Home Loans Radio 03.08.2025 with That Mortgage Guy Don- Rates Moving downward for 8 weeks in a row!

Home Loans Radio 03.08.2025 with That Mortgage Guy Don- Rates Moving downward for 8 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 joined the conversation text us at
seven seven zero three to one. Now here's that mortgage
guy Don.

Speaker 2 (00:14):
Hey hey, hey, hey, hey hey hey, good morning, and
welcome to the Home Loans Radio Show with that Mortgage
Guy Don. That's right, that's me. I'm here doing what
I do every single Saturday for the rest of civilization,
right here on Real Radio Live, talking to you about
what Mjway we talk about here.

Speaker 3 (00:31):
Oh, we talk about crows, crows, and mortgages and mortgages,
mostly mortgages, mostly crows, and sometimes crows. Sometimes we count
the crows. Sometimes we ask about the crows.

Speaker 2 (00:43):
The crows are back at my house. I was telling
MJ for it's that the crows have come back. They
were gone for like, it feels like all the winter.

Speaker 4 (00:50):
Do they do they go away in the winter, Fritz, No,
not necessarily.

Speaker 2 (00:55):
Yeah, Okay, they were gone. I have these crows that
I've been befriending for a couple of years.

Speaker 5 (01:00):
Now, are you asking if they migrate north the winter?

Speaker 2 (01:05):
I don't know. No, maybe they can migrate further south.
I don't know.

Speaker 4 (01:09):
Yeah, So some crows migrate south for the winter. But
the ones here, I believe stay here.

Speaker 2 (01:15):
Yeah. I just haven't seen them for like probably three months,
four months, and then all of a sudden they're back.
They're out there like looking at me and making noise
because I haven't brought them any peanuts yet, So I
don't know. I guess they're back. But that's good. I
was wondering where they went. I digress. You're listening to
the Home Loans radio show that mortgage guy down. I'm
here with my krew. Good morning, mister Fritz. Yeah, we're here.

(01:36):
We're doing the thing. We're going to talk about mortgages
and apparently crows. MJ. What else you got in your
your your bag of treats over there this morning? You
can all text into seven seven zero three one. We
are live today. You can tell by my voice a
little bit rough coming off of that thing, whatever that
thing is, the thing that the people the illness. I

(01:58):
don't know whatever it is. Strep throat. I think I
have coming back from it, but.

Speaker 4 (02:03):
Sound great if you have a striped throat them tell
you that.

Speaker 2 (02:07):
Well today there, let's see how old, how long it
holds up. It's been a rough day. Or two, but yeah,
getting through it. Welcome to the Home Loans Radio show
with that Mortgage Guide Don. We're here doing it. We're
doing it. We're going to talk about all the mortgage things.
You can ask your questions live right there on seven
seven zero three one, texting your questions to the show.

(02:27):
You can also go to the website anytime during the
week that Mortgage Guide Don dot com and at all
times at Instagram at that Mortgage Guide Don please go there,
click follow, follow me on Instagram. And how's that going.
We're doing good. You know, we've been we've been trying
to grow the Instagram and from I would say last
September till now, we've gathered about eighteen hundred faithfuls to join,

(02:52):
to join the cause. I just I just watched the
finale of the show Traders, you know with Alan Comming.
Have you seen that one?

Speaker 5 (03:00):
I am not seen it. I'm a big fan of
his though.

Speaker 2 (03:02):
Oh yeah last night. Last night was the big finale
of the Traders and the and the Faithfuls, and well
I can't say that over the last wouldn't be cool.
But you can text into seven seven zero three one
tell us what you're doing, what you're watching out there.
Let me talk a little talk, a little mortgage news,

(03:23):
little mortgage news. We had a little bit of a
last few weeks. I would say, we've had rates generally
going down, mostly based on some economic news like the
inflation numbers were low again this month, lower than last month.
Job numbers are not looking as great in some areas
that you know, we had to dip in jobs, but
that's not really that unusual. After the holidays, a lot

(03:44):
of jobs are holiday seasonal type jobs, and so the
numbers that are reporting now are like January and February numbers. So, uh, well,
the ones we got this past week were January numbers.
The ones we'll get in about two weeks will be
February numbers. So it lags a little bit. But we'll
see how all the shenanigans with the federal workers and
the layoffs and all that affects the job numbers. Who knows,
We'll see how that goes next.

Speaker 4 (04:04):
Now that Musk is saying, hey, don't give me credit
for doge.

Speaker 5 (04:08):
Now, hold on, now, I didn't do that.

Speaker 2 (04:11):
I want the government efficiency.

Speaker 5 (04:13):
The past months, I didn't do that.

Speaker 2 (04:15):
Me come, I want the government efficiency, but I don't
want the one hundred thousand people who lost their breadwinner
government job last month or everybody wants, yes, of course,
but yeah, my heart goes out to people that just
lost their jobs at the snap. That's not that's not
tough on a family. But you're I digress. We're talking

(04:37):
about home loans and mortgages and real estate, and the
mortgage rates have gone down the last few weeks in
a row. The general trend has been down for about
six weeks. We got to a pretty good low earlier
this week around Tuesday, matching up with the previous past low,
which we had was back in December, and we were
even with where we were last December, so we'd gotten
down quite a bit. And then Thursday and Friday went

(04:57):
back up a little bit. But in general, I'm seeing
the average rate out there, according to Freddie Mack, is
around six point seven on a thirty year mortgage, and
we're lower than that because we're brokerage. I'm seeing our
average rate down around six and a quarter six point
three for the most well qualified clients. And I've blocked
two loans this week in the fives on fifteen years nights.
Also a couple fives on VA n FHA loans five

(05:17):
point nine to nine. So we're starting to see the
rates in a place and the activity is telling also
because we had a record number of purchases at my
company in January and February for those respective months, So
good things seem to be cranking. People seem to be
coming off the sidelines. One thing I read in a
report this week that really surprised me. In the last

(05:39):
six months, over fifty percent of homes purchase, over half
have been first time home buyers. Wow, that's a significant number.
That's very unusual. What that tells me is a lot
of people that wanted to buy have been kind of
chilling and now they're moving.

Speaker 3 (05:55):
Is that nationwide or is that state that's nationwide?

Speaker 2 (05:58):
And in Florida it was actually a little high. In
Florida is about fifty two percent of all home purchase
were first time home buyers, which is now it doesn't
mean you never had a house before. Technically, they can
mean that you haven't had a house for three years,
Like if you haven't been in ownership of a home
or on the title to a home, you're considered a
first time home buyer. After three years have passed, so
a portion of that number will be those folks. But

(06:19):
I love that because I always you hear me say
all the time, first time home buyers are the thing
that's you know, that's the that's the part of the
business that I like to work with the most. That's
the most rewarding. Course, I like working with everybody, but
it's uniquely rewarding to work with first time home buyers
and help them get into that home. And some really
good opportunities right now and a lot of great first
time home buyer programs. You find out about those by

(06:40):
going to the website that Mortgage Guide Gone, and you
hit the apply to get pre approved. And when we
do your pre approval, part of that is that we
run it through every one of the down payment assistance
programs that we have access to and let you know
what's available to you. We can't do that until we
see your financials, but then we can. That's really that's
kind of the mortgage news. I just want to to
update that on the the record number of first time

(07:04):
home buyers in the last six months was pretty pretty amazing.
But I also I'm not finished with the oscars. I
wanted to talk about the Oscar Awards last week. Did
you watch him, Jay, I did? I know you never
miss it. Did you watch Fritz?

Speaker 5 (07:18):
I did?

Speaker 2 (07:19):
Oh wow, that's exciting.

Speaker 3 (07:21):
Adrian Brodie gave the longest Oscar acceptance speech I think
in history. It he was he really was.

Speaker 5 (07:29):
He wasn't grac anything about it.

Speaker 3 (07:32):
No, he was not. I agree, I absolutely agree he
was not gracious. He went on and on. They tried
to run him off a couple of times, and he.

Speaker 5 (07:41):
Refused, Hey, this this is my show.

Speaker 2 (07:44):
Right, well, you know show. He didn't get slapped.

Speaker 3 (07:49):
He did not get slapped. He didn't slap anyone.

Speaker 2 (07:51):
So there's that.

Speaker 3 (07:52):
There's that, but still the slap was quick.

Speaker 2 (07:56):
Stand out for me, uh and for everybody. Probably the
standout for me, for maybe different reasons, was that Anora
won so many awards. We had talked about it last
week and m J had said, you know, if you
watch one of the best pictures and you're over the
age of eighteen, watching Noora, if you're grown, Yeah.

Speaker 3 (08:15):
And did you see the movie Fritz?

Speaker 5 (08:17):
Now?

Speaker 3 (08:18):
I saw that.

Speaker 4 (08:19):
I saw that they spent more money, three times as
much money on making the movie that they did to Oscar.
What's it called Oscar promote it. The movie was made
for six million. They spent eighteen million dollars putting the
movie in the hands of every voter.

Speaker 3 (08:38):
Wow.

