Home Loans Radio 06.14.25 Fritz is back from Costa Rica and Home town Heroes down payment assistance is Not back .. yet..

Home Loans Radio 06.14.25 Fritz is back from Costa Rica and Home town Heroes down payment assistance is Not back .. yet..

Episode Transcript

Speaker 1 (00:00):
All mo. This is WTKSFM, HD one Coco Beach, Orlando
and iHeartRadio station. Make us the number one preset on
your car radio and on the free, new and improved
iHeartRadio app. Listen for all your music, radio and podcasts
free Never sounded so good.

Speaker 2 (00:14):
The following is a paid program.

Speaker 1 (00:16):
The views expressed are those of the hosts and their
guests and not those of the station, iHeartMedia or its advertisers.

Speaker 3 (00:22):
At All Florida Title, we are a full service title
company serving you statewide for twenty five years. We pride
ourselves on accurate and courteous service, and with our network
of mobile notaries and professionals, we will close your real
estate transaction anytime and anywhere in Florida. Do you have
questions related to the title, indeed to your property, Allflorida

(00:43):
Title dot Com can help. Want to run a title
search to check for leans or notices of commencement. Allflorida
Title dot Com has the answer. Are you buying or
selling the property as a for sale by owner also
called a fizbo? All Florida Title dot Com is there
for you. Are you planning to buy, sell, or transfer
a property to a family member, All Florida Title has

(01:04):
an attorney on staff to advise you. Whether you're a
season real tour looking to ensure that your transactions are
done smoothly and accurately, or a first time buyer and
seller of real estate, you should contact us at Allflorida
Title dot com.

Speaker 2 (01:19):
That's All Florida Title dot com.

Speaker 1 (01:22):
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 (01:35):
Hey hey, hey, hey, hey hey hey, good morning and
welcome to the Home Loans Radio Show with that Mortgage
Guy Don. That's right, that's me. I'm here doing what
we do every single Saturday, right here with my krugod morning, MJ,
good morning, Good morning to you, mister Fritz.

Speaker 4 (01:53):
Soya start up coast Rickensay.

Speaker 2 (01:58):
Oh boy, welcome back, Welcome Fritz, just back from the honeymoon.
That's right, and Costa Rica. That was that's exciting.

Speaker 5 (02:11):
Yeah, that was awesome. Wait, I gotta do something else now.

Speaker 2 (02:14):
Hear myself in the background. So we uh so, Fritz,
we thought we might have to do a replay today,
but no, we're live here right here on Father's Day weekend.
Uh doing what we do right smack in the middle
of June. You're ready for Father's Day, MJ I am,
that's exciting. I'm ready. I'm ready for Father's Day. It's uh,
it's a it's it's Father's Day. Is that Father's Day weekend?

(02:36):
You know we don't have to do anything. We don't
have to lift a finger. Isn't that right?

Speaker 6 (02:39):
And that how it works for fathers if you're a father.

Speaker 2 (02:43):
If you're a father, yeah sure, but uh here we are.

Speaker 6 (02:50):
Yeah. It's National Cucumber Day.

Speaker 2 (02:52):
Okay, I like that.

Speaker 6 (02:54):
Okay, it's also Flag Day. But you know, cucumbers are
very freshing.

Speaker 2 (03:00):
I have not chosen any cucumbers for my Father's Day menu.

Speaker 6 (03:03):
Okay that Uh.

Speaker 2 (03:05):
I like the I like pickles better than cucumbers. Well,
they are cucumbers, understood. I mean I like the metamor
like I like butterflies better than caterpillars preparation.

Speaker 6 (03:16):
I love a cucumber cocktail, very freshing.

Speaker 2 (03:22):
Oh you mean something infused with cucumbers. Yeah, okay, not
just cucumbers, no, because that would be interesting, but maybe
what would happen? You know, I've heard of people putting
like rum or something inside of a watermelon. All right,
what if you just put vodka inside of big cucumbers?
Would that work?

Speaker 6 (03:39):
Huh huh. I don't know. It's hard to imagine.

Speaker 2 (03:43):
MJ's on it.

Speaker 5 (03:44):
Yeah, yeah, you would just drink it like a bottle.

Speaker 2 (03:46):
I guess you just chop off the end and you know,
twist off.

Speaker 5 (03:50):
The end, go to town.

Speaker 2 (03:51):
There we go.

Speaker 6 (03:52):
How was Costa Rica?

Speaker 5 (03:54):
It was fun?

Speaker 2 (03:55):
Thank you for asking, so you you got to go
for a few days. I've never been to coast. I've
never been into South America at all.

Speaker 6 (04:01):
I've heard good things.

