Mortgages Made Simple with Rick Gundzik

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
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
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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
Friday, September 7, 2007
Listener Questions Answered - September 9, 2007
This week we take a break from our regular format and answer 3 podcast listener questions. Mortgages Made Simple logo 1. What is a 3 day right of recission? 2. Should I buy a home now? Are home prices going up or down? and 3. Are speculators the cause of this whole subprime mortgage problem?






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posted by Pac Res @ 11:36 PM   0 comments
Sunday, September 2, 2007
What is the Best home loan? - September 2, 2007
What is the Best home loan for you? This week we discuss Mortgages Made Simple logothe items you need to think about and explain to your loan officer to ensure you get the best home loan for you. Is it an adjustable loan or a fixed rate loan? Is it a 30 year fixed, 20 year fixed or a 5/1 ARM? With the myriad of loan programs available it is important to know your goals.

We also discuss President Bush's program to help homeowner's who might be having trouble making their house payment.


Show Notes: FHA subprime help Article - L.A. Times



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posted by Pac Res @ 11:42 AM   1 comments
Sunday, August 26, 2007
How do I prove my income - August 26, 2007
How do I prove my income? This week we discuss Mortgages Made Simple logothe documentation you will need to verify your income to a mortgage company. We particularly cover self-employed individuals and the challenges they run into.

We also explain the current volatility in the stock market due to the subprime problems.




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posted by Pac Res @ 11:42 AM   1 comments
Sunday, August 19, 2007
Can Anyone afford a home in California - August 19, 2007
Can anyone afford a home in California? This week we discuss Mortgages Made Simple logothe credit crunch and its effect on California housing. Why are Jumbo loans so expensive now? What happened to stated income and 0% Down payment loans?



Show Notes: Jumbo loan - Any loan above $417,000

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posted by Pac Res @ 1:43 PM   0 comments
Sunday, August 12, 2007
Subprime Loans - August 12, 2007
This week we discuss Mortgages Made Simple logoSubprime Loans. What are they? Is it a good loan? We also discuss what is going with the subprime mortgage market today?



Show Notes: FHA - Federal Housing Administration

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posted by Pac Res @ 10:14 AM   0 comments
Sunday, August 5, 2007
Reverse Mortgages - August 5, 2007
This week we discuss Mortgages Made Simple logoReverse Mortgages. What are they? Is it a good option for retirement?

And 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 @ 10:39 AM   0 comments
Sunday, July 29, 2007
First Time Homebuyer Programs - July 29, 2007
This week we discuss Mortgages Made Simple logoFirst Time Homebuyer Programs. What type of down payment assistance is available, if any, and are there any special loan programs. You may be surprised by the answer.

And we answer a listener's question regarding stated income loans.



Show Notes: FHA = Federal Housing Administration, Fannie Mae = Federal National Mortgage Association

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posted by Pac Res @ 10:41 AM   0 comments
Sunday, July 22, 2007
What is a Home Equity Loan - July 22, 2007
This week we explain Mortgages Made Simple logoWhat a Home Equity Loan is. Is it better to get a fixed rate or adjustable rate. Are they expensive, do they save me 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 @ 6:48 PM   0 comments
Sunday, July 15, 2007
How difficult is it to sell my home - July 15, 2007
This week we discuss Mortgages Made Simple logoHow to sell your home. 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 @ 10:20 AM   0 comments
Sunday, July 8, 2007
What Information Do I need to provide for a new home loan - July 8, 2007
On this edition we 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



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posted by Pac Res @ 10:18 AM   0 comments
Sunday, July 1, 2007
When is a 30 year loan not a 30 year loan - July 1, 2007
On this edition we discuss Mortgages Made Simple logoWhen is a 30 year loan not a 30 year loan. How many years can you reduce your loan term if you make extra payments on your loan? We also discuss if paying off your loan is a good idea.

And we answer a listener's question about MI - Mortgage insurance.



Show Notes: LTV = Loan to value, Link to Amortization Calculators
Yahoo Calculator
Bankrate calculator

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posted by Pac Res @ 10:16 AM   0 comments
Sunday, June 24, 2007
Should I use a broker or a direct lender - June 24, 2007
On this edition we discuss Mortgages Made Simple logoWhat type of mortgage company you should use. A broker or a direct lender? What are the differences and is one less expensive than the other? We define what each one does and give you our unbiased opinion.

Also we give a simple explanation of Annual Percentage Rate - APR. Is it important or just plain useless?



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posted by Pac Res @ 8:00 AM   0 comments
Sunday, June 17, 2007
Garbage Fees - June 17, 2007
On this edition we discuss Mortgages Made Simple logoGarbage Fees. What are these unnecessary fees and how to 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.

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 @ 11:08 AM   0 comments
Sunday, June 10, 2007
What are all these fees? - June 10, 2007
Mortgages Made Simple logoThis episode focuses on closing costs. Whether it's Discount points, Origination Points, Application fees, Processing and Underwriting fees, We discuss these fees and more. If you're not familiar with these fees your loan can get very expensive. This will explain mortgage home loan closing costs so you know what to look for on a good faith estimate.

Also we answer a listener's question about Trigger leads and why credit bureaus are the ones to blame.






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posted by Pac Res @ 11:45 AM   0 comments
Sunday, June 3, 2007
Hybrid Option ARMS - What are they? - June 3, 2007
Mortgages Made Simple logoHere is the second podcast of the new series. Join me, Rick Gundzik, as I discuss this week's topic, Hybrid Option ARM loans, What are they and how do they work? Is negative amortization bad? What is negative amortization? Is this a good loan for me?

We also discuss prepayment penalties and how they work.




Show Notes: Secure Option Arm, Flex Pay ARM, Hybrid Option ARM - These terms all refer to a negative amortizing adjustable rate loan. In other words, you can possibly owe more on your home loan then when you first got your loan.

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posted by Pac Res @ 11:30 AM   0 comments
Saturday, June 2, 2007
Ask questions about your mortgage
For your convenience, our listener line now allows you to leave us a question about your mortgage, or just about any real estate matter, and we'll answer it in an upcoming podcast.

You may call 714-519-7833 or Simply click the link below and...



Please leave your first name and email address. If your question is too personal we'll email you an answer.

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posted by Pac Res @ 11:47 AM   0 comments
Sunday, May 27, 2007
Option ARMS - Did you get a bad loan? - May 27, 2007
Mortgages Made Simple logoHere is the first podcast of the new series, join me, Rick Gundzik, as I discuss Option ARM loans and their pitfalls. Is negative amortization bad? What will negative amortization do to my loan balance? Find out all about these Option ARM loans.

Listen to Option ARMS - Did you get a bad loan?


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posted by Pac Res @ 2:32 PM   0 comments

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