Speaker 2 (08:39):
Yeah, that's and the the that was one of the
lowest spends ever for a Best Picture award. Also significant
because the Sean Baker, who's behind the whole project, was recognized.
He got awards for producing it, directing it, editing in it,
editing it, and writing the original screenplay, being becoming the

(08:59):
first person to win four Oscars for the same movie, which.

Speaker 3 (09:03):
Is crazy the people who come before him.

Speaker 2 (09:05):
And it's an independent film, you know, and it's all
the big ones. Yeah, it's also very rare that an
independent film wins an Oscar. Guess the parent you know,
the company that ded a Nora that's behind it. They
they also have been behind another big independent Oscar win
in the last few years, twenty twenty, the Parasite movie. Yeah.

Speaker 3 (09:25):
It was also a great movie.

Speaker 2 (09:26):
The same directed by a written and director or co
written and directed by what was the name Bong June Ho.

Speaker 3 (09:33):
Yeah.

Speaker 2 (09:33):
Yeah, after that, I went and watched every movie he's
ever made. He's got some some crazy movies. After he's
got the.

Speaker 4 (09:38):
One about like the monster movie, right, read something. It
was like a it's like a monster in the bay
or whatever.

Speaker 3 (09:46):
I don't know.

Speaker 2 (09:46):
Yeah, I think there's there's there's that one. There's also
one where they had cultivated these giant like the host,
the host. Yeah, there was another where they were cultivating
a food source from these giant animals. You remember that
and it's that.

Speaker 5 (10:03):
Yeah, yeah, yeah, yeah, oh yeah.

Speaker 2 (10:05):
That one was also a bong John I.

Speaker 3 (10:07):
Think he did the original snow Piercer as well.

Speaker 2 (10:09):
Oh wow, Well, Honora is a really good It was
just significant for being a small film. It costs six
million dollars to make.

Speaker 3 (10:16):
It looks like six million do it only.

Speaker 2 (10:18):
Made forty million at the box office.

Speaker 3 (10:20):
Really good.

Speaker 5 (10:20):
It's interesting because the return.

Speaker 3 (10:23):
Yeah, but it looks like somebody made an independent movie.
It doesn't look like a big, you know movie, But
it's it's got some some surprises. I enjoyed it a lot.

Speaker 4 (10:32):
I'm really mad and I don't want to derail you,
but I'm really mad about the song winning this year.

Speaker 3 (10:37):
That was weird.

Speaker 4 (10:38):
Which one was that one from Amelia Perez? Then the
lady gets it there and she's singing it. That was
That was annoying. Yeah, that was annoying.

Speaker 3 (10:49):
Yeah. It Actually she wasn't even singing the song that once.
She was singing a different song.

Speaker 2 (10:53):
Kiaran Culkin also won. That was a good He did
good in that movie. That was also a a very
small film written by which is his friend? How do
you feel?

Speaker 5 (11:08):
I hate? I hate his face, I hate his attitude.
He's the pick me kid.

Speaker 2 (11:15):
Oh my, I hate him.

Speaker 3 (11:16):
Oh gosh, such strong word.

Speaker 5 (11:18):
Sit.

Speaker 4 (11:18):
He hates him, like you don't like someone so much
that when someone brings up their name and also with
that disgust face, you're like, we're best friends.

Speaker 3 (11:28):
Now, Yeah, you spit on the ground bringing that up.

Speaker 2 (11:32):
The next time I talked to so just to see
what she says.

Speaker 5 (11:34):
She's gonna she'll be smoking a cigarette going.

Speaker 3 (11:37):
Let me tell you, sometimes people have strong reactions to
people we don't even know. But overall, no idea about.

Speaker 2 (11:46):
I enjoyed the show. I like the format where they
had people talk about accomplishments and you know, I like that.

Speaker 3 (11:52):
They highlighted the costumers. That was cool.

Speaker 2 (11:54):
Yeah, I gave people their their due. It was well done.

Speaker 5 (11:59):
Wicked the first black cost the money when.

Speaker 2 (12:03):
Yeah, I thought it was interesting that the film that
cost one of the films that costs the most, like
Wicked was hundreds and hundreds of millions, just won a
couple of awards. Yeah, and the private film that costs
six million won.

Speaker 3 (12:15):
All the wars about a sex worker and a question gangster.

Speaker 2 (12:18):
That was another interesting blurb that I read, which was
that to thank a lot of the people that had
appeared in the movie for for for not much money.
When they did their their opening screening, they filled the
audience with workers, sex workers, people from the area where
they had filmed it, and no exacts, no big shots
for movies, all regular folks.

Speaker 3 (12:39):
Interesting.

Speaker 2 (12:40):
Yeah, that was that was kind of cool. But I digress.
You are listening to the Home Loans radio show with
that mortgage guy down That was Oscar Brief. We do
that once a year, just once a year. I enjoyed it.
I thought it was a good time. But you can
text in your questions to seven seven zero three one
anything having to do with buying a home, selling a home,
you name it. We're gonna We've already got some questions

(13:01):
coming in with tease one for after the break Camjay.
We're gonna We're not gonna have time now all right.

Speaker 3 (13:05):
My wife and I have a townhouse. It's worth roughly
three hundred and fifty thousand, and we owe under sixty.
We currently rented out and we're trying to figure out
our options with either selling or cashing out. Our credit
is not the best. Mine is around six hundred herds
is six twenty or slightly lower. Ideally, we'd like to
keep barro again ce equity and pay off all of
our debt and use the rest for a down payment
for another property when the time is right. We make

(13:27):
over two hundred thousand between the two of us, and
we'll answer that right after the break.

Speaker 2 (13:31):
That's right, we'll be right back after these messages. Hey, hey, hey,
it's that mortgage guide Don Marsh is here, and the
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new windows installed before summers upon us once again. I
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(13:53):
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(14:15):
and call Renewal by Anderson today. Tell them that mortgage
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Speaker 4 (14:35):
Hey, this is Devil Roberts from the Jim Culbert Show,
and you're listening to Home Loans Radio on Real Radio.

Speaker 5 (14:41):
Now back to the show with that mortgage guy Don.

Speaker 3 (14:45):
Hey, Hey, you are listening to Homelandes Rating with that
mortgage guy Don, where we talk about mortgages, all the
things about mortgages that you want to know. Texas at
seven seven zero three one with your mortgage question or
please just entertain me with what you're doing out there.
I'm asself find entertaining whatever.

Speaker 2 (15:01):
It is, hit me up, hey, mjay, hey, whatever it is,
whatever you just opened yourself.

Speaker 3 (15:09):
Up for, well, you know it's radio. Be nice, but
you know, yeah, there you go.

Speaker 2 (15:13):
Textas show is seven seven zero three one.

Speaker 3 (15:16):
Think nobody cares, but I do.

Speaker 2 (15:17):
Well, there you go, And we like hearing what people
are doing out there. You know, we're we're in here
working a lot of people listening to us are out
there working doing their doing their their regular job, their
side job, their delivery job, their house of job. People
out doing stuff with the kids.

Speaker 3 (15:31):
The fam baking grass, shorter.

Speaker 2 (15:33):
Making tall grass short, cutting down sunflowers, were in the packages,
picking things up, putting things down.

Speaker 3 (15:40):
Driving, the driving, the one of the things called the
drive cars cars, the other thing, the thing, the loader thing.

Speaker 2 (15:46):
Oh the GPS, uh the GPS greater well or the
front end loader?

Speaker 3 (15:50):
That one.

Speaker 2 (15:51):
I think we got it covered, yeah, texting a seven
seven zero three one. Here. We had a question right
before the breaker.

Speaker 3 (16:00):
All the jobs there are, that's right, yeap. The question
we had before the break is my wife and I
have a townhouse. It's worth roughly three point fifty We
owe under sixty k. We currently rent it out and
we're trying to figure out our options with either selling
or cash out REFI heelock. Our credit is not the best.
It is not six hundred and six twenty. Ideally would
like to bar again see equity and payoff all of
our debt and use the rest of a down payment

(16:22):
for another property when the time is right. We make
two hundred thousand between us. What do you think?

Speaker 2 (16:27):
There you go, that's a great question. Thanks for texting
that into seven seven zero three one. That's how you
do it. You can too, I don't. I'm seeing trying
to figure out. So it's rented out now you make
good money. They make over two hundred thousand as a couple.
We're gonna have to get your credit scores up to
get as far as buying a new home, we can.
We can get us, we can get a we can
buy a new home with the money that you have

(16:49):
available if they have enough, with your scores being a
six hundred and a six twenty. But as an investment property,
it's going to be tough to get a cash out
loan on that. We'd probably have to look at getting
your scores up to around sixty six or so for
maybe a helock or conventional cash out loan, but I
think I think that that's probably the best way to do.
A lot of times people think their scores, I will say,

(17:10):
are much lower than what they are.

Speaker 6 (17:11):
Right.

