san diego: 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)
san diego: 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)
san diego: 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)
san diego: 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)
san diego: UPDATED - Mortgage UW "COVID-19 Related" Guideline Changes
- 07/16/20 10:20 AM
In life, we are accustomed to advanced warning for changes impacting the law and/or tax codes. We often see the words "Effective January 1st" before details of the impending changes. In the mortgage industry, we often hear the words "Effective Immediately" with respect to changes (i.e. we are not given any advanced notice).
Amidst a global pandemic like COVID-19, you can reasonably expect many "effective immediately" changes to emerge. Below are the latest updates with regards to income calculation for Borrowers impacted by COVID-19. I recommend you notify any pre-approved clients of the changes to insure they will remain approved in light … (4 comments)
san diego: 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.
Please CLICK HERE to access the 30 minute video
… (2 comments)
san diego: New Conforming Loan Limits - Realtor Talking Points
- 11/27/19 09:56 AM
Real Estate Agents, Fannie Mae & Freddie Mac have just announced their new Conforming and High Balance Conforming Loan Limits for 2020. 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 $484,350, and is now $510,400 High Balance Conforming limits vary significantly depending on county (see below for a few examples) Non-Conforming (Jumbo) limits vary depending on county as well (as shown … (3 comments)
san diego: Jason Gordon Mortgage - Professional Colleague Testimonial Video
- 08/12/19 05:48 PM
For the last 20+ years, Jason Gordon has helped many Homebuyers & Homeowners as a Residential Mortgage Loan Officer in San Diego, California. To learn more about how Professional Colleagues view Jason Gordon and his services, please watch the short testimonial montage video below.
Jason Gordon can also be viewed online on the following sites: Yelp Page - Jason Gordon Facebook Business Page - Jason Gordon LinkedIn - Jason Gordon Twitter - Jason Gordon Online Testimonials - Jason Gordon Career Compass - Jason Gordon Redfin - Jason Gordon Zillow - Jason Gordon SD Voyager Article - Jason Gordon San Diego Real Producers Article - Jason Gordon … (0 comments)
We help people manage their way through life transitions
There are 2 types of transitions our Clients experience throughout life…positive (happy) transitions, and negative (not-so-happy) transitions. Examples of positive (happy) transitions are when we help our clients buy their first home, also when we help them upgrade to a larger home…especially if that upgrade is in connection with a job promotion and/or increase in family size. Or maybe when we help one … (14 comments)
When determining whether to refinance multiple loans, a "Blended Average" (aka "Weighted Average") between interest rates is a great place to start. Oftentimes, Homeowners fall in love with their 1st Mortgage, but turn a blind eye to the interest rate on their 2nd mortgage and/or credit cards when considering a debt consolidation mortgage refinance.
A simple example is as follows: 1st Mortgage $200,000 balance 4.000% Interest Rate 2nd Mortgage $200,000 balance 8.000% Interest Rate In looking at the above scenario, we can easily calculate that the Blended Average Interest Rate (aka Weighted Average Interest Rate) is actually 6.000%. Therefore if current market … (1 comments)
UPDATE: Owner Occupied Cash Out Refinances with DTI above 45% will now require 6 months Cash Reserves
As mortgage rates trickle higher, Fannie Mae has taken a step to tighten their Underwriting (UW) guidelines yet again. The latest revision is focusing on Cash-Out (C/O) Refinances with high Debt-to-Income (DTI) ratios.
Specifically, Fannie Mae has added a requirement for the Borrower to have 6 months of cash reserves if their DTI is over 45%. Cash reserve requirements focus the total housing payment (Principal + Interest, Property Taxes & Homeowners Insurance) and also include Mello Roos, Private Mortgage Insurance and/or Homeowners Association Dues (when applicable).
Let's … (1 comments)
san diego: Protect Your Transaction (PYT) - $10K Lender Performance Commitment!
- 09/30/14 07:58 AM
Protect Your TransactionSM (PYT) provides all parties to a real estate transaction with peace of mind that the Lender will deliver on its commitment to close on time. Take a moment to learn more about PYTSM in this article, and then ask the obvious question: "Why would I use a lender that doesn't provide a PYTSM commitment?"
