Mortgages Made Simple with Rick Gundzik
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| Monday, May 26, 2008 |
| Housing Price Map - May 26, 2008 |
I found this nice little map that outlines how housing prices have moved in the 1st quarter of 2008.
The map is from The Office of Federal Housing Enterprise Oversight. That title is mouthful, but they have some interesting information on their web site.
Remember, 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.
Labels: bank, bank reo, bank repos, buying a home, economic stimulus, fed, federal reserve, finance, home, home auctions, housing prices, loan, loans, money, mortgage, mortgages, podcast, podcasting |
posted by Pac Res @ 3:41 PM   |
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| Thursday, May 22, 2008 |
| Housing prices bottoming - May 22, 2008 |
This week we answer 3 listener questions. Have Housing Prices bottomed?, are Home Auctions worth my time to attend? and is a bank owned owned home easy to buy?
We present some compelling reasons to believe that housing prices have reached bottom. Looking back at past housing market bottoms gives us a good idea what might happen this time.
Home auctions are heavily advertised, but can you get a deal, or will a cash rich investor grab your dream home from you?
Many people advertise seminars which teach you the best way to get a deal on a home is to contact Banks that are trying to sell their inventory of real estate owned. But can the average home shopper crack this market?
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.
Labels: bank, bank reo, bank repos, buying a home, economic stimulus, fed, federal reserve, finance, home, home auctions, housing prices, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 7:25 AM |
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| Thursday, May 15, 2008 |
| Economic Stimulus Package, Where's the stimulus and Quit Claim Deeds - May 16, 2008 |
The Economic Stimulus package announced in March of this year has had little to no effect on the mortgage market. The first problem was many lenders didn't start offering it until this week, almost 2 months after it was made available. Secondly, the interest rates were high, and thirdly, nobody really knew about it. So, I'm here to tell you, That's all changed. Most lenders now offer the loan up to $729,750 and the rates are great. So get out there, buy a home and stimulate the economy.
Also, we answer a listener's question about Quit Claim deeds.
Labels: bank, buying a home, economic stimulus, fed, federal reserve, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting, quit claim |
| posted by Pac Res @ 9:00 PM |
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| Friday, May 9, 2008 |
| The Fed Lowers Rates, What Does it mean to me? - May 9, 2008 |
The Fed lowered interest rates .25% last week. What does this do for you? Unfortunately a lot of people, the media included, often think this means mortgage rates drop immediately. Usually the opposite is true. Mortgage rates will jump up then slowly settle down in a couple weeks.
In this episode we discuss the Fed, give you more information about how they affect the economy then you would ever care to know and plead for your questions. We know you have questions so call our listener line and we'll put you on the show. Call the Listener Line at(714) 519-7833 and leave your question.
Labels: bank, buying a home, fed, federal reserve, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting, the fed |
| posted by Pac Res @ 8:27 AM |
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| Sunday, May 4, 2008 |
| Buying a Home, is Now the right time? - May 4, 2008 |
Is this the right time to buy a home? It might just be. Homebuilders are still building, the economy is slow but still humming along and homes are more affordable now due to the drop in values. It is a big step to take, but with 'REPO' Buses running around, the current low may be at hand. Outlying areas of California have declined in price as much as 48% with the national average home price declining almost 20%. The last big decline in home values in 1991 saw home values decline 20% as well.
This could be the bottom. If not, at least you will get a good deal on your new home.
Labels: bank, buying a home, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:28 AM |
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| Sunday, April 27, 2008 |
| Loan Modifications, Do they really happen - April 25, 2008 |
Loan Modifications have become a hot topic lately due to the subprime crisis, but are they the proverbial leprechaun with a pot of gold, or that elusive shooting star? We actually know two people that were offered incredible loan modifications from their lender. The interesting thing in both cases was neither were subprime borrowers and both were contacted by their lender. And one was our Co-host/producer. We'll tell you their stories and....
If you're not feeling so lucky, you can contact your lender and ask for a loan modification. With a lot of persistence you can get it done. For a brief list of lenders who are more likely to help you out please email us.
