Home Loans Radio 01.25.2025 With that mortgage guy Don- Rates are coming down and inventory is up!

Home Loans Radio 01.25.2025 With that mortgage guy Don- Rates are coming down and inventory is up!

Episode Transcript

Speaker 1 (00:00):
It's time for Home Loans Radio on Real Radio with
that mortgage guy Don. Join the conversation text us at
seven seven zero three one. Now here's that mortgage guy Don.

Speaker 2 (00:13):
Hey hey, hey, hey, hey hey hey, good morning. Welcome
to the Home Loans Radio show that mortgage guy Don.
That's right, that's me. We're here doing what we do
live right here on Real Radio one to four point
one every single Saturday. Right here. I'm with my crew.
Good morning, I'mjay, Good morning, mister Fritz, salutations.

Speaker 3 (00:33):
It's not all what it does say.

Speaker 2 (00:34):
Oh yeah, we're here. We're doing it. Frozen here we are.
It's not just the name of a movie. It's uh,
Central Florida. In some places, it's like a yeah, I
don't know, Am I wrong? Is this like the most
consistent winter we've had Florida winter we've had where it's
been like a week or two or three cold in
a row.

Speaker 3 (00:53):
I was actually just talking to Darcy about this. I
think it probably is.

Speaker 2 (00:57):
I can't remember. Usually we'll get like we'll get the
rain comes through in the winter, right, you get the
lazy rainstorm for a couple of days, and then it
gets cold for two or three days and then it
warms up.

Speaker 4 (01:06):
And it goes back to back to regular bombing, regular Florida.

Speaker 2 (01:10):
Yeah, we're going on a month of cold weather now.

Speaker 4 (01:12):
And it's cold. Yeah, it's like really cold.

Speaker 2 (01:15):
Normally I run my heat once or twice a year,
and it's been on sixty five times already.

Speaker 4 (01:25):
There's weird Florida days where you have the heat and
the air on in.

Speaker 5 (01:28):
The same day all the time. Yeah, because it's like
you have the heat on in the morning and then
and then again just turn it off, yeah, and then
and then later it's like it's wetting here.

Speaker 2 (01:38):
It's happening recently, you know, it's like fifty eight in
the house in the morning, Okay, you got to heat
it up to a reasonable functional temperature.

Speaker 1 (01:45):
Uh.

Speaker 2 (01:46):
And then and then by afternoon it's eighty five in
the house.

Speaker 5 (01:49):
Yeah, it's a weird thing.

Speaker 2 (01:50):
So you don you know, bedtime you turn the air
on and get it back down to the CRISP seventy one.

Speaker 5 (01:55):
It's quite cool outside.

Speaker 2 (01:56):
I guess I could just open the windows. Your list
into the Home Loans radio show, that mortgage guy Don
We're here doing what we do every single Saturday. We
answer your questions. I'm a mortgage expert, expert on commercial loans.
We answer your questions right here. You text them in
its seven seven zero three one. We are live. We're
what kind of a what time? The last week of January? Already?

Speaker 5 (02:18):
That's right? It is it? The last week of January.

Speaker 2 (02:20):
It's like the twenty fifth.

Speaker 5 (02:21):
Yeah, Oh my goodness, how does this happen?

Speaker 2 (02:23):
I don't know. I feel like we just started January. Wow.
But here we are at the end of January, and.

Speaker 3 (02:28):
Then on Friday it'll be the thirty first.

Speaker 2 (02:30):
There you go.

Speaker 5 (02:31):
January whizz in mind, in spite of in spite of
uh not dry January medium dry.

Speaker 2 (02:38):
January medium dry January dy.

Speaker 5 (02:40):
January usually creeps along.

Speaker 4 (02:42):
Yeah, but it's it's better. But I have taken some breaks.

Speaker 2 (02:45):
You're damp, ye damp, damp January January. Yeah, all right,
somebody's gonna do it.

Speaker 5 (02:51):
People are.

Speaker 2 (02:56):
People are saying, I just got back from the coldest
place on Earth. Oh yeah, as far as I'm concerned,
it's the coldest place on it. Pontiac, Michigan.

Speaker 5 (03:05):
That seems cold.

Speaker 2 (03:06):
I told everybody last week I had to go there
for a business trip. It was brutal, brutal, like windchill
minus twenty one.

Speaker 5 (03:13):
Jeez, I don't even know what that is.

Speaker 2 (03:15):
No, you don't do you get out numbers. It's just numbers.
It's numbers of how cold your face is. No, I
didn't have to spend a lot of time out in
that cold. But like you know, you're waiting for a
lift or whatever. They won't drive into the restaurant, you know,
so you gotta go. You gotta go outside and stand
there and wait. Man, it's cold, like cold where you

(03:37):
think jeans are going to keep you warm, but.

Speaker 5 (03:39):
No, no jeans right in the summer, jeans make you
so hot. In this economy.

Speaker 2 (03:49):
With the price of these eggs, no way, it's gonna
get worse. You know, as it's reading an article this
morning about the egg prices, they're going to see if
you haven't seen already, they're going bananas again.

Speaker 3 (03:58):
Now they're bananas.

Speaker 5 (04:02):
Yeah, because I hate eggs, but I do like bananas.

Speaker 2 (04:05):
It's a different shape of chicken bananas, the long tall chickens.
Now that it's because of the bird flu, they.

Speaker 5 (04:15):
It always was because of the bird well for the.

Speaker 2 (04:18):
In getting worse, but it's like this is the worst.
Now they've had to call one hundred like one hundred
million chickens to try and stop the bird flu from
wiping out all the chickens. They're saying that the chicken
egg shortage is going to become a very real deal
here in the next couple of months. They're they're talking
about the chicken population needing a year to regroup. Uh

(04:39):
in the US, if it, if it, you know, if
they can stop it where it is. It's pretty crazy.

Speaker 5 (04:43):
The first time that the price is spiked and everyone
was talking about it, that was also bird flu. Just
know what talked about that because the biggest three of
the biggest distributors had to wipe out all their stuff.
So that happened already.

Speaker 2 (04:55):
Wow, that's great.

Speaker 3 (04:56):
They also had like a mass duck casual. I think
they had to get rid of ducks.

Speaker 2 (05:03):
I didn't hear about that.

Speaker 3 (05:04):
I don't want to say the number because it's very depressive.

Speaker 2 (05:06):
Yeah, there's a lot, it's a lot. But they said
basically one third of the chicken population they've had to
cull is the right word.

Speaker 3 (05:15):
But how old we eat chickens?

Speaker 2 (05:18):
Well, what about it?

Speaker 5 (05:20):
Did all those delicious chickens just get destroyed?

Speaker 2 (05:23):
Well, like I don't know if they had them on
the store shelf and said, delicious bird flu chickens, what
price would you think would be fair?

Speaker 3 (05:30):
I'd be like, I'm not a chicken can affect me.

Speaker 2 (05:34):
I think they've had they've had a couple at least
one transfer case so far from birds to humans. It's
always the way it starts. And someone who works at
a poultry farm, of course, but yeah, that's that's something
to watch out, is if we don't have enough things
to watch out.

Speaker 5 (05:47):
Well, one of them transferred from a person who had
just backyard chickens. Wow, and that's different.

Speaker 2 (05:52):
That's like, oh, I don't want no bird flu.

Speaker 5 (05:57):
Do you count? Do you count?

Speaker 3 (06:00):
You get pie flew with a U or e W?
I'm confused.

Speaker 2 (06:05):
You know chickens can only flew for slight distances.

Speaker 5 (06:08):
I didn't say.

Speaker 3 (06:08):
I didn't know that. I know turkeys could fly like
eighty five miles per hour.

Speaker 2 (06:14):
It's like thirty chickens fly, no, but just not far,
you know, but they can fly. When I was a
young man, my grandmother on my father's side had a
farm up in Rhode Island, a little five acre farm,
and I was I would go up there in the
summertime for forced servitude where you get up at four
am and then learn about animals and feed them, and yeah,

(06:36):
good times. I wasn't I wasn't done it at nine am.
I wouldn't bother me so bad, but getting up at
four and that's not fun of chickens.

Speaker 5 (06:42):
Get a burly man.

Speaker 3 (06:44):
I wasn't too far off on my turkey fact. Guess
how fast they can fly a turkey? Yeah?

Speaker 4 (06:51):
I didn't think turkeys could.

Speaker 2 (06:52):
Fly at a living turkey. Yeah, I've seen I've seen
them fly. You see him on the golf course a
lot in Florida if you're if you're a golfer, you
see a lot of wild turkeys. I'll see him fly.

Speaker 5 (07:01):
How fast we have to guess?

Speaker 3 (07:03):
Well, yeah, if you want to twenty.

Speaker 2 (07:07):
Sixty five miles an hour.

Speaker 3 (07:08):
Yeah, you're close fifty and sixty.

Speaker 4 (07:10):
What that's amazing.

Speaker 3 (07:12):
They can for short distances. It's not like they're, you know,
flying across lakes. They're just getting away from something.

