Home Loans Radio 03.29.2025 with That Mortgage Guy Don- Commercial SBA Loans and Helocs and Reverse Mortgages oh my!

Episode Transcript

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

Speaker 2 (00:12):
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, it's me. I'm here. We're doing
what we do every single Saturday right here, live on
Real Radio one oh four point one. We are indeed
live today, last Saturday of the March. Good morning, MJ's.

Speaker 3 (00:32):
Good morning, lest Saturday of the year.

Speaker 2 (00:35):
I'm like, well, right, hold of the March. I'm ending
my year now, all right, which it used to it
used to be.

Speaker 4 (00:41):
You know, I was thinking March as a verb. I
was like, where are we going?

Speaker 2 (00:45):
Also here as always a good morning mister Fritz's yeah.
Oh yeah. You know there's a theory about April Fool's Day, yeah, coming.

Speaker 3 (00:54):
Up because of the Pagans and I think the early
Christians correct, yeah, because the Gregorian calendar.

Speaker 4 (01:01):
I'm so excited. Tell me what's what's going on?

Speaker 2 (01:03):
Well, if you were going by the old calendar, this
would be the last Saturday of the year. That's the
April they're one of the theories of how April Fool's
Day came about, which is in a couple of days.
Is that had to do with I might need to
get research on it. But so it used to be
that the year ended in April as part of the
Julian calendar, and then when they switched to the Gregorian calendar,

(01:24):
they moved it to January. So the people that were
still on the old calendar thinking that the year ended
in April or the April Fools. Oh, but so that there,
so they could in some calendars it could be the
last Saturday of the.

Speaker 4 (01:36):
Year, and that was the Julian calendar. Yes, who's Julian Caesar?

Speaker 2 (01:42):
Probably? Ok, Yeah, they added a couple of months, you know,
A correct me if I'm wrong, Jeff, I know, you
know that's probably better than me. But they added months.
Back in the you know, August was a month named
after Augustus.

Speaker 4 (01:54):
I see.

Speaker 3 (01:55):
Yeah, there was one year that had like four repeating
days or something like that.

Speaker 2 (01:58):
Yeah, so that back in the day they were so
powerful they changed the months to their name, all right,
like Augustus, July, Julius, and so on.

Speaker 4 (02:07):
Well, I look forward to that happening in our times.

Speaker 2 (02:09):
Right, we'll have mj Ober Majober, we'll call it Majober.

Speaker 4 (02:15):
I think it could happen. All the billionaires are going
to be like, I'm changing this to abasos.

Speaker 2 (02:21):
Yeah, well, there you go. Who knows what's going to happen.

Speaker 3 (02:24):
The alex and the Alexandrian calendar in Egypt started on
twenty nine August, and then let's see March first was
the Julian calendar being adopted in eighty nine eighty eight.
It's so many dates?

Speaker 2 (02:41):
Wow, yeah, well there you go. Anyway, April Fool's Day
coming up?

Speaker 4 (02:45):
Yeah, yeah, and dummies, I look forward to being fooled.

Speaker 2 (02:51):
Well, today's the twenty ninth. Yeah, is there?

Speaker 4 (02:54):
How many days are in March?

Speaker 2 (02:56):
Thirty one?

Speaker 3 (02:58):
I just was kids, I don't know at thirty one?

Speaker 2 (03:01):
Yeah, so what's that Wednesday? Then? All right? You want
to you got a coworker that you never really liked anyway,
and Tuesday.

Speaker 4 (03:09):
Yeah, Tuesday, that will be April Fools.

Speaker 2 (03:11):
Fore you I just made my first April Fools shoke,
told everybody it was Wednesday. But yeah, if you got
that coworker that you pretend to like, you don't really like.
But this is your chance to do something awful to them,
you know, like fill their cubicle with packings.

Speaker 4 (03:23):
You know you do that anymore. I think that's been
frowned upon now at the workplace. Oh, I know, can't
even put somebody stapler in jeli. Huh, that's that's from
the office, the British office.

Speaker 2 (03:33):
Oh you mean like gelatine jello in the British Remember that.
I remember that you put Dwight's stapler in.

Speaker 3 (03:42):
So from the Wikipedia article, by the way, about April
Fool's Day, Some historians suggest that April Fools originated because
in the Middle Ages, New Year's Day was celebrated on
twenty five March in most European towns, and it ended
on April first, and those who celebrated New Year's Day
on first January you made fun of those who celebrated
on other dates by the invention of April Fool's Day.

(04:04):
So it's it's almost exactly what you're talking about.

Speaker 2 (04:07):
Yeah, yeah, fools, there you go, April Fools. I start
my calendar. You should just decide.

Speaker 3 (04:16):
This is my October. It's always spooky season for me.

Speaker 2 (04:20):
Nobody else knows about it. It's a secret show. Just
for me.

Speaker 4 (04:23):
Yep, Graveler says time is just a construct traveler.

Speaker 2 (04:31):
Yeah, I'm twenty one. There you go.

Speaker 3 (04:33):
Oh well there you go.

Speaker 2 (04:34):
Can change time, Yeah, you can just be younger. You
want to be able enough to drink him vote, so
you want to go back too far?

Speaker 3 (04:41):
You know what, I'm really really excited about. What's that
in a couple of weeks The Last of Us seasons?

Speaker 2 (04:47):
Oh me too. Oh yeah, it's already, it's already wrapped.
I know, Yeah, it's I'm excited. I was thinking about
you the other day. I saw the trailer for it. Oh,
we'll be talking about that man.

Speaker 3 (04:58):
If who ever plays Dina in the Last of Us. Oh,
she's a beautiful woman, so that much.

Speaker 4 (05:06):
So you already know the whole story from the game.

Speaker 3 (05:08):
I mean if they change it then no, but yeah,
from the game.

Speaker 4 (05:11):
Yeah, but you know what to look for.

Speaker 2 (05:13):
Tell people listening what the Last of Us is, Jeff,
that you're excited about, so they know what we're talking about.

Speaker 3 (05:17):
At the Last of Us, it's like an actual an
actuer with an r in there. It's an actual fungus
called courtyceps, and it infects ants and turns them into zombies.
And it's a real thing. So the premise is as
the world heats up, this courtyceps could evolve and then
infect humans. So the last of US season one was

(05:39):
last year, and it's basically they find this young girl
who is immune seemingly from the fungus. They're trying to
get her to a hospital, and then you know, Shenanigans
takes place. And now season two it's the fallout of
that and was the right choice.

Speaker 4 (05:54):
Made right because he decided not to.

Speaker 3 (05:57):
He decided not to because he loves her. Very exciting
meaning Pedro Pasco, yes, who could get it. Yeah, he's
blowing up man on everything lately.

Speaker 2 (06:10):
Yeah.

Speaker 3 (06:10):
Him and also Walton Goggins.

Speaker 4 (06:12):
Yes, everywhere. Yeah, I'm I'm an early adapter Walton though
back in back the the Shield.

Speaker 2 (06:18):
Yeah, that was a great show.

Speaker 4 (06:19):
Whenever I see him, I always think, Shane.

Speaker 2 (06:22):
There you go. Well, you are listening to the Home
Loans radio show with that mortgage guy Don We're going
to talk about mortgage is my crew, MJ Fritz. We're here,
We're doing what we do. Uh, you can text end
of the show. We hope you do join us. It's
a participatory show. Text into seven seven zero three one.
Tell us what you're doing out there? Say hi, I
tell you know. You got a mortgage question, you got

(06:44):
a commercial loan question? You gotta you want to ask
about you name it, you can ask about it. You
just inherit a house. You want to figure out how
to finance it, how to change the financing. You're getting divorced.
You want to find out how that works? Text into
seven seven zero three one join the show. You can
also go to the companion website that mortgage guy don
or follow me on Instagram at that mortgage guy don

(07:05):
And uh that's how we do it, right, m jay?

Speaker 4 (07:08):
Yeah?

Speaker 2 (07:09):
What did I miss? Nothing of zero three one?

Speaker 3 (07:14):
I asked myself that every day?

Speaker 4 (07:18):
Nothing?

Speaker 2 (07:19):
Yeah? Yeah, Then you looked at it, you know, down
on that scrap of paper that I crumbled up at
eight thirty this morning. Oh yeah, that I forgot.

Speaker 4 (07:26):
I missed that.

Speaker 2 (07:27):
I got to write everything down, Write it down or
it doesn't happen. There you go, what do you Well?
You got some folks texting, and we got some jump
on one. So when we got too far behind, Hello, hello,
hello to you.

Speaker 4 (07:40):
I have a rental propty and I'd like to sell
the current tenant would like to buy.

Speaker 2 (07:44):
Well, that works out good, seems like.

Speaker 4 (07:46):
A good plan. And he's an older gent on a
fixed income. How how how yo oh is he? We know?
Is there any way that I can offer some kind
of credit for the rent he's paid over the last
year to count towards his down payment? He is a
veteran and I want to help him.

