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Doug Jones' Blog

By Doug Jones | Mortgage Broker
or Lender in 95126
  • Open House This Weekend in Morgan Hill

    Posted Under: Home Buying  |  May 30, 2014 7:37 AM  |  161 views  |  No comments
    Saturday May 31   1PM-4PM
    Sunday June 1   1PM - 4 PM

       New On The Market
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    4 Bedroom  2805 sq foot home with 2.5 Bath rooms and a 3 car garage. The home has a tenant who is moving by May 22 and will be available to be shown after that date. Will go on the MLS this week. Jasper Park Subdivision and right across the street from a Childrens Park.
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    1 The home is 8 years old and available immediately - just in time for the kids to enroll in school. HOA $100 month. Priced to sell at $797,000.  1
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    Property Picture Property Picture Property Picture
    Logo   Doug Jones CalBRE 00979517
    Buyers Realty 
    (408) 975-2400 x 110 office
    (408) 209-6773 cell

      My Photo

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    The information in this flyer is believed reliable, but is not warranted or guaranteed, and before any reliance or use should be independently verified. Suggestions, advice, strategies and all other like information are general in nature, are not based on knowledge of your specific circumstances, and should be used only after your own independent verification of reliability, application of independent business judgment and due consultation with your tax, technical, legal, real estate, investment, accounting and/or other professional advisors. 

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    Doug Jones
    1625 The Alameda Suite 401  San Jose, CA 95126
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  • Financial Tips for Buyers

    Posted Under: Home Buying in San Jose, Financing in San Jose, Agent2Agent in San Jose  |  May 27, 2014 3:33 PM  |  289 views  |  1 comment

    Tips For Buyers
    95% of first time home buyers and 86% of repeat buyers finance their home purchase so my comments have to do with financing.
    1. Make sure your credit is in shape. You can obtain a free annual credit report from www.annualcreditreport.com. Actually there are three major credit reporting companies so you can get three reports a year by obtaining reports from different companies at different times. Pay off the small accounts and don't use them. You can raise your score by reducing the number of accounts with balances. Of course you do want to make sure that you are using 3 different accounts that show current ratings.
    2. Start to gather and manage the documents that you will need for your loan. You will need the last two years Federal Bank statements plus w-2's, 2 most recent consecutive pay stubs, 2 most recent consecutive bank statements to prove the down payment.
    3. Get pre-approved. There are probably thousands of loan rules these days and it is a good idea to sit down with a competent loan officer and discuss your loan application.
    4. Don't be surprised with unexpected real estate costs. Get a break down of the fees that will be associated with your purchase. Counties have traditions. In Santa Clara County it is tradition that the seller pays for the escrow, title, etc and one county away in San Mateo it is customary that the buyer pays these fees. Get a break down of the costs early so that there are no surprises.
    5. Consider a Home Warranty. This is a policy that pays for repairs to appliances, etc during the first 12 months of ownership. I bought a home once and the Home Warranty was $400 but we had a major problem and the damage came to just over $5,000 -- this is a good investment.
    6. Talk to your accountant or tax-preparer and discuss if you should adjust your withholdings. If you have never owned a home before you do get a tax exemption and you may be able to claim more dependants during the year so that your actual pay check increases and you will still be even at the end of the year.
    7. If you are in California you do want to consider a living Trust. This can save you thousands of dollars in the event of an untimely death.
    8. Consider a life insurance policy to cover the mortgage. For most a term life policy is inexpensive - especially those who are still young.
    This is the largest purchase for most of us -- protect the asset with good financial planning and decisions.
  • Certified Appraiser or Licenced Appraiser ?

    Posted Under: Home Buying in San Jose, Financing in San Jose, Agent2Agent in San Jose  |  March 28, 2014 9:06 AM  |  719 views  |  No comments

