Mortgages Made Simple with Rick Gundzik

Thursday, August 27, 2009
MDIA - August 27, 2009
Do all lenders provide a term sheet when they originate your loan, what is a BPO and what is a seller 2nd? Mortgages Made Simple logo This week we answer 3 more listener questions.

All lenders must provide a term sheet within 3 days of starting your loan. These are commonly referred to as your Good Faith Estimate and Truth In Lending disclosures. These disclosures estimate what fees you will be charged and what your effective interest rate will be.

A BPO is a Broker's Price Opinion. BPO's are performed by real estate agents. Banks and mortgage bankers use the real estate agents to get estimates of value on houses they are doing short sales on. A BPO is cheaper and faster than an appraisal.

A seller 2nd is when a seller gives a 2nd trust deed from their equity to a buyer of their home in lieu of a down payment. These are unusual now due to many sellers having little or no equity.



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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Thursday, August 20, 2009
FHA Loans - August 20, 2009
How long does an FHA loan take to close and who are they best suited for? Mortgages Made Simple logo What is a letter of intent used for and what are FHA 221-D and 223-F loans for? Today we're answering these 3 listener questions.

FHA loans usually take 30 days to close and are suited for people who don't have a large down payment and may have a marginal credit history. FHA loans only require a 3.5% down payment. Also, the credit guidelines are more lenient.

A letter of intent is generally used to initiate proceedings to purchase or lease commercial property.

FHA 221-D and 223-F loans are rehabilitation loan programs for 5 unit or more properties.



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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Thursday, August 13, 2009
Conduit Loans - August 13, 2009
Conduit Loans, what are they and are they any good? This week we answer a listener's question. Mortgages Made Simple logo The name Conduit just referred to a big mortgage company that bought loans from smaller mortgage companies.

When Alt A and Sub-prime loans were around there were many conduits; Chase, Countrywide, Bear Stearns, etc. But now that most loans are underwritten to Fannie Mae, Freddie Mac and FHA guidelines most of those conduits have disappeared.



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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Thursday, August 6, 2009
Latest Housing Statistics - August 6, 2009
I enjoy looking through View Magazine in Orange County California. This week's headline got my attention Mortgages Made Simple logo "Real Estate Remains Hot in Orange County." I didn't know it was hot so I researched the references.

First the median home price is up 14%. It is but it's still 35% below the peak and I think the rise is due to Fannie Mae raising it's loan limits to $729,000.

And second Case-Shiller predicts home prices to rise 6.6% in 2010. That's good news but we're down 48% from our highs.

The article says now may be the best time to buy before home prices continue to rise. My caution is this, if you need to buy a home and you plan to live there 10-15 years, this a great time to buy. If you're planning to flip houses and invest short term, stay away. I think prices have a little more downside to come.




OC View Magazine
New Home sales surge in the West
OC Median home prices $50,000 off bottom
California seen as top market in 2010
Is Nightmare over for O.C. Brokers

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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Tuesday, August 4, 2009
Hope for Homeowners, is it working? - August 4, 2009
We had a couple more listener questions and we like to keep up to date on them since it's a good indication of what the public thinking is today and we like to treat you well since we care what you think. Mortgages Made Simple logo

The first question was "Can a lender pursue a homeowner for the loss they incur on a short sale?" The short answer is No and certainly not in this current recessionary environment.


The second question was "Is the Hope for Homeowners act working?" Unfortunately, No. It was rumored to have helped 1 person, that's right ONE. The lenders really haven't come up with a quick way to modify loans. They put most people through an entire qualifying process, HELLLLLLOOOOOO, most people don't qualify. Until they just modify their entire loan portfolios we still have some pain ahead. The Making Home Affordable plan, launched this Spring is having much more success, but it's still slow.



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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