Speaker 2 (08:05):
That's nice of you, and it sounds like it works out.
You want to you want to sell, he wants to buy.

Speaker 4 (08:09):
He's a veteran.

Speaker 2 (08:10):
Out if that plays in anything, yeah, I mean there
are agreements that can be written up ahead of time,
you know, like a least to own or something like that,
or rent to own type document. It can be you
don't actually have to follow. I mean that's if you
had done something like that, that's fine. But there's ways
that you can do it, especially with a veteran. Because
a veteran, if they can qualify, we'll have to get

(08:31):
them to do the pre approval and see if they
qualify for a VA purchase. You know that they can
debt ratio for the loan. But the best thing about
the VA loan is that it doesn't require down payment.
It's one hundred percent financing, and then you, as the seller,
are able to pay the closing costs. So yeah, you
could help them out. If you wanted to give them
five grand or ten grand or whatever, I don't know
what number you're thinking, they would have to have whatever,

(08:54):
you know, whatever they need to make up the difference
in their own cash. But you can give the entirety
of the closing costs to to the buyer. So really
they get in the house with almost no money out
of pocket, no new money out of pocket.

Speaker 4 (09:05):
If you give them the closing cost, is that money
you actually have to take. It's actual money or is
it a credit?

Speaker 2 (09:10):
It comes out of the sale of the house, you know.
So if you sell it for four hundred thousand and
you know the closing costs are ten thousand, well then
you would walk away with the you know, ten thousand less.
So it's it's not money you got to go get
out of the bank, you know, and pay closing costs.
It comes out of the transaction. The only real expense
that the buyer would have would be the appraisal, the
cost of the appraisal that was running about VA appraisals

(09:32):
run about five or six hundred dollars, so they'd have
to pay that. But even that, you know, you can
pay on a credit card and you can be reimbursed
out of the closing costs fund, so that you could
make it so that the veteran, the person living in
your house was able to buy it with no money
out of pocket if you wanted to, or if they've
got some of their own money, then you can half
and half it, or you know, we can figure all
that out. I can show you everything on paper. The

(09:53):
way they get started, they'd have to go to the
website that mortgage guide don and hit the pre approval,
apply for a pre approval, and we'll figure out the math.
We'll talk with you. See what you want to, you know,
donate from your good tenants, that is buying your property.

Speaker 4 (10:06):
Do people still do hold private mortgages ever? Or is
that not really happening?

Speaker 2 (10:10):
Now you can it's they changed the rules in Florida.
The laws in Florida several years ago. The statute changed
about private mortgages and how you could hold private mortgages.
There used to be a lot of private lenders or
hard equity lenders that would loan to people on their
primary residences. They made the rule that it couldn't You
couldn't do it on people's primary residences. You can only

(10:31):
do it on second homes or investment property, so that
it kind of creates an extra wrinkle. But you can loan, Yeah,
I'm doing air quotes here of family members or close friends.
So you can do kind of a personal loan to
somebody that you know. But to do it as a
business on the primary residence this is a little bit.
There's laws involved with that keep that from happening now.

(10:52):
But like if your brother, you know, your buddy Bob
wants to loan you have four hundred grand to buy
a house, Thanks Bob, they can. The problem is, you know,
do you pay it back? Do they foreclose? What happens
if Bob dies? It goes to his heir? You know,
it can be it can get dicey, uh, you know
as to what's happening with the money and where it
goes and who's entitled to it. So yeah, well, I.

Speaker 4 (11:13):
Bob was such a great guy.

Speaker 3 (11:14):
He was a good dude. He lent me money all
the time.

Speaker 4 (11:16):
He lent you money. You got a house. Yeah, now
his new girlfriend's telling you she owns it.

Speaker 2 (11:21):
He always purchased. She's squatting there, you don't like. Probably,
private loans can work, you know, in between trusting family
members a lot of times, but it can be tough
when you start getting outside the family into situations like that.
You know what happens if something happens. Yeah, great question,
Thanks for texting that into seven seven zero three one.

Speaker 4 (11:44):
My husband and I are buying a house graduate gradulation.
The house. The house costs three hundred and fifty seven,
five hundred. We want to put down one hundred and fifty.
They're giving us a seven percent interest rate with a
seven eighty score. Is that a good rate?

Speaker 2 (11:58):
Now?

Speaker 4 (11:59):
Seven percent? What is? What is? What is that?

Speaker 2 (12:02):
That's not a good That's not a good rate?

Speaker 3 (12:04):
Quote?

Speaker 2 (12:05):
Sounds like that's maybe that's what they're doing. Yeah, if
you go to the website on that mortgage guy down,
there's a button at the top sets compare your quote.
You can just pop it in there and upload it
and I'll take a look and tell you if it's
good poor, great, you know, or if you can do better.

Speaker 4 (12:19):
But seven putting one hundred and fifty down in the
house is three three fifty seven?

Speaker 2 (12:23):
Yeah, you're you're that's not a good rate. I can
tell you right now. Anything over. If you got that
kind of credit score and you're putting down close to
fifty percent, your your rate should.

Speaker 3 (12:33):
Be better be dropping.

Speaker 2 (12:35):
Yeah, mid low, mid to low sixes. I would think,
unless there's some prize, some surprise I don't know about.

Speaker 3 (12:41):
Just as a reminder there it is. Yeah, the jingle
and everything.

Speaker 2 (12:49):
That's what the jingle is telling you to do. You
know you got to quote compare it. Don't be a goofball.
I'll do it for free. It costs nothing. I don't
pull your credit. You just put the quote in there.
I'll tell you if it stinks, or I'll tell you
if it's wonderful. That's it. You got a guy. You
got a guy who will tell you.

Speaker 4 (13:04):
Stacy says, just wanted to thank you Don and your
team for such an easy and smooth refinance recently.

Speaker 2 (13:10):
Thank you. Thank you. Yeah, we're doing We're doing a
lot of loans. It's actually a record month in March
for our company because so many people are buying and
so many people are back to refinancing. Now I'm seeing
a real uptick for the first time since I don't know,
two or three years ago. We're seeing fifty percent purchase
and fifty percent refs. The refights were down to like

(13:31):
ten or twenty percent of all the overall business there
for a while. What you got him check on?

Speaker 4 (13:35):
Oh just Stacy's comment was the team is amazing. Always
felt like a priority. Even Rose, who came to her
office to sign the paperwork, was fantastic.

Speaker 2 (13:43):
That's amazing. Thank you, Thank you so much for the.

Speaker 4 (13:45):
Shout out Rose from all Florida title.

Speaker 2 (13:47):
Yep, Rose, I've known Rose. I've been working with Rose
in the industry since the nineties.

Speaker 4 (13:52):
Wow.

Speaker 2 (13:52):
Yeah, she knows what she's doing.

Speaker 3 (13:55):
Man, that was in the previous century.

Speaker 4 (14:00):
I mean, on which calendar difference.

Speaker 2 (14:01):
Yeah, we're gonna take a quick break. We'll be right
back after these messages. Hey, hey, hey, it's that mortgage
guide Don March is here and the time has come
to spruce things up and get those new windows installed
before summers upon us once again. I spruced up my
place last spring, and I'm over the moon about my

(14:22):
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(14:43):
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call Renewal by Anderson today. Tell them that mortgage got
Don said to Calin, You'll be able to take advantage
of multiple discount and financing offers for the month of March.
It's almost over restrictions. Do appl so hurry get all
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(15:04):
That's Best Windows Florida dot Com. Licensed number CGC one
five seven six.

Speaker 3 (15:09):
Hey, this is Debora 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 4 (15:20):
Hey, Hey, you are listening to Home Loans Radio. Yeah,
that mortgage guy done. I'm MJ Coach. I want to
wish your mom a happy eighty seventh birthday this Monday.
Happy Birthday coaches. Mom. Wow, that sounds wrong, but you

(15:41):
know if your mom named your coach, ye, yeah, you
gotta be used to that by now.

Speaker 3 (15:45):
Just be very careful with those birthday yeah.

Speaker 4 (15:50):
Yeah, the mother of Yeah.

Speaker 3 (15:54):
All right, the dump button is on. By the way,
I was about to ask, are you.

Speaker 2 (16:02):
A yeah?

Speaker 4 (16:03):
Okay, good, happy birthday?

Speaker 2 (16:08):
Thanks m Jay.

Speaker 4 (16:11):
Worry not, worry not.

Speaker 2 (16:16):
You are listening to that the thing, the Homeowns radio show.
We're here. We are the best, the only, the most exciting,
the most live, the live show right here on Real
Radio one o four point one on Saturday mornings. So
we're here doing it. You can be too, text into
seven seven zero three one. You can also go to
the website that Mortgage guide don dot com or check

(16:37):
us out on Instagram at that mortgage Guy done and
uh that's how we do it.