Speaker 2 (04:02):
Tell us about your experience.

Speaker 5 (04:05):
Well, it was awesome. We left Monday morning.

Speaker 4 (04:09):
We got we left around like eleven let's say, I
think eleven thirty. No, it was like ten forty we left,
and then we got there at eleven thirty, so it's
like two hours behind. It's a three hour flight, so
it seems like, you know, it takes you know, we
we lose just a little bit of time getting there,
and then we gained two hours getting back. Flew into

(04:31):
San Jose, which is the capital, and everyone is nice
in the entire country.

Speaker 5 (04:38):
Everyone.

Speaker 4 (04:38):
Uh so we all kind of speaks English and we
got around just fine.

Speaker 5 (04:44):
And then we rented a car. It was nineteen bucks
for the week.

Speaker 2 (04:47):
And week ye and then was it like a little
a little dart a jitny where you had to flintstone
it with your feet underneath. Nineteen dollars a week.

Speaker 4 (04:56):
It was a Mitsubishi Suv. I can't remember what kind
it was, but yeah, it was.

Speaker 5 (05:02):
It was great.

Speaker 4 (05:02):
And then driving through Costa Rica is kind of insane
because you have to drive up and down mountains constantly.
So I likened it to driving through West Virginia and
that you find yourself, you know, like pedal to the
metal going up grades where you're going like thirty miles
per hour and people are passing you left and right
and you're like, I'm trying, I'm trying. It was like that,

(05:25):
and then you're flying going down the mountain and sometimes
no guardrails, sometimes there's no markings on the road, so
it's just cars. But it was never like dangerously unsafe.
It was just, you know, it was just something that
you had to get used to. And then we went
to Hako, which is a beach kind of like a
Miami beach on the Pacific coast.

Speaker 5 (05:46):
That's where we stayed.

Speaker 4 (05:48):
Stayed at night there, didn't really do much, just wanted
to kind of catch up on sleep because the next
two days were at Paridor, which was like a five
star resort me next to Manuel Antonio National Park. So
that was amazing. It was like something out of White Lotus.
We had a lot of fun in Parador, and then
we went to the national park and we saw sloths

(06:10):
and we saw a boa constrictor. We saw howler monkeys.
It was incredible monkeys or something. Then we swam in
the beach in the Pacific Ocean, which was awesome.

Speaker 5 (06:22):
It was like a big bathtub. It was great. And
then went back to the resort.

Speaker 4 (06:26):
We got a couple's massage, and I guess when we
were checking in because I was telling everyone like, we're
on our honeymoon. They when we went out to dinner
the first night, we went back to the the resort
room and they had like lotus flowers all over our
hotel room and they had a chilled bottle of champagne

(06:46):
with two glasses and like you know, the the chocolate
strawberries with like.

Speaker 5 (06:51):
Gold and you know, all that on it. So that
was cool.

Speaker 3 (06:54):
And then.

Speaker 5 (06:57):
I know I'm missing something.

Speaker 4 (06:58):
Oh, and then we had a private a private room
reserved in their like wine cellar. It was very romantic
and it was just us and we had like our
our personal like waiter, and.

Speaker 5 (07:13):
Darcy got the tender loin. It was awesome.

Speaker 6 (07:17):
And then we.

Speaker 4 (07:19):
Stayed in the pool monkey takeover Capuchins ran rampant for
about twenty minutes straight and it was it was lovely.
And then then we came back stayed the last night
in San Jose and it was another just catch up
day of you know, just taking it easy.

Speaker 5 (07:33):
Now we're back home.

Speaker 2 (07:34):
Well, well, well the much deserved time off. I'm glad
you had a good time. I was going to ask
you a question. I had one question written I actually
had two questions written down.

Speaker 6 (07:42):
Did you see your touch any monkeys?

Speaker 2 (07:43):
That was the one I was going to ask, did
you see your touch any monkeys?

Speaker 4 (07:47):
Saw capuchin monkeys didn't touch them because they said, like
literally hide everything you have.

Speaker 6 (07:53):
They are little thieves. There went very wily.

Speaker 5 (07:55):
And then they get up in the trees and then
you're not going to get it back.

Speaker 2 (07:59):
That's happened to me. That's happened to me, not with monkeys,
but here in Florida on a on a golf course.
Some of those those raccoons are very cracky. I've had
raccoons still protein bars right out of my golf cart
and climb up a tree and take off the wrapper
and throw it down to me before. Did you have
any of that kind of ash?

Speaker 6 (08:19):
And they're just watching you like uh huh, huh, thank you?

Speaker 2 (08:22):
What are you going to do? Someone recently told me
they call them a raccoon's trash trash pandas, which trash pandas.

