Doug Jones's (dougj) Blog

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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2012 

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If your club ever needs a speaker give me a call--short notice is OK if I am available.   I have a spoof talk called Crazy Economy.....I am a magician and can talk about Magic and even teach a trick...and I am a board member of the Santa Clara County Advisory Board for the Salvation Army. I have...
01/19/2012

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I lend all over California. I live in San Jose and of course lend in San Jose as well as in many towns in the state. San Jose does as good a job as any town that I am familiar with in helping their citizens buy homes. Santa Clara County where San Jose is situated also does an excellent job.The We...
01/19/2012

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There is the question, Can I refinance? To refinance in todays market the customer must qualify in the three box categories; credit score, debt to income ratio, and the loan to value to assure sufficient equity.Then the question, Should I refinance? This is where the math comes to play. Sometimes...
01/19/2012

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According to The Bloomberg Report real estate sales will give the economy a modest push this year. The report is as follows:  Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae (F...
01/19/2012

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This is an interesting poll. I think Government has hurt my business and industry. Today appraisals are less accurate and more costly than three years ago....the disclosures which were supposed to be more transparent are more confusing and the loan process takes longer for customers. Here is the ...
01/18/2012

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The most popular reverse mortgage is HUD's Home Equity Conversion Mortgage (HECM). It is expected that HUD will insure almost 100,000 reverse mortgages in 2012.   Reverse Mortgages are loans against borrower's homes that do not have to be repaid as long as the borrower lives in the home. The loan...
01/18/2012

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As of January 12th Santa Clara County still has MCC money. I am an approved MCC lender. Here is the program:   Program Description The Mortgage Credit Certificate Program (MCC), authorized by Congress in 1984, provides financial assistance to first-time homebuyer's. The Santa Clara County MCC tax...
01/16/2012

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Letter to client dated 11/22/2011 from Bank of America to client. - paragraph one   As your home loan servicer, we are dedicated to helping you find a solution to avoid foreclosure on your property. We are pleased to inform you that the short sale on your property has been approved for the federa...
01/12/2012

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These are the latest unemployment numbers broken down in the basic unemployment categories as of December 2011. U-1 Persons unemployed 15 weeks or longer 5.0% U-2 job losers and persons who completed temporary jobs 4.9% U-3 Total Unemployment 8.5% U-4 Total Unemployment plus discouraged workers 9...
01/11/2012

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I heard a talk today by Ronald McKinnon http://www.stanford.edu/~mckinnon/ and he made the comment that the 0% Fed Rate is hurting the U.S.Economy.  As a mortgage lender who always wants to get his clients the lowest interest rate this is certainly an idea that is  contrary to what I want to do f...
01/10/2012
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