Home Loans Radio 03/23/2025 with That mortgage Guy Don Rates are getting better all the time!

Home Loans Radio 03/23/2025 with That mortgage Guy Don  Rates are getting better all the time!

Episode Transcript

Speaker 1 (00:00):
It's time for Home Loans Radio. Unreal Radio with that
Mortgage Guy Don joined the conversation text us at seven
seven zero three one. Now here's that mortgage guy Don?

Speaker 2 (00:13):
Hey hey, hey, hey, hey hey hey, good morning and
welcome to the Home Loans Radio show with that Mortgage
Guy Don. That's me. That's right, we're here. We're doing it.
We're doing what we do every single Saturday. I'm here
with my crew. Good morning, m Jack, Good morning. How
are you on this rigid It was like forty degrees.

Speaker 3 (00:34):
I don't think it knows outside what time of year
it is.

Speaker 2 (00:36):
Yeah, I don't think so easy.

Speaker 3 (00:37):
It's very confusing.

Speaker 4 (00:39):
Yeah, what is it trying to be winter?

Speaker 3 (00:41):
I don't know.

Speaker 4 (00:42):
It's it's spring man, right this summer?

Speaker 3 (00:45):
Yea, literally the first day of spring.

Speaker 2 (00:48):
Well, you know what they say about there's always been
a there's an old saying about March. Was it in
like a lamb out like a lion or the reverse?

Speaker 4 (00:57):
Yeah, something like that, and like a lion out like
a lamb.

Speaker 2 (01:01):
Yeah, so you can get some bad weather in March
and then you know, you kind of roll into spring.

Speaker 3 (01:05):
I guess I'm just saying it's cold out there.

Speaker 4 (01:07):
Spring has not sprung right.

Speaker 2 (01:09):
I cannot hear spring break without without hearing the words
as sprang break. I don't know.

Speaker 3 (01:16):
Yeah, James Franco, Oh that was that's why.

Speaker 4 (01:20):
Way he's problematic. Now wait hold on, oh.

Speaker 2 (01:25):
Boy, Also here today, James Franco, as you've just heard,
also here with us today is uh the main man
Fritz good morning?

Speaker 5 (01:36):
Hey, y uh the subdued No, it's the Public Radio
PBS for the unplugged, the PBS unplugged of Fritz.

Speaker 2 (01:48):
Fritz is.

Speaker 3 (01:53):
Now. It's so.

Speaker 2 (01:56):
Wow, all right, nailed the pronunciation. There.

Speaker 4 (02:01):
It's time for story cars where two people pillow talk
at one another.

Speaker 3 (02:07):
I'd also baked some things.

Speaker 2 (02:12):
Welcome to the Home Lows Radio Show with that mortgage guy.
Don I don't know who these other two people are
soft talking up in here. We're here, we're doing it.
What we do every single Saturday right here on real radio.
What do we do, mjay? What do we talk about?
What are the people? What are the people clamor for? Oh?

Speaker 3 (02:27):
You know what everybody wants, what everybody needs, what everybody
waits all wait all week to hear, which is quality
mortgage information.

Speaker 4 (02:34):
That's right, quality keyword quality.

Speaker 3 (02:37):
That's right, it's right. Not those fly by night mortgage shows,
those fly by night rookeries.

Speaker 4 (02:43):
They're a thing of the past.

Speaker 2 (02:45):
Shame for shame.

Speaker 3 (02:47):
That's a bait and switch kind of a thing. No,
it's all mortgages all the time here.

Speaker 2 (02:51):
No, it's not. You can text in the show seven
seven zero three one. That's right. It's Saturday and we're live.
We're the only live show on Saturday is here on
Real Radio one to four point one, and you can
join the conversation. You don't have to ask more each question.
Just want to tell us what you're doing out there,
which what's stuck in your craw what's uh?

Speaker 3 (03:11):
Don't do that.

Speaker 2 (03:14):
We don't want to get started, but I don't.

Speaker 3 (03:15):
Want to hear what's bothering you. Just tell me the
happy stuff.

Speaker 2 (03:18):
Tell us what you're doing out there, tell us what
what's what's going on? You know where you're going? Are
you working? Are you are you playing? Are you chilling? Uh?
We're here doing what we do every making pancakes single Saturday.

Speaker 3 (03:29):
I bet somebody's making pancakes.

Speaker 2 (03:31):
I would bet that's a safe bet.

Speaker 3 (03:32):
I'd like to know if anyone out there is making it.

Speaker 2 (03:34):
I bet you can bet on that online on your
phone right now.

Speaker 4 (03:37):
Oh, I'm already so far in debt though.

Speaker 2 (03:41):
There's only way to put a new credit card.

Speaker 3 (03:43):
I want to miss this pancake bet.

Speaker 2 (03:48):
There's only one way to get out of that debt. Fritz,
you got to gamble more.

Speaker 3 (03:52):
Double down.

Speaker 2 (03:53):
I saw the John What could It's all the John
Oliver Show last week about the prevalence of how easy
it is to gamble now. It was pretty amazing, and
according to his expose, ay, they focused primarily on the
five percent of people that have the biggest difficulty with

(04:15):
not gambling. Yeah, target, of course I saw.

Speaker 4 (04:19):
Yeah. I don't know if it was that or if
it was someone else, but it was. There was a
an addiction therapist talking about her youngest client is fifteen,
and he was he like, will nap, wake up, and
then we'll gamble. So he's literally gambling twenty four to
seven and he spent he got his grandparents social Security

(04:42):
numbers and got I think into like three hundred thousand
dollars worth of debt already.

Speaker 2 (04:48):
How could that go wrong?

Speaker 4 (04:49):
So number one, he's stealing. Number two, he's really bad
at gambling. The other one, but he's fifteen yeah, I know,
I know, gambling spot now not working out. Yeah.

Speaker 2 (05:03):
The other part of it is they're saying that the
states had been early adopters, that they have had a
twenty eight percent increase in foreclosures of homes in the
States that were early adopters. And of course, you know,
the sports teams are all about it because it creates
more engagement. It used to be you could never gamble
on anything.

Speaker 3 (05:21):
Again, I say, what could go on?

Speaker 2 (05:23):
Then? You could never gamble once the game started. It
was like locks. You couldn't gamble anymore. Now you can
gamble every second during the game, like on if the
next free throw will be made or not. It's bananas
how crazy it is and how easy it is. The
whole March madness thing going on right now. They're saying
that there will be billions and billions of dollars gambled. Yeah,
during that tournament. So it's it's interesting. I found the

(05:47):
show interesting, you know, But what are you going to do?

Speaker 3 (05:50):
Well, here's someone who texted in, I'm about to close
in my first home in a couple of weeks. Thank
you that mortgage guy done and his awesome team.

Speaker 2 (05:57):
Yes here, I'm not sure sure who that is, because
we got a whole lot of them, but identify yourself.
Maybe they want to be anonymous. Okay, but yeah, a
lot of a lot of closings going on, a lot
of people first time but home buyers. Man, we're doing
so many loans with first time home buyers.

Speaker 3 (06:15):
That's awesome.

Speaker 2 (06:15):
Statistically, they're saying in the last you know, so far
this quarter and the last quarter of twenty twenty four,
more than half of the homes were purchased by first
time home buyers. All right, that's pretty that's unusual. It's
never been that high. I think it's a I think
it's a lot of pent up you know, need want people,
people that have been wanting.

Speaker 3 (06:35):
They didn't wait anow. They're like, all right, let's just
do this thing.

Speaker 2 (06:38):
Yeah, and it's going well. We've got good, good friends
of the show. Brian Carrie finally closed on their house.
It's a long time the other day. From the they
were careful and they did things right. It took it
took about six months from the time they first listed
their house. They they made offers on a couple didn't
have great inspections come back, so they they did it.
You know, they waited and they were patient, and I

(06:58):
think they found a real job. So congrats to those
guys and everybody else out there, good people. Well you
are listening to the Home Loans radio show with that
mortgage guy, don We're here doing what we do every
single Saturday. You can text into the show at seven seven.

Speaker 3 (07:13):
Especially if you're making pancakes. I want to know that's right.
You got anyone out there making pancakes listening to Mortgage.
I mean, I'm betting on that.

Speaker 2 (07:19):
If MJ's on the radio, you have no privacy. You
need to disclose your activities immediately.

Speaker 4 (07:24):
I bet Graveler would be one of those people. He
would be listening.

Speaker 2 (07:29):
Gun.

Speaker 4 (07:29):
You know what, I pack pancakes.

Speaker 3 (07:32):
I can pick up a pancake. I got a pancake
and a bantry.

Speaker 2 (07:35):
I had French. I had French toast for dinner not
too long ago. Bacon and sir. That's a good dinner.
Don't forget about it.