Speaker 2 (07:18):
Icy predator escape.

Speaker 3 (07:19):
Yeah, cool, that's crazy.

Speaker 5 (07:23):
That is.

Speaker 2 (07:23):
You're listening to the Home Loans radio show with that
mortgage guy Don doing the chicken duck, Chicken duck. We're
going to talk about birds. We also got to talk
about the potentially new state bird of Florida that they're trying.

Speaker 3 (07:34):
To Yeah, is it the Florida scrub jay?

Speaker 2 (07:38):
It is? Yeah, I gotta, I gotta pull up the article.
What we'll dig into it. But yeah, I think that
with a flamingo right now, Yeah, right now, the mocking
bird is the state the state bird right of.

Speaker 5 (07:49):
Florida is just mocking us because it's already the state
bird of a whole bunch of other places.

Speaker 3 (07:53):
Yeah, I think forty eight of fifty nine states.

Speaker 4 (07:55):
Yeah, it's annoying. I mean, I love the flamingo. It's
such a visual.

Speaker 5 (07:58):
Yeah, it's iconically Florida.

Speaker 3 (08:00):
It would be cool.

Speaker 2 (08:01):
I mean, I don't think there are flamingos Florida. I
think they are from like, well they're here.

Speaker 3 (08:07):
Yeah, there's only one endemic bird.

Speaker 4 (08:09):
Who's endemic to Florida. Anyway, who among us me?

Speaker 3 (08:13):
I was born here?

Speaker 5 (08:14):
I was born here, Yeah, in Florida.

Speaker 2 (08:16):
Yeah, yeah, I don't know. We'll google it, we'll search
on that.

Speaker 3 (08:20):
Anyway, back to bird talk, we're slipping text in your
question three one, anything having to do with mortgages, real estate.

Speaker 2 (08:30):
I want to buy a house. I want to sell
a house. Want to find out how to buy a
house from your mema and not have to put any money.

Speaker 5 (08:36):
Down to buy a house. You can have your own chickens,
that's right.

Speaker 2 (08:39):
You want to be able to get the bird flu
in your own dang all the yard, and you can
do that.

Speaker 3 (08:43):
Too, don I might be begging the question here, but
is it true that rapes dropped?

Speaker 2 (08:49):
They did?

Speaker 3 (08:50):
Okay, I thought I saw that. I didn't know if
it was a fever dream though, because I kind of
pulled a muscle, you know, and I took some iver Priffin.

Speaker 2 (09:00):
Look, we've told you one or two is fine. Yeah,
any more than that there's a chance for provascinations. Yeah, yeah, No,
uh well, let's do that. Let's do the mortgage news.
What's going on in it. I'll tell you we did
have a rate drop at the end of the week Wednesday, Thursday, Friday,
we had each day the rates kind of went back down,
turned the clock about back. About about three or four weeks,

(09:21):
we've had a we've had a pretty bad what i'd
say month, month and a half since since about two
to three weeks before the election, the rates just kind
of spiked up and The theory with the economists that
I read is that it had to do with nobody
really knowing what the financial fiscal uh federal policies were
going to be okay uh and and some of them
are becoming clearer. And so when when when the Street

(09:43):
Wall Street, when they liked, you know, the policies, they
think it's going to be better for the finances, and
then some things change and they act accordingly. And as
things are becoming clear, I think we're starting to see
where the where the policy is going to land. Some
they they're still unclear on tariffs completely. Nobody knows what's
going to happen there. But we may see treasury bonds
continue to come down over the next couple weeks, which

(10:04):
would be good for interest rates. Were we are in
the sixes. You know, people ask what are the interest rates?
Low sixes for the best qualified people is where we are.
If you see any news, you're going to see that
they're in the high sixes or low sevens. But that's
not We're a wholesale mortgage broker, so our rates are
about half a point to three quarters of a point lower.
So we're in the low sixes on thirty year loans

(10:24):
for the most well qualified and even fifteen year loan
are down into the fives now, So we're seeing those numbers.
It's kind of the kind of the benchmark once we
get the once the rates are below six, it seems
like that activates the housing market and every everybody's you know,
ready to buy at that seven and below rate, but
above seven that kind of slows things down. Yeah, I'm excited.
There's a lot of people that are paying too much.

(10:45):
I want to get those mortgages down lower for people.
You know, it's time. You know, we thought they were
going to come down in twenty four, didn't quite happen,
But I think twenty five is the year we're gonna
We're going to stay on top of that. What else
have in homestead exemption? We got to talk about the
homestead exemptions drinking game. Every time I say homestead exemption.

Speaker 4 (11:06):
Have a.

Speaker 2 (11:08):
Have a sip of your chai latte or whatever it
is you're drinking. Yeah, if you bought your house in
twenty twenty four at all, and it's your primary residence,
you have to now file in January or February for
your homestead exemption. It gives you a break on your
property taxes because when you buy a new house, they
reassess it that following year so they know how much

(11:29):
to tax you, and then you get your tax bill.
So during this month January February, that's it. If you
don't do it by March first, you gotta wait till
next year to do it. So if you bought your house,
I sent an email blast out to every single human
that bought a house with my company with that mortgage
guide don last year and reminded them all to go
and file the homestead. And a lot of people already

(11:51):
have good on you. A lot of people said, oh crap,
I'm going to do that tomorrow, but we're going to
get every everybody filed. If you bought a house in
twenty four go tomorrow to the website your county property
appraiser and file it online. It's not too hard. The
key that people miss a lot. I'm gonna give you
this tip, this pro tip. If you haven't switched over
your driver's license to your address, you can't file your

(12:14):
homestead yet. You've got to do two steps. You got
to get your license updated, then file homestead. So don't
wait till the last day. If you haven't updated your license,
you're gonna miss out. You're going to have higher taxes
for another year.

Speaker 4 (12:25):
That makes sense because your license it makes you bona
fide that you live in That's.

Speaker 2 (12:28):
How you prove that you that is your primary residence.
One of the ways. Yeah, there's a couple of ways.
But that's where you're listening to the Home Loans radio show.
I think that's all I got for the mortgage news.
Not a whole lot of you know, and those aren't
bad ones.

Speaker 5 (12:39):
Right, yeah, it's all good, right.

Speaker 2 (12:42):
Inventories up, you know, and and people are are coming back.
We're getting a lot of contracts, a lot of people
under contract right now that were pre approved last year
but didn't really move forward too much.

Speaker 4 (12:53):
Getting ready, we got the Oscar nominations came out, they did.

Speaker 2 (12:56):
We have to talk about that. See what you're see?
What your favorite? Are you seeing all the movies yet?

Speaker 3 (13:01):
Uh? Fritz, No, I have not. How many are there? Well?
Just too many?

Speaker 5 (13:07):
Ten best pictures? Yeah? Ten?

Speaker 2 (13:09):
Just the best picture is ten.

Speaker 3 (13:11):
Let's see if I have seen any of them?

Speaker 6 (13:12):
Do you know?

Speaker 5 (13:13):
Can you just say some what movies have you seen?
This year?

Speaker 2 (13:16):
We're gonna actually, let's come back after the break and
do movie talk right now. We got to take a
quick break for these fine messages. Hey, hey, hey, it's
that mortgage guy Done twenty twenty five is here and
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(13:39):
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(14:02):
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(14:24):
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Speaker 5 (14:30):
Hey, this is.

Speaker 3 (14:30):
Devor Roberts from the Jim Culbert Show. When you're listening
to home Loans Radio on real Radio. Now back to
the show with that mortgage guy.

Speaker 6 (14:39):
Don.

Speaker 5 (14:40):
Hey, you're listening to home ones readio with that mortgage
guy Don and Fritz Hey him, Jed Hey, frit Hey
out in the.

Speaker 3 (14:48):
Wild he Don? Hey, Yeah, I was out in the wild.

Speaker 5 (14:53):
Well you were doing what you do?

Speaker 2 (14:55):
Where were you doing?

Speaker 5 (14:55):
What were you doing?

Speaker 3 (14:56):
Yeah?

Speaker 2 (14:56):
Cavos tell people what what they missed.

Speaker 5 (14:59):
Well, Fritz was doing video trivia Cobos and I sauntered in,
not realizing it was a Tuesday and was thrilled to
see my friend Jeff on stage doing his thing.

Speaker 3 (15:10):
You know what was crazy. I didn't think it was
a Tuesday either.

Speaker 5 (15:12):
Right.

Speaker 2 (15:15):
You just show up there every night and hope it's yeah.

Speaker 5 (15:16):
You're like, oh it's Saturday, Okay, is it is it now?

Speaker 3 (15:21):
Is it now?

Speaker 5 (15:23):
Sure?

Speaker 3 (15:23):
Where are you? Do you need us to call you?

Speaker 2 (15:25):
Like?

Speaker 3 (15:25):
You know, taxim like you no, no.