    Since 2008 mortgage brokers have not been able to order the appraisal for a property that they are doing a loan on.In the "old days" I had my  list of appraisers and used different appraisers for different areas and different expertises. I knew which appraiser could appraise a farm or vacant land or a high rise building and called the appropriate appraiser for the appraisal. Since 2008 we submit the loan to a bank for approval and the bank orders the appraisal thru an appraisal management company.
    Move forward to March 2014. One of my loan agents is doing a purchase loan on a home that is valued at $1,500,000 and is 1.5 acres. Where we live in Silicon Valley this is not an unusual property but the first appraiser called the listing Realtor and informed her that he could not do the appraisal. We were surprised and called the appraisal management company and they had a new appraiser call the listing Realtor to get details and the second appraiser told the Realtor that he also could not do the appraisal because he was not a "certified appraiser". We again called the appraisal management company and now they have assigned a "certified appraiser". Because we no longer communicate with the appraisers I was not even aware that there is a difference between a certified residential appraiser and a certified residential appraiser. Below is the definition of each.
    A certified residential appraiser is permitted to appraise real estate consisting of one to four residential units, regardless of the value of the real estate or the complexity of the appraisal. Although a licensed residential appraiser can also appraise real estate consisting of one to four residential units, the licensed appraiser is limited to appraisals where the real estate is valued at $1 million or less and the appraisal is considered noncomplex; that is, the market conditions or form of property ownership are not considered atypical. Neither classification includes appraisals of a subdivision in situations where an analysis of the development is needed.
  • I just saved a customer $618 a month !

    Posted Under: Home Buying in San Jose, Financing in San Jose  |  February 25, 2014 10:15 AM  |  324 views  |  No comments
    I just saved a customer $618 a month !  This was a $590,000 purchase and because of underwriting guidelines the loan was initially an FHA loan. But I was able to find a bank in Minnesota who would do a 10% equity line and this equity line loan got rid of the monthly mortgage insurance and the initial FHA funding fee which was $9,293. The monthly mortgage insurance was $608 and the FHA loan total payment (with taxes, insurance, and the mortgage insurance) would have been $4,073 each month. Because of the way we structured the loan with no mortgage insurance and no FHA funding fee the total loan payment is $3455. That is a savings of $618 a month or $7,416 a year plus we saved the $9,293 funding fee for a total first year savings of $16,709.00. -- This is why I am a mortgage broker; finding ways to really save clients money on their largest lifetime purchase. Having this kind of success for clients is what makes me really happy!
    Doug Jones nmls 286668
    Mortgage Magic nmls 331340
  • An Easy Web Site to help you find your new Home

    Posted Under: Schools in San Jose, Home Buying in San Jose  |  January 30, 2014 9:03 AM  |  365 views  |  No comments
    I am excited about my new search site. This site is easier to navigate than any site I have seen yet and you can search for so many unusual features that are important to you. You can search for homes under so many categories:
    Hardwood Floors
    Near Cal Trains
    Large Back Yard
    Near BART
    High Ceilings
    Remodeled Bathrooms
    Natural Light
    Large Back Yard
    Of course you can still shop for price, location, and school districts. But, you want a home that faces east ? You can find it on this site. Want a walk in closet  or a lot with lots of trees? Then this is the site for you to begin your home search.
    Doug Jones

    Buyers Realty CalBRE 00979517

  • Yes - I write VA Loans

    Posted Under: Home Buying in San Jose  |  November 8, 2013 9:01 AM  |  278 views  |  No comments

    YES I write VA loans... the initial paper gathering  process is pretty much the same except these two items are needed as well; The DD Form 214 and the Certificate of Eligibility.
    DD Form 214 - required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28).
    Certificate of Eligibility (COE) You can go online, please go to the eBenefits portal. If you already have login credentials, click the Login box, and if you need login credentials, please click the Register box and follow the directions on the screen.  If you need any assistance please call the eBenefits Help Desk at 1-800-983-0937.  Their hours are Monday-Friday, 8am to 8pm EST.
    Doug Jones

    NMLS 286668 BRE 00979517
    Mortgage Magic
    (408) 975-2400 x 110

  • The Financial Advantage of Mobile Homes

    Posted Under: Home Buying in San Jose  |  November 8, 2013 8:56 AM  |  254 views  |  No comments

    The Advantage of Mobile Home Living
    San Jose and the Bay Area rates right at the top of expensive places to live in the United States. The reason we are such an expensive area is housing costs. The median price of a home in San Jose is $605,250. Under normal financing with a 20% down payment which would be $121,050. The mortgage payment would be $3800 using the payment, taxes and insurance.
    There are nice mobile home parks in our area. Right now our company has a mobile home for sale for $65,000 and the monthly rent to the park  is $893. The person buying the home in the first example could pay for the home cash and still have $56,000 in the bank.
    Then instead of paying $3800 a month the monthly payment is $893 that is another saving of $2900 every month. Having money in the bank and having smaller payments for any financing can relieve a lot of stress and make life much more enjoyable and easier to manage.
    Doug Jones

    Buyers Realty CalBRE 00979517

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