Speaker 4 (07:41):
They say that's the best dinner to have these days.
French toast.

Speaker 3 (07:45):
French toast, very nice. I'll do that, but I got
to be in France.

Speaker 2 (07:50):
Yes, I have cuts down on the savings. Fly back.
Text your questions to seven seven zero three one. You
can also go to the website that mortgage guide don
dot com anytime during the week and follow us at
Instagram at that mortgage Guide Don. That's we're posting some
cool stuff on there. We've got the nineteen hundred faithful followers,
but join them and you can see some cool pictures.

(08:12):
I posted this week things having to do with the
Just called mo Bowling celebrity tournament coming up April twelfth.
We gave away seven pinball tickets to the so the
bowling is sold out for the charity thing at the
Ovito Bowling on April twelfth, but you can still get
tickets for fifteen tiny, tiny dollars to play unlimited pinball

(08:35):
during the tournament and hang out to and rub elbows
with all the celebrities and all your favorite I heard people.
We're going to be there, The team's going to be there,
Fritz is going to be there, MJ is going to
be there, Ryan Holmes, all the people that you love
and want to check out. But today we do have
one more pair of tickets to give away for the

(08:55):
free pinball. We're going to decide how we're going to
do it.

Speaker 3 (08:57):
I think making pancakes.

Speaker 2 (09:01):
We're gonna give those away. What do you guys think
of that? Right after the ten o'clock we'll give those away.
If you're interested, check in at check back in at
ten am. If you have to go, you know, if
you're working or something, you got to go. But we'll
be giving those away at the top of the hour
and you can you can still buy the me I
think they've got forty or forty something left. You can
go and buy them online. If you don't get the

(09:22):
free ones today at the MO website. That just call
MO website.

Speaker 3 (09:26):
We've got lots of questions coming in.

Speaker 2 (09:28):
When you're ready, let's do it. Tell us some stuff. MJ.

Speaker 3 (09:30):
Well Stacey says, first of all, good morning everyone's you
guys are the best.

Speaker 2 (09:33):
Good morning, Oh thank you. I was feeling second best
until just now. That's crazy.

Speaker 3 (09:39):
And Brian says, good morning, don MJ. And Fritz. What
is the minimum amount of time I can get for helock?
Is it like ten years or fifteen years? What's the
smallest helock amount of time you can get?

Speaker 2 (09:49):
Well?

Speaker 3 (09:51):
The think about the helock though, is at the time
doesn't matter so much because you can not use it right.

Speaker 2 (09:56):
Helock stands for those are h E l OC. It
stands for Home Equity line of So this is a
second mortgage that you get. We're doing a ton of
them right now, dozens and dozens per month, and I
think the main reason is that a lot of people
have equity. Well, there's more equity locked up in people's
homes right now than has ever been in history. We're
talking trillions of dollars. It's never been this high. And

(10:17):
the main reasons are that about three years ago, rates
were super duper low, and a lot of people refinanced
into two and three and four percent rates, and now
the rates are are somewhat higher, closer to the six
percent range. So if you want to take equity out
of your house, you don't want to necessarily refinance that
two percent rate. And the way you can get the
equity out without doing that is through a second mortgage
or a helock or a home equity line of credit.

(10:39):
And the terms on them vary. We have like a
dozen different companies that do them. The typical one is
that you have a three year draw period. So when
you close the home equity line of credit, you take
out a fifty thousand dollars draw that's the minimum we
can do, and then you can pay that back. You
can pay it down, you can pay it back down
to twenty five, you can pay it off in a

(10:59):
lump sum and then recharge it again. So it's an
ongoing line of credit that's securitized by your house. It isn't, indeed,
a second mortgage. A lot of people think that an
equity line is not, but it is attached to your property.
They want to get paid back and they're using the
equity of the property, so that's the reason for that.
But with the home equity line of credit, the draw
period is usually three years, and then after that it

(11:21):
will convert into a twenty year or a ten year
or a thirty year repayment plan. But it's like you
were saying, it just depends on how much you take out.
There's really no minimum period. Like if you borrow fifty grand,
you know, and pay it back three months later, that's fine,
and then you can draw it out again. It's a
back and forth thing where you can continue to use it.

(11:43):
Now if you get to the point where the draw
period expires, eventually they're going to say, okay, you can't
draw any more money on it. We got to turn
it into a way that you can pay off, and
then they'll they'll turn it into a twenty year fixed
rate thing where you pay the same amount to pay
it off. Or you can refinance it in to the
other loan, or you can refinance them together. There's tons
of options. It really just depends on your particular scenario.
If you want to find out about getting pre approved

(12:04):
for a home equity line of credit, you just go
to the website that mortgage got done. You apply on
the refinance side. It is a type of refinance, and
then our helock whisperer Laura will call you and make
your dreams come true. She whisper I don't call you
about no, I mean you know, in the in the
wisdom ways. Yes, a great question. Thanks for texting that

(12:27):
into seven seven zero three one. That's how you do it.
We've got time for We got about one minute here
before the break. MJ.

Speaker 3 (12:32):
I've been paying my mortgage on time for years. This
year I had a shortage in my escrow account. Both
the insurance tax insurance and taxes went up. I was
wondering if I can add an extra payment specifically to
my escrow account or if I make an early mortgage payment,
will that help? I don't want them to increase my payment.
So I get that question because if you have a
shortage on the ESCO, they're gonna want to bump your

(12:54):
whole payment.

Speaker 2 (12:55):
Yeah, like if you don't want that. If your taxes
and insurance go up, say two hundred dollars, you know.

Speaker 4 (13:00):
They need to stop going up.

Speaker 2 (13:02):
Yes, yeah, well I wish that was the case. But yeah,
if your taxes and insurance go up, then that means
the amount that has to be paid towards your escrows
goes up because that is one twelfth of your taxes
and insurance. So if that and bill goes up, well,
then those monthly bills need to go up. You don't
want to just send in an extra payment account on
that going to your escros. That's not going to happen.

Speaker 3 (13:23):
They're going to be they're asking can you specifically ask them?

Speaker 2 (13:28):
Yeah? And you you don't want to put it as
part of your regular payment or as a principal payment.
You want to call your servicer that's the person that
you make your payments to, and so it's going to
be one of those extra step things. It's not going
to be necessarily unless you go to your website online
and it has a buy you know, a space there
that says make an extra deposit towards your ESCRO account.
You may be able to do that with some banks
and servicers. They're all going to be different. So either

(13:49):
look at your online system and figure out how to
send it, but make sure it's going specifically to your
ESCRO account, or call them up and ask them, you
know what their process is for that. That's a great question.
Thanks for texting that into seven seven zero three one.
We'll be right back after these messages. Hey, hey, hey,
it's that mortgage guide Don March is here and the

(14:11):
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(14:33):
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(14:54):
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Speaker 4 (15:08):
Hey, this is Devil Roberts from the Jim Culbert Show,
and you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 3 (15:19):
Hey, Hey, you're listening to home loans Radio with that
mortgage guy done talking about the mortgages. Because you know
that's what you want, that's what you need, and here
you are, you're gonna get it. Welcome. Send me your
mortgage questions at seven seven zero three one. We'd love
to have them. We're telling me what you're doing out there,
especially if you're making pancakes.

Speaker 2 (15:40):
That's right. And if you got a mortgage question, you know,
anything having to do with buying a home, selling a home,
real estate, reverse mortgages, commercial loans, SBA loans, you name it,
you can text it into the show and I will
answer it. That's right. I'm a mortgage expert, commercial loan expert,
been doing it for one billion years. Here you are.
You can text in and get good quality information right

(16:00):
here today. You can also follow me on Instagram at
that mortgage guide don.

Speaker 3 (16:04):
How's that gone?

Speaker 2 (16:05):
It's going great. We started out, you know, with a
couple hundred followers about six months ago. Now we're pushing
up towards two thousand faithful out there. Check it out.
You can follow us at that mortgage guide. Don post.
I'm trying to post some cool stuff up there, but
there's stuff about all kinds of things you're gonna have
to see. You can also go to the link tree
right below it, and that's an easy way to ask

(16:25):
me a question anytime about a mortgage. You just do
a live chat to the website during business hours, or
you can apply for a loan there or read all
about it. Read all about it. That's right extra right
there on the Instagram at that mortgage guide don today, though,
you can text your questions into seven seven zero three
to one and that's how you do it. You joined

(16:46):
the conversation. It's a participatory show.

Speaker 3 (16:48):
Yeah, participate.

