Home Loans Radio 03.01.2025 With That Mortgage Guy Don- rates have gotten lower 6 weeks in a row!

Home Loans Radio 03.01.2025 With That Mortgage Guy Don- rates have gotten lower 6 weeks in a row!

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 done.

Speaker 2 (00:13):
Hey hey hey, hey, hey hey hey, good morning and
welcome to the Home Loans Radio Show. That's right, we're here.
We're doing it. We're doing it live right here on
Real Radio one oh four point one, like we do
every single Saturday. Good morning to my crew, MJ. Good morning,
good morning, good morning, mister Fritzy start all. Oh yes night, indeed, welcome,

(00:39):
Welcome to the Home Loans Radio Show with that mortgage
guy Don. We are here doing what we do every
single Saturday, which is talking about what MJ.

Speaker 3 (00:48):
Woo. It's Oscar Eve.

Speaker 2 (00:51):
Oscar Eve. We talk about that every Saturday.

Speaker 3 (00:53):
No nobody cares about that, but me.

Speaker 2 (00:55):
I like the Oscar the night you mean the ninety
seventh Academy Awards ceremony, That's what I mean. Ninety seven
that's I mean, like it or don't like it? Still,
ninety seven is some staying power for a thing.

Speaker 3 (01:08):
For sure, right sure, as a human that's a that's
an accomplishment.

Speaker 2 (01:13):
Yeah, yep, for Oscar. I mean I am excited about that.
But we'll talk about that. I got I got some
stuff to talk about. I got some favorites. But we
talk about mortgages. Yeah, and home loans in real estate,
and commercial loans and business loans and buying a home
and selling a home. You know what we're you know

(01:33):
what we're done.

Speaker 3 (01:33):
Talking about homestead exemption.

Speaker 2 (01:36):
Homestead exemption is over because today is March first. If
you didn't file your homestead exemption, if you bought a
home last year and didn't and didn't file your homestead
exemption between January first and now, then you have not
been listening to the show because we've been talking about
it every Saturday. But you can do it next year.
So there you go. Well, you can text in your
questions to the show. Yes, we are doing a live show.

(02:00):
What what's that you say, mister Fritz.

Speaker 4 (02:03):
It's a live show.

Speaker 2 (02:04):
Yes, is that you're waiting for? You're waiting for the teleprompter?

Speaker 4 (02:11):
Yeah, it's not up.

Speaker 2 (02:13):
Oh man, darn it, it's uh. Did you see that.
I don't know if you said the Screen Actors Guild
thing that they did on Netflix.

Speaker 4 (02:19):
Yeah, that was great.

Speaker 2 (02:21):
The sound was terrible, like the miking was bad. The
audience couldn't hear people in the stage.

Speaker 4 (02:26):
It was the stage.

Speaker 5 (02:31):
I mean, I was agreeing with everything she was saying.
But you know it's like when you have that one
for and I'm guilty of this. They're talking right and
they just keep right right, like yes, shut up, Fritz
say that. Yeah, stop trying to make me align my
beliefs with you.

Speaker 3 (02:48):
Just shut up.

Speaker 2 (02:50):
If they had they had problems with the teleprompter, and
then I guess.

Speaker 3 (02:54):
Everyone kept saying the word what was it like?

Speaker 2 (02:58):
But they had the when there was time to run
a clip or whatever, there was something in the upload
or something upload clip or run track or something like that.

Speaker 3 (03:06):
Yeah, they kept saying.

Speaker 2 (03:07):
So they were saying it, and they're telep yeah, playback.
So they were doing their their bit and reading the teleprompter,
and then it would say playback, and they would say playback.

Speaker 3 (03:17):
They all said back, but.

Speaker 2 (03:19):
They weren't supposed to. And then there was another one
where there were two Carries, and then at the end
that I guess the parts were named Carrie and Carry,
so they were saying Carrie and the dinner part and
then Carrie and then Carry again. It was like, oh
my gosh, I don't know if the teleprompters screwed up
or these people have lost it, but it was an
interesting show.

Speaker 5 (03:33):
I liked when a Molder and Scully came out, you know,
the Duke and Julian Anderson, and they were like they
they did their like bit and then she just looks
in and goes, that was hilarious.

Speaker 4 (03:47):
What a terrible joke.

Speaker 2 (03:51):
I wonder if that's like the first time they talked
to each other in a long time or buddies.

Speaker 4 (03:56):
Yeah, yeah, they're all they're all bugs there.

Speaker 2 (03:58):
You go, well, you are hard.

Speaker 5 (04:00):
To be, you know, in a culturally relevant show like
that that just like tore up all sorts of viewership
numbers and then be like, all right, see yu streamed out.

Speaker 2 (04:11):
Did that show have any part of you creating your
fort Fritz?

Speaker 3 (04:15):
Oh?

Speaker 2 (04:16):
Yeah?

Speaker 4 (04:16):
Huge.

Speaker 5 (04:17):
In ninety three, I was I was like eight or nine,
probably not yeah, probably ninety three, and I wrote to
the Fox Fan Club and they sent a picture of
them and it was like it was like stamped on
the back like they had like signed it and they
and it was just like you know, like Federal Bureau
of Investigation like envelope.

Speaker 4 (04:37):
It was tight. Dude, that's adorable. It was so.

Speaker 5 (04:41):
Tight and that's still framed and in my studio like
that was never ever.

Speaker 4 (04:46):
I'm never ever going to get rid of them, never
gonna take it down either.

Speaker 3 (04:50):
I love it so much.

Speaker 4 (04:50):
I'm like, oh my god, I work for the FBI.

Speaker 3 (04:54):
Oh, man, did you get your did you get your
notification that you need to email somebody your accomplishments? Yeah?

Speaker 5 (05:03):
If I did it, I mean, they didn't have email
back in ninety three, but I would have had to
have typed it out wide out.

Speaker 2 (05:11):
Yeah. I remember back in the in the early nineties,
I had friends we're starting. It was starting where people
would say, hey, I'll email you, and I'm like, nah,
I don't do that. I'm check my email once a month. Man.
Now I get like six hundred emails a day. I
think I was on the right track back then, but hey,
you know, there it is. Yeah.

Speaker 4 (05:28):
And then when MySpace was the thing.

Speaker 2 (05:30):
Oh I never did any of the MySpace thing. But anyway,
that's not why we're here. You know, Yeah, we're here.
But because we are. You are listening to the Home
Loans radio show with that mortgage guy Don You can
text in your questions to seven seven zero three. One.
If you don't text them in, we're going to talk

(05:51):
about whatever whatever things happened in Fritz's childhoods. Yeah, right right,
I like it. I like it texting your questions, what's that, Jeff?

Speaker 4 (06:00):
So many things?

Speaker 2 (06:01):
Oh man, save those up. We got it. We might
have we might have to fill in somewhere. And you know,
you can text in your questions to seven seven zero three. One.
Of course, anything having to do with home loans, real estate,
buying a home. You're getting ready to get a divorce,
you want to find out how that works with a mortgage.
You inherited a house, you want to find that out.
To a lot of questions I've been getting about reverse mortgages,
I feel like more than ever. And that may be

(06:22):
because the rates have been coming down. Uh and we're
actually seeing now about overall, about six weeks in a
row of downward mortgage rates. Wow. Yeah, so we're with
the average I'm seeing right now is about six point
twenty five on a residential purchase with you know, ten
or twenty percent down for well qualified folks with good credit.

(06:43):
So that was up above seven just about five six
weeks ago. So we've seen almost a point drop in
the last six weeks and I can see it in
the activity. Things are really picking up. Text your questions
in Today Live to the show seven seven zero three one.
You can also go to Instagram at that mortgage guide
don and check us out there. We'll post a couple
of things during the show. And if you're not following me,

(07:03):
give me a follow on Instagram if you would. At
that morment the.

Speaker 5 (07:07):
Hell out of me last night, Don, I just stomped
all over your feet there.

Speaker 2 (07:12):
But yeah, yeah, if you go, if you go to
Instagram at that mortgage guide on right now, you see
the picture that I posted last night, And I didn't
when I first posted it, I didn't have the caption
under it. I ghost up the post and then so
all kinds of friends and people were texting me. It's like,
is that your car? Is that your car? What I posted?
And you can go see it. There is a picture.
There's a Volusia County woman, eighteen year old woman arrested

(07:35):
for just destroying a car that she thought belonged to
her ex boyfriend. And take a look at the picture.
I mean, it's just covered with yellow paint. I didn't
who didn't do that?

Speaker 3 (07:46):
When they were eighteen and well destroy a car? What?

Speaker 2 (07:52):
No, I haven't gotten to the punchline yet, but a
lot of the words were unintelligible to me. But the
word devil was written on the driver's side door, so
that one you could make out. But anyway, take a
look at that. The problem the punchline, wrong car wasn't
her boyfriend's car?

Speaker 3 (08:06):
Oh man, how do you not know? I'm going to
go ahead and say this might have just been a hook.

Speaker 2 (08:10):
Up, That's what I said. How long have you known
said boyfriend?

Speaker 3 (08:14):
Maybe not long?

Speaker 2 (08:15):
Did he know or did they know they were your boyfriend?