Speaker 5 (15:29):
And you're and you're just asking questions like what was
the birthday the forty second president? Wasn't a Tuesday? And
they're like, do you want anything to drink?

Speaker 3 (15:37):
Tiebreaker question in meters in meters no, sir, sir?

Speaker 5 (15:43):
Can I serve you some food?

Speaker 2 (15:46):
Like, Jeff, you know you only get paid for this
on Tuesdays, Wednesday, Thursday, Friday. When you come here and
do it, it's just funny.

Speaker 3 (15:52):
I just started crying the restaurant again.

Speaker 5 (15:55):
It's you doing it. I'm I'm I'm still a little full.
Uh so celebrating National Pie Day from Thursday Friday by
day and it's not that math one.

Speaker 3 (16:05):
Yeah I thought that was three three one four right, yeah,
three point four pies.

Speaker 5 (16:10):
The math Pie Day is like that's just for a
few people. I don't know the big celebration there.

Speaker 3 (16:16):
I don't know anyone who's excited about that day.

Speaker 5 (16:18):
I mean, but the other Pie Day is like delucious.

Speaker 2 (16:20):
Yeah, I'm very disappointed. Have you ever have a mislabeled
pie ruined your life?

Speaker 5 (16:27):
Did you get a mislabeled pie?

Speaker 2 (16:29):
Yeah?

Speaker 5 (16:29):
Okay, what happened?

Speaker 2 (16:30):
Not cool?

Speaker 6 (16:31):
Bro?

Speaker 2 (16:32):
Not what's the what's not? Not whole foods? The other
one fresh fresh paycheck.

Speaker 5 (16:37):
Fresh paycheck, fresh paycheck.

Speaker 4 (16:40):
At your fresh paycheck, we will spend it quick.

Speaker 2 (16:43):
And you know the pies are are priced as a
beautiful pies should be. You know, they not discount pies.
But when you get a pie it is supposed to
be a cherry pie, and you get home and you
get some weird plum rhubarb mash.

Speaker 5 (16:58):
Up that is that is a switch and bait and
switch to.

Speaker 2 (17:01):
The point where I pick up the box and look
at the label again to make sure you know I
did it wrong. This is cherry pie. And I look
at the pie. You are not a cherry pie. Look
at the ingredients. It says cherries and pie.

Speaker 5 (17:13):
You know, pie says, but I identify as a cherry pie.

Speaker 2 (17:18):
But the question of the day is did I still
eat it? Yep? Still eat it?

Speaker 5 (17:21):
Still pie?

Speaker 2 (17:22):
What's your favorite pie?

Speaker 5 (17:23):
Am hard? It's hard to go wrong with pie, although
rhubarb can be one way that can happen. It's too sour.
You gotta have a little bit of something in there.

Speaker 2 (17:30):
It was the kind of rooburb that had no sour.
It was just sweet.

Speaker 5 (17:33):
It needs to be sour, yeah, a little bit.

Speaker 2 (17:35):
What's your favorite?

Speaker 5 (17:35):
I couldn't possibly choose. No, I'm all about.

Speaker 2 (17:38):
The what's your top sixteen? Oh just kidding.

Speaker 5 (17:43):
I mean I like a savory pie. I like a
chicken pot pie. But I really really like fruit pies.

Speaker 2 (17:48):
Fruit pies are my favorite.

Speaker 5 (17:49):
Peach, blueberry.

Speaker 2 (17:50):
Yeah, this lemon meringue a fruit pie? I mean yeah,
is it a pudding pie? I mean yeah, good answer.
But things, I'm gonna go to Jeff on this one.

Speaker 5 (18:01):
All right, all right, well you.

Speaker 2 (18:03):
Know so, but but National Pie Day was Thursday? Can
people still you know, eat piet?

Speaker 5 (18:08):
Okay, every day is a good day for pie. That's right,
straight up. You can eat it for breakfast. That's what
a pop chart is. It's just a pot. They just
put it together so you could walk with it.

Speaker 2 (18:16):
And MJI is good for every meal. MJ's practicinger National
spokesman spokesperson pitch.

Speaker 5 (18:22):
Yeah, what that gig, the pie gig.

Speaker 2 (18:25):
We're gonna write a little jingle called pie in your Pocket.

Speaker 5 (18:28):
And we've got some votes here for the scrub Jay
as being the Florida bird, which makes sense, but I
just the flaminco is so pretty. Scrub Jay's cute. And
here's someone who said the new Florida bird should be
the chicken hawk.

Speaker 2 (18:39):
The chicken hawk. Yeah, I think I think that it
wasn't either or the scrub jay or the flamingo. It
was a pull up the article, but it was one
or like the state. There's a state bird and then
there's something else. I can't remember. There's two parts to
the category. Help me out, help me out research. Okay,
we'll come back to that. You're listening to the Home
Loans radio show. Why, well, that's because you want to

(19:01):
text in your questions to seven seven zero three to one.

Speaker 5 (19:05):
We've got some questions. But I think a lot of
people are trying to figure out what this show is
because we are not talking about mortgage do so much,
so much, That's what.

Speaker 2 (19:11):
You're always abbying for in the meeting.

Speaker 5 (19:15):
I'm worried. I have a question though. Do all jumbo
loans require twenty five percent or more down? Our bank
was twenty five percent down. The house is one point
three million, lucky you. We hope to save our cash
for renovation. What is the lowest down payment for a
jumbo loan?

Speaker 2 (19:31):
No, no, that's yeah. Twenty five percent is a lot
unless you got credit on the rougher side. You should
be able to get by with ten percent. Yea.

Speaker 5 (19:38):
How you find a one point three million dollar house
with rough credit? Well you got the cash, right, Yeah, you.

Speaker 2 (19:44):
Can have money and not have good credit. You know,
sometimes takes the money to fix the credit. But yeah, I.

Speaker 5 (19:54):
Oh, yes, that's a reasonable.

Speaker 2 (19:55):
So I guess they're what they're saying is their bank
told them they needed twenty five percent down. Usually it
could be because of their debt ratios that they need
to put more money down. It could be that they
get a better interest rate, you know, if they put
more money down, or it could be that their credit
score requires them to put more money down. But if
you're if you're well qualified, I mean like a credit
score seven twenty and up, then we have jumbo loans
where you can put down ten percent.

Speaker 5 (20:16):
Actually I've got wow, that's a big difference.

Speaker 2 (20:18):
We're gonna talk about ten percent down jumbo on the
Compare quote today, so that's it's definitely something to consider.
But yeah, if you're what was the house one point
what one? One?

Speaker 5 (20:28):
One point three?

Speaker 2 (20:28):
One point three? So if you're putting down twenty percent,
that's two hundred and sixty thousand dollars down payment. Yeah,
and twenty five percent is more than that. Actually calculated
my head more than twenty five percent, So that's two
fifty plus uh to seventy five ye. So, but if
they can do ten percent down, then it's only one

(20:50):
hundred and twenty thousand down. So it's a significant difference
when you're talking about a jumbo loan, and we're going
to feature one of those a little bit later on
the compare quote. So sit right there gripping the edge
of your seat and be ready for it. At ten
oh seven. What else we got going on?

Speaker 6 (21:06):
M J.

Speaker 5 (21:09):
Yeah, yeah, yeah, bre and Carey say good morning to
everybody their favorite pies or cherry or pecan. Pecan pie
is a good pie. I can only eat a little
bit of it, but it's good.

Speaker 3 (21:17):
Then gets stuck in your teeth.

Speaker 2 (21:18):
I don't Yeah, it's so sweet.

Speaker 5 (21:20):
Get gotta get the one that's not so sweet. Brie's
question is when humans get bird flu, can they fly?

Speaker 3 (21:27):
I don't believe so.

Speaker 5 (21:28):
I don't think so. No, nope, nope no.

Speaker 2 (21:31):
But I do think that you start to grow feathers.
That's what I. Oh, that's interesting in your lungs, which
is inconvenient and doesn't help you fly. All right, that's
all fake news. Don't repeat that, right, right, right.

Speaker 5 (21:41):
Here's someone who says, my dad is interested in a
reverse mortgage because there they are retired on a fixed income,
but they want to do a lot of traveling and
are being told that a reverse mortgage will give them
around three k in income per month for the next
twenty five years and they don't have to make payments.
How does that work?

Speaker 2 (21:57):
Well, it would mean. And this is a common reason
people use reverse mortgages is because you let's say you
have a house. You know, you're eighty years old, and
you have a house that you've spent the last fifty
years paying off, and now you have all this equity,
but you're maybe on a fixed income, you're making it
buy on Social Security, or maybe you've got, you know,
a small pension and you're making it by on those things.

