Home Loans Radio 03.02.2024 with That Mortgage Guy Don- Fritz got Hitched !! at last- And rates are down too.

Home Loans Radio 03.02.2024 with That Mortgage Guy Don- Fritz got Hitched !! hat a last- And rates are down too.

Episode Transcript

(00:00):
It's time for Home Loans Radio onreal Radio with that mortgage guy. Don
joined the conversation text us at sevenseven zero three one. Now here's that
mortgage guy. Don. Hey,hey, hey, hey, hey hey
hey. Good morning and welcome tothe Home Loans Radio Show with that mortgage
guy Done. I'm here with mycrew doing what we do. Good morning,

(00:23):
MJ. Good morning, Good morningto the recently nuptialed the Fritz Man.
To get it this nuptial de verb? Can I say you've been nuptial?
Well, I was in fianced,so now maybe I'm in marriage.
You're affianced and then what's uh,Well, I guess you're just married.
Congratulations. Welcome to the first HomeLoans Radio Show with Fritz as a newly

(00:49):
married man. Congratulations, my friend, Thank you. What a fun wedding.
Yeah, that was a lot offun. It was yeah. Food
was good, dancing was good.Everything was good. Was spectacular. Thank
you. You and my brother.So it starts yeah, you and my
brother. At nine pm, mybrother Dirt comes up. He's gonna be

(01:11):
at just like a eight. Heplays guitar for us. He came up,
he goes, Hey, that mortgagegot Don and I want to keep
drinking. Where are the bottles thatWill Walker gave you? Because we had
Will's flying flying bar? Hey,I don't know. So I went to
a nid of honor and I said, do you know where Will get?
Where Will put the bottles that hegave us, because it was like half

(01:34):
drunk bottles of gin and bourbon.And she comes back with a bottle of
wine and like, yeah, hereyou go, dirt. He just proceeds
to drink it like a twelve ouncecoke. Yeah there, Yeah, And
it was an eighty five dollars bottleof wine that someone got us. The
number I heard was more than that, probably more. Thank you, MJ.
That makes me feel better. Iheard it from the actual purchaser,

(01:57):
who said, wait a minute,can I see the label that he said,
Yeah, I bought that for thewedding couple. And your brother is
trying to hand it to me totake a draw off the bottle, you
know, no cups. He's like, take a slag, take a slug
down. Hey, Donnie, canI call you Donnie? I told him
he could call me Donnie. ButI was like, then then your other

(02:22):
guest said, that's the bottle ofwine. I gave the bride and gream
was like, I'm not drinking outof that. I just see him swaying
wildly next to me. I'm like, all right, I have to put
my brother to bed. Now,hold on, take his shoes off him.
I'm like, all right, I'mgonna unbuckle your belt so you can
breathe a little better. He's alreadysnoring. Your brother enjoyed your wedding nearly

(02:44):
as much as you and I enjoyedmeeting your whole family. I enjoyed meeting
your dad. We sat and talkedfor a while. It was it was
a great time. It's the bestwedding I've been to, and I can't
say when because it was just different. It was, you know, the
reception, the way I mean,the ceremony itself, the way it was
done, where it was, andthen the reception at the house, and
it was like it was fun.Man. I had a really good time.

(03:04):
Yeah, man, it was awesome. Thank you for coming. One
of the coolest things I thought wasthat it started raining for like an hour
and a half because everybody had togo inside. Like before that, I
was sitting at the table with theradio folk, you know, and we
were talking, but I wasn't reallyintegrating with many other people yet. Yeah,
but then when it started raining,we were all one hundred of us
in your house. You're meeting everybodyreal quick, yep. And that and
that was good because people met eachother and people were hanging out and talking,

(03:28):
and it would have stayed different ifit had stayed outside. I like,
exactly, well, great job,you guys did a great job you
had. Darcy did a ton ofwork and it was beautiful, and congratulations
on the Ada, on the weddingman. It was really just so just
such a such a lovely every partof it. I had that like that
dusty pink coral pink suit on withmy raspberry beret kind of hat. As

(03:52):
soon as I saw you, raspberryberet popped into my head. Rashe very
oh so good and so you andso Darcy and so you know, special
to both of you. Just awhimsical part of people being uh invited to
wear fascinators and yeah, you know, hats and that kind of stuff.
A lot of people didn't know whata fascinator was. They learned, they

(04:13):
will know that. They learned thatat your wedding. And I didn't know
that I don't know the particulars,but I didn't know. It's like one
of those little fancy hats that otherlady wears on the side of her head.
Kind of fascinating. Yeah, exactly. There was. There was one
guy who had a tricorn hat likehe was a colonial general. There's one
guy who had a crab, acrab hat with like dangly pinchers. Oh
those were pinchers. Yeah, therewas. Let's see, I didn't see

(04:36):
too many cowboy hats. But thenagain, I was kind of like preoccupied
the entire time. Yeah, youwere busy. You think it's my wedding.
You know, I could be likestop it, let me go have
fun right now, but they're like, no, no, no, please,
Like you know, all the familiesgetting lined up. You can't ruin
your wedding. You paid a lotof money for this. The fun is
the year of preparing for it.At the end of that feeling, you

(04:56):
feel at the end that man,I'm glad the wedding is. You know,
the the part the preparation, thework, the land said, the
building decks and those are all thingsyou guys actually did, Yeah, which
I thought was fantastic. Well,congratulations, welcome back as a married man.
You too out there are listening tothe Home Loans Radio Show with that
mortgage guy Don Fritz and MJ.And what maybe we got to call Fritz

(05:20):
a new a new name like Fritzthe married guy. I mean, that's
not how he's got married guy,Fritz old, Yeah, he's all hemmed
up. Well, you are listeningto the Home Loans Radio Show. What
do we talk about here besides Fritz'swedding? MJ? Well today you are
you. That is truer than true. There is no one alive who is

(05:43):
youer than you? All right,thank you. Well, I'll give you
another hint. You're in pretty goodshape for the shape you are in.
M that's the band. It's DoctorSEUs day. Yeah, so happy doctor
SEUs. Today we talked about DoctorSEUs and mortgages and mortgages. Huh.
Well would I could I box abox a fox with my box? Welcome

(06:11):
to the Home Loans Radio Show.You get texting your questions to seven seven
zero three one. We do thisevery single Saturday, and this is no
exception. We weren't live last week. We had the Fritz wedding and spectacular
so it was a pre recorded show. Those of you that mentioned that,
so we had to go and youknow, and be there for the event
of the century. Yeah, itwas. It was a great time.
You can text in a seven sevenzero three one anything happen to do with

(06:33):
mortgages, real estate, homes,buying a home, SBA loans, business
loans, commercial loans. I dothem all. We've been doing them for
twenty five years or so. AndI can answer your questions right here live
on the show at seven seven zerothree one for the next hour and a
half roughly, And you can textin tell MJ what you're doing out there,
what's happening, what kind of questionsyou got, What you need to

(06:55):
know about buying a house, sellinga house, This is the place to
do it. And also go tothe website at that mortgage guide don dot
com anytime during the week during theshow. We're gonna have a big new
rollout on Monday. Very exciting.Oh yeah, yes, We've upgraded and
changed some things on the website,added more information sections, more calculators,
more or things that explain the process. Just like so, I wanted it

(07:20):
to be like a treasure trove ofmortgage knowledge, like somebody tells you your
scro deposit. Well, I've gota whole glossary in there. What all
these different things mean? You cango in there at the website that mortgage
guide don uh dot com. Butthat the up you can go today.
But the updated version comes out onMonday, so we're excited about also big
big changes in the commercial version ofthe website, that kind of stuff.

(07:40):
Like super excited about it. Allright, I've been working on that all
the livelong day, not as longas Fritz Uh worked on that. I
like I like how I like howdon is like huh, Well, let's
see. Everything seems to be workingpretty well over here. Let's change it
up. Every every week there's somethingnew on the websit. I gotta grow.