Speaker 3 (08:18):
I'm guessing no.

Speaker 2 (08:19):
But if you don't know which car belongs to me boyfriend.

Speaker 3 (08:22):
I feel like even even relationships that haven't gotten to
a level where you're, you know, declaring it, you still
know what somebody's car looks like.

Speaker 2 (08:29):
That would be That would be pretty upsetting to come
out a completely innocent person and not understand why your
car had just been dismerged and devil written on the
side of it in neon yellow paint. But check that
out on the Instagram at that mortgage guy, don you
know not my car?

Speaker 5 (08:46):
I don't want to go into too much detail, but
there was a message spray painted on a fence over
where we live, and it was kind of shocking. The
next morning it was cleaned with a little printed out
piece of paper that was like, I'm sorry that you're
going through whatever you're.

Speaker 4 (09:02):
Going through, but you know you have the wrong house.

Speaker 5 (09:06):
And it was signed with wrong house and then the
number at gmail dot com.

Speaker 2 (09:12):
My god, and I was like, yeah, well that's going around.

Speaker 5 (09:18):
I guess, well, oh fun, what is mistaken Yeah, mistaken identity?

Speaker 2 (09:23):
Like the hell that means? You know, you don't have Google.
I have seen in like when you zellow a house
or whatever. Sometimes it has the wrong picture. I've seen
it where its like the next door neighbors picture. Oh
maybe that's what happened, trying to come up and found
the wrong house.

Speaker 3 (09:38):
It's unfortunate, but uh.

Speaker 2 (09:40):
You know, don't destroy cars. They penalize you for that,
so knock it off. Texting your questions A seven seven
seven zero three one. Tell MJ what you're doing out there?
What's going on? You know, what are you doing on
this fine Saturday morning? It's cool, it's cold outside. I
woke up and it was like I thought I had
turned accidental turned the thermostat down to sixty seven or something.

(10:02):
It was got a nice day, getting a little of
that Florida sunshine coming in. What are we gonna talk
about today? MJ.

Speaker 3 (10:09):
Well, we're going to talk about mortgages and uh huh
and and other things.

Speaker 2 (10:15):
All right, I know I know you want to Well,
do we have a mortgage question there? You're ready to
go with? Or you want we want to keep? All right?
We want to talk about the Academy Awards because I
know you want to talk about it.

Speaker 3 (10:23):
No, no, no. At some point here someone says they're looking
for a new home in about sixty days in Lake County.
Their credit scores are on the rise. They have seven
oh three, seven thirty, seven sixty two. They're getting there,
but they're not yet reflecting some recently paid off debts.
Should I wait for those to go up before I
try to get prequalified?

Speaker 2 (10:40):
Oh?

Speaker 4 (10:41):
Man, what a great thing.

Speaker 2 (10:42):
Well, yeah, that's a good question. And yeah, it's your scores.
So when we look at the scores, we go by
the middle score. Would they say the middle score of
seven thirty? Yes, so seven thirty is a good score.
You know, we can get it up to seven forty.
That's pretty respectable. But if you paid them off in February,
then we're now March first. Believe it or can you
believe it's March already? I don't even know, Well that's happening,
but it's March now. So when you pay them off

(11:03):
in the month before, like say you pay them off
in February and they actually receive the payments and credited
them to your account in February, then around the about
six or seven business days into March is when we
would want to look at your credit report, and then
it will probably be updated and you'll probably be over
that seven forty mark. But the good news is you
wouldn't want to wait anyway, because when we do a

(11:24):
pre approval, we only do a soft credit report, so
I can actually see if your scores have come up
or not. And then when you're under contract and we're
getting ready to submit that loan into underwriting and it's
a done deal, then then we can do the hard
credit poll at that point, so you'll have plenty of
time to get the credit scores sorted where you want
it to be, and we'll be able to tell you
with the soft credit check. Sometimes when we pull credit

(11:46):
for a mortgage, we're going to get different score. So
you know you're saying you've got a seven thirty, but
we might already have a seven forty. So we'll do
We'll start with the soft credit poll on every pre
approval that we do. And if you want to do
a pre approval, it's so simple. You just go to
the website that mortgage guy don dot com, hit the
button says apply at the top, and then you hit
the pre approval section and then we'll ask you for
some documents, and then we'll have you talk to a

(12:07):
loan officer and check for any first time home buyer
grants or programs that you're eligible for, and then bing
bang boom, you're going to be preapproved and ready to go.

Speaker 3 (12:16):
Here's someone that says live every day except last Saturday.

Speaker 2 (12:20):
Well, you know, I mean, is it realistic that we
are here fifty two Saturdays a year. I think we
do pretty good. We usually we usually do about forty eight,
forty forty seven, forty eight, and then and this year
we did Christmas and New Year's Yeah, nobody else did. So, yes,
we took a little break class.

Speaker 3 (12:38):
For that was to celebrate the Fritz annivers.

Speaker 2 (12:40):
That's right the one year anniversary.

Speaker 3 (12:42):
I would like the parts that the parts that you
can speak on.

Speaker 4 (12:46):
Yeah, of course we went.

Speaker 5 (12:47):
We went camping and hiking and yeah, I can, I
can fool you guys in it was really cool.

Speaker 3 (12:52):
Oh excited.

Speaker 2 (12:53):
Yeah, I was excited about where you're going. I don't
know if you wanted to talk about it, but I
was excited about where you're going. And I definitely want
to hear about it and maybe go do that too.

Speaker 3 (13:00):
In those lines, there's supposed to be a planet parade
you know that we can all see.

Speaker 4 (13:04):
Oh yeah, yes, I think that was a last night.

Speaker 3 (13:07):
Oh there was a planet parade that we.

Speaker 4 (13:09):
Can I mean it will still be close to it.

Speaker 3 (13:12):
Did you see it?

Speaker 4 (13:14):
Nope?

Speaker 5 (13:14):
Nope, I've been I've been scoring a short film, if
you must know.

Speaker 4 (13:19):
So I was busy.

Speaker 3 (13:20):
I want to know.

Speaker 2 (13:21):
You're always doing something, Fritz, You're always doing something new.
You are listening though to the Home Loans radio show
with that mortgage Guide Don. We're right here first segment
and the books already. We'll be right back after these messages. Hey, hey, hey,
it's that mortgage guide. Don March is here and the
time has come to spruce things up. And get those
new windows installed before summer is upon us once again.

(13:42):
I spruce spruced up my place last spring, and I'm
over the moon about my renewal by Anderson windows. These
are by far the best windows I have ever had.
They're made right here in the USA with Anderson's exclusive
Fibrix composite material, which is twice as strong and lasts
twice as long as vinyl. Renewaled by Anderson Windows and
are designed to keeps home keep homes comfortable year round,

(14:03):
reducing energy bills and insulating you from the outdoor weather
and noise. If you're in the market for new windows
or doors and you appreciate style, durability, and five star
installation and service, do what I did and call Renewal
by Anderson today. Tell them that mortgage guy Don said
to Colin, you'll be able to take advantage of multiple
discount and financing offers for the entire month of March.
Restrictions do apply and get all the details today at

(14:26):
the website Best Windows Florida dot com. That's Best Windows
Florida dot com. License number CGC one five two seven
sixty one three.

Speaker 6 (14:34):
Hey, this is Debor Roberts from the Jim Culbert Show,
and you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 3 (14:45):
Hey, hey, hey, you're listening to Home Loans Radio talk
about the mortgages. That's right, that's what you want to know.
That's what you woke up thinking about. You know what
I want to know mortgage information, quality, mortgage information. And
here you are. Congratulations, you made it all right? Yeah,

(15:05):
glad to have you.

Speaker 4 (15:06):
We're out of applause for you.

Speaker 3 (15:08):
Yes, well done, well done, you, well done you. Here's
someone who says, good morning friends today, I'm going to
the team member preview of the Epic Universe. That is exciting.

Speaker 2 (15:18):
Oh that would be fun.

Speaker 3 (15:20):
I have a lot of friends working out there.

Speaker 2 (15:22):
Yeah, that's it. Is excited. You are you're listening to
Home Loans Radio show. Text us at seven seven zero
three one. Follow me on Instagram at that Mortgage Guy
Don Or you can always go to the website that
Mortgage Guy in Don dot com. Here we are what
do we gotta tell us what.

Speaker 3 (15:37):
You're doing out there? Here's something I said, good morning Don,
the Milkman and the Sunflower team. How do reverse mortgages
work with a second mortgage.

Speaker 2 (15:44):
How to reverse mortgages work with a second mortgage with
a first mortgage?

Speaker 3 (15:48):
So can you get a reverse mortgage if you have
a second and a first.

Speaker 2 (15:52):
Yes, because you wouldn't anymore. When you do a reverse mortgage,
you know you gotta be over the age of sixty two.
And a reverse mortgages is something that works really well
in the right circumstance. But I'm sorry, tell me the
question again to the back part.

Speaker 3 (16:06):
How does it work?