Speaker 2 (17:12):
People all the time coming and say my score is
six twenty, and then we will pull it it's a
six eighty. Because what you're used to seeing is that
score from your credit card or from Credit Karma, and
the mortgage credit scores are are not the same as that.
It's a different kind of FYCO score based on different
kind of debts that you've had in your lifetime. So
depending on your age, your score can be fifty points
higher on Credit Karma or fifty points lower. A lot

(17:33):
of times it's how long you've been in the credit
bureaus that makes that difference, but.

Speaker 3 (17:37):
The bottom to be in there longer or.

Speaker 2 (17:39):
Not longer, you're going to have more activity that would
be counted on the FYCO model that looks at primarily
at mortgage history. So you may have some old mortgages
in the past, or you may never have had a
mortgage before. But the more mortgage history you have, the
better your score is going to be. So first thing
I would apply and we can take a look and
go to the website. Apply at that mortgage guye don
dot com. We'll do a soft credit report. I'll pull

(17:59):
all three zeros, but it won't be a hard hit,
it won't go against your score. And once I see
that report, I can run it through a tool that
we have that's from Ecofax Experience TransUnion that tells us
exactly what you need to pay off to get your
score up to six sixty or six eighty where we
can actually take some cash out of this town home
for you. So in the fact that you make two

(18:20):
and a grand a year tells me that you've got
a good amount of money coming in where you could
probably pay off a couple credit cards or pay off
a couple things pretty quickly that we get your score
up within a week or two up to where we need.
So that would be my recommendation. Start at the website
that mortgage guide don dot com, do the refinance application,
let me see what the score is with a soft
credit report, and then we'll tell you what. We'll kind
of prescribe a treatment. You know, we'll give you a

(18:43):
path of how to get where you're trying to go
within Maybe it'll take a week. Maybe it'll take three months,
but we can tell you how to get there. Great question,
Thanks for texting that. In A seven seven zero three one.

Speaker 3 (18:52):
Somebody is cutting snap dragons and sunflowers sunflowers.

Speaker 2 (18:56):
Well, yeah, lucky, how are your sunflowers going? For?

Speaker 4 (19:00):
Yes, they're all dead, but they got the new ones growing,
So I would say we're in the same spot we
were about two months ago. We have fifteen to twenty stalks.
They're about two and a half feet tall. Some are
about the bloom.

Speaker 3 (19:15):
So could they die of natural cause how they died
and how that was?

Speaker 4 (19:19):
Yeah, they just overtime, the head on them gets too big,
they start drooping and then the stalk snaps.

Speaker 2 (19:25):
In half, and then they drop the seeds and more grow.

Speaker 4 (19:28):
Yeah, and then squirrels will climb up them and then
hang upside down and eat the seeds, which is really funny.

Speaker 2 (19:34):
All right, that's it. That sounds like a treat. That's
all the news that's fit to print about flowers. That's great.
And also a snapdragon so I've never heard of anybody, yeah,
putting snapdragons in a flower arrangement.

Speaker 3 (19:48):
I need to know what snapdragons look like.

Speaker 2 (19:49):
They're like, Well, I've only seen them as like the
annuals you know that you plan in your yard and
they bloom and they've got these little like bells, open bells,
but they have like a little part on the bottom
that looks like a jaw. Okay, yeah, but I never
heard of people cutting them to put them in flower arrangements.

Speaker 3 (20:04):
Well, here we go.

Speaker 5 (20:05):
Yeah, definitely, snap dragons are pretty.

Speaker 3 (20:07):
All right, there we go. Thank you for that.

Speaker 5 (20:09):
Come on, don.

Speaker 2 (20:13):
You don't send me snap dragons anymore.

Speaker 3 (20:17):
I can buy my own snap dragons.

Speaker 2 (20:21):
That's right. I can buy my own snappies.

Speaker 3 (20:23):
I can buy my own snapdragons. That's right.

Speaker 2 (20:26):
I'm going to change the name.

Speaker 3 (20:28):
Okay. Here's someone who says, later today, I'm taking the
family to the Ovito Mall for their Enchanted Knights Myths
and Legends events. I love it.

Speaker 2 (20:44):
What is it? Do you know anything about it? Fritz?

Speaker 5 (20:46):
What is it?

Speaker 3 (20:48):
Nights, myths and Legends, events.

Speaker 2 (20:50):
And legends of its all right?

Speaker 3 (20:52):
Very cool?

Speaker 2 (20:52):
Google it. I haven't heard about it.

Speaker 3 (20:53):
Here's someone who was saying that Wicked was not original,
makes it hard to win awards. It was based on
the place. They didn't write it.

Speaker 4 (21:00):
I mean, it's still film though, Yeah, it is film
and was trying to win Best Original Screenplay.

Speaker 3 (21:05):
But it would be adapted screenplay. Yeah, I don't know
if it was up for that or not. They were
really only in the fight for costume design. Well an
actress and actress, actress and song.

Speaker 2 (21:15):
Yeah, I'm not saying I didn't like the movie. I
enjoyed the movie. I went, I loved. I saw it
on Thanksgiving in the theater, the first time I'd been
back to the theater since COVID. So there you go. Well,
maybe I don't know, how's a long time ago. I
have to get research on it find out if that's
one percent accurate. But I think that that's probably eighty

(21:36):
six percent accurate.

Speaker 3 (21:37):
Here's the one who says, I'm heading home to do
some masswork and then I'm going to go work on
a Martin acoustic and a Yamaha acoustic guitar that I'm
repairing a broken headstock one. There's something in Fritz's wheel.

Speaker 5 (21:47):
Have it sounds like doing God's work.

Speaker 3 (21:50):
That's right. And here's someone Carlos saying I'm cutting hair.

Speaker 2 (21:54):
There you go, here you go? Could you elaborate?

Speaker 3 (21:58):
Does that mean everyone's listen to us?

Speaker 2 (22:00):
It's so, hey, it's not It's not like a mandatory
This is not like a mandatory Doge check in where
you have to tell us what you're doing out there.
I just said, you tell me what you're doing out there.

Speaker 4 (22:08):
Give me five wins and five areas of improvement from
the last week.

Speaker 2 (22:12):
So you've cut some hair, I cut some snap dragons.

Speaker 3 (22:16):
I cut some hair, I fixed the guitar. I got
news for you.

Speaker 4 (22:21):
A radio has been doing that for about two decades,
right each week, tell me how can you improve?

Speaker 5 (22:27):
They're just looking at ways to get rid of you.

Speaker 2 (22:30):
Oh, allegedly, as we are on the radio.

Speaker 3 (22:37):
We are on the radio. Yeah.

Speaker 5 (22:42):
I thought that that was like a pretty innocuous comment.
And then both of you grown. I was like, well, whoa,
what did I say? I'm sorry. I thought it was
a joke.

Speaker 2 (22:50):
Yeah it is, Jack Bradshaw, it's a joke.

Speaker 5 (22:53):
Actually texted with him right now. I'm like, hey, this
isn't working. I got to record some clients later, can
I okay, gotcha?

Speaker 2 (22:59):
You know I figured out that's good anyway.

Speaker 3 (23:02):
Oh yes, I got a picture of snap dragons from
our friend Kayla. Oh and they are pretty Oh.

Speaker 2 (23:08):
Wow, those are amazing. They're red like bright Co colors,
red and orange and white and.

Speaker 3 (23:16):
Very nice cool. Thank you for that.

Speaker 2 (23:18):
I forgot where I was talking about.

Speaker 3 (23:19):
Uh, probably mortgage something something something more, something something.

Speaker 2 (23:24):
Text your mortgage questions in the seven seven zero.

Speaker 3 (23:27):
By the way, I just I'm just I was just
going with what people were saying. But people do have more.

Speaker 2 (23:32):
Text your questions into blah blah blah mortgage at seven
seven zero three one and MJ will be delighted. Read
the good ones on air and I'll answer.

Speaker 3 (23:40):
Here's someone that says, I want to buy a home,
but I need help. I have very little income since
I retired. My Social Security is twenty six D a month.
I do have retirement account about twenty three with about
twenty three K in it. It's running out. It was
two hundred k just seven years ago. I'm seventy two.
I've heard about a reverse mortgage. Do you think this
could help me? No mortgage now. The house is worth
five hundred, but I really want to go in and

(24:00):
sit down and talk to someone with my son. Do
you have an office where we can meet? I live
in Orlando.

Speaker 2 (24:06):
Great question. Thanks for taking the time to text that in. Yeah,
there's a few question reverse mortgages are really good for
the people that they're good for. They're really really just
change lives, in my opinion, and that's when I recommend them.
You know, if you're somebody who has a bunch of
savings and you know you're set for life, you're really
not going to want to A reverse mortgage is not
really for you. It's really for someone who is You
have to be sixty two to get it. And you know,

(24:29):
this person is a perfect example. There's seventy two. They're
running out of the funds that they've had for their savings.
They're not working anymore, they're only making twenty six hundred
a month, and the house is worth a half million dollars.
And it's exactly what a reverse mortgage is for. You
worked your whole life, however you did it. You paid
that house off, either you bought it cash or you
paid it off over thirty years, and now your house rich.