(22:17):
A reverse mortgage allows you to use the equity in
your home for several things. You can get You can
get a big glump sum of cash, like a cash
out reverse mortgage where you get two hundred three hundred,
four hundred, depends on your age, the value of the home,
how much equity is in it. That kind of thing
determines what how much you can get. So you can
get a lump sum of cash out of your house

(22:38):
to do what they're talking about, travel, live it up,
do do what you want to do, invest it. You
can also get a monthly payment where they look at
that figure and instead of giving you three hundred thousand
dollars dollars in a lump sum, they spread that out
over whatever time you know, you tell them maybe ten years,
twenty years, however many months you want to spread it
out over, and you just start getting a monthly payment.
Or you can put it into a equity line where

(23:01):
you can draw on that equity line in the future
and it earns money and stays right there. So there's
multiple things you can do with your money and how
it comes to you with a reverse mortgage, and it
for people in certain circumstances, it works really well. Fixed
income works really well. If you've got a ton of
equity and you want to travel and you've never been
able to do anything but sit in your house. But
you've got a house it's worth eight hundred and it's

(23:21):
free and clear, well, you can start getting income from
that every month rather than it just sitting there. For
the future. So that's that's really the way it works.
You know, the amount of months you can get. I
think they said twenty five years they had set it
up for. So they must have a lot of equity
and a good sized house. But that's that's great. It
allows them to do what they want the amount of
the mortgage. So the way that it works is, instead

(23:43):
of like regular mortgage, you have a bunch of money
and you pay over thirty years or whatever, you pay
one three hundred and sixty of it every month, you know,
and eventually it gets paid off. Reverse mortgages are the same.
You're starting on the positive side with say eight hundred
thousand dollars in equity if it's an eight hundred thousand
dollars house, and you are getting back a little piece
of that every month. But you don't have to pay

(24:04):
a mortgage payment. You still pay your taxes and your insurance,
your HOA and so forth. But the money that you're
taking out of it just a cruise over time, and
it grows. So monthly mortgage goes up every reverse monthly
mortgage goes up every month. The balance like a regular mortgage,
goes down every month. When you make it payment, So
that's kind of how it works. So if they got
a big chunk of equity and they're over the age

(24:24):
of sixty two, then that could very well be an
option for them with a reverse mortgage. Great question. Thanks
for texting that into seven seven zero three to one.
You're listening to the Home Loans Radio show with that
Mortgage Guide Don. You can also go to the website
that Mortgage Guide Don dot com. All kinds of stuff there.
If you want to apply for a helock, a commercial
loan or reverse you can get started there. You can

(24:45):
read all about it, you can apply for pre approval
or get a quote for a refinance. That's that Mortgage
Guide Don Don. And you can also follow me on
Instagram at that Mortgage Guide Don and over thirteen hundred people. Guys,
we're up to over thirteen hundred on Instagram. We gotta
take a quick break. We'll be right back for the

(25:06):
next segment of the show.

Speaker 3 (25:08):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy Don on Real Radio. Just think
of that, you got a one stop shop for all
of your questions about buying a house, selling a house, refinancing.
Heylock Loans, What the What all you gotta do is
listen to Home Moowans Radio each Saturday nine to ten
thirty right here on Real Radio one of four point one.

(25:29):
You can text in your answers the seven seven zero
three one and MJ, myself, Fritz and that mortgage guy
Don will answer them in real time. It's like having
a best friend in your back pocket. You can just
pull out and go, hey, Don, what do you think
about this house? And he goes remem remember, oh, you
you say the darnedest things. And if you want more Don,

(25:51):
you can always follow him on Instagram at that mortgage
guy Don.

Speaker 2 (25:55):
That's how you do it.

Speaker 5 (25:56):
Thank you Gas, that is how you do it.

Speaker 2 (25:58):
Well done. Welcome back.

Speaker 3 (26:00):
I want to pocket Don.

Speaker 2 (26:01):
Who doesn't. Yes, just keep a little Fritz in your
back pocket for you're feeling blue like that.

Speaker 3 (26:14):
That that's me trying to talk to you.

Speaker 2 (26:19):
Oh, let Fritz out of the pocket so we can
hear what he's saying. Every time we go out, same
old thing. Welcome back to the Home Loans Radio Show.
We're doing what we do right here. Yeah, you can
text in today seven seven zero three one. We are live,
third week of January. Well into our Florida winter, which
I thought would have ended a while ago. But you know,

(26:39):
there we are. I started talking about this earlier, but
the Oscar nominations came out. I wanted to ask about
the best pictures and see how many of them you've
seen was nominated?

Speaker 3 (26:51):
Which one was Joker Too nominated? I don't think I've
seen any of them.

Speaker 2 (26:58):
That's the one that's the musical.

Speaker 3 (26:59):
Yeah, yeah, it's something you lost.

Speaker 2 (27:02):
Me at musical Batman movie. But uh, let's see what
are the nominations, Amelia Perez, I've seen that one. I'm
gonna read through the list real quickly and then you
tell me which ones you've seen, Amelia Perez, A complete
unknown conclave, Nickel Boys, I'm still here. The Substance with

(27:22):
Demi Moore to me Moore, Dune Part Do, Wicked, a Nora,
and The Brutalist.

Speaker 3 (27:32):
None of those.

Speaker 2 (27:33):
None of those you haven't either, I've seen. I've seen
a lot of them. Actually, I just saw Substance this
past weekend. Yes, but if you if you're a squeamish,
you know it's it's a it's uh not for the screamish. Yeah,
I guess. So, I don't want to give it away,

(27:55):
so I don't want to tell anything about it.

Speaker 3 (27:56):
But yes, that a horror movie is nominated. It won't win,
but that's cool.

Speaker 2 (27:59):
It's fun. It's a fun watch.

Speaker 5 (28:01):
She won the Golden Globe.

Speaker 2 (28:02):
Yeah to me more and one the one the Golden
Glow for her performance. But it was good. It was
way better than I expected, I will say, and also
a little terrifying.

Speaker 5 (28:11):
Noor was better than I expected.

Speaker 2 (28:13):
Yeah.

Speaker 3 (28:14):
How many of those movies are a two? Four movies?

Speaker 2 (28:17):
What's a two for me?

Speaker 3 (28:18):
The production company?

Speaker 2 (28:19):
Oh, I don't know. I uh, I don't pay too
much attention to that.

Speaker 3 (28:23):
Uh.

Speaker 2 (28:23):
Dune. I saw Wicked on Thanksgiving Day. That was fun.
That one was, you know, musical, Honora, I saw the
substance Dune Part two. Have you seen the two Dune movies? No.

Speaker 3 (28:33):
I just recently watched David Lynches and I couldn't finish it.

Speaker 2 (28:36):
Yeah, well there's a reason for that. There's a reason
they didn't try and redo it for fifty years. But
the new ones are better. With what's her name the
actress Zandia?

Speaker 3 (28:52):
Yes, yeah, I thought you were talking about the original.
I'm like, I don't know her name.

Speaker 2 (28:56):
No idea, Yeah, nobody does.

Speaker 3 (28:58):
Yeah, David Lyunch pass so blue velvet, and I was like,
oh dude, I've never seen doing it. It's stopped right there.
I was like, okay, okay, I'm done.

Speaker 2 (29:05):
Yeah, Dune is the original. Dune is no black velvet,
that's for sure.

Speaker 3 (29:08):
Blue velvet, blue blue velvet.

Speaker 2 (29:10):
On Clave, that one about the Vatican and choosing a
new Pope, I saw that one was actually pretty good.
So I haven't seen a million. I have seen a
million press. I've seen all but three of them.

Speaker 5 (29:21):
I haven't that you can only see in the theater.
Right now, you can still only see I'm still here.
Nickel Boys and The Bob Dylan Movie are only available
in theaters, but they will be You'll be able to
see them before the oscars at home at some point.

Speaker 2 (29:33):
What's the Bob Dylan movie complete?

Speaker 5 (29:35):
Completed?

Speaker 3 (29:36):
Okay, okay, it should be called the Bob Dylan movie, right, Yeah.

Speaker 2 (29:42):
It's the yeah we were listening to, Uh yeah, it's
not movie song. It's the Home Loans radio show. So
you can text in your questions to seven seven zero
three one.

Speaker 3 (29:50):
Isn't it true? If you watch movies at home? It
could be considered.

Speaker 5 (29:55):
Could be right, because yeah, that's about your house. Yeah ye,
thank you fair enough, and you eat buy it home.
Yeah yeah, maybe even synchronized swimming.

Speaker 2 (30:04):
Tired of renting and neighbor banging on your floor with
a with an umbrella because you're playing movies too lounge. Yeahh,
there you go.

Speaker 5 (30:14):
Here's what one's asking. What can you tell us about
the difference between a home equity agreement and a home
equity line of credit?

Speaker 4 (30:20):
What is the home equity agreement? I've never heard of that.

Speaker 2 (30:23):
Most people haven't because it's like a it's a brand
new thing. I've seen it for the last year or two.
I don't offer them or do them. They're like a
independent companies that do them. They came up with this
idea to loan. This is what and this reason. I
haven't really gotten into it yet. I don't know much
about it or whether they're how it's going to turn out.
But basically, they loan your money out of the equity

(30:44):
of your home, and you don't have to pay it
back until you sell your home.

Speaker 5 (30:48):
So they have like a lean on your house.