Speaker 6 (08:28):
Yeah, yeah, yeah, that's cute.

Speaker 2 (08:30):
But I'm glad you had a good time. That seems
that seems like a blast. I've never been to Costa Rica.
I need to go, especially if with nineteen dollars to
you know, rent a car for these Yeah, that's crazy.
I haven't realized prices were that much different in Costa Rica.

Speaker 4 (08:43):
Yeah, I mean like everything was like, you know, like
twenty three thousand cologne and it was like hit, hold on,
let me do the math.

Speaker 5 (08:49):
All right, it's around forty bucks.

Speaker 2 (08:50):
You know. It was like, huh was interesting, it was wild.

Speaker 4 (08:53):
And then they're like, do you want us to charge
you in colones or dollars? I was like, you know what,
let's do clones.

Speaker 2 (08:58):
Yeah, I got my old spice right.

Speaker 4 (09:00):
Yeah, we got my Sanka can aud mud flying everywhere.

Speaker 2 (09:06):
Well, you you are indeed listening to the Home Loans
radio show with that mortgage guy Don I'm here with
my crew MJ. Fritz. We're doing what we do every
single Saturday right here on the radio. What are we
talking about, MJ.

Speaker 6 (09:17):
Oh Well, mostly mortgages?

Speaker 2 (09:19):
Mortgages? Weirdly, how lucky for me, I'm a mortgage expert,
this is for sure. Oh wow. Well, you can text
in during the show to seven seven zero three one.
We are live this week Father's Day weekend. We did
take a little break last week, you know, because you
just heard Fritz had to go on the honeymoon to
the five star fancy Pants resort in Costa Rica. Love

(09:40):
it well deserved. I'm glad you got to go. It's
nice to get away. I got away last weekend a
little bit since you were gone. I went. I went
ahead and went away a little bit. But where'd you go?
I went to Washington, DC?

Speaker 6 (09:50):
Wow.

Speaker 2 (09:51):
Yeah, glad I'm not there this week. It's gonna be
fun fun up there today.

Speaker 6 (09:55):
I think be interesting day there and lots of places. Yeah, right,
it's gonna it's an interesting time.

Speaker 2 (10:02):
Texting your questions at seven seven zero three one. Anything
having to do with the mortgages, real estate, home loans,
buying a home, getting home, or just tell us what
we're doing. We're ambidexterius. We can talk about I got
to come up with a different word, not ambidextrious, but
applying to words. What would that would be like multi
verbally ambidextrous. How's that?

Speaker 6 (10:20):
Yeah?

Speaker 5 (10:21):
That's perfect?

Speaker 2 (10:22):
Yeah, yeah, we can talk about anything.

Speaker 6 (10:24):
We can talk about anything.

Speaker 2 (10:25):
There you go. Texas is seven seven zero three one.
We got, we get the Father's Day we can I
got some actually, I've got some news. We got to
the mortgage news. We got people been asking about the
Hometown Heroes program. Yeah, which is I've been seeing all
over social media for about two months now that it

(10:45):
was coming back July first, people posting it on their Instagrams,
people posting it on their facebooks, you know, everywhere that
it's coming back. But they were all just being hopeful
that it was going to come back, I think, And
you know, when I've been asked, I said, well, you know,
they haven't finished doing even the Florida state budget, yet
they're having to do another legislative session to try and

(11:07):
finish the budget. Will know when we know, Well. Florida
Housing Finance Corporation, which is the company that does the
Florida Bond and the Hometown Heroes, it's a government entity,
but they put out an announcement. I've never seen them
do this, so this is kind of so. This is
what they put out a couple of days ago on
the website. This is lenders, real estate agents, and potential
buyers have been emailing and calling us to inquire about

(11:29):
the twenty twenty five Hometown Heroes program. Please please be
advised there will be no information on Hometown Heroes until
the twenty five twenty six budget for the State of
Florida has been approved. There continues to be a great
deal of misinformation circulating on social media through marketing efforts
and pre launch dates and other inaccurate information. Do not

(11:51):
be misled by third parties who do not know what
they're talking about.

Speaker 5 (11:54):
This is OK.

Speaker 2 (11:55):
This is what literally reached them that does This is
a government memo that they posted on the website. Basically
say it and stop stop stop stop. Please do not
be misled by third parties who do not know what
they are talking about. Florida Housing Finance Corporation will issue
a notice to all lenders confirming a rolloutdate for Hometown Heroes.
If any changes are being made to the program, you

(12:16):
will be notified in the interim. He's the here's their
call to action. Please stop emailing and calling and communicate
this information with all of your real estate partners and
borrowers publicly on social media, et cetera, et cetera, et cetera.
So basically, Hometown Heroes program is say just stop saying
that it's happening in two weeks, Okay, I wait for

(12:37):
the Florida budget to be approved and we'll let you
know what's going on.

