Mortgages Made Simple with Rick Gundzik

Thursday, March 26, 2009
$8,000 Tax Credit and More - March 26, 2009
Is the $8,000 tax credit going to help you out? Find out on today's podcast Mortgages Made Simple logo if it will and we give details on California's new home tax credit.

$8,000 tax credit details:
Must be a 1st time homebuyer, haven't owned a home in the prior 3 years
Must live in house 3 years, or you must pay it back
Dollar for Dollar tax credit on income tax owed
Eligible on homes purchased between Jan 1, 2009 and December 1, 2009
Tax credit is 10% of value of home purchased or $8,000, whichever is less




If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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posted by Pac Res @ 7:32 AM   0 comments
Thursday, March 19, 2009
Upside down on Your Mortgage and Jumbo Loans - March 19, 2009
This week we answer 5 more questions from loyal listeners. Mortgages Made Simple logo

1. If someone is upside down in there mortgage, what advice would you give them?
2. Could you explain what it means to be upside down in a mortgage?
3. Can a person use the equity from there property as a down payment on another property?
4. Is there capital gains on borrowed money?
5. Why is difficult to get jumbo loans today? What are they?





If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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posted by Pac Res @ 7:04 AM   0 comments
Thursday, March 12, 2009
Seller Financing, What is it and More Listener Questions - March 12, 2009
This week we answer 6 more questions from loyal listeners. Mortgages Made Simple logo

1. There are 3 phases of development, undeveloped, pre-construction and developed. What type of financing is available for the purchase of raw land. If there's financing available, what do lenders look at?
2. There's so many ways to fund real estate today using creative thinking, one that I can think of is seller financing. What is it?
3. You have spoken before about using the equity out of one's property to add value. Why is it that one can't take out more than 80% loan to value when doing a cash out refinance? The money is going right back into the property to increase it's value potential.
4. When does one pay PMI,(Private Mortgage Insurance)? Is it bad or good for the borrower ? Once you have it, can it be removed?
5. In your previous episode of "Mortgage Made Simple",you mentioned the wrong ways to use equity such as purchasing an RV, ,jet skis, boats, cars, etc. These are clearly a depreciating asset. Now, if I decided to use the equity from my property to purchase an appreciating asset, such as investing in real estate. Would this be a good idea?
6. If I ever got into the wrong loan product. Would I be able to refinance?




If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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posted by Pac Res @ 7:53 AM   0 comments
Thursday, March 5, 2009
FHA, VA origins and Low Down Payment loans - March 5, 2009
This week we answer 6 more questions from loyal listeners. Mortgages Made Simple logo

1. Will FHA Loan limits apply when house prices start to stabilize?
2. How Did FHA and VA loans develop?
3. In pre construction is a construction loan used by developers?
4. Are there any high leverage loans available that require a low down payment?
5. What is the difference between stated income and "No Doc" loans and are they still available?
6. There have been a lot of changes made recently in the mortgage industry, what changes have you seen?



If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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