Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic
Unusual Day yesterday. The person who I made the very first Mortgage Magic loan to more than 25 years ago called me. 25 years ago  I remember that she called me wanting a refinance and I did not even have an office yet so I drove down to Monterey to visit her and her husband. I knew that she was ...
I have a loan that I am willing to hand off to any bank who can do a loan on a property with a Cistern.The purchase price is $550,000 with $110,000 down payment 690 credit score41 debt ratioProperty is between San Jose and Santa Cruz - 7 minutes off Highway 17I do not have a lender who will lend ...
I am a pretty good Mortgage Broker. Realtor, and Magician for one reason; really only one and here it is. Over the years I have made every mistake that anyone in the professions above can make and fortunately I have learned from them. As a Realtor one time I mentioned to the buyers, seller and bu...
I am your Reverse Mortgage loan officer not some celebrity on TV. Fred Thompson cannot tell you how much you qualify for; I can. Henry Winkler cannot tell you that the reverse mortgage is an FHA loan and there are certain areas the FHA appraisers focus on. Pat Boone cannot tell you that at one lo...
My word for today is De-Clutter.I spent part of last week emptying a home where the owner had passed away. She had lived in the home for 40 years and in truth there was really not much in the way of clutter. Even though, there were truck loads of items to the Salvation Army. Truck loads to storag...
Absolutely.  The FHA created the Reverse Mortgage purchase program in 2008 to make it easier to downsize or relocate.  For example, say someone from the Bay Area wants to move closer to family in the central valley, or needs to move into a home that is adapted for senior living. They sell their h...
The voice on the line said, "I can't reach my broker and my purchase is supposed to close on July 7. Can you help me"?As we further talked she said that she had located a fantastic second broker but he is also unavailable (??) He told her that he can close her loan in 15 days at 4% (Jumbo loan) a...
In Today's News:  I just roll my eyes when I see most of the late night reverse mortgage TV adds. My last two Reverse Mortgage loans were from customers who had already been approved by the number one Reverse Mortgage Lender and someone directed them to me. I do hope the CFPB clamps down on the a...
APRIL 30, 2015 BY MINDY LEISURE MANAGER OF RESCORING SERVICES In an effort to help “unscorable” consumers, FICO has developed a new scoring model (yet to be named) based on alternative credit such as utility bills, rent, etc. This model will create scores for consumers who currently lack enough d...
From the Loan Desk  Price it Right for a smoother sale. Yesterday I wrote about how I am seeing deals fall thru because of inspection reports and I recommended that property inspections be done up front. Another trend we are starting to see is appraised values coming in less than contract price. ...

Doug Jones

Mortgage Broker - NMLS 286668
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