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!
Homeowners Take Caution - Layoffs Are Back!Sadly, the 4th Quarter of 2023 is experiencing a rise in job layoffs across a vast array of industries (with forecasts of more to come in 2024).  Many of these employees experiencing termination are also homeowners who have mortgages.  What Can Homeowner...
Fannie Mae & Freddie Mac have recently announced their new Conforming and High Balance Conforming Loan Limits for 2024.  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 ...
Understanding HVCC's Impact On The Appraisal ProcessIf Divorcing Parties order their own appraisal, why does a Mortgage Lender need to order a separate appraisal?  If there are multiple appraisals, which one is used for the Divorce Equity Buyout loan process?  The answers stem from unintended con...
Among the advantages of working with seasoned & fiscally literate Mortgage Lenders (as opposed to inbound lead converters at Call Centers or even worse...AI robots), is the ability to customize loan strategies based on economic logic.As we settle into the 4th quarter of 2023, there are several un...
Don't Assume the Assumption! One of the bright spots of the recent COVID-19 inspired global pandemic was the sharp decrease in mortgage rates.  After all, bad news for the economy is good news for mortgage rates (and vice versa). The historic spike in unemployment filings and sharp decrease in co...
In case you haven't heard, we have some major controversy brewing yet again in the mortgage industry.  The topic is that effective 5/1/23, there will be significant changes to the "pricing adjustments" levied to Borrowers on Conventional (aka Conforming) Loans.Essentially, HIGH FICO Borrowers wil...
Are Borrowers with high FICO (Credit) Scores going to start paying higher rates than Borrowers with low FICO (Credit Scores)? The answer is no, but also yes.  Allow me to explain.Understanding "Pricing"There are 2 different ways that every Borrower pays when they obtain a mortgage, which are as f...
“Unlock the Secrets to Successful Co-Parenting with 25+ World-Class Experts at the Co-Parenting Success Summit!”Co-parenting can be a difficult journey, especially when the relationship with your ex-spouse is strained or acrimonious. However, it's possible to navigate this journey successfully an...
How can something so good for some, be so bad for others? Is the new CalHFA “California Dream for all Shared Appreciation Loan” BAD for Homebuyers? First off, here are a few facts of the program: Official program guidelines will be published on Monday March 27th (2 days from now)…that said, I’ll ...
There are 4 "milestones" in the creation of a mortgage from start to finish, which are as follows: PROCESSING - the initial stage where the Lender takes a close look at the Borrower "on paper" by pulling credit and gathering such documents as Paystubs, W2 Forms, Tax Returns, Bank Statements, etc....

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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