Speaker 4 (16:42):
Tell me what you're doing, Tell me your April Fools plans.

Speaker 3 (16:45):
Isn't it crazy that the Tesla cyber truck hasn't recalled
because they glued it together.

Speaker 4 (16:52):
It's kind of crazy.

Speaker 2 (16:53):
I just saw that. I saw that, you know, I
almost bought one of those. Yeah, like four or five
years ago. I had put in my reservation.

Speaker 3 (17:02):
Early you know, a thousand bucks or something.

Speaker 2 (17:05):
Right, I had seen it. I had seen him throw
shot puts through the windows on TV. You know, but
I thought they're gonna fix it.

Speaker 4 (17:11):
You thought it was gonna be good.

Speaker 2 (17:12):
I thought it looks cool. But the thing is, you
put in your one hundred dollars deposit. You know. It's
like four years later I got an email it said
your your truck is ready. I'm like, nah, I don't
let that anymore. Give me my one hundred dollars back.
But yeah, I saw that Almost every single one was
recalled due to how would you describe it? Losing pieces

(17:34):
under the.

Speaker 4 (17:34):
Siding piece is flying off while you're driving down the road,
which is okay for the Tesla apparently, but very bad
for the people behind you.

Speaker 3 (17:41):
Yeah right, And like the whole gas pedal being stuck thing.

Speaker 4 (17:46):
Yeah, that's also for the other people on the road.
Not good.

Speaker 2 (17:50):
Well, there you go.

Speaker 4 (17:51):
I think if you see a Tesla truck on the road, uh,
be careful, give yourself some extra room.

Speaker 2 (17:57):
One thing that impressed me about that truck when I
walked by one up close recently. If you get it,
the opportunity take a moment to pay some special attention
to the one windshow wiper. Oh my god, it which
is like seven feet long because the windshield is so big.
I'm like, man, what does that wiper blade get a
cost a place? Like four hundred dollars? It's enormous. It's

(18:18):
like it's six or seven feet long. It looks like.

Speaker 4 (18:21):
Anyway, I'm pretty sure it's a specialty item.

Speaker 2 (18:23):
You're welcome, You'll get a chuckle with you and you
see that. Okay, yeah, that's going to work long term.

Speaker 4 (18:28):
Here's someone who just bought a house and paid the
one year insurance upfront because they had to remove a
slide and a diving board from the pool so that
they could get a reduction of their insurance. I mean,
it's kind of bummed that you don't get to have
your diving board. Well, I see any of that within
the first year that I've already paid, or do I
have to wait a year for that cost to come down.

Speaker 2 (18:47):
Well, I'm not one hundred percent sure I understand the question,
but I will say a lot of insurance companies will
not ensure you if you have a diving board. You know,
or there's certain dogs that can that you can own
that can keep you from getting insurance or make your
insurance really expense. I remember when I was a kid,
every pool had a diving board. You know, at least
when a little.

Speaker 4 (19:04):
You know, people died from them.

Speaker 2 (19:05):
Oh yeah, yeah, it happens. I have seen more than
one of those. You know, at somebody's house. The pool
was built in the sixties, and you know, someone big
and strong jumps on the diving board and breaks that.
I've seen that before. But now what you see in
older houses is the holes where the diving board used
to be in the deep end of the pool. But yeah,
they can be pretty dangerous. People get to hurt from them.

(19:26):
But so normally, when you buy a house, you do
pay your first year of insurance upfront. That's normal in
every house, diving board or not. When you close. If
you have a mortgage, I should say, if you're paying cash,
you don't have to be insure. You don't have to
have insurance. That's up to you. You can self insure.
You know, if your house burns down, you're going to
build it back. But if you have a mortgage, yeah,
if you've got a mortgage, the mortgage company is going

(19:47):
to have it mandatory that you get insurance. And so
when you buy a house on a financing, you pay
for that whole first year of insurance upfront. So let's
say it's three thousand dollars and you're closing May first.
That insurance is good from May first, twenty twenty five,
all the way until May first, twenty twenty six, right,
but also part of your mortgage payment. Normally, if you're

(20:09):
es growing, you will be putting, you'll be paying your
mortgage payment, but also one twelfth of your taxes and
one twelfth of your insurance every month after that. So
I get a lot of people like, well, I just
paid for a year's insurance, why are they also taking
insurance out of my mortgage payment every month? Well, that's
for next year, so they're going to collect twelve twelfths
of that insurance. So that next year, that when it's

(20:30):
May first, twenty twenty six and that first policy is expiring,
there's money in there for the new one to be purchased,
and you don't have to come up with that three
grand in a big chunk. You've been putting money into
that escrow account the whole time. Same thing for taxes,
which are due every November. So when you buy a house.
Usually you're gonna put a few months of the taxes
already into the escrow account, because if you don't have
twelve payments before your taxes are due, then you'll come

(20:52):
up short. So sometimes you'll see a cushion of three
months or four months or five months going into the
escrow account. That's because of the timing of the situation
of when you're closing. That's a great question. Thanks for
texting it into seven seven zero three one.

Speaker 4 (21:07):
Stee Kyle says, good morning, Home Ones radio crew. What
an exciting game last night of red Stein Benner Field,
watching the Rays walk it off with the first pitch
home run, first walk off. Hopefully this season will continue.

Speaker 2 (21:18):
Yes, very nice.

Speaker 3 (21:19):
Baseball is back boy alright and the Rays one three
to two against the Colorado Rockies. And you know it's
funny because they are playing at George Steinbrenner Field, which
is the Yankee spring training game right for a stadium,
and they had one hundred and twenty hours to make
to make over the field to make it look like
the Ray's home like home field.

Speaker 4 (21:41):
Okay, how'd they do?

Speaker 3 (21:42):
It? Looks great?

Speaker 2 (21:43):
So they're doing it where in Tampa in Tampaka at George.

Speaker 3 (21:48):
Steinberner Field, which is the Yankee spring training capital.

Speaker 2 (21:53):
And then is that the ongoing plan since they don't
have a stadium right now?

Speaker 3 (21:56):
That is the ongoing plan.

Speaker 2 (21:58):
Wow, interesting, there's till of trying to get them to
come to Orlando. I don't know what's going on right Yeah,
I read about it a couple of weeks ago, but
I haven't followed up.

Speaker 3 (22:06):
The Santus is even like, you know, we can't they
can't leave the state. You know, the state is getting
bigger and bigger and bigger. We have to if Tampa
doesn't want them, Tampa never wanted them, Like, we will
take them somewhere, all right.

Speaker 4 (22:19):
Here's someone who says, why did a cyber truck just
pull in front of me while you're talking about pieces
flying off of cyber truck?

Speaker 3 (22:24):
Yeah, that's our that's all about that. That was the strategy.

Speaker 4 (22:30):
We got the heads up for you. You might want
to put a couple of cars between you, Yeah.

Speaker 2 (22:34):
I say. The student ed Driver's handbook says you're supposed
to give one car length for every ten miles per
hour of speed you're going. So the truck so six
sixty miles an hour. You need at least six car lengths,
you know, count to six seconds, and I have that
extra speed in there. Behind a cyber truck, I believe
you want to leave about two and a half mile
following distance, and you know, keep your eyes peeled because

(22:57):
there might be things on the road.

Speaker 4 (22:59):
Yeah.

Speaker 2 (22:59):
I was recently behind a truck that had a bunch
of looked like a demolition had torn down a house
or something, and they were going down the highway just happily.
Stuff flying out of their tar would bounce in. It
was like the truck was probably ten percent lighter by
the time it got to the dump or wherever it
was going. Yeah, that was as like, you know what,

(23:21):
I'm just going to slow way down and wait for
that truck to go away.

Speaker 4 (23:25):
They move along down the road, Yeah, trying not to
drive over any nails.

Speaker 2 (23:29):
You know, the testa truck. People are making fun of
it because of the recall and stuff, you know, but
the people that have them love them. I'm sure.

Speaker 4 (23:36):
Yeah, Okay, I mean they made it. They made that choice,
and it's a strong choice.

Speaker 2 (23:40):
That is a strong choice.

Speaker 4 (23:42):
It is not a don't look at me car. It
is a look at me car.

Speaker 2 (23:45):
Is it is it Is it just me, you know,
or is it seem like the last couple of cars
that have been the stainless steel kind of cars are
are famously like the DeLorean was was the while had
the famous the first one that did that kind of
stainless steel color and didn't exactly pan out.

Speaker 4 (24:05):
It worked great for you know, back to the future.

Speaker 2 (24:08):
Right, not for car sales.

Speaker 4 (24:11):
Yeah, No, Marty McFly loves it.

Speaker 2 (24:14):
Yeah, it's great for him. Well, there you go.

Speaker 4 (24:16):
Yeah, here's what he says. We'd like to apply for
home equity loan. We want to know what is the
credit score requirement.

