Mortgages Made Simple with Rick Gundzik

Thursday, October 1, 2009
The State of the FHA Streamline Program
Today we welcome a guest blogger... Brandon Laughridge from MortgageLoanPlace.com Mortgages Made Simple logo

Mortgage refinance applications continue to pour in nationwide as homeowners look to take advantage of falling rates.

As a whole, mortgage applications in mid-September hit their highest level since May, with refinancing applications increasing 17 percent from the week prior, according to data from the Mortgage Bankers Association.

"The steady improvement in housing is continuing," Joel Naroff, chief economist at Naroff Economic Advisors Inc., told Bloomberg News after the MBA figures were released. "This sector is likely to start adding to growth rather than holding back the economy."

The MBA's index of applications rose 13 percent for the week ending Sept. 18. The association's refinance index jumped almost 23 percent, the largest single jump since March.

With interest rates now hovering near 5 percent, there's no better time to consider a refinance. That's especially true for FHA loan recipients, who can take advantage of one of the most flexible and economically efficient refinance programs on the market.

The Federal Housing Administration administers several refinance options. Borrowers can get a cash-out refinancing, although this option is typically geared toward those whose properties boast significant equity and rising market value.

A more common and popular approach is the FHA's streamline program, which has helped thousands of Americans refinance during the last 20 years.

The program has a few basic criteria:
  • You must have an FHA mortgage
  • You must be current on your mortgage
  • The refinance must lower the monthly principal and interest payments
  • You cannot receive cash

Some qualified borrowers can obtain no-cost refinances. In some cases, closing costs can be rolled into the cost of the refinance.

Borrowers can get a streamline loan without getting their home appraised, but remember that the refinance cannot be for more than the original loan.

This article was written by Brandon Laughridge of Mortgage Loan Place. Learn more about FHA Loan Requirements and FHA vs. Conventional Loans at MLP today!

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 @ 3:12 PM   0 comments
Thursday, September 17, 2009
Capital gains and Equity Sharing - September 17, 2009
On this week's show we handle two interesting equity questions. The first is "You have a property that has substantial amounts of equity, you want to sell the property and move to another property, can the equity from Property A follow you to Property B without having to pay any capital gains? What other alternatives does this person have for using the equity?" Mortgages Made Simple logo

And the second question is "You've located a property that has lots of equity, you're intention is to take control of the property before someone else does. So you locate the listing agent, you team up with a money partner to fund the deal, you say to that person, hey I have a property under contract that has lots of equity. I need X amount of money to close the deal, would you like to be part of it? Would this be considered equity sharing or a deal structure for locating a private lender?"

The fist question is a capital gains tax question. Unfortunately, you can't transfer equity. But the tax law allows you to take up to a $250,000 capital gain without paying tax, $500,000 if married, on your primary residence. If the property is an investment property you can sell it and put the gain into a new property with no capital gains tax in a 1031 tax exchange.

The second question deals with an equity sharing type deal which were more common in the past but are almost unheard of today. Essentially you match up a borrower who doesn't have enough cash for a down payment with an investor who would like to share in the price appreciation of real estate without having to worry about tenants. In this case his tenants have an interest in the home so they have a reason to make the payments on time.

In today's environment lender guidelines are much stricter on where the down payment is coming from. This would more likely be a deal for a private lender, who is not as concerned with where the money is coming from just as long as it's there. If you wanted to structure this for conventional financing they would have to be co-borrowers but they must have some type of prior relationship. There is a website that matches up these types of people, but I'm not sure how or if they can obtain conventional financing.



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.

Please consult your tax adviser for tax advice.

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posted by Pac Res @ 10:00 AM   0 comments
Thursday, September 10, 2009
Non Recourse loans and Cash Out Refinances - September 10, 2009
What's the difference between a recourse and a non-recourse loan? and How much equity should one have in a property before considering a cash out refinance? This week Mortgages Made Simple logo we answer these two listener questions.

A recourse loan allows the lender to try to collect the money they lose on a foreclosure or short-sale from the homeowner in what's called a deficiency judgment. A non-recourse loan, on the other hand, doesn't allow the lender to collect any money on their loss. This is the most common type of residential loan.

A cash out refinance now requires a homeowner to have at least 20% equity depending upon certain loan characteristics. Jumbo loans, loans over $417,000, require more equity. The problem in the current lending environment, however, is if your credit scores are below 740 the rate is increased. So it might be better to contact a local bank for a 2nd in order to get a better interest rate.



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 @ 10:00 AM   0 comments
Thursday, September 3, 2009
Pay off Your Mortgage Faster - September 3, 2009
This week we answer another listener question; "How does one know if they're paying just interest or they're paying down principal? Would their mortgage payment be just the interest or would it be substantially more? Mortgages Made Simple logoWho decides what gets applied to the mortgage payment once the interest has been calculated and figured out by the lender?

Mortgage loan payment schedules are based upon a formula that is heavily favored toward paying interest. Very little principal is paid during the first 10 years or so of a loan. An old rule of thumb is if you make 1 extra mortgage payment per year you will decrease your loan term by 8-9 years on a 30 year fixed rate loan. Try for yourself with the link below or email us and we'll help you out.



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.

Amortization Schedule

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posted by Pac Res @ 10:00 AM   0 comments
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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posted by Pac Res @ 10:00 AM   0 comments
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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posted by Pac Res @ 10:00 AM   0 comments
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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posted by Pac Res @ 10:00 AM   0 comments
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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posted by Pac Res @ 10:00 AM   0 comments
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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posted by Pac Res @ 10:00 AM   0 comments
Thursday, July 30, 2009
Bridge loans and APR - July 30, 2009
We had 2 listener questions this past week. The first was "How do bridge loans work?" and "What is par pricing and APR. Mortgages Made Simple logo

Bridge loans are simply a temporary loan when a person is buying a new home and hasn't sold their old home yet, that enables them to get a loan on the equity in their current home to use as the down payment on their new home. These loans were never popular due to their risky nature and barely exist now.

