doug jones mortgage magic: The Easy Way to Save Thousands of $ on Your Mortgage Loan
- 12/28/18 01:21 PM
Many years ago I posted a blog and the title was "How to save 95,000 on your mortgage". This morning I closed a loan and the customer asked me if she could pay via a bi-weekly payment. I explained to her how the Bi-Weekly works and promised to make a video explaining another way in case her bank does not offer the bi-weekly payment. Here is the video.
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doug jones mortgage magic: Mortgage Loans and Little Boxes
- 07/31/14 01:38 AM
There was a pop song called Little Boxes back the early 1960's. Here are some of the lyrics -perhaps you remember the song,
In boxes made of ticky tacky
And they all look just the same.
There's a green one and a pink one
And a blue one and a yellow one,
And they're all made out of ticky tacky
And they all look just the same.
Today's mortgage underwriting is made up of little boxes. The line that occurs over and over in the song is "And they all look just the same." It seems to me that the mortgage industry … (1 comments)
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doug jones mortgage magic: Turned down by HARP 2.0? Call Fannie or Freddie
- 05/16/12 12:58 AM
At this time 80% of our HARP 2.0 loans are being turned down and we cannot determine reasons. I complained to one bank about a customer who is 150% loan to value (within guidelines) 47% debt ratio (within guidelines) and a credit score of 659 (within guidelines). The reply that came back is that Fannie set up the Desktop Underwriting program and there is nothing the bank can do about it. The reply ended with "contact Fannie". So I am going to be contacting Fannie or Freddie about every turn down that fits their guidelines. You can too. If you or … (1 comments)
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doug jones mortgage magic: Yes.....We are funding the HARP 2.0
- 03/29/12 03:29 AM
The HARP 2.0 program is now in effect and I am realizing that there is a group of banks who simply don't want the HARP 2.0 loan and, that is good for me. Yesterday our office took two loan applications where the customer had been turned down by a national lender. They both called their existing lender and were referred to this national lender only to be turned away. This morning I received an emaill from a person who has been turned away by three large national lenders because "the LTV (Loan to Value) is too high and no … (0 comments)
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doug jones mortgage magic: Investors- Know this tax law or you could lose thousands of dollars
- 10/26/11 11:55 AM
When I hear clients discuss residential real estate investments they frequently discuss cash flow, appreciation and depreciation. Most of the investors realize that unless they use a 1031 exchange that when they sell the property there will be a 15% capital gains tax on the gain. I don't think I have ever heard any of them mention depreciation recapture and I am not sure if most investors are even aware of this tax.Here is a fantastic tip. The day you purchase an investment property you should plan you exit strategy. These last couple years of recession have taught us that financial situations … (0 comments)
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doug jones mortgage magic: FBI Warning: Read IX completely on page 4 of the Loan Application
- 06/22/11 02:32 PM
In 2010 the FBI obtained 970 convictions and 1,531 indictments for Mortgage Fraud. The FBI has 94 working task force groups. The statement below is from the FBI website under Mortgage Fraud:
"From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been … (1 comments)
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doug jones mortgage magic: Wells Fargo exits Reverse Mortgage Market ( I still do them !)
- 06/18/11 05:36 AM
Wells Fargo has announced that they will exit Reverse Mortgages completely. Our office may have been one of the last brokers to fund a Reverse Mortgage with Wells. We still offer Reverse Mortgages--simple rules; 62 years +, equity, no credit requirement, and no income requirement. Below is the announcement:
Wells Fargo the undisputed industry leader for reverse mortgage production announced plans today to exit the reverse mortgage market.
The decision was announced today in a press release. The reasons cited for the exit was based on today's unpredictable home values along with the restrictions associated with reverse mortgages that make it difficult … (0 comments)
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doug jones mortgage magic: Getting Back to Basic Economics
- 05/14/11 12:31 PM
Someone sent me this story a while ago and I re-read it this morning. It really does capture the idea that money has no value unless it circulates.
It's a slow day in some little town.The sun is hot...the streets are deserted.Times are tough, everybody is in debt, and everybody lives on credit.On this particular day a rich tourist from the west is driving through town.
He stops at the motel and lays a $100 bill on the desk saying he wantsto inspect the rooms upstairs in order to pick one and spend the night.
As soon as the man walks … (0 comments)
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doug jones mortgage magic: The FHA Loan Boxes
- 05/14/11 12:28 PM
All loans have underwriting guidelines or 'rules'. All real estate loans work with three boxes for loan approval. For very large loans with low interest rates those boxes are small; very small, which means the approval is more difficult. The FHA boxes are all large which means the approval process is much easier.Box 1-- the down payment. Most loans require a 20% down payment but there are loans that require only 5% down. In 99% of the cases the loans with only 5% down require that the down payment comes from the borrowers savings. The FHA box is bigger because it … (0 comments)
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doug jones mortgage magic: Tax Time--- I get this question every year
- 02/23/11 03:56 AM
This is a question I get every year and you may get it as a Realtor or Lender. The question is if someone makes the mortgage payment and they are not on the loan; can they write off the interest? The answer is "No" but here is a 1 minute video that explains more fully.