Speaker 2 (24:22):
Home equity line of credit what they mean by that.
So like if you have a first mortgage on your
house and you've got a really good rate, you know,
maybe you did it. They're in the twenty twenty one
twenty twenty two range where you have a two or
a three or a four percent interest rate and you
have a lot of equity that you want to take out,
but you don't want to refinance that rate into the
current rates, which are going to be in the fives
and sixes depending on you know, what kind of fifteen

(24:44):
year loan or what type of loan you do, then
you can access that equity by doing a heelock or
home equig line of credit, and we have about a
dozen different options and terms and ways to do that.
The minimum credit score I'm seeing is around the six
forty to six sixty range, and even if people are
a little bit below that there we have a tool
where we can run through Equifax or Experience to try

(25:05):
and boost your score ten or twenty points to get
it where it needs to be. So if you're any
anywhere in that range, we can probably make it happen
for you. Of course, the better the score, the better
the interest rate on the home equity line, but those
are available, so between fifty thousand and a million that
you can take out on an equity line on your house,
or you can set it up on a line where
you draw a little here, you draw a little there,

(25:26):
you pay it back, you know, and it's just kind
of a working capital line of credit for you, securitized
by the equity of your house.

Speaker 4 (25:34):
And lots of people doing that.

Speaker 2 (25:35):
Oh my gosh, So we're doing so many. That's the
number one loan we've done, i'd say for the last
six months or so, it has been home equity lines.

Speaker 4 (25:41):
Just asking what their credit requirement.

Speaker 2 (25:44):
Is, you know, six forty to six sixty in that range,
and if you're slightly lower, we can still probably figure
out a way to polish it up for you. You
are listening to the Home Loans radio show with that
Mortgage Guide Don. You can check us out on the
web page at that Mortgage Guide Don. You can see,
well not see, but you can listen to all of
our past shows. There. You can apply for a mortgage,

(26:05):
you can compare your quote, you can do an application
for an SBA loan right there at that Mortgage Guy
Don dot com. We'll be right back after these messages.

Speaker 4 (26:15):
Hey, this is Ryan from the Monsters and now back
to that mortgage Guy Don on Real Radio.

Speaker 3 (26:20):
If you have a question about buying a home, selling
a home, refinancing, What the heck is a helock? Anyway
you just asked Don. You can follow him on Instagram
at that Mortgage Guy Don. You can also go to
that Mortgage Guy Don dot com. You can also text
in that question is seven seven zero three one, I'm Fritz,
We got MJ and that's Don.

Speaker 2 (26:41):
You ever heard of a piano day? No? Today is
piano day? Oh?

Speaker 4 (26:46):
What are we supposed to do?

Speaker 2 (26:48):
I was trying to figure out why it's called piano Day,
and it's not as complicated as you might think. Okay,
it's because it's the eighty eighth day of the year.
Oh nice, and a piano has eighty eight keys. I see,
so happy piano Day. All right, there you go.

Speaker 4 (27:01):
Okay, well that's a little known holiday. Go ahead and
say how do we celebrate piano Day?

Speaker 3 (27:07):
You play piano?

Speaker 4 (27:08):
All right?

Speaker 2 (27:09):
Yeah, you just you actually play one key per day January.
First you start, you can start at the base side,
you can start, yeah, and then you hit one, and
then every day you hit one, and then today you'd
be finishing. You'd be at the other end of the keyboard,
and you're done for the year. You've played the piano
eighty eight days in a row.

Speaker 4 (27:25):
Here's someone who said they had gutters installed. There it is, there,
it is. I mean, that's what I was going to say.
I was like, well, I know about the piano guy,
the piano man.

Speaker 2 (27:35):
Yeah, well there you go.

Speaker 4 (27:36):
Yeah, as somebody had their gutters installed last week by
a aluminum and they said six stars and three thumbs up.

Speaker 2 (27:44):
Six stars and three thumbs off.

Speaker 5 (27:47):
I like that.

Speaker 2 (27:48):
I've never heard that before.

Speaker 3 (27:50):
Six stars and three thumbs up.

Speaker 2 (27:53):
All right, five stars, get out of here. We got
six Yeah, I love that. Aluminum is one of our
new sponsors, along with the flooring the coast. You'll hear
their ads peppered in there today. But they did a
great job. I actually use them to do my gutters.
They did a great job. It was a really fair price.
The workers were amazing, so good. I'm glad that you
had the same experience. I would also give them six

(28:15):
stars and three eight. I'm gonna get them three and
a half thumbs up.

Speaker 4 (28:18):
Okay, there you go. All right, here's what it says.
I've seen coin Base, a cryptocurrency market exchange, offer loans
for those with bitcoin to allows people to leverage their
crypto without selling it and prevents paying the high transaction fees.
And there are any home loans you know of that
except bitcoin?

Speaker 2 (28:35):
Well no, not really. I mean I've had people utilize
bitcoin as a down payment before, you know. But you've
got to sell it. Basically, you've got to sell it
and move it into a financial institution like your bank,
and then then it's funds that you can use. But
as far as leveraging the coin without selling it. I
don't know of a way to do that. Just just wait, though,
I'm sure. I'm sure it'll be here soon. I keep

(28:56):
hearing about new crypto coins all the time coming out.

Speaker 4 (29:00):
Mm hmm. Yeah, I'm also starting a crypt crypto coin,
a crypt coin.

Speaker 2 (29:05):
What's your what's your coin going to be called? MJ?

Speaker 4 (29:08):
Well, first of all, I gotta I gotta mint the coins.

Speaker 2 (29:11):
I know J is convinced that you'll sell more crypto
if you actually give them a coin. I think I have.

Speaker 3 (29:18):
It's something you can sink your teeth into.

Speaker 4 (29:20):
Exactly, like, why would why would you pay so much
money for something you don't get the hold in your pocket.

Speaker 2 (29:25):
You can to hold the hard drive if you want,
your digital wallets if you will.

Speaker 4 (29:29):
Whenever they do an article about crypto, coins are always
stacked up. They always show the coins. That's why hence
the confusion.

Speaker 2 (29:35):
So what is your coin going to look like? What's
it going to be called? The MJ?

Speaker 4 (29:38):
I don't know. I think it should yeah, something something fun,
maybe more fun than that.

Speaker 2 (29:42):
I will trade you one million MJ's for a nickel,
not a good coins, tiger coins.

Speaker 4 (29:47):
I don't know it sounds cool. Tiger coins.

Speaker 2 (29:52):
Well, you might have a little legal battle with Tiger Woods,
but we'll figure that out.

Speaker 4 (29:56):
Oh, okay, own that word tiger.

Speaker 2 (29:58):
I don't know, but and uh, he's probably starting a
company called tier coins right now because you just heard
you say it. They I don't know if he's home today,
but you know they can't hear this station where they live.
Show that's right, allegedly allegedly there you're going, welcome. What
are you doing here? M J? You got a couple
of questions. There are people texting into seven seven zero
three one? Yep, all right, let's do something.

Speaker 4 (30:20):
I have a VA home loan with a six point
twenty five percent rate? Is there an ideal time or
rate when it would be the best for me to
apply for? And I R R r L?

Speaker 2 (30:31):
Are you okay? Are you all right?

Speaker 3 (30:33):
I don't know.

Speaker 2 (30:33):
It's so it's so confused, I r r L. It's
actually the thing, MJ. MJ's okay, she's all right?

Speaker 4 (30:39):
Why three R is it?

Speaker 2 (30:40):
Well, it's because the it's the VA. It's a military.
They like to put initials on everything. They'll write a
whole sentence and then turn it into initials and that's
how you talk long weird. But I I R R
r L stands for interest rate reduction refinance. Okay, so
to do.

Speaker 4 (30:57):
Like a recast. It's a regular people loans.

Speaker 2 (31:00):
No, not necessarily a recast. The recast is like a
different thing where you can put like if you have
a mortgage and you put down one hundred thousand dollars
towards your principle and then they recast the payment over
the term, the thirty year term to lower your payment
instead of just lowering your principle. But on the BA,
I lost my train IRRL. Yes, so you have to
have a VA loan to refinance. It's basically a streamline

(31:22):
VA refinance. You don't have to have an appraisal, there's
very minimal documentation. You don't necessarily have to update your
even show your updated income sometimes depending on how long
you've had it and the question of is this the
right time? Well, the first the first rule of THERRL.

Speaker 4 (31:40):
Is we don't speak.

Speaker 2 (31:42):
Is that I can't tell you about it. Is that
it has to lower your rate at least a half
a point. So I can tell you unless you're doing
a fifteen year loan, we could probably get down from
six point twenty five down to five point seventy five
on a fifteen year.

Speaker 4 (31:58):
They're getting a lot of mail telling them they should
do that.

