Mortgages Made Simple with Rick Gundzik

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.Mortgages Made Simple logo

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.

us map






















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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?Mortgages Made Simple logo

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.

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posted by Pac Res @ 7:25 AM   1 comments
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. Mortgages Made Simple logo 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.



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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. Mortgages Made Simple logo 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.




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posted by Pac Res @ 8:27 AM   0 comments
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. Mortgages Made Simple logo 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.



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posted by Pac Res @ 10:28 AM   0 comments
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. Mortgages Made Simple logo 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.



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posted by Pac Res @ 9:23 AM   0 comments
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?Mortgages Made Simple logo 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


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posted by Pac Res @ 11:35 AM   0 comments
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 Mortgages Made Simple logoWhat 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

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Sunday, April 6, 2008
Reverse Mortgages - April 6, 2008
Reverse Mortgages have received a lot of attention lately. Mortgages Made Simple logoIn 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

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posted by Pac Res @ 12:58 PM   0 comments
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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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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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: www.realtor.com

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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.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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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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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. Mortgages Made Simple logoWhat 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/


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posted by Pac Res @ 10:43 AM   0 comments
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. Mortgages Made Simple logoBut 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

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posted by Pac Res @ 10:09 AM   0 comments
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.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.

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?



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posted by Pac Res @ 11:09 AM   0 comments
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. Mortgages Made Simple logo 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.





Show Notes: Link to Indices



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posted by Pac Res @ 10:05 AM   0 comments
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? Mortgages Made Simple logoDo 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.

Listen to No Closing Costs, what's the catch?

We'd love to hear your mortgage questions. Call the listener line at (714) 519-7833 and you might just end up on the podcast.


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posted by Pac Res @ 11:51 AM   0 comments
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 Mortgages Made Simple logo"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.



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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. Mortgages Made Simple logo

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

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posted by Pac Res @ 10:07 AM   0 comments
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. Mortgages Made Simple logo This is time well spent as your mortgage is probably the most important component in your family's finances.



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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. Mortgages Made Simple logo

And if you have any mortgage questions, Call the Listener Line at(714) 519-7833



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posted by Pac Res @ 10:21 AM   0 comments
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. Mortgages Made Simple logo

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?


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Wednesday, December 19, 2007
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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.Mortgages Made Simple logo

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




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posted by Pac Res @ 11:07 AM   0 comments