Speaker 6 (12:40):
They haven't even redone the session yet.

Speaker 2 (12:42):
No, so I don't see it happening in July. You know,
we'll see me.

Speaker 6 (12:45):
The law says it has to be finished by.

Speaker 2 (12:48):
July the government budget session.

Speaker 6 (12:51):
Yeah, that's the law. So but they haven't even I
don't know if they've even scheduled the session yet.

Speaker 2 (12:56):
Wow. Well, there you go. On the good news side,
you do have a new hometown I mean a new
down payment assistance program that just came out through one
of the actually the number one wholesale lender in the
United States, United Wholesale Mortgage, and they just came out
with a program where you can get a one percent
down payment and they're giving you the other two percent

(13:17):
as a grant. And there's some qualifications. You got to
have a six forty score. And the other key with
this one is you can't make too much money. You
have to be at about eighty percent of the average
media and income for your county, so like an Orange
county that would be around seventy five thousand or so.
But yeah, if you're interested in that program, hit me up.
We'll keep you posted. You'll hear it first on the
Hometown Heroes when it comes back, but as of now,

(13:40):
it is not happening in July first. According to the
Hometown Heroes program, you are listening to the Home Loans
radio show with that Mortgage Guide Don. We'll be right
back after these messages. Hey, hey, hey, it's that Mortgage
Guide Don. June is here and so are the summertime thunderstorms,
high heat, and hurricanes. Get your home ready for all

(14:01):
the summertime fun. My home's already feeling cool and quiet
thanks to my impact resistance from Renewal my impact resistant
windows for Renewal by Anderson. These are by far the
best windows I've ever had. They're made right here in
the USA with Anderson's exclusive Fibricks composite material, which is
twice as strong and last twice as long as vinyl.
Renewal by Anderson windows and doors are designed to keep

(14:22):
homes comfortable and safe year round, reducing energy bills and
insulating you from the outdoor weather and noise. If you're
in the market for new windows or doors and you
appreciate style, durability, and five star installation and service, do
what I did and call Renewal by Anderson today. Tell
them that mortgage guy Don said to call and ask
about the June special thirtieth anniversary sale by any window

(14:43):
or patio door and get the second thirty percent off
and up to eighteen months no interest financing restrictions do apply.
Get all the details today at the website Best Windows
Florida dot com. That's Best Windows Florida dot Com Licensed
number c GC one five two seven sixty one three.

Speaker 5 (15:06):
Hey, this is.

Speaker 2 (15:07):
Devor Roberts from the Jim Culbert Show, and you're listening
to Home Loans Radio on Real Radio.

Speaker 5 (15:13):
Now back to the show with that mortgage guy don.

Speaker 6 (15:16):
Hey, hey, you are listening to Homelans Radio with that
mortgage guy.

Speaker 2 (15:20):
Done.

Speaker 6 (15:21):
I'm Mjay, and we are here talking about mortgages. We
were gone for a week and I hope you didn't
miss us too much. We sure did miss you. But
now we're back, let's talk about it.

Speaker 2 (15:31):
We're here. We celebrated the beginning of this month, our
three hundredth show. Yeah, this is our three month show.

Speaker 6 (15:39):
That's right, first first show starting the clock.

Speaker 2 (15:42):
Did I just say three hundred and one?

Speaker 5 (15:44):
Yeah you did.

Speaker 2 (15:45):
I'm trying to make that work like fetch or what
was it.

Speaker 5 (15:50):
Aquat?

Speaker 2 (15:52):
Yeah, like a there we go, that happens. But so
welcome back to the Home Loans Radio Show. That's right.
We're here doing what we're doing, what we've been doing
for three hundred and one and half shows right here
on Saturday mornings on Real Radio one to four point one,
the only live show, the only most talked about, most
Listen to happening Mortgage Show right here on Saturday mornings
and you can participate, join the party, join the conversation.

(16:15):
Text into seven seven zero three one. Texting your mortgage
questions Mj'll get them on air, or just tell her
what you're doing out there and we'll do that too.
Welcome back. Where do you got cooking over there? MJ?

Speaker 6 (16:25):
All kinds of stuff. Thank you for texting into seven
seven zero three one. Please text me your questions about
mortgages and all things about mortgages, or just tell me
what you're doing out there, because I like to know.
There you go, here's someone who's out working in the
land on an airplane.

Speaker 2 (16:39):
That's that's good. You're they're working there, so they're a
flight attendant.

