Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic
Everywhere I looked; Fannie Mae, Freddie Mac. FHA, Portfolio lenders-- all gave me the same message:Properties served by cisterns are not acceptableDefinition of a Cistern per Webster:tank for storing water, especially one supplying taps or as part of a flushing toilet.synonyms: tank, reservoir, ...
Banks are (still) stupidMortgage Loans Years ago I used to give talks to service clubs about the mortgage industry and I would give them real examples. I would ask by a show of hands how many people would approve the loan situation that I described. Here is an example. Remember this was many year...
I will not use the name of the company because they are back in the loan business. They were gone for a while but are back and they are a nationwide company; big company. Several years ago I was driving down the freeway near Milpitas, Ca and noticed a large electronic billboard soliciting mortgag...
Clint Eastwood was elected mayor of Carmel running on a campaign that allowed stores to sell ice cream on Sunday. That was his entire platform; he was perturbed at the City Council that actually banned the selling of ice cream on Sundays. I seem to complain about the dumb laws in my industry and ...
Ok - for a customer who is 141 years old; born in 1875 that customer can max out an FHA HECM (Reverse Mortgage) loan to $457,119.The home value limit in California is $625,500 no matter how much the home is worth. If the home is worth $1,000,000 or $2,000,000 or $10,000,000 then FHA only uses $62...
When a customer approaches me about a mortgage for a home purchase that motivation on the part of the customer is crystal clear; Get  Approval; Find the Best Terms and Conditions; Make the process seamless. The focus is on purchasing the home. When a customer wants to refinance then the reason is...
Over the years I have observed that the number one reason that stops or slows the process of a young couple from buying a home is not lack of income or bad credit but the big car payment. The auto industry in many ways really does drive (pun) the economy but as it says in the Bible 'There is a ti...
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...

Doug Jones

Mortgage Broker - NMLS 286668
Ask me a question
Spam prevention