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!
We have now reached that awkward time of the calendar year...that time of year when Borrowers have received their W2 & 1099's for 2018, but have not yet filed their 2018 Federal Tax Returns.  While this awkward time occurs each year, many Real Estate & Mortgage Professionals remain ill-prepared f...
 UPDATE: Owner Occupied Cash Out Refinances with DTI above 45% will now require 6 months Cash Reserves As mortgage rates trickle higher, Fannie Mae has taken a step to tighten their Underwriting (UW) guidelines yet again.  The latest revision is focusing on Cash-Out (C/O) Refinances with high Deb...
~ The Truth Behind Mortgage Advertising ~ The truth behind mortgage advertising is rather simple for those who take the time to understand the facts.  Far too often, Mortgage Advertising is deceptive (and has been that way for decades).  The reason why Mortgage Companies continue to engage in mis...
 Essential Homebuyer Information - 2 Most Common Topics  If you are buying a home, or know someone who is, please read/share this simple tutorial of the 2 most common topics every Homebuyer wants/needs to know about. Topic #1 - MONTHLY PAYMENT (Where does all of that money go each month when I ma...
Have you heard of the Real Estate Collaboration Specialist - Divorce (RCS-D) designation?  If not, I suggest you familiarize yourself with the concept immediately, as it might save your business!   Background & Context It is no longer enough to simply be "good" at your job in order to succeed in ...
Prepare for a wild week for mortgage rates!  What will Friday's employment report do to mortgage rates? Stocks are high early this morning with the Dow setting a new all-time high. June Personal Income & Spending reports were released today, whowing that incomes were unchanged, with spending incr...
Residential Appraisal protocols were significantly changed with the implementation of the Home Valuation Code of Conduct (HVCC).  Regardless of whether you are seeking an appraisal for a Conventional Loan, a Federal Housing Administration (FHA) Loan, or a Veterans Administration (VA) Loan, our Go...
 It is no secret that qualifying for a mortgage loan is often more challenging for Borrower's who are Self-Employed.  Freddie Mac has just announced a change to how these Business Owners must document their income (and this change is effective immediately):Documentation Requirements -- The number...
Just when you thought the recent spike in mortgage rates would stop, we are continuing to get worse! Today is the worst day for mortgage rates in the last 3 months! MBS began with small losses and quickly moved lower. Ironically enough, weekly Jobless Claims rose to 268K above the consensus of 25...
This morning, September CPI inflation rose 0.3% from August, matching the consensus, and it was 1.5% higher than a year ago.  Core CPI, which includes food & energy, rose 0.1%, below the consensus for an increase of 0.2%. Core CPI was 2.2% higher than a year ago, down from 2.3% last month. NAHB H...

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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