san diego: Recently Laid Off? What Do You Do About Your Mortgage?
- 12/05/23 11:57 AM
Homeowners Take Caution - Layoffs Are Back! Sadly, the 4th Quarter of 2023 is experiencing a rise in job layoffs across a vast array of industries (with forecasts of more to come in 2024). Many of these employees experiencing termination are also homeowners who have mortgages. What Can Homeowners Do With Their Mortgages? If you have not yet been laid off, but you anticipate the possibility of this happening to you, there are a couple of proactive measures that you can pursue. Consider a Cash-Out Refinance to consolidate your debts, lower your outflow of monthly payment obligations, and perhaps obtain some cash to utilize … (1 comments)
san diego: 2024 Conforming Loan Limits - Realtor & Attorney Talking Points
- 11/30/23 12:29 PM
Fannie Mae & Freddie Mac have recently announced their new Conforming and High Balance Conforming Loan Limits for 2024. If you are a Realtor, Financial Planner and/or Attorney, do you know how to articulate this great news to your Clients? Here are a few talking points: In most counties across the country, there are 3 categories of loan types (based on the LOAN AMOUNT) Conforming High Balance Conforming Non-Conforming (Jumbo) The loan amounts have increased on each category as follows: Conforming was $726,200, increasing to $766,550 in 2024 High Balance Conforming limits vary significantly depending on county (see below for a … (1 comments)
One of the bright spots of the recent COVID-19 inspired global pandemic was the sharp decrease in mortgage rates. After all, bad news for the economy is good news for mortgage rates (and vice versa). The historic spike in unemployment filings and sharp decrease in consumer confidence clearly qualified as “bad news” and subsequently led to the lowest mortgage rates we are likely to experience in our lifetimes. Suffice to say, nearly everyone either locked in these reduced interest rates via mortgage refinances or brand new home purchase loans between the years 2020 - 2022.
Included in the population … (8 comments)
san diego: Divorce Mortgage Specialist Helping Divorcing Parents
- 04/05/23 03:07 PM
“Unlock the Secrets to Successful Co-Parenting with 25+ World-Class Experts at the Co-Parenting Success Summit!” Co-parenting can be a difficult journey, especially when the relationship with your ex-spouse is strained or acrimonious. However, it's possible to navigate this journey successfully and raise happy, healthy children. That's why the Co-Parenting Success Summit is such a valuable resource. Register here for FREE! This virtual event brings together 25+ world-class experts to share their tips, strategies, and tools for creating healthy family relationships, promoting stability, and raising happy kids before, during, and after divorce, each covering the 5 most important areas of navigating the co-parenting … (1 comments)
san diego: Bad For Buyers? - CalHFA “California Dream Shared Appreciation Loan”
- 03/25/23 01:39 PM
How can something so good for some, be so bad for others? Is the new CalHFA “California Dream for all Shared Appreciation Loan” BAD for Homebuyers? First off, here are a few facts of the program: Official program guidelines will be published on Monday March 27th (2 days from now)…that said, I’ll give you a sneak preview of what we believe those guidelines are The California Housing Finance Agency aka CalHFA will provide down payment assistance of up to 20% of the lesser of the purchase price or appraised value for First Time Homebuyers There is no monthly payment associated with … (2 comments)
san diego: Video Tutorial: Understanding Monthly Mortgage Payments
- 11/30/22 02:49 PM
Understanding monthly mortgage payments is absolutely essential in order for Homebuyers (and Homeowners) to make informed decisions about their real estate financing endeavors. As part of the Mortgage Deep Dive video series, below is a video designed to help Homebuyers and Homeowners understand the nuances of a mortgage payment. What portion of the payment is impacted by the interest rate and/or the loan amount and/or the amortization term? Why don't Mortgage Lenders know the exact payment up front? What if the home is in a flood and/or fire zone? What if a home has Mello Roos assessments? If you are a Real Estate … (0 comments)
san diego: Divorce Equity Buyouts - Are "Mortgage Assumptions" Allowed?