Speaker 2 (16:07):
How does it work? Well? You would if you did reverse,
it would pay off the first and second that you
have now, So to answer the immediate question, those two
would be absorbed into the reverse. So you've got to
make sure that you have enough equity to do so,
and the amount of equity you need depends on your ages,
because a reverse mortgage is a mortgage that lets you
stay in your home for as long as you want

(16:29):
to live there without paying any mortgage payment. You still
have to pay your taxes and insurance and your HOA
if you have one, but the actual principle and interest
of the mortgage payment it just accrues. So instead of
like a regular mortgage where you pay it off and
it gets lower and lower. A reverse mortgage, you don't
make a payment and it gets higher and higher. But
they have a mathematical formula based on your age that

(16:49):
helps figure out how much equity you can get based
on how old you are. It doesn't look at your
credit score, doesn't look at anything of your income. You
don't even really have to have income. So the reverse
is very, very different. But for the people that really
need it, it's like a god send, you know. I
talked about a few examples, but one is a woman
that I did one for. She was in her late

(17:11):
seventies and she still had to work. She was working
at CBS forty hours a week at age seventy seven
because her husband had passed. She was a widow, She
had no family, but she still had a mortgage that
she had to pay every month. Her social Security wasn't
enough to do it, and her quandary was how long
can I keep working full time and as soon as
I can, I lose my house. That was her scenario.

(17:32):
Didn't have, you know, savings, didn't have a way to
do it, so the reverse for her. When you get
a reverse, you can either get it so that you
get a monthly amount paid to you from your equity.
You can take a big chunk of equity out in
the beginning, or you can just have a chunk of
equity sitting aside in an interest bearing home equity account

(17:52):
for you that came from that equity.

Speaker 3 (17:57):
To the way they do it is they pay off
both the first and the second.

Speaker 4 (18:00):
Yeah, they're going to pay out a new mortgage.

Speaker 2 (18:01):
They're going to pay off the first and second, and
then you do a new mortgage, and then we would
figure out do you want to get cash out, do
you need to get a lump sum and so on.
But in this in this case, this lady took a
monthly sum that she could get which was around fifteen
hundred dollars coming to her. So it changed her situation dramatically.
She no longer had a mortgage payment which was around
twelve hundred dollars, and then she had this fifteen hundred

(18:21):
dollars of income coming in from the actually didn't have before,
which she didn't have before, and now she didn't have
to work forty hours a week. So it was an
ideal scenario for her. And there are many like that.
If you're sitting on hundreds of thousands of dollars in
four to one k's and you've got savings and all that,
you're probably not going to want to do a reverse mortgage.
But if you're in a situation where things are tight
and tapping into the equity that you've built into that

(18:42):
home for twenty or thirty years helps you, then the
reverse is the way to go.

Speaker 3 (18:46):
Cool. Cool. Here's someone who says, not sure about other counties,
but Brevard extended the home set exemption to three to
three since three to one fell on a Saturday.

Speaker 2 (18:53):
Well, there you go.

Speaker 3 (18:54):
That's how you might be able to sneak in.

Speaker 2 (18:56):
That's good information. Thanks for texting that, and yeah you can.
You can. Some of them have a late filing a
grace period of a few days, but check it out
in your particular county at the property appraiser. What they're
talking about is the homestead exemption is for if you
bought a house last year. There was a window from
January till the end of Typically it's until March first

(19:17):
where you can file, but in this case it sounds
like at least in Bravard County, they extended it to
Monday since March first. Felt today, great info, Thanks for
texting that into seven seven zero three to one. Good
looking out right, right, we got the best listeners, don't
don't we, Fritz?

Speaker 3 (19:31):
We do.

Speaker 4 (19:31):
We have the best and that's a fact.

Speaker 2 (19:34):
And if you don't agree, you're gonna have to fight Fritz. Yeah,
fight Fritz. That's another segment we could do, Fritz.

Speaker 5 (19:41):
I'm just constantly getting into a fight club level fisticuffs.

Speaker 2 (19:47):
Yeah, like thumb wrestling.

Speaker 4 (19:49):
Yeah, but it's it's punching, right.

Speaker 2 (19:52):
But you do have really long thumbs. I noticed.

Speaker 4 (19:55):
Thank you for noticing.

Speaker 3 (19:59):
Guys are weird me out? Morning Team Mortgage, Breed and
Carry are tuning in while they unload their old home
and prepare for them moving to their new home. Big
thank you.

Speaker 2 (20:09):
Yeah, great job. They are their house that is ah,
they were buying. They were selling the current house and
buying a new home and we're in the middle of
the process right between both homes. But it's going really well.
I'm really happy for you. The house that you that's
your look, that you found to buy is just fantastic.
I'm really happy that.

Speaker 3 (20:27):
That's so exciting. They found something.

Speaker 2 (20:29):
Yeah, and it's a situation, you know, it's like there's
there's some ugly ducklings out there right now. You know
some of them that look attractive online and uh, you know,
maybe been on the market for six months or eight
months that they have this problem. They've got electric problem.
They need a new roof, you know. So you they've
gone through a couple. They had a couple that they liked,
you know that that that you got into contract with.
The inspections were enough issues where they walked away, and

(20:52):
now they've got one where it's a clean, nice, beautiful
house with all without all the warts that that without
all the frogs. They had to kiss to find their.

Speaker 3 (21:01):
Kissed the frogs now, oh yeah, yeah, yeah.

Speaker 2 (21:03):
They've kissed the frog now they got Now they're getting
ready to move over to the prince house. Ya.

Speaker 4 (21:08):
Then they had to get rid of that frog infestation
right right.

Speaker 3 (21:11):
Those frogs. Oh nothing noisier than a frog infestation, are right, friends, No,
they suck. What you don't want is your pool to
be full of frogs. It's loud, loud, loud.

Speaker 2 (21:24):
That happened to me a few years ago. I had
like a screen panel missing down at the bottom that
my dog had run into and knocked out. And I'll
I'll get to that, you know, what happens if you
just say I'll get to that. Yeah, you come out
one night and your whole pool is full of frogs
swimming around having a good old time making children frogs. Yes,
and apparently they can make like a thousand.

Speaker 3 (21:45):
Out of time apparently very loud. That happened to you too, Prince,
didn't it?

Speaker 4 (21:49):
Yes, thank you for bringing that up.

Speaker 2 (21:51):
And Joe, I also need to mention my good friend
Mode Dewitz. The celebrity bowling turn coming up on April
the twelfth. But good news, good news, bad news situation.
I guess the tickets are sold out. We were several
weeks out and ahead of the thing, and we still
it's already sold out. But you can go there. They

(22:13):
have this really cool thing. It's going to be at
the Ovido Bowling Center. And the owners of the bowling
center have a is a pinball machine aficionado, like the
like the old school kind you know from the seventies, eighties,
nineties or early two thousands, And they have how many
how many you think they have been there? Joe, let's
see what we got about carry.

Speaker 5 (22:34):
I would say, if not, if not fifty, they definitely
have over thirty five.

Speaker 2 (22:42):
I think that's right, Like there's a couple of rooms
filled with them the whole.

Speaker 5 (22:45):
Yeah, because I don't I don't know if they've expanded
or got more, but it seems like there's at least fifty.

Speaker 4 (22:52):
I could be wrong.

Speaker 2 (22:53):
It was. It was a good time and you can
still go. You can pay. You can't the bowling tickets
are sold out, but for fifteen dollars you can get
a pinball ticket that allows you during that two to
five range to play a unlimited pinball with your fifteen
dollars ticket and hang out with all the real radio
folks and all the celebrities.

Speaker 3 (23:12):
And the machines are set for free. Oh yeah, they're many,
and they're all the ones or a lot of them
are the ones with that satisfying, really heavy duty metal
ball that you go ooo, and he goes, I love it.

Speaker 2 (23:23):
I do and destroy it. I do enjoy your descriptive
sounding And I mean it's.

Speaker 3 (23:30):
That feeling when you pull it back. You you're so
full of hope and you have so you know, looking
just where you want to go, and it sales up
there and then it goes.

Speaker 2 (23:38):
I'm one of the people just smacked the thing, you know,
instead of pulling it back. I just hit it.

Speaker 4 (23:42):
Oh oh yeah, that's what. So they invented the tilt
because of you.

Speaker 2 (23:46):
Oh absolutely. I wasn't there then. But anyway, if you
want to come up, that's April the twelfth, and a
lot of cool people are going to be there, if
you like the real radio folks and the local Orlando people.
You got Brandon O'Connor, Tom and Dan uh Savannah, it's
going to be there, Ross, Sean Watson, Angel Rivera, Savannah Bond, Me,

(24:07):
Sandra Ray, Jack Bradshaw for.

Speaker 3 (24:09):
You're a celebrity.

Speaker 2 (24:10):
Yeah, I think I'm at the bottom of the list,
but I'm on there and that's all that counts. M Jay,
you just gotta you must be present to win.

Speaker 5 (24:18):
That means that your second leadoff hitter, kind of like
in baseball, you know, I mean they put the past
this guy at the bottom of the lineup sometimes so
they get on base.

Speaker 2 (24:26):
I got a recent announcement. I think Desi del Toro
is going to be there. It's going to be fun.
It was. It was so fun last year. I had
the best time. It was one of my favorite events.
And it's all for charity. It's going to be fun.
So check it out and uh, that's that's the end
of that commercial.

