Doug Jones's (dougj) Blog

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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2014 

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For most of us the Credit Report is still the king of the financial jungle. Of course, there is a group of people who have tons of cash and for them Cash is King. But most of the population is not in that part of the jungle.   I love the banks that advertise 'no hidden fees' - Wow, that should ge...
08/29/2014

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If you can believe it, is it true? Will it be true if you really believe it?   In the book Breathing Space, Alan Finger says he lost - 100 pounds - in one month.   In the book Biology of Belief , Bruce Lipton, a cell biologist who used to teach at Stanford tells a remarkable story.    A group of ...
08/28/2014

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A major reason to use a mortgage broker is because banks are not equal in their lending guidelines. A loan will end up at Fannie or Freddie and go thru a bank to get there but the route for a client can be a different route.   A year ago I submitted a loan to 'Bank A' and the loan was turned down...
08/28/2014

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When I was young we had to memorize Bible verses each week for our Church Sunday School. The discipline to memorize developed a learning ability and the verses over a life time have led to comfort in times of stress. It is still a good practice to memorize uplifting and encouraging quotations. He...
08/27/2014

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This morning I heard a talk by a landscape architect and he discussed tree protection. Later an architect friend made a comment to me, "It's your tree until you put it in the ground".     When people purchase a home they will look at the room count and room sizes and think about how and where the...
08/26/2014

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Those who had a short sale just got punished again. The rule was if a customer had a short sale and the sale was over two years ago then that person could re-enter the purchase market or refinance a mortgage.     August 16: a red letter day for mortgage lending. For loan applications taken on or ...
08/18/2014

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Is there a turn back to the mortgage broker ? Three new customers called me this week and found me specifically because they were looking for a mortgage broker on line. All three mentioned that they had a problem that they did not feel the bank loan officer could handle. Wow.   I am not sure why ...
08/15/2014

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For every loan and real estate sales transaction we use a Preliminary Title Report that we get from a Title Company. The title report will show liens, encumbrances, taxes, and the names of people who own the property as well as the property address. And there is a legal description of the proper...
08/15/2014

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A Realtor who works for me just told me that a contract she presented was accepted. I have to review all the real estate documents and she asked me the best way to get the paper work to me for review: fax, email, in-person.   I sent her back this email which is short and simple but yet it reflect...
08/14/2014

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The lady sitting at my desk wanted to refinance to lower her mortgage payment and interest rate. Her credit score was 752 (High, which is excellent). Her loan to value was only 55% (Excellent) but her debt ratio did not qualify at 54% of gross income. I could not help her with her loan unless sh...
08/12/2014
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