? Read More »
One topic … one direction provided during the Mortgage Process that seems to baffle and frustrate my prospective home buyers during their Mortgage Process, surrounds the sourcing and documenting of Down Payment and Closing Cost Funds. When I touch upon this portion of the Process I often hear the comment, “it shouldn’t matter where the
The Importance of Verification of Funds in Mortgage Process Read More »
Inside Mortgage Finance News reported on October 28, 2014 … “Total mortgage-related complaints filed by borrowers with the Consumer Financial Protection Bureau fell again in the third quarter of 2014 – the fifth drop in the last six quarters, according to figures compiled by Inside the CFPB. Data contained in the CFPB’s consumer complaint
How to Make Your First Mortgage Payment Read More »
As a Chicago-area Mortgage Lender, I’ve always been asked a lot of questions regarding Taxes and Property Assessments. Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. But throughout the recent housing downturn, the topic of property taxes and assessments has cropped-up more often and has become far
I Received a New Property Assessment. What Do I Do? Read More »
Should I Pray or Should I Co? I tend to see a fair amount of high loan-to-value mortgage scenarios, mostly because real estate values here in Marin County, the San Francisco Bay Area and coastal California, in general, tend to be high. And I think it also has a lot to do with the formidable task
Using Gift Funds or a Co-Signer to Help With Your Mortgage Read More »