Par just means there are no points being charged to the borrower. APR is, of course, the annual percentage rate. You'll see this quoted all the time alongside the interest rate, and it is supposed to allow you to compare rates from different lenders. The theory being that APR takes into account the fees being charged on the loan. A 5% loan with 1 point will have a lower APR than a 5% loan with a 2 point cost.






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 @ 10:00 AM   0 comments
Tuesday, July 28, 2009
What's up with the Economy - July 28, 2009
Recently several banks released their earnings, and while on one hand they were all showing billions of dollars in profits, on the other hand they Mortgages Made Simple logo were cautioning that they had potentially 5 times as much in credit card defaults. So their losses are being held back in order to show high earnings now.

I also came upon one analyst's 3 indicators to signal housing has reached a bottom in price, housing starts, months supply of homes for sale and the home affordability index. When housing starts bottom and start to rise and months supply tops and begins to decrease home prices start to stabilize and rise within 12 months. And The home affordability index is the best it has been in 40 years. This is due to low home prices and low interest rates.

While it may be a good time to buy your first home, in my opinion we'll see low home prices for many years. Only buy if you plan on living in your new home for 10-15 years, this is not a time to speculate on housing prices rising. Be careful out there.




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 @ 10:00 AM   0 comments
Thursday, July 23, 2009
Making Home Affordable, is it working? - July 23, 2009
We received a good question this past week...."What do you think about the Obama administration and their latest expansion of the "home affordable" refinance program that was recently outlined. Mortgages Made Simple logo Will it help those tens of thousands of owners whose houses are seriously "underwater"?

Unfortunately, it's not working fast enough. Instead of requiring an appraisal and having the borrower qualify for the refinance loan, they should have copied the FHA Streamline program. An FHA Streamline does not require the borrower to qualify or an appraisal. This would allow millions of homeowners to lower their monthly house payment quickly and easily.





To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.

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 @ 10:00 AM   0 comments
Tuesday, July 21, 2009
125 LTV Refi Plus - July 21 , 2009
Fannie Mae announced on July 1, 2009 that the Refi Plus program was being expanded to allow a homeowner to refinance up to 125% of their home's value. Mortgages Made Simple logo





To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.

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 @ 10:00 AM   0 comments
Thursday, July 16, 2009
Purchasing a Home, Appraisals - July 16, 2009
In Part 3 of our "Purchasing a Home" series we're going to discuss the latest Appraisal issues arising from the new HVCC or Home Valuation Code of Conduct law. Mortgages Made Simple logo

As of May of this year the HVCC law , which was passed to eliminate pushing values artificially high on appraisals, has created a little bit of a stir in the real estate industry. The 2 biggest issues are delays in receiving appraisals and appraised values coming in too low.

The delays are being caused because the appraisal must be ordered by the lender doing your loan. So your appraisal isn't being ordered until your loan officer decides where to send your loan. Then the lender orders the appraisal after your loan is reviewed by the lender's underwriter. Also, the people ordering the appraisal are doing too many jobs and the remaining appraisers are backed up, so with all of these obstacles now in place the appraisal can take up to 2-3 weeks to get.

The second issue is values are coming in low because appraisers unfamiliar with the areas are being used.

So be aware your appraisal may take a couple weeks to get and the value may be lower than expected. Hopefully your real estate agent did their homework and has the ability to help out the appraiser.





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 @ 10:00 AM   0 comments
Tuesday, July 14, 2009
Stated income and low down payments - July 14, 2009
We had two listener's questions this past week. The first question was "Are there any loans that allow only 5% down?" Mortgages Made Simple logo

FHA loans allow only 3.5% down, so that is the best option for a low down payment loan.

The second question was "If I am putting 25% down, can I do a stated income loan?" Stated income loans, where you don't need to verify your income essentially disappeared in the last 2 years. There are some private investors that offer stated income loans, but the interest rates are extremely high. The best option might be an FHA loan with a co-borrower.




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 @ 10:00 AM   0 comments
Thursday, July 9, 2009
Purchasing a Home, Credit Scores - July 9, 2009
In Part 2 of our "Purchasing a Home" series we're going to discuss credit score requirements. Mortgages Made Simple logo

The good news is FHA loans don't require much of a credit score at all. However, the major lenders require a 620 credit score. So keep that number in mind. You'll have more options available if your credit score is above 620. On a conventional loan you can also go as low as 620, BUT, it's a big but, your interest rate will be higher if your credit score is lower than 720. So if your credit score has got the blues, think FHA.

Also, if you have a bankruptcy or foreclosure they must be 4 years old. And a short-sale counts as a foreclosure with most lenders.

Collection accounts and charge-offs can sometimes create problems and may need to be paid off if they're not already taken care of.

When it comes to credit it's pretty straight forward. But if you need help reviewing it we're here to help.

Join us in our next "Purchasing a home" series for Appraisals, what's up with those.




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 @ 10:00 AM   0 comments
Thursday, July 2, 2009
Purchasing a Home - July 2, 2009
We're making a few changes to our blog to better serve all of you. We're going to be moving toward a more text based blog. And we'll also be increasing the number of weekly posts as we're getting a new sponsor. Mortgages Made Simple logo

Today we are starting a "Purchasing a Home" series and what things to consider now that so many things have changed in the real estate industry. We'll cover qualifying for a loan with the new guidelines, appraisal issues, credit score requirements and many other issues.

The podcast version will contain much more wit but if you find it more convenient to read our blog you'll receive all the main points we want you to grasp to navigate your way through the mortgage market.

The first major change over the past year has been the elimination of "stated income" loans or "liar loans" as people not familiar with the mortgage industry call them. When these loans first became available that I remember was in the early 1990's, they served a useful purpose; they allowed people with excellent credit to obtain a loan quickly and easily. There was no need to get tax returns, w2's and paystubs. We asked the borrower how much money they made and we believed them. We didn't increase their income if it was too low, we simply told them to buy a cheaper house they could qualify for. Unfortunately, the subprime industry changed that mindset.