(08:01):
I really commend that you gotta grow, you gotta improve, you gotta
keep moving or else that you know, death will catch you right in the
face. That old saying death willcatch you in the face. Here's one
of the things you can find ifyou don't stay behind. Wow, appropriate
the things you can find if youdon't stay behind. And he was talking

(08:24):
directly to your soul on that one. He was get out of my head,
SEUs yeah, man, the Sneezeshad stars on ours. That's my
favorite. What's your favorite? DoctorSEUs Fritz. I don't know if I
have a favorite one. I dolike how his name was actually pronounced cess.
Okay, there there was a there'slike a poem. I read his

(08:45):
Wikipedia page a couple of years ago, but there there was a poem that
someone wrote about it, and it'slike, well, who knows how to
say it? We can only guess, but if it was up to me,
it would rhyme and like it waslike, oh it's sess doctor c
ah. It was very yeah,it's like German. I don't know,
right, Yeah, it's German Yessians. Who knows really only him. Well,

(09:07):
we're gonna we're going to count toyou as an expert in that,
mister Fritz. I guess I likethe Lorax. That's a pretty standard one.
But I mean that was the onethat really got me as a kid.
I was like, oh man,the snuffle of puffs or whatever,
they're gonna they're all dying out.I did. I did a speech when
I was in college at UCF aboutthe star bellied Sneaches. Yeah, it

(09:30):
was a while ago, Fritz,So thanks for putting me on the spot
to see if I could remember nineteenthirty two, time I take a cognitive
test, the Nazis were invading Polandand uh no. The Star Belly Sneeches
is about about rivalry and clicks andcommunity and you know, not being friendly
to some of the sneaches because theydidn't have stars and some did have stars.

(09:54):
And then the ones who didn't havestars went and got stars, and
then the stars became invaluable, andthere was also a tie into Germany,
and you know, it was funspeaking of that. Wasn't yourdle the Turtle
about Hitler? I think it wasor something? Yeah, let yeah,
he just keeps stacking turtles. Yep, yeah, that is absolutely true.
My favorite is is Horton hatches anegg? Oh, Notton hatches an egg.

(10:16):
I think you're I think you're mixingtwo together. No, Horton hatches
an egg. Not Horton. Yes, Horton the elephant. Oh that's the
lazybird. May yeah, Horton hatchetynineteen forty side mazy a lazy bird hatching
her egg. I'm tired, I'mbored, I've kinks in my legs.
I'm sitting just sitting here day afterday. It's work. How I hated.
I'd much rather play. I shouldhave known then to challenge you.

(10:39):
I cannot challenge her on this book. I know this, but well,
congratulation. That's a quick read.If anybody, yeah, I know this
book, classic, classic lessons.What's going on in the world of mortgage
news, Am Jane, Well,I don't know. Let me know,
please, I need to know.I really want to know. I'm wondering
about it. I've been thinking aboutit all day that it won't go away.

(11:00):
Need it? Please tell me?Please tell me. You said you're
cutting a loop. M Sorry,that was good. I was like,
no, she's not. She is, all right, she's gonna rhyme the
rest of the show. I'm afraidI think it might be for the whole
day. I don't know. Alright, it's part of me now. I'm

(11:20):
afraid. I don't jest. I'msaying, go tell us about mortgages,
save us. All Well, we'rehaving more fun than you are, so
catch up sucking. We're live maybeseven seven zero three to one. Well,

(11:41):
let me let me get mortgage news, all right, Okay, A
couple a couple of cool things,good things this week. We did have
the tenure treasury for for about twoor three weeks, it was going the
wrong way. It was going upagain. And then this week Monday,
Tuesday, Wednesday, Thursday, andfinally Friday, some some different reports came
out about unemployement in and about coreinflation and Chicago this and New York that,

(12:03):
and you know, presto bango.The rates went down for five days
in a row and Friday was thelowest we've had in about a month.
So we're headed the right direction again. We got a little we got a
little smack around because last month whenthe CPI, the Consumer Price Index inflation
report came out, it showed atiny depending on how you interpreted a tiny
inch up, that inflation was gettingworse for you know a little bit.

(12:24):
But these last few reports have indicatedthe other way. So now we're we
had the right direction. We hadI locked a bunch of loans on Thursday
and Friday because we've been kind ofwaiting for things to reach the right sweet
spot and they finally did. Sothat was good. So what's the mortgage
news there, Well, rates areimproving. We know they're going to improve,
and this year is going to beno exception. But the other part

(12:46):
of the mortgage news that I'm thatI'm happy to talk about is that there's
a new down payment assistance program thatwe have access to now through Fannie May,
and I'm using it on a fewloans right now, and it gets
you if your first time home buyer, can get you anywhere between six thousand
and ten thousand, depending on whatlender where we can qualify you for it.

(13:07):
But it's kind of a cool onebecause it's a Fanny May initiative and
takes it took large census tracks insome metro areas. It basically they looked
at cities, some of the biggercities, and saw where they had a
higher concentration of renters and people,and they wanted to incentivize those first time
home buyers to move to other areasin the city. And basically it comes

(13:28):
down to where do you live rightnow? If you're in an apartment,
where's that apartment. If you're rentinga house, where's that house. Wherever
you live now is part of whatmakes you eligible for this program. I'm
excited about. I'm going to talkabout it a little bit more in the
second segment. We'll be right backafter these messages. Hey, hey,
hey, it's that mortgage guide Don. Is this the year when you finally

(13:50):
get serious about replacing your old windows? You know they leak cold air all
summer long and you can't see throughthem right, and your electric bills are
out of the they're out of theUS. Yi, there is hi as
it'll possibly be. That's where Iwas when I bought my new windows last
year from Renewal by Anderson. NowI have beautiful, high quality, made
in the USA, custom made windows. Renewal by Anderson makes the most energy

(14:11):
efficient window you can buy. Ifyou're in the market for new windows and
doors and you appreciate style, durability, and five star installation and service,
then you need to call Renewal byAnderson today and tell them that mortgage guy
Don said to call. We're droppedby the website rba FLA dot com.
That's rba FLA dot Com license numberCGC one five two seven six one three.

(14:33):
Hey, this is Devil Roberts fromthe Jim Culbert Show. When you're
listening to Home Loans Radio on RealRadio. Now back to the show with
that mortgage guy Don. Hey,Hey, you're listening to Homelands Radio with
that Mortgage Guy Don. We're talkingabout mortgages mostly Welcome, Welcome to the
show. Hi, am Jay,Thanks well, Hi mister Fritz. Hey

(14:56):
guys, Hey, welcome back tothe Home Loans radio show. We're doing
it, doing the thing right herelive. You can text into seven seven
zero three to one. Ask yourquestions right here, right now, I'll
answer them on air. You canalso go to the website. If you're
not if you're busy, you're driving, you're doing something else. You can
go to the website anytime during theweek. That Mortgage Guy Don dot com.
There's a button there that says there'smany buttons, but this is one

(15:16):
I'm mentioning right now says you know, ask Don a question. You can
You can put in your email,your name, your phone number, type
in a question and now it'll cometo my email and then I'll email and
answer back to you outside of theshow. But today you got me right
here seven seven zero three one.Let's do it. What do you got
cooking over there? MJ. Lotsof questions, lots of congrats on the
nuptials, Frits. Yeay, congratsto Fritz on his wedding. Congrats Frits.

(15:41):
Congrats on the nuptials, Frits.People love Fritz. Go on,
you look gorgeous. Fritz is thebest. There you go. Yeah,
it sounds like we have some witnesses. Well, I was finishing up the
mortgage news. I got cut offthere by we had to do the commercial

(16:03):
thing. I wanted to finish talkingabout this program, this Fanny Mail Down
Payment Assistance program, because I thinkit's really really groundbreaking in a way what
they're doing, but what it allowsyou. If you it's a it's called
the SPCP program. That just rollsright off the top right, the SPCP
program. But uh, if youcall me about it, if you call

(16:25):
me, say I'm calling about thatFanny May Free Money Program, you know,
they may as well have called itthat. But SPCP stands for Special
Purpose Credit Program. I think theycould have done a better job at naming
it. But in certain metro areasacross the country, Fanny May and there's
another one from Freddie Mack that we'resupposed to have coming out this week.
But the Fanny May program, itdepends on where you live in Central Florida,

(16:45):
Like there's the Central it's Orlando,Central Florida area, it's Miami,
or the the cities in Florida.And then you know, it's all the
big cities Atlanta, New York,Detroit, Chicago. So all of these
cities they created these census tracks.In Orlando is one of them. We're
on the list. If you golook at the map, it's probably three
fourths of the metro area out intoKassimi and Orlando and north of Orlando.