Speaker 2 (16:50):
There you go. We were talking about earlier about March
Madness and also talking about the the mo just called
Most Celebrity Bowling tournament we're going to be doing for
with you know, participating in for charity coming up April twelfth.
At the top of the hour, we're going to give
away one of the few remaining tickets to get the
to get in the building and be able to play

(17:10):
the free pinball during the bowling and charity and rub
elbows with all the glitterati. Oh boy, and uh, there
you go.

Speaker 3 (17:20):
It's pretty cool to see those astronauts came back.

Speaker 2 (17:22):
I know. Yeah, I had that they were. They were
up there over nine months long enough.

Speaker 3 (17:27):
See how much older they look. Oh my gosh, the
space takes a toll. Yeah, yes, you got to pay
for the magic baby.

Speaker 4 (17:35):
Yeah.

Speaker 3 (17:35):
They showed the pictures that I'm like, like, when they
left and when they got back, and.

Speaker 2 (17:38):
They're like, whoa because of the gravity all things.

Speaker 3 (17:41):
I guess, I guess that gravity must hit your face
all at once.

Speaker 2 (17:44):
Your face goes like what I've read that there's a
lot of issues that can be issues with you know,
muscle deterioration and things like that, because you don't have
the forces of gravity. You know, you weigh nothing instead
of your one hundred or two hundred pounds that you
normally weigh. I was amazed to see though, that they
they were up there for over nine months. I mean
that is a long it's a long time. No overtime, No,

(18:04):
that doesn't seem quite.

Speaker 3 (18:07):
There's salaries one hundred and fifty a year and they
get no overtime, so they got no no overtime for
that time.

Speaker 2 (18:13):
Yeah, but you get to be in space, that's the thing, right,
I do it for free.

Speaker 3 (18:17):
But you don't get to like be at home at all.
But anyway, I'm sure they'll work that out.

Speaker 2 (18:22):
Look, if you're if you're an astronaut, you spend your
entire life training as an astronaut. Small percentage of them
actually get to go into space.

Speaker 4 (18:29):
Yeah, almost, yeah, exactly to be up there for nine
months there, they were not upset about it.

Speaker 2 (18:34):
Yeah, I think it's a you know, an astronaut dream
to be like, sorry, honey, I have to stay in
space for another eight months and two weeks, you know,
but I don't know. Hit me up. I'll do it
for free, Nasty. You don't have to pay me a
dime right now. I'll need someone to cover the show
for nine months, Fritz.

Speaker 4 (18:53):
Okay, that's fine.

Speaker 2 (18:55):
That's what do you see? When the capsule landed in
the the golf.

Speaker 3 (19:00):
All the dolphins came.

Speaker 2 (19:02):
That was what I was gonna say. I posted, I
shared that video onto the Instagram at that mortgage guy
don A pot of dolphins came and surrounded the capsule
and they were looking out the windows and they could
see dolphins greeting.

Speaker 3 (19:14):
They're like, hey, welcome back to the Earth.

Speaker 2 (19:17):
And I'm viewing this from the dolphin perspective. They're like,
we have discovered aliens. We have discovered aliens. Hello, no
one's paying attention, but we saw them land.

Speaker 3 (19:28):
Yeah, they probably always do. Ye more aliens.

Speaker 2 (19:34):
Think we have seen everything.

Speaker 3 (19:35):
Yeah. I thought that was pretty cool. But yeah, definitely
they look a little a little different.

Speaker 2 (19:41):
The prevalence of the drones is the drones were what
we're filming above the capsule, So you know, drones have
gotten so much better. I actually read another article, you
wouldn't believe. I couldn't believe this job where humans are
being replaced by drones. It's one you wouldn't even I
never even thought of. I didn't even think it was.

Speaker 3 (20:00):
The other morning a drone was making my breakfast.

Speaker 2 (20:03):
Wow, fancy your house, and I thought, get you in
the Parada homes.

Speaker 3 (20:09):
It might have been the acid. I don't know.

Speaker 2 (20:12):
Goodness. Oh, so the place where humans are now being
replaced by drones, Mount Everest. Oh, okay, they're replacing the surpass,
oh with drones. And so they say that what takes
the shurpas seven hours to carry equipment up to the
base camp, the drone can do in fifteen minutes with

(20:34):
zero risk.

Speaker 3 (20:35):
It was zero muscle atrophy and passing out and all
the bad things.

Speaker 2 (20:38):
But this has been their job for I don't know,
eleven thousand years now. Were they going to do such
a hard job shovel snow something easier? I don't know,
But anyway, sorry, sorry shurpas. And then I read another
troubling article about drones today. You know, I read the
Boeing got the contract to make the new fighter jet,
the F forty seven, I think it's called but they're

(20:59):
saying that this jet is designed to be surrounded by
semi autonomous drones when it flies, So it's going to
be the jet and like ten drones. We're definitely heading
towards the Skynet territory. Terminator, terminator territory. I don't know
if I'll be around to see it, but you know,
there you go. I mentioned it. You can say you
heard it here first.

Speaker 3 (21:19):
All right, Brie and carry are checking in saying there
are unpacking and not making pancakes, but they will soon.

Speaker 2 (21:26):
There you go. Concrats I mentioned earlier, you guys close.
Congrats on that, not just clients but also very good friends.
And I'm congratulations on that. You guys did it. You
did it.

Speaker 3 (21:37):
You did it.

Speaker 2 (21:38):
Now y'all all you have to do is unpack.

Speaker 3 (21:40):
That's amazing, Lacey says, a happy Saturday. I'm helping moving
my daughter back into the house. Glad to have her
back home.

Speaker 2 (21:48):
Well that sounds like a story.

Speaker 3 (21:49):
You know what. She's gonna need to listen to this
show because eventually she'll want to get her own house.

Speaker 2 (21:53):
Yeah, it's like having a boat, you know. They say,
the your favorite days of having a boat or the
day you buy it and the day you sell it.

Speaker 3 (21:59):
That's right, that's what you told me as a person
who's had a couple of boats. That is true.

Speaker 2 (22:03):
Yes, and then the same with kids. They move back
in related you're.

Speaker 3 (22:06):
Like yeah, and then eventually you're like, all right, we
got to sort this out.

Speaker 2 (22:09):
I'm going to buy you a house.

Speaker 3 (22:12):
Time to go, somebody says, good morning. Team working to
get these customers fiber service right now? Is any truth
to the governor lowering or getting rid of property taxes?
He is talking about it, but it's it's yet to
be seen how that works out.

Speaker 2 (22:30):
Hey, it'd be interesting. Look, the money's going to come
from somewhere. Yes, If it adn't come in from property taxes,
it's going to come from some other taxes. You just
don't build roads for free. So you know, I don't know.

Speaker 3 (22:41):
The show world where where we don't pay taxes and
everything just sails along. It will come to us.

Speaker 2 (22:45):
Yeah, Well, don't know how. What I will say is
I'm fine with it. If you can find a way
to cancel my taxes and I'm not paying it some
other way, then you know, let's go for it.

Speaker 3 (22:53):
But I mean a lot of people say that if
they do that, you know, it just shifts the burden
from home by to everyone. It makes it more of
a you know.

Speaker 2 (23:03):
Yeah, there are states where they have different levels.

Speaker 3 (23:05):
We don't have income tax.

Speaker 2 (23:06):
That's what That's the point I was about to make.
There are states where they have way way lower property
taxes than we have here per you know, per millage
per value of the home when it's assessed. But most
of those states have a separate state income tax, so
you pay not only your federal taxes, you also pay
state income taxes. And then yeah, maybe you don't have it.
But I don't know. There ain't no such thing as

(23:28):
a free lunch. From what I've heard. It's got to
come from somewhere. And maybe they got a new idea
that I haven't heard of.

Speaker 3 (23:32):
He is talking about it, though. Here's somebody, good morning.
My parents are looking to get a personal loan. Can
they take out a home let equity loan on their
manufactured home?

Speaker 2 (23:40):
Yeah? Within reason, there are some you know, it has
to be a double wide. It has to be newer,
it can't, you know, it has to be newer than
nineteen ninety nine. I believe it's the standard for most
of them, so less than twenty five years old, and
can the ones that we have, so there may be
loans out there for every manufactured home. The ones that
we do, we have limits. We can do double wides

(24:02):
and they have to be newer than nineteen ninety nine,
and you can only go up to about seventy seventy
five percent of the value of the home in what
you pull out equity wise. That way, you got to
have at least a six to sixty credit score. And
if you want to find out more, you just go
to Instagram at that mortgage guid don there's a link
tree at the bottom. You click the button says apply.
You do it there or you can do it on
the website also that mortgage guide down dot com. Hit

(24:24):
the button and we'll send you a quote if you
like it. We don't even do a hard credit pull.
We do a soft credit poll for everything we ever do.
Every pre call, every refinance quote, every purchase quote, every
heelock quote. We do a soft credit pool. So you
don't get any inquiries, you don't get a ding on
your credit, and you don't get one hundred million telemarketers
calling you because echo effect sold your information. That's just

(24:47):
to find out, you know, if you can do the
loan or if you want to do the loan. So
we can figure that out pretty easily with there's no
application fee. It's just a matter of looking it up,
putting the numbers together, and sending it to you. So
if you want to find out about a helock what
it would look like a home equity line, then go
to the website that more you guy don dot com,
hit the refin side, and you know, come Monday, we'll
get you some numbers to look at. Come Monday, Come Monday,

(25:07):
Monday to me, all right, come monday, I'll be holding
you tag. All right?