- 08/01/22 11:23 AM
An Assumable Mortgage Loan allows an existing loan contract to be taken over (assumed) by either an existing Borrower or a brand-new Borrower without modifying the remaining loan term, payment amount, interest rate or loan amount. Logically, amidst a Divorce Equity Buyout, a mortgage loan assumption would be the ideal course of action. Given the fact that you have 2 Borrowers who are responsible for paying back an existing mortgage loan and only one of them desires to keep it, why not just allow the "In-Spouse" to keep the existing mortgage instead of being forced to refinance the current loan into a … (0 comments)
san diego: Russia & Ukraine War - Impact on Mortgage Rates
- 03/04/22 01:52 PM
The general rule to follow is that GOOD NEWS for the economy is BAD NEWS for mortgage rates (pricing)...and you guessed it, BAD NEWS for the economy is GOOD NEWS for mortgage rates (pricing). In the video below, I provide a summary of recent mortgage pricing trends and how specific events (pandemic and Russia/Ukraine war) have had recently. Should you and/or your valued Clients ever desire an objective and transparent conversation about mortgage options and/or pricing, please do not hesitate to contact me. … (4 comments)
san diego: 2022 Conforming Loan Limits - Realtor & Attorney Talking Points
- 12/14/21 09:43 AM
Fannie Mae & Freddie Mac have recently announced their new Conforming and High Balance Conforming Loan Limits for 2022. If you are a Realtor, Financial Planner and/or Attorney, do you know how to articulate this great news to your Clients? Here are a few talking points: In most counties across the country, there are 3 categories of loan types (based on the LOAN AMOUNT) Conforming High Balance Conforming Non-Conforming (Jumbo) The loan amounts have increased on each category as follows: Conforming was $548,250, increasing to $647,200 in 2021 High Balance Conforming limits vary significantly depending on county (see below for a … (7 comments)
san diego: Divorce Equity Buyouts - What Can Prevent Loan Approval?
- 02/05/21 03:19 PM
Pursuing a divorce amidst a global pandemic? Trying to retain ownership of the marital home and buy out your Ex? Surely, the Banks will go easy on you with lending guidelines, right? Not a chance. It’s been said that Banks will give you an umbrella when it’s sunny, then ask for it back when it rains. Translation, not only will Banks “not make it easy” when you are applying for a new loan under these conditions, but they will actually make it more difficult. Sadly, in many cases, perhaps the Borrower will make things more difficult on themselves unintentionally. Below are … (2 comments)
san diego: Divorce Equity Buyout - How To Pursue When You Want To Keep The Home
- 12/15/20 11:01 AM
When Homeowners decide to pursue a divorce, it is fairly common for one of the Divorcing Homeowners to want to stay in (and retain) the home. For purposes of gender neutrality, we refer to the Spouse who wants to stay in the home as the "In Spouse" and the Spouse who departs the home as the "Out Spouse". With the above in mind, there is typically at least 1 mortgage secured by the "marital home" which is often in the names of BOTH spouses. In addition to wanting his/her share of the equity in the home, the "Out Spouse" will typically demand … (1 comments)
san diego: The Value of a Certified Divorce Specialist (CDS)
- 12/08/20 01:08 PM
Divorce is one of the most traumatic transitions in life that someone can experience. Given the potential adversities financially, legally and/or emotionally, it is imperative that a Divorcing Client works with professionals specially trained to help someone going through this process.
Introducing the Certified Divorce Specialist (CDS®)
The CDS curriculum is administered by The National Association of Divorce Professionals (NADP) and covers an extensive amount of timely & relevant content aimed at training professionals to help their Divorcing Clients at a high level. As stated in their website, The Certified Divorce Specialist (CDS®) Training is for professionals in the legal, financial, mental health, and … (0 comments)
san diego: Divorce Mortgage Tips for Homebuyers & Homeowners
- 11/11/20 08:58 AM
Let's face it, divorce is a tough emotional, financial and legal transition. Obtaining a mortgage can be complex as well. Combining the two can be even trickier...especially if one is unaware of certain divorce-related mortgage nuances.
Whether you are keeping the marital home (and "buying out" your ex-spouse) or seeking to purchase a different home, please keep these items in mind:
Mortgage Lenders never assume! While Lenders can forecast an approval, prior to funding your new loan, a Lender will need a definitive written agreement signed by all parties to clarify whether any monthly spousal support will be paid by either … (0 comments)
san diego: UPDATED - Mortgage UW "COVID-19 Related" Guideline Changes
- 07/16/20 10:20 AM
In life, we are accustomed to advanced warning for changes impacting the law and/or tax codes. We often see the words "Effective January 1st" before details of the impending changes. In the mortgage industry, we often hear the words "Effective Immediately" with respect to changes (i.e. we are not given any advanced notice).