(17:07):
It's like a big area. Ithought it was gonna be like little tiny
spots, but it was actually i'dsay probably sixty five percent from looking at
the map of the Central Florida areain different counties is included in this.
So they look at where you livenow, you know, and you have
to be a first time home buyer, so it's going to be where you
rent or where your parents live orwherever you're living now you know, if
you're living with someone else, livingwith a friend, or your a roommate

(17:29):
or what have you. But itdepends on where you live right And it's
simple as that. There's a lookup tool that I have. I put
in your address of where you liveand it comes back and says yes,
this address is within the census tract, meaning you're eligible for this grant a
free money to buy a house,or you're not. You fall outside of
it. So it's not like yougot to do a massive process to find
out if you're in it or not. I can't give the website out on

(17:51):
air because it is like one hundredand like five sentences long. You know
how you get those URLs on thescreen that we need to create a tiny
url for it, so we canget that out a little bit. But
in the meantime, just reach outto me at home Loans Radio dot com
and they asked on a question section, tell me your address and I'll tell
I'll tell you if you qualify.It's as simple as that. Two rules.
You have to be a first timehome buyer. At least one of
the people buying the home has tobe a first time home buyer, so

(18:14):
not even everybody has to be afirst time home buyer. And the other
rule is that you have to beI mean, you got to still qualify
for the loan. You still gotto have a credit score that's like five
to eighty and up, and you'vegot to qualify for the for the loan
it's probably more like six twenty enoughbecause it's a Fanning May program, but
there are exceptions if you're putting moremoney down. But the Fanning May version
of that from one lender, we'vegot it where it is a six thousand

(18:37):
dollars grant, no second mortgage,no pay it back ever, not if
you've refinanced, not in a box, not with a fox. Now we're
in socks or eating locks. Youdon't have to repay it. Uh,
And that's it. That's a goodthing. It's five thousand dollars just cash
money that they give you towards yourclosing costs or your down payment, and
then also five hundred dollars towards anappraisal credit. Wow. So most appraisals
cost between five and six hundreds,so you're going to get reimbursed. You

(19:00):
still have to pay for your appraisalup front when you do the loan.
The appraisers require that, but thenyou get reimbursed for it at closing.
And it also get this MJ.It gives you a free home warranty for
a year. What home warranty?A lot of people don't do them,
but a home warranty can be kindof cool when you move into it your
house, because it ensures your appliances. It's like it's a house warranty.

(19:22):
You can read the coverages and youcan buy fancier ones to get more coverage
or less coverage, you know,for smaller home warranties. But if you
buy that home warranty, you getreimbursed for that at your closing. And
also, so that's six thousand dollarsfrom Fanny May. There's another lender doing
an offshoot of that program that cango up to ten thousand dollars. Same
thing, free money first time homebuyers. All we need to know to
know if you qualify you to Wegot to qualify you for pre qualify you

(19:45):
for the loan, so you gotto have the right debt ratios and income
and assets and so forth. Butthis, if you depends on where you
live now as a renter. Itdetermines whether you get this grant or not.
It's a really good program. I'mexcited about it. I'm gonna be
talking about it. I want toget the word out. We've got three
of them locked in now and theprogram just came out on WINS. Yeah,
so how did those people find out? You just found it. For

(20:06):
one of them. I'm going totalk about later on the compare quote section,
but someone sent me in a comparequote from their credit union, and
not only were we able to beatthe rate straight up and lower fees lower
costs, they were like a sevenpoint eight seventy five, we were able
to lock them in it. I'msorry they were at a six point eight
seven five. We locked them inat six point four to nine with about
two thousand dollars less in closing costs. And then on top of that,

(20:26):
I said, and they said,okay, we'll go with you. And
on top of that, I said, well, here's some more good news.
I think I can get you thisfirst time home Buyers grant. They'll
get you another six thousand in freemoney. And they're like, man,
I'm glad we did that. Butwe'll talk about that more when we do
our compare quote section. But yeah, it's a good program and I'm excited
about it. If you missed outon the Hometown Heroes program, it's not
as much money, but it canbe up to ten grand. The Hometown

(20:48):
Heroes went up to fifteen or sometimestwenty. It was five percent of the
purchase price. This one is eithersix thousand or ten thousand, depending on
your circumstances. And it's available andas of now, they didn't put a
limit on it like Hometown Heroes.They passed that at the state Legislature of
Florida did that one, and theysaid, well, here's the money.
When it runs out, we're done. This Fanning May program is open ended

(21:08):
right now, so as many peopleas I can pile into it and get
them free money, that's I wantto. So hit me up at the
website that mortgage guy Don dot comif you want to hear about this new
SPCP credit program. If you wantto know if you qualify address wise,
we can find out just with aquick look up. Good morning Mortgage Guy
Don. Good morning. Actually theysaid mortgage Guy Dan, but I think

(21:30):
that they might have just it mightjust be a texting Nope, you're on
the wrong show. I need moneyfor my business and I'm torn between a
helock and an equity loan against myproperty. Can you share with me the
advantages of one over the other.It's for their business, can they get
something. There's a lot of optionsfor that. It depends on the size
of the loan and how much equityyou have. You know you may be
able to do a helock against yourhome or a cash out loan against your

(21:52):
home. I don't know if it'sa they say it's a new business or
an existing business. But we alsodo SBA loans and business loans commercial loans,
so there may be a lot ofways to try and skin this cat,
and we could look at both sides. I had someone about three months
ago. They came to me lookingfor a helock. They wanted to take
out like one hundred grand for theirbusiness. They wanted to do a new
warehouse for the flooring stuff. Theywanted to do a new warehouse to put

(22:15):
stuff. They wanted a few newvehicles. They were trying to expand their
business right, so they wanted todo a helock. When we looked at
doing a helock, their debt ratioswere too high on their personal side on
the residential side for us to approvethe helock. But when we looked at
it as an SBA loan, theydo things entirely different. The way they
qualify you with SBA. It's basedon the profit of your business, the
debt service and the coverage ratio andhow much sales you have and that kind

(22:37):
of thing, so it's totally differentthan your personal debt ratios. We were
able to get them approved for anSBA business line of credit for three hundred
and fifty K. We couldn't getthem approved for one hundred thousand dollars helock.
But because of the way SBA calculatestheir loan approval and determines their loan
approval, we were able to hitthem three times that on an SBA loan
and they could draw in that asneeded. So, UH, a number

(23:02):
of ways I can help you,but really I've got to find out what
you got going, what kind ofbusiness it is, what we avenues we
have to to help you out.We could look at the home angle for
the helock, and we could lookat the business angle, but there's no
way for me to tell you hereand now without doing a little bit more
examination. So if you want toreach out to me at the website that
mortgage guy Don dot com, orjust go in there and uh and it's
uh, you'll hit the apply nowbutton or send me your info and we'll

(23:23):
start talking about it. Hello,Don and Krubrey and Carrie here with you.
You've been gone a while, becauseFritz got married in style with that
ado we see, congrats to you. Oh now we got Now that's a
spirit. Well, and here's someonewho says, Fritz, what was your
best gift that you got that's notusable? And what is your best gift
that is no, that's usable andnon usable. I don't know what that

(23:45):
means. But you're your best uselessgift and your best useful gift. Something
like that. I don't know.Maybe one is like from the wedding,
Yes, it looks like from thewedding. I don't know. I gotta
talk about that one, all right. I guess I have, because I
can't use the hammock right now.I'm at the version. And then I
don't know a knife that's usable.You can use a knife for cutting up

(24:08):
stuff, apples knives. I'm assumingthat you had a knife of some sort
prior to getting married, right,Yes? I did? All right,
Good, that's good news, hesays. Good morning, spectacular folks.
I'm a first time home buyer.Do loan officers do assumable loans? I
read about it? Is it factsor fiction? Thank you once again for

(24:30):
taking out time to read my messages. All of you are awesome. Yeah,
this is a question that's coming upfairly frequently. You know, can
I assume someone has a three percentloan and it's an assumable loan, and
can I assume it? And thereassumptions maker go ahead. If you assume,
you make a Yeah, I knowwhat you're going, I know where
you're going. But the assumption isnot determined by It has nothing to do

(24:53):
with me, has nothing to dowith the lender that would loan you money
on a loan. So let's sayyou're buying a house from person A and
they've got a loan through Pennymack,right, and that's their servicer, that's
who they send their payments to.If you want to try and assume that
loan, you've got to go throughPennymack to get approved. It has nothing
to do with a new You can'tcall your bank, you can't call your

(25:17):
retail loan officer, your mortgage broker. We don't do the assumptions. It's
the bank that holds the loan thatdecides if the new person that is trying
to assume it can assume it,and they prequalify you, just like if
you're getting a mortgage. So it'stougher to do. A lot of the
lenders aren't trying to do it.I've read it several articles. If you
google it, you can find severalarticles in the news right now. People
upset because the banks that hold thosemortgages don't even have a department sometimes to