Speaker 2 (30:50):
If they have a lean on your house, it's accruing interest,
you know. But so it might be ten or twenty
years down the road where you have to pay this
off and not knowing how that's going to map because
it's relatively new pro so I can't really endorse it.
I don't know what's going to happen ten fifteen years
down the road, whether people are going to be saying
this is the worst thing ever, because we won't really
know how it's going to map out until down the road.

(31:11):
The more reliable traditional way to go, in my opinion,
is a home equity line of credit or a second
mortgage if you want to tap into the equity in
your home. Those programs have been around, they're not new.
They're not to the new shiny thing, so to speak.
And we have about twelve different versions of it. Some
allow you to do multiple draws, some one draw, some
fixed rate, some adjustable rate. Some you can make draws

(31:33):
for three years or ten years. Some you know, so
there's all kinds of versions and variants out there to
be able to get you what you're looking for through
a home equity line of credit or a traditional equity line.
I just don't know that much about the hga's as
a brand new thing. It came out, and you know,
kind of people are figuring out if it works or.

Speaker 5 (31:49):
Not, and the question they're asking is what's the difference.
So one is like a whole different program.

Speaker 2 (31:54):
One is a program a traditional loan like you've always
heard of, where you borrow money against your house and
you pay it back monthly, or you pay back on
the interest only, or you pay it back over twenty years,
depending on which version you choose an HA. There are
five or six different companies out there that are doing them.
They are their own thing. It's not like it's a
federally you know, backed Fanny Mae loan or anything like that,

(32:16):
and they each have their own rules, which I'm not
familiar with because I haven't actually done the program with them,
but they are heavily advertising the AHAs. I'm always just
leery of anything where they say you can, we'll give
you a bunch of money now, and you don't have
to pay it back for twenty years, you know. Not
that like a mortgage is over twenty years, you pay
it back over that time. This is saying you don't
even have to pay it back for ten or twenty

(32:36):
or thirty years. So I don't know enough to say
whether they're good or not. That's just the bottom line.
I would stick with something that's tried and true and
not so new when I'm talking about twenty thirty one
hundred grand of my money, that's that's just me. Great question.
Thanks for texting that in to seven seven zero three
to one. What else you got?

Speaker 5 (32:55):
Mj oh, here's someone I'm wondering if this is a
typo's Brian let me know. Oh, there it is. Thank you.

Speaker 4 (33:03):
It has been corrected.

Speaker 5 (33:06):
Brian had text and I have one hundred and forty
seven credit score, which I had never heard of. I
was like, can you get down to that?

Speaker 2 (33:12):
The lowest you can get is that three to fifty?

Speaker 5 (33:13):
Okay? Anyway, they hit back and said it was six
forty seven even better. So the question is I have
a six forty seven credit SCRD. I want to use
the equity in my beachside condo for a down payment
on a new home. How easy is that to do?

Speaker 2 (33:26):
Eastps? You know, as long as you can debt ratio
for the amounts. I mean, are they going to sell
the condo after they buy the new house? Is that
that question? Because one of the things isn't you can't
repay it right away? On some some of the helocks.
We have others where you can do a loan to
take the equity out of your property and then use
that to buy a new primary. So just matter, it

(33:47):
just depends on the scenario and what your specific situation is.
Probably the best way to find out and get down
into the details is to do a pre approval. We
kind of be doing a pre approval and a helock
approval at the same time because we need to figure
out if we can take the money out of your
current property and then also if you can debt ratio
for your existing property plus a new property, if you're

(34:08):
going to try and keep both, or if you're going
to sell it, then we got to figure out, you know,
all of the goes, intos and so forth. So go
to the website at that Mortgage Guide don or you
can start on Instagram on my link tree at that
mortgage guide don and fill out the application and then
we'll kind of look at your whole what you got
going on there and see if we can't come up
with the best way to do it. One of the

(34:29):
things with us as a wholesale mortgage brokerage, we've got
over one hundred different lenders that we that we do
loans with on various types of programs, so it can
be pretty granular and niche as far as what your
specific needs are, and it may decide between you know,
the top three lenders and help us narrow it down
to the one that's the best for you. You're listening
to the Home Loans Radio show. We're going to take

(34:50):
a quick break. We'll be right back after these messages.

Speaker 5 (34:54):
Hey, it's Dobrina from the news Junkie.

Speaker 3 (34:56):
Do you have a question for that mortgage guide on
text him at seven to seven zero three one. Now
back to Home Loans Radio on real radio.

Speaker 5 (35:06):
Oh yeah, you are listening to Home Loans Radio with
that mortgage guy. Done. We're here talking about mortgages. It's
true when you want it, you don't know that you do,
but you do. Here's a question. Do you deal nationwide
or just strictly.

Speaker 2 (35:20):
Florida nationwide or strictly Florida.

Speaker 3 (35:24):
Well, yes, because Florida is nationwide, babe, right.

Speaker 2 (35:30):
I'm mister nationwide. Yes, No, it depends for residential like
primary residence mortgages. But my licensing is for the state
of Florida. I've been licensed in other states, California Virginia,
North Carolina, but right now currently only in Florida because
there's big enough. But for commercial loans, investment property loans,
d SCR loans, any of those we can do nationwide.

(35:52):
Ain't business loans, SBA all of that in any state
in the US. And then I also have partnerships in
other states, you know, Georgia and the Carolina. So pretty
much we could get We've got you covered pretty much.
Talk to me and let me know what state you're
thinking about, and we'll tell you what we got.

Speaker 4 (36:06):
Can you do a mortgage without running credit?

Speaker 2 (36:09):
No, I mean that's a short answer, but yeah, the
the way that we credit is everything. I mean, you
can't really do a mortgage running credit. They're even private
mortgage They're like they're not really a thing anymore. On
residential properties. I might be able to get a private
mortgage on a commercial type property or mixed use property,
but they're still going to want to see your credit score.

(36:30):
They may not have a minimum you know, they may
be okay with a five twenty credit score, but they
want to see what's on there. You know, like if
you haven't paid your last five house loans, well then
they'll take that into you know, into consideration. Great question,
Thanks for texting that, and did I miss part of it?

Speaker 5 (36:47):
You can get you can get a quory without run No.

Speaker 2 (36:49):
Yeah, it's going to say I can get you a
quote without doing an official hard credit pooll, Like if
you already have a quote, I can look at your
quote with through the compare Quote feature you just uploaded
on the website. And now I'll tell you what you
can get without pulling your credit and you just tell
me your score there and I'll know I'll get you
a quote. And even every pre approval we do and
every refinance quote that we put together, we do a
soft credit poll first, so that way we can give

(37:11):
you an exact quote without dinging your score or getting
that hard inquiry on there or you know, or getting
your score lowered. So when we do a quote, we
do a soft inquiry. Of course, once we actually are
submitted it to underwriting, we have to do that hard
credit report. It's just the way it is. That's how
the underwriter knows your financial history is your credit report.
There's no other way to really tell them. Great question,

(37:33):
Thanks for texting in A seven seven zero three.

Speaker 5 (37:35):
One question is yes speaking if someone died signed a
deed in twenty twenty four, does the home set exemption
deadline also changers?

Speaker 4 (37:48):
Is still March first?

Speaker 5 (37:50):
Signed it?

Speaker 2 (37:51):
Well, it depends on whether there was a change in
who the who's the primary residence. So if you're not
sure you can go. I've had a few questions. I
sent out to all my clients for last year a
thing letting them know, Okay, if you bought a house
in twenty twenty four, then you need to file your
homestead exemption right now in January or February. The deadline

(38:12):
is March first, So you have to file that now.
And I've had a few people email me back and say,
thank you, we think we might have done it. How
can we tell, Well, you just got to get in
touch with your county property appraiser. You can call them
if you think you did it last year. Then you
can look at your tax bill that you should have
received from the county and it will show on there.
If you're getting the homestead exemption of twenty five thousand dollars,

(38:33):
or it can be as high as fifty or fifty
five thousand if you've owned a previous home in Florida
before you bought this one. So you can check your
tax records to find out, or you can call the
property appraiser for your county, so Brevard County property appraiser
or Orange County Property Appraiser. You'll be able to tell
that it's an official government site. If they're trying to
get any money out of you, you're in the wrong place.
It's just it should just be something that you file

(38:55):
at your county for homestead exemption.

Speaker 3 (38:58):
That's what I've always said.

Speaker 5 (38:59):
Yeah. Uh, Graveler asks if we are going to see
the acro cats. They are doing shows all weekend at
the Orlando Family Stage. They are a troop of acrobatic
cats that travel around the country and perform. I googled
it looks adorable.

Speaker 2 (39:14):
Yeah, all, aren't all cats acrobatic? Right?

Speaker 5 (39:18):
You can leap from everywhere?

Speaker 3 (39:19):
Yeah, but not all of them can do tricks for treats.
You know, you gotta be you gotta be a food
motivated kitty cat, and.

