divorce loan pro: 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)
divorce loan pro: 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)
divorce loan pro: Divorce Equity Buyouts - Which Appraisal Is Used For The Mortgage?
- 11/14/23 04:00 PM
Understanding HVCC's Impact On The Appraisal Process If Divorcing Parties order their own appraisal, why does a Mortgage Lender need to order a separate appraisal? If there are multiple appraisals, which one is used for the Divorce Equity Buyout loan process? The answers stem from unintended consequences of the federally mandated Home Valuation Code of Conduct (HVCC). Prior to HVCC, there were several report incidents of alleged collusion between Lenders and Appraisers, to include: Positive Reinforcement – Example: “If you can ‘bring in’ the value of the property high enough for the deal to work, I (the Lender) will give you (the Appraiser)…” … (16 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)
divorce loan pro: 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)
divorce loan pro: 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)
divorce loan pro: Psychologist examines Divorce Real Estate & Mortgage Transitions
- 02/02/23 11:47 AM
What are some of the psychological impacts of a Divorcing Couple dealing with the marital home? In this interview, Dr. Sue Cornbluth, Clinical Psychologist interviews Certified Divorce Lending Professional (CDLP) and Certified Divorce Real Estate Expert (CDRE) Jason Gordon to discuss the need to properly craft a realistic plan between the divorcing parties...especially when it comes to the disposition of the marital home.This video is especially useful for Divorcing Homeowners, Divorce Attorneys, as well as any other Professionals enrolled in the divorce process along the way. The bottom line is that Divorcing Homeowners & Divorce Attorneys have strong resources available to … (4 comments)
divorce loan pro: Video Tutorial: Understanding Cash To Close When Buying A Home
- 12/05/22 02:01 PM
Understanding Cash To Close (aka Funds To Close) is absolutely essential in order for Homebuyers to make informed decisions about how much of a home they can purchase within their budget. As part of the Mortgage Deep Dive video series, below is a video designed to help Homebuyers understand the nuances of Cash To Close. For example, why don't Mortgage Lenders know the exact amount of closing costs up front? What fees does the Lender control? What are recurring costs and why are they not considered "true costs" of obtaining the mortgage? What impact can interest rates have on the total amount … (2 comments)
divorce loan pro: 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)
divorce loan pro: 2023 Conforming Loan Limits - Realtor & Attorney Talking Points
- 11/29/22 04:27 PM
Fannie Mae & Freddie Mac have recently announced their new Conforming and High Balance Conforming Loan Limits for 2023. 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 $647,200, increasing to $726,200 in 2023 High Balance Conforming limits vary significantly depending on county (see below for a … (0 comments)
divorce loan pro: The Value of a Certified Divorce Real Estate Expert (CDRE)
- 08/01/22 12:18 PM
A Certified Divorce Real Estate Expert (CDRE) is a Realtor who has passed the Ilumni Institute's rigorous certification program. This program is application-only, and is taught by a faculty of Family Law Attorneys, Mediators, Certified Mortgage Professionals, and Real Estate Experts, with Judicial Officers as guest speakers. All CDRE's follow the following Code of Ethics: Maintain an active Real Estate License Have no disciplinary actions against their Real Estate License Adhere to the National Association of Realtors code of ethics at all times Be an active member with the National Association of Realtors Be respectful and collaborative with fellow CDRE's Teach and … (2 comments)
divorce loan pro: 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)
divorce loan pro: Divorce Equity Buyouts - Using A Reverse Mortgage
- 12/03/21 03:27 PM
Divorce is an unfortunate occurrence, yet it has become common in our culture. Among the most prominent demographics to experience divorce are senior citizens. There are even nicknames such as "Gray Divorce" and "Silver Splitters" to describe the dissolution of marriages amongst this population. Did you know that a Reverse Mortgage may be a perfect solution to help Divorcing Seniors who are seeking an Equity Buyout? Below is a sample case study of a divorcing couple we recently assisted: Husband (70 years old) & Wife (67 years old) decided to get divorced. The marital home ("Property A") was owned free & … (10 comments)
divorce loan pro: Divorce Equity Buyouts - Does It Matter Who Is On Title?
- 02/17/21 02:00 PM
If 2 spouses are getting divorced and one of them wishes to keep the marital home, a “Divorce Equity Buyout” is often pursued via a new individual mortgage in the name of the Spouse keeping the home (which we often refer to as the “In Spouse”). The Spouse vacating the home is referred to as the “Out Spouse”. So if the “In Spouse” is buying out the “Out Spouse” does it matter who is on Title when the Divorce Equity Buyout mortgage is pursued? In short, YES. To understand the significance of why this dynamic matters, we must first understand that there are … (10 comments)
divorce loan pro: 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)
divorce loan pro: 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)
divorce loan pro: 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)
divorce loan pro: 2021 Conforming Loan Limits - Realtor & Attorney Talking Points
- 11/28/20 11:33 AM
Fannie Mae & Freddie Mac have just announced their new Conforming and High Balance Conforming Loan Limits for 2021. 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:
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 $510,400, increasing to $548,250 in 2021 High Balance Conforming limits vary significantly depending on county (see below for a few examples) Non-Conforming (Jumbo) limits vary depending … (4 comments)
divorce loan pro: 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)
divorce loan pro: 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.
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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