Speaker 3 (24:40):
Here's so what it says, good morning, Can I use
a ten thirty one to sell my residential property to
invest in a commercial property? That's what is it? Ten
thirty one?

Speaker 2 (24:48):
That's a fantastic question. Let me see do I have
enough time? Yes, So at ten thirty one exchange to
answer the question. No, you can't use it on your
primary residence to put into an investment property. And if
it's it's been your primary investment, your primary residence for
two years or two years out of the last five years,
you're not going to worry about that anyway. But the
ten thirty one what it allows you to do. When
you sell a house, you get you and you make

(25:11):
a bunch of money, you have to pay tax on that.
It's called capital gains tax. So if you have an
investment property and you sell it, instead of making that
instead of keeping that profit and paying taxes on it,
within a certain amount of time sixty days, you can
put it into a new investment property that's worked more
and then you don't have to pay taxes. So the
gains you made on the first investment you can put

(25:32):
into a new one. It's called a ten thirty one exchange,
and it allows you you could keep doing that for decades.
You could just keep moving and getting better and nicer
investment properties, you know, improving that one and upgrading it
without paying taxes on the gains of it over time.
So that's one way to build up an investment portfolio,
but you can't do it from your primary. Your primary
shouldn't have capital gains tax in most cases unless you

(25:55):
just had it for a very short time. Great question,
Thanks for texting that into seven seven zero three one.
We're going to be right back after these messages for
the third segment of today.

Speaker 5 (26:04):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on real Radio.

Speaker 4 (26:11):
Homeoones Radio.

Speaker 5 (26:12):
That's the place if you have a question about buying
a house, or selling a house, or refinancing, whatever it
is you want to know, just text it in seven
seven zero three one. We will answer it live on air.
I'm Fritz, We've got MJ and that mortgage guy Don
And if you want to follow him on Instagram.

Speaker 4 (26:29):
Please do.

Speaker 5 (26:30):
He posts little pictures of cars being vandalized, mistakenly miss
identification of vandal's vandalism, I should say, but that's at
that mortgage guy done on Instagram.

Speaker 2 (26:46):
Well, you make it sound like a different than The
funny part is I posted that picture last night thinking
I'll post this and I'll talk about on the show,
you know, briefly, and then we'll be able to see
the picture of the young person who made bad choices
in Vlusha County and vandalized their boyfriend's car.

Speaker 4 (27:02):
Well not not really what they thought was.

Speaker 2 (27:05):
Their boyfriend's car. But it turns out the car they
spray painted by all words on in neon yellow paint
was a was a stranger's car.

Speaker 3 (27:13):
Annoying? Would that be? I mean, I just can't even
imagine just go and go, oh.

Speaker 2 (27:19):
Yeah, talk about your your what do they call that
collateral collateral damage scenario? Well, you are indeed listening to
the Home Loans radio show. I'm here with my good
friends MJ and Fritz, and we're doing what we do
every single Saturday.

Speaker 3 (27:31):
I think to finish that thought is you posted it
without explanation and people thought your car was vandalized.

Speaker 2 (27:36):
Yes, I posted the picture before I put the caption up,
and then apologies to many of my friends are like,
oh my gosh, is that your car?

Speaker 3 (27:43):
You did not notice until today.

Speaker 2 (27:45):
I just didn't connect the dots. Fritz In texted me,
is that your car? And I thought I thought he
was like in a parking lot somewhere and he saw me,
saw the cargo by and you know my car go by, Like, no,
not unless you're in my garage. Yeah.

Speaker 5 (27:59):
I thought that you're like being you know, like vague, like, okay.

Speaker 2 (28:07):
Anyway, check us out, give me a follow ut that
mortgage guy don We put all kinds of cool stuff
up there. And it also allows you, you know, if
you've got friends, family, anybody who wants to look at
a mortgage or more importantly, compare their quote. You just
tell them, hey, follow me that mortgage guy done, and
you send them the link and there it is. They
can compare their quote right there from Instagram.

Speaker 3 (28:25):
It's all right there.

Speaker 2 (28:26):
Yep.

Speaker 3 (28:27):
Here's someone says, Hi. All two questions, is they want
to know he locks at home? Refer to the same product,
assuming I'm approved for one? Can the bank require new
appraisal down the road if the real estate market tanks
and property it's two questions, okay, okay? Are helocks and
equity loans do they are they have the same. Okay,

(28:49):
second mortgages, I guess. And the second one is, assuming
I'm approved for one, can the bank require a new
appraisal down the road if the real estate market tanks
and the property values drop.

Speaker 2 (28:59):
Good question. We've actually seen this happen, but you know
in the past. But the first question is are helocks
and equity lines or second mortgage is the same? Helock
stands for h h LOC stands for home equity line
of credit, so those are going to be identical most
of the time. A helock or an equity line is
a second mortgage. The main reason that people would do

(29:21):
them because the rates are going to be somewhere in
the five to ten percent on a on a helock
or equity line, right depending on your credit and your
loan to value, how much of your equity you're taking out,
and the the hold on j justin reb me the
last part of the question day it was okay, The

(29:41):
question was are they the same and and then if
the value changes later you have to do a new appraisal. Yeah, okay,
so they are mostly the same. Normally, it's a second
mortgage for a helock or an equity line because you
want to. The reason you'd want to do it is
if you had a first mortgage with a really low rate,
like a two or a three or four, but you
wanted to take cash out your house, so an equity

(30:01):
line would be a way to do that without messing
with that first mortgage. But if you don't have a
mortgage on your house, you wouldn't choose an equity line.
In most cases, you'd go with a first mortgage because
usually the rates are lower, So that makes a lot
of sense. The second part of the question, we saw
this back in when was it when, I guess probably
two thousand and eight nine, when we had, you know,
so many foreclosures and values were going down. We did

(30:25):
see that the home equity lines of credit were putting
freezes on people's accounts if they thought the value was
too low, or limiting the account, or even closing out
the account. So that did happen once a while ago,
but that is when we had probably thirty forty percent
drop in prices. That's really the only time I think
that that would occur, and that's only happened once as

(30:45):
far as I know, in the last say sixty years
or so, so it's pretty unlikely, but I have seen
it before where they did close out equity lines and
did not let people keep drawing on them when the
when the value of the homes went down. Wow, great question.
Thanks for texting that into seven seven year A three one.

Speaker 3 (31:01):
I'm a veteran that's looking to buy a bigger house,
but I want to keep my house as a rental.
Can I still get a VA loan? You will, But
if they have, if they have paid it off or
haven't paid it off, does that make a difference. Can
you have two VA loans?

Speaker 2 (31:14):
Well, you can in some cases. Read me the question
one wee time.

Speaker 3 (31:17):
I'm looking to buy a bigger house but want to
keep my house as a rental? Can I still get
a VA loan? So I don't know.

Speaker 2 (31:23):
Yeah, we don't know if you have a VA loan
on your current house. If you do, then the answer
is no. You can't buy an investment property VA, and
you can't buy another home VA in the same town
in that scenario, Like if your house was in Tampa
and you want to buy you another property one hundred
or two hundred miles away, then there might be a scenario. Usually,

(31:45):
the only reason you can get a second VA loan
is if you've been moved for a job transfer or
the military transferred to you, or something along those lines.
But we could look at that. There's a number of
other options. We just want to talk it through so
I understand the whole scenario. A great question. Thanks for
texting that to seven seven zero three to one.

Speaker 3 (32:01):
Here's why I says, I'm looking to build a new home.
Is it better to get a construction to mortgage loan
or just a regular construction loan. I want to use
the property as a down payment if that's possible.

Speaker 2 (32:10):
Yeah, that would be what you're describing. Would probably be
what I would call construction to perm loan, so construction
to permanence, and those work best if you own the
land already because you can count the value of your
land as your down payment. So it's really kind of
the two together. There's not really a separate end loan
for the mortgage and a separate loan for the construction,
even though the loan kind of morphs into the other one.

(32:34):
So during the construction phase, you pay the loan comes
out to pay the draws, and you only pay interest
on the amounts that you've borrowed, and they do that
in phases, like two or three or four or five
phases to build a house. So each time, like when
the land gets cleared and they do the foundation, that's
one phase, and then they frame the house and that's
another phase, and so on. So when you're doing a
construction to perm that the construction part is the loan

(32:56):
pays for those phases, and then once the house is
built and you get to the end, then it just
converts into an end loan like a thirty year mortgage.
Typically that's that's probably the way you'd want to go.
So that's a construction to perm loan we do, and
we have a couple dozen lenders that we could look
at too to try and get you the best price
on those.

Speaker 3 (33:11):
I have a question, all right, if someone's doing a
loan like that, when would they and then they decide
they want to shop their rate, you know, they want
to compare a quote. What point in the process would
they do that.