Speaker 2 (39:25):
I want to be.

Speaker 3 (39:26):
These cats are all about that life.

Speaker 2 (39:28):
Speaking of of what, how's your training going for your
synchronized swimming thing?

Speaker 5 (39:32):
Well, I had to pause it because you know, it's
very cool. It's hard to get people interested in synchronized swimming,
you can get a real deal on uh space to
rehearse because you know nobody's using the pools, right, but
it's hard to get people into it. Yeah.

Speaker 3 (39:45):
And also hotels will kick you out if if you
if you're just you know, swimming in their hot tubs.

Speaker 5 (39:50):
Yeah, it's hard to do in a hot tub.

Speaker 2 (39:53):
Troops been banned in half of Daytona Beach.

Speaker 5 (39:57):
Because you feel like you get through like part of
a routine. That all right, you gotta go.

Speaker 2 (40:03):
But I mean acrobatic synchro butt synchronized acrobatic cat acrobatics,
that would be something, right.

Speaker 5 (40:11):
I don't know, could you incorporate cats into synchronized swimming?
I think they're I think they're kind of anti water,
but I think they would so jump.

Speaker 2 (40:17):
No, I think they'd be climbing up their person the
entire time. I think you're onto something entertainment value.

Speaker 5 (40:24):
Why, Yeah, no one's doing that, that's right. What type
of loans do you recommend for an investment property?

Speaker 2 (40:30):
That's what you do. You got the Olympic sacretized swimming.
You know they're on a circle and then you jump,
you drop a bag of fifty cats right in the
middle of them and see what happens.

Speaker 5 (40:39):
Yeah, what type of loans do you recommend for investment properties?
That is a question.

Speaker 2 (40:44):
There are so many investment property loans depending on the
type of property. You know, if it's just a rental property,
you know, if you're buying a house to rent out,
or a duplex or a triplex, that's one type of
property you can If you're buying a commercial building, if
you're buying a store front, if you're buying a strip center.
So there's so many different types of commercial investment property loans.

(41:06):
I really would need to narrow it down. It's good
to start a conversation if you're doing something like that.
Hit me up at the website at that mortgage Guy
don A set up a time to have a phone
call for ten twenty thirty minutes and see what you got,
and then I can give you a little bit better guidance.
You are listening to the Home Loans radio show with
that Mortgage Guide Don. You can check out the website
anytime during the week at that Mortgage guide don dot com.

(41:28):
You can read all of our reviews. We got over
twelve hundred five star reviews. If you want to read
some fine reviews that I can tell you where to
find them right then and there. You can also apply
for an application for a helock, or to get pre approved,
or to get a commercial loan, start to get some
quotes on a business loan, you name it, you can
do it right there at the website and on Instagram

(41:48):
follow me at that mortgage guy Don for all the
exciting shenanigans that you'll see on there. And you can
also apply right there from your phone for any of
the things I just mentioned, commercial reverse pre approval, et cetera.
You're listening to the Home Loans Radio Show, We're going
to be right back at the top of the hour.

Speaker 6 (42:09):
On the side.

Speaker 5 (42:16):
Day Radio.

Speaker 6 (42:20):
Loves You with the Last.

Speaker 3 (42:33):
Day already two.

Speaker 2 (42:37):
Hey hey hey, hey, hey hey hey, good morning. Welcome
back to the Home Loans Radio Show with that Mortgage
guy Don. That's right, that's me. I'm here with my crew.
Good morning, m to the Jay. Good morning, and we've
got the mister fritzter frister, Yeah, mister Fritz here this morning.
Good morning to you all. Well, hello, hey, that was

(43:00):
little little Florida slang playing there right.

Speaker 3 (43:02):
That is correct.

Speaker 5 (43:02):
A Mundo's welcome in.

Speaker 2 (43:04):
You back with a little Florida slang like a Southern
Road with our man here Fritz the creator, writer, singer,
musician along with Darcy on Florida slang. I hear you're
working on a new album though, for the for the
real Fritz, that is correct.

Speaker 3 (43:20):
Yeah, I mean, you know, you gotta mean. I don't
know about most people, but me, I'm I'm always writing something.
So yeah, you gotta just collate those songs, staple them,
you know, fax them, email them, get it done.

Speaker 2 (43:32):
So there you go.

Speaker 3 (43:33):
Gotta work on work on the new album when you can.

Speaker 2 (43:35):
Well, I could come over and staple things if you need.

Speaker 5 (43:37):
If you can.

Speaker 3 (43:38):
I'm not good at collating.

Speaker 5 (43:40):
I'm good at collating.

Speaker 3 (43:41):
I heard Sabrina braggenon air the other day that she
could collate like nobody's business, and I'm like, uh.

Speaker 2 (43:47):
Well, you don't need to be able to collate. You
just need to have a friend who can collate.

Speaker 3 (43:50):
That's true.

Speaker 2 (43:52):
That's how it goes. That was like a Southern Road
by Florida Slang. Check out Jeff's music anywhere you find music, Spotify, Pandora, whatever, wherever,
and you can also follow him on Instagram at no
Underscore regrets underscore coyote. Also, you know, if you've got
a business out there and you need a cool jingle done,
he's the man hit him up on Instagram.

Speaker 4 (44:14):
Sure, here's someone who's asking, do you approve of your
new nickname?

Speaker 5 (44:17):
Morgie l O L. I'm guessing maybe one of yours
on the radio said something.

Speaker 2 (44:22):
I don't know who knows. I never know what Ryan's
going to say.

Speaker 4 (44:25):
That's always I think it was probably Ryan.

Speaker 5 (44:28):
Yeah, yeah, probably probably not, probably not, probably not.

Speaker 2 (44:33):
She's pretty professional.

Speaker 5 (44:36):
You hear that Ryan.

Speaker 3 (44:40):
Damn Son's professional, right, But I just never know what
he's gonna says.

Speaker 5 (44:45):
True.

Speaker 2 (44:46):
Yeah, I need to do like a compilation of all
the things that Ryan has uh said that I'm not
because his bid is always you know who's not right.
So we'll have to Maybe we need to do a
comp a best of accomp But I don't know about
the Morgie. I didn't hear about that one yet. Someone
will tell me, don't worry. What do we got a

(45:07):
couple more things of mortgage news. I'll bring this up.
Two new programs that came out which I'm kind of
are are going to help more people be able to
qualify I'm always excited when there's new programs that help
with that. FAHA finally came out with one that now
and this is kind of a revolutionary that allows border income.
I mean, if you're renting a room to somebody for

(45:28):
all these years, you haven't been able to count that
unless you have it on your tax return as claimed income.
And who does that? Who has a roommate and you
know puts that five hundred a month on their taxes.
Not a lot of people do, so it could never
really count that income. I might have somebody who's buying
a four bedroom house and they have three people that
rent there from them, but I couldn't count that income.
FAHA now allows that the border income. We have to

(45:50):
be able to prove it that it has been going
on for twelve months, but no longer do they require
that it shows on your tax returns. You just have
to be able to show the lease and show like
twelve months of cancel checks or deposits into your account
or you know, sell deposits or whatever from that person,
and we can count that. So that's kind of that's
kind of a big deal. I would say, I would
say is more than you think, especially with younger folks,

(46:10):
you know, in their twenties and thirties, so that that
have either have someone renting a room, you know, for
additional income. I also had one recently where four people
got together and bought a house. Four roommates that were
renting and they got together and bought a four bedroom
house themselves. And they're all our homeowners now, but there's
just the four of them, you know, own it together,
which is another interesting thing you can do. Another another

(46:31):
announcement we have is a really cool program where they
will let you take, like if you've got a house
that you have a lot of equity in and you've
got to and you want to buy another house, this
program allows you to take the equity out of your
existing home as a cash out primary loan and use
it for your down payment on the other home. And
you have to be able to debt ratio for both,

(46:52):
but they treat that cash out loan as a primary
even though you're buying a new primary and that's a
that's a that's a pretty big benefit. It allows you
to get the money out of your house now without
having to sell it.

Speaker 4 (47:04):
I guess, yeah, paying like second home rates.

Speaker 2 (47:05):
Yeah, like the ideal situation would be either you want
to keep it and rented, or you know, you want
to keep it for three months or six months while
you move over to the new house and get it
ready so it can allow that. So we definitely got
a new program there that that's cool, pretty excited about. Yeah,
that's all we got on the mortgage News. You can
text your questions into seven seven zero three one yes.

Speaker 5 (47:25):
And the person who texted in about Morgie hit back
into it most definitely was Ryan.

Speaker 2 (47:31):
Okay, I'm gonna have to go to the YouTube figure
out what Ryan said.

Speaker 5 (47:34):
This. Here's someone that says, I need to sell my
house because I need to move due to a job relocation.