Speaker 6 (16:44):
No, I think they're building an airplane.

Speaker 2 (16:46):
Oh, they're making an airplane. Yeah, fixing an airplane.

Speaker 3 (16:48):
Yeah.

Speaker 6 (16:48):
I have a friend who also build airplane. Right, how
many people are out there building airplanes? If you're if
you're right now building an airplane, hit me up. I'd
like to know.

Speaker 2 (16:55):
That's one of the things I've I've you know, I've
been a pilot, you know, a private I had my
private pilot's license.

Speaker 6 (17:03):
I have ridden in airplanes, yes, but I.

Speaker 2 (17:06):
Can tell you I would never ever fly in one
that I built because we could not trust horrifying. I
would not trust myself. You know, my gosh, I end
up if I put together an Ikea shelf, I end
up with extra piece.

Speaker 6 (17:18):
Man if I packed my parachute for a year, I
still wouldn't jump out of the plane in it.

Speaker 5 (17:22):
That that is true. I think I would.

Speaker 4 (17:24):
I would have like extra parts and it would be
like extra parts like fuel, things that look really important.

Speaker 2 (17:34):
Uh, I got an extra propeller blade? Is everything right here? That?

Speaker 6 (17:38):
Okay? Okay, Well, kudos to you building an airplane. That's amazing.
Let us know how it goes, how it flies?

Speaker 2 (17:46):
There you go.

Speaker 6 (17:47):
Here's someone who says, hey, y'all missed you guys last week,
but at least I got the riddle right this time. Yay,
So they had to learn. That is a love meeting
you and MJ at the Just Call Mo Bowling Tournament.
MJ is a beautiful, warm ray of sunshine. Aw, that's

(18:08):
so nice.

Speaker 2 (18:09):
What about the rest of us?

Speaker 6 (18:11):
I'm glad I was a sunshiny day for me and
that I grab you one.

Speaker 2 (18:14):
Oh.

Speaker 6 (18:17):
I told you that I listened, even though I don't
have any mortgage issues. But now I find myself in
the need of a full full dental implant, considering going
to costa Rica, but would still need to use a
payment plan. Those interest rates are ridiculous, So would he
like be better option? Or should I wait for those
rates to come down? So they're wondering if they should
get a he locked to pay for this expensive procedure,

(18:39):
or if they should go with the the insurance that
comes with the procedure, which is probably like a credit.

Speaker 2 (18:44):
Card or do you mean you mean financing comes up
for the financing. Yeah, it just depends on the size
of the Oh no, go ahead. It just depends on
the size of the requirement, you know, first of all,
because like for us on a he locked, smallest one
we can do is fifty thousand, okay, So I don't
know if this is a fifty thousand dollars type of

(19:05):
you know, implant situation, or if they need to do
other things. But yeah, helock is is certainly a way
to get it out, to get the money out of
the equity out of your home. There are other places
that offer smaller ones. That's just the smallest one we
can do. So you can check around with your bank
and so forth to see.

Speaker 6 (19:20):
So if you do one for fifty but you only
need thirty, can you take out the fifty, and then
put back the twenty.

Speaker 2 (19:26):
After you've made three payments. Okay, yeah, so you have
to take when you close on the helock, you have
to take a minimum draw of at least fifty thousand out.
And if you don't need that.

Speaker 6 (19:34):
Much that in your saying, you can bury it in
the yard.

Speaker 2 (19:36):
Better yet, put it in an interest earning bank account
that earns you know, you can get four and a
half percent on a savings account right now, so yeah,
put it in a savings account for three months. You'll
earn some money on it, which will offset the cost.
Because I'm seeing some of the helock rates, we've gotten
them in as low as in the fives and six
percent range. So in some cases, for it depends on

(19:57):
how well qualified you are, and how much equity you're
taking out out and the loan to value of your property,
and you know a few other things. But yeah, that's
definitely a way to do it. And then after you
make your three normal payments, which are actually kind of
low because you only have to pay interest only in
the beginning on a hey lock, then you can pay
back that other part, take it out of the interest,
drop it back in, drop it back in there and

(20:17):
then you're only paying interest on whatever you whatever you
have drawn out at the time. The other thing is urgency.
I mean, what's your urgency. I've had dental things where
you know, it's like that's a nine to one one emergency,
like you know, you go to the dentist and you
got to have something done that day, and others are
every once in a while, that's youth bobusly, I'll do

(20:37):
it later.

Speaker 6 (20:38):
Oh, this seems like something they've been planning for because
they are thinking of leaving the country for it. So
it's you know, not an emergency so much as a
got to do this.

Speaker 2 (20:46):
I'd have to do quite a bit of research before
I was doing overseas dentistry.