Speaker 2 (33:24):
You can look at when you get to the end,
the end of the construction point, there is a point
of about a couple of weeks where you could shop
around and try and find a different end loan and
see if you know the rates that you're being offered
on your end loan, your final loan, or where you
want to be, and if not, then you can do it.
You can do it new loan when we can do
that loan, which is just an end loan after construction,
and a lot of times you're going to get a

(33:44):
better rate then because when the construction was started, you know,
six months or twelve months ago, you might have been
in a different rate scenario. So it really depends on
the builder whether they locked in your rate in the
beginning or whether they're locking your rate in later. But yes,
you can shop at the end of a construction house.
Once you have your C on the house, your certificate
of occupancy, then you can shop around to place that
end loan and we can help you with that. You

(34:06):
can just reach out to me at that mortgage guide
don dot com and we'll take a look and see
if you've got a good rate and if not, that's
with any loan really you can you know, we do
have the compare quote on my website site. So whether
it's a construction loan or a reverse loan, or a
heelock or SBA loan, whatever you've got, if you want
to compare it, and you want to find out if
it's any good. You just go to the website that

(34:26):
mortgage guide don or Instagram at that mortgage guide on
and you just upload it to the compare quote and
we'll go over it together and talk about it, and
I'll tell you if it's any good or if you're
just getting beat up.

Speaker 3 (34:37):
If I bought a house before getting married and I
qualified for first time home buyer program, would my current husband,
who is not on my mortgage, be able to qualify
for a first time home buyer program?

Speaker 2 (34:47):
Possibly? There are some programs like if you're buying and
so you're selling the house you have, or you sold
the house you have and you're buying a new house,
I think it's a scenario, or the other parties buying
a new house. I guess it seemed like they were
doing that to there.

Speaker 3 (35:00):
I don't know. That's all the information that we have.
She qualified by herself, and now she's marrying and she
wonders if he would qualify.

Speaker 2 (35:06):
So it depends on who's buying the new house. If
they're buying it just themselves, then probably we have some
programs that will apply. There are some that require if
you're both going to be on the new loan. There
are some that require both people be first time home buyers,
there are others that don't, So I really just need
to look into the scenario. Every time someone does a
pre approval on the website at that more each guy
Done dot com, we do a soft credit pull and

(35:27):
if they're first we'll figure out if they're a first
time home buyer. And if they are, we will look
through about the dozen different programs that we have and
see if any which ones they qualify for, and then
we can tell whether you know, then I'll know the
whole scenario. And but you got to do the application first.
I get people all the time and say, can I'm
a first time home buyer? Can I get you know,
down payment assistance? Well, it's more deep than that. Some
of them require certain credit score, some of them require

(35:50):
income has to be low enough or below the average
median income for the county. So there's a lot of
things that we can figure out. Once you've done the
actual pre approval application. We don't even have to pull
your credit to do it. I mean, we do a
soft credit pool, so there's no hard hit or inquiry
to your credit.

Speaker 3 (36:03):
When we do, it says good morning, Don. I'm Jane Fritz.
I love y'all, all, Thank you. I want to look
into buying my first home. Where do I start?

Speaker 2 (36:12):
Well, I think we just kind of talked to you
a little bit, but yeah, you just go to the
website or Instagram at that mortgage guide Don and start
the application for preapproval. We'll we'll do a soft credit pool.
We will explore all of the down payment assistance programs
and come back and tell you what you're eligible for,
and then we'll go from there see what you want
to do. It also lets us figure out how much
you can buy based on your income, what the costs

(36:33):
would be, Do you have enough money? How much money
would you need to save? Like, we can help you
figure the whole thing out. We're gonna take a quick break.
We'll be right back after these messages.

Speaker 3 (36:42):
Hey, it's Sabrina from the news junkie.

Speaker 4 (36:44):
Do you have a question for that mortgage guide Don?

Speaker 3 (36:46):
Text him at seven seven zero three one.

Speaker 2 (36:49):
No.

Speaker 5 (36:49):
Back to Home Loans Radio on real radio.

Speaker 3 (36:55):
You are listening Tome Loans right here. You Sorry, I
snipped into Corvus Incorporated there. It's really worth a listen
if you can find it, which is not hard find
it everywhere's right, It's so good.

Speaker 2 (37:09):
Corpus incorporated one of Fritz's mini bands, Many many with
Sabrina Obres. How many albums did you end up doing
so far? Two?

Speaker 4 (37:16):
Sorry, I got to turn my mic on.

Speaker 3 (37:18):
I think we did.

Speaker 5 (37:21):
One, two, three, four epis so twelve I think twelve
songs or fifteen fifteen songs.

Speaker 2 (37:27):
You were talking about doing doing some more, weren't you
the last time I saw the two of you together.

Speaker 5 (37:31):
Yeah, Sabrina recorded vocals for my Like Americana album that
I'm working on July date release. But other than that,
we have we don't have any Corvus stuff. I mean,
we've got songs that we could release, but you know,
I would have to go in and gussie them up
right and mix.

Speaker 2 (37:52):
And you're not doing anything, You're you're not busy. You're
just chilling play time, Yeah, scoring movies.

Speaker 5 (37:58):
Just getting day drunk and waking up at a a PM.
Wondering what if it's a m or PM. You know,
that's me every day but Monday through Sunday, my man.

Speaker 2 (38:07):
Yeah, But over there in the studio there's four albums
got recorded during that time.

Speaker 4 (38:12):
Yeah, I wake up and I go, is this me?
That's me singing? When I do that.

Speaker 2 (38:18):
I'm going to name this next album auto Pilot.

Speaker 4 (38:21):
I'm going to release it tonight.

Speaker 2 (38:24):
What what did you say, Fritz?

Speaker 5 (38:25):
I said, I'm going to release it tonight or is
it the morning?

Speaker 2 (38:29):
Doesn't matter?

Speaker 3 (38:30):
So do you mind telling us about your adventure? Your
your your honeymoon adventure.

Speaker 4 (38:36):
Yeah, So we went.

Speaker 5 (38:37):
To Okachobee Prairie Prairie Park State Preserve, which is a
kind of a prairie park state reserve preserve, and it's
the only, uh dark sky park in Florida. So it's
rated like Orlando sits around a nine as far as

(38:58):
light pollution, Like on a scale of one to ten
or zero to ten.

Speaker 4 (39:02):
This thing, I think is at like a two and
a half.

Speaker 3 (39:04):
Wow.

Speaker 5 (39:05):
So it's really really dark, and it's a couple of miles.
It's like forty miles north of Lake Okeachobee, so right
in the center of the state. And it's incredible, Like
when when you get there, you know it's one of
those it's a two lane road that you drive seventy
miles per hour on for thirty minutes, no traffic lights,

(39:28):
no stop signs, wow, you know, and it's like way
out there, and then when you get there, you're surrounded
by just like four foot tall like almost.

Speaker 4 (39:39):
Like sage brush like everywhere.

Speaker 5 (39:41):
And we saw alligators. They were like really close to us.

Speaker 2 (39:46):
It was fighting glades.

Speaker 3 (39:47):
Yeah, alligators.

Speaker 5 (39:50):
It was like a little yurt and no, it was
it was far enough removed, and we rented a telescope.
We probably hiked five miles i'd say, and then rented
a telescope and there was a a deluge, an absolute
wash out, and it rained the entire evening so we
couldn't see any stars. But we were taking naps and

(40:12):
we woke up around like midnight, one thirty two, three o'clock,
four am, and that we saw when it when it
did clear up, we saw like, I don't know, billions
of stars.

Speaker 4 (40:26):
It was wild.

Speaker 2 (40:27):
That sounds amazing. Is it like an organized camping place
where people get pay and you.

Speaker 5 (40:31):
Go or you get you can pay to use their
like you know, RV park kind of thing and then
you can camp. But we did like there's like a
third party company that has these yurts and we just
you know, we we did clamping because you know, we
didn't want to get too crazy with it, which pretty cool.

Speaker 3 (40:50):
Which I'm sure you're grateful for in the rain.

Speaker 2 (40:52):
Yeah, family, family friendly kind of place.

Speaker 4 (40:54):
Oh absolutely, yeah, that's pretty cool.

Speaker 2 (40:55):
I'm going to check it out. I've lived in Florida
for a long time all my life and I've never
heard of that before. Were amazingly, it.

Speaker 4 (41:01):
Was absolutely amazing.

Speaker 5 (41:02):
And then you know, the next morning we woke up,
did some more hiking and didn't see any alligators that
second day, but man, that was scary because we were
just walking down this path and then we turn around
and we see this woman with a baby stroller and
we're like, that's okay, why is she taking a baby
stroller like on a on a hike, you know, like

(41:23):
this is a hike, and she's just taking pictures of
something and she's like cautiously looking at us.

Speaker 4 (41:28):
So we're like walking.

Speaker 5 (41:29):
Back and then we just see like ten foot alligators
just off the side of this trail, just chilling, and
we're like, whoa, this is like really scary. Now, Like
if we keep walking and one rail walks down the trail,
you don't have no now we're now we're screwed.

Speaker 2 (41:49):
You know, yeah, you don't have to outrun the alligator though,
you just have toller. Yeah, you have to first of
all out run your wife and then secondly outrun that stroller.
So you're you're good position there.

Speaker 4 (42:00):
Joy, thank you.

Speaker 3 (42:02):
Yeah, it was.

