Real estate blog entries tagged with doug jones by Doug Jones, Mortgage Broker

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doug jones: Tips for Financing a Home - 03/14/16 03:59 AM

First time home buyers – when you are planning to buy your home let that be your number one goal !
Here are a couple of mistakes I see people make when purchasing a home.
Taxes: The tax preparer has the job to complete the taxes legally and at the same time reduce the amount of taxes that the client will pay. But, if that client is going to be buying a home it is wise to let a mortgage lender review the taxes before they are sent to the IRS. Every deduction does not have to be declared. FHA does reduce the … (0 comments)

doug jones: Have a Short Sale? You just got punished again. - 08/18/14 04:56 AM

Those who had a short sale just got punished again. The rule was if a customer had a short sale and the sale was over two years ago then that person could re-enter the purchase market or refinance a mortgage.

August 16: a red letter day for mortgage lending. For loan applications taken on or after August 16, 2014, the lender must document that the event was completed four or more years from the disbursement date of the new loan. For loans applications taken before August 16, 2014 the lender must document that the event was completed two or … (2 comments)

doug jones: The Preliminary Title Report - 08/15/14 02:17 AM

For every loan and real estate sales transaction we use a Preliminary Title Report that we get from a Title Company. The title report will show liens, encumbrances, taxes, and the names of people who own the property as well as the property address. And there is a legal description of the property. The title report tells a lot about the property.
I am looking at a title report and on the first page I have the customers name and property address. On page two I see his name again but this time is shows 'vesting' and my customer shows … (1 comments)

doug jones: The basics of the real estate and mortgage business - 08/14/14 01:32 AM

A Realtor who works for me just told me that a contract she presented was accepted. I have to review all the real estate documents and she asked me the best way to get the paper work to me for review: fax, email, in-person. I sent her back this email which is short and simple but yet it reflects everything that we need to do in a real estate or loan transaction. Here is the email. "Any way you want is OK..The things I care about are things you already do. Good, proper paperwork Full Disclosures Honesty and … (0 comments)

doug jones: The loan officer said .... - 06/06/14 06:29 AM

Many years ago I overheard one of my new loan officers say to a potential customer "I will give you the best service!" When she hung up from the call I asked her what that meant. What did good service mean to her and what did it mean to her client?
To me good service in mortgages means that the loan officer is always a step ahead of the client and that the client understands what is happening fully and is communicated with completely and clearly.
Good Service in Mortgages means that the loan officers finds out how the customer … (0 comments)

doug jones: You can simplify your marketing and succeed with one thing - 06/06/14 01:13 AM

In a sales class I am having the students write down all their areas of marketing and track the efforts. For demonstration for this 30 day project I have more than 25 different marketing disciplines; handwritten notes, newsletters, direct contact in person, YouTube Videos, and network meetings to name only some of the marketing areas. One student made a comment that she felt she is not doing enough because she only had 6 different categories in her marketing endeavors. Even though I have over 25 and will use most of the 25 during the 30 days I commented, "You only … (0 comments)

doug jones: A Goal Setting Technique (that works!) - 06/05/14 02:12 AM

Many times sales people set goals and they have the fear that perhaps they cannot reach the goal. As time goes by we learn more and more about the power of the mind to direct us toward our goals. Of course, this power has always been available and has always been taught by the enlightened ones. It has always been available but is only brought to our awareness when we are ready.
Here is a very simple technique that I read about, have tried and have proved that it works.
First, determine the goal and be very clear. For … (1 comments)

doug jones: Technology makes the loan transaction easier - 06/04/14 10:05 AM

I will probably never be very high tech but it is getting easier and easier to write loans all over California and I can work on the loans at 3 A.M. from home ! Suppose I talk with a customer about a refinance and I get the very basic information such as name, address, social security number, and income. With the customers permission I can then pull a credit report and see it immediately. That will give me a credit score and the mortgage credit rating and all outstanding debts. On the credit report are also things such as the … (0 comments)

doug jones: Do these things for an easier sale - 05/24/14 02:51 AM

Here are some things to do to prepare your home ready for sale.
1. Clear Clutter. Look at all the things you don't want. You can have a garage sale or donate many items or simply toss. It is interesting that things seem to go in cycles and even in threes; the last three homes I have sold have all been vacant so there has been no clutter

2. Start to pack now. The process is very slow especially if you have been in your home a long time. One client of mine had been in her home … (1 comments)

doug jones: 4 Bed Room - Morgan Hill - 05/18/14 01:56 PM

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doug jones: Certified or Licensed Appraiser ? - 03/28/14 02:09 AM

Since 2008 mortgage brokers have not been able to order the appraisal for a property that they are doing a loan on.In the "old days" I had my list of appraisers and used different appraisers for different areas and different expertises. I knew which appraiser could appraise a farm or vacant land or a high rise building and called the appropriate appraiser for the appraisal. Since 2008 we submit the loan to a bank for approval and the bank orders the appraisal thru an appraisal management company.

