Mortgage Street Smarts

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Mortgage and Lending - CMG Mortgage, San Diego, CA - NMLS 259027
From a young age, we learn the difference between BOOK SMARTS (knowledge learned in the school classrooms) and STREET SMARTS (what we learn in the "Real World"...often the hard way). There are no shortage of websites providing the BOOK SMARTS of the Mortgage Industry, but there are very few resources a Consumer has to learn about the STREET SMARTS of the Mortgage Industry. Please feel free to SUBSCRIBE (for free) to this ongoing source of truthful knowledge (without the worry of a "sales spin" buried somewhere in the message). After all, we tend to make better decisions when armed with the facts...the purpose of this blog is to provide FACTS by teaching you the MORTGAGE STREET SMARTS necessary to run your business (if you are a Real Estate Professional) or to make the best decisions for your family (if you are a Consumer). Enjoy!
FUNDS/CASH TO CLOSE ("How much money do I need to "bring in" to buy my home, and where does that money go?") The terms "Funds (or "Cash") to Close" refer to the total amount of money the Borrower/Buyer will bring in to purchase the new home.  The amount of money "brought in" can be summarized in ...
MONTHLY MORTGAGE PAYMENTS(Where does all of that money go each month when I make my payment?)To better understand a monthly payment, think of the acronym PITI for starters.  PITI can be defined as follows:  Principal + Interest (P+I) - The P+I portion of your monthly payment is typically the larg...
When you combine Divorce with Mortgage qualifying, the challenges for a successful outcome increase dramatically. Factor in external economic changes like fluctuating interest rates and housing values, and the complexities intensify.So what is the impact of child and/or spousal support on residen...
A Certified Divorce Real Estate Expert (CDRE) is a Realtor who has passed the Ilumni Institute's rigorous certification program. This program is application-only, and is taught by a faculty of Family Law Attorneys, Mediators, Certified Mortgage Professionals, and Real Estate Experts, with Judicia...
An Assumable Mortgage Loan allows an existing loan contract to be taken over (assumed) by either an existing Borrower or a brand-new Borrower without modifying the remaining loan term, payment amount, interest rate or loan amount. Logically, amidst a Divorce Equity Buyout, a mortgage loan assumpt...
The general rule to follow is that GOOD NEWS for the economy is BAD NEWS for mortgage rates (pricing)...and you guessed it, BAD NEWS for the economy is GOOD NEWS for mortgage rates (pricing).In the video below, I provide a summary of recent mortgage pricing trends and how specific events (pandemi...
The underlying principle of economics is Supply & Demand.  As it pertains to the current Real Estate Market, we have a high demand of Home BUYERS chasing a low supply of available Real Estate properties for sale. The impact of these logistics creates leverage for the Home SELLERS.When Home SELLER...
Fannie Mae & Freddie Mac have recently announced their new Conforming and High Balance Conforming Loan Limits for 2022.  If you are a Realtor, Financial Planner and/or Attorney, do you know how to articulate this great news to your Clients?  Here are a few talking points: In most counties across ...
Divorce is an unfortunate occurrence, yet it has become common in our culture.  Among the most prominent demographics to experience divorce are senior citizens.  There are even nicknames such as "Gray Divorce" and "Silver Splitters" to describe the dissolution of marriages amongst this population...
If 2 spouses are getting divorced and one of them wishes to keep the marital home, a “Divorce Equity Buyout” is often pursued via a new individual mortgage in the name of the Spouse keeping the home (which we often refer to as the “In Spouse”).  The Spouse vacating the home is referred to as the ...

Jason E. Gordon

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Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon

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