Now if you're self employed and write-off a lot of your income, you will have a hard time getting a loan today. So if you're planning to buy a home in the future, you must claim your income on your tax returns.

To qualify for a loan make sure your house payment is no more that 1/3 of your income. The house payment includes your taxes and homeowner's insurance or HOA dues if you're buying a condo. This is a real conservative rule-of-thumb but it's easy to calculate quickly. If you find that this qualifies you for too small of a loan, give us a call and we can fully pre-approve you for a loan. Here is a handy calculator to help you out.

Join us next time in our "Purchasing a Home" series for credit score requirements.




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 @ 9:31 AM   0 comments
Thursday, June 25, 2009
4.5% Mortgage Rates, Get Over it - June 25, 2009
We're making a few changes to our blog to better serve all of you. We're going to be moving toward a more text based blog. And we'll also be increasing the number of weekly posts as we're getting a new sponsor. Mortgages Made Simple logo The podcast version will contain the same content but if you find it more convenient to read our blog you'll receive all the main points we want you to grasp to navigate your way through the mortgage market.


Today's topic is "Why aren't mortgage rates at 4.5% like somebody promised", or as I titled it "4.5% Mortgage Rates, Get Over it." Attempting to avoid a political debate, because there is no winner here, I'll suffice it to say that everyone thinks President Obama promised 4.5% mortgage rates. I don't think he did, maybe Ben Bernanke did, but I don't remember either of them quoting an exact interest rate. One man, nor government can control the free market, especially the bond market. Granted, Bernanke wields a lot of influence when he says the Fed is buying mortgage backed securities, but once the Fed stops buying, rates go up. And ever since the Fed announced they would be buying mortgage backed securities early this year, rates have gone up and up. (A lot of people buying mortgage backed securities lowers rates, while selling raises rates due to supply and demand influences. Sorry it's Economics 101 all over again.)

In any case, my point is this....if you can benefit from refinancing your home now, do it! I've seen predictions for mortgage rates to go as low as 3.5% or as high as 8% in the next 12 months, the fact is nobody knows.

Do this simple test, rates are essentially 5.5% today for a 30 year mortgage for a loan amount of $417,000 or less. Take your rate now, let's say 6.75%. Take the difference in those two numbers in 1/8ths. In our example, there are 10 1/8ths between 5.5 and 6.75. For each 1/8 difference in interest rate, there is about an $8 difference in your monthly payment for every $100,000 of money borrowed. So if you have a $300,000 mortgage at 6.75% you could save approximately $240 per month by refinancing. (8 x 10 x 3 = 240) For most people that makes sense, and if rates go to 3.5% you can do it again. But by all means don't miss the boat if you can save money.

P.S. You can use a mortgage calculator too, but this is more fun.

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 @ 10:02 AM   0 comments
Friday, June 19, 2009
Upside down on Your Mortgage and Jumbo Loans - June 18, 2009
This week we're replaying a podcast where 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 @ 10:16 PM   0 comments
Thursday, April 16, 2009
Refinance vs. Loan Modification - April 16, 2009
Is it better to do a simple refinance or a loan modification? I, of course, prefer a refinance. It's straight forward, actually cheaper and it's a sure thing. Mortgages Made Simple logo And with President Obama's MakingHomeAffordable.gov plan, refinances should be easier if you have a loan that is owned by Fannie Mae or Freddie Mac.

To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.




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 @ 8:18 AM   0 comments
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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posted by Pac Res @ 7:38 AM   0 comments
Thursday, February 19, 2009
Building Wealth, Negative Amortization and More Questions Answered - February 19, 2009
This week we answer 7 more questions from loyal listeners. Mortgages Made Simple logo

1. How can one build wealth through real estate through mortgage payoff?
2. What are Negative Amortization loans?
3. Is it better to use a HELOC, credit cards or your own cash for any renovation work done to any property?
4. When choosing between long term and short term financing, what loan products are available?
5. What would be considered long term financing?
6. What would be considered short term financing?
7. Can you transfer equity out of one property to another?



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 @ 7:47 AM   0 comments
Thursday, February 12, 2009
Real Estate Tax Breaks, Cash out and Mortgage Backed Securities - February 12, 2009
This week we answer 7 more questions from loyal listeners. Mortgages Made Simple logo

1. How do you calculate the appreciation potential on a property?
2. What tax breaks are available in real estate?
3. Banks leverage money, but they make money on the spread. Could you explain what that means?
4. When should one consider a cash out refinance?
5. What are mortgage backed securities?
6. When choosing a loan product, what must one consider first?
7. Are interest only loans good? What's there primary purpose?



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   0 comments
Thursday, February 5, 2009
Interest Rates, HELOCs, and Leverage - February 5, 2009
This week we answer 6 more questions from loyal listeners. Mortgages Made Simple logo

1. What influences interest rates?
2. How can one lower their debt service?
3. Whatʼs the difference between fed funds rate and the prime rate? How does it affect the lender and the borrower?
4. How should one use there HELOC, there home equity line of credit?
5. Could you explain how leverage works and how it magnifies through the purchase of real estate?
6. Whatʼs the difference between commercial and residential financing?




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 @ 7:00 AM   0 comments
Thursday, January 29, 2009
Equity, Hard money, and More Listener Questions - January 29, 2009
This week we answer 6 questions from a loyal listener. Mortgages Made Simple logo

1. Are there different types of equity?
2. What types of real estate deals would use hard money?
3. What do lenders look at to determine if a person qualifies for a loan?
4. On a commercial property, How do lenders qualify the loan?
5. In the past you have spoken on short sales, How are they structured and How does it benefit both parties?
6. When determining the type of loan product one should use for a property,there's short term and long term financing. What should one consider first?