Speaker 6 (20:50):
So I have a lot of friends. You've done that.

Speaker 2 (20:51):
Yeah, I know. I'm not saying is wrong. I'm saying
I would need to feel more comfortable about it.

Speaker 5 (20:55):
Yeah.

Speaker 6 (20:56):
I have a friend who has the most beautiful smile
and goes overseas to work on it every six months
or so.

Speaker 2 (21:03):
Oh wow, Yeah, well there you go.

Speaker 6 (21:04):
Yeah, because it's such a such a better deal.

Speaker 2 (21:07):
Well, you know that that may be a viable thing,
but you got a factor in the flights. You got
a factor in the still such a better cost of
accommodations and so forth. I happened to be in an
airplane this week, and I know you were yesterday, Fritz,
and I couldn't the The vision of that plane crashing

(21:29):
in India recently was in my head. Did you think
about that at all when you were taking off yesterday, Jo,
I mean.

Speaker 5 (21:34):
Yeah, I thought about it because it was awful.

Speaker 4 (21:36):
Then, yeah, I saw some videos of it and that
guy who survived by jumping out of the aircraft, which
is a smart move if you think about it.

Speaker 6 (21:44):
Well, he did survive.

Speaker 2 (21:45):
He did survive, he jumped out. I didn't I didn't
read about I know he survived. I didn't read about
the specifics yet he so he after. I mean, it
looked like there was a fireball when it when it landed.

Speaker 5 (21:55):
I don't know exactly how you know that. He's not
doing well right.

Speaker 2 (21:58):
Now, but yeah, man, that's crazy.

Speaker 6 (22:01):
But his brother died in the other seat.

Speaker 2 (22:04):
I was taken off from Washington, and you know, the
plane gets stored, it's taken off, and like, just keep going,
just keep going up, playing, just keep going up. Yeah,
that's crazy, you feel I feel some people are terrified
when they're taken off in planes. I normally don't even
think about it. I'm sitting there looking at my phone,
but second think about a little more.

Speaker 6 (22:23):
Not to do that.

Speaker 5 (22:24):
Don they tell you to put it on airplane mode.

Speaker 2 (22:27):
I don't follow the rules. Oh my gosh, boy, of
course it's on airplane mode. My phone only has airplane mode.
That's the worst thing. I did get off of the
plane and was texting trying to get a ride, and
after fifteen fruitless minutes, realized I was still on airplane mode.
So that's fun.

Speaker 6 (22:47):
Okay. But anyway, it says good morning listen every week,
how much easier would it be to get alone for
a business that's already established versus a business from scratch?
And then it says dolphin tour. So I'm guessing the
business is a dolphin tour? How lovely? Yeah, you're going
to have you ever been on a dolphin tour?

Speaker 2 (23:04):
I've been on a tour to go see dolphins.

Speaker 6 (23:06):
I think that's what that is.

Speaker 2 (23:07):
Yeah, so they had dolphins giving me a tour? That
would be even cooler. So much there's a marketing to
over here. You've got a nice sea Urchin right here
on the right here on the ocean bottom. I lost
my train of thought. That happens something.

Speaker 6 (23:25):
Is it easier for a business that's already established as
opposed to a new business or a business idea. As
far as getting financing, if you've.

Speaker 2 (23:33):
Got a typically that's almost going to be a need.
In a lot of cases, there are startup loans and
different types. If you have a certain level of experience
in the field, you know in some circumstances, But if
you're trying to take cash out to like supplement your
business or an infusion of cash or what have you, you're
almost always going to have to have a two year
history of your business's income and tax returns filed and

(23:55):
all that kind of stuff. So one hundred percent, it's
way way easier to get a loan for your business
if you've been in business and we can see your financials.
If you're trying to start something new and you've never
done it before, well then they don't know. I've seen
cases where that works, where like for a restaurant, for example,
I had someone who was buying a pizza place, buying
a pizza place that was already established from the other

(24:16):
person and it was it was least, you know, in
a least you know, like a strip center, a pizza
place in that kind of a center. So they didn't
own the land. They're just selling the idea of the business.
You know, the the the mental property of the tables,
the chairs, the ovens, the ingredients, the recipes, you know,
all the intellectual property everything having to do with that business.

(24:38):
And you're also buying the reputation of that business. But
the key part there is you can show the financials
that the previous owner has had for two years, so
even though it's a new startup business for you, they
can still get some data on what the business is
doing and how it's done. So if you are trying
to buy a business that's already existence, you may be
able to do it as a startup. But if you're
trying to get money out for commercial or an SBA

(25:01):
a loan, and you're trying to get money to I
don't know, a capital injection, or you want to buy
some new trucks or you want to build a warehouse,
then you're going to need that two years of history
on your business. Great question. Thanks for texting that into
seven seven zero three to one.

