Doug Jones's (dougj) Blog

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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2011 

Most people will tell you that there are three credit scores; Equifax, Experian, and TransUnion. But, there are really many more and your credit score will change depending on who pulls the credit report.You sign up with a company to run your credit and get a credit score--that is one set of scor...
08/31/2011
Pretend you are a bank. You can even be a conservative lending bank; put on that hat.Here is the client. He wants to refinance his loan from a 5% rate to a 4.5% rate and save $220 each month on his mortgage payment. The customer has $300,000 cash in the bank. His credit score is 800 and there are...
08/31/2011
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It was the best of times. It was the worst of times, and the worst and the worst and the worst....A tale of two loans. Client One Credit Score 800---Loan to Value 61%--Debt Ratio 53% with $175,000 verifiable income that the bank will not count-- Client has $300,000 cash savings   Loan Turned Down...
08/31/2011
My 83 year old friend called me and told me that a company offered to modify her loan and that they would give her a new 40 year loan at 3% interest. There would be a $4000 charge but that would be in the loan documents. She asked me to monitor the papers and check everything for her. I called th...
08/30/2011
Most people will tell you that there are three credit scores; Equifax, Experian, and TransUnion. But, there are really many more and your credit score will change depending on who pulls the credit report.You sign up with a company to run your credit and get a credit score--that is one set of scor...
08/30/2011
A long time ago I worked for a lender that really did what I am going to tell you. The lender had a loan from a mortgage broker and did not want to do the loan..so the questions would go...Does the house have a pool? Yes...Sorry we only do loans on homes that do not have a pool. or No...Sorry we ...
08/24/2011
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This information comes from Julie Macc who is a Certified Credit and Indenity Theft Specialist. Julie can be reached at the Century Law Group (408) 300-0340. Her email address is juliemacc@comcast.net.   Julie writes about credit myths. I am going to recap and just state the facts.   Fact 1 : Yo...
08/22/2011
On Friday Standard and Poor's downgraded the U.S. credit rating by placing the word "Negative" regarding the outlook and changed the rating from AAA to AA+. Narrowing this from a country to an individual would be the same as going from a 800 credit score to a 740 score. It is still pretty good bu...
08/06/2011
I am sure you have heard someone mention in jest that he or she just won $40,000,000 from some ambassador in Nigeria or perhaps another part of the world. We make light of this but my guess is that somebody continues to fall for these type things. The reason I think so is because we continue to s...
08/05/2011
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Doug Jones

Mortgage Broker - NMLS 286668
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