Speaker 2 (42:03):
It was cool though. Although Darcy's very very fast. Yeah,
she's very fast fast.

Speaker 4 (42:09):
She's a dancer too, so that means she can fly.

Speaker 3 (42:12):
Yeah, she could fly. She could run over the alligators
like Peter ban.

Speaker 2 (42:17):
There you go. You are believe it or not. Listening
to the home loans radio show that Mortgage Guy, don
you know, we like to check on with each other
what's going on, and you can too. Text us at
seven to seven zero three one. Anything happened to do
with home loans, mortgages, real estates, buying a home, commercial loans,
reverse mortgages, you name it. You can ask it right
here live on air. Do you go to seven seven
zero three one, or after the show you can go

(42:39):
the website that mortgage Guide don dot com, or on
Instagram at or that mortgage Guide dot Go ahead, MJ.

Speaker 3 (42:47):
Here's someone to ask. Do you think that Florida real
estate is headed for a crash with all the inventory
on the market. Just curious about your thoughts.

Speaker 2 (42:56):
No, I don't. I don't really think that at all.
Now we've got about three months of inventory. The norm,
the pre COVID norm was about six months of inventory.
What that means is the you know, houses, how long
they stay on the market, and how long they stay
on the market on average before they sell. So right
now we're not even at a really a worrisome time

(43:18):
of houses staying on the market. I mean, you might
see some staying on the market longer three months or
six months, but usually there's something wrong with them or
they're price too high. Homes that are homes that are
priced well and are in good shape are still selling
in about a week to ten days when they get
on the market. There are lots of people looking for
homes out there, So I don't think that. I definitely
don't think we're headed for a crash, you know, out

(43:39):
there may be some external items. We've got lower rates.
We've got reasonable inventory, three months of inventory, and the
rates have gone down. You know, six weeks ago we
were above we were about seven and a quarter. I
was locking in loans for purchases this week at six
in a quarter. So the rates are good. The inventory
is at the right level. I don't really foresee that
Florida real estate crashing anytime soon.

Speaker 3 (44:01):
Here's someone still stocking booze and loving the show. I
often take the information I learned on this show and
share it with my friends and family. Keep up the awesome,
awesome work.

Speaker 2 (44:08):
Thank you for that. Yeah, that's how you do. It
takes a village. I can't tell you how many clients
I get that'd say, well, my my father heard about
has listened to you on the radio, or my brother
or my friend, and then you know, we want to
find out, we can want to we got a quote,
we want to compare it, and we do those. I
do those all week long. And that's all thanks to
families out there, real radio people listening and you know,

(44:29):
and giving good advice to their their friends and family.

Speaker 3 (44:31):
And I can't tell you how many times I go
to liquor store and I think, thank you for stocking
this booze. Thank you, I appreciate you.

Speaker 2 (44:40):
You should just next time, just climb into your shopping cart,
stand up and yell that in the story. I m J.
I think that'll be fun.

Speaker 3 (44:45):
Thank you. I appreciate you.

Speaker 2 (44:47):
Yeah, uh oh, we're going to take a quick break.
We'll be back at the top of the hour for
the for the compare quote. You don't want to miss that.

Speaker 3 (45:03):
Any fails.

Speaker 4 (45:26):
Set up.

Speaker 2 (45:34):
Hey hey, hey, hey, hey hey, welcome back to the
Home Loans Radio Show with that mortgage guy Don That's right,
that's me. We're here, We're doing it. I'm here with
my crew. Good morning, MJ Good morning, Good morning, mister
Fritz Ola. Welcome back to the Home Loans Radio Show.
We're right here at the top of the hour. You've
been listening to us for the past hour right here

(45:56):
live on Real Radio one to four point one. You
can join the show text in seven seven zero three one.
If you've got a question, you've got an answer. You
want to tell us something important. You want to tell
us who you think is going to win Best Picture
tomorrow night on the Academy Awards. You know, we'll talk
about most anything here, but I want to talk about
that song we just played. We're so lucky here on
the show to have you, Jeff and your original music

(46:19):
that you play throughout the show. And that was Florida slang.

Speaker 4 (46:24):
That was the real Fritz.

Speaker 5 (46:25):
That's the real Yeah, that's what I use when I
just want to release some stuff.

Speaker 2 (46:30):
There you go, good stuff. You can find Fritz anywhere
you find music. You can also follow him on Instagram
at no Underscore, Regrets, Underscore, Coyote and there you go.
What do we got cooking? Mjay?

Speaker 3 (46:42):
Well, lots of things. Here's a question first time home
buyer that will be using a VA loan and comparing
a fifteen comparing fifteen year loans to thirty year loans,
how much can I negotiate a lower indust rate? If
choosing the fifteen year loan with current rates, could we
get in the high fours or lower in a fifteen year.

Speaker 2 (47:00):
Well, that's a great question. On a VA loan and
most loans, there's not really any negotiation, so to speak.
We have about thirty A lot of people think that,
you know, the VA loan and one lender, the VA
loan at at a different bank are going to be
the same rates. They're not. You're going to get a
different VA loan rate at every bank you go to.
And as a brokerage, we have about thirty different VA
lenders that we can shop around to to find out,

(47:21):
first of all, which one of those is going to
give you the best rate? The rates right now without
paying anything to buy it down, you're probably going to
be with us anyway in the in the high fives,
you know, five point seventy five range. If you've got
good credit, you're well qualified the you could buy that
down some but there's a limit with the VA loans
of how much you can buy down. You can only
buy down one point. What that means is so if

(47:43):
your loan is four hundred thousand, then the maximum you
can buy down is four thousand dollars. So we'd have
to see what that buy down would get you. At
four thousand dollars buy down one percent, probably only going
to get the rate down to maybe five and a
half or so. So I don't see away right now,
you know, with current rates at the starting point, where
where we are with current rates to get it down
to the fours, but we could definitely get it down

(48:04):
into the fives, the mid five somewhere. Happy to take
a look at that and get you a quote you
don't even or if you already have a quote, you
can just upload that at the Compare quote feature and
on the website or on Instagram and we can take
it from there. Anyway. That's a good segue into I
guess what time it.

Speaker 3 (48:21):
Is time to compare a quote.

Speaker 2 (48:24):
That's right, it's time for the compare quote of the week.

Speaker 7 (48:27):
Jingo, play me back, playback, compare it to compare if
you know you know this couple.

Speaker 2 (48:41):
So I started this a couple of years ago. There
was a study that came out in twenty twenty two,
late twenty twenty two that showed that less than twenty
percent of people compare their quote when they got that
first mortgage quote. And I thought that was bananas because
I see so many quotes and a lot of times
they are really way out of line where they could be.
And so I created this feature on the website to
make it so easy. Because the reason people said they

(49:01):
didn't do a second quote because it was so hard.
So I made it easy. This Tell your friends, tell
your family. You go to the website that mortgage guide.
Don you click the compare quote button. You tell me
your credit score, so I don't even need to pull
a report or anything. You already know you're talking to
another lender if you've got a quote, So just put
plug your credit score in there, tell me your name,
your email address, upload the quote. I'll look it over
with you. We'll review it, I'll tell you if it's

(49:21):
any good, and if I can do better, I'll come
back and give you a written quote of what we
can do better. I'd say ninety eight percent of the
time we soundly beat the quotes that other people see,
and that means that that same amount of the time
they're being overcharged. So don't miss the boat. You got
to compare your quote. This week, we had the Young
about two weeks ago. They're getting ready to close right now,

(49:42):
a young couple twenty nine years old, buying their first
home and with their first baby doing June. I really
wanted to help these folks, you know, as much as
I can. I like it's when it's first time home buyers.
I mean, I like everybody, but that's your jam. For me.
The part that's rewarding is the first time home buyers
because they've never had a home. This is going to
be like a new fact phase in their life there.
And these folks too, they're they're getting ready to have

(50:03):
a family there. You know, I want them to have
a house. It was really a really good situation. It
was a conventional purchase. This loan three hundred and fifty
thousand dollars home. They had gone to their bank to
get a quote and come back with a rate of
seven and a half from their bank charging them four
thousand dollars in discount points. Our rate was six point
one twenty five. Wow, that is so much like over

(50:25):
a point and three quarters a point three eighths lower
and the cost was half. So instead of four thousand dollars,
the buydown was two thousand dollars to save them three
hundred dollars three hundred and one dollars a month. They
were so happy. Three hundred one dollars is a lot
when you're, you know, a twenty nine year old couple
getting ready to have a baby in June moving into
a house. So we got their payment down three hundred

(50:47):
a month. We saved them two grand. The interesting part
we talked about upcoming Most Celebrity Bowling Tournament on April twelfth.
I actually met the parents of these kids at that
bowling tournament last year. Yeah, they were there and I
met them. They really super nice people. They listened to
the show and they told their kids to go get
a quote and then to compare their quote with me.