Amidst a global pandemic like COVID-19, you can reasonably expect many "effective immediately" changes to emerge. Below are the latest updates with regards to income calculation for Borrowers impacted by COVID-19. I recommend you notify any pre-approved clients of the changes to insure they will remain approved in light … (4 comments)
san diego: Mortgage Monday @ The Career Compass - Forbearance Warnings!
- 04/10/20 04:53 PM
If you are a California Real Estate Agent, it is highly recommended that you attend The Career Compass Real Estate Success Seminar. Visit www.TheCareerCompass.com for seminar details. While we currently remain indoors, The Career Compass has started a daily Facebook Live meeting each day at 3pm PST. On Monday, April 6, 2020, Jason Gordon was the special guest host for "Mortgage Monday" and discussed the current state of the Residential Mortgage Industry with a large emphasis on the dangers of Forbearance.
Please CLICK HERE to access the 30 minute video
… (2 comments)
san diego: New Conforming Loan Limits - Realtor Talking Points
- 11/27/19 09:56 AM
Real Estate Agents, Fannie Mae & Freddie Mac have just announced their new Conforming and High Balance Conforming Loan Limits for 2020. Do you know how to articulate this great news to your Clients? Here are a few talking points:
There are 3 categories of loan types (based on the LOAN AMOUNT) Conforming High Balance Conforming Non-Conforming (Jumbo) The loan amounts have increased on each category as follows: Conforming was $484,350, and is now $510,400 High Balance Conforming limits vary significantly depending on county (see below for a few examples) Non-Conforming (Jumbo) limits vary depending on county as well (as shown … (3 comments)
san diego: Jason Gordon Mortgage - Professional Colleague Testimonial Video
- 08/12/19 05:48 PM
For the last 20+ years, Jason Gordon has helped many Homebuyers & Homeowners as a Residential Mortgage Loan Officer in San Diego, California. To learn more about how Professional Colleagues view Jason Gordon and his services, please watch the short testimonial montage video below.
Jason Gordon can also be viewed online on the following sites: Yelp Page - Jason Gordon Facebook Business Page - Jason Gordon LinkedIn - Jason Gordon Twitter - Jason Gordon Online Testimonials - Jason Gordon Career Compass - Jason Gordon Redfin - Jason Gordon Zillow - Jason Gordon SD Voyager Article - Jason Gordon San Diego Real Producers Article - Jason Gordon … (0 comments)
We help people manage their way through life transitions
There are 2 types of transitions our Clients experience throughout life…positive (happy) transitions, and negative (not-so-happy) transitions. Examples of positive (happy) transitions are when we help our clients buy their first home, also when we help them upgrade to a larger home…especially if that upgrade is in connection with a job promotion and/or increase in family size. Or maybe when we help one … (14 comments)
When determining whether to refinance multiple loans, a "Blended Average" (aka "Weighted Average") between interest rates is a great place to start. Oftentimes, Homeowners fall in love with their 1st Mortgage, but turn a blind eye to the interest rate on their 2nd mortgage and/or credit cards when considering a debt consolidation mortgage refinance.
A simple example is as follows: 1st Mortgage $200,000 balance 4.000% Interest Rate 2nd Mortgage $200,000 balance 8.000% Interest Rate In looking at the above scenario, we can easily calculate that the Blended Average Interest Rate (aka Weighted Average Interest Rate) is actually 6.000%. Therefore if current market … (1 comments)
UPDATE: Owner Occupied Cash Out Refinances with DTI above 45% will now require 6 months Cash Reserves
As mortgage rates trickle higher, Fannie Mae has taken a step to tighten their Underwriting (UW) guidelines yet again. The latest revision is focusing on Cash-Out (C/O) Refinances with high Debt-to-Income (DTI) ratios.
Specifically, Fannie Mae has added a requirement for the Borrower to have 6 months of cash reserves if their DTI is over 45%. Cash reserve requirements focus the total housing payment (Principal + Interest, Property Taxes & Homeowners Insurance) and also include Mello Roos, Private Mortgage Insurance and/or Homeowners Association Dues (when applicable).
Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon
Homeowners Take Caution - Layoffs Are Back!
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