(24:51):
You got five hundred K. But you're old enough that
you're not working anymore, so you can't qualify for a
mortgage loan. The reverse moarrigue is exactly made for that purpose.
It is to help that person who spent their entire life,
you know, adult working life, getting that house paid down
to nothing and now has nothing. So what you can
do with the reverse is you can turn around and
you can either get a big lump sum out of
your house to spend as you will, to put into savings.

(25:13):
You can get an equity line set up within the
reverse that pays you interest on that equity line pays
you interest, so you're making money on that. If you
don't touch it, it grows, or if you want to,
every couple of years, you can just take the parts
that's grown, so you can you can manage it and
not increase it. And then on top of that, you
never have to make a mortgage payment for as long
as you want to live in the home and it
belongs to you, it's still your house. This is a

(25:34):
question I get, is it's still my house? Well, it's mortgage,
just like everybody else's house is mortgage to the bank,
so is the one on the reverse mortgage. So I
think it's really a great idea. The last question is
one that I get often because folks of a certain
age get frustrated, and that's typically your reverse mortgage client's
going to be between the ages of sixty two and
one hundred, and they want to come into an office

(25:55):
and talk to somebody, and I do it all the time.
I'd be happy to have you and your sons come in.
We'll set up a meeting. Well, we'll go through it all.
If you have a financial advisor that can be there also,
we're happy to do that. My office is in Winter
Springs on Tusco Will Road right over there. So yeah,
great question. Thanks for texting that in. Go to the website.
There's a there's a questionnaire there you can fill out.
It's a one page thing about the reverse and then

(26:16):
we'll get in touch with you. We'll set up that
appointment and explain it all to you in person. You're
listening to the Home Loans Radio show with that mortgage guide.
Don We're going to take a quick break. We'll be
right back after these messages.

Speaker 3 (26:29):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on real radio.

Speaker 5 (26:36):
That's right, Home Loans Radio.

Speaker 4 (26:38):
If you have a question about buying or selling your
house or refinancing, let's see how to swap out houses.

Speaker 5 (26:46):
Right, that's the thing, swapping your house with somebody else's.

Speaker 2 (26:49):
I sure, ask the question.

Speaker 3 (26:53):
One, Well, a show live on air.

Speaker 4 (26:59):
You also to uh follow down on Instagram at that
mortgage guy.

Speaker 2 (27:03):
Don So if you're doing a house swap, are you're
swapping furniture also?

Speaker 3 (27:07):
I don't know.

Speaker 4 (27:08):
I think it's everything inside pets well pictures all right,
spouse's social Security.

Speaker 3 (27:13):
It's a different show.

Speaker 2 (27:14):
Oh that's a different show.

Speaker 3 (27:15):
That's a different show.

Speaker 2 (27:16):
That show already exists.

Speaker 3 (27:17):
Well, there's a you know, there's there used to be
that one that was like wife swap. You just got
like a completely different kind of mom shows up for
a week. But the other thing you're thinking of is
a different thing that's more of an adult show.

Speaker 2 (27:30):
I don't I don't know. Okay, go ahead, MJ.

Speaker 3 (27:34):
No, Fritz Frid's is target.

Speaker 2 (27:36):
Yes, what were we just talking about?

Speaker 3 (27:42):
House swapping?

Speaker 2 (27:43):
House swap? Yes, of course, Uh, that would be an
interesting thing. That's an interesting idea. But it they'd have
to be like equivalent houses, right, you know, or if
you were if.

Speaker 3 (27:51):
You were like moving here from somewhere that someone here
wanted to move to, you know, you could switch out.
I've got a little apartment in New York that's rent controlled,
and I they want to move to Florida.

Speaker 2 (28:01):
They do it in timeshares. You know, you can swap
out your locations.

Speaker 3 (28:04):
I don't know.

Speaker 2 (28:04):
Maybe you're onto a thing, Fritz. Maybe you just invented
the next open door type scenario. Just a house swap. Yeah,
you swap payments and everything would be interesting.

Speaker 3 (28:13):
I wanted to say. Here's someone who texted it said
I want to thank you all after talking with you,
do go on, hey, ask for the mortgage company to
look into removing my mortgage insurance based on my equity.
And it took two minutes and reduced my payment ninety dollars.

Speaker 2 (28:30):
There you go.

Speaker 3 (28:30):
Wow, So tell us again the criteria of who might
be able to do that.

Speaker 2 (28:34):
Yeah, I think this is.

Speaker 3 (28:35):
There's some people can't do it, like.

Speaker 2 (28:37):
Yeah, I think this is. I think I remember who
this is. It wasn't long ago they had sent me
a message through the website or through Instagram asking me
about it. And yeah, if you've had your home and
you have a conventional loan, right because FAHA loans, the
mortgage insurance is on there for the life of the
loan unless you put more than ten percent down. That's
pretty rare because FAHA only requires three and a half percent,

(28:57):
So most people put the minimum, and if you put
the minimum, you're gonna or anything less than ten percent,
you're gonna have mortgage insurance for life on your FAHA
loan if you have it. If you put down more
than ten percent, then it drops off at the eleven
year mark on conventional loans. It does drop off on
every loan. Eventually, it depends on how much you put
down as to win it drops off. But the end

(29:20):
time it's going to drop off automatically is when you
whatever you purchased it for, when your mortgage that balance
gets down to seventy eight percent or less of what
you paid for it, then mortgage insurance drops automatically on
a conventional loan, but that can take five years, six years,
seven years if you only put five percent down or
something like that. And so the more you put down,

(29:41):
the faster you get to that mark. But once you've
actually had your house for about a year or two years,
most servicers want the two year mark. So if you've
got mortgage insurance on a conventional loan and you're at
the two year mark, because the house prices have gone
up so much these last couple of years, your mortgage
has probably been paid down a little bit. You can
contact your mortgage servicer that's who you pay the payments to,
and ask them about getting the PMI removed. And they're

(30:02):
all going to have different criterion. Some are just going
to look it up, do an electronic appraisal and say, yeah,
we can remove that you're below eighty percent. Others are
gonna say, like when I did it, I was only
about a year and a half in. This is in
twenty twenty. I bought my house. I was only about
a year and a half in when I got it dropped.
But they were able to drop it because I had
done so many improvements to the home that the value
went up and thereby reached the eighty percent mark. And

(30:23):
the way we prove that was by doing something called
a broker price opinion. I had to pay for it. It
cost me like two hundred bucks, but then it removed
the PMI which was about two hundred bucks a month,
so it was certainly worth it. And that's how you
do it. You got a contact your servicer and say, hey,
I want to remove my PMI. How do you do it.
They may ask you to do an appraisal, they may
ask you to do the broker price opinion like I did.

(30:44):
They may say you have to make such and such
number of payments first. They can also deny you if
you've had a late payment, so yet another reason to
make sure you stay on time. And when I say late,
I don't mean fifteen days late. I mean thirty plus
days late. If you're thirty days late and that shows
up on your credit report on a mortgage, if you're
twenty eight days late, when you're when it goes through,

(31:04):
you don't show up as a late on your credit report.
You'll pay a late fee of usually three or five percent,
but that's kind of the size of it. So yeah,
as this person did, you can too. If you've had
your mortgage for two years and you've got PMI on
a conventional loone, call them up talk to them about
getting it removed. I haven't talked about that in a while.
I'm glad they brought it up. Thanks for texting that
into seven to seven zero.

Speaker 3 (31:25):
Three to one, bre and Carry or having breakfast at
the townhouse where they will not be eating grow bre
and Carrie.

Speaker 2 (31:30):
Congrats you guys. They're they're working on a sale and
purchase at this what we call a contingent sale where
they're selling their house and they're buying another one and
all the pieces are coming together. The sale just closed
on the house they were selling, Congratulations to you, folks.
And the other one's gonna be closing soon, going to
be closing real soon.

Speaker 3 (31:49):
So tricky getting all that sort of it's a lot.

Speaker 2 (31:51):
It's a lot moving everything out, it's a it's character building.
But the good thing is once you get to your
house and you're settled in, you feel like everything else
feels easy.

Speaker 3 (31:59):
We did it. Jason Daytona is still stocking booze surviving
Bike Week twenty twenty five.

Speaker 2 (32:04):
Oh man, you're stocking on top of stock in this.

Speaker 3 (32:07):
Week stock in Stockamore.

Speaker 2 (32:09):
Bike Week twenty twenty five.

Speaker 3 (32:11):
Lieutenant Dave says, which Trader series one was? Twenty nineteen
one was a documentary about Russia. That's not a series.
Another one in twenty twenty four. The others are the
Trader set in UK are Australia. That's the ones, but
you want the American version or the I guess it's
the one.

Speaker 2 (32:25):
The one in the UK was the one I was
referring to. That's the third season of that one just dropped,
so you can you can?

Speaker 3 (32:31):
Is that UK?

Speaker 2 (32:31):
No?

Speaker 3 (32:32):
I think it's a separate one.

Speaker 2 (32:33):
No, it was Trader's UK. I was remarking on it
was funny because ninety percent of the cast were Americans
Allen Allen Cumming. Yeah, and it's in Scotland, but the
one in Australia is good. I watched a couple of
seasons of that, and I watched a season of another one.
You can't remember what country was today.

