Doug Jones's (dougj) Blog

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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2011 

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Years ago I did a collection call to a person who was past due on his second mortgage and he simply said he was not going to pay. He had the money but he told me that he had Homesteaded his home and because of that I would not be able to collect the debt. The thing he did not know is that the Hom...
02/25/2011

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Presently FHA charges a monthly premium of .9 for loans with 3.5% down payment. Mid to late April they will be raising that monthly premium to 1.15%.For a $400,000 loan the premium is now $300 (400,000 x .09 = 3600 div by 12 = 300)The new premium will be $383.33. That is quite an increase. The up...
02/23/2011

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Santa Clara County again has money for the Mortgage Credit Certificate. Suppose your new loan rate is 5%; with a Mortgage Credit Certificate the effective rate is 4.25% because there is a tax credit of 15% of the amount of interest paid. MCC PROGRAM: The Mortgage Credit Certificate Program is ava...
02/23/2011

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This is a question I get every year and you may get it as a Realtor or Lender. The question is if someone makes the mortgage payment and they are not on the loan; can they write off the interest? The answer is "No" but here is a 1 minute video that explains more fully. http://www.youtube.com/watc...
02/23/2011

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Today a Financial Planner has invited me to lunch to "pick my brain" about marketing and sales. I guess I have become pretty much an expert at local, low budget, effective marketing. I say local, low budget and effective because I certainly realize the "Big Guys" and national marketing companies ...
02/22/2011

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After almost 10 months at the last minute the buyers walked away ! there is one lender and the lender has approved the $1,050,000 price. If you look at the property make sure to click on the virtual tour.   MLS 81010966 https://prosearch.mlslistings.com/Reports/Main.aspx?Export=true Doug JonesBuy...
02/21/2011

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Normally when you buy a home you first see an MLS listing or perhaps a Virtual Tour of the Property. So you have an idea of all the basics; price asked, number of rooms, size of the home, the school district the home is in, zoning, traffic flow,etc. You have a pretty good idea of the home and if ...
02/18/2011

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The Mortgage Magic TV show covers every aspect of residential real estate; investments, taxation, legal issues, appraisals, financing, buying and selling tips, home inspections, home warranties, short sales, and even Reverse Mortgages.The show is on each week at 10 AM on Channel 15 in Silicon Val...
02/04/2011

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This article is from Realty Times.The latest S&P/Case-Shiller Home Price index reveals that home prices, unfortunately, are still down and weakening. According to Standard & Poor's, "The 10-City Composite was down 0.4% and the 20-City Composite fell 1.6% from their November 2009 levels. Home pric...
02/04/2011

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You can protect yourself when you sell your home by insisting that there is a Home Warranty in place for the new buyer. As a buyer you can feel more secure with a Home Warranty. And, as a Realtor representing either the buyer or seller you can feel more secure with a Home Warranty.I make sure tha...
02/03/2011
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