Doug Jones's (dougj) Blog

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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2012 

How things have changed. March 2000 the credit score was not much of a factor. I had a customer who had a 20% debt ratio and the loan to value was less than 40%. She had some old credit issues that were really a non-factor. The bank wanted an explanation letter about the credit-- I was in a craz...
01/27/2012
I received the article below from the Calif Association of Realtors and it was written for the New York Times.  I couple of years ago several of my customers received forbearance agreements but it seems the past couple of years the banks have simply said "we don't offer a forbearance program".  F...
01/27/2012
Every person in sales has heard the adage “Work Smarter not Harder.” I think that phrase has been the downfall of many sales people. Every endeavor that is worth pursuing requires hard work. In every sales endeavor you are going to come up against competition. You may never see your competitor b...
01/27/2012
When a customer purchases a home and the down payment is less than 20% normally there is a protective mortgage insurance to insure the lender (bank) for any potential loss. The article below came from Bloomberg and states that MGIC has lost money each quarter for the past 18 months. Borrowers con...
01/26/2012
First - the facts.   My customers have a mortgage balance of 449,127 with 285 remaining payments of $3104. This totals $884,640. We are getting them a new 15 year loan at 3.75% and their  new payments will be $3302 for total payments of $594,360. This is a savings over the 15 years of $290,280 !M...
01/26/2012
We are helping a buyer purchase a 5 plex in Gilroy.....need a commercial lender that we can act as the mortgage broker and broker the loan for our client. If you are a commercial wholesale lender and have a product for a 5 plex please conact me Doug JonesMortgage Magic CA DRE 00979517 NMLS 286668...
01/25/2012
There are Realtors who have 15 friends on Linkedin...there are Realtors who are not a member of a service club...there are Realtors who are not members on any outside group. For the most part they struggle to become as successful as they can become. The best marketing is indirect marketing...join...
01/25/2012
I wrote the blog below for my magic blog  www.drmoneymagic.com but reading it I realized it also applies to sales. Once you have developed a complete marketing system, stay with it. Don't change it or at least change it slowly. I see new Realtors and new loan officers who start a campaign and nev...
01/24/2012
Quietly service clubs do a ton of good for all the communities in the U.S.  Rotary, Lions, Optimists, Kiwanis- there are many more and they just do so much plus the clubs have a way of becoming "family" . I encourage you to investigate and see if there is a service club that meets your needs in ...
01/23/2012
This article came as an email to mortgage brokers from Guild Mortgage in southern California. Two stories that show how difficult it is to profile mortgage fraudsters. Last week a federal court sentenced a former president of the Sonoma County (CA) Hells Angels Motorcycle Club to 5 years and 10 m...
01/23/2012
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Doug Jones

Mortgage Broker - NMLS 286668
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