(51:09):
So I've heard this a few times with parents telling
their kids, getting a quote here and then go compare
it with that mortgage guy Don, and they did what
their parents told them to do. That's a great strategy.
Do what your parents to tell you to do. You're
never going to get a house. I got to crush
your dreams. But this is a great strategy. If you

(51:30):
got a quote you want to find out super easy,
if it's any good, go to the website at that
mortgage guy don, hit the compare quote button, upload it
with it within a couple hours usually, you know, unless
it's late in the day. I will get back to
you and Bob and Lex that I met last year,
and I hope I'm going to see you guys again
at the bowling tournament. Thanks to your mom and dad,
you did not get had do not miss the boat.

(51:52):
Compare your quote.

Speaker 4 (52:00):
That's done.

Speaker 2 (52:01):
That's right.

Speaker 3 (52:03):
So I have a question. I'm not familiar with that.

Speaker 4 (52:05):
I wonder if you are well.

Speaker 2 (52:07):
I hope so at this.

Speaker 3 (52:08):
Point no, I mean you might not be. In which case, Okay,
I'm planning to sell my home of close to two years.
Do you recommend to auction the house or the conventional
way of selling a home with an open house. What
are the pros and cons of auctioning your house and
how does that work? I mean, is it the thing
where everybody buys a lottery digator? How do you auction

(52:29):
your house?

Speaker 2 (52:29):
Most see I don't. I saw that a lot in
the early mid two thousands, after the big financial crisis.
I saw that a lot. I haven't seen as many most.
I've never auctioned a house myself, and I've seen it
done in a few cases this last year. But each
time I've seen it done where it was an auction house,
it was one of these big companies that buy houses,

(52:50):
or it was a house that had been foreclosed on
by a bank, And some of the banks, when they
foreclose on their houses, they'll put them into an auction
service and then you can buy them there. So we
can finance those houses that people you know, buy in
those auctions. But there are some auctions like that you
have to have cash for, so it really depends on
the type of auction. I think you're going to get
the best bang for your buck by having a professional

(53:13):
realtor look at the situation and evaluate your house and
figure out exactly you know, what the what the price
point should be to sell in the amount of time
that you want to sell, having a profess. When a mortgage,
I mean when a real estate broker comes to your house,
they're going to do something called a broker price opinion
called a BPO, and it's basically like an appraisal, but

(53:36):
it's it's not official like an appraisal where you could
use it and send it to the bank to get
your loan approved, but as far as what they do
and how they do it and how they work the
comparables and look at everything, it's very similar to that.
So it's one of the reasons I suggest that you
always have an agent if you're not somebody who knows
a lot about real estate. I've sold a couple of
houses as a for sale by owner situation, but I'm me.
I've been a license realitary. I've been doing mortgages for

(53:59):
twenty five years, so I feel comfortable doing my own
house for sale by owner. But for anybody else who's
not part of the real estate world, you can leave
a lot of money on the table, and then the
same thing with the auctions. You know, the auction gets
a piece, there's some money in there going to the auction.
Is that piece going to be replace what you would
have paid a realtor. I don't know. I have an
auction to house, but that's a great question. You'd have

(54:21):
to check into it. I would want to know how
much the auction house gets. You know, whether people can
finance if you auction it, or whether they have to
pay cash. Those kind of questions. You're going to have
to do some more comparing and figure that one out.
Great question. Thanks for texting that. In the seven seven
zero three one he just.

Speaker 3 (54:37):
Want to says, is there a financial product kind of
like a home equity line, but for investment properties. I
own about a million and a half worth of properties.
Every time I purchase a new one, I got to
do new hard money, which is very costly. So I'm
looking for kind of a credit card I guess backed
up buy my properties.

Speaker 2 (54:51):
Yeah, we can. So you can do equity lines on
your primary residence home equity lines of credit, or equity
lines on your or first mortgages if they don't have
a mortgage to take the cash out of investment properties.
It can also help you buy properties that are investments
through a product called a DSCR, which is a debt
service coverage ratio. What that means is that we don't
look at your personal income to qualify you. We just

(55:13):
look at each house as though it's its own little business.
So if it's going to make enough rent or make
enough Airbnb money to pay the mortgage, then we can
qualify you that way, as long as you have a
twenty percent down payment. But yeah, hit me up. I've
owned as many as thirty six rountals at one time,
not in a long time, but I know my way
around them. So reach out to me and we'll start
a dialogue and maybe I can help you find what
you're looking for. Reach out at the easiest ways that Instagram,

(55:36):
at that mortgage guide.

Speaker 3 (55:37):
Don can you get an SBA loan for your investment business?

Speaker 2 (55:41):
You can if we have enough experience. That's another angle
I would look at is not only a residential loans,
but commercial loans. And that DSCR is talking about is
a version of a commercial loan. It's not a residential
conventional mortgage, and so we could look at an SBA loan.
If you have two years of tax returns and the
business has been making money, then yeah, we could potentially
get a solid line of credit for the business. We

(56:03):
do business lines of credits, we do SBA loans. There's
a number of things, and that's why I would want
to really have a chat with this person and kind
of figure out the whole, the whole picture, and then
determine whether the best route would be commercial through SBA,
through DSCR, or or just a traditional He lock out
of their investment properties A great question. Reach out. I'll
see what I can do to help you out on.

Speaker 3 (56:23):
That, he SUPs says, I've been working two jobs since July.
One of them is a six figure income full time.
The other is on weekends that I still pull down
about two thousand dollars a weekend. I make about one
hundred and thirty thousand a year before taxes. I never
bought a home fifty years old. My credit is terrible,
but I only have about four thousand dollars of debt
to pay off. Can I get a house for zero down?

Speaker 2 (56:45):
It's pretty hard to get a house for zero down
matter what I well, there's a couple. There's the veteran,
your veterans. If you're a VA qualified. If you're a veteran,
you can get a zero down loan a USDA. If
the houses you're looking at are out away from the
city a little bit. You may in the USDA US
Department of Agricultural Loan those can be one hundred percent financing.

(57:05):
The problem not the problem, but the thing we have
to watch on those is that the USDA will not
do that one hundred percent financing unless your income is
below a certain level, and I think from what they're saying,
they might be above that. So there's not a lot
of ways to do one hundred percent financing. You can,
you can get it down to three percent financing in
a lot of cases, but I've not seen any zero

(57:26):
down especially if you say your credit is rough. To
be getting the lower down payment type products, you typically
have to have pretty good credit. Six ad and up.
Great question, Thanks for texting that into seven seven zero
three to one.

Speaker 3 (57:39):
So here are the Oscar nominees for Best Picture Real
Quick Anora the Brutalist, A Complete Unknown, The Bob Dylan Story, Conclave,
a lot of priests figuring out the Pope Dune Part two,
a lot of weird stuff happening in the desert. Amelia Perez,
It's a musical about gangsters in Mexico. I'm still here
as a trauma in Brazil that a lot of people

(58:01):
really really like. Haven't seen yet, Nickel Nickel Boys, which
is a story about Florida, really cool cinematography, the Substance,
which is Demi Moore shooting weird stuff into her body
and and it's something, it is something to see. And Wicked, which,
of course we all know what that is. We've all
seen it, probably lots of us. Have you seen Wicked? Fritz? Okay,

(58:23):
my pick that I think will win, And then I
also very much liked was Anura. Yeah, and I've seen
most of them. I'm down too. I haven't seen the
Bob Dylan movie yet, and I haven't seen, uh, the
I'm Still Here movie.

Speaker 2 (58:37):
Yeah, I've seen. I've seen. I haven't seen that I'm
Still Here when because it's been in theaters, but it's
actually streaming now.

Speaker 3 (58:42):
Everything is streaming now. You can see any of these
now online, even though some of them you wish you'd
seen them on a big screen.

Speaker 2 (58:50):
Is a fun movie.

Speaker 3 (58:52):
It's a romp and it's it's action packed and it's
not what you think it is. It's not like a
typical oscar movie. It's like an action movie and it's uh,
I really enjoyed it more than I expected. I thought
it was going to be. You know, Oscar movies sometimes
can be a little a little dry, Andora is not that.

Speaker 2 (59:07):
I think we're gonna have to continue this conversation right
after the break. But I think that conclave is gonna win,
all right. Have you have you seen Fritz, which you
said you'd seen one or two of them? Have you
you have you have any opinions on which one you
think will win.

Speaker 4 (59:23):
I don't think I've seen any of these.

Speaker 3 (59:25):
Do you see Dune?

Speaker 5 (59:29):
I haven't seen Dune Part one either. I'm gonna say
the substance, right, I like it?

Speaker 3 (59:36):
Okay.

Speaker 2 (59:36):
That one's a lot of fun. That's almost like a
horror movie.

Speaker 5 (59:38):
It is a horror movie, yeah, which is cool if
it wins Best Picture. It's about dang time it is.

Speaker 3 (59:44):
And it is the first horror movie I think, one
of the first horror horror. Horror, horror movies, not.

Speaker 2 (59:52):
A horror movie. Horror.

Speaker 3 (59:53):
Yes, yes, yes, yes, yes.

Speaker 2 (59:55):
Although Honora, well, you are listening to the Home Loans
radio show with that mortgage Guy. We'll be right back
for the final segment of today.

Speaker 1 (01:00:03):
Do you have a question for that mortgage guy? Don
text us at seven seven zero three one, Now back
to home Loans Radio on Real Radio.