Certified PYTSM Lenders commit to the following: Lender will issue a loan commitment on or before 15th days from receiving a complete mortgage application (for eligible, approved applications) evidencing Lender's commitment to close on time Lender will pay up to $10,000 in the event a transaction is canceled by Seller due to Lender's failure … (1 comments)
san diego: Mortgage Rate Update 8-6-12: Trends Projections & Todays Lowest Rates
- 08/05/12 11:44 PM
Do you know someone who is currently applying for a mortgage loan and looking for the lowest mortgage rates? By forwarding this article, you will be doing them a huge favor! Finally a free daily report that offers complete transparency regarding mortgage rates by showing the actual market activity which influences the direction of mortgage rates. All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of marketing gimmicks. Whether you're a newbee, market analyst (or somewhere in … (0 comments)
san diego: 4 Bedroom 4S Ranch Home For Sale
- 07/22/12 11:51 AM
New on the market! For immediate information sent to your cell phone, text SilverP to 79564 (hit send, and you'll receive an immediate link to schedule your private showing). This upgraded 4 Bedroom 4S Ranch Home For Sale features 3 Bathrooms with 2968 square feet, and an impressive 5462 square foot lot. The location of this 4 Bedroom 4S Ranch Home For Sale is situated in the sought after 4S Ranch community of San Diego, CA. Features of this 4 Bedroom 4S Ranch Home For Sale include an expanded family room, granite counter tops, surveillance & security equipment, and several energy … (2 comments)
san diego: Mortgage Rate Update 4-24-12: Trends Projections & Todays Lowest Rates
- 04/24/12 02:22 AM
Who do you know who is considering a mortgage refinance? Do them a favor and help them learn THE TRUTH BEHIND MORTGAGE QUOTES to insure that they make the smartest decision possible. For more reports like the one below, please visit www.JasonGordon.info
The Mortgage Street Smarts of where mortgage interest rates are going (and why): The following information is current as of Tuesday 4-24-2012 and will help you understand todays best mortgage rates. If you are a Buyer/Borrower who is still on the fence (or if you are a Real Estate Agent attempting to educate your "on the fence" Buyer), … (0 comments)
How to calculate FHA mortgage payments Step 1: Determine the loan amount Purchase Price x .965 = Base Loan Amount (assuming the Borrowers opt for the minimum 3.50% down payment) Base Loan Amount x .0175 = Up Front Mortgage Insurance Premium (UFMIP) Base Loan Amount + UFMIP = Final Loan Amount Step 2: Determine the monthly payment Principal + Interest Payment Calculation Click here to access a free mortgage payment calculator When the new window pops up, click on: The "resources & tools" tab … (6 comments)
san diego: 6 bedroom home sale in 4S Ranch San Diego CA 92127
- 01/19/12 12:12 PM
The purchase of this 6 bedroom home sale in 4S Ranch is the single largest investment that most people make. This investment is not just in this 6 bedroom home sale in 4S Ranch, but also in the neighborhood around this home. Proximity to amenities such as good schools, shopping and recreational facilities all affect the value of this 6 bedroom home sale in 4S Ranch. When moving into a new community it pays to research the area before selecting your perfect home. Keep in mind, it is not just this 6 bedroom home sale in 4S Ranch you are investing in, it is also the neighborhood … (1 comments)
In the aftermath of the housing crisis, it has become increasingly difficult to help Borrower's with high debt-to-income ratios, especially now that Stated Income Loans have been suspended. A little known loan qualifying method is detailed in my earlier blog about San Diego Asset Depletion Mortgage Loans, which I encourage you to read by clicking here. To quickly summarize the program, the Borrower is rewarded for carrying large … (0 comments)
san diego: Poway Realtor Cameron Herndon - Featured Real Estate Agent with Prudential California Realty
- 06/24/11 04:36 AM
By listing your home for sale with experienced Poway Realtor Cameron Herndon, you can look forward to cutting edge technology to aid the speed in which your home is sold. When selling a home, your goal is to obtain the highest price possible, which typically requires multiple Buyers competing to buy your home. When working with experienced Poway Realtor Cameron Herndon, you are provided with high quality video presentations of your home like the one above. Additional benefits of hiring experienced Poway Realtor Cameron Herndon include a customized property website like the one below, which features virtual tours, area maps, Buyer … (0 comments)
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
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. 
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