Speaker 3 (32:48):
It does is everybody shows up at an old Scottish
mansion and on the first day they sit around a
table and secretly some of them are anointed traders, right,
they have to do this. They all live together there
and figure out the game the traders are and who aren't.

Speaker 2 (33:02):
I don't know what the real time of the game is,
but I'm guessing it's a few weeks because they have
twenty four people.

Speaker 3 (33:08):
Every day they happen and.

Speaker 2 (33:09):
Yeah, so it's probably three or four weeks during that.
But it's like a life version of Clue. And every
night like that, every night the traders get together and
murder the person. Not really, they get a letter and
they have to leave the show. But uh, and then
every every night, the faithful people get together and try
and figure out who the traders are and bote them out.
So it's kind of an interesting shot where there.

Speaker 3 (33:29):
Is whoever, whoever lives at the end, trader or faithful.

Speaker 2 (33:34):
And if you like Alan Comming, you're you're a winner,
no matter who.

Speaker 3 (33:36):
Were Yes, because he does wear spectacular spectacular on psalms.
Here's yeah, here's Yes sent down an IG video of
a snapdragon on the farm in I G. You got
a snap dragon on the farm. And here's someone who's
reminding us not to forget to set our clocks an
hour forward.

Speaker 2 (33:54):
Damn this week again. Yeah, yeah, thank you for the Instagram.
I'll take a look at it and uh and I'll
share it. That's going to be cool. I want to
see it for Yeah, So that's what tonight. At two am,
you roll your clock forward. So that means if you're
like out at the bar and one o'clock.

Speaker 3 (34:11):
The bar is closed, No, they don't do it till two. Right,
then it's one, but then it's no, it didn't go back,
it goes forward.

Speaker 2 (34:18):
It goes forward. Then it's three, it's three.

Speaker 3 (34:20):
Yeah, you're just rolling.

Speaker 2 (34:21):
Three am and you're feeling lovely.

Speaker 3 (34:23):
You're feeling lonely, right, you thought it was just closing time,
but now it's three am and you're feeling lonely.

Speaker 2 (34:29):
You've been to the bottom of every bottle.

Speaker 3 (34:31):
Yeah, it's time to go, time to go.

Speaker 2 (34:34):
I don't mind. I don't Yeah, I don't know. I
don't know how I feel about the time change thing.
I don't think I care enough to talk about. I
cared like twenty percent, you know.

Speaker 3 (34:42):
So it goes forward, So that means it's dark, lighter, longer,
or darker.

Speaker 2 (34:45):
Soon it'll be it'll be darker in the mornings for
a while, and it'll stay late an hour later, it'll
be lighter later. It's been getting dark around what six fifteen,
that it's going to get dark round seven, seven thirty.

Speaker 3 (34:56):
I like it when it's dark earlier. Here's someone who says,
I'm heading home to are gonna Martin guitar that I
found in a dumpster?

Speaker 2 (35:02):
Yeah?

Speaker 5 (35:02):
I think we already talked about that, right or was
it a different person?

Speaker 4 (35:05):
A different person these Martin guitars.

Speaker 2 (35:10):
Hey, I'm gonna, I'm gonna. I'm gonna let me let
me say this for you, Fritz. If anyone out there
is throwing away a car a guitar. Talk to Fritz.
He might have a home for its well found in
a dumpster though.

Speaker 3 (35:22):
Weeah, I take it back. Apologies.

Speaker 2 (35:27):
There you go.

Speaker 4 (35:28):
That's amazing though, that they threw it away, and then
he's gonna, you know, turn it around, sell it.

Speaker 5 (35:32):
Probably.

Speaker 2 (35:33):
I think there's a new name for that guitar coming.

Speaker 3 (35:36):
Mm hmmm instead of Martin. Are they all named Martin?

Speaker 2 (35:43):
Your guitars named Martin?

Speaker 3 (35:45):
Name your guitar whenever you want.

Speaker 5 (35:46):
Yeah, you should be able to MJ. That is correct.

Speaker 2 (35:50):
Yeah, there you go, I think, Bill, No, they're not
all Martin Martin's guitars. No, nor are they named Martin.
I don't think I had a guitar. I never named it.

Speaker 3 (35:58):
No, right, do you have a guitar called Martin?

Speaker 2 (36:02):
No? Okay, now yet.

Speaker 5 (36:03):
I don't have any Martin guitars.

Speaker 3 (36:06):
All right, Well, i'll read a question that we're gonna
answer when we get back. Looking for he like to
pay up some credit card debt, as well as replace
the roof and exterior paint. My home was a praise
for five eighty nine, and I currently owed two seventy eight.
My score is six fifty. Is that too low to
do a heelock? Stick around and find out that's right.

Speaker 2 (36:27):
Uh, follow me at that mortgage guy Don. You can
also go to the website that mortgage guy don dot com.
We'll be right back after these messages.

Speaker 3 (36:38):
Hey, it's Sabrina from the news junkie. Do you have
a question for that mortgage guy Don.

Speaker 5 (36:42):
Text him at seven seven zero three one.

Speaker 6 (36:44):
No back to Home Loans Radio on real Radio.

Speaker 3 (36:51):
That's what Oh yeah, Oh, I love it so much.
Corpus Incorporated. You should check it out or all music
is sold, I think most mostly where all music is sold.

Speaker 2 (37:13):
Or listen or listen to Yeah, that's uh Fritz and
uh Sabrina Ombra from Corbus Incorporated. One of the one
of the albums. There's a lot of good songs on there,
those albums I love. You can go find them, like
MJ said, Spotify wherever. So good course c O r
v Us Incorporated.

Speaker 3 (37:30):
Text me your questions at seven seven zero three one.
I'd really like to hear about what you're doing out there.
And also, uh, if you've got some mortgage questions that
you have questions about mortgages, buying a house, selling a house,
you know, houses, swapping a house, swapping a house, building
a house. You know, whatever you got, let me know.

(37:51):
I'd like to we'd like to answer your questions. We're
getting a few, but you'd like some more.

Speaker 2 (37:56):
Go ahead, him, Jay, you got one there. Let's just
jump right in.

Speaker 3 (37:58):
My two brothers and two so just and I recently
inherited a house free and clear. Congrats. I'd like to
take out a mortgage and buy them out. We get
this a lot.

Speaker 2 (38:07):
What happens a lot?

Speaker 3 (38:08):
We get this a lot where some of them, you know,
the parents say, or a parent or whoever says, you know,
here are your kids, sort it out. I'm dead now,
figure it out. Here's house dead now, I'm dead, my
house and all my stuff.

Speaker 4 (38:22):
Always frightening when when whenever relatives says that to you.

Speaker 2 (38:27):
It's always interesting to me to hear what's going on
in in's head.

Speaker 3 (38:32):
She hears the house, I'm dead now, and here's all
my stuff that I've collected my whole life. And by
the way, you guys have to sort this out.

Speaker 2 (38:43):
I think it happens a lot because it's hard to say,
you know, I have four kids, who do I give
the house to? It's my prime. Maybe that's your prime,
you know asset. Yeah, sure, of course from many people.
But this there is a pretty easy way to split
it up, so you gotta sell it. Tell me again,
what did they say that they have two guys or anything.

Speaker 3 (39:02):
Two brothers and two sisters. They inherited a house free
and clear. They'd like to take out a mortgage and
buy the one would like to take out their mortgage
and buy out their siblings, and they'd like to move in.
Would you buys doing this as a heelock or as
a fixed rate mortgage. I need to give them each
about one hundred and fifty K, and I want to
put in a mother in law suit that is one
hundred and fifty k. Is this possible to do all
at once? The house is worth eight hundred so that's good.

(39:25):
They got a good house.

Speaker 2 (39:27):
Two this is like a riddle. My two brothers and
two sisters and I. So there's five people. It sounds
like right inherited a house. That is to keep each
of them one hundred and fifty so that's six hundred K,
and the house is worth around eight hundred. I don't
know if you're going to be able to get all
of that and usually the most you can borrow, you
definitely want to going to want to do a first mortgage,

(39:48):
not a home equity line. Home equity line of credit,
the rates are just a little higher. So when you're
talking about a six hundred thousand plus loan, you're going
to want to look at whatever the best rate we
can get you is for a conventional cash out loan,
probably going to be in the mid sixes, some somewhere
in that range if you have a pretty decent credit
over seven forty and yeah, we'll have to figure out
the math exactly. I don't know if you'll be able

(40:09):
to get seven hundred and fifty out of an eight
hundred thousand dollars house, because that's going to be above
that eighty percent limit. But we also have a couple
helocks that will go up as high as ninety five percent.
So maybe what we need to do is do like
an eighty percent cash out first mortgage two for you
to pay out the siblings you know, with their owde,
and then we can look at doing a helock for

(40:29):
the improvements that you want to do. What was it
an addition law mother in law suite? Yeah, and so yeah,
that's probably going to be the way to go, and
we have to put it together. Hit me up at
the website That Mortgage Guide, Don will start a conversation,
or at Instagram. Chat me up at that Mortgage Guide, Don,
and we'll take a look at it and put the
numbers together. But I think you can do something pretty
close to what you're looking to do.