(25:40):
do the assumptions because it's just neverbeen a thing. We haven't had to.
You know, nobody's talked about anassumption since the seventies or eighties,
so it's a new thing. Theother downside to it is, let's say
the people have a two hundred thousanddollars mortgage left and you're buying it for
four hundred. You've got to comeup with the other four hundred. They're
only you can only assume the twohundred thousand dollars mortgage. You can't add
on to it or I think you'vegot to come up with the cash for

(26:02):
that. So there's a lot ofquestions. But stay tuned. I think
we're going to see some changes inthat over the next year. You're listening
to the Home Loans radio show withthat mortgage guy Don We'll be right back
after these fine messages. Hey,this is Ryan from the monsters and now
back to that mortgage guy Don onReal Radio, the only radio station where
you can hear all about weddings andalso refinancing your home right here on Home

(26:29):
Loans Radio. If you have aquestion, texted in seven to seven,
zero three to one. You canalso go to the website Home Loans Radio.
DAP come, Yes, congratulations,we're back. We're back. Congratulations
to Fritz for his wonderful wedding thispast weekend. We are talking you.
I feel like we've been here MJfor a lot of Fritz. First,
yeap, you know there was Fritzbuying a house. Yeah, you know,

(26:52):
Fritz getting qualified for a house.We talked about that on the air.
My first yep, Fritz getting engaged, yep. To the the now
spouse, Mss Darcy, album releaseparties or albums, solo albums, and
now your wedding, all of thesefine things. It's like we're living Fritz's
life right here on the radio.That's right, Real Radio one A four
point one. We're live here,also simulcast on ninety six nine The game.

(27:15):
Welcome to the show. You cantext in your questions, comments,
concerns. I don't really need theconcerns. I don't they Yeah, it's
a table of them. Yeah,you can. You can express your concerns.
MJ will let MJ does the edits. I don't. She doesn't think
it's good. I don't see itor here. So welcome back to the
Homelans Radio Show. Texting your questionsis seven seven zero three one. Tell

(27:37):
us what you're doing, and uh, what do you got? MJ.
Here's someone who says, hey,guys, I could listen to you all
day. You could? You could? You know that's actually a true stud
If you go to the website thatmore youse guy, don don't do it
dot com, there are two hundredand twenty three episodes up there or on
spreaker, or on Spotify or onPandora. So you probably could listen to
us for about let's say, twotwenty three times an hour and a half.

(28:00):
Yeah, about six seven days straight, you kid, Yeah, don't
do it. Thanks for all thegreat information. You guys are the best.
Love Stacy and the Land. Thankyou Stacy and the Land. Also,
is there such a thing as inhere's two questions? Can you get
a construction loan on a property thatit already has a mortgage on it.
Number one. Also, is theresuch a thing as an owner builder construction
loan? Okay, well those arevery different questions. But tell me,

(28:26):
tell me how the first you geta construction loan on a property that already
has a mortgage on it. Well, if I don't know when they say
property, I don't know if theymean just a piece of land or if
they mean property with a house onit that would need to be torn down.
But if you're talking about a pieceof land, yeah you can.
You can have a piece of landthat you financed and do construction on it.
You don't need it to be freeand clear in order to build on
it if it has a structure onit. Like I'm talking to someone right

(28:48):
now about a construction loan. Theygot this three acre lot that has an
all like nineteen sixties single wide mobilehome on it, and we're doing a
construction loan, and we were workingon getting the demolition of that old mobile
home included in the construction loans.So it's part of the part of the
deal. It's that they're they're buyingthe land, we get the old pleading
demoed, we build a new one. It's a little easier to demo a

(29:11):
mobile home. Yeah, the callyou just drive it away. If it
hasn't the wheel still, yeah,you can't, or you can even if
it won't fall apart, get itlifted on a truck and take it out
of there. But the demo costsis a lot lower on removing mobile home
than removing an entire house. Souh it The firm answer is it depends.
But if you have a mortgage ona piece of land and you want
to do construction, you can ownerbuilder. It's hard to find financing for

(29:34):
owner builders. There's a there's atrack record of owner builders running out of
money part way through projects and differentnot following certain things. So it's very
very hard. If you're a GC, a general contractor, it's very hard
to get that financing to do ownerbuilder. I'm not saying it's impossible,
and I've done them through a coupleof private sources, but it's it's not

(29:55):
easy to do and the rates areusually not super great. But yeah,
thanks for ten that into seven sevenzero three to one. Greetings. I
heard you mentioned. I'm sorry.I purchased my home in February for three
hundred and thirty three thousand, dollars. My current mortgage is to sixty three.
What's the best way to draw equityoff to pay off school loans?

(30:15):
So they have a one hundred?When did they take out their life February
of twenty twenty three. Oh soit's been a year. Yeah, so
we've been we've been a year.It's probably a home equity line of credit
or a heelock, or a ora fixed rate second mortgage. It's probably
going to be the way to go, although I don't know, it depends
on what your rate was a yearago. You know, rates have started

(30:36):
coming back down now, so I'mactually doing quite a few refinances now.
I have people that locked in theirloan at seven and a half, you
know, seven in a quarter thatare now refinancing and we're getting them down
to say five and a half sixin a quarter. So depending on the
loan size, you know, youmay be able to just do a cash
out loan and keep your rate thesame or a little lower. If not,
then you could look at doing aheelock. If you've got a really

(30:57):
sweet first rate, you know,like two or three four percent, then
you probably definitely want to do ahelock. But easy way to find out.
Go to that mortgage guide don dotcom. Text in you know,
tell me you want to talk aboutdoing a helock and we'll get the conversation
started, or a cash out loan. We'll do the math for both and
see what looks best. Here's theone I said, good morning. Is
there any reason my property taxes wentup fifty percent? I live in Deltona

(31:18):
and it went up from eight hundredrange to over twelve hundred. The only
thing I can think of is Ihad a pool put it. Could that
have done it? I don't know. Normally, putting in a pool doesn't
trigger a reassessment of you of yourproperty taxes. It could be if you
recently bought the house. It depends, like when you buy a house from
somebody that's owned the house for along time. The taxes can be super

(31:41):
low at first, but then whenthey assess your taxes, which is the
October the year following when you boughtit, then they could go up.
Or that area could have just hadan increase in millage. Millage is the
rate that they use for certain districts. You know, they can redraw those
maps from time to time or adjustmillages to increase taxes if they're not meeting
the budget. So that's why youknow, a thousand square foot house in

(32:04):
winter Park is going to have wayhigher taxes than a thousand square foot house
out in Geneva or somewhere. Sodifferent areas have different taxes. I'm guessing
that that area that the millage rateswere increased on that area. That would
be the most likely explanation. Greatquestion. Thanks for texting into seven seven
zero three one. You can alsocall into the property appraiser office and ask
them that you know, hey,why my taxes go up? Let them

(32:25):
explain it. They should be ableto tell you. I own my house
with my mom. Can I qualifyfor my own house if her and dad
have always been paying the mortgage?So this person is on the house,
but they haven't made the payments.Tell me that one more time. I'm
not sure I got the first part. I own a house with my mom.
Can I qualify for my own houseif her and my dad have always
made been paying the mortgage? Sothey can't prove that they paid the mortgage.

(32:51):
Yeah, because their parents paid it, but they want to They're wondering
if they can take their own house. I don't see any reason why you
couldn't. The you have to qualify. You still have to qualify. But
if they I'm trying to think throughhow this would work. The are they
going to keep the house? Isthe question, because if you're on ownership,
if you're on the deed to thathouse and you're not on the mortgage,

(33:14):
and you go and try and buyanother house, we still have to
hit you for part of the paymenton there, even though you're not on
the mortgage. We would have tocount the taxes and the insurance and the
HOA fees against your debt ratios.And so it just depends on how they
own the house, if there's amortgage, if it's free and clear,
but and how much you make andwhat your credit scores are, because even
if you're on there partially, likeyou're responsible for taxes, insurance, maybe

(33:37):
even if you're responsible for the mortgage, if you have enough income, then
we can still qualify you to goand buy your own home. A great
question. Thanks for texting that ina seven seven zero three one. If
you want to get dig further intoit, hit me up on the website.
Here's someoneho's asking, and I'm goingto summarize it because it's a little
anyway, How does the presidency affectmortgage rates? Like what will change if

(34:00):
the election changes the administration? Isthere is there a lot of control there,
you know, I would say directly, no, directly, the administration
cannot have any impact over the waythat. You know, the prices at
which treasury bonds are are selling andthe prices at which mortgage backed securities are
trading, those are all bigger thanthat. It's not something like the president