Speaker 2 (47:40):
Yeah, like, well, I need to sell my house because
I need to move to a job relocations. If it's
like a job transfer, like if you are you know,
you work for Walmart, you know your manager or whatever,
and you want to transfer to one in Florida, then
that's easy. If you can transfer to the you know,
the same job in the state you're working you're going
to be working in, then that's simple. Job transfers the

(48:01):
easiest way. We just basically it's like you didn't move,
you're just you know, you got a new job in
a new place with the same company, if you're starting
a new If you're getting a new job, then if
it's hourly, you have to be working there for thirty
days before we can qualify you to buy. We have
to see you your pay stubs. But if it's a
salary job and you get an offer letter that says, hey,
this person's getting hired on January eighth and their salary

(48:23):
is eighty thousand a year, then we can go buy
that as long as you're going to get your first
check before your first payment is due. So there's a
lot of ways to look at it, depending on the
type of job, the job transfer, and the timing. But
you definitely want to plan it out if you're going
to try and buy in the place where you're moving,
because you do have to have that income on the record,
so to speak. Great question, Thanks for texting that into

(48:44):
seven seven zero three to one. Guess what time it is, MJ.
I know you're so excited for this segment. Every week
it's time for the compare quota. We'll practice that perfectly.

Speaker 5 (48:59):
That's how a second I. You know, sometimes you visit
sometimes it's like sometimes it doesn't always synchronize.

Speaker 2 (49:05):
Do you shout it people when they're out of sync?

Speaker 3 (49:07):
No?

Speaker 2 (49:08):
What do you do well?

Speaker 5 (49:09):
So far? It's just me?

Speaker 2 (49:10):
Okay, beat yourself up.

Speaker 5 (49:13):
Do better, do better? You could do it?

Speaker 3 (49:15):
Come on, Michael Scott. She goes, what is wrong with
me today?

Speaker 2 (49:19):
How do you okay? How can you go wrong at
synchronized swimming? If it's just you?

Speaker 5 (49:24):
Well, I'm you know, it's I've got it in my
mind how it should be.

Speaker 2 (49:27):
You're busting the choreo that Darcy works so hard. Yeah.

Speaker 5 (49:30):
Well, when I'm ready, I'm gonna bring it.

Speaker 2 (49:34):
Compare Quote of the week. Do we play the jingle?

Speaker 3 (49:37):
I can play it again? Here we go?

Speaker 5 (49:45):
All right?

Speaker 2 (49:46):
I just love I just love the jingle, you know?
And then you go, what is that? You ask? Well,
if you've got a quote out there, any other lender,
you can find out if it's any good?

Speaker 5 (49:54):
What?

Speaker 2 (49:54):
Why? How would someone do that? Is it free?

Speaker 5 (49:56):
Yes?

Speaker 2 (49:57):
It is. A Couple of years ago I read a
study that said that less than twenty percent of people
compare their mortgage quote after they get that first one,
and I'm against it. I think people should shop and compare.
And the reason is because I've seen so many quotes
that I know how much people leave on the table
all the time if they don't compare their quote. Every
once in a while, I'd say one out of twenty,
I'll get a quote that someone sends me and it's good,

(50:18):
and I say, that's good. You can't improve on that.
But the other nineteen normally you can. So if I
made it super simple, you go to the website that
mortgage guy don dot com or on Instagram at that
mortgage guy Don. You click the link tree and or
the compare quote button, and it'll ask you questions three.
It will ask you your name, you know one. You

(50:40):
have to fill in your well, your info. You know
your name and email. I'll count that as one.

Speaker 5 (50:45):
Okay.

Speaker 2 (50:46):
It's also going to ask you your credit score, so
I don't need to look it up or pull a
credit report. I'm just going to go by with what
you tell me. Ideally, you just had it pulled by
the lender that gave you that quote. And then the
other thing I'm going to ask you to do is
upload the quote and then I look at it. I'll
tell you if it's any good. There's no obligation, there's
no credit poll, there's no, nothing. I just tell you
how much you can say. This one was someone doing

(51:08):
a one million dollar jumbo loan this week. It's especially
important to compare jumbo loans, I'll tell you, because they're
not uniform in any way. Like Fannie May is a
government program, FHA is a government program. VA loans or
government programs, they're all uniform. Jumbos are not uniform at
all because they're not they're not government programs. It could

(51:28):
be Chase has a jumbo program, Wells has a jumbo program,
and then lots of wholesale lenders you've never heard of
have jumbo programs. They some are securitized by hedge funds,
some are securitized by stock funds. You just never you
never know. The rules are going to be different. Some
require ten percent down, some twenty five percent down. So
jumbo loans, it's especially important to compare them because there

(51:50):
are so many wild cards out there. You never know
if you could be really out of it. They had
a loan that was requiring them to put down twenty
percent and their rate was seven and a half. That's high.
First of all, I asked them, and you want to
put down twenty percent? They're like, no, we want to
put down the least possible because we've got some repairs,
we want to do some remodeling on this property. So
first of all, we were able to get them ten

(52:11):
percent down instead of twenty percent right off to that
jumbo loane. That means that's one hundred thousand dollars less
they got to put down as a down payment that
they can use to do you know, home improvements, right
one hundred grand right there. And we were also able
to so we got ten percent down and our rate
was six point five, so a full point lower. The
net result of this, and it's crazy how math works sometimes, but.

Speaker 4 (52:33):
The netwate I don't understand.

Speaker 2 (52:35):
The net result of it is that having a point
lower rate made up the entire amount of the one
hundred thousand dollars as far as payment is concerned. So
when we switched them to a ten percent down six
and a half percent, their payment was lower than the
seven and a half rate on a twenty percent down. Wosh,
it's crazy. So they're putting down one hundred thousand dollars
less and their payment is going to be fifty five

(52:57):
dollars less per month doing it that way, because we
have better. Wow. So they saved one hundred grand up front,
and they'd say, you know, and the and their payment
is fifty dollars lower than it would have been on
their twenty percent down. So that's a that's a huge
deal for them. Very excited, very happy. They're going to
tell everybody they know, and you should tell everyone you know.
If you know someone getting a mortgage getting a quote,
tell them not to miss the boat. Tell them to

(53:19):
go to that mortgage guy don dot com and compare
their quote dot com. Oh yeah, way ahead of me today,
way miles ahead of me.

Speaker 3 (53:34):
I'm sorry.

Speaker 2 (53:34):
I love it. No, I love it. I'm like, hey,
there you go. We're like a finely tuned three stoke engine. Yeah,
all right, your what do we got? We got a
couple of questions are em Jane?

Speaker 5 (53:48):
We do another one about We have a lot of
questions featuring dads today my dad Porton dads are my
dad and I are on this construction loan ready to
go permanent. The rate seems too high to me that
I'm being quoted. They're telling me seven point eighty five.
Our credit scores are seven forty. Does this sound right
to you?

Speaker 2 (54:06):
No, it sounds terrible. What happens a lot of times.
So what they're talking about is a construction to perm loan.
Construction to perm loan is where you build a house,
but in the beginning, you don't get a whole loan,
like the whole amount of the house. Let's say the
house it's going to cost four hundred thousand. The first
draw on that might be one hundred thousand on a
construction for the foundation. Yeah, so they clear the land,

(54:27):
they put in the infrastructure, that put down the foundation,
and that'd be the first draw and then in construction loan,
then they go to the next phase, whatever that is,
electrical and framing or what have you, until eventually they've
got it all done and the house receives what's called
a co certificate of occupancy. And then once you have
the COO, then you can convert that loan into your
long term mortgage, your thirty year mortgage. When you're doing

(54:48):
the construction part, you're just paying interest only on the
amounts that have been borrowed in those draws as you go,
So your payment goes up over time as the house
gets more and more built, because you borrowed more and
more money to build it. But at the end you
wrap up all of those draws into one mortgage and
then it's your thirty year mortgage or your twenty or
whatever you decide to do. And a lot of times
it's one company. So it's a construction to perm loans.

(55:09):
So they're saying they're being offered a rate of seven
point eight seventy five for the perm part of it. Yeah,
and a lot of people will just go with that.
They'll think, Oh, this is just part of the deal.
I'm stuck with this. I've been doing this construction for
a year and now it turns into this. That's not
the case. You can then shop right then and there.
You can compare what they're offering you and get a
new and loan instead of the one they were offering
you to pay off that loan and become your new mortgage.

(55:31):
That's the time when you want to do it and
want to shop, is when you about to get your
CEO or you just got it. So that's kind of
an important part of that. Wow, did I answer the
whole question?

Speaker 5 (55:42):
Yes?

Speaker 4 (55:44):
Yeah, does it sound right? Yeah, they thought it was
too high.

Speaker 2 (55:46):
Yeah. If they're giving you a quote in writing, go
put it in the compare quote and I'll tell you
what you can get. If they haven't, then you know,
get with me and I'll compare it. But that rate
sounds terribly high. If you're well qualified, you should be
in the load to mid sixes right now, all right,
we want to take a quick break. Come back for
the final segment of today. Do you have a.

Speaker 1 (56:04):
Question for that mortgage Guide Don, text us at seven
seven zero three one. Now back to Home Loans Radio
on real radio.

