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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2011 

To refinance a person must have:Sufficient EquityDebt Ratio- sufficient income to cover the debtsGood CreditIn this economy many cannot refinance because they are lacking one or more of the three requirements. Some have had a tough time and their credit scores have dropped. Some have lost jobs or...
09/10/2011
When you apply for a mortgage loan to purchase property the lender will require two consecutive bank statements. It used to be that the lender would look at the statements to verify that you have enough money for the down payment. That is all they cared about.   Today the lenders look at the bank...
09/09/2011
The closing question is often difficult for many sales people, especially for those who are new in sales. The close asks for the order and the possibility that a client may say “no” frightens so many sales people that some never ask the question at all and never get the order. Once a a client sa...
09/08/2011
“Selling to be a great art, must involve a genuine interest in the other person’s needs.”H.A. Overstreet In relationship sales most salespeople should live in the question section. This is where you should plan to spend most of your time. When I supervised sales people and they would bring a situ...
09/07/2011
The commission on an almost sale is zero. If you were in front of a client and did not make the sale chances are someone else either will or already has. The difference between a home run or a foul ball can be inches. In sports games are won or lost because of inches or close calls.The differenc...
09/06/2011
This video was filmed in February 2009 and I suggested that people who need or want to increase their income consider network marketing or a home based business.  What is funny is that I was not in network marketing at the time but finally joined a direct sales group just this month - September 2...
09/06/2011
The more you learn how to sell the more you will earn. Learn = Earn. Sometimes only one step is required in the sales process. In that case the buyer comes in and announces “I want to buy this”…that is nice but in relationship selling how frequently does that happen? Most relationship sales are ...
09/05/2011
The rate used in this video is 5.5%. The principle works no matter what the rate is. I just did a calculation using $417,000 loan amount with a rate of 4.75%. In this case the payment is $2266 based on a 30 year loan and if you prepay 1/12th each month extra for a payment of $2455 then the loan w...
09/05/2011
In this video I make the statement that "many times income is not income". An example: I friend and customer 15 years ago converted her garage to a living unit that she rents out to college students. The conversion was done with permits and is a legal conversion. She also counts the income on her...
09/05/2011
The Boy Scout motto "Be Prepared" really applies when you are starting to shop for a mortgage loan. By now everyone knows that the loans are all (98% to me = all) full documentation. Along with the loan application and signing the supplemental documents here is the basic list that you will need w...
09/03/2011
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Doug Jones

Mortgage Broker - NMLS 286668
local_phone(408) 975-2400
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