Speaker 6 (25:17):
Here's some one who says, is the gift program still
a thing? I don't know what that means. The gift
program that you can get a gift letter.

Speaker 2 (25:24):
Well you can, So when you're buying a house through
Fanny May or FHA or VA or even USDA, you
can instead of having your own down payment, you can
get a gift from a family member. So I believe
that's probably what they're referencing. All those on still allow
a gift for your down payment. You're closing costs. You
personally can walk into the transaction with zero money. It
can all have come from your dad or your uncle,

(25:45):
or your parents or what or what have you. I
think that's probably what they mean. But if not, hit
us back and go further into it. Text into seven
seven zero three to one.

Speaker 6 (25:55):
Here's the one who's asking, do you have a pre
purchased private home inspector that you wreckon?

Speaker 2 (26:01):
I don't have. Usually that's in the purview not of
the mortgage. The person handling your mortgage. Usually that's going
to be your buyer's agent or your realtor. They usually
have a network of people that they work with on
a regular basis, that they trust and that they like
that they either they like or they've had good experiences with,
or they know that they're going to do a quick turnaround,
or they know they're going to do a good job,

(26:22):
or they know they don't overcharge that kind of thing.
And usually your realtor can recommend two or three choices
for you to you know, check out and decide who
you want to use. I'd like to let people use,
you know, who they want to use. But also we
can recommend people, but typically that's going to be a
recommendation that comes from your real estate agent rather than
from your your mortgage person.

Speaker 6 (26:42):
Our airplane person checked back to tell us they are
painting their airplane. It is a nineteen forty seven Bonanza.

Speaker 2 (26:49):
Ah, I know it a Bonanza. That's a nice plane.
But nineteen forty seven, Yeah, that's that's it. That's almost
eighty years old.

Speaker 6 (26:58):
I mean, does it go in the air? Is it
just for looksies?

Speaker 2 (27:01):
I'm pretty sure it's gonna Well, that's exciting. I'd like
to see some pictures of it. You're listening to the
Home Loans radio show with that mortgage guy Don. We're
gonna take a quick break, Red and be right back
for the third segment of the show.

Speaker 5 (27:16):
Hey, this is Ryan from the Monsters and now back
to that mortgage.

Speaker 2 (27:18):
Guy Don on Real Radio.

Speaker 4 (27:21):
That's right right home Loans Radio, the only live radio
show every Saturday morning.

Speaker 5 (27:27):
Most of the time. You're on Real Radio one or
four point one.

Speaker 6 (27:30):
I'm Fritz.

Speaker 5 (27:30):
We got MJ and that mortgage Guy Don.

Speaker 4 (27:33):
If you're out there listening, you can text them seven
seven zero three one, seven seven zero three one if
you have a question related to mortgages, buying a house,
selling a house, refinancing, heylock loans, you name it. And
also why not go ahead and follow Don on Instagram
at that mortgage Guy Don.

Speaker 2 (27:51):
There you go. And speaking of that, I forgot to
mention it earlier. Speaking of that, we've been we've been
honored to be nominated by the Orlando Weekly Best Of
and that was from people sending in nominations for us
for the best local financial Institution. Okay, yeah, best local
financial institution. If you want to, if I've if you've

(28:13):
ever heard the show and it helps you one little
bit or it works with you in the past, please
do go to the Instagram at that Mortgage Guy Don
in the link tree at the very top link is
a way to go and click with one vote and
vote for us for best local financial institution right here,
Happy home mortgage that mortgage guy Don in Central Florida.
We're up against a bunch of big old banks, so

(28:35):
I don't know, help you help me out well local banks,
you know, but yeah, yeah, go to go to the
Instagram at that mortgage guide Don click the link tree.
You can vote for us right there at the top.
Please and thank you and we appreciate you. You can
text in right now to seven seven zero three one
join the conversation, like these fine folks have what do
you got him?

Speaker 6 (28:52):
Here's some one who says, Hi, happy Saturday, y'all, Happy Saturday, y'all.
I got a heck with you last year. Thank you
for helping me with that. My question is when I
refinance that loan.

Speaker 2 (29:02):
You can refinance it after six months or so, sometimes
twelve months. It depends on the type of helock we did.
We have about a dozen different types and variations with
different banks, so some of them will allow refinance after
six months, some after twelve months. We need to get
a little more specific on it, but yeah, it usually
if they did it last year, you should be in
you should be in a place where you can look

(29:22):
at either refine enancying it to a lower rate, or
rates have come down some of those helocks, so that
may be a thing. Or you can also look and
if you want to try and get more cash out,
you may be able to have that option as well.

