california: 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)
california: 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)
california: 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)
california: Video Tutorial: The Truth Behind Mortgage Quotes
- 03/02/23 11:45 AM
Knowing the truth behind mortgage quotes has never been more important. As part of the MORTGAGE DEEP DIVE video education series, The Truth Behind Mortgage Quotes takes an in-depth look "behind the curtain" of how mortgage quotes are actually customized and quoted (and how consumes may be duped if they are not careful what to look for). If you are a prospective Borrower and/or a Professional who serves this population, this video is worth a look! … (2 comments)
california: 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)
california: Real Producers Interview w/ Jason Gordon "Beyond The Pages"
- 11/10/22 10:13 AM
In this brief video interview, learn the "why" behind why San Diego based Residential Mortgage Specialist Jason Gordon has chosen to dedicate substantial efforts towards helping Divorcing Homeowners and Homebuyers by earning all 4 of the following credentials: Certified Divorce Lending Professional (CDLP) Certified Divorce Real Estate Expert (CDRE) Certified Divorce Specialist (CDS) Real Estate Collaboration Specialist - Divorce (RCS-D)
To access Jason Gordon's CV, please CLICK HERE Special thanks to San Diego Real Producers magazine, and the incredibly professional and friendly staff at Beyond The Pages!
It bears noting that Jason Gordon offers services to prospective Borrowers regardless of their marital status (he just happens to assist … (0 comments)
california: Mortgage Payments - Where Does All That Money Go?
- 10/26/22 02:24 PM
MONTHLY MORTGAGE PAYMENTS (Where does all of that money go each month when I make my payment?) To better understand a monthly payment, think of the acronym PITI for starters. PITI can be defined as follows:
Principal + Interest (P+I) - The P+I portion of your monthly payment is typically the largest. "Principal" can be defined as the amount of money you have borrowed (and are now starting to pay back). "Interest" is the ongoing finance charge of borrowing that money. Once we can determine the exact amount of your loan, the interest rate, and the amortization period (i.e. the amount of years … (1 comments)
california: Divorce - Impact of Child/Spousal Support on Loan Approvals
- 10/08/22 09:09 AM
When you combine Divorce with Mortgage qualifying, the challenges for a successful outcome increase dramatically. Factor in external economic changes like fluctuating interest rates and housing values, and the complexities intensify. So what is the impact of child and/or spousal support on residential mortgage loan qualifying? Let's begin with the basics...regardless of divorce, mortgage approval guidelines (at least partially) center around the proposed new cash-flow for the Borrower(s) who is (are) applying for the new mortgage loan. We use a term called Debt-to-Income (DTI) ratio to measure this angle of scrutiny. Quite simply, the DTI is a fraction, whereby the total proposed monthly debts … (2 comments)
california: 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)
california: 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)
california: 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)
california: 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)
california: 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)
california: 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)
california: Underwriting Guideline Update: Borrower Occupancy Restrictions & Considerations
- 12/30/10 03:41 AM
While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision. My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced. The Mortgage Street Smarts of how the Lenders look at Borrower Occupancy when underwriting a loan:
… (0 comments)
california: Mortgage Interest Rate Update 12-30-10 + Projected Trends
- 12/30/10 03:13 AM
While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision. My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced. The Mortgage Street Smarts of where mortgage interest rates are going (and why): The following information is … (1 comments)
california: Mortgage Interest Rate Update 12-28-10 + Projected Trends
- 12/28/10 03:50 AM
While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision. My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced. The Mortgage Street Smarts of where mortgage interest rates are going (and why): The following information is … (0 comments)
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Jason E. Gordon
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
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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