Speaker 5 (01:00:12):
You can also follow him on Instagram at that mortgage
Guy Don. That's at that mortgage guy Don on Instagram.
He needs a million followers.

Speaker 2 (01:00:22):
I'm already there. Man. By July fourth, I'm already.

Speaker 4 (01:00:25):
There, two million followers. I am friends. We've got MJ
and that mortgage guy Don.

Speaker 2 (01:00:35):
That's right. Check us out, check out the Instagram. We've
worked hard to make it cool and interesting. You know,
you get you know, somebody doing a mortgage. You got
a friend, you got a family member, you got a
kid doing a mortgage. You want them to be able
to compare. Quote, tell them to follow me on Instagram
and then right here. Once you follow, you got the
link tree. It takes your right to the compare quote.
Also all of our reviews and uh, we've we've gone,

(01:00:56):
we've gone, we've gone viral. MJ. We've gone from like
zero row Instagram followers to almost eighteen hundred.

Speaker 3 (01:01:02):
Now that's amazing a.

Speaker 2 (01:01:04):
Few short weeks.

Speaker 3 (01:01:05):
You guys did that. That's so awesome.

Speaker 2 (01:01:07):
Check it out. I posted something there today, this picture
of this car that got vandalized by a young lady
thinking it was her boyfriend's car. Turns out it wasn't. Ah,
she went to jail. Oh, no, bad news.

Speaker 3 (01:01:19):
I made a mistake.

Speaker 2 (01:01:20):
But somebody got their car vandalized and they did not
have the we They were not the boyfriend and.

Speaker 3 (01:01:26):
The boyfriend slash. I don't think so, because she didn't
know what his car looked like. But that guy was like,
whoa godge two bullets. Yeah, got rid of that crazy person,
and my car's fine.

Speaker 2 (01:01:35):
Air quotes girlfriend, Yes, check us out that mortgage guy.

Speaker 3 (01:01:40):
Don dodge the bullet there.

Speaker 4 (01:01:42):
Guess what time it is, m Jack, let's speed round
it up.

Speaker 2 (01:01:44):
It's time for the speed round.

Speaker 4 (01:01:48):
Past cars, right.

Speaker 2 (01:01:49):
MJ's gonna get to try to get through a bunch
of the questions that you've texted in that I haven't
gotten to yet. We're going to do them real quick.

Speaker 3 (01:01:55):
I got a bunch a couple of might be complicated.

Speaker 2 (01:01:57):
And if I don't get to them, if we didn't
get to it today doesn't And we didn't want to
just go and text yours into the Instagram or at
the website at that mortgage guide.

Speaker 3 (01:02:05):
Don my credit score on experience A seven seventy nine.
I applied for loan and been told my credit score
is seven to oh nine on the average of the three.
How does this make sense?

Speaker 2 (01:02:15):
Well, it depends on where your score. Where you're getting
your score information, you know, if you're getting it from
what's the credit Karma or from your discover card.

Speaker 4 (01:02:25):
Yeah, so.

Speaker 2 (01:02:28):
If you're getting your score from one of those sources,
is never going to be the same as what we
pull on a mortgage credit pull because it's an entirely
different type of FICO score. It's usually going to be
plus or minus fifty points of where your your credit
card is telling you. And then we also have to
pull all three bureaus. We pull Equifax, Experience, a TransUnion,
and then we go with the middle of the three.
So you know, if there's something on the lower bureau

(01:02:48):
that shouldn't be there and it's not reflecting on the
other that all kind of gives it. It gives like
a median or an average of what your score is.
So it's normally gonna be different. I don't know exactly
what you know why that one particular score is low.
If I had the tri Merge credit report, I could
probably in about thirty seconds tell you, you know, there's
an account on the low score that needs to be adjusted,
or we can figure out a way to tweak that

(01:03:09):
low score and move it up. We have a thing
where we look at your credit and it gives us
what's called a what if simulator and tells us exactly
how to bring your score up a few points. Great question,
Go ahead, m J.

Speaker 6 (01:03:21):
Yeah.

Speaker 3 (01:03:22):
I want to buy the family home for my mom.
The house is fully paid off and worth about two
hundred and fifty. She's selling it to me for one
hundred and seventy five. I've never bought a house before,
and I wasn't sure. Could I get a first time
home buyer program option?

Speaker 2 (01:03:33):
This is a very common question, and you do not
need a first time home buyer program for this house.
When you're buying from a family member and they're willing
to sell it to you for less than what it's worth,
we can use that money in between. So if it's
worth two fifty and they're selling it for one seventy five,
that seventy five thousand dollars in between. Your family member
can gift you as equity and the property so it

(01:03:55):
counts as your down payment, and it can also be
used that equity to pay all your closing costs, so
it's called a gift of equity purchase. We do them
all the time. You need someone who knows how to
structure them because it has to be done exactly right
to get the right amount of money out of the
other end to your family member. But we can use
that equity so you get in the house with no
money down, no closing costs. The only thing you typically
have to pay for is the cost of your appraisal,

(01:04:18):
which is about six hundred dollars, and any inspections that
you want to do of the house, and you can
put those on a credit card. So really you can
get when you're buying from a family member. If you
can qualify, then you can get into that house with
no money out of pocket. Even the best downpayment assistance
program is going to need three percent down on that house.
So reach out to me. Go to the website at

(01:04:38):
that mortgage guide don and hit the pre approval side
and get just do the application and then I'll put
some numbers together for you and your family member. Usually
I'll talk to both of you and explain everything and
show you how it works.

Speaker 3 (01:04:49):
Just bought my first ask and explain how the insurance
works as far as paying the premium upfront and it
being an escrow.

Speaker 2 (01:04:55):
Yeah, when you buy a house, you pay the first
year in advance. So you're buying a house now, you know.
Let's say it's March of twenty twenty five. You close,
that policy carries you all the way till March of
twenty twenty six. The money you're putting into escro each
month one twelfth is of your future policy. So by
the time you get to March of twenty twenty six,
there's enough money in there to pay for a whole
other year.

Speaker 3 (01:05:15):
All right, and final question, my son Xander's requesting you
play the jingle one more time? Will you do it?

Speaker 2 (01:05:20):
Play the general?

Speaker 4 (01:05:22):
There it is.

Speaker 2 (01:05:27):
You're not gonna catch Fritz sleeping.

Speaker 3 (01:05:29):
No, my bet Xander one day is going to buy
a house.

Speaker 2 (01:05:31):
There you go.

Speaker 3 (01:05:32):
Here's the riddle. It's an easy one. So it's a
race riddle.

Speaker 2 (01:05:35):
Time time you're going down, you are I'm going to
vandalize your car.

Speaker 4 (01:05:42):
You're not going to do that.

Speaker 3 (01:05:44):
It's really easy. So you guys gonna have.

Speaker 2 (01:05:46):
To which one is yours? The car my car car?

Speaker 5 (01:05:49):
It's the one that's not on fire and covered with
spread paint, so good luck trying to find it.

Speaker 2 (01:05:54):
I just don't want to vandalize Darcy's car, right, Why
you're joking allegedly? Go ahead?

Speaker 3 (01:06:00):
Well, someone one of our listeners said that you can
that spray paints easily removed from a car. I didn't
know that's true. I don't know that's true, but anyway,
there you go. What word you ready?

Speaker 2 (01:06:12):
Yes?

Speaker 3 (01:06:12):
What work contains twenty six letters but only has three.

Speaker 2 (01:06:14):
Syllables alphabet yep.

Speaker 3 (01:06:22):
I didn't want your twenty six letters. That was going
to be like that was going to have to be
a race because yeah, so so.

Speaker 2 (01:06:28):
Who got that one? Right?

Speaker 3 (01:06:30):
Well? I think you?

Speaker 2 (01:06:33):
I'm kidding. Good job, good job, Fritz. Hey, thanks, you're
always such a good sport.

Speaker 4 (01:06:44):
All right as well?

Speaker 2 (01:06:48):
All right, well we still got another minute left. You
got anything to have any last speed round? Question?

Speaker 3 (01:06:53):
Anything? I sure do? I I real quick. Another quick question.
I recently retired from the Air Force and started getting
some MBA disability income. Does that count as income for
Florida hometown? Here's first time home migrants, which are not
available at this time regretably.

Speaker 2 (01:07:06):
Yeah, but your disability income from the vaccounts as income. Absolutely,
it's usually tax free income, so we can even gross
it up a little bit from the amount. Same if
it's Social Security or any of those fixed type incomes,
or even so security disability. If it's something that's fixed
and it's going to continue, then we can count it
as income. Hometown Heroes, we're hoping comes back in July. Well, folks,

(01:07:28):
you did it. You successfully wiled away another ninety minutes
of your Saturday morning listening to us talk about all
kinds of weird stuff. What do we got to play
us out here with something cool?

Speaker 3 (01:07:38):
Jeff bye, Happy oscars, Bye.

Speaker 6 (01:07:49):
Sell.

Speaker 1 (01:08:05):
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.

Speaker 6 (01:08:17):
From the Klosmanlaw Traffic Center, car Crash called Klosmanlaw Klosmanlaw
dot com