Speaker 3 (40:49):
Do you do a lot of those?

Speaker 2 (40:51):
So many?

Speaker 3 (40:51):
So many?

Speaker 2 (40:52):
Yeah. I work with a few attorneys in town that
you know send me their clients for for both divorces
and for inherited properties, So I would I do a
ton of these? You really want someone who knows what
they're doing and has worked with attorney that understands the
legal side of these things, because you can get into
a little bit of problem if you're not following the
will or the judge's order or the decree or marital

(41:15):
separation agreement or whatever's involved. You really have to be
able to follow through with those And great question. Thanks
for texting that into seven seven zero three one. What
else you can follow us on Instagram at that Mortgage Guide, Don, Oh,
I gotta talk about what's up.

Speaker 5 (41:35):
How many followers do we have up.

Speaker 2 (41:37):
Over around eighteen hundred or Cent. I'm catching you. I'm
catching you, Fritz.

Speaker 5 (41:42):
Progress.

Speaker 4 (41:43):
Wait you know what I'm gonna I'm gonna get rid
of some followers right now so you can.

Speaker 3 (41:49):
They're like, why, Fritz, Why?

Speaker 2 (41:51):
Sorry?

Speaker 3 (41:51):
How to do it?

Speaker 2 (41:52):
We've got the uh the just call Mo Bowling tournament
coming up April twelfth. I'm excited about that. I've been
invited as one of the celebrities, and I'm also sponsoring,
and I'm also buying everybody that comes to that, everybody
that buys a ticket to the bowling or bought a
ticket to the bowling because it's now sold out. I've
heard the bowling part is anyway, everybody that bought a

(42:13):
ticket to that, I'm going to buy you your first
beverage because one hundred percent of the money that you
put into that bowling ticket goes to the charity. So
I'm gonna thank you personally by buying everybody that bought
one of those tickets. I'm going to buy you a
drink when you get their right alley can be a
soft drink.

Speaker 3 (42:27):
Can you get a flaming drink?

Speaker 2 (42:28):
Well, I don't know the exact menu. I haven't I
don't know. It's a nice Bowling Alley. Yeah, I know
what you can do though if you don't, if you
didn't get tickets for the bowling thing, you can still
go and hang out with everybody. It's going to be
a lot of fun. It was. That place was so
full of energy. There's so many people with big personalities there.
Every lane has a celebrity on it, all your favorite
people from real radio like Angel and Ryan and I

(42:50):
don't think Sabrina can make it this year, but a
lot of great people there. Mo's doing it for charity
and that's April twelfth. You can still go and buy
the tickets to the pinball machine. What does that mean? Well,
in this bowling alley they got I don't know, thirty
forty to fifty one hundred pinball machines, a lot of
pinball machines from different eras, and they will all be

(43:10):
on free play for you if you buy a ticket
for fifteen dollars and guess what, all that money goes
to the charity as well. So support that if you can.
April twelfth, we're gonna take a quick break. We'll be
right back after these messages.

Speaker 6 (43:33):
US Jesus Interviews, Welcome back the Home Loans radio show
with that Mortgage Guy Don.

Speaker 2 (43:54):
I really love that one, Fritz. I've heard it many times,
including the live version you did at your album release party.
I think it's called bombs Away.

Speaker 6 (44:03):
Right it is, Yeah, the real Fritz the second album.

Speaker 2 (44:07):
You can find that anywhere that you find music. You
can also follow Fritz at No Underscore, Regrets, Underscore, Coyote
And thanks as always for playing your live creations here
on our little Saturday morning live show.

Speaker 5 (44:21):
Hey, thanks for having me.

Speaker 2 (44:22):
Of course you're listening to the Home Loans Radio Show,
right MJ. Yep, we're here doing what we do every
single Saturday morning, and that is you text in your
questions to seven seven zero three one. You can follow
me on Instagram at that Mortgage Guy Don. You can
also go to the website all during the weekend, chat
me questions from there, live chat there during the working days,

(44:42):
and that's at that Mortgage guy don dot com. Welcome
back to the Home Loans Radio Show. What can you
What can they text in about MJ?

Speaker 3 (44:50):
What kind of stuff, well, mortgages mostly, and also what
you're doing out there. I like to know and we
have some questions to get to.

Speaker 2 (44:56):
Can tell us what you're wearing no.

Speaker 3 (44:59):
No, no, no, thank you.

Speaker 2 (45:01):
No, I'm wearing a sharp pair of slex okay and
a knit shirt.

Speaker 3 (45:07):
All right, all right, Right, here's someone who says, good morning.
Quick question. I own some real rental properties and I
have my home which is in homestead. I want to
transfer my homestead to one of my rental properties to
convert into my primary home. If I transfer my primary
residence to another location, is there a tax consequence for
the count for my property taxes?

Speaker 2 (45:28):
Yes? Okay, the answer is yes. So when you what
the what the homestead exemption.

Speaker 3 (45:32):
Is, Well, they're just transferring it from one they yeah,
I live here. They want they want to live in
another house.

Speaker 2 (45:38):
I guess it depends on the value of the properties
and what the tax and milit rates are for the
two properties. If they're equal, then it shouldn't matter. You know,
it'll balance out over time. But that one house was
where homestead.

Speaker 3 (45:50):
Which is a homestead in homestead. They didn't say where
then they did not see Okay.

Speaker 2 (45:55):
So it depends on where the house is, you know,
and how much your tax exemption is. So once you
notify them that you that you're no longer homesteadying that house,
your taxes are going to go up by about fifteen
percent whatever the amount of the exemption was. And then
when you transfer to the other house and move in there,
then your taxes will go down about fifteen percent. So
if your taxes are all equal at both places, that'll

(46:15):
be fine. But if your taxes are eight thousand dollars
at one place and four thousand at the other, then
you can end up with a little bit of inequality
in your your payments. But yeah, great question. You can
text if you want to talk more about it. Text
me at the seven seven, text me at the website
that mortgage dot com and we can get a little
bit further into it. I can explore it with you

(46:36):
all right, time for no, I don't know, MJ.

Speaker 5 (46:42):
Who really knows anymore?

Speaker 2 (46:45):
Who really knows? Let me you know what time it is, MJ.
Keeping me on schedule today, Fritz, it's time for the
compare quote of the week.

Speaker 7 (46:54):
I got to hit the button there got that amazing
jingle was written and produced and performed by Fritz.

Speaker 2 (47:07):
And and and.

Speaker 3 (47:09):
If you'd like a jingle to be performed by Fritz,
hit up Fritz. That's right, Yeah, yeah, the coyote, that's correct.

Speaker 2 (47:22):
Nailed it. No, I was getting ready before you started
all that sentence. I was getting ready to say how
impressed I was that you were keeping me and Fritz
on schedule for this for this segment. Yeah, okay, good
job than you.

Speaker 3 (47:33):
Well, definitely hit Fritz up if you need a jingle,
because it is so good at jingles.

Speaker 2 (47:37):
At no underscore regrets, underscore coyote.

Speaker 3 (47:40):
You literally just do it in ten minutes. It's absurd,
you know.

Speaker 2 (47:44):
I say that because you say that, because it happened. True.
I told it one show, hey man, we should do
a jingle, and like a half hour later at a
fully written, uh instrumentalized song, recorded, processed, edited jingle in
my in my text messages, in your life, we didn't
change the thing about it. Thirty minutes and done, done,

(48:05):
got to do it all right. Compare quote Time for
the Compare quote of the week. Let's go, Yeah, it's
to it.

Speaker 5 (48:11):
I already played the Jinglet we do it again.

Speaker 2 (48:15):
I can do it again. Here we go. Compare quote
of the week. What's that you asked? You're so excited
to hear? Well, about two years ago I read the
study that said less than twenty percent of people compare
their quote. When they get a mortgage quote, they and
that means eighty percent of people go with the very

(48:36):
first one they get. And I think a lot of
lenders out there count on that. And the reason that
people cite that they don't go and get a separate
quote is because it's too hard, it's too too much time,
too difficult. So I made it my mission in life
to make that not hard, to make it easy so
people could actually compare a quote and actually find out
if they're getting a good deal and actually get that
peace of mind if they are. And so I set

(48:57):
up this thing on my website that made it so simple.
Go to the website, you put in your name. You
tell me your credit score. I don't need to pull
a score. You've already done an application. You know what
that lender told you your score is. I'll use the
same one in your email address, and you upload the quote.
It takes literally sixty seconds. I look at the quote,
I look it over. I call you back. I say
one of two things. This quote is great. Have a

(49:18):
good time, enjoy it. You can't do any better than
what you've got. You now have that peace of mind
to relax and chill or I'll say you're getting bamboozled,
you're getting hoodwinks, you're getting jacked up, you're getting ripped off.
Here's what you could get, and then i'll show you
what you could get. And if you have time to
change and you want to change, then we talked about
how to make that happen. This week, it was a refinance.
They came to me with a quote from their bank

(49:40):
of seven point twenty five with about thirty five hundred
dollars in points for a cash out refinance that they
were doing for about two hundred and fifty thousand dollars. Points.
Means they were charging him to buy down the.

