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!
Pursuing a divorce amidst a global pandemic?  Trying to retain ownership of the marital home and buy out your Ex?  Surely, the Banks will go easy on you with lending guidelines, right?  Not a chance. It’s been said that Banks will give you an umbrella when it’s sunny, then ask for it back when it...
When Homeowners decide to pursue a divorce, it is fairly common for one of the Divorcing Homeowners to want to stay in (and retain) the home.  For purposes of gender neutrality, we refer to the Spouse who wants to stay in the home as the "In Spouse" and the Spouse who departs the home as the "Out...
Divorce is one of the most traumatic transitions in life that someone can experience. Given the potential adversities financially, legally and/or emotionally, it is imperative that a Divorcing Client works with professionals specially trained to help someone going through this process. Introducin...
Fannie Mae & Freddie Mac have just announced their new Conforming and High Balance Conforming Loan Limits for 2021.  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:  There are 3 categories of l...
Let's face it, divorce is a tough emotional, financial and legal transition.  Obtaining a mortgage can be complex as well.  Combining the two can be even trickier...especially if one is unaware of certain divorce-related mortgage nuances.   Whether you are keeping the marital home (and "buying ou...
How do you calculate the "New Loan Amount" on a Mortgage Refinance?  (Why is my "New Loan Amount" so much higher than my current balance?) These questions are common when refinancing, so let's take a deep dive at the details. When refinancing, there are 4 "parts" to the NEW Mortgage Loan Amount: ...
What are the rules for using Child Support and/or Alimony as "Qualifying Income" for a Mortgage Loan Application? There is often a disparity between "Real Income" (the amount of money we actually receive) and "Qualifying Income" (the amount of income that is recognized on a mortgage loan applicat...
In life, we are accustomed to advanced warning for changes impacting the law and/or tax codes.  We often see the words "Effective January 1st" before details of the impending changes.  In the mortgage industry, we often hear the words "Effective Immediately" with respect to changes (i.e. we are n...
If you are a California Real Estate Agent, I highly recommend you become a member of The Career Compass Real Estate Sales Training.  CLICK HERE to visit their website to learn more about how they can assist you with the process of acquiring your CA DRE CEU's for License Renewal, learn timely busi...
Among the new buzzwords for 2020 is "Forbearance" (as over 3 Million Forbearance arrangements have already been made between Borrowers and Mortgage Servicers at the time of this post).In short, there are dangers of Forbearance!  Please CLICK HERE to view a full broadcast of my guest host appearan...

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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