Speaker 3 (25:15):
All right? Uh speaking of the someone said, speaking of
the parative homes, which I don't think we were, but
you know I did.

Speaker 2 (25:22):
I mentioned it. He did, okay, because you said you
had a drone making your breakfast. We need to get
you in the parade home. Do you remember that right?

Speaker 3 (25:28):
Yeah, where they show all the techi stuff.

Speaker 2 (25:29):
So I dismissed it.

Speaker 3 (25:30):
They still do that, man, And the question was, are
they going to have a parade of homes this year?
I'm curious.

Speaker 2 (25:35):
I don't know if anybody knows. Let me know, somebody
who knows the details tell us that used to be
I think an annual thing, but I don't know if
it still happens or not. All right, well, you're listening
to the Home Loans Radio Show. We're going to take
a quick break. We'll be right back after these messages. Hey,
this is Ryan from the Monsters.

Speaker 4 (25:50):
And now back to that mortgage.

Speaker 2 (25:52):
Guy done on real radio.

Speaker 4 (25:55):
Yo yo, Home Loans Radio. Here on Roll Radio one
oh four point one on Fritz we got MG and
that mortgage guy done. If you have a question, just
text it in seven seven zero three one. We will
answer it live on air. Yep, on air, and you
can get on with your day knowing that information, putting
it in your back pocket. You can also follow Don
on Instagram at that mortgage guy Don.

Speaker 2 (26:19):
There you go. That's right. Welcome back to the Home
Loans Radio Show. Text it into seven seven zero three
one and we will do the thing. We are indeed live,
the only the best, the hottest, the coolest, the livest,
the most entering in the interesting nest. I'm making up
words now like MJ.

Speaker 3 (26:37):
I like it the livest. I think that's that's a
good new word.

Speaker 2 (26:40):
We have the livest show on Real Radio. Wait this second,
here you go. Welcome back, welcome back. What do we
got cooking? Him? Jay?

Speaker 3 (26:46):
We got some I will tell you something that's cooking.

Speaker 2 (26:48):
What's up?

Speaker 3 (26:49):
Somebody is making pancakes. That's good morning, blueberry pancakes. Getting
ready for a chili down the water. Thanks for those
pinball tickets. They won, but they turned them so someone
else could use them because they couldn't.

Speaker 2 (27:01):
That's right. We got that pair to give away later
today at the top of the hour. We'll figure that out.

Speaker 3 (27:06):
Thanks for letting me know about those pancakes. See if
my bet came through.

Speaker 2 (27:10):
So I can. It's funny, I'm so suggestive, Like I
can smell blueberry pancakes right now, right, but I can't
taste them. Yeah, here's what it says.

Speaker 3 (27:22):
I'm thinking of doing a reverse mortgage. However, my neighbor
Louise said it can cause me to lose my home.
I don't think that's true, is it. I'm seventy four
and I've been a widow for two years, and I
want to do some traveling. I can't see any other
way to access the equity of my home. Since I
have a small fixed income and can't afford a mortgage
or he luck payment. The house was paid off with
insurance when my husband passed, but I have no other savings.

(27:44):
House says for eighty on Zillo for value. Am I
stuck in Castleberry? I don't know if you should listen
to Louise Louise.

Speaker 2 (27:56):
Louise says, you go to Louise. You've got to lose
your house now. The idea of a reverse mortgage is
that you get to stay in your house for as
long as you can, as long as you can live
there right without paying a mortgage payment, and you.

Speaker 3 (28:11):
Still get to leave it to your heirs.

Speaker 2 (28:13):
Yeah, absolutely know. There's no facility by which you lose
a house. Like if you have a regular mortgage, you
can lose your house. You can lose your house on
the regular, just skip about five payments. You're going to
lose your house on a reverse mortgage. It doesn't work
that way because there is no payment. You're not making
a payment. You pay your taxes and insurance in your
HOA to those entities, but the actual mortgage payment disappears.

(28:36):
This house is free and clear, so they wouldn't have
a mortgage payment. They would actually get a big chunk
of money. It's based on your age. It's not based
on credit score, income, It's based on your age. Seventy
four Yeah, so at seventy four, you know, probably seventy
four yo, seventy four years old, you will be no,
You'll be able to probably access close to a quarter

(28:57):
million dollars. You don't have to take it all out.
You don't have to pull it out. You can put
it in an equity line. You can have them give
it to you one thousand dollars a month as a
payment to you. So for someone in this situation who
is trying not to be stuck in Castleberry.

Speaker 3 (29:11):
I mean, Castleburry is lovely, but you don't want to
end all your days and never see the world if
you can't.

Speaker 2 (29:16):
I lived in Castleberry for seventeen years. It's a lovely place,
you know, to raise kids, good schools. I liked it
a lot. I don't live there now. I'm moved on.
But no, you're definitely not stuck. I would suggest you
get in touch with me at the office on Monday,
you know, at that mortgage guy don online or you

(29:38):
can call the number. You can find it also on
the Instagram. I'm not sure how you're looking things up,
but Happy Home Mortgage is the name of the company.
That's another way you can find it. And you can
also go to the website and there's a reverse mortgage questionnaire,
one page thing you fill out. If you fill that
out and hit send, that comes to us and then
we'll call you back and go through some numbers with
you your loved ones. We can even bring in little and

(30:00):
she can make sure that she approves of what of
what's cooking.

Speaker 3 (30:04):
I don't know if Louise is going to come around.
Louise seems very, very very dedicated to her position a lot.

Speaker 2 (30:10):
You know, there's a lot of misconceptions about reverse mortgages.
I will say that's not used to in the you know,
when they first came out, there was some just like
anything new, you know, the beta version is going to
need changes and updates over time, and that's the same
with reverse mortgages. One of the things that that did
change was that, you know it there was a fear
and in some cases it happened thirty years ago where

(30:31):
people could end up owing more than what the property
is worth. They changed that. They made it so that
your the reverse mortgage can never go higher than the
value of the home, so you can't lose a home
in that way. You can't lose a home like you
can on a forward mortgage by not paying your payment.
So it's it's safer than even a regular forward mortgage
in my opinion because of that reason. Great question. Thanks

(30:52):
for texting that into seven seven zero three to one.

Speaker 3 (30:56):
Here's someone who says, speaking of widowhood, how hard is
it for an eighty one year to qualify? Well, there's
no rules, as we've talked about.

Speaker 2 (31:03):
Well, yeah, with reverse mortgage, it doesn't your age doesn't matter.

Speaker 3 (31:06):
Well here, I don't know that this is a reverse
park either.

Speaker 2 (31:09):
One the purchase they.

Speaker 3 (31:10):
Wanted a cash deal on a target home, but the
buyer didn't qualify under contract for a new target dream home,
and they're asking how hard is it for an eighty
one year old to qualify?

Speaker 2 (31:20):
It's not that hard. It's if we're talking about a
forward mortgage on a purchase. It's based on your income
you know, and your credit score. So if you have
enough income to debt ratio, then you get approved. It
has nothing to do with age. You can get a
mortgage if you're one hundred and four as long as
you qualify. Even though it's a thirty year mortgage, you
know that you don't need to guarantee you're going to
be alive at the end of your mortgage.

Speaker 3 (31:39):
Can you do a purchase that's a reverse mortgage.

Speaker 2 (31:41):
Yeah, you can do a reverse mortgage purchase. That takes
some cash, but it can be a very good deal.
So if you have like a four hundred thousand dollars house,
you could buy it on a reverse mortgage for if
you're eighty one, you could probably buy it on a
reverse mortgage for somewhere around two hundred thousand in cash,
and then the rest would go on a reverse mortgage
where you didn't have to make any payments. So there's
a variety of of of those. It's really a lot

(32:02):
of times this requires a conversation, is not it's hard
to figure out all the ins and outs and nooks
and crannies and so forth. But definitely reach out to me.
It's not hard to get approved for a mortgage when
you're eighty one. I did what was I think the
highest one. I told you about this not too long ago, MG.
I think I think we did a mortgage for someone
who was ninety two and we had a thirty year
mortgage and they were still working. They had a company,

(32:22):
they were still you know, they were still working, all right. So,
and if you're talking about a reverse mortgage, then it's
all about how old you are and the and the equity.
The older you are, the more equity you get out
of the property. Yeah, because they have you know, actuarial
tables where they you know, they figure out It's like
it's like life insurance. You know, it's a it's a
bet by the company that you, frankly you won't live

(32:44):
so long. But with a reverse mortgage, you get to
stay in your house for as long as you can
live there. So there's there's really no downside. It's not
for everybody. If you got hundreds of thousands of dollars
in savings and retirement and all that, and then reverse
mortgage is probably not your deal.