Speaker 2 (32:00):
Yeah, you get you're gonna get a lot of mail
if you're a veteran and you've had your loan open
more than a year, because that's the requirement for the
VA to do the earl so and all that's public records.
So they send out letters to everybody that that meets
that milestone. Just where if you get a quote from somebody,
send it to me to let me look at it,
compare it, make sure you're not getting jacked up. There's

(32:20):
been a couple of these big national I'm not going
to say their names. There's a couple of big national
v A lenders. The word vas or veterans is in
their name. But they assume really stiff penalties for some
advertising things that they were doing wrong.

Speaker 4 (32:37):
Read the Google reviews good, look.

Speaker 2 (32:40):
Them up and then like the name of the company
that's you and the word coming scam afterwards, and then
make that nothing comes up that's for you. And if
you get a quote, let me look at it. But
what they do is they send out advertising promising super
low rates on adjustable rate mortgages. But most people don't
want adjustable man great mortgages. So anyway, due diligence is required.

(33:03):
And I am here to help you as a veteran myself.
If you are a veteran and you get a quote,
you want somebody that gives a crap about veterans, send
it to me. Let me take a look at it,
and i'll tell you if it's good. If it's good,
i'll tell you I'm not going to try and steal
it away, you know, for no reason. If it's terrible,
i'll tell you that too.

Speaker 4 (33:21):
Grabbler says Day's coin should be called the Aquatica.

Speaker 2 (33:26):
Another potential lawsuit, But how they gonna know?

Speaker 3 (33:28):
You know?

Speaker 4 (33:30):
I think I think no, there's no lawsuit because Aquadicas
is not what they how they identify.

Speaker 3 (33:36):
There, you go, I mean, it just felled the exact thing.

Speaker 4 (33:39):
Sure, it's how I identify them, but it's not how I identify.

Speaker 2 (33:43):
I'm going to open up a new computer company and
I'm going to call it April app. Maybe I'll just
do E L A and I'll use an orange with
a bite out of it. Yeah, I don't know. That's
pretty good, right, let's do it allegedly. I'm not really
doing that, Apple, don't come after me. There you go.

Speaker 4 (34:04):
I really do think Aquatica could be my coin. I
like it.

Speaker 2 (34:06):
Yeah, what if it was just atika and you made
different colors like Aqua ones.

Speaker 4 (34:11):
That's what I was thinking as the cool word there,
the tika. Yeah, the exactly have Aquatica, Tiltica orangea.

Speaker 2 (34:22):
Well. I want you to report regularly on your progress,
you know, I know? Or is this going to go
the way of the synchronized swim?

Speaker 4 (34:28):
I'm gonna get do it. I am. I'm so excited.

Speaker 2 (34:32):
I am all right. He's putting it on his schedule
every Monday at eight twenty five, And yeah, you canceled
the last eight meetings.

Speaker 3 (34:39):
So then I just use my tears to wipe it
from my schedule. Not today.

Speaker 4 (34:45):
I recently tried to get a helock on my home
to use for my business of one hundred thousand dollars.
I was denied due to the tax return income being
lower due to write offs for improvements be made to
the business. Can I get a business helock or would
the answer be the same for a business line?

Speaker 2 (35:00):
Not at all? No, getting a loan a home equity
line or helock or second moorage on your house is
based on your income and debt ratios and you know,
and there's certain formulas for that. Doing a loan that's
based on your business is totally different. It looks at
just the profit of the business, how much the business
costs to run every month, and how much money is

(35:20):
going out. So it's a totally different basis for how
to qualify you for a loan. I had maybe November December,
I had a client that apply they want to do
a fifty thousand dollars helock on their house. The debt
ratios didn't work to do that loan, but we were
able to get them a three hundred and fifty thousand
business line of credit based on the profit of the business.
So two totally different things. Like the one is the

(35:43):
money that makes it down to the bottom of your
tax return, you know, after all the write offs and stuff.
The other is the number that's at the top of
the tax return after expenses and payroll and things like that.
So yeah, don't don't let that discourage you if you've
got and we do those of course, So go to
the website. There's a form on there that says, you know,
commercial loan information for him. Fill that out and we
can get you a quote and see if we can

(36:04):
get you the business line of credit instead, or equipment
loan or whatever it is you're looking.

Speaker 4 (36:09):
For mortgage doll bree and carry listening while garage sale hunting.
They found a great deal on a two car garage.

Speaker 2 (36:15):
Oh cool, very nice, very cool. Congrats on the new house.
I'm very excited for you for you guys, and got
a surprise for you later. We'll tell you. I'll tell
you about that after after air. All right, but you're
listening to the Home Loans Radio show with that mortgage
gotten done. We'll be right back after these messages.

Speaker 3 (36:35):
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 4 (36:47):
Yeah, yeah, you're listening to Home Loans Radio. That mortgage
guy done. I'm m day, got Fritz benching all the
things doing all the work that he does. Thanks Fritz
for here.

Speaker 3 (36:59):
Hey got it we have We have a little bit
more of a robot action going on. Oh no, I
thought we fixed it.

Speaker 2 (37:10):
How about now how we.

Speaker 3 (37:11):
Send them about the same.

Speaker 2 (37:13):
Oh okay, all right, well uh.

Speaker 3 (37:17):
Yeah, it just comes and goes.

Speaker 2 (37:18):
You know, that's not great. But let me know. If
we need to take a quick break into a reset,
we will.

Speaker 3 (37:27):
I think we're good now, all right, okay, there we go.

Speaker 4 (37:32):
I have a question before you do your you do
compare quote?

Speaker 2 (37:36):
No, okay, we're no wrong segment for Adam. Oh that's
that's the next segment.

Speaker 4 (37:41):
You're right, the m J Lean calendar by my calendar?
Can I get a commercial SBA loan to buy a
piece of land and then build a strip center and
a warehouse on it to rent out? Is it one
SBO s P A loan to cover the land, purchase, parking,
lots of roads, construction all in one? Or do I
have to own the land first? I currently own two

(38:01):
buildings that are leased out to five tenants in addition
to my regular job. So they own two buildings.

Speaker 2 (38:08):
Ye yeah, it sounds like U. So that type of
there's you know, there's seven or eight different versions of
SBA loans small business administration loans. The one you're talking about,
would that involves buying the land, building the building, doing
the construction, doing the infrastructure, uh, finishing the property. That
can all be one loan. And if you already know,
like if you're building it to be a I don't know,

(38:31):
a flooring store or a shoe store or whatever, then
you can build it out to those specifications. If it's
going to be like an empty shell that you're going
to let other tenants, you know, design the do the
build out inside of those buildings, well then that's a
different loan for them. But it can all be done
for the most part with one loan. Yeah, definitely hit
me up on that. We can. We can connect you
to the right people to have a you know, a

(38:52):
very initial discussion on the website that mortgage guy don
dot com. There's a commercial loan information form you fill
that out comes right into my email and and that's
how that's how you get the info the info down
the road.

Speaker 4 (39:04):
All right, here's someone sorry, who has a pending roof
and kitchen remodel. It's going to cost about one hundred
and seven thousand dollars. All right, they'd like to know
if there's any programs for veterans it would help cover
that cost, or do they need to tap into the
equity or other options that you would know. They have
two homes at twenty five twenty one hundred a month income,

(39:25):
they have the funds to pay for the project, but
they like to keep them. Yeah, they have two proberties
with no mortgage. What's the best way to get the
money out?

Speaker 2 (39:34):
So kind of a weird thing about VA loans is
that you can't do a VA loan, a cash out
VA loan on a property that doesn't have a loan
on it, like a free and clear property. You cannot
do a VA cash out loan. They'll only let you
do a loan to pay off an existing loan and
then you can get some extra cash out while you're
doing it. But that's probably going to be the best way.
There's no program that I know of, you know, outside

(39:56):
of at accessing the equity to able to get the
one hundred and seven thousand. But you can do a
home equity line of credit behind your existing mortgage if
you have one, or you can do a home equity
line of credit and then later refinance that with a
VA loan. There's a lot of options. I want to
look in and see more of what your pinpoint, what your
goals are payment wise, and you know how much outflow

(40:20):
you want to have after all said and done, and
you've done the kitchen remodel. So that's a great question.
But I'd love to chat with you. Reach out to
me on the website at that mortgage guy don dot com.
There's a thing says asked on a question. Chat me
there and we'll set up a conversation so I can
make sure I'm giving you the best best couple options
and then you can decide amongst them. But there's gonna
be more than one option, I think. Okay, great question,

(40:42):
Thanks for texting that into seven seven zero three to one.
Did you hear did you hear about this that there's
ongoing train robberies happening frequently in the United States.

Speaker 5 (40:57):
No, No, like like ongoing big train robberies where they're
taking goods and services off of freight trans what.