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 @ 10:42 AM   0 comments
Thursday, January 22, 2009
203k loans and Loan Mods, Listener Questions Answered - January 22, 2009
This week we answer 6 questions from a loyal listener. Mortgages Made Simple logo

1. What's a 203(K) Rehabilitation Program?
2. How does a loan modification work?
3. Could you explain the process of doing a cash out refinance on a property?
4. Could you explain how a wraparound mortgage works?
5. What's a balloon mortgage?
6. Could a property owner lose there equity to the 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 @ 7:20 AM   0 comments
Thursday, January 1, 2009
Mortgage rates and the Bailout - January 1, 2009
Have any of the bailout plans worked? We discuss the past few bailout ideas and why we think the Fed's latest attempt to push mortgage rates down will work. Mortgages Made Simple logo We have touched on this plan before but we add some more commentary and delve a little deeper. Nothing but the best for our listener's on New Year's Day. Get ready for an exciting 2009!

Happy New Year!




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 @ 7:26 AM   0 comments
Thursday, December 11, 2008
Mortgage Rates at 4.5%??? - December 11, 2008
Today we answer another listener's question. Mike in Santa Barbara wanted to know how The Fed can lower mortgage rates to 4.5%. We explain Mortgages Made Simple logohow The Fed could do this and if it will last long. We don't think it will last long, so start preparing now to take advantage of it.



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 @ 7:00 AM   0 comments
Thursday, December 4, 2008
The Fed and The Treasury - December 4, 2008
Today we answer a listener's question. They wanted to know what the difference is between the The Federal Reserve and the Treasury Department. Mortgages Made Simple logo We explain how The Fed trys to control interest rates and inflation and The Treasury prints money. Overly simplistic maybe, but we put it all in perspective.




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 @ 10:00 AM   0 comments
Thursday, November 27, 2008
Thanksgiving Wishes and a Top 10 Redux
Happy Thanksgiving! We would like to wish you all a Happy Thanksgiving and hope the economy is treating you well. Take this time to remember life is all about family and friends and be thankful for what you have. Mortgages Made Simple logo And now for a little economic humor we re-podcast our Fed Top 10.


Top 10 Things You Don't Want To Hear The Head of the Federal Reserve Say:

10. The systemic risk of the financial system is greatly exacerbated by how many big words I can use to confuse the public
9. If I follow the rainbow, there should be a pot of gold somewhere around here
8. Quick, get more ink for the printing presses
7. These dollar bills make great wallpaper
6. What the heck does systemic mean?
5. Which way to the soup kitchen?
4. Hey W, Do you have Alan Greenspan's cell phone number?
3. How do I start this helicopter?
2. Hi, I'm calling for the U.S. Government, can we get a loan mod?
1. Heads, I lower the discount rate...Tails, I raise it.




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 @ 10:48 AM   0 comments
Thursday, November 20, 2008
Fires and Your Homeowner's Insurance - November 20, 2008
This is a re-podcast of a show we did during the 2007 California fires. This year the fires were widespread but thankfully didn't destroy as many homes. Mortgages Made Simple logoThe topics we cover are: Does your homeowner's insurance adequately cover you against loss? Do affected disaster victims have any chance for mortgage relief?

We also discuss disaster loans and what the Federal Government sometimes will provide to homeowners. And finally, if you were in foreclosure and involved in a disaster, what happens to your mortgage?

Listen to California Wild Fires and hazard insurance information

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 @ 9:12 AM   0 comments
Sunday, November 16, 2008
Economic News coming out this week - November 16, 2008
Economic reports coming out during the week are always a good way to determine if mortgage rates may rise or fall Mortgages Made Simple logo The two most notable reports this week are PPI and CPI. They both measure inflation, PPI at the manufacturer level and CPI where it hits home, your wallet.

Watch the numbers, if they are better or worse than expected mortgage rates typically will move. In this case if inflation is high rates will go up, low inflation will help lower mortgage rates.

Merkfund

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 @ 10:00 AM   0 comments
Thursday, November 13, 2008
Current State of the Economy - November 13, 2008
We focus on the current state of the economy and explain why the Fed lowering rates doesn't directly affect mortgage rates. Mortgages Made Simple logo We also share some observations with you about the local economy in Orange County California.




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 @ 7:00 AM   0 comments
Saturday, November 1, 2008
Vote for a new kind of Mortgage Company - November 1, 2008
We've had this idea for many years now, but the industry has always resisted us. Imagine if you could do your own loan with no interference from a loan officer? Mortgages Made Simple logo You would get a good loan at a great rate. That day is here, help us win the ideablob contest to make this happen.

My Idea

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 @ 11:10 AM   0 comments
Sunday, October 26, 2008
Top 10 Things You Don't Want To Hear The Head of the Federal Reserve Say - October 26, 2008
We never thought we would miss Alan Greenspan, even if you disagreed with his policies at least he knew how to use words carefully, until recently.Mortgages Made Simple logo After listening to the economic speak of the last few weeks we thought it was only appropriate to create this tribute to our current Fed Head.


Top 10 Things You Don't Want To Hear The Head of the Federal Reserve Say:

10. The systemic risk of the financial system is greatly exacerbated by how many big words I can use to confuse the public
9. If I follow the rainbow, there should be a pot of gold somewhere around here
8. Quick, get more ink for the printing presses
7. These dollar bills make great wallpaper
6. What the heck does systemic mean?
5. Which way to the soup kitchen?
4. Hey W, Do you have Alan Greenspan's cell phone number?
3. How do I start this helicopter?
2. Hi, I'm calling for the U.S. Government, can we get a loan mod?
1. Heads, I lower the discount rate...Tails, I raise it.




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 @ 8:59 AM   0 comments
Thursday, October 23, 2008
Loan Officer Fraud and Greed - October 23, 2008
While most people point all the fingers at Wall Street for the current mortgage mess a lot of the blame should go towards the individual loan officers. Mortgages Made Simple logo Whether it be that they over-stated a borrower's income or pushed the borrower into a bad loan so the loan officer would make more money, the loan officers need to be regulated better.