Speaker 3 (32:58):
You got a drone making your breakfast.

Speaker 2 (32:59):
Right like MJ. But if your assets are solely in
your house and you have no other way to access money,
and you don't have enough income to do another mortgage
or a helock, then a reverse is going to save
your bacon. I see it a lot of times where
people need to replace a twenty thirty year old roof.

Speaker 3 (33:13):
Okay, that is literally my next question.

Speaker 2 (33:15):
Yeah, well let's let's read the question instead. We got
three three minutes here.

Speaker 3 (33:19):
Okay, I have a house. I owe eighty two thousand
on it's worth three hundred. My rate is five point five.
My roof needs to be replaced or else I'm going
to lose my insurance. It's twenty years old. I need
seventy K to take care of this. And I was
just wondering what could be the best type of loan
to look for. Any help would be appreciated, Thank you
so much.

Speaker 2 (33:37):
Did they say did they indicate their age? They did not, Okay,
so that could be. That could be a number of
things that one could be a maybe a helock we
could look at. I really need to see the lay
of the land, kind of understand if you have income,
if you're talking about a reverse mortgage, if you're over
sixty two, you can do a reverse mortgage in some
cases fifty five on a regular mortgage. We just have

(33:57):
to run them, do a helock right and look at
the numbers and see if we can qualify you for
a home equity line of credit or cash out loan.
But the way to do that is to start the
conversation and you can do that on Instagram at that
mortgage guide don, or by calling the office and talking
to us, or by going to the website that mortgage
guy don and applying for refinance, and then we'll get

(34:18):
together and sort it all out see if there's an
option for you as a mortgage brokerage. We don't just
have access to Fannie May and Freddie Mack and FAHA
and va. I have over one hundred different lenders, from
business purpose loans to commercial loans, SBA loans, and then
even another twenty or thirty types that we can do
on residential homes, including using your bank statements to prove

(34:39):
your income, using your ten ninety nine to prove your income,
using business income or residual income, or your investments as
your income, so you know, turning a four oh one
k into income. There's all kinds of ways that we
can sort it out that you may never have heard
of or thought of. So the best thing to do
is reach out and give us the details and we'll
tell you if there's some way to figure it out.

Speaker 3 (34:59):
Here's somebody who says seventy K for a roof. Is
that a is that in the in the range that
you usually see seventy k?

Speaker 4 (35:05):
It could be like the Spanish tile fancy roof.

Speaker 2 (35:08):
Yeah, that is that is the case. I just had
one of the reverse mortgage. Is a reverse mortgage we
just did. This house was a very fancy house, like
a million plus dollar house, and it had a six
thousand square foot house had a Spanish tile roof on
it that had been there thirty years.

Speaker 3 (35:22):
It was another one.

Speaker 2 (35:23):
It was leaking, and this is one of the reverse
mortgages we did. It was leaking in multiple places. Their
insurance got canceled, they had no income, they were in
their eighties, but they had this beautiful house worth a
million bucks, you know, that they couldn't tap into because
they couldn't borrow on it. The reverse mortgage was a
solution for them. But that roof was ninety five K.
And I've seen others. I saw one that had a

(35:43):
Spanish tile roof, same situation, reverse mortgage. They replaced it
with a metal roof and that was seventy thousand. So
you know, you had a big six thousand square foot house,
you're probably going to be in the forty k range
on a roof.

Speaker 3 (35:55):
What do you think about the metal roofs?

Speaker 2 (35:57):
I mean, I would love to have one. I just
I don't know that much about them. They look good. Yeah,
they're about double the cost of a shingle roof, but
they're less than the cost of a Spanish tile roof.
I wish they could do combined, Like they could just
make roof tiles that were also solar that also lasted forever.
Why can't we do that?

Speaker 5 (36:14):
I know?

Speaker 2 (36:15):
There you go. You're listening to the Home Loans Radio show.
We're going to take a quick break and be right
back after these messages.

Speaker 4 (36:21):
Hey, it's Sabrina from the news junkie. Do you have
a question for that mortgage guy down? Text him at
seven seven zero three one. No, back to Home Loans
Radio on real radio.

Speaker 3 (36:44):
Yep, thank you?

Speaker 4 (36:47):
Do do do do?

Speaker 5 (36:48):
Do?

Speaker 2 (36:48):
Do?

Speaker 3 (36:49):
You are listening to Home Loans Radio with that mortgage guy? Done?
So glad you're here. Let's talk about some mortgage stuff.
There you go, welcome on seven seven zero three one.
Give me your questions like them. Come on.

Speaker 2 (37:03):
Not only do you get the questions, we have the
answer that's right. Yeah, maybe text him in seven seven
zero three one. Also check us out on Instagram at
that mortgage guide Don. I posted that picture the post
of the video of the dolphins surrounding the space caps returned.
You can check that out at that mortgage guid Don,
and you can also apply for a loan there. You
can get all the deats. You can listen to every

(37:25):
episode of this podcast that are online now. That gets
two hundred and seventy two episodes, hundreds and hundreds of
hours right there at that mortgage guy Don. Click the
link tree down at the bottom. You can connect to
all of our podcasts just like that simple as pie. Oh,
I like pie.

Speaker 3 (37:44):
Pi is good. Pie is good. He also good.

Speaker 2 (37:47):
You can text in questions today anything having to do
with mortgages, real estate, business loans, reverse mortgages, buying a house,
selling a house, you inherited a house, you're gonna inherit
a house, you getting divorced. You want to split the baby?
That happens a lot, it does it? Does you know
they're worthing baby? I split the baby? I mean metaphorically
the house. You know, you have to split the house.

Speaker 3 (38:09):
Somebody gets money, or but everybody gets money, or somebody
gets money and somebody gets out.

Speaker 2 (38:13):
It depends Yeah, it depends on you know, sometimes marriages
last six months, and you know, somebody might have owned
the house for twenty years, so sometimes they've owned it
together for twenty years. You just never know what the
circumstances are. But yeah, if you are, you know, amicable,
we can often figure that out. How to help with that.
And the same thing with inheritance. We have people that
inherit houses and then want to finance them, or they

(38:34):
have to pay out a sibling, you know, money that's
owed on an inherited property or things like that. Any
of that I can help you with. Text into seven
seven zero three one. We'll answer those right here lab
on air and all during the week. You can also
reach us the same way at the website or the
Instagram at that mortgage guide don.

Speaker 3 (38:50):
Here's the one that says, I'm interested in buying a
home to rent out as an Airbnb B and B.
Can I get a conventional one on this? And what
kind of cash is required to buy a five hundred
thousand dollars home for this purpose. I live in South
Orlando and the home next door is going up for sale.
Any problems to watch out for? It would be handy
to have your Airbnb next.

Speaker 2 (39:09):
Door, right, I guess yeah, as long as they didn't
know you were next door.

Speaker 3 (39:13):
I don't know. I think it's good because you can
you know, manage it and right, you know, don't have
to drive somewhere all the time to do stuff. Just
go next door. That could be anyway the finance.

