Mortgage Street Smarts

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Mortgage and Lending - AmeriFirst Financial Inc, 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!
RECENT BLOG POSTS
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 ...
02/17/2021
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...
02/05/2021
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...
12/15/2020
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...
12/08/2020
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...
11/28/2020
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...
11/11/2020
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: ...
09/19/2020
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...
07/20/2020
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...
07/16/2020
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...
05/02/2020
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Jason E. Gordon

Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
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