Move forward to March 2014. One of my loan agents is doing a … (0 comments)

doug jones: Watch - Listen - Double your Income - 03/07/14 04:10 AM

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doug jones: Pep Talks for Sales Success - 03/07/14 03:54 AM

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doug jones: My Green Back Book - 03/05/14 05:23 AM

My Green Back Book I just ran across my Green Back Book. This is the book I used when I took the Dale Carnegie Sales Course back in 1971. The book is 6″ x 4″ and is only 67 pages. Ah, but the wisdom in this book is so valuable and ageless. I am remembering for that class we also used The Five Great Rules of Selling and Dale Carnegie’s How to Win Friends and Influence People. The classes were 3 1/2 hours long for 12 weeks and each week we had a ‘rule of the … (0 comments)

doug jones: Stupid Is As Stupid Does - - 01/08/14 06:16 AM

"Stupid is as Stupid does" This line is one of the first of the memorial quotes from the movie Forest Gump. The bank lending or mortgage industry remains stupid. We were stupid when we loaned buyers 100% of the purchase price for a new home and did not verify the income for the buyer. Somewhere, somehow, some statistician sold the bill of goods to the banking industry that the credit score alone was enough to justify making an interest only or option ARM loan with no money down. That was stupid. I complained then that the lending industry had … (0 comments)

doug jones: 1,397 HARP Loans in Santa Clara County (?) - 12/02/13 06:11 AM

The second paragraph comes from a recent article in the San Jose Mercury News. Third paragraph is from me.
Only 13.3 percent of Alameda County homes were underwater in the third quarter, down from 19.3 percent in the second quarter, Zillow said. In Contra Costa County, 19 percent were underwater, down from 26.8 percent. Santa Clara County dropped from 10.6 percent to 7.2 percent and San Mateo went from 9.8 percent to 6.8 percent.
Now for some guess work. The last numbers I could find; Santa Clara County had 271,197 owner occupied homes and 194,096 of those homes have … (0 comments)

doug jones: Home Affordable Refinance Program - 11/19/13 02:40 AM

When the HARP program came out so many people were turned down and became frustrated. The program has finally "settled" and can be done in a reasonable time frame. Below are the guidelines for the program and the sites to look up to see if a loan is owned by Fannie or Freddie.
You may be eligible for HARP if you meet all of the following criteria:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The mortgage … (0 comments)

doug jones: BPO's - Broker Price Opinion - 11/18/13 09:49 AM

Broker Price Opinions I do BPO's or Broker Price Opinions and those are different than a full appraisal. First, I am not an appraiser but I am a Real Estate broker who has been working in Santa Clara county for 40 years and do know residential values. One article on line said that the difference is that the appraiser is non-biased and bases the value on specific measurements. My BPO value is non - biased and I feel my values are certainly correct . But the BPO format is normally much simpler than a full appraisal. The appraiser must … (1 comments)

doug jones: (Opinion) Loan limits will not be decreased - 11/01/13 01:30 AM

The article below was written by Ryan Smith for the Mortgage Professional American. Based on this article and other articles I have read and studied, and how many groups are putting pressure on the FHFA, it is my guess that loan limits will not be reduced.
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The acting head of the Federal Housing Finance Agency continues to insist on lowering maximum loan limits for Fannie Mae and Freddie Mac despite opposition from industry groups and lawmakers.
Speaking at the Mortgage Bankers Association's annual conference in Washington, D.C., Monday, FHFA Acting Director Ed DeMarco said the agency would probably announce loan limit … (1 comments)

doug jones: Sell after the Sale - 10/30/13 01:36 AM

I have known this lesson for many years but sometimes forget and a customer will always remind me. Recently I closed a real estate transaction and really had some spectacular successes for the client along the way. I kept the client informed along the way and he was really happy at the end of the transaction.

But, a couple of weeks passed and I received an email from the client telling me of a 'mistake' that I had made and he wanted some money for the 'mistake'. I am not going to bring up details because someway some … (1 comments)

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