Speaker 2 (39:24):
You can finance homes now specifically to buy airbnbs. This
was in the case a couple of years ago, and
it's not the case still. They asked if they could
do a conventional loan. You cannot. You can't do a
Fanny May or Freddie mac or VA or USDA or
FHA loan to buy an Airbnb. So most banks are
going to tell you no, we don't have a product
for you to buy a home just for the purposes

(39:44):
of airbnbing it. But as a mortgage brokerage, we do.
I have access. So like if you work at Welles
Fargo Bank, you can only do the mortgages that Welles
Fargo does. But I have my own licensed State of
Florida mortgage brokerage, and that means that I can do
loans with one hundred different lenders that are wholesale lenders
and wholesale means that they don't have a facility for

(40:05):
doing loans and applications and closings and all that with consumers.
They utilize mortgage brokerages like US as their labor force,
and as a result, we have lower pricing, usually rates
half a point to a point lower because the company
that is loaning the money, it's still your Fanning may
loan your Freddie Macklan is just a lot of times,
but it's just through a wholesale bank. And then the
wholesale banks also offer programs like what are called DSCR loans,

(40:29):
which is a debt service Compare ratio loan. That's the
type of loan we would buy an Airbnb with. I
have an investor that has bought several of them, over
a million dollar properties out in the tourist areas and
you know is renting them out all the time. The
issue is you have to watch out the pitfalls they
asked you have to watch out for the community that
the you know, if it's an hoa community, they might

(40:50):
not allow airbnb or short term rentals. So you've got
to make sure you're buying in a place that where
there is no HOA or it doesn't matter you need money.
Wise a DSCR what it does it look not at
your income, not at your debt ratios. It looks just
at the property that you're going to airbnb. And they
have a database called Airbnb or I'm sorry, air DNA,

(41:11):
it's called, and we as Landers can go to that
resource and figure out how much this property will rent
for as an Airbnb in the area where it is
based on other rentals. So that's where we use the
ratios to figure out this loan. So all you need
to get approved for this is a twenty percent down payment,
which could be a lot, you know, four hundred thousand,
that's an eighty thousand dollars down payment, or they were
mentoring five hundred thousand purchase. That's one hundred thousand dollars

(41:35):
down payment plus your closing costs. And then they also
want to see twelve months of reserves that you've got
in a four to one k ra saving some sort
of investment worth four of twelve months of reserves for
the payment on that property. They don't look at your income,
they do look at your credit score. And so we're
doing a lot of these right now and it's a
loan where an investor who has some money and some

(41:56):
reserves and a good credit doesn't have to tie necessarily
their personal income into it. In debt ratios, it's all
based on how much rent the house is going to receive,
how much the monthly mortgage is going to be simple
as that. So it's a great question if you're interested
in that. We are doing a ton of them and
it is a good way to make some money. The
person that I know that has done a few of

(42:18):
these properties, and these are big property, over a million
dollar properties where they have five six bedrooms and five
six baths, so they're running them out to families that
are coming here for you know, the a tourist attraction
or a family reunion, and they're running these property properties
out for ten k a week. So you know, there's
a lot of money to be made on airbnbs, especially
since we live in such a tourist mecca. If you

(42:41):
will here in Central Florida, that's a great question. Thanks
for texting that into seven seven zero three to one.
We got to take a quick break and then we'll
be right back at the top of the hour. Hey hey, hey, hey, hey,

(43:22):
hey hey, welcome back to the Home Loans Radio show
with that mortgage guy. Don we're here. We're doing it
top of the hour, thirty minutes to go, bringing us
back in that song. That's the shadenfreude is that's the one, right, Fritz?
Did I say it properly?

Speaker 4 (43:39):
Yes?

Speaker 2 (43:40):
You did? And that's from from which.

Speaker 4 (43:43):
Album Enough about Me? The Real Fritz?

Speaker 2 (43:47):
Enough about Me? That's a that's a good one. That's
a good one. I like it. You are so gracious
to play your live creative music on our show week
after week, year after year. What do we sixth rade
our seventh seventh year in our row? And you too
can enjoy all of Fritz's music on Spotify or Pandora
or wherever you wherever you consume music, you can find

(44:09):
him under the Real Fritz or Florida Slang or Corvis Incorporated.
Any others you want to add to that list there, jeff.

Speaker 4 (44:20):
Lucius, Lisa. Yeah, and there's also from Mars yep that
was an old old project, and then the Fort Fritz podcast.

Speaker 5 (44:29):
Mm hmm, that's it.

Speaker 2 (44:31):
That's enough. I like it. Yeah, So yeah, if you
if you like what Fritz does, you can follow much
more of it and follow him on Instagram at no
underscore regrets Underscore Coyote. Welcome back to the show. We're
here doing what we do. You got some You can
text in your questions to seven seven zero three one.
Join the conversation. We are live. We are the most

(44:51):
livest show right here on Real Radio one to four
point one every Sega Saturday for life. That's right, that's
the sentence. Occasionally we'll take one off, but normally not.
And we're here late March chilling.

Speaker 3 (45:04):
All right, And if you want those tickets to the
pinball part of the bowling tournament, text me. I'll take
the first person who texts me and says they would
like them at seven seven zero three one.

Speaker 2 (45:13):
That's right. That's a charity bowllying tournament.

Speaker 3 (45:15):
Two most next Saturday.

Speaker 2 (45:18):
No, no, not next Saturday, April.

Speaker 3 (45:19):
Twelfth, Saturday afternoxt April.

Speaker 2 (45:22):
More than that. Today's yeah, three weeks.

Speaker 4 (45:27):
Right, yeah, yep, we got some time.

Speaker 2 (45:30):
Okay, anyhow, it's April twelfth, April twelfth, and that's the
just co call Mo charity Bowling Tournament. All of us
will be there where some of the celebrities and you
get to hang out with everybody. But the pinball thing
is cool. I want to play some pinball this year
I didn't get to. They have over at least fifty
pinball machines there on free play that during on free

(45:51):
play for the people that buy the fifteen dollars ticket,
or if you text MJ right now you can get
now two free at seven seven zero three one.

Speaker 3 (45:57):
Here's what it says. I'm just thinking about looking at houses.
Should I go ahead and get pre qualified? At what
stage should I get pre qualified?

Speaker 2 (46:04):
You really want to get pre approved before you do
much of anything. You know, you can start looking around
at houses online and see if you like them, but
but the next step is going to require you to
be pre approved. You could go look around in open houses,
but in order to actually have a realtor, you know,
you need to be preapproved so we can verify. Yes,
your scores are good enough. Yes, your income and your

(46:25):
debt ratios work. Yes, you can afford the payment. Not
only can you afford it, but you're happy with it.
You know. I get people all the time they say,
well how much can I afford? And it's like, well,
you could afford an eleven thousand dollars house payment, but
you probably don't want one that high, So you've got
to kind of work backwards. If people tell me they
want a three thousand dollars or less house payment, then
we can figure out exactly what amount of house you know,

(46:46):
purchase price you should be looking for. So there's more
information that you find out when you get pre approved,
not just that you're preapproved, but it helps you. It
informs you on where you need to be shopping to
meet your goals, the goals that you have for payment,
the goals that you have for a money out of
pocket to close and put down in all of those things.
Great question. So we have a winner and good.

Speaker 3 (47:07):
Nice, all right, just letting you know so people don't
feel like they need to keep texting it.

Speaker 2 (47:11):
Very good.

Speaker 3 (47:11):
We've had a few people text in and we have
a winner. The winner. Your phone number ends in six'.

Speaker 2 (47:16):
Nine oh, boy there you. Go do any of the? Others, no, okay, Good.

Speaker 3 (47:24):
There are lots of, people but six' nine.

Speaker 2 (47:26):
Was, FIRST okay i FORGOT what i was. Talking about that's.
All Right oh. I'm sorry so did Anybody? Remember bueler
someone will. Remind, me anyway you're Listening to homeloans. Radio,
SHOW no i was saying you could go to the website.
And apply if you're a first time, home buyer.

Speaker 3 (47:42):
How did they. Get started it's really.

Speaker 2 (47:44):
No hassle like you go to, the website you go
to the. You apply now it's the pre approval for
a purchase side of the you're either on PURCHASE. Or
refi you hit the pre approval for, a purchase we will,
contact you discuss, your goals collect, your, income documents, your
assets make sure we look at all. Your paperwork we
only do a soft credit poll in. THE beginning a

(48:04):
lot of other lenders don't want to do that, because
ultimately if we do a soft credit poll and then
we move forward and you find, a house we have
to later do a hard, credit poll and a lot
of lenders don't want to do that because it costs.
More money we pay for two credit polls instead. Of
one but, FOR me i think it. Makes sense it
keeps people scores from being dinged when they're just exploring.
The idea it keeps the inquiries off of your credit

(48:25):
when you're just exploring. The idea it lets you find
out if you're okay with the rate and the terms
and all that before we ever get to the point
of a hard. Credit poll so if you're a first
time home buyer and you want to find out no,
application fee, no hassle no hard. Credit poll you want
to find out if you can, get qualified go to
that mortgage guide don dot com on the web Or,
on instagram and there, you go bing.

Speaker 3 (48:45):
Bang boom so when, it, SAYS hi i am to
hero it my grandmother's, mobile hole it has taken ten years, to,
finish probate probate such.

Speaker 2 (48:54):
A nightmare probate can be.

Speaker 3 (48:55):
A nightmare oh, my gosh the home has been damaged.
By people. Probate said there was a. Nice insurance it's.
Nicely insured the home and the land. Come, together also
the utility wires were torn down from. The pole is this?
Worth replacing so you have land and a. MOBILE home i,
don't know yues you have to decide about that.