Speaker 2 (41:08):
Yeah, it's crazy. I just saw this article this morning.
It starts out, I'm gonna I'm gonna quote it. This
was in the Morning Brew but it said it's going
to be hard imagining a train robbery story without Brad Pitt,
but you must try. Criminals are increasingly targeting cargo trains
from Warren Buffett owned BNSF in California and between Arizona

(41:28):
as they travel along through the desert, and the goods
that have been targeted are containers full of Nike products,
Nike shoes, handheld gaming systems, all these kind of things.
So they're finding ways, and they're saying that the because
out there in the middle of nowhere, those trains can
be three miles long, so the conductor in the front

(41:49):
may not even know that they've somehow gotten to the
back of the train and they're throwing goods overboard, or
they are even cutting the hoses to the hoses underneath
to make the train break and stop on the tracks.
Apparently it's happening often. They're saying it's was it about
four sixty five thousand train thefts in the last year

(42:16):
since twenty twenty four.

Speaker 4 (42:17):
Yeah, I have the fix for it's easy.

Speaker 2 (42:19):
What is it?

Speaker 4 (42:20):
Label all the cars oranges. They will never know which
car to get. Nobody wants that many oranges.

Speaker 3 (42:27):
Well, that's the points breaking bad by the way.

Speaker 2 (42:29):
Yeah, to that point, they do say authorities are they're
they're on it, you know, they're trying to solve it
because it's all it says authorities believe the thieves are
identifying the high value shipments, either from warehouse workers or
tips from other people. See and sometimes you know, the
one giveaway that there's something valuable is when they put

(42:49):
big pad bocks on the on the cars, so they're
just they're.

Speaker 4 (42:53):
Leaving them on every car.

Speaker 2 (42:54):
I think you leave the lock off, then they're not
interested in that car. Like that one's just full of oranges,
old timeybos from the nineteen thirties with Kansa beans. You know,
I don't know. I was surprised that there's still train
robberies in the desert.

Speaker 4 (43:07):
That's crazy, that's rad. Here's someone who says, can you
can you briefly explain a helock? Well for a new
listener in my car, I.

Speaker 2 (43:15):
Will be happy as pie to explain a helock, but
we're gonna have to do it at the top of
the hour. We'll be right back after these messages and crazy.

Speaker 3 (43:44):
Change action.

Speaker 4 (43:48):
In sitting out.

Speaker 2 (43:52):
Hey hey hey, hey, hey hey hey, good morning. Welcome
to the Home Loans radio show with that mortgage guy
Don That's right, you're here, you're here with us. We're
doing it live like we do every single Saturday. Well
ninety eight percent of them. But today we are real.
We're here. I can't believe March is gone already. Where
all the month's going, Yeah, going into April.

Speaker 3 (44:13):
I mean it's still March, right, It sucked into that
black hole that we live in. I don't know if
you heard that new theory. No, h we are in
the middle of a black hole vortex, and apparently there's
computer evidence of it. They ran it through all the theories.

Speaker 2 (44:28):
Huh huh.

Speaker 4 (44:29):
What does that mean for us?

Speaker 3 (44:31):
We're trapped? The entire cosmos is trapped in a black hole?
Are we aging backwards? I don't. I don't think so,
because that would be cool.

Speaker 4 (44:41):
I don't know what does it mean.

Speaker 2 (44:43):
I saw some other news that yesterday and today I
was reading about. I don't know if it's true or
not yet. I'll preface it with that, but they're saying
that they the Great Pyramids of Egypt. Did you see
that they did that scan from the satellites with this
new kind of earth penetrating technology, and they are hypothesizing

(45:04):
that they've found like eight big column shaped things that
go down almost a kilometer below the pyramids, like almost
like they're on piers or there's a well or there's
stairs going down into the to the earth, like a
kilometer below the pyramids. Wow, check it out. They did
three D renderings and stuff. Some people say, oh, that's fake.

(45:24):
Others are saying, oh wow, that's where they aliens.

Speaker 4 (45:26):
Are people saying aliens? Yeah? Because my first thought.

Speaker 2 (45:29):
But as somebody who's been interested in the Great Pyramids
and you know all of that since I was five
years old and could first read, I thought it was
pretty pretty cool. I'd like to be interesting. Every once
in a while, they find something new. They found new
stuff in twenty seventeen, they also found five new rooms
inside of the pyramid during this radar whatever it is.

(45:49):
And then they're trying to figure out if they can
explore those so pretty interesting stuff there.

Speaker 3 (45:53):
You know what they should do. They should just tear
the pyramid all apart and then they're like, okay, there
you go. They found a room.

Speaker 4 (46:01):
Then then we'll understand it really.

Speaker 2 (46:03):
And then put it back.

Speaker 3 (46:04):
Get it, no, not put it back. Just get a
bunch of meth heads over there.

Speaker 4 (46:07):
I can't put it back. Nobody knows how to put
it back.

Speaker 3 (46:10):
Take it apart, and then just throw it away.

Speaker 2 (46:13):
You can't do you can't take it out, you know
how it is it the beach where you're trying to
dig a hole and keeps they'll never get it back. Yeah. Yeah.

Speaker 4 (46:21):
So the question on the table was, can you briefly
explain he lock loans for a new listener? He locked
being home equity line of credit? I know because I
listened to this show.

Speaker 2 (46:30):
There you go, well done, MJ.

Speaker 4 (46:31):
Thank you. What else do you know about them home
equity lines of credit? Well, I'm waiting for your explanation. Okay,
I was gonna see they want yours not mine.

Speaker 2 (46:39):
No, you never know.

Speaker 4 (46:41):
Can you take the equity out of your house and
you use it for stuff?

Speaker 2 (46:44):
Yeah, it can be. It can be like if you
have no can it's a loon. It's a loan against
your house, right. But it is designed primarily to be
a second mortgage. And so if you have a first
mortgage on your house and you've got a really good
rate on it, maybe you got a two and a
half percent rate back from twenty twenty and you but
you got two hundred thousand dollars of equity sitting in
your house, and you want to buy a pool and

(47:05):
have that put in, or you want to remodel your house,
or you need a new roof and air conditioning, or
you want to pay off credit cards. I had someone
this past week pay off one hundred and eighty thousand
dollars worth of credit cards. Wow, and they were paying
thirty percent interest on average on those. Saves them four
thousand dollars a month to refinance that debt into a
home equity line. So instead of paying thirty percent they

(47:25):
got a home equity line. Their rate was around eight percent,
so real significant.

Speaker 4 (47:29):
Tell them to be careful about those credit cards next.

Speaker 2 (47:32):
Well, you know, I tell them, this works great as
long as you don't charge the credit cards back up.
That's always kind of the thing. If you get the
helock in, then you charge the credit cards up.

Speaker 4 (47:39):
Well, you hit it again.

Speaker 2 (47:41):
I hope you have a good time. House is going
to look great. But the home equity line, so if
you want to apply for one, it's super easy. You
go to the website, you hit a refinance application and
we can work it out for you. And typically you
need a six forty to six sixty or higher score
loan amount. The minimum loan amount we can do on
the first draw is fifty thousand up to a million,

(48:04):
depending on how you're doing it. If you have a
house that's free and clear, you can also do an
equity line on it, or you could we would probably
do a regular first mortgage on that unless you wanted
the ability to take frequent draws. And we've got home
equity lines helocks where you can do them based on
your bank statement income that's the question. Yeah, where we
can look at twelve months of your business bank statements
or your personal bank statements and not base it off

(48:25):
your tax returns. We can base them off ten ninety nine,
so we can base them off W twos. So that
part of the beauty of what I own as a
mortgage company is a mortgage brokerage. So we have over
a dozen different home equity lending banks that we work with,
and overall over one hundred banks between our commercial loans
and other things. So even if I can't get it
done one place, I might be able to move it

(48:46):
over to another bank that you know, maybe has a
slightly higher rate but allows a little more flexibility. So
there's ways to work it out. If it's something you're
interested in, hit me up and we'll we'll talk to
you about it.

Speaker 4 (48:56):
So the next question is that do helocks go off
your credit score or your income for self employed people?
If you're self employed, do they go by your credit
score or your income both?

Speaker 2 (49:05):
Yeah, Yeah, they're going to go by you got to
you got a minimum score to enter, which is around
six sixty for self employed, and then we have to
calculate the information on your tax returns to see what
your profit was. But we had a question earlier in
the show someone said they got turned down for helock themselves,
but we were able to get them a three hundred
and fifty thousand dollars line of credit for their business.
So there's there's a lot of ways to skin a cat.
I just got to kind of look at the situation

(49:27):
and I'm not really skinning cats. It's just a phrase
before anybody takes it. But yeah, there would start the conversation.
We may be able to help you figure it out.

Speaker 4 (49:36):
All right, here's someone to say, question morning MJ and Crew,
and somebody else reminds me that I am an aerosmith engineer.

Speaker 2 (49:42):
Aerosmith engineer, that's true, that's true, that's true. What were
you trying to say?