Labels: bank, finance, home, loan, loan modification, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 9:23 AM |
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| Sunday, April 20, 2008 |
| Title Insurance and being "In Escrow" - April 20, 2008 |
The phrase "You're in Escrow" always throws people into a tailspin. What is it, does it hurt, does it last long? We explain what it is, what to expect and what is involved with escrow. In this encore episode, we also discuss Title Insurance and explain why you need it and what it protects you from.
Show notes:
Escrow information from RealEstateABC
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:35 AM |
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| Sunday, April 13, 2008 |
| Home Equity Loans, Are they good for you? - April 13, 2008 |
Home Equity Loans, are they good for you? This week we explain What a Home Equity Loan is. With the Federal Reserve dropping interest rates, it automatically lowers interest rates on home equity loans that are based on the prime rate. This can save you money if you are able to take advantage of a home equity loan. Is it better to get a fixed rate or adjustable rate. Are they expensive, do they save you money, are they a good financial tool. Where is the best place to get one? We answer these questions and more.
And we give you a quick comparison of PMI versus MIP.
Show Notes: HELOC = Home Equity Line Of Credit, PMI - Private Mortgage Insurance
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:33 AM |
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| Sunday, April 6, 2008 |
| Reverse Mortgages - April 6, 2008 |
Reverse Mortgages have received a lot of attention lately. In this encore episode we discuss Reverse Mortgages. What are they? Is it a good option for retirement? Are there any downfalls?
And we answer a recent question we received, what happens to your loan if your mortgage company goes out of business.
Show Notes: AARP - American Association of Retired Persons
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 12:58 PM |
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| 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 Junk 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)Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:30 AM |
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| Sunday, March 23, 2008 |
| FSBO or Selling your own home - March 23, 2008 |
Happy Easter. This week we discuss how 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
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 9:43 AM |
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| 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.
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.
Show notes: www.realtor.com
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:15 AM |
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| 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. 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?
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:44 AM |
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| 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 on 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 checklistLabels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:59 AM |
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| Sunday, February 24, 2008 |
| Refinance Time, How to choose your loan officer - February 24, 2008 |
Refinance Time? Refinancing your home can be a great experience if you have done a little research. Most importantly, you want a knowledgable mortgage company to work with that has an experienced staff. What traits should you look for in your loan officer? Experience, Integrity, should they be a mortgage broker loan officer or a bank loan officer, etc. In this encore episode, We'll give you a brief rundown to help you secure the best loan from your loan officer.
Show Notes: Fannie Mae - Federal National Mortgage Association http://www.fanniemae.com/
Freddie Mac - Federal Home Loan Mortgage Corporation http://www.freddiemac.com/
FHA - Federal Housing Administration
http://www.hud.gov/
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:43 AM |
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| Sunday, February 17, 2008 |
| 729,750 and other benefits of an FHA Loan - February 17, 2008 |
On March 14, 2008 the FHA maximum loan amount will be raised to $729,750 due to the economic stimulus package. This is only temporary and won't apply to all areas. It is county specific. But it only enhances what is already a great loan program. It offers the consumer a better alternative to a subprime loan. FHA loans have a more flexible down payment policy which allows gift funds and only a 3% down payment. A borrower can have a non-occupant co-signer and FHA loans allow slightly blemished credit. FHA loans also offer the best adjustable rate mortgage available. And if that isn't enough, FHA loans have a streamline refinance program which saves you time and money.
Show notes:
www.hud.gov
Listen to Show with MMI information (After main topic)
Listen to how to apply for a loan
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:09 AM |
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| Sunday, February 10, 2008 |
| Fannie Mae Loan Limits increased to $729,750 - February 10, 2008 |
The Economic Stimulus bill passsed with one of the benefits being Fannie Mae Loan Limits being increased to $729,750. 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.
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.
Show Notes: Listen to Can Anyone afford a home in California?
