Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic
I am a mortgage broker and I am also a magician. The two professions don't seem at first glance to have a lot in common but a constant connector of the two professions for me is: math. Mortgages, Magic, and Math.   All day long as a mortgage broker I deal with interest rates, loan to values, debt...
  We are not a credit repair company and do not charge a fee when we clean up credit files. It is part of our loan service. Many times a loan guideline may require a certain credit score. If the credit score is below that number there can be either a flat turn down or a loan with increased pricin...
Today I made a bank deposit and some of the deposit was cash.The Cashier marked a $50 dollar bill with a pen to make sure the bill was real.and it reminded me of the time I had a $20 counterfeit bill a few years ago.   I was rushing to San Francisco and stopped by my bank in the same building whe...
Service Clubs really help communities all across America. Consider joining a service club in your community.   The people at Mortgage Magic are community service orientated.   Paul SanFilipo is president of the Redwood City Optimist Club Wendy Wong is president of the San Jose Kiwanis Club Joe A...
Will the mortgage lender want to see divorce papers? Probably and certainly in these situations.   A copy of the Divorce Papers will be required if:   You receive income in the form of child support or alimony. This income can be used for loan qualification so long as there is a 6 month history a...
The loan underwriting has improved but there are so many situations where it still does not make sense.   The credit score is a good example. I sent a loan scenario to a lender back in Michigan and outlined the loan. His reply "If the credit score were over 700 we would accept this loan."   The c...
My first memory of Christmas is of a Salvation Army team bringing a Christmas tree and toys to our apartment.  That made a lifetime impression on me and now all these years later I have been a board member of the Santa Clara County Salvation Army Advisory Board fro 25 years. Thursday, December 11...
When the year ends I will have funded 9 loans that were turned down by a bank or a mortgage broker. Actually 7 were bank turn downs and 2 were turned down by a mortgage broker.   Why can this happen? Am I smarter, better, more creative than the people who could not assist the clients ? No. I don'...
These points all come from Fannie Mae's Considering a Reverse Mortgage? booklet and can be found in its entirety here   It is short read and covers these points.     What is a Reverse Mortgage? The Benefits of a Reverse Mortgage How to Play it Safe. ...
I still don't Tweet. I don't know how to Text. And I don't spend a lot of time on the telephone. I guess the only things left are face to face and email. For me, face to face is always best because so many questions can be answered and dug into deeper. Misconceptions can be corrected easier and m...

Doug Jones

Mortgage Broker - NMLS 286668
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