I have had many different ideas on how to regulate loan officers, but it comes down to the borrower level. A borrower has to ask the loan officer they're working with if he/she is licensed. If they are not licensed find one who is. Every state has an online licensee list, so you can easily check. It doesn't insure you won't be ripped off but it gives your loan officer more credilbilty. Fortunately due to the industry consolidation it will work itself out and we'll move forward with more professional loan officers as the unlicensed ones will leave the industry.




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 @ 7:31 AM   0 comments
Thursday, October 16, 2008
Europe Begins Bailing - October 16, 2008
The Bailing just keeps going. This week Europe announced a $2.3 trillion bailout bill dwarfing ours in America.Mortgages Made Simple logoOn this podcast we discuss Europe's actions and we give a description of liquidity.

One of our loyal subscribers, Mad Marv, asked me to give a better definition of liquidity for the layperson. I tend to go fast on some economic terms so I appreciate any comments like this, because our goal is to help everyone understand their mortgage and the economy in general.




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 @ 7:38 AM   0 comments
Thursday, October 9, 2008
The Bailout and You - October 9, 2008
The Housing bailout bill has been making headlines day after day. On this week's podcast Mortgages Made Simple logowe discuss some of the questions that many people are asking. How will government make money from toxic debt, can the government value these loans correctly, how can we afford it and many others.

This is a complicated and ongoing economic situation that we will continue to discuss to help you understand it. Please be sure to send us your questions so we can help others with your insight.



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 @ 7:14 AM   0 comments
Thursday, October 2, 2008
The Bailout Bill - October 2, 2008
The House and Senate have been working feverishly to pass the latest bailout bill for almost a week now. Unfortunately, what I have learned from watching many hours of coverage is most media and more tragically most politicians know less about the economy Mortgages Made Simple logothan your pet dog Kondratieff*. This week's podcast was prepared to highlight the major points of the bill, but we placed that on hold to ensure we were able to provide you with the latest and correct information


The following is a summary of the 1st bill. The post may seem long, but it's just bullet points. When the next bill is complete we'll update you asap.

Troubled Asset Relief Program (TARP) Legislation
Joint Agreement (Evening of September 28, 2008)

Program Operations
• Location: Office in Treasury headed by Assistant Secretary
• Consultation with Federal Reserve, FRB of NY, FDIC, OTS, OCC and HUD required.
• Considerations: This version expands the factors Treasury must consider beyond liquidity and market stability, to community stability, diversity, small institutions, student loans, retirement plans, and multifamily properties.
• Treasury must establish a program to insure purchased assets; risk-based premiums to be paid by participating institutions.
• Treasury must work with non-U.S. regulators and central banks to establish similar programs.
• Program expires: December 31, 2009 but may be extended; committees expire after all assets have been transferred or last insurance contract expires.
• If TARP results in net loss after five years, the President must submit a legislative proposal on how to seek reimbursement from participating fin institutions.

Maximum Amount
• $700 billion in installments based on congressional approval of request by President.

Oversight
• Oversight Board: five-member board includes Federal Reserve, FDIC, SEC, HUD and SEC. Executive Committee of board can limit or prohibit Treasury from taking action. Credit review committee of board reviews purchases.
• Congressional Oversight Panel: five-member bipartisan panel selected by Congress to review financial markets, regulatory oversight and TARP performance.
• Comptroller General: provides on-site review performance and administration of TARP.
• Special Inspector General: Appointed by the President, for auditing and investigations.
• Judicial Review: Actions will not be overturned unless arbitrary/capricious, abuse of discretion or illegal. No injunction or equitable relief permitted, but injunctions are allowed.

Transparency
• Treasury must publicize program policies, procedures and guidelines.

Reports
• Treasury and other banking agencies must issue several public and congressional reports on purchases, pricing, expenses and impact of program.
• Regulatory Modernization Report: By April 30, Treasury must submit report to congress on state of financial and regulatory system and recommendations for improvement.
• GAO studies: (1) The impact of leveraging and deleveraging of financial institutions contributed to the current financial crisis; and (2) Impact of the TARP program.
• Congressional Oversight Panel submits reports to Congress on the impact of TARP in providing transparency, mitigating foreclosures and financial market transactions.
• SEC and Federal Reserve must report to Congress on impact of mark-to-market accounting on financial institutions.
• OMB and CBO must report to Congress on program and budget estimates.

Purchase and Sale of Troubled Assets
• Secretary consults with FDIC in managing assets.
• Treasury sets terms, conditions and prices.
• Profits: 20 percent of profits go to Housing Trust Fund (65 percent) and Capital Magnet Fund (35 percent). Balance goes to general fund of Treasury.
• Treasury, FHFA, FDIC, HUD and Federal Reserve must permit state/local governments to purchase foreclosed properties at a discount.
• Institutions cannot sell troubled assets to Treasury for more than they paid.

Loan Modifications/Servicing
• Treasury and other federal agencies should coordinate loan modification programs with HOPE for Homeowners program and protect renters and state/local subsidies; guarantees and credit enhancements are allowed; servicers should maximize loan modifications.

Warrants/Equity
• In direct troubled asset purchases where Treasury acquires a meaningful equity position, Treasury gets shares or a senior debt so that Treasury shares equity appreciation, and losses/expenses are covered.

Contracting
• Treasury can “fast track” vendor contracting, but must promote diversity.

Conflicts of interest
• Treasury must issue regulations/guidelines to prevent conflicts of interest in any aspect of TARP.

Executive Compensation
• Participating institutions must have executive compensation limits that: 1) exclude incentives for inappropriate risk taking; 2) include claw-back provisions for compensation based on inaccurate earnings, gains or other criteria; and 3) prohibit golden parachutes.
• For Treasury auction purchases over $300 million, the participating financial institution also cannot give golden parachutes to employees hired after the purchase.

Definitions
• Troubled asset: Residential and commercial mortgage-related assets. Treasury must consult with Fed Chairman to expand definition.
• Financial Institution: Similar to earlier House version which does not specifically include independent mortgage banks/servicers. Definition cannot be expanded.