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:09 AM |
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| Sunday, February 3, 2008 |
| Caps, Indices and Margins, What does it all mean - February 3, 2008 |
One of the most frequent questions we get is how does an Adjustable Rate Mortgage (ARM) work. What are the key components of an Adjustable Rate Mortgage? We explain what caps are, what the most common indices are, and how to use the margin to calculate your interest rate. This can be a confusing topic, but in this encore episode we do our best to break it down and make it easy for you to understand.
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:05 AM |
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| Sunday, January 27, 2008 |
| No Closing Cost Loans, what's the catch - January 26, 2008 |
It seems like everyone is advertising no closing cost loans. What is the catch? Do I get a higher rate? Does it really save me money? Or does it sound too good to be true. In this encore podcast we discuss this renewed advertising gimmick and weigh the benefits to help you get the best loan. Remember every person's loan is different so it is important to analyze your loan with a qualified loan officer.
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:51 AM |
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| Sunday, January 20, 2008 |
| What Information Do I need to provide for a new home loan - January 20, 2008 |
We received several questions regarding what's needed when you're getting a home loan. We decided to replay this podcast from July 2007 to answer the question "What information do I need to provide to my loan officer? " We give you a brief checklist of the items you will need to gather for a quick and simple loan transaction. Will you need W2s, tax returns or what? We get to the bottom of this and more.
And we answer a listener's question about Yield Spread premium.
Click here to find out What information do I need to provide to my loan officer?
Show Notes: Click here for a simple Checklist
Items Needed Loan Checklist
1. Latest 2 years of W2’s
2. Most current paystubs for latest one month period
3. 2 most recent bank statements
Self Employed must use latest 2 years tax returns and a
year to date profit and loss statement.
Be prepared to provide a letter of explanation for any derogatory credit or any unusual circumstances. Such as a extraordinarily long commute to work or a several month gap in your employment history
Most loans don’t require a lot of information from you. But the more information you provide to clear up any unusual circumstances will help your loan close faster.
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:30 AM |
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| Sunday, January 13, 2008 |
| Questions and Answers - January 13, 2008 |
You have all been busy sending us some very interesting questions. We welcome your questions because they offer a lot of information for other listeners, so keep those questions coming.
On this week's show we answer 3 questions, Is this a good time to buy a house, Are prepayment penalties good or bad and Should my loan officer be licensed. Sit back, grab a cup of your favorite beverage and click below.
Show Notes:CA. Dept. of Real Estate
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:07 AM |
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| Sunday, January 6, 2008 |
| New Year's Resolutions for your Mortgage - January 6, 2008 |
Happy New Year! Many people make resolutions to lose weight, stop smoking, etc. But this week we offer up a new resolution. A resolution to find out all about your mortgage. This is time well spent as your mortgage is probably the most important component in your family's finances.
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:10 AM |
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| Sunday, December 30, 2007 |
| Listener's Questions Answered - December 30, 2007 |
It's all about you on Mortgages Made Simple. This week we answer your questions and give you more insight into the often confusing mortgage world.
And if you have any mortgage questions, Call the Listener Line at(714) 519-7833
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:21 AM |
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| Sunday, December 23, 2007 |
| The Loan Approval Process - December 23, 2007 |
You've found your dream house, but now you need a loan. This week we talk about the loan process and what you should expect when talking to your loan officer.
What information should you have ready when you interview with your loan officer, how long does it take to get a loan and is it really so hard to get a good loan?
Notes: Previous show - What information do I need to provide to my loan officer?
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 10:47 AM |
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| Wednesday, December 19, 2007 |
| Subscribe to the Mortgages Made Simple Mailing List - News, advice and more! |
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Douglas @ 2:09 PM |
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| Sunday, December 16, 2007 |
| The Appraisal, What does it do for me? - December 16, 2007 |
Many people wonder why they need an appraisal when they sell their home. After all, it sold pretty quick so it must be priced right.
We discuss why you need an appraisal, what it covers, what the appraiser does when he comes to your house and other information about the appraisal step in the homebuying process
Labels: bank, finance, home, loan, loans, money, mortgage, mortgages, podcast, podcasting |
| posted by Pac Res @ 11:07 AM |
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