Speaker 3 (49:52):
Rate, so you landed at seven something.

Speaker 2 (49:54):
Even after being bought down with thirty five hundred dollars
in buy down, it was still only at seven and
a quarter, which was you know, so I told them immediately,
you can do better. We were able to get their
loan down to six point three seven five, so instead
of seven in a quarter, we got them six point
three seven five, and that alone saved them one hundred
and sixty four dollars a month in the payment. Imagine
you didn't compare your quote and your payment is just

(50:16):
sitting there one hundred and sixty four dollars higher because
you just didn't or you didn't know about it. And
we lowered their closing costs by about two thousand dollars
in the point. So our our rate six point three
seven five with two thousand, and there was seven in
a quarter with three thousand. So we saved them a
couple grand on the closing costs, or we saved them
two thousand. It wasn't two thousand. The overall savings for

(50:40):
them for doing this. It's one hundred and sixty four
a month plus money they saved it closing. They got
two thousand dollars more cash back than they would have
gotten at the other lander because the closing costs were lower,
and it saves them over fifty nine thousand dollars in
pure interest by getting the lower rate. So that's why
you compare your quote. If you've got a quote, you
know somebody who's got a quote. You've got friends, family,

(51:00):
people out there getting a quote. Tell him get the quote.
Go get the quote, and then go to that mortgage guy.
Don upload the quote. Let him tell you if it's
any good or not. This person was actually a listener
a regular listener to the show, and had known from
the very beginning he was going to compare us. He
told me he'd known for over a year that when
he did this, he was going to compare his quote.
He had waited for rates to come down into a
range that worked for this cash out loan, and we're

(51:21):
finally there. From hearing this spot, he did not get
got he saved over sixty k Life of Loan? WHOA,
don't miss the boat? Please, baby, Please don't miss the boat.
Compare your quote?

Speaker 3 (51:34):
All right, don't co say it again?

Speaker 2 (51:43):
Which part the poem get got?

Speaker 6 (51:45):
Oh?

Speaker 2 (51:45):
Oh oh? I didn't have it memorized. From hearing this spot,
he did not get God saved over sixty k Life
of loan. Don't miss the boat? Please, baby, please compare
your quote? Please, baby, please please compare your quote. I'm
begging you. I don't want people to get got there.

Speaker 3 (52:04):
You go, Oh, you take that money and buy a
bunch of snap dragons.

Speaker 2 (52:07):
Sure, take a ton of flowers. Text into seven seven
zero three one with your questions. I think we got
a couple over there, MJ.

Speaker 3 (52:13):
What do you got we do? I'm looking to purchase
a manufactured home all right, I have one hundred thousand
dollars to put down, but I still need a small mortgage,
and I need some ideas. I'm renting now, and I
figure I can save about five hundred dollars to purchase
the home, and so.

Speaker 2 (52:33):
The question was ideas on how to finance that. Yeah,
so we can only do manufactured homes. I can only
do manufactured homes if they're on land and so not
in a park where you're renting the lot, or a
co op lot or anything like that. So if it's
land and it's a manufactured home, we can do the
loans on double wides within certain criteria. Can't be older,
it can't be made before nineteen seventy nine. It's got

(52:54):
to be a double white on land. There are landers
out there that do single white. I just don't have
any of them. And then you got to have decent
credit score, you know, qualify for FAHA. So FHA you
can get approved with a five eighty score and you've
got one hundred thousand to put down. So that's a
big junk. The only question is how small the loan is.
Because the smallest loan that we can do, like on
an FAHA or a Fannie May is going to be

(53:16):
around seventy thousand dollars. So if the whole thing is
more than one hundred and seventy, then we can help
you out. Many layers will tell you that they're not
gonna do loans between below one hundred or below one
hundred and twenty or something like that, but I'm happy
to do them as long as they're at seventy. That's
kind of our minimum. Great question. Thanks for texting that
into seven seven zero three to one. You know I'm

(53:36):
gonna do it. I'm gonna do we We got a
urgent question there, MJ. Otherwise I got something.

Speaker 3 (53:39):
No, we don't know.

Speaker 2 (53:42):
I was doing some reading, some research last night, and
I came across three big scams going on here in Florida,
and I want to kind of do a little PSA.
I shout out to people to try and make people
aware of these one specifically related.

Speaker 3 (53:55):
You're not gonna suppose my side, hustler, No, what is it?
The beanie baby?

Speaker 2 (54:00):
Okay? I thought it was the only fans you break,
you break windows or something like that. Break. Oh, I'm
making that up. No, in Haines City. I just saw
this on the Channel six. Yesterday, the Haines City couple
fell victim to this wire froud scheme during their home purchase.

(54:20):
This is like the worst what cyber criminals.

Speaker 5 (54:23):
Wire fraud scam.

Speaker 2 (54:26):
Yes, it's wire fraud. So like when you go.

Speaker 5 (54:28):
To pay, get robotic on me a little bit.

Speaker 2 (54:31):
When you get down payment on a house, you are
wire the funds to the type how we sound, it's
a little robotic.

Speaker 5 (54:38):
I gotta be honest.

Speaker 2 (54:40):
Okay, Well, let's uh, let's take a quick break and
then we'll come back into the after.

Speaker 5 (54:44):
The beautiful there we go, going to break.

Speaker 1 (54:49):
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 4 (54:58):
Oh yeah, that's right, the last segment of the day.

Speaker 5 (55:02):
Go ahead and text in those questions.

Speaker 4 (55:04):
If you haven't seven seven zero three one, you can
also go to home Loans Radio dot com. You can
email Don at any time if you have that question
twenty four to seven. You might not respond right away,
but you can email him, and you can also follow
him on Instagram at that mortgage guy Don.

Speaker 2 (55:20):
Uh yeah, welcome back, welcome back. I'm not I'm not
going to say for sure, that when I started talking
about what the cyber criminals were doing, that the that
my show dropped and we had had to reconfigure and
come back. I don't know howestly coincidental, awefully coincidental I was.
I was saying, there's like three things going that I
read about yesterday, scams going on in central Florida. I

(55:42):
want to let people know about here on this bully
pulpit platform that we have, you know, kind of a PSA.
But one of them was directly related to real estate,
which is a wire fraud scheme. So remember back when
you bought your house, Fritz, you had to do a
down payment, and you you send that down payment from
your bank to the title company. Yeah, and usually it's
you know, three percent, ten percent, you know, whatever it

(56:04):
is of the down payment. Two thousand, five thousand, ten thousand.
This couple had put money down on a home and
they sent it thirty They wired thirty four thousand dollars
as their down payment, and somehow cyber criminals had intercepted
the email that was going from them to the title company.
They changed the web address somehow for the title company
by one letter, and then when the mail came to

(56:27):
them for the wiring. They changed the wiring instructions the
routing number and got the money to go to an
entirely different account. This is a very calm common thing.
It's happened a lot over the last three or four years,
and so every closing that we do, we always have
the people wiring the funds not rely on an email
of the wiring instruction. They actually have to call the

(56:48):
title company verify that they called the right number, and
then they write them down on a piece of paper
the wiring instructions old school, and give it to their bank,
so it's not going through the internet. I don't know
how the cyber criminals know when people are sending wire instructions.
Maybe they can search for that keyword somehow or something
like that. But if you are, and then when you're
doing your closing for real estate, you also have to

(57:08):
wire funds, and so you have to be really really
careful that you call that title company if they've sent
you wiring instructions in the past, don't count on those
because if you get intercepted by the cyber criminals, they
can change one letter or one number, and all of
a sudden, that money is no longer going to the
title company. So that's one that I saw in regard
to wiring funds for transactions. The other one was this

(57:29):
have you I've had this on my phone three or
four times this week where I get a text that
says sun Rail or sun passes paying cut off my
toll thing because I have unpaid tolls. Click here to
catch up on your tolls. That's a scam. SunRail, I
mean SunRail sun Biz came out and said that they're
not doing that. They're not texting you to collect back tolls.

(57:50):
So if you're getting a text I get.

Speaker 3 (57:51):
It from the energy company, it says, oh, we're about
to turn off your electric and I look it up online.
I'm like, no, you're not.

Speaker 2 (57:57):
Yeah, it's if you're getting a text to pay a bill,
don't click. Go to the regular website and or call
them and find out. So that's another big one that's
going on, the unpaid toll steam. And then of course
this time of year is tax season, and I saw
this this week at a stoplight over on the side
of the road. There's a sign that says guarantee tax
return seventy five hundred dollars.

Speaker 3 (58:17):
What.

Speaker 2 (58:17):
Yeah, there's signs around. There's people advertising this.

Speaker 3 (58:21):
That I thought they were asking you to pay them
seventy five.

