Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic



People qualify for a Reverse Mortgage at age 62 and for early retirement benefits from Social Security also at age 62. The older the person the more money he or she qualifies for a Reverse Mortgage. And, the Social Security benefits continue to rise until age 70. So the question. When to take a ...
Once I wrote a blog titled "Income is not Income". Here is an excellent example.My client told me how much income she made and this was in general discussion. At one point she commented that in addition to her home she owned a duplex free and clear and the monthly income was approximately $3000 a...
This is an actual real estate contract on a sale that closed in 2001...the names and address are the only things that have been changed. Today contracts are perhaps 100 pages of words and phrases that most of us don't understand. How simple was this. Porky and Bess Pigg, hereafter named as "Buyer...
An attorney worked for 10 years with a prestigious law firm and finally made partner. Recall in the movies when a person makes partner it is a celebratory event. But, this attorney is in the market to purchase a home. Had she purchased the home before she made partner she would have been approved...
If a person earns $50 a week and the bills are $51 there is a financial stress. I have been told that the financial stress of not having money for a $400 rent payment is the same as the stress of not having a $4000 mortgage payment. The stress on your child wanting to do something that you would ...
OK. So, you want to buy the house but it has problems; broken windows, missing toilets, some holes in the wall, bad carpet and the counter tops are outdated. And you can't get financing because the seller or perhaps the bank will not fix all the repairs before the escrow closes. The bank making y...
How long do you have to wait to purchase after a negative credit event? Unless you are a veteran and qualify for a VA loan then the quickest way to purchase a home after a significant derogatory credit event is with an FHA loan.   Here are some guidelines listed per event:   Foreclosure/Deed in l...
As a mortgage broker why I love reverse mortgage loans over other mortgage loans>1. I don't have to worry about the credit score2. There is no debt ratio to compute3  I am not concerned if the borrower quits his/her job4. The loan application is so much simpler5. I don't have to worry if the unde...
Interesting data from the FDIC; The year ending March 2011 shows that bank deposits rose by $300,000,000,000 (300 Billion)....assets grew by $80 Billion and profits were up $12 Billion.Loan Volume fell $260,000,000,000 ($260 Billion) -------------------------------------The existing loan limits a...
Years ago there was a company called PSFS; Philadelphia Saving Fund Society. If you are in the Philadelphia area you will probably know that the PSFS Building is the first skyscraper in the US built in the International style (functional architecture without any decoration). PSFS no longer exists...

Doug Jones

Mortgage Broker - NMLS 286668
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