These questions are common when refinancing, so let's take a deep dive at the details.
When refinancing, there are 4 "parts" to the NEW Mortgage Loan Amount: Payoff of OLD Mortgage - which will always have accrued interest added to the principal balance. In other words, let's say for example that we paid off OLD Mortgage on 9/25/2020 It would be safe to assume that you would've already paid your 9/1/2020 payment to your OLD (Existing) Mortgage Lender by … (12 comments)
jason gordon san diego: Forbearance Danger (that the Media is not telling you)
- 04/07/20 07:55 PM
Let’s do some ‘mortgage forbearance math’ to help display a bigger picture of what we currently face. Mom and Dad have a mortgage payment of $2,500 per month. Dad gets laid off from work. Dad hears all of the media reports that “Mortgage Lenders must grant you a forbearance if you have been adversely impacted by COVID-19 in any manner.” Dad calls the Mortgage Servicer, and demands the forbearance he is “entitled” to. In one phone call, he gets “6 months off" from paying his mortgage. Seven months later, Dad is finally back to work, and hasn't been able to save any money during the forbearance period. Forbearance … (19 comments)
jason gordon san diego: Understanding Residential Appraisal Protocols & HVCC Rules
- 05/30/17 10:16 AM
Residential Appraisal protocols were significantly changed with the implementation of the Home Valuation Code of Conduct (HVCC). Regardless of whether you are seeking an appraisal for a Conventional Loan, a Federal Housing Administration (FHA) Loan, or a Veterans Administration (VA) Loan, our Government has made it clear that separation between the Lender and the Appraiser is necessary to produce a non-biased appraisal report.
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 … (1 comments)
jason gordon san diego: Mortgage Rate Update: 6-2-16: Trends & Projections
- 06/02/16 06:23 AM
Mortgage Backed Securities are up thus far today after declines yesterday. The European Central Bank (ECB) made no change in policy, as expected. The ECB expects to leave accommodative monetary policy in place for quite a while. In the USA, the ADP estimate for private sector job gains in May was 173K, very close to the consensus of $175K. Weekly jobless claims fell to 267K, which was also very close to expectations. Compared to Wednesday's closing, the market has opened with a 0.125 worsening to the Points/Credits associated with any given interest rate option. This daily mortgage interest rate report is designed to provide Borrowers … (0 comments)
jason gordon san diego: Mortgage Rate Update 10-29-15: Trends & Projections
- 10/29/15 06:00 AM
OUCH! In the U.S., the first reading for the 3rd Quarter GDP was 1.5% which was slightly below the consensus of 1.6% (and down from 3.9% from Q2). The details of the report may reflect greater strength, however a decline in inventories held back 1.4% of growth during Q3 (meaning that GDP would have increased nearly 3.0% if inventory levels had simply held steady. Furthermore, Jobless Claims came in below forecasts. Compared to Wednesday's closing, the market has opened with a 0.250 WORSENING to the Points/Credits associated with any given interest rate option. This daily mortgage interest rate report is designed to provide Borrowers & Real … (1 comments)
jason gordon san diego: Mortgage Rate Update 5-12-2015: Trends & Projections
- 05/12/15 01:21 AM
Brutal day yesterday! Mortgage Backed Securities opened much lower this morning, but have since moved back to flat/positive territory following weaker than expeted JOLTS data and a bounce back from large declines yesterday. Compared to yesterday's closing, the market has opened within 0.125 to the Points/Credits associated with any given interest rate option. This daily mortgage interest rate report is designed to provide Borrowers & Real Estate Professionals with factual data regarding where rates are at any given time and what trends are propelling current mortgage pricing on any given day. Feel free to browse the library and research historical rate updates dating … (1 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
How do you calculate the "New Loan Amount" on a Mortgage Refinance? 
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