(34:22):
can't just go and say, hey, make rateslower. If he could have,
I'm pretty sure he would have.This president would certainly be doing all
the presidents would do it, youknow, I will say that the reason
this question comes up, you know, election year, every election year comes
up, is because there is kindof a historical thing if you go back
and look at those time periods leadingup to elections, like the six months

(34:44):
before elections, we almost always historicallyhave seen rates going down. So it
could be a number of factors.But can the president put their thumb on
the scale and all of a suddensay oh, I'm moving rates down.
No, they don't have that kindof authority. It's it's it's not even
part of the three branches of government. You know, it's a different entity
altogether that's responsible for the interest ratesand thousands of things intertwining in the markets

(35:07):
that make that happen. It's notlike somebody can just snap, you know,
snap their fingers or turn on aswitch. So I don't think it
has much to do with it anyway, except for the weird anecdotal thing that
going up to an election rates tendto go down historically. We'll see if
that holds true. I hope itholds true this year. It probably will
because we are completely geared right now. Everything is set up for rates to
go down this year, even ifit wasn't an election year, right because

(35:28):
of what's been happening for the lasttwo or three years. So again,
coincidentally, we're going to see ratesgo down as they lead up to the
election, just because they're at historichighs and they're head in the other directions.
Well, hey, better, isit possible to get a construction loan
with no income? We have thecollateral, but no current income. It
depends. I mean, you've gotto have some if you're living off of
your savings. You know, that'sthe only way I could say that you

(35:50):
run in your life and not havingany income, is that you have money
saved up. We do have loansthat are called asset depletion loans where you
can have huge savings. Or youknow, if you've got a million dollars
in a stock account, there areways that we can do financing that its
securitize. That helps securitize your assets. If you've got money in a retirement
account. Let's say you got fivehundred thousand in a retirement account, a
four to one k IRA something likethat, and you're at the retirement age,

(36:13):
then we can do something that setsup a distribution from that account.
Like you say, okay, Inow want to get seven thousand dollars income
from my four to oh one kevery month. So we can set that
up and as soon as you startreceiving that, we can count that as
your income. So there's a numberof ways to skin a cat. I
just got to see what your situationis and what options you might have as
instead of regular work income. Here'ssomeone who said, I'm concerned about closing

(36:37):
costs. Do I pay it?How much should I plan for it?
Yeah? You typically if you're buyinga house or refinancing a house. You're
going to have closing costs. Whatdo you mean? What are they?
What are the closing costs? Jeezuinsurance is part of well buying your first
year of homeowners insurance. That's oneof the closing costs. The knock stamps

(36:58):
on the deed, the intangible taxfor Florida. I could go on.
There's seventy five more of them,you know that that are part of the
title work, part of the survey, part of the recording of the deed,
recording your more. There's there's lotsof those closes the same on every
loan. No, no, they'renot the same on every categories. Some
are, like some loans are closingcosts, are gonna have PMI involved,

(37:21):
Some aren't. So it's not thesame. It's and it's different between VA
compared to FAHA, compared to conventionalthey each have different costs involved. So
not not quite. It's a goodquestion. But here's the average rule of
thumb. You're gonna find that aboutthree and a half percent of the purchase
price is where your closing costs aregoing to be. And that's a good
rule of thumb to start with.We got to take a quick break.
We can touch more on that rightafter these messages. Hey, it's Sabrina

(37:44):
from the news junkie. Do youhave a question for that mortgage guide on
text him at seven seven zero threeone no back to Home Loans Radio on
real Radio. Yeah. I alwayslike it. I like it. I

(38:05):
like to play it out a littlelonger than we probably should. I just
like it. Good stuff, classic. I like it so much. Hey,
you're listening to Homelands Radio with thatmortgage guy done breaking down mortgages for
you. That's what we do.That's right. Also, is it is
it National doctor Suesday? Or isit just it's his birthday? International internationals?

(38:30):
You're right. I wouldn't. Iwouldn't. I mean I was going
with it. Yeah, Yeah,well done, m Jay. Welcome back
to the Home Loans Radio show.That I wanted. I wanted to revisit
that question we had right before thebreak because I don't think I fully answered
it and I wanted to kind ofjump back into it. You got it
again there, m J. Thatwas is it possible to get a construction
loan with no income? We havethe uh no, not that with the

(38:52):
one about closing costs. They werejust trying to understand closing costs and wondering
how do they pay for them,how much they plan for it. Okay,
so the closing costs are the thereare some that are the same on
every mortgage you do, like thetitle fees and that kind of stuff,
and those are based on set factorsof the percentage of the purchase price.

(39:15):
Like when title insurance. What istitle insurance? You know, I could
go through for hours and go throughall the pieces on the on on what
they are. I will tell youI just did an expansion in my website
that explains all of these details ofwhat these different things are, and we
broke it all down as far asdifferent closing costs and what to expect.
So you can't see that at thewebsite that mortgage guide on in a more
multi page breakdown, longer than whatI'm going to explain here. But there

(39:37):
are some closing costs that are required. It's just like Florida doesn't, for
example, doc stamps. What isa dockstam? Well, Florida doesn't have
state taxes like California. You haveyour federal taxes, you know you're and
then you also pay state taxes.Right, But Florida doesn't have a state
income tax program. Like when you'refiling your taxes, you're not also filing
a Florida return. Many states doyou know, we were lucky. We're

(39:58):
lucky. But the way that's stillhas to create revenue and make money to
run the state. So one ofthe ways they do that is by charging
doc stamps. When people buy ahome. There's dock stamps on the d
that are seventy cents on every hundreddollars. There's dock stamps on the mortgage
that are thirty five cents on everyhundred dollars. There's the county in tangible
tox which is twenty cents on everyhundred dollars. So these are part of

(40:20):
the closing costs. That's an example. These are things that are baked in.
There's recording fees. There's all kindsof stuff in there, things that
you can't change, and things thatare going to be the same no matter
what lander you go to, becausea lot of them are controlled within the
title company arena, or they're governedby the state, or they're governed by
you know, all these different things. So what to expect and how do
you pay them. Well, they'reincluded in your you know, when you
pay your final Like if you're puttingdown ten thousand on a property and the

(40:44):
closing costs are ten thousand, wellthat's part of the money you pay it
closing at the end when you're gettingyou know, the day you go to
sign your documents, you'll you'll paythose closing costs as part of the money
you bring to the table, oryou can you know, you can pay
you do like a twenty or twentyfive thousand dollars down payment when you first
buy it it all might are bethere. They'll just use that money for
your closing costs. So three tothree and a half percent is kind of

(41:05):
the norm on a purchase, andthat includes your first year of insurance.
So if you're buying a two hundredthousand dollars property and you're putting five percent
down, right, then that's tenthousand dollars down and then three and a
half percent for closing costs. Anotherabout six seven thousand, so you can
figure out for about sixteen seventeen thousandyou could get into a house if you
use one of these down payment assistanceprograms like the one I was talking about

(41:25):
this morning. That gives you fivegrand, Well, then that five grand
just comes off of that total.Instead of needing seventeen for closing, you
only need twelve because you get thatgrant from Fanny man. I see great
question. Thanks for texting that in. And then when you do compare your
quote and you save people money ontheir closing costs, that's different. Those
are things that are that change fromlender lender. Yeah, that's going to
be so as a lender, thereare only certain things banks and lenders.

(41:49):
We only control a couple of thepieces of the closing costs. That's the
origination fees, the the underwriting fees, processing fees, things like that.
They're the first couple of boxes boxA and B that you see on a
loan estimate are controlled by the lender. Everything else on that loan estimate is
going to be the same no matterwhat lander you use. If you're using
the same title company, and thesellers choose the title company and the purchases

(42:09):
most of the time, so thatseller's title company, it's gonna matter what
lender you use, all the restof the boxes on that closing disclosure are
going to be identical from from lenderto lender, except for the ones that
the lenders actually control. Great question. Here's the one that says, congratulations,
Fritz. Headed to the market withmy wife. Hope you guys have
great day. Hey, all right, thank you? Pick me up something.

