Mortgages Made Simple with Rick Gundzik

Sunday, March 30, 2008
Junk Fees - What are all these loan fees?- March 30, 2008
A mortgage can be very expensive, on this edition we discuss Mortgages Made Simple logoJunk Fees. What are these unnecessary fees and how do you avoid them on your home loan. You can save hundreds of dollars if you see one of these fees on your loan paperwork and simply ask your loan officer to remove it. Junk fees, Garbage fees, whatever they call them, they're not needed.

Also we answer a listener's question about escrow impound accounts. Then we give a quick definition of equity.

Show Notes: Impound accounts are monthly payments for your property taxes and homeowner's insurance.

My Odeo Channel (odeo/6d0d3a069c1ef407)

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posted by Pac Res @ 10:30 AM   0 comments
Sunday, March 23, 2008
FSBO or Selling your own home - March 23, 2008
Happy Easter. This week we discuss Mortgages Made Simple logohow to sell your home. With the home selling season quickly approaching many homeowners think it might be better to sell their own home to save some money. While it seems simple enough it can be a lot of work. Is it better to use a real estate agent or do it yourself? We outline the pros and cons and provide you with the information you need to make the right decision for your situation.

And we give a quick definition of reverse mortgages.

Show Notes: FSBO = For sale by owner

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posted by Pac Res @ 9:43 AM   0 comments
Sunday, March 16, 2008
Buying a home? What should you know? - March 15, 2008
Interest Rates are low, home prices are down, Now is a great time to buy a house! But the homebuying process can be a confusing process if you have never been through it. Mortgages Made Simple logo

Quite frequently many real estate professionals assume a consumer knows all about buying a house. This can create a lot of stress and indecision for a first time homebuyer. In this encore episode we discuss each of the steps of the homebuying process and tell you what to be aware of. Pre-approval, putting in an offer, escrow, home inspection, appraisal, funding your loan...we cover all that and more.

Listen to The Homebuying Process, broken down and simplified

If you have any specific topics or questions you'd like to have us discuss, please call the listener line at (714) 519-7833 and you might just end up on the podcast.

Show notes:

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posted by Pac Res @ 10:15 AM   0 comments
Sunday, March 9, 2008
Fannie Mae Loan Limits increased to $729,750 - March 9, 2008
Fannie Mae announced their guidelines for the new loan limits on March 6, 2008. This a result of The Economic Stimulus bill that passed with one of the benefits being Fannie Mae Loan Limits being increased to $729,750.Mortgages Made Simple logo It also increases Freddie Mac Loan Limits to $729,750 and it certain high cost areas FHA loan limits are being increased to $729,750.

We are replaying this show from a few weeks ago to give you an idea of how it will help. This should create a fresh round of refinancing by homeowners who currently have jumbo loans from $417,000 to $725,000. They will be able to lower their payments significantly. In addition people waiting on the sidelines to buy a home can now confidently move into the market.

The new Jumbo Conforming loan, as it is being called, will allow a 90% LTV on purchase loans up to $729,750 with a 700 credit score. If you want to refinance you must have a 75% LTV and a 660 credit score. Cash out refinances will not be allowed.

Show Notes: Listen to Can Anyone afford a home in California?

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posted by Pac Res @ 10:44 AM   0 comments
Sunday, March 2, 2008
Mortgage Rates as low as 1%, Mortgage advertising explained - March 2, 2008
Is there really a no cost mortgage, when is a fixed rate loan not really a fixed rate and is a 1% fixed rate mortgage for real? In this encore episode we discuss the 3 most common mortgage advertisements currently being broadcasted Mortgages Made Simple logoon television and the internet.

1) The no closing cost loan...what is the catch? Are there really no costs?
2) The low fixed rate loan that sounds too good to be true. It's most likely an adjustable rate loan.
3) The ever prevalent 1% adjustable rate loan which is always advertised by quoting the low payment you'll be making.

We explain how the loans work and why the ads are deceptive. We also give you a handy link to the Federal Trade Commission's checklist on what to look for in mortgage advertising.

Show notes:
FTC Mortgage ad checklist

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posted by Pac Res @ 10:59 AM   0 comments

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