Federal Reserve Disclosure
• If the Federal Reserve provides emergency discounts to any entity, it must report to Congress regarding the justification for and terms of the discount.

Accounting
• SEC is authorized to suspend mark-to-market accounting (FAS 157).

Tax Provisions
• Tax break to holders of Fannie and Freddie preferred stock. Provides “ordinary gain or loss” treatment. It appears to limit that tax break to banks, savings and loans, cooperatives, small business investment companies, and business development corporations. Also provides special tax rules to prevent deductibility of overly generous executive compensation programs.


As of September 28, 2008


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.

*If you know the significance of this name without googling it, email us and we'll highlight your blog in our next post.

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posted by Pac Res @ 7:00 AM   0 comments
Thursday, September 18, 2008
Mortgage Meltdown Seminar Recap - September 18, 2008
On September 13th, 2008 I was honored to be a speaker at the Mortgage Meltdown Seminar hosted by the Crenshaw Christian Center in Los Angeles. Mortgages Made Simple logoI learned a lot about what's still happening to borrowers by unscrupulous loan officers, met a lot of great people and hopefully was able to help some people out.

This show gives a brief rundown of some items you should be aware of for yourself and your friends.



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 @ 8:27 AM   0 comments
Thursday, September 11, 2008
Fannie Mae and Freddie Mac Bailed Out - September 11, 2008
Fannie Mae and Freddie Mac were bailed out by the U.S. Government this week. Mortgages Made Simple logoWhat does it mean to you? Not much on the surface, but you will see interest rates on mortgages drop. Rates already fell about 1/2% but we likely will see a little more of a drop.

The plan to bail them out involves 4 steps. 1. Buy peferred shares to increase their liquidity, 2. Provide a secured lending facility, 3. Decrease their portfolio size beginning in 2010 and 4. buy mortgage backed securities. Of these 4 dteps, the buying of mortgage backed securities will help rates and restore the confidence we need to get the housing market moving again.

This was a badly needed step, if it had happened 12 months ago alot of housing market pain might have been avoided.



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 @ 7:00 AM   0 comments
Thursday, September 4, 2008
FHA Loans, The 3 best reasons - September 4, 2008
FHA loans have increased in popularity due to their availability and 3 main reasons. Mortgages Made Simple logo1. Gift Funds, 2. Non occupying co-borrowers and 3. Slightly blemished credit history

FHA Loans allow the above 3 factors to be present on a loan. Now please keep in mind you can't have awful credit, but FHA guidelines allow slightly tarnished credit if you've been a good payor over the last 12 months. Listen to this week's podcast for more details.



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 @ 6:51 AM   0 comments
Thursday, August 28, 2008
Housing Relief Bill, Will it help You - August 28, 2008
We get a ton of questions every week regarding the Housing Relief Bill. This latest economic stimulus type Bill which passes the Senate has the following three goals: 1. Help distressed homeowners, 2. Tax credit for First time homebuyers and 3. Permanently increase Fannie Mae loan limits to $625,000. Mortgages Made Simple logo

The most shocking provision of the Bill requires lenders to reduce a borrower's loan balance to 90% of the home's appraised value. The distressed borrower will then be able to refinance to an FHA loan.

The tax credit for first time homebuyers will be $7,500. However, it will only be eligible for homes purchased from April 2008 until April 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along. This is a re-podcast.




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 @ 8:53 PM   0 comments
Thursday, August 21, 2008
House Prices, Going up or Going Down? - August 21, 2008
Are house prices going up or going down? Well, depending on which statistics you read, the answer is both. Because of this, the most frequent question we receive is "Should I buy now or will prices continue to fall?" The answer boils down to your own personal situation. Mortgages Made Simple logoIf you need a house, buy one. If you dont, don't. We don't think prices will fall too much more, prices are already down quite drastically in certain areas. Remember real estate is extremely localized, so pick a stable area to live in. We discuss some of the latest economic news and give you our opinion on the housing situation.

Also, The Los Angeles Times real estate section will no longer be published. So be sure to subscribe to our podcast to get all the latest real estate news.



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 @ 6:36 AM   0 comments
Thursday, August 14, 2008
The benefits of an FHA Loan - August 14, 2008
In the past few months we have had many people inquiring about FHA loans. The FHA loan program is an amazing loan. Mortgages Made Simple logoIn this re-podcast we explain the benefits. 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 @ 6:27 AM   0 comments
Thursday, August 7, 2008
Housing prices bottoming - August 7, 2008
We continue to receive a lot of interest regarding these 3 areas; Auctions, Bank owned property and housing prices. So this week we answer 3 listener questions in this encore episode. 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 @ 7:10 AM   0 comments
Thursday, July 31, 2008
Housing Relief Bill, Will it help You - July 31, 2008
We have received a ton of inquiries about this bill, so we decided to post this encore podcast for those who can't find it. There were a few changes in the final bill signed by the president, but nothing earth shattering. The best part of the bill is the tax credit for home purchases. This latest economic stimulus type Bill has the following three goals: 1. Help distressed homeowners, 2. Tax credit for First time homebuyers and 3. Permanently increase Fannie Mae loan limits to $625,000. Mortgages Made Simple logo

The most shocking provision of the Bill requires lenders to reduce a borrower's loan balance to 85% of the home's appraised value. The distressed borrower will then be able to refinance to an FHA loan.

The tax credit for first time homebuyers will be $7,500. However, it will only be eligible for homes purchased from April 9, 2008 until July 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along.




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 @ 7:29 AM   0 comments
Thursday, July 24, 2008
Mortgage Payments and Stated Income Loans - July 24, 2008
Will the Housing relief bill help? This week we answer a listener's question whether or not the new housing bill will help him. We also had another listener ask us why he just can't seem to get a loan to buy a house. Mortgages Made Simple logo He has perfect credit, makes good money, and is putting in a big down payment. But he is self employed and his income is seasonal, high in the summer and low in the winter. He is a perfect candidate for a stated income loan. However, those loans do not exist anymore.