http://www.youtube.com/watch?v=5g1cjR17FL8
Doug JonesMortgage Magic NMLS 286668
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doug jones mortgage magic: Inspections, Inspections, and Inspections
- 02/18/11 09:29 AM
Normally when you buy a home you first see an MLS listing or perhaps a Virtual Tour of the Property. So you have an idea of all the basics; price asked, number of rooms, size of the home, the school district the home is in, zoning, traffic flow,etc. You have a pretty good idea of the home and if you take the next step to see the home then you have thought that this home is a possibility for me and my family.The next step is that you visit the home with a Realtor and walk thru the home. Sometimes there … (2 comments)
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doug jones mortgage magic: Make sure You Get a Home Warranty
- 02/03/11 11:08 AM
You can protect yourself when you sell your home by insisting that there is a Home Warranty in place for the new buyer. As a buyer you can feel more secure with a Home Warranty. And, as a Realtor representing either the buyer or seller you can feel more secure with a Home Warranty.I make sure that every real estate transaction that I am involved in has a Home Warranty. Normally these are paid for by either the buyer or seller but if the clients balk I make sure that I get it and pay for it myself.This is simply the … (0 comments)
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doug jones mortgage magic: Why Financial Experts Refer to Me-----
- 10/25/10 10:37 AM
Most of my business comes from referrals from CPA's, Financial Planners and Attorneys. This video explains why they refer to me and gives two examples of loan situations this past week.http://www.youtube.com/mortgagemagicca2Have a great day........Doug JonesMortgage Magic MLO 286668http://www.mortgagemagic.com
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doug jones mortgage magic: Purchase Funds Available in Santa Clara County
- 10/01/10 04:44 AM
There are many programs in Santa Clara County that assist first time homebuyers. The City of San Jose has a "Welcome Home" program that allows for a $25,000 down payment. This is a loan but there are no payments until the home is sold or the loan refinanced. The interest rate is only 3% simple. The Housing Trust of Santa Clara County offers a Mortgage Assistance Program which is a second mortgage that requires payments. What is nice about this program is that it will assist with a large downpayment and the client can avoid PMI insurance which sometimes works to … (0 comments)
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doug jones mortgage magic: Housing Trust of Santa Clara County
- 09/30/10 04:39 AM
The Housing Trust of Santa Clara County has many homebuyer loan programs. In this blog I will tell about the MortgageAssistance Program. This is a second mortgage loan that will lend up to 17% of the purchase price to $850,000. So the client must come in with 3% - in truth most will need to gather a down paymentof 3.5% because this loan piggy backs well with the FHA loan.
Why a second instead of the straight FHA loan? Because combining the loans the client can do away with the MIP monthly insurance payment. On October 4th the monthly FHA MIP … (0 comments)
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doug jones mortgage magic: 100,000 Points
- 09/22/10 08:51 AM
I think this blog will put me over the 100,000 point mark...Getting to 100,000 has been fun..I have ranted and raved. I have complained and criticized the banks, government, and the system. In other words I have condemned "the Man".
I think blogging let me get things out of my system and I noticed that eventually I started to quit complaining and for a while determined to try and help those who would stumble on the blog and actually read it.
I have learned and been inspired reading other blogs. Will I get to 200,000 or even 101,000? I don't know … (4 comments)
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doug jones mortgage magic: Don't Judge Your Worth Based on a Credit Score
- 09/20/10 07:10 AM
Loss approaches us many ways and we are stripped of things we value. I have worked in credit since 1968 and value good credit and take pride in my credit but my credit score is not me. I help clients improve their credit score so that they may qualify for a loan or for better interest rates. That little number certainly does not reflect antibody's value but it is a good idea to have a good score when you are applying for credit.
Browsing the Internet on how to raise the score I have really seen some dumb comments. One comment … (1 comments)
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doug jones mortgage magic: I am sooooooo lucky; Gloria and Sylvia
- 09/15/10 05:26 AM
Good team mates are so valuable and at Mortgage Magic I have been blessed for 21 years. I have a Sr. Processor, Underwriter, Right Hand Person, and 'Can-Do-All' in my associate, Gloria. Gloria has been with me for 21 years since she was 18 years old. From the first day I knew she was excellent and could do a fantastic job. I am so lucky to have someone that I can completely trust to take care of business and my clients. Even as a Processor Gloria has her Calif Real Estate License and will obtain her Mortgage Loan Originator; she is … (1 comments)
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doug jones mortgage magic: Banks Continue to Hurt Themselves with Client Service
- 09/14/10 04:42 AM
This past week I have received 8 emails that all have the same request.
"My rate is 6.5% and my balance is $558,250 but the value is only $489,500. We would like to refinance and make some headway. Even though we have had the loan for 5 years and have never missed a payment the bank tells us that there is nothing we can do."
Eventually small though by small though this client's attitude will shift to one of complete self interest. Even if they like the bank they deal with, after a while, they are going to start to see … (3 comments)
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doug jones mortgage magic: I wrote this commercial (I think it is excellent)
- 09/11/10 10:58 AM
I love this commercial. It is humorous, simple and uses the name of the company (Mortgage Magic) many times. … (3 comments)
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Many years ago I posted a blog and the title was "How to save 95,000 on your mortgage". This morning I closed a loan and the customer asked me if she could pay via a bi-weekly payment. I explained to her how the Bi-Weekly works and promised to make a video explaining another way in case her bank does not offer the bi-weekly payment. Here is the video.
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