Speaker 2 (49:15):
Mobile home it depends on how old. It is it
depends on a number. Of factors this one'll probably be better
like a phone call or if you have an appraisal
or something like THAT that i could look AT so
i can see what's wrong. With it is it worth it?
To replace like if it's a nineteen sixty eight. Mobile
home you know that's going to. Be tough you won't
be able to get any financing on it.

Speaker 3 (49:34):
Or, anything well is it worth it to replace the?
Mobile home like get that you're rid of that one
and get a. New one maybe the.

Speaker 2 (49:39):
Question is are you going to live? On, it yeah
you gonna, rent there or you got to rent it,
to somebody. YOU know i, Don't know it just depends
on little. More details anytime you've got a mobile home
attached to land that is real estate and you can
sell it as a, real estate it may only if
it's in. Rough shape then the only people that may make,
an offer and it might be investors who are going
to tear that mobile home down and build houses, there

(50:00):
instead or a house or. Multiple HOUSES so i don't.
YOU know i probably wouldn't be able to give you
an answer without talking to you a little more as far.
As advice but there's a lot. Of opportunities just depends
if you're if you want to live in it you,
want to or you want to sell it and get
the money, for it or you want to invest it
and have a monthly money coming. FROM it i, don't
know we need. More details hit me up at. The
website we can have. A, conversation.

Speaker 3 (50:22):
HEY guys i did not include my HEELOCK that i
got last year in. My taxes should there have been
an area? For that AND do i still have time
to go back and? Fix it do you Think if
i've already? Completed, THEM well.

Speaker 2 (50:36):
I you think they're asking about the interest being able
to deduct the interest on. Their helock you should receive
a statement at the end of the year from any
mortgage lander, you have, first mortgage second mortgage helock telling
you how much interest, you paid and then you provide
that to your tax professional and they'll. Tell you, you know
whether it's applicable to you. Or not it's not always in,

(50:56):
every case depending on how your taxes. Are done so
the the the question is can you? Go, back yeah
you can always go back at a menu your. Tax
return the question is is it gonna be? Worth it,
you know if you only had two hundred and twelve
dollars of interest you know paid for, the year and
you also want to talk to your tax person and
make sure that you can deduct that under your. Current situation.
Great question thanks for texting that into seven seven zero.

Speaker 3 (51:18):
Three one here's someone, who says what is the process for?
Buying land land is a.

Speaker 2 (51:24):
Little tougher to buy than like buying a house because
there's not as many. Financing options you're not gonna buy
land the same way you Buy a fha loan Or
A fanny may loan where you put down three percent or.
FIVE percent i have a couple of banks that will,
finance land but most of they typically want forty. Percent
down so if it's in a minimum loan amount of
one hundred and one hundred thousand. Or so so if

(51:46):
you have a two hundred thousand dollars piece, of land
you're gonna need probably, you know eighty thousand of your
own money and then we can find a bank to
get the rest of it back. To you. Great question
thanks for texting that in to seven seven zero. Three
one you. Can two we still got a segment and a. Half,
left yes what time, IT Is mj time for. Compare
quote it's time for the compare quote of. The, week yeah,

(52:18):
all right here, We go here, we go compare quote of.
The week. What's, that well a couple of, YEARS ago
i had a study that, Came, out well there was
a study that came out that said that less than
twenty percent of people compare their quote once they get
their first, mortgage QUOTE and i feel like that was
not a. GOOD idea i feel like everyone should compare.
Their quote there's so much vast difference between one lender and,

(52:39):
the next depending on the type, of lender whether it's
a bank like your corner bank where you do, your
checking or whether it's a place like a big national
company that you've, heard OF like i Don't a rocket
mortgage or something, like that or whether it's a wholesale,
mortgage brokerage which. We are so there are big differences,
in there and you can save a lot of money
by comparing. Your quote the reason nobody compared to their
quote in the study was that it was. Too hard

(53:00):
so in order to make it as simple as possible
and help as many people, as possible we started this
compare quote thing on the website. For free you could.
Go there anybody can go there with. A quote, you
go you put in, your name, Your email you tell
me your. CREDIT score i don't need to pull your
credit score. For this then you upload the quote. You
have i'll look. At it within a. FEW minutes i
can tell you whether it's good bad whether you could.
Save money in, this case these folks needed to compare

(53:24):
their quote because they had gone under contract four weeks
ago and were doing a loan with, their bank and
even though the bank had allegedly, preapproved them they were
denied for their loan less than two weeks. Before closing
so they reached out to us, to see, you know
if there was any way to salvage. The situation they
were going to, lose deposits they were going to. Be
homeless their house was also. Under contract and THEN when

(53:47):
i asked them what the, ratios were they said they
had been denied because their debt ratios were. Too high
the bank had. Denied them the ratios were thirty one and.
Forty four what that means is they look at how
much of your income goes towards paying for, your house
which was the thirty one percent of, their income and
how much of their total income goes to paying all,
their bills which is a forty four. Percent income and
the bank did not approve them because they had a

(54:09):
maximum debt ratio for conventional loans of. Forty three but
that's not the actual that's not the actual Limit For
fannie may banks and credit unions and places like that
that do. Those loans they can have their, own rules their.
Own Overlays So fanny may actually allows up to forty
six point ninety nine back, end ratio but this particular
bank had capped their own at. Forty three so these

(54:30):
folks didn't. Know that they, Just, thought okay we can't
qualify for. A loan, We're done, We're dead we're losing.
Our money, their mom who listens to us on the on,
the show, sometimes said call that, mortgage guy don get a.
Second opinion so this wasn't so much a. COMPARE quote
i guess it was a compare quote like, you're denied,
you know in. Comparing it but we were able to get.
Them approved we had we had two weeks left to
close the loan before the contract was up and they lost.

(54:52):
Their deposit we were able to get them approved for.
The loan we gathered all, their documents submitted, a loan
and got a same day approval with with one of our.
Preferred lenders not only did we get them that get
them approved where they had, BEEN denied i also was
able to get them a first time home buy our
Grant From fanny may for forty five. Hundred dollars wow
that their bank didn't even talk to them about or.

(55:13):
Participate in and we closed the loan in, nine days
and we got them a half point lower rate than
what they had been would have been able to get
on the loan that. Was denied so huge win for.
These folks they went from, very sad denied on buying.
Their home they went from, no loan, no home no
from first time home buy our grant with a six

(55:34):
point seven five rate to having all of that with
a six point twenty. FIVE rate i saved them one
hundred and seventy, five bucks actually got the, deal done
got them forty five hundred dollars in free fan. May
money their mom had hurt us on, the radio and
here's what. She said, she said, don't pout give don.
A shout i have no doubt he'll sort it. All
OUT and. I did and it's time for. The jingle,

(55:56):
Hell yeah god com there. You go you? Do, it,
yeah baby.

Speaker 4 (56:06):
Mom said, That, BAY.

Speaker 3 (56:08):
Yeah i might have the mom has a little.

Speaker 2 (56:13):
Poetic, bent no that was the gist of what she.
TOLD HIM i i added the RHYMING ninety i. Was
inspired it was day there were limericks about, you, know
yeah there.

Speaker 3 (56:23):
You go that's a that's a pretty awesome, story though
that they were just going to not be able to.

Speaker 2 (56:27):
Do it or they, were done they, were canceled they,
were denied and then they just could and then the
realtory on the other side of the listing agents said
there's no way they'll be able to close in. Ten,
days okay hold, my.

Speaker 3 (56:37):
Beer yeah, Little, faith yeah oh.

Speaker 2 (56:38):
My beer we've. Closed loans the fastest we've, closed one
and the fastest you can close one convention alone is.
Seven days and we have definitely done that before and
done them in, Ten days donovan. Twelve days, you know
if you got, an emergency you, got denied don't just.
Give up you might still have. A shot let us check.

Speaker 3 (56:52):
It, out wow that's so that's.

Speaker 2 (56:55):
So cool you are listening To The home loans radio
show with that Mortgage Guy don. We're here you and
check us Out on instagram At That Mortgage guide, don
anytime and you can also go to the Website That
Mortgage guide don. Dot com all kinds of cool things
you can. Do. There apply you can APPLY, for refi
Apply For Helock Reverse CONVENTIONAL loan, sba loan you. Name

(57:15):
it we'll be right back for the final segment.

Speaker 1 (57:17):
Of today do you have a question for that? Mortgage
guide don text us at seven seven zero. Three one
now Back To Home loans Radio On.

Speaker 4 (57:25):
Real, radio yeah the Best live saturday morning radio talk
show in the history of. The World That's Home. Loans Radio.
I'm fritz we've got mj and that mortgage You. Got
don you can Always email don At Home loans radio
dot com Or that Mortgage You got don.

Speaker 2 (57:40):
Dot com there, You go, Welcome back welcome back to.
The show what do? We got, you gotta You gotta
there's ONE thing i want to mention here and then
we'll see what you.