(42:30):
Yeah, I don't want to market, but yeah, just buy yah
right, I don't know about market, yeah, quickie market definably something not
milk based that will you know keep? So I have a question, Fritz,
for you, now that the weddingis complete, what are you going
to do on Saturdays? Because youknow you have part for the last fifty

(42:51):
two Saturdays, you've had jobs todo, in projects to do every Saturday
getting ready for the fantastic nuptials.Yep, well now I'm going to do
Now I'm just gonna be getting readyfor just a case eight and you know,
still still getting the house keeping,the house in order, I should
say, yeah, because we gotto sod put down, you know,
so you've got to make sure thatthat's taken care of. You got the
book promo for just okay, yeah, I think so let's let's throw that

(43:15):
out there because and that's coming upsoon and you're you're gonna be playing Sabrina
Amor is gonna be playing your brotherDan the man? Who else is?
Who else is going to be onthe band? Chris Belcher. Yeah he's
a new guy. Okay, butthat's exciting and if you don't have it
now we can move on going.Yeah, here's a question. Do student
loans count towards debt to income ratio? Yes, there's a lot of a

(43:37):
lot of confusion on that so,and part of it is because during COVID
there was all student loans in America. All the student loans payments in America
were deferred, right, so itmeans you didn't have to pay your payment.
So during that time period we hadto figure out how to deal with
the student loans. So Fannie MaeFreddie mac f h A. If there's
no payment on the student loan,like if it doesn't say you ow fifty

(44:00):
dollars a month, if it justsays deferred, or it says zero,
or it says unknown, those arethe kind of things we'll see on the
credit report for that student loan payment. If it says zero, then Fanny
May is going to count one percentof the payment against your debt. Raceihow
Freddie Mack does a half a percentagainst the debt race show FAHA does a
half a percent if it has apayment in there, though, we go

(44:21):
with the payment that's in there,But if there's no payment or if it
shows deferred, then we go withthose percentages against your debt ratio. But
absolutely student loans affect your debt ratio. If we're purchasing a new home from
a builder, are there more incentiveswith going through their lender or can we
still benefit from using a different lenderlike you? Yeah? Absolutely, you
know, I think you should compareyour quote if you're working with a builder.

(44:42):
I have several deals that we're workingwith builders, but we were able
to get them a better deal thanwhat the builder did, even though the
builder was giving them money. Ithink I talked about one last week on
the compare quote, which is theywere being given seventy five hundred dollars from
the builder as an incentive, buttheir rate was outra and the amount of
fees they were being charged was liketwelve thousand dollars, So we were able

(45:04):
to get them a lower rate withoutcharging them the twelve thousand dollars in discount
points. So even though they losttheir seven seventy five hundred. By not
working with the builder, we werestill five thousand dollars less than closing costs.
So for sure you should look atit and you can do that at
the website very easily that mortgage guidedon dot com compare your quote. We'll
be right back after these messages.Hey hey, hey, hey, hey

(45:43):
hey hey, welcome back to theHome Loans radio show with that Mortgage Guide
Don. We're here. We're doingwhat we do live right here on Real
Radio one o four point one,simulcast live on ninety six point nine the
game. You can text into sevenseven zero three to one. I'm here
with my crew. Good morning,MJ, Good morning, Good morning,
mister Fritz. Welcome the newly mintedmarried mister Fritz, Welcome back to the

(46:07):
show. Welcome, welcome, Thankyou for having me. Wouldn't have it
any other way. Thank you forwas that Florida slang that we you brought
us back with. Hell, yeah, that was called communication. Communication.
Now that you're married, you gotto do some of that. Yeah,
it's pretty important. Welcome back.And it's doctor Seuss's birthday. I haven't

(46:30):
heard a poem in a while.And Jay, you're slacking over there.
Oh I'm sorry. Yeah, wellwe'll wait. Go ahead, just kidding.
Welcome back to the Home Loans RadioShow. You can text in your
questions to seven seven zero three one, comments, salutations, insights, and
I don't know riddles to MJ sevenseven zero three one. We'll get them
on air. You can ask questionsanything happen to do with real estate,

(46:52):
home loans, mortgages, SBA loans, commercial loans, you name it.
If I don't know it, I'llfind out. But probably Welcome back to
the show. What do we gotcooking? M Jahane? Well, I
think you're probably gonna tell us aboutcomparing your quote. I think yeah,
but I wouldn't do that. Okay, to the world, you may be
one person, but to one person, you may be the world. Oh

(47:14):
that's a tattoo. Oh were yousaying that to me? No, it
should be a tattoo. That wasa doctor sus quest. Yes, I
thought you were just excided. Todaywas the day. Tell me I'm special.
Yeah, well, you know,crickets. We got crickets, Fritz.
Okay, we need you know what, we need a cricket spot.
We do, that's what we do. Yeah, we need to we need
to get one of those. Ahright. I know it is wet and

(47:35):
the sun is not sonny, butwe can have lots of fun. That
is funny, that's true, andthe sun is not sunny. I mean
I hoping it will be. Yeah, what does he know about astrological anything?
So standing lane, somebody says,looking at my escrow analysis, I
had one month last year jump overten thousand dollars. What would cause this?

(47:57):
What the hell? That seems crazy? Your escro analysis? I don't
know. I'd have to see itto be able to tell you. YEA.
What they're talking about is when youown a house, once a year
they go and look at your taxes, your insurance, your escrows to make
sure that they're not running short.And then you know most of them do
it in January. And if youare going to be short, like let's
say your taxes went up or yourinsurance went up and you're not going to
have enough in your escros to paythose when they come due, then they'll

(48:20):
increase your mortgage payment a little bitor sometimes a lot, but as far
as the and then they send youthis accounting so you can see what you
were short on and why you wereshort. I don't really know what all
of a sudden a ten thousand dollarscharge could be. I'd certainly look into
it, you know, I've seenthem make errors before. But if you
want to send it to me,I'll take a look at it and see
if I can interpret it for Youcan send it to my emails on the
website don at Happy home mortgage dotcom. Good morning people. As far

(48:45):
as mortgage is good, we havean option when we sign up to not
include taxes or insurance in our mortgagepayment. A propos question you do on
certain loans in certain circumstances. Soif you're putting down less than twenty percent,
you're going to need to escrow yourtaxes and insurance into a conventional loan.
FAHA requires it regardless. Typically VA. There are some exceptions to VA

(49:10):
where you can get the escros notincluded, but by and large, the
big government Fanny May, I'm sorry, VA and FAHA loans do require you
to escrow. If you have escrowsnow, though, and you refinance and
your down listed, you know beloweighty percent, your loan is below eighty
percent of the purchase. You knowthe value of the home or the purchase

(49:30):
price. Then you can opt outand not pay your escrows monthly. Basically
you pay one twelve of them monthlyand instead pay them twice a year when
they're due. The taxes are duein November and the insurance is due on
the anniversary of its twelve month anniversaryevery year. Can you get PMI removed
without refinancing? Yeah, you canabsolutely if you do a conventional loan.

(49:51):
If you're in a conventional loan,it's going to automatically come off of there.
The pm I will automatically drop offonce the amount you owe on your
mortgage balance is seventy eight percent ofwhat you bought the house for, so
that will happen automatically. That cantake anywhere from two years to I don't
know, seven or eight years,depending on how much you put down.
And the other way to do itthough, is if you think the value

(50:12):
has gone up and your mortgage hasgone down, then after you've had the
house a minimum of a year,usually around the two year mark, you
can go to your lender on aFanny may or Freddie MacLane, your service
or lender and ask them what's theprocess to get PMI remote, Because if
the house is now worth more thantwenty percent above what you owe, meaning
that you're below that eighty percent markon your equity, then you can get
it removed. I did that withmy house that I bought in twenty twenty

(50:35):
and twenty mid twenty twenty one.I was able to get the PMI drop
just by calling my lender talking tothem. They said, well, we
have to evaluate the property. Theysent someone out to do a BPO,
which is a broker price opinion.It's similar to an appraisal, and then
when they got that back, theyremoved the PMI. So yeah, you
can absolutely do it. Faha.The PMI is on there for life in
most cases unless you put down tenpercent. VA doesn't have PMI, So

(50:58):
there you go. Great question.Thanks for texting that into seven seven zero
three one. Did I answer thewhole thing? I'm jacks. What else
we got cooking? Well, here'sa long question. Hi, don looking
for advice. My wife and Imake one hundred and fifty a year living
a town home. We did anfa FSA loan six years ago and purchased
it for one seventy two. I'mguessing they mean it's worth now three hundred,

(51:22):
so they make one fifty. Theybought it for one seventy two,
it's worth three hundred. They'd liketo upgrade to a new house for four
fifty and keep the existing home.Do they need to refinance their home out
of FASA FSA? What is fSA? I think they probably mean fh
that's what I FHA. You knowthat this is right next to the yeah,
they're saying, and then try topurchase their next time. How do

(51:42):
they swing not having liquid cash?We're not liquid. We have one hundred
K and our retirement accounts. Oh, there it is, and we have
credit card debt of about twenty andauto loans for sixty. Thank you,
Colton. You got quite a puzzlethere. You know, we'd have to
figure out a couple of things.Number one, you want to keep the
house and buy a new one.We've got to make sure that your debt
ration will work to have the paymentfor both properties. That that it's basically
that you can afford it. Butthere's a debt ratio means that the money

(52:06):
you have coming in compared to themoney you have going out meets a certain
percentage. Do you have to paysometimes when you sell houses? You mean
as a seller, Yeah, likea fee or something. If you sell
houses for profit, which I meanif you like sell your house to buy
a house, it could if youhaven't lived there long enough, you could
have capital gains tax on the profityou make. If you haven't lived there

(52:27):
for a couple of years and here'sfour hundred thousand dollars and it was twenty
damn it right, you can endup paying taxes if you haven't lived there
long enough. So you do wantto check into your into that with your
tax person. But we got tomake sure that they qualify with both mortgages.
Then we got to figure out howto get the money for the new
mortgage. You may we may beable to take it out of your current
house with a heelock or home equityline of credit or a cash out loan.

