In this brief episode to lead to the introduction of Dollars & Dwellings, a conversation with my 17 year daughters gives us an understanding of what our kids know about finance and mortgage as they head into adulthood, and it's seriously lacking.
In my work as licensed mortgage loan officer, I have realized that most of our clients are also lacking knowledge and understanding of the process.
So I am inviting you join me and my guests on every episode from now on to empower you with knowledge and facts about many topics that affects your overall finances.
Welcome to Dollars and Dwellings.
If you have any questions or suggestions for a podcast please feel free to send me an email at REtienne@rhfny.com or on Whatsapp at 516-253-4865
Episode Transcript
Hello, ladies and gentlemen.
Good morning.
Look at this.
Today's my daughter's birthday.
She is a whole 17.
Say hi, Sarah.
Hi.
Okay, so let's talk aboutsomething, Sarah.
Do you know that in two yearsyou can buy a house?
(00:21):
Yes.
You do?
Yes, because my mother taught meall these details.
Okay, so let me ask you this.
I'm going to ask you questionsand then you tell me.
What do you know about those?
Cause you're 17, cause I'mthinking In this day and age,
you should know those things inschool.
Alright, so Sarah, what is DTI?
(00:48):
A DTI?
Mm hmm Debt to income ratio,what is that?
Oh, How much debt you owe toyour income?
Not quite.
So, you know, it's kind of that,you know, but what is LTV?
Loan to Value What is LTV?
(01:10):
Loan to Value?
No, no.
Okay.
So, how much, what is FHA?
Oh, an FHA is something thatinvolves a house.
I know.
What is conventional?
I don't know if I hear you sayit all the time, so.
(01:32):
Okay.
What is, how much money do youthink you should be making to
get your own home?
You should be making at least agood 60k a year.
Okay.
Alright, and when you say, doyou know anything about what's
(01:55):
called, how do you, how do youthink rate is determined?
Your interest rate.
Your interest rate is determinedby time.
The time you owe something tothe client.
Okay, how is it decided how muchrate they should charge you on a
house?
Depends on how much you makeyearly.
(02:17):
Okay, so, ladies and gentlemen,and 17.
I am a mortgage loan officer andI do this all the time with
people they call and the firstthing they say What's my rate?
There is a lack of education inMortgage and this is what I
(02:38):
believe I do believe that inanything that you are going
into, you need to know therules, you need to know
strategies, you need to knowyour position and what's your
role.
I'm hosting a podcast calledDollars and Dwellings.
So Dollars and Dwellings is notgoing to be just about mortgage.
(02:59):
It is going to be abouteverything that involves finance
because, you know, knowing isknowledge is truly power.
And I'm going, we all go with meand special guests.
We are going to give you thetools to get in the game because
when you get in the game, Andyou are at a position where you
(03:24):
are starting out, but you don'tquite know the rules.
You are bound to make mistakes,and mistakes can be costly, and
you can lose.
I want every single one of youto subscribe to the podcast, so
when you get in the game.
You will know your position, youwill know the rules, you will
(03:45):
know what the terms mean and howto get yourself in a way, so you
can get to Touchdown.
Because Touchdown means home, itmeans wealth generational
wealth, because you must know inorder to get there.
(04:05):
That's what destination is allabout you have to know the way.
There may not be just one way,but you have So, once you see
the announcement, subscribe toDollars and Dwellings, and we'll
see you there.
Cause, she thinks she knows, shethinks she don't know, but we'll
tell you what it is.
(04:26):
Alright, see y'all, bye.
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