Speaker 3 (57:50):
Got There M, JAE okay i just want to say
a person. Hit back it's a great answer for the.
Helock question you relieved a lot of stress and my.
Wife's heart you'll have a Great, r well.

Speaker 2 (57:59):
There, you go doing The good lord's work right here
on the radio Every. Single saturday what we? GOT here
i wanted. TO mention i meant to mention this earlier
that we have a program now that a newer program
that's come out where we can do cash out loans
up to ninety percent of the value of. Your home
that's Unusual Because Fanny may freddie mcdough they only allow.
EIGHTY percent faja allows, EIGHTY percent va. Allows ninety but

(58:22):
we have another conventional option that allows you to get
up to. Ninety percent so if you were trying to
do a cash out loan at eighty percent and they
told you you didn't, debt ratio or you, couldn't qualify
or you weren't able to get enough, cash out hit.
Me up We got we got a. New program it's,
not new it's new. To us it's a new bank.
To us they've been doing this for for four, years
now but it's a new program to us where we're
going to do up to ninety percent conventional cash. Out loans,

(58:45):
Pretty cool. PRETTY cool i don't think anybody else has
that here in The central. Florida area if, they do then,
they do but very. Few will let's see what else we.
GOT here, I guess i guess it's time for the.
Speed round time for the. Speed round there.

Speaker 4 (59:04):
It's always the one channel. That's off, uh.

Speaker 2 (59:06):
Yes not getting on you that it's time for the.
Speed round That's Where i'm jay's gonna ask me a
bunch of the questions we haven't gotten. To, Yet today
i'm gonna try and answer them real quick and fit.
A bunch AND if i don't get, to yours it
doesn't mean we didn't. Want to it just means we've
ran out. Of time but you can go to the
Website or instagram and send me the question outside of
the SHOW and i will answer it outside of.

Speaker 3 (59:24):
The show, All Right so i'm gonna ask you some,
questions quick and you know you probably will answer them,
not quick but here. We, go uh and this we haven't.
Had before why aren't septic tanks and systems included in?
Home inspections do?

Speaker 2 (59:38):
You, KNOW well i mean you can typically, get uh,
the inspector, you know the same inspector that's doing your,
home inspection. Can typic it's typically certified to do what
was it septic?

Speaker 3 (59:50):
And, what, well yes septic and septic. Tank system but
the thing is that.

Speaker 2 (59:55):
Most houses probably probably only about thirty percent of homes in,
this area, you know and central like if you Looked
At Orange, osiola seminole probably about maybe thirty percent of
the homes or on. Septic tank, and well so the,
general inspection the, general price the general inspection that home
inspector does is not going to include that because seventy

(01:00:15):
percent of the homes don't. Have that so it's going
to be something you can have none you just have
to pay for an add on. To it it's it's
above and beyond the normal home inspection that's hooked up
to city water and, city sewer and it's not a
small amount of time to inspect a, you know an easy. Thing,
too well typically you're going to have to do some
sort of digging to get, you know to get into the.
Septic tank it's hard to determine the. Drain fields it's

(01:00:38):
it's not an easy thing. To do so it would
probably add another one hundred or two hundred dollars to
the cost of a normal inspection that didn't have to
that didn't. Need that, great.

Speaker 3 (01:00:46):
QUESTION do i need a service Like title homelock if
my house is in a? Revocable, trust well does anyone?
Need Homelock The.

Speaker 2 (01:00:56):
Title homelock thing is what they do is. They monitor
you give them your information and they monitor to the
counties where you have things, going on and then they
let you know if any new documents were recorded in. Your,
name yes what you can do. That yourself you go
to any county or most every County, in florida and
you can give them your information and it's a free
version of that. Title lock they'll let you know if

(01:01:16):
anybody else changes, a title or if anybody makes an
adjustment to a title or adds themselves to. A title
so FOR that i wouldn't recommend paying for the title
lock whatever if that's the only thing, you're doing because
you can get it done. For free it doesn't really
have much to do with being in. A trust the
types of fraud that people are worried about are people
changing the title falsely with fake IDs and things. Like

(01:01:39):
that but if you find out about it, right away
you can usually get it reversed and get the law
or get an attorney involved and. Fix it so one
of those ways you should do either do it through
the county or do it through the service where, You
PAY but i do recommend doing that so you are
notified when something changes on any title that you are,
part of or any document recorded on the county public
records or clerk of the with your name on it

(01:02:00):
will also send you. An alert here's.

Speaker 3 (01:02:03):
Someone who's asking do you offer forty year. Mortgage terms
there are a.

Speaker 2 (01:02:07):
Couple of banks that are offering forty. Year TERMS but
i got to, tell you, you know you'd. Be surprised
you'd think that going from a thirty year mortgage to
a forty, year mortgage like your payment would drop. A
lot it's really not that much of. A drop you've
already Paid most it might be two or three hundred
dollars because you start out even, for like when you
start a thirty, year mortgage you're only paying like maybe
five percent each month. To principal if you do a forty,

(01:02:29):
year mortgage you're only paying like two percent in the
very beginning each month. To principle so it can stretch
it out and it can make it a little less.
Per month but the interest you pay over those extra
one hundred and, twenty payments you know it is going
to be one hundred and twenty grand or two. Hundred
grand it's. A LOT so I don't i'm not really
a big fan. OF them i haven't actually, done one
but we do have.

Speaker 3 (01:02:47):
Them AVAILABLE can i refinance my eight year old eight
yo helock with a? New one my property values are much?

Speaker 2 (01:02:54):
Higher, now yeah an eight year? Old here if you
did a helock eight, years ago your property values have,
probably doubled and the amount you were able to get
was probably based on a certain percentage of, the value
usually eighty percent or eighty five or ninety percent of
the value of. The home so you could get a,
new helock use it to pay off, that helock and
then still have an even bigger line of credit to
use in the future if you, need it based on

(01:03:16):
the current value of your property one hundred percent.

Speaker 3 (01:03:19):
And what is the minimum score for helock on a,
second mortgage and what are the rates.

Speaker 2 (01:03:24):
The scores, you know you've got to be in the
six forty six to sixty range and up to be
able to do a home equity line. Of credit the
rates are going to depend on how much of the
equity you're, Taken out like if you're only taking out
half of the equity in, your house well then that's
a lower rate than if you're taking out ninety five
percent of the equity in, your house because it's a
different risk for. The bank so it depends on, The
rates it depends on your, credit scores a number, of

(01:03:45):
factors the type of, the terms their, draw period all.
Those things BUT so i can't give you an exam the.
Exact answer The lowest i've seen in the last month
was about five. Point nine The highest i've seen in
the last month was eleven. Point one so that's kind
of the range most people. Fall in the eighth to
nines Is what i'm seeing for. Heat, locks okay, riddle
time which is fantastic if you're comparing that to credit

(01:04:06):
card rates of. Thirty percent, of, course yeah.

Speaker 3 (01:04:08):
Riddle time, all right so this one is, not hard
so so so. Be speedy did.

Speaker 2 (01:04:13):
We get the email of the person that won? The? Tickets, yes?

Speaker 3 (01:04:15):
Okay good so this, is uh this is a who
who rings?

Speaker 2 (01:04:18):
In first who rings? In, First, Yeah fritz ready take
a quick. Coffee.

Speaker 3 (01:04:23):
Break ready there are two ducks in front of, a
duck two ducks behind, a duck and a duck in.
The middle how many ducks? Are there?

Speaker 2 (01:04:31):
Two? Ducks? Shucks?

Speaker 3 (01:04:33):
Three, three yeah you just, guess.

Speaker 4 (01:04:35):
IT ma'am i just. SAID two i.

Speaker 2 (01:04:38):
Knew there was at. LEAST three i was trying to
figure it out if.

Speaker 3 (01:04:40):
There, was, okay yeah it's two ducks in front of,
a duck two ducks behind, a duck and a duck in.
The middle, but yes the answer is three.

Speaker 2 (01:04:47):
Three, ducks, well folks you. Did it You did you
successfully wiled away another ninety minutes Of your saturday morning
doing the thing With here here with us Live On
real radio one oh four, point One follow Ritz On No,
Underscore Regrets, underscore coyote and follow me At That. Mortgage
guide don play us out of here with. Something cool fritz,
all right here.

Speaker 5 (01:05:08):
You go he just.

Speaker 6 (01:05:10):
Swear money Hey ca, JA song.

Speaker 5 (01:05:29):
I tell you.

Speaker 6 (01:05:30):
He channels.

Speaker 1 (01:05:36):
You've been Listening To Home loans radio With That. Mortgage
guide don join Us every saturday at nine Am On
real radio one oh four point one and check us
out online At Home loans radio dot com