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 @ 7:14 AM   0 comments
Tuesday, July 22, 2008
Best Places to live 2008 - July 22, 2008
CNNMoney pulls out their list of Best Places to Live 2008. This is the latest compilation of the best places to live in the U.S. They even have a nifty table to search your own criteria. Mortgages Made Simple logo I'm partial to California, so now I have to move to Irvine? I'll stick with North OC for now.

The top 10 are:
1 Plymouth, MN
2 Fort Collins, CO
3 Naperville, IL
4 Irvine, CA
5 Franklin Township, NJ
6 Norman, OK
7 Round Rock, TX
8 Columbia/Ellicott City, MD
9 Overland Park, KS
10 Fishers, IN

Best Places to Live

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 @ 3:02 AM   0 comments
Thursday, July 17, 2008
Indymac, Fannie, Freddie and You - July 17, 2008
This week brought the collapse of Indymac Bank. Their collapse wreaked havoc in the financial markets, but it can have a greater effect on individual depositor's stress levels. This could be witnessed in the unnecessary bank run on Indymac this week. Many people do not realize they should not keep more than $100,000 in any bank. Mortgages Made Simple logo Insurance only covers up to $100,000 in deposits, any amount over that is negotiable to as low as 50 cents on the dollar. But for those who have a smaller amount on deposit, don't worry, you will get every penny back.

We also discuss Fannie Mae and Freddie Mac's current troubles and why they are so important to the housing 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 @ 7:11 AM   0 comments
Thursday, July 10, 2008
Housing Relief Bill, Will it help You - July 10, 2008
The House of Representatives recently passed the Housing Relief Bill. This latest economic stimulus type Bill which must still pass the Senate has the following three goals: 1. Help distressed homeowners, 2. Tax credit for First time homebuyers and 3. Permanently increase Fannie Mae loan limits to $625,000. Mortgages Made Simple logo

The most shocking provision of the Bill requires lenders to reduce a borrower's loan balance to 85% of the home's appraised value. The distressed borrower will then be able to refinance to an FHA loan.

The tax credit for first time homebuyers will be $8,000. However, it will only be eligible for homes purchased from April 2008 until April 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along.




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 @ 7:19 AM   0 comments
Saturday, July 5, 2008
Top Places to live from CNNMoney.com
Even though the list is from 2007, it's an interesting compilation of the best places to live in the U.S. They even have a nifty table to search your own criteria. Mortgages Made Simple logo I'm partial to California, so maybe Claremont is the place to be.

The top 10 are:
1 Middleton, WI
2 Hanover, NH
3 Louisville, CO
4 Lake Mary, FL
5 Claremont, CA
6 Papillion, NE
7 Milton, MA
8 Chaska, MN
9 Nether Providence (Wallingford), PA
10 Suwanee, GA

Best Places to Live

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 @ 10:17 PM   0 comments
Thursday, July 3, 2008
Low Rates versus Low Prices - July 3, 2008
This week we help out a listener who couldn't get a straight answer to a simple question.....Is it better to buy when interest rates are low or house prices are low? Mortgages Made Simple logo Our listener asked several people, but unfortunately, this industry is still full of inexperienced people who don't know a 30 year T-bond from a Fannie MBS. Fortunately we want you to be armed with knowledge so you get the best loan possible. We answer this question in depth and take a quick step on the soapbox about the real estate industry.



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 @ 7:31 AM   1 comments
Thursday, June 26, 2008
FHA Loans, 2nd Homes and Rental Homes - June 26, 2008
FHA loans can be the greatest thing since sliced bread for some people. A buyer can receive gift funds, use a non-occupying co-borrower and put less money down than on your typical home loan. These are great loans for 1st time homebuyers or just about anyone who needs a little extra push to buy a home. Mortgages Made Simple logo

We also answer a listener's question regarding the difference between a 2nd home and an investment property. There are different qualifications, interest rates and a few other things we discuss that you need to be aware of.



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 @ 8:04 AM   0 comments
Thursday, June 19, 2008
Housing Equity and Short Sales - June 19, 2008
The Federal Reserve released their latest report on Housing prices across the country. It reported homeowners have lost a combined $880 billion over the last 12 months. Mortgages Made Simple logo But it's not as bad as it sounds, we'll tell you why.

We also answer a listener's question regarding Short Sales. We explain how they work and why you need patience if you're involved in one.



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, June 12, 2008
Recessions and Housing Prices - June 12, 2008
Are we in a Recession??? Technically no, but a lot of people feel like they are. With gas prices up and housing prices down, psychologically people feel poorer. So this tends to create a slow down in consumer spending. Mortgages Made Simple logo A full blown recession does not appear likely, but a commentator I like to read, John Mauldin, prefers to call it a "muddle through economy." By this he means we will meander our way through a period of no meaningful growth in the economy. This isn't good by any means, but not the doom and gloom some people are predicting. And in an election year, a recession would be devastating for the Republican party.

We also discuss how a recession affects housing prices and give you some buy versus rent examples. Then we give you a few more ideas on buying a home today.



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 @ 7:34 AM   0 comments
Thursday, June 5, 2008
Credit Reports and REO's - June 5, 2008
When you're getting ready to buy a new home, what's the first thing you think of......? Your credit report is correct. Three or four months before you begin shopping for a home you should get a copy of your credit report.Mortgages Made Simple logo This will help you save time in the long run for two reasons. First you will know exactly how your credit looks and second you will have plenty of time to fix any errors or information you didn't expect to find on your credit report. And if there are any errors you can start fixing them yourself by using the links below.

We also discuss the current REO(Real Estate Owned) market in California as it shows signs of life with a rapid increase in activity. Many real estate agents are receiving mulitiple offers on homes due to reduced prices. This activity will help stabilize home prices throughout California.



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.