Speaker 4 (49:47):
Aeronautics or engineer?

Speaker 2 (49:48):
Maybe like an astrophysics engineer, and it was a question
aeronautical engineer. Yeah, we were talking about terminal speed velocity.
I think that day.

Speaker 4 (49:56):
Yeah, yeah, right in my wheel.

Speaker 2 (49:58):
You said, I'm not an arrows engineer.

Speaker 4 (50:03):
All of that would be fun.

Speaker 2 (50:04):
Uh, there you go. Guess what time it is, MJ.

Speaker 4 (50:08):
Time for the compare quote.

Speaker 2 (50:11):
There you are, night, Now you're doing it. Yeah, it's
time for the compare quote of the week.

Speaker 3 (50:15):
Now you got both feet on the trolley.

Speaker 4 (50:19):
The first time.

Speaker 2 (50:23):
You're on the train trolley, you pump that handle fast enough,
we'll catch up with the nikes. Yeah, yeah, there you go.

Speaker 4 (50:28):
I don't get oranges.

Speaker 2 (50:29):
Sounds like a road Runner episode. Compare quote of the week.
What's that you asked? Well for you knew listeners out there.
It's something I started a couple of years ago. There
was a study that came out that said it less
than two out of ten people compared their quote after
they got their first mortgage quote, so twenty percent or less.
And the reason why was that it was a pain
in the behind. It was too hard to do. So

(50:50):
I set out I've seen so many bad quotes that
people bring to me, so I set out to make
it easy. Like it's like a two minute process to
compare your quote instead of going to another lane and
they're doing the application, having the big interview, you know,
doing all this stuff. I can figure it out from
looking at the quote they already got you. You tell
me your credit score. I don't pull a credit report
of just look at your quote and I'll tell you, Okay,
you're overpaying here, you're underpaying there. That's a great quote,

(51:12):
or that's a terrible quote, or you know, I could
save you five hundred dollars a month, and then bing
bang boom will show you how to do it. Compare quote.
This week, customer had a quote from a company I'm
not going to say.

Speaker 4 (51:24):
Their name rhymes with brocket.

Speaker 2 (51:28):
Racket, racket, backet, like a pick a ball racket, you know.
But anyway, this company, big, big national company. They'd given
them a quote to buy a home. They're buying a
three hundred thousand dollars home, and they'd gotten a quote
of a rate on an FHA loan of seven point
three seven five. As soon as they told me that,
I was like, that doesn't sound right. What's your credit scoring?
They're like over eight hundred, Like, oh no, that doesn't

(51:50):
sound so I looked at the quote. We were able
to get them five point eight seven five.

Speaker 4 (51:55):
Wow.

Speaker 2 (51:56):
The other company was seven point three seven five. We
were five point eight seven on an FHA loan, save
them five hundred dollars a month, just on pure interest,
five hundred dollars a month. Because they compared their quote,
they were able to save. And I do not only
that the company that they were doing it with was
offering some sort of special promotion kind of thing where
if you use a realtor that they recommend, then they

(52:18):
give you a point and a half towards your closing costs.
And for these folks, that was like five thousand dollars
almost that they were going to give them towards your
closing costs. But when we did the math, I said, well,
you know, they were like, can you give us five
thousand closing costs? No, I can give you the rate
in the fives and save you five hundred dollars a month.
So we when we do the actual math, saving five
hundred dollars. So they were going to give them five

(52:39):
thousand dollars in closing costs, but they would be losing
five hundred a month by paying a higher payment in
extra interest. So by the time we got to ten months,
they would have lost all the benefit of having that
help with their closing costs. They had their own closing
cost money, which is fine. And then the kicker is though,
that every ten months after that would also cost them
five grand, so because it's five hundred dollars more a month.

(53:03):
So as soon as they stayed in the house for
twenty months, if they took that closing cost money, they'd
actually be five thousand in the negative about a year
or two in the road down the road. So we
did the math and it made more sense for them
to take the lower rate and say five hundred a month,
rather than getting the free I'm using air quotes. Free
closing costs money. The moral here, I guess, is be

(53:25):
careful that it sounds too good to be true than
it most definitely is in my experience. But you know
what's not too good to be true? That's that the
free compare your quote feature on my website that mortgage
guy don dot com. You want to be sure that
your quote's not manure, don't be a square, and yes,
please compare play the package. Fritz.

Speaker 3 (53:44):
You got it, that's right.

Speaker 4 (53:51):
Manure is that, how do you say it?

Speaker 2 (53:53):
I want to be sure that your quote's not manurere. Well,
how do you say it? Aeroship?

Speaker 4 (54:01):
I think if you're mature, you don't say when you're.

Speaker 2 (54:04):
It's kalman hear. Yeah, okay, Look I needed it to
rhyme with sure. Don't be a square, please compare. There
you go, there you go.

Speaker 4 (54:13):
That's so fun.

Speaker 2 (54:15):
Well, I'm glad you enjoyed it.

Speaker 3 (54:16):
Jay, That's that's all that matters.

Speaker 2 (54:19):
Yes, if you're happy, then that means everybody's happy. Welcome
to the show. We got got a few minutes ago
to go. You can text in your questions to seven
seven zero three. One. Also got to talk about the
Just Call Most Celebrity Bowling Tournament coming up April twelfth.
That's exciting. We're going to be at the Ovido Bowling Alley.

(54:41):
This is a big, fun celebrity bowling tournament. Take a
search it up, Google it up. You'll find out who's
going to be there, but a lot of people from
local TV news, celebrities. I'm somehow one of the celebrities.
I got my own lane. Very exciting going to have
the team there and it's going to be a lot
of fun. But the tickets are sold out. All the
money goes to charity. The tickets are for bowling are

(55:02):
sold out, but you can still get tickets to go
in and be part of the event like general admission
almost but those tickets give you access to the pinball machines.
There's over I think fifty of them in there, and
you get free play. You get to hang out, watch
it a celebrities bowl, make a lot of fun of them.
Jack Bradshaw will be there. You can tell them all
your opinions about stuff. Oh, that'll be fun.

Speaker 4 (55:22):
I look forward to that.

Speaker 2 (55:23):
Yeah, he looks forward to it every year. I'm sharing,
but it's going to be a lot of fun. However,
if you want to get a free pair of tickets
to the pinball be the first person to text MJ
your email address and you will will get you some
free tickets. Two free tickets fifteen dollars value. They're still
available though you want to you want to donate some

(55:44):
money to the charity, and also go go to the
website that just call the most Celebrity Bowling Tournament website
and you can pay fifteen bucks and do it that
way too. If you don't get the free set that's
getting ready to be given away.

Speaker 4 (55:55):
All right, I'm waiting.

Speaker 2 (55:56):
There you go, So text in your email A seven
seven zero three one. You could be a wiener.

Speaker 4 (56:01):
There's some people who are so fast. Yeah, right, not yet?

Speaker 2 (56:04):
Okay, Well, what else we got m Jane?

Speaker 4 (56:07):
I have a question.

Speaker 2 (56:08):
Go ahead, let's do it.

Speaker 4 (56:09):
I'm looking to start the process of buying my first home.
I have no idea where to start. I'm fifty three
years old, stable job, sixt eighty credit score, but working
on increasing this. I have money for a down payment
of about fifty thousand. I'm wondering if I'm ready or
should I least for another year or two.

Speaker 2 (56:25):
What was the score? Six eighty six Eighty's a good score.
That's why we would consider the higher end of average. Yeah,
because you really the scores go in twenty point score bands. Right,
So for conventional loans, usually six sixty six forty six
sixty is going to be the minimum in a lot
of cases, unless you're putting down a big down payment.
But then it goes from six sixty to six eighty

(56:47):
six eighty to seven hundred, seven hundred to seven twenty
and seven twenty to seven forty once you get above
seven forty, there's really not much difference in interest rates.
So there's about ten score bands there in six eighties,
kind of in the middle. So I wouldn't say you
need necessarily to wait to get your score higher, but
we can also give you some input on maybe how
to get that higher. Once we see the credit report

(57:07):
and we can tell you how to get a little
bit higher. You're gonna get a pretty good rate with
a six'. Eighty you're not in the top, tier but
you're only a couple below. It so we have a.
Winner great. Question what was we have a? Winner oh
for the pinball? Tickets all, Right well tell them who they, Are,
no they know who they. Are there might be other
people texting right at this very.

Speaker 4 (57:27):
Time i'm gonna reply to this, one all. RIGHT i
don't want to shout out their email.

Speaker 2 (57:31):
Adges oh, no, no, no that's.

Speaker 4 (57:32):
Fine it's a belt self. Emailager there you.

Speaker 2 (57:36):
Go, Congratulations we'll see you. There it's going to be a.
Blast we're going to take a quick. Break we'll be
right back for the final segment of.

Speaker 1 (57:42):
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 Real.

Speaker 4 (57:50):
Radio that's, right it's the last segment of.