Speaker 2 (58:24):
They're saying, without ever seeing your tax return, they guarantee
you'll get seventy five hundred dollars.

Speaker 3 (58:28):
Can't be right, it's not they can't do that.

Speaker 2 (58:34):
They probably aren't. They probably aren't certified to do tax
return So that's the first thing you can do is
ask them for their their PTI N number or they're
I'm sorry, their TPI N number, which is a tax
preparers identification.

Speaker 3 (58:46):
We'll ask them anything. Find a real person.

Speaker 2 (58:48):
I mean, if you're not okay, we've gone past that.
Don't get your tax advice off street.

Speaker 3 (58:53):
Courts, side of the road like you can do better.

Speaker 2 (58:56):
I know it looks exciting.

Speaker 3 (58:57):
You don't have the Google, find someone who has the Google.

Speaker 2 (59:00):
Guarantee and they get you seventy five hundred dollars back.
I've actually seen this happen with clients in the past,
where they would bring us tax returns and people that
didn't understand how taxes worked, didn't understand any of it,
and I'd look at their tax returns and I'd say, oh, well,
what's this business that you wrote everything off on last year.
You know that was a complete loss. They're like, business,
we don't have a business. Someone else did our taxes.

Speaker 3 (59:21):
Yeah.

Speaker 2 (59:22):
I was like, did you get a tax return and
they're like, yeah, we got a tax return of like,
you know, six or seven thousand dollars. I'm like, I'm
sorry to tell you you've experienced tax fraud. You don't
have a small business. That's how they got you that
deductionist by pretending that you did have one. Who's your
tax prepare They're like, oh, well, I don't know who
they were. They're out of business, they're you know, they're
this and that. So I've actually seen this happen with
people that bring in their tax returns, but not their fault.

(59:43):
They don't know what's going on. But my PSA is,
do not get your tax person off a street. If
a tax person is saying on anywhere that they can
guarantee with the amount of return they're going to get
you back before they see your financials, run don't walk.

Speaker 3 (59:57):
So I say, they've seen those signs around the land, Yeah.

Speaker 2 (59:59):
They're they're not legit, so they nobody can guarantee you
a certain tax return when they don't know how much
money you had withhelped because realistically, you can't get more
back than what you put in unless you're getting like
a EIC credit or you know, childcare credit or something
like that. But anyway, that's don soapbox for the week.
Don't fall for wire fraud, don't pay any bills or

(01:00:20):
ignore people that text you to say you're behind on tolls.
And lastly, don't fall for the fat tax scheme roadside
tax prepares. Yeah, if you're not sure if your tax
prepar is legit, you can get their number and their
their TPI N number and look it up on the
IRS website.

Speaker 3 (01:00:37):
Here said that's the I R. S is problem, not mine.
It could be your problem. Yeah, IRS, if the IRS
takes a look, which one of the chances, But if
they did well in this, it would be your problem.

Speaker 2 (01:00:47):
In the case that I've mentioned, and I've seen that
more than a dozen times, it kept them from buying
a house for over a year because they had to
get their taxes on wounds. They had to go to
the federal government and say they had fraud. They then
owe that money back, and it made them wait over
a year to get their house because their tax returns
were in limbo. So it can. It can cause a big,
a big mess.

Speaker 3 (01:01:05):
And if the RS finds it, I guess it's fraud.

Speaker 2 (01:01:08):
They say that on average every year there are over
five billion in tax fraud, five billion where people you know,
file your taxes fraudulently for you. I've seen those all
the time too, So anyway, be careful out there, folks.
It's a careful it's not good with the cyber jungle,
the cyber criminals and such.

Speaker 3 (01:01:23):
It really is.

Speaker 4 (01:01:24):
You know, it's a tough place out there, out there,
meaning anywhere that anywhere outside of your home.

Speaker 3 (01:01:29):
Outside of your bed with the covers pulled up.

Speaker 2 (01:01:31):
There you go, guess what time it is, MJO. It's
time for a speed round it is. That's where MJ's
gonna ask me a bunch of the questions we haven't
gotten to yet, and I'm going to try and answer
them real quick, to get to as many as I can.
If I don't get to yours, it doesn't mean we
didn't want to. Please go to the website and text
it in and uh send me a message with it

(01:01:52):
in there, and I'll answer it after the show.

Speaker 3 (01:01:54):
Can I buy a new home and move in a
few months later? While I fix it up.

Speaker 2 (01:01:57):
You can buy a new home and move into the
house as much as two months later. They want you
to move in within sixty days and take possession of
the property. That's interesting, I know that you got sixty days.

Speaker 3 (01:02:09):
It's like it's your house. You should be able to
just move in whenever you want.

Speaker 2 (01:02:11):
Well, the issue is that there have been people who
will say they're buying a house to live in and
then they'll rent it out and that kind of stuff.
So they had to make a rule. If you're buying
it as a primary, and you get the lower rate
associated and the lower fees associated with a primary, then
you have to move into it within a certain time.
It's not like they go and check every house, but
they do check. They check sport. They have their ways

(01:02:33):
of checking.

Speaker 3 (01:02:33):
The c zhone comes in and looks in the windows.

Speaker 2 (01:02:36):
Can look up whose name is on the power bill,
they can look up on do a search online and
see if you've been trying to rent it out you
know at all? You know, so there's ways they can search.

Speaker 3 (01:02:45):
Yeah, okay, do all new home purchases require paying your
taxes and insurance into scrow? Get this one a lot.

Speaker 2 (01:02:52):
No, they don't you know, two types of loans, the
government main government loans, the FAHA and the VA do
require you to do your techs and insurance as part
of the payment. On a conventional loan, you don't have
to put your taxes and insurance in there if you're
if you're as long as you're putting down twenty percent?

Speaker 3 (01:03:08):
How much is required on a debt for a down
payment on a jumbo loan? And what's a jumbo loan?

Speaker 2 (01:03:13):
Jumbo loan is any loan that is above what's the
number above eight hundred and six thousand, five hundred, So
any loan amount greater than eight hundred and six thousand,
five hundred. This changes every year depending on how much
the properties go. So if you're doing a you know,
one point three million dollar property, then it's a jumbo loan.

(01:03:33):
If well, if your loan is more than eight hundred
and six thousands, So how much do you have to
put down? Twenty percent is what they like. I have
a couple of landers that will do it with ten
percent down, which is kind of rare from what I'm hearing.
So if you need ten percent down on a jumbo,
hit me up. Most most lenders, most banks, for sure,
are going to want you to put down.

Speaker 3 (01:03:49):
Twenty What is the maximum debt ratio for a VA
VA loan and what's the debt ratio?

Speaker 2 (01:03:55):
Yeah, debt ratio is where it's the equation we look
at to see how much we can qualify you for
based on your income and your liability or your monthly bills.
So we look at the gross income that you have
coming in and compare that to your outflow for the
following things. Your housing expense, so that would be the
new house, that'd be the principal interest taxes, insurance and
any HOA fees or flood insurance. It would be your

(01:04:17):
car payments, your credit cards, that kind of stuff that
shows on your credit report, any loans, So those have
to be a certain percentage of your total gross in
order to qualify. VA doesn't have a set one like
FAHA is fifty six point nine, Fannie May is forty
nine point nine ratio, and I've seen VA approve up
to seven I don't know, seventy five percent debt ratio.

(01:04:39):
The reason is that FAHA has an additional calculation that
they do where they account, they figure out what your
electric bill is, they figure out what you know what
the proposed expenses are, and they figure out how much
residual income you have every month from your paycheck. So
if you have enough residual income coming in, then they
don't worry about the ratios specifically, So they're a little
more they're a little more flexible. I will say, as

(01:05:01):
long as you're as long as you show that you
have enough household income.

Speaker 3 (01:05:04):
All right, I'm going to give you a riddle, great questions,
real time, reddle time. How can you finish a book
without finishing a sentence?

Speaker 2 (01:05:12):
How can you finish a book without finishing a sentence?

Speaker 5 (01:05:18):
You earn it, you you throw it away?

Speaker 2 (01:05:22):
Finish a book, finish a book?

Speaker 5 (01:05:25):
You cover it with a K.

Speaker 3 (01:05:31):
Where can you finish a book? Where I did not?

Speaker 2 (01:05:35):
Where can you finish a book without finishing a sentence?
The end?

Speaker 3 (01:05:42):
Okay? What other kinds of things can sentences be?

Speaker 2 (01:05:47):
Oh? You can? You can finish your bit in prison? Like?

Speaker 3 (01:05:51):
Yeah, finish a book without finishing a sentence in prison?

Speaker 5 (01:05:56):
Nice?

Speaker 3 (01:05:57):
Oh I stumped you, guys.

Speaker 2 (01:06:00):
An that's a good one. I like it all right?
Well ton mj okay, Well, folks, you did it. You
successfully wild away another ninety minutes of your Saturday morning.
Listen to us prattle on about all the things. Play
us out of here with something cool.

Speaker 1 (01:06:13):
All right, you've been listening to Home Loans Radio with

(01:06:39):
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 loans Radio dot com