(52:50):
And they have one hundred in theirretirement account, You may be able
to take it out of your retirementaccount. But usually that that four oh
one k is for your first home. So I don't know what kind of
vehicle they have the money in,but I think we could figure it out.
Hit me up at that mortgage guydon dot com. It's the best
way would be to start a preapproval application. Then I can figure out
all this math for you and collectthe documents I need to give you a

(53:10):
real answer. We've got. Oh, it's guess what time it is,
MJ time to compare. It's timefor the compare quote. Kind of like
a question, did yep you yougot it? This is the time of
the show where we do the compareQuote of the week. That's a feature

(53:31):
that's on my website. If you'vegot a quote from another lender, or
you know a builder or whoever you'reworking with on a helock, on a
construction loan, SBA loan, anyquote you've got, you can go to
my website that Mortgage guide don dotcom and hit the button and says compare
quote you up. You put inyour name, your your phone number,
your credit score, and upload thequote and I'll look it over and tell

(53:52):
you what I think I want.I don't need to pull your credit I'm
going by the credit score you're tellingme, and I'm assuming other lenders have
told you if you're if you're comparinga quote, and then less than twenty
percent of people out there compare theirmortgage quotes. That's from a study done
last year and I was trying tomake that higher. So I made it
so people can go in and comparetheir quote anytime. You find out very
quickly I had one of the comparequote of the week was one that was

(54:13):
pretty interesting. Was really really ableto help these folks big time. And
they were working with their credit unionand it was locally think think credit unions
like McCoy or fair Winds or localOrlando type credit union. And they had
a rate of from that credit unionsix point eight seven five, which was
pretty good. It was below theprevailing rate. A lot of people were

(54:34):
offering rates over seven when they gotthis quote six point eighty seven five,
very small discount fees of around twelvehundred dollars. Earlier, when I was
talking about the closing costs, right, I was saying, there as certain
parts that are the same no matterwhat lender you use. Right, the
intangible tax, the docsam there's abunch of them that are the same no
matter what lender you use, butthey are the difference is going to be
in the big two boxes, boxA and box B on the loan estimate.

(54:57):
Those are the fees that come fromthe lender. Those are going to
very wild between from lender to lender, and in this case, so they
got a six point eighty seventy fivewith twelve hundred dollars in fees. We
were able to give them right away, like a couple hours later, six
point four to nine with a lendercredit back to them of eighteen hundred dollars.
So what does that mean? Sothat means that in some cases,

(55:17):
depending on the rate you choose,we can give you a lender credit back,
or Fanny May or FHA or VAcan give you a credit back from
depending on the rate you chose.So that was about a three thousand dollars
switch meeting. They were at sixpoint eighty seven five paying twelve hundred.
We got them down to six pointfour to nine, giving them almost two
thousand dollars in credits right. Notonly that, I was able to run
them through this new SPCP Fannie Maydown payment assistance program for first time home

(55:44):
buyers, and I got them afive thousand dollars grant, no repayment,
no nothing, It's just based onwhere they live right now before they move.
So we got them five thousand dollarsfor that. And another part of
that grant is they get the reimbursementfor five hundred dollars on their appraisal,
and they get up to five hundreddollars credit to it's a home warranty.
So they came in looking for abetter rate. I was actually able to
find them a down payment assistance programthat gave them six grand in free money

(56:07):
on top of the two grand wehad given them, And so they ended
up working with us. It's goingto save them about about eight thousand dollars
overall, and they're paying about onehundred dollars less and all because they did
not miss the boat. They didindeed, compare their quote with that mortgage
guy. Don play the jingle forI know apologies, I forgot what I

(56:36):
was going to say after that,So play the jingle for there's a mouse
there it is. So we gota couple of questions like this, and
I know this is just top ofmind for so many folks. Good morning,
I have my house. I've hadmy house for twenty years and my
mortgage went up from eleven thirty totwenty four eighty. Why somebody else?
Is it just me? Or propertytaxes out of control? In Florida?

(56:57):
How could anyone afford this. Yeah, it's not. I was looking this
up. It's pretty it's actually belowmedian value for the rest of the country.
Well, you know, the valueand the assessed values are different things.
In properties. Assessed value is whatthe counties basically gives the amount of
the value of the property that you'regoing to pay taxes on. So there

(57:21):
are certain areas that are higher.I've definitely seen property tax I'm just looking,
you know. I don't need tolook any farther than my own nose
to see that property taxes have goneup. Might have gone up every year.
My insurance just went up again fromlast year. I was around thirty
five hundred a year for insurance.It went up to fifty two hundred.
But I'm also working with them totry and get it down lower. Because

(57:42):
I had gotten some things down tothe house. I had gotten some new
windows, I had gotten some someother oh. I'd gotten the alarm system
updated to a different type of alarmsystem. I didn't have the dog I
used to have because, bless herheart, she passed away, you know.
But there are things that you cantalk to the insurance company about and
see if there are other discounts youcan do. And they also this particular

(58:05):
company sent me these sensors that Icould put like near my hot water tank,
near in my laundry room and thingslike that. Just for putting these
sensors up in my house that areconnected to hear if water is leaking or
if the temperature is getting up overone hundred or something that can give advance
warning to get the fire department theyerr or to fix a flood. They
gave us five hundred dollars off justfor installing those sensors, So there are
things you can do to try andget these down. We also have one

(58:29):
of the sponsors of the show,Greg Heming, with the Express Insurance dot
I'm sorry, Greg Heming with ExpressInsurance of Longwood. You can find them
on the sponsor section on my webpage. I sent them the quote.
They started working on it right away, trying to find a lower insurance for
me, figure out ways to getdiscounts on it, and we got it
back down to around thirty nine hundred. Is the moral of the story,

(58:49):
just by effort and legwork and gettingGreg involved. So you can do that
too. Here's a question, doyou have an insurance company. I'd recommend
yes. He just did. Havingwith the Express Insurance of Longwood has sponsored
the show has been I've been workingwith him for I think probably twenty years
or so. But Express Insurance ofLongwood, all you got to do is
send them your insurance quote that youhave. Now they'll shop it with over

(59:12):
thirty different companies. Yeah, andthey'll see if there's anything out there better.
So the person who said they'd hadtheir house twenty years, they said
their mortgage went up. So partof that mortgage. Could that be their
tax their insurance? It has tobe unless they had because they've been there
twenty years, or taxes shouldn't goup that much, right, I don't
know what would make it go uptwelve hundred. That's kind of a shocking
increase. I would definitely call themand find out, you know, something

(59:34):
changed either. I don't know whatcould have made it go up twelve hundred.
Your mortgage itself can't change, right, your payment in most cases,
but mortgages that were done twenty yearsago, they didn't have quite the same
rules. But so it could bean adjustable mortgage, it could be an
option arm mortgage, it could bean you know, I don't know what
kind of mortgage they have. I'dhave to see what could have come into
play, but almost all mortgages thathave been done in the last fifteen years

(59:57):
do not allow the mortgage interest rateto change. They don't allow the payment
to increase. On that side,the only thing that can increase your payment
should be your taxes and your insurancegoing up. So maybe that's what happened.
You can text in your question,Wow, we're coming up on the
last segment of the show. Youcan text in your questions still to seven
seven zero three one. We'll tryand get it on air. You can
also go to the website that mortgageGuide Don dot com. You can go