Speaker 3 (57:54):
Today if you do have a question texted in seven
seven zero three, one we will get to. That if we,
can't we've GOT mj and that mortgage Guy. Don and
also you should Follow don On, instagram that mortgage Guy.

Speaker 2 (58:07):
Don that's. Right we post all kinds of cool stuff up.
There but if you ever want, to you, know you
got a friend who's getting a quote and you're, like,
no you need you know what you need to? Do
you need to compare your. Quote, well you just go
To instagram at that mortgage Guy don right there in
the link tree the very. Top you send him that
link and then the very top thing is to compare your.
Quote you can you can help your friends and loved.
Ones save the. Dough welcome back to the. Show what

(58:29):
do we got? COOKING? Mj we got? Some we got
time for another? QUESTION i think you got one? THERE
i do all, right then this.

Speaker 4 (58:38):
Is a question from last week that we didn't get. To,
hey It's andy, here longtime. LISTENER i Followed don On
insta a few months back and he actually called me
in person after the. Show very. Cool so my situation
is THAT i need a new construction to perm. LOAN
i sold my old, house bought a new lot for
approximately one HUNDRED, k AND i have as signed contract
for three seventy FIVE k to four thirty FIVE k

(59:00):
or no bull deciding still AND i have around one
hundred and FORTY k cash to put. Down how DO
i get some quotes and get the ball rolling for
some rates from don love you guys AND.

Speaker 2 (59:08):
A meaning pretty pretty. Straightforward actually talked to him again this,
week but we've got things. Going but, yeah if you're
in that situation where you own land or you want
to build a, home it's about a six month to
a year long. Process you really need somebody who knows
what they're doing to help you through. It And i've
Got troy on my, team who's my construction new construction
expert and handles all of that. Team and so if

(59:31):
you own the land, already that's. Great that makes it
easier because that is counted as your down. Payment they
said they had one hundred and forty thousand more to put,
down which they could if you wanted to get your payment,
lower but you don't necessarily have. To we can sort
it all out and it sounds like you're in the
ideal place to do. It you got the, land you
know what you want to, build you got a contract
or you're working on a contract with the, Builder so
it sounds like the plans have been drawn. Up you're

(59:54):
right there at the point where you should be working
out your. Financing so thanks As andy. Did gave us a.
Call we talked it. Through but, yeah if you're interested
in a new, construction we can certainly help you with that,
too even if you don't own the land. Yet we've
got deals where we can buy the land as part of.
It if you've got your twenty percent down. Payment great.
Question thanks for texting that into seven seven zero three to.

(01:00:15):
One guess what time it, is M.

Speaker 4 (01:00:17):
Jay, well, First i'm gonna Congratulate beth on those. Tickets
congratulate all.

Speaker 2 (01:00:22):
Right it's gonna be. Fun make sure you say, hi
we're gonna we're gonna be having a. Blast all.

Speaker 4 (01:00:26):
Right now it's time but a speed.

Speaker 2 (01:00:28):
Round there you, Go.

Speaker 4 (01:00:31):
Here we, Go here we. Go i'm gonna ask you some,
questions that's, Right.

Speaker 2 (01:00:33):
I'm j's gonna ask me a bunch of the questions
we haven't gotten to yet today IF i don't get to,
yours do go to the website Or instagram and pop
it in and at that mortgage, guy donn And i'll
get you an answer outside of the.

Speaker 4 (01:00:43):
Show hey mortgage, guy can you do my loan In?

Speaker 2 (01:00:46):
Alabama, hey mortgage. Guy depends on what kind of loan it.
IS i. Can i'm In. Florida i'm licensed to fully licensed,
brokerage residential and, everything so we can do primary residences
and everything else In. Florida in other, states we can
do full commercial, loans we can DO dscr, loans we
can do second, homes investment properties all over the, country
but primary residence it's In. Florida you have to get

(01:01:07):
individually licensed in each, state which means you have to
go and take their, test you have to go to
their continuing. Education it can be a lot to be
licensed in multiple. STATES i have been before In california
And North carolina and so, forth but NOW i rely
on MY i do have a kind of a network
of others like myself that can help you in those
other states if you need.

Speaker 4 (01:01:28):
Something are the rules different in every?

Speaker 2 (01:01:29):
State the rules are definitely different in every. State yeah, no, yeah,
yeah that's another. Fund another fun. Fact you know you're
doing a loan In, texas you have entirely different rules
to follow Than North carolina and entirely different Than california Or.
Virginia you, Know like here's an, Example like In, florida
we do our taxes once a year In. October North

(01:01:50):
carolina they do them twice a. Year twice a, year
they do them In april And. November so you, know
just weird things about How escrow's, work and you really
got to know what you're doing in each in every.

Speaker 4 (01:02:00):
State, wow it seems complicated on. STUFF i have a
commercial loan over two years ago and put down ten
percent at the. Time do you THINK i can get
THE pmi? Removed can you get THE pmi removed on
your commercial?

Speaker 2 (01:02:11):
Loan they Might they must meet a conventional.

Speaker 4 (01:02:13):
Loan oh, yeah conventional, yep that's the.

Speaker 2 (01:02:16):
Word conventional. Loan if you've had your, House, yeah when
you bought your, house they did ten percent. Down property
values went up about six and a half percent last,
year and so depending on when you, buy you might
have made up that other ten percent or if you've done.
Improvements the easy way to find out is so if
you have a conventional, loan THE pmi is going to
drop off automatically once you get to seventy eight. Percent

(01:02:37):
your loan balance is seventy eight percent of what you
bought the house. For but if you're not at that point,
yet you can just call your servicer and, say, HEY
i think my equity is greater than twenty percent NOW
i don't THINK i should have to PAY pmi, anymore
and they'll tell you what their process. Is, normally they
either want you to do an appraisal or a broker price.
Opinion sometimes they'll do an electronic appraisal to see what
the house is worth and if it. Works if they say,

(01:03:00):
yeah you're good to, go then literally the next payment
you just don't HAVE pmi. ANYMORE i did mine about
a year and a half year to two years AFTER
i bought the, house AND i was able to get it,
dropped and just like, that you can lower your payment
by talking to your servicer to get THAT pmi.

Speaker 4 (01:03:12):
Removed he someone was, asking we wanted to know what
our best option was to get some of our equity
out and fix up parts of the house like THE
ac and a new, roof and fix the. Bool what
are their options, well.

Speaker 2 (01:03:24):
If you have a mortgage on the, house, now you
could refinance that as a cash out mortgage and that
what that does is it pays off your existing mortgage
and gets you some. Cash but that depends on your
interest rate whether that's a wise move or, not you,
know because if you've got a two and a half percent,
rate well then you're not going to want to refinance that.
Loan and so in that, case the other option would
be to do an equity line or a second mortgage

(01:03:44):
that's just for the pool and the improvements and so
forth that you want to. Do we do home equity
lines or. Helocks you have to have a six sixty
score six forty to six. Sixty in some cases we
can get down a little lower or fix the score
a little, bit and a minimum first drawl amount on
that is fifty. Thousand so that probably sounds right for
about you know what they're trying to. Do great, Question
thanks for texting that into seven seven zero three. One

(01:04:06):
you're for a.

Speaker 3 (01:04:07):
Riddle, time riddle, time all?

Speaker 4 (01:04:10):
Right this race race to the finish?

Speaker 2 (01:04:13):
Boy all?

Speaker 4 (01:04:14):
Right, hmmm what comes once in a, minute twice in a,
moment but never in a thousand years and once in a,
minute twice in a. Moment, yep you hadn't even you
haven't even.

Speaker 2 (01:04:30):
Processed i'm disputing the. Answer what was? It what was
the first part of the? Riddle what?

Speaker 4 (01:04:36):
Comes once in a?

Speaker 2 (01:04:37):
Minute once in a, MINUTE i.

Speaker 4 (01:04:39):
Get wye in a, moment but never in a thousand.

Speaker 2 (01:04:42):
Years there's. True there's truth.

Speaker 3 (01:04:45):
There it.

Speaker 2 (01:04:45):
Is well, Done. Fritz thank you are a. Winner.

Speaker 4 (01:04:48):
BABY i don't, YEAH.

Speaker 2 (01:04:52):
I don't like losing the riddle race To, fritz BUT
i am if you Have i'm happy for, you, right,
yes my one and. Only. Yeah all, Right, well, folks
you did. It you successfully whiled away another ninety minutes
of Your saturday morning listening to us prattle on about
mortgages And aquatica and the just Call Most Celebrity bowling
tournament for charity On april. Twelfth tune in there's still.

(01:05:16):
Come come hang out with us There april. Twelfth it's
gonna be a lot of fun for a good. Cause
play us out of here with something, Cool. Fritzy this sence.

Speaker 1 (01:05:38):
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.

Speaker 2 (01:05:48):
Com