Mortgage Street Smarts

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Mortgage and Lending - AmeriFirst Financial Inc, San Diego, CA - NMLS 259027
From a young age, we learn the difference between BOOK SMARTS (knowledge learned in the school classrooms) and STREET SMARTS (what we learn in the "Real World"...often the hard way). There are no shortage of websites providing the BOOK SMARTS of the Mortgage Industry, but there are very few resources a Consumer has to learn about the STREET SMARTS of the Mortgage Industry. Please feel free to SUBSCRIBE (for free) to this ongoing source of truthful knowledge (without the worry of a "sales spin" buried somewhere in the message). After all, we tend to make better decisions when armed with the facts...the purpose of this blog is to provide FACTS by teaching you the MORTGAGE STREET SMARTS necessary to run your business (if you are a Real Estate Professional) or to make the best decisions for your family (if you are a Consumer). Enjoy!



Although the main role of an Appraiser is to render an opinion of value for the "subject property" being appraised, the Appraiser will always "call out" the following 2 items if they are in violation of safety codes.  These 2 items are as follows:  Carbon Monoxide Smoke Detector - a minimum of 1 ...
An often overlooked mortgage underwriting guideline is Cash Reserves (aka Post-Closing Liquidity).  While not all loan programs require Cash Reserves, it is important to know what assets are eligible (and at what percentage).  A good way to visualize Cash Reserves is to determine what is left on ...
What is the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan (HEL) and why does it matter? In short, both mortgage loan programs are designed to be Junior Liens (to go into 2nd Lien position behind a 1st mortgage). Home Equity Line of Credit (HELOC) - is a revolving ...
What is the difference between Loan-to-Value (LTV) and Combined Loan-to-Value (CLTV) and why does it matter?  To understand these terms and their relevance, I offer the following example related to a home purchase: Example: Purchase Price - $100,000 1st Mortgage - $80,000 2nd Mortgage - $10,000  ...

Jason E. Gordon

Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE
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