(01:00:20):
there if you want to start theapplication for a preapproval or for a home
equity line of credit, or fora refinance, or for an SBA loan,
or for a business loan or youknow all those things. That's that
mortgage Guide Don dot com. We'llbe right back for the final segment of
the show. Do you have aquestion for that mortgage Guide Don Text us
at seven seven zero three one.Now back to Home Loans Radio on Real

(01:00:42):
Radio. That's right, it's thelast segment of the show. You can
still email Don at Home Loans Radiodot com or you can get caught up
on past shows and uh man,there's a lot of stuff to do on
that website. There's a coloring bookyou can color and try that out there
you go, I write that downfor it. That yeah, adult coloring

(01:01:05):
book. Have you seen you haveany friends that do the adult coloring book
thing? Oh? Yeah, they'regreat. Yeah, I have a couple.
Yeah, people like it. Ihaven't. I haven't ever tried it,
well, not as an adult.So it was doctor Seuss's birthday.
I did cobble together my own littlepoem MJ. Okay. So, uh
so, here you go in atown full of dreams, where hopes reside
lived. Don the mortgage guy,a fine mortgage guide with suits tailored sharp

(01:01:30):
and a grin that's wide. He'llhelp. He'll help you own your own
home with him by your side.Oh very nice. What do you think
I have suspicions? No, youdon't, wrote it down myself. Well
done. Welcome back to the HomeLoans Radio Show with that mortgage guy Don.
We're here for the final segment.We got you what do you guys?

(01:01:51):
Anything quick over there? MJ.Yeah, and this and this question
we had this question twice today.I was going to use it for the
speed round, but since we gotit again, assuming taxes and insurance continue
to increase in the kind of years, are you better off paying your ESCO
shortage each year up front? Ifyou don't, it seems like the shortage
would keep building on a top ofitself year after year. That is a
good a good thought, and you'reactually right, but they've kind of got

(01:02:12):
a way that they work around that. So like, if you get to
the end of the year in Januaryand your ESCRO account was short one hundred
dollars a month, they're going toincrease your payment, not by one hundred
dollars to catch up for last year, They're going to double that, increase
it by two hundred dollars. Sonot only are they making up for the
shortage for the prior year, butalso making it so that you won't have
a shortage for the following year.So that's why when someone says, you

(01:02:35):
know, their mortgage went up twelvehundred, I automatically think they were short
six hundred a month, you know, because you got to you got a
factor in that they're going to doubleit. And if they increase it too
much, you can go to yourservicer and ask them to stretch it out
over a longer period of time,like two years instead of one year or
something like that. You did that, right, Fritz? Oh yeah,
yeah. Fritz had called me acouple of weeks ago or texted me and
said that, you know, hispayment had gone up. It was going

(01:02:55):
up too much, and we figuredit out. He called in and got
them instead of I don't know,you got the numbers or you want to
you want to reveal the numbers.Well, it was going to go up
like six hundred and thirty dollars,and I think I'm paying four ninety now
instead of six thirty one. Sothey give me a little bit of a
break, okay, But you cancall your service or and ask them to
spread that out if it creates anundue burden. Guess what time it is,

(01:03:20):
MJ? All right, it's timefor the speed rounds, all right,
all right, time for me.Speed round is where MJ's going to
try and get a lot of thequestions to me that we didn't get to
so far during the show. Ifyou don't hear yours doesn't mean I don't
want to answer it, I reallydo. Go to the website that mortgage
guy don copy pasted in there,and I'll answer it for you after the

(01:03:42):
show by email. I'm going toask questions quickly and you're going to answer
them as you do. I'm wondering, is it possible to refinance an SBA
loan and is it a good timeto do that? Absolutely? Actually,
I meant to talk about this inthe Mortgage News segment and I didn't thank
you for bringing that up, DearTexter. No, we can do sb
loans. We've actually got a fantasticprogram right now and it refinances your existing

(01:04:05):
SBA loan if you've had it forover two years and you've been paying it
on time. There's a program whereyou can get Most sbas are around probably
ten or eleven percent right now onan adjustable rate loan. This program to
refinance them gets it down to eightand a quarter percent and makes it a
fixed rate, So it could bea really good program for a lot of

(01:04:25):
people. Hit me up with ifyou've got a business loan and you want
to look at refinancing that SBA loan, Can I get a loan to start
a business? I have been workingas a plumber for twenty years and I
want to start my own company.Yeah, absolutely, same thing. There'll
be a number of options SBA loans. It depends on whether you're trying to
just get equipment, if you're tryingto get a building, if you're trying
to buy land and build a shop. You know, all those different kinds

(01:04:45):
of loans. But yeah, hitme up at the website. I can
help you with that. What isthe fastest you can close alone? Well,
I think that there's two different questions. There's the fastest we can close
alone and the fastest we're allowed toclose alone. But realistically, the fastest
you're all allowed to close alone becauseof the rules and the notifications of people
have to receive their appraisal this manydays before closing, and they have to

(01:05:06):
do application this many days before andso forth. The fastest we can close
alone is in about eight days becauseall of the waiting periods total out in
seven days. So and we didone. We actually did one last month
where we're from the time we submittedit to the time we closed, we're
eight days. So it can bedone. It's got to be. It
isn't easy, and there's a lotof rush fees and stuff like that to
do one in a week. Butit can be done, all right.

(01:05:28):
Why would anyone need to do that? I guess they just The most often
reason I see is because it fellapart it somewhere else. I have to
come in and save the day andeither either give them a different type of
loan or you know, like creditunions have. Banks have lower debt ratios
than what Fanny may allow. SoFanny may may allow a fifty percent debt
ratio. A lot of banks onlyallow forty three or forty one. We
allow what Fanny may allows, soyou know, if your loan falls apart

(01:05:50):
somewhere else, we can often savethe day. Can you finance four duplexes
at the same time. That's alot of that's a lot of houses.
If you got the juice for that, yeah, yeah, we can do
it. You can. You canfinance for at a time. Fanny may
only allows up to for finance properties, so we'd have to look at Freddy
Mack they allow up to ten.But believe it or not, I've done
it. I bought wow, morethan four duplexes in one day. I

(01:06:11):
bought six duplexes in one day.Many years ago and signed a lot of
paperwork for that, but that definitelyexists. Yeah, there's no limits.
I guess there is a limit.But you got to have the down payments,
you gotta have the money, yougot to the debt ratio. You
got to be pretty pretty well situatedto buy four duplexes at once. What
does d sc R stand for?Well, I wanted to make up something

(01:06:32):
funny. It's fritz. What isDSCR? Oh nothing I can repeat on
the airwaves, my man, rightright right, don't get me doing it
down South Country Road. There yougo. That's what. No. It
stands for Debt service coverage ratio.That's a type of loan, and it's
for investors that are buying investment propertieslike duplexes or rental properties or even big

(01:06:54):
apartment buildings or commercial loans. It'scalled a debt service coverage ratio. It's
does the what you're renting the propertyfor does it make more than what the
mortgage and expenses are on the property. So, and that's all you need
to get approved for that loan iscredit score, down payment and a good
the right the right d SCR rating. All right, ready for your little
riddle, riddle time, skin me, and I won't cry, but you

(01:07:16):
will. Oh man, I know, I know, Tom too easy?
MJ. Sorry, So what isit? An onion? Oh? Yeah,
onion? Wals Walruses are famous forloving their skin, being be able
to Let's figure out what else wouldapply. That's not uh an onion.

(01:07:39):
So skin me and tell me theriddle again, m J. Skin me,
I won't cry, but you will. Yeah? Yeah, what about
a hot wax? How about waxprocedure? How about it? How about
an ex spouse? Okay, youknow you're always talking about skinning that cat,

(01:08:01):
which I just I wish we couldfind another analogy for that because I
always picture the cat. You know, there's more than one way to skin
it. I don't think so.I really just think there's one way.
I think you pulled the skin off. I don't know the other ways,
but i'll tell you after the show. Okay, Well, is a is
A is a doctor Seuss. Don'tcry because it's over, Smile because it

(01:08:21):
happened. There you go. That'sa good one. And on that note,
you've you did it, folks,will you all the way? Another
ninety minutes Saturday morning, listening tous prattle on about Fritz's fine wedding,
the SPCP down payment, a program, doctor Seuss's fine work, and say
that one more time. On theway out of here, I'm Jacks.

(01:08:42):
Don't cry because it's Ober. Smilebecause it happened and you were there.
Oh yeah, lucky, bye bye. Yeah. You've been listening to Home

(01:09:15):
Loans Radio with that mortgage guide.Don Join us every Saturday at nine am
on Real Radio one oh four pointone and check us out online at home
Loansradio dot com.