Mortgages Made Simple with Rick Gundzik

On this week's show we handle two interesting equity questions. The first is "You have a property that has substantial amounts of equity, you want to sell the property and move to another property, can the equity from Property A follow you to Property B ...

What's the difference between a recourse and a non-recourse loan? and How much equity should one have in a property before considering a cash out refinance? This week we answer these two listener questions.A recourse loan allows the lender to try to ...

This week we answer another listener question; "How does one know if they're paying just interest or they're paying down principal? Would their mortgage payment be just the interest or would it be substantially more? Who decides what gets applied to the ...

Do all lenders provide a term sheet when they originate your loan, what is a BPO and what is a seller 2nd? This week we answer 3 more listener questions.All lenders must provide a term sheet within 3 days of starting your loan. These are commonly ...

How long does an FHA loan take to close and who are they best suited for? What is a letter of intent used for and what are FHA 221-D and 223-F loans for? Today we're answering these 3 listener questions.FHA loans usually take 30 days to close and are ...

Conduit Loans, what are they and are they any good? This week we answer a listener's question. The name Conduit just referred to a big mortgage company that bought loans from smaller mortgage companies.When Alt A and Sub-prime loans were around there ...

I enjoy looking through View Magazine in Orange County California. This week's headline got my attention "Real Estate Remains Hot in Orange County." I didn't know it was hot so I researched the references.First the median home price is up 14%. It is but ...

We had a couple more listener questions and we like to keep up to date on them since it's a good indication of what the public thinking is today and we like to treat you well since we care what you think. The first question was "Can a lender pursue a ...

We had 2 listener questions this past week. The first was "How do bridge loans work?" and "What is par pricing and APR. Bridge loans are simply a temporary loan when a person is buying a new home and hasn't sold their old home yet, that enables them to ...

We had 2 listener questions this past week. The first was "How do bridge loans work?" and "What is par pricing and APR. Bridge loans are simply a temporary loan when a person is buying a new home and hasn't sold their old home yet, that enables them to ...

Recently several banks released their earnings, and while on one hand they were all showing billions of dollars in profits, on the other hand they were cautioning that they had potentially 5 times as much in credit card defaults. So their losses are ...

Recently several banks released their earnings, and while on one hand they were all showing billions of dollars in profits, on the other hand they were cautioning that they had potentially 5 times as much in credit card defaults. So their losses are ...

We received a good question this past week...."What do you think about the Obama administration and their latest expansion of the "home affordable" refinance program that was recently outlined. Will it help those tens of thousands of owners whose houses ...

Fannie Mae announced on July 1, 2009 that the Refi Plus program was being expanded to allow a homeowner to refinance up to 125% of their home's value. Listen to "125 LTV Refi Plus"To find out if your loan is eligible visitMakingHomeAffordable.govFannie ...

In Part 3 of our "Purchasing a Home" series we're going to discuss the latest Appraisal issues arising from the new HVCC or Home Valuation Code of Conduct law. As of May of this year the HVCC law , which was passed to eliminate pushing values ...

We had two listener's questions this past week. The first question was "Are there any loans that allow only 5% down?" FHA loans allow only 3.5% down, so that is the best option for a low down payment loan. The question was "If I am putting 25% down, can ...

In Part 2 of our "Purchasing a Home" series we're going to discuss credit score requirements. The good news is FHA loans don't require much of a credit score at all. However, the major lenders require a 620 credit score. So keep that number in mind. ...

We're making a few changes to our blog to better serve all of you. We're going to be moving toward a more text based blog. And we'll also be increasing the number of weekly posts as we're getting a new sponsor. Today we are starting a "Purchasing a ...

This week we're replaying a podcast where we answer 5 more questions from loyal listeners. 1. If someone is upside down in there mortgage, what advice would you give them? 2. Could you explain what it means to be upside down in a mortgage?3. Can a person ...