Show Notes:
Annual Free Credit Report
Experian
Equifax
Transunuion

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posted by Pac Res @ 7:47 AM   0 comments
Thursday, May 29, 2008
Appraisals, Upgrades and Renovations - May 29, 2008
When you add a room to your house or put in a fancy backyard pool, does it help your home go up in value? And can you buy a home for more than it appraises for?Mortgages Made Simple logo

On this show we give you insight as to what helps your home's value most in terms of bang for the buck, a new kitchen or a new pool. And we explain why some upgrades just don't create much value.

Also, can you buy a home for more than it is worth? You can, but the obvious question is, why would you? We explain this recent, much more common occurence and tell you how to work around it.



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 @ 11:14 PM   0 comments
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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posted by Pac Res @ 3:41 PM   0 comments
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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posted by Pac Res @ 9:00 PM   0 comments
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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posted by Pac Res @ 10:33 AM   0 comments
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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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: www.realtor.com

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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
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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posted by Pac Res @ 11:30 AM   0 comments
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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posted by Pac Res @ 11:10 AM   0 comments
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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posted by Pac Res @ 10:47 AM   0 comments
Wednesday, December 19, 2007
Subscribe to the Mortgages Made Simple Mailing List - News, advice and more!

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Visit this group

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posted by Douglas @ 2:09 PM   0 comments
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
Sunday, December 9, 2007
The Current state of the mortgage industry - December 9, 2007
What's going on in the mortgage industry today? On this episode we discuss the economic outlook and what the latest developments are in the mortgage industry. Mortgages Made Simple logo



If you have any economic questions after listening to this show, please feel free to email or call us. We're always happy to help you with any mortgage questions you may have.



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posted by Pac Res @ 11:06 AM   0 comments
Sunday, December 2, 2007
Explaining Escrow and Title Insurance - December 2, 2007
The word "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. 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 @ 10:09 AM   1 comments
Sunday, November 25, 2007
Home Inspections, What to expect - November 25, 2007
Home inspections are absolutely critical in today's real estate market. In this episode we explain what a home inspection actually provides you.Mortgages Made Simple logo Does it provide you any insurance against home defects, how does it differ from an appraisal, are home inspectors licensed? We answer these questions and much, much more.


Show notes:
California Real Estate Inspector Association
FAQs about home inspections from HUD
Home Inspection Info from the FHA


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posted by Pac Res @ 10:43 AM   0 comments
Sunday, November 18, 2007
November 18, 2007 - Read those Mortgage Ads carefully
Is there really a no cost mortgage, is a 1% fixed rate mortgage for real? This week 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 @ 10:45 AM   0 comments
Sunday, November 11, 2007
The benefits of an FHA Loan - November 11, 2007
The FHA loan program is a great loan program. It offers the consumer a better alternative to a subprime loan. Mortgages Made Simple logoFHA 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 @ 10:07 AM   0 comments
Sunday, November 4, 2007
The Homebuying Process - November 4, 2007
The homebuying process is a seemingly confusing process if you have never been through it. Mortgages Made Simple logoThis week we discuss each of the steps 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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posted by Pac Res @ 10:45 AM   0 comments
Saturday, October 27, 2007
Califiornia Wildfires and your hazard insurance - October 28, 2007
This week California experienced devastating fires, which should be an eye-opener to everyone who owns a home. Mortgages Made Simple logoMost importantly, does your homeowner's insurance adequately cover you against loss? Do affected disaster victims have any chance for mortgage relief? We also discuss disaster loans and what the Federal Government sometimes will provide to homeowners. And finally, if you were in foreclosure and involved in a disaster, what happens to your mortgage?

Listen to California Wild Fires and hazard insurance information

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 @ 2:38 PM   0 comments
Sunday, October 21, 2007
Caps, Indices and Margins, What does it all mean - October 21, 2007
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 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 @ 10:21 AM   0 comments
Sunday, October 14, 2007
Can you really payoff your loan in 5 years? - October 14, 2007
A new loan program is being offered that promises to help you pay off your loan faster. Does it really work or is it a marketing gimmick? Mortgages Made Simple logoWe give you our opinion and give you an alternative so you can payoff your loan in 2/3 of the time at no cost to you. Also, what are the downfalls to 100% financing. Lastly, just how high can an adjustable rate mortgage go. Can it reach the maximum interest rate after 1 year or does it take a few years to reach the caps.




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posted by Pac Res @ 10:08 AM   0 comments
Sunday, October 7, 2007
No Closing Cost loans, what's the catch? - October 7, 2007
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. We discuss this latest 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 @ 11:54 AM   0 comments
Sunday, September 30, 2007
My loan is about to adjust, should I refinance now or fix my credit? - September 30, 2007
My loan is going to reset in 2 months. Is now the time to refinance with slightly bad credit? Mortgages Made Simple logoThis week we answer a podcast listener's question. Her mortgage is about to adjust but her credit has a couple blemishes. She wondered whether she should use her extra money to get a lower interest rate or payoff some credit card debt to improve her credit score. She also wanted to know if she should spend some of that money on home improvements to increase her home's value. Home financing decisions can be complicated so you should always think them over carefully and get advice if you are the sligtest bit confused. A small mistake now can cost you thousands of dollars later.




Show Notes: Rapid Rescore - A way to increase your FICO score if there is an error on your credit.

Be sure to leave us any questions you have and we'll answer them on the show.

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posted by Pac Res @ 10:07 AM   0 comments
Sunday, September 23, 2007
The Fed lowers Rates? - September 23, 2007
The Fed lowered interest rates. Mortgages Made Simple logoDoes that mean your mortgage payment will drop? We discuss what it means when the Fed lowers rates and what effect it has on you and your mortgage. Also, we finally find a positive person with some Good News about foreclosures? It's not that bad. Let's get back to normal and quit being so scared.



Show Notes: LA Times - must register to view LA Times - Foreclosure News


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posted by Pac Res @ 10:17 AM   0 comments
Sunday, September 16, 2007
How to choose your loan officer - Sept 16, 2007
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. Mortgages Made Simple logoWe'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 @ 10:20 AM   0 comments

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