Speaker 3 (56:12):
That's right. If you have that question, text it in
seven seven zero three to one. Or can you just
follow Don on Instagram at that Mortgage Guy Don, And
then you can also go to that Mortgage Guy don
dot com if you would like to read some information
over there or check out past shows.

Speaker 2 (56:28):
That's right, we're here, we're doing it. Welcome back to
the Home Loans Radio show with that Mortgage Guy Don.
You can still try and text something in quick seven
seven zero three one. Otherwise go to the website or
the Instagram After the show. You can send me messages.
I'll answer your questions in those other media.

Speaker 4 (56:44):
Someone did text in something quick, all right?

Speaker 2 (56:47):
What they got?

Speaker 5 (56:48):
Good morning everyone, almost weekly almost weekly listener and Vanafritz
on the street. Is there a maximum number of points
that you can buy down? There is sarah limit.

Speaker 2 (56:56):
Yeah, there's gonna be. There's something called a high cost loan.
If we're talking about conforming Fanny man Freddie mac Fhava,
there's something called a high cost loan and a QM
loan test that mortgages have to pass because there are
there are rules about how many points a consumer can pay.
Bad for you, Yeah, they don't want you to get
cut in some sort of predatory loans. So they have

(57:17):
limits on all of the government programs of how much
you can buy down. But it's not so much about
the limit, honestly, it's going to be about math and
the math to see if it works and how long
it takes you to recoup that. Because when you when
you do a buydown of points, what you're really doing
is paying interest upfront. You know. So if you've got
a seven percent rate and you want to buy it
down to a six and they say, all right, that'll

(57:38):
cost you, you know, ten thousand dollars in points, you're
you're paying you're literally paying the interest upfront to go
down to a six percent rate. So let's say it
costs you five thousand dollars and it's going to save
you one hundred dollars a month. Well, then you do
the math and you say, okay, that five thousand, it's
going to be fifty months before I break even, or
forty months or thirty whatever it is. I'm saying, we
got to check. And my my rule of thumb is

(58:01):
that it should never be more than thirty six months
to recoup the cost of a buydown. So if you're
using that, it's usually going to be self regulating. You know,
Nature's gonna take its course when you when you figure out,
oh this, yeah, I can buy it down with four points,
but it would take me eighteen years to get my
money back. You know, then you're going to decide that
doesn't make sense. So it's better to approach it from
instead of about how much can I do? How much

(58:22):
does that make sense for you to do? And that's
how I always take a look at it. Great question.
Thanks for texting that into seven seven zero three one.
Guess what time it is, MJ.

Speaker 5 (58:32):
Well, first we're gonna do a shout out, Happy birthday,
Deputy scat Oh, happy birthday, Tepic one more year and
I'm fifty five and up bout Wow, I'm.

Speaker 2 (58:40):
Gonna be able to get fifteen percent off at Denny's.

Speaker 5 (58:44):
Oh is that how that works?

Speaker 2 (58:44):
Cool? Cuckool, I don't know. I'm not I'm not in
that age group.

Speaker 4 (58:48):
All right, maybe I And now it's I'm for the
speed bro.

Speaker 3 (58:53):
Yay.

Speaker 5 (58:54):
I'm gonna ask you some questions that I didn't get to.

Speaker 2 (58:56):
That's right, Andy's gonna try and get to all the
ones we missed so far. If we didn't get tow years,
it doesn't mean I don't want to answer it. Just
copy paste it and go to the website at that
mortgage guide don or go to Instagram at that mortgage
guide don and you can send me a message outside
the show. I'll answer it right then and there.

Speaker 4 (59:10):
Here's one. I have a VA loan on my home.
Can you also do a VA helock?

Speaker 5 (59:14):
If there is that? And I didn't understand this was a.

Speaker 4 (59:18):
That said via helock, and I was like, but hellock,
what's up a helic anyway?

Speaker 5 (59:22):
Can you do a via helock?

Speaker 2 (59:24):
That's a downgrade from Valhalla.

Speaker 3 (59:25):
Yeah, that's not the good one.

Speaker 2 (59:29):
VA only offers first mortgages, so you can buy a
home with a VA you can refinance, you know, and
your rate lower, or you can refinance and take cash
out if you have the equity. But you can't do
it as a second mortgage. So but you can do
a helock, a home equity line of credit, or a
second mortgage. We can do those behind a VA loan,

(59:49):
if that makes sense. So you have a second mortgage
that's an equity line. You'd want to do that?

Speaker 6 (59:54):
Why?

Speaker 2 (59:55):
Well, if your if your rate was really good, you know,
if you've got a two or three or four or
something like that on your current VA loan, and then
you don't want to refinance and lose that rate, you're
better off to add a home equity line to tap
into the equity. We have a dozen different types of
home equity loans. You can apply for them on the
website under the refinance side.

Speaker 5 (01:00:12):
I thought I did a home set exemption a few
years ago in twenty twenty two, and we bought the house.
How can I be sure?

Speaker 2 (01:00:18):
That's a good question. It is the season to file
the homestead exemptions right now. If you bought a house
in twenty twenty four, or if you've never filed your
homestead exemption, you've got a window to do it of
January and February. You go to the county where you live.
You search county name property appraiser like Brevard County Property Appraiser,
and then you can file. But you can also go
to the tax entity the property tax so Brevard County

(01:00:41):
tax collector for your property, and you can look at
your tax bill or if you have it at home,
you can or you can look it up. It'll tell
you if you are if part of your tax bill
equation shows a homestead exemption, you'll be able to clearly
see it. You just got to go to the website
and check.

Speaker 4 (01:00:55):
This one's kind of long, but the answer is short.
Can I buy a home with my daughter who's college
student on the loan? She has no income now, but
I think she'll live there after college and she will
have a good salary job when she graduates, and then
I would want to transfer the loan off my creditor.

Speaker 5 (01:01:09):
Is that possible or wise?

Speaker 2 (01:01:10):
One hundred percent. Yeah, that's something that's very commonly done.
If we call it a lot of times in the industry,
it's like a kiddy condo, or you know, it's when
your kids at college and you want to buy a
house for them to live in. There are programs where
you can put them on the loan as the primary borrower,
so that way they can file homestead exemption and take
advantage of those benefits even if they don't have any income,

(01:01:31):
even if they're a full time student. As long as
the other person, the co bar or the parent qualifies
on their own, then you can have them on there,
and then later they can refinance to remove themselves once
they got that sweet, sweet you permanent job.

Speaker 5 (01:01:43):
That's awesome.

Speaker 2 (01:01:43):
Yeah, it's a great program. If you're interested in that,
hit me up. We do a lot of those.

Speaker 5 (01:01:49):
Do you offer SBA and business loans?

Speaker 2 (01:01:51):
Absolutely? You do nationwide SBA business loans any state in
the United States of America, all types of loans, cash out,
business lines of it, business equity. You want to buy land,
you want to build a business, you want to build
a strip mall. We can do any of that any state.

Speaker 5 (01:02:07):
All right, you ready for a riddle? All right? What
is special about these three words? First of all, I
did not see them correctly? What is special about these
three words?

Speaker 2 (01:02:19):
All right?

Speaker 5 (01:02:20):
Job? Polish and herb?

Speaker 2 (01:02:24):
Job, polish and herb.

Speaker 5 (01:02:30):
They all have vowels okay, true.

Speaker 2 (01:02:34):
They're all names in the beginning.

Speaker 5 (01:02:37):
Well, these are three words that if you change something
in them, something else happens.

Speaker 2 (01:02:44):
Ok let's see.

Speaker 5 (01:02:48):
Job, polish and herb.

Speaker 2 (01:02:50):
So they can be pronounced differently. They can be job,
polish and herb.

Speaker 4 (01:02:56):
Yep, if you if you capitalize them, they are pronounce differently.

Speaker 5 (01:03:01):
Oh okay, so job polish and herb herb herb, herb, herb,
herb not herb.

Speaker 2 (01:03:09):
Stop shutting herb at maam.

Speaker 5 (01:03:12):
My apologies. Yes, that is the riddle of the day.

Speaker 3 (01:03:17):
Nicely done.

Speaker 5 (01:03:17):
Hope you enjoyed it.

Speaker 2 (01:03:18):
It's the same with with fritz. If it's a lower
case F and it's just potatoes and frets, you know.

Speaker 5 (01:03:25):
Oh, freatz and then got it, Fritz potato and potato.

Speaker 2 (01:03:31):
If you capitalize it, it's it's Fritz, right, I like it,
I'm making this or Fritz I like it. Well, folks,
you did it. You successfully wild away another ninety minutes
you did of your Saturday morning listening to us Pratt
Alan right here about home loans, real estate, herbs, jobs,
and polish. Play us out here Fritz with stuffing appropriate b.

Speaker 1 (01:04:03):
You've been listening to Home Loans radio with that mortgage Guide.
Don Join us every Saturday at nine am on Real
Radio one oh four point one and check us out
online at home Loansradio dot com