Speaker 6 (29:34):
Here's what one I was asking what is the average
reel to rate? And I know that got different with
the there was new legislation that changed some things that
were used to be you know, automatic, and now they're
a little different.

Speaker 2 (29:45):
Yeah, there was some some There was a lawsuit last
year with our National Association of Real Estate Professionals and
the issue was in the buyer's agent commission. That's the
one that works with you helping you find a house.
It's your buyer's agent. And before the lawsuit, it was
always a typically a six percent commission that a you know,

(30:07):
when you list your house, you planned on paying the
listing agent, which is your agent who's putting the property
up for sale, three percent and a three percent commission
to the buyer's agents, meaning other realtors that bring you
a buyer you know they would then that commission was
typically split three percent and three percent. So now that
they've made it so that the seller has to agree
to pay the commissions. So I've seen I'm still seeing

(30:29):
most of them at three percent, to be frank with
the with the with the contracts that i've seen. I've
seen a few at two and a half percent for
the buyer's agent, but by and large, I haven't really
seen a big change in what's in what's happening. I
feel like people thought that it worked well the system,
you know, that way because people listing their house want
to entice buyers agents to bring people to their house,

(30:50):
and so that it kind of worked that way. But
that's kind of what I you know, what is the
average I'd say, and it was the average before this
lawsuit two years ago. The average was somewhere between five
and six percent on a real estate commission, and that
shared between the two agents, the buyer's agent and the
listing agent. And I haven't really seen much change in
that since the laws change. What I have seen is
that now it's all official. There's paperwork, people sign agreeing

(31:12):
to the commissions. They they're disclosed, there's you know, it's
all much more official. I wouldn't say much more official,
but it's it's defined more clearly and everybody has to
agree to it ahead of time, rather than it being
assumed that those would be the commission. So that was
kind of the whole crux of the thing.

Speaker 6 (31:29):
Deb is making signs to participate in the No Kings
Day protests today in Palm Bay. Are people all over
the country. Today is a big day in America. Lots
of protests. Also the big celebration in Washington, d C.
For the anniversary of the military. Yeah, so lots of
stuff going on out in the world. Everybody be safe
and careful out there for sure. Morning MJ and crew

(31:52):
Never fear Flats Fisherman is here.

Speaker 5 (31:54):
Yeah.

Speaker 2 (31:55):
Yeah, if you go, if you go to these protests,
I'm just gonna give a PSA. If you go to
these protests, be peaceful, be cool, don't be out there cool.
Exercise your rights, your constitutional rights. But you know, don't
be the guy who's burning something. But anyway, I digress.

Speaker 6 (32:09):
Yes, don't stand in any intersections. It has been put
out that you are drivers are just allowed to hit you,
so careful. We just talked about how hard it is
to get it by the car, Like, try to avoid
that if at all possible. Here's someone who said, just
wanted to say hi to all of you. You guys
are the best and I learned so much. Keep up
the good work.

Speaker 2 (32:29):
Love you, Thank you for texting in such fine sentiments.

Speaker 6 (32:33):
Here's someone don Hi, Don. We are retired military. We
prequalified through your office for a three hundred thousand dollars
without selling our current home. We like to purchase a
townhouse being offered at three hundred and fifty nine. We'd
place a fifty. We'd place fifty thousand dollars down on
a VA loan. We have another and another four hundred
and seventy five six thousand available in our VA eligibility.

(32:54):
What are the best options and cost to get this
VA loan? John and Betsy?

Speaker 2 (32:59):
Will you only want to shop around? That's one thing
I'm going to tell you. With VA loans, a lot
of people think that you get you know, getting a
VA loan here at your bank or getting a VA
loan there is the same thing. It is definitely, definitely not.
There are wide variations in rate. So when you get
your first quote, you can go to the website that
more each guy Don dot com. Anybody can do this.
You hit the button says, compare quote and you just
put it in there and I'll look at it and

(33:20):
I'll tell you what you're being charge. I'll tell you
what the bank's getting, what the what the you know,
what the fees are, and I'll also let you know
if you can do better. One of the things, I'm
a veteran as well, and thank you for your you know,
for your service and for being a retired veterans. One
of the things to think about with a VA loan
is that there's something called a funding fee that's attached
to it. And this is on every single VA loan

(33:42):
unless you happen to have a military disability from from
the service, and in that case you're exempt from the
funding fee. But I'd say ninety percent of veterans are
not in that category. So that means you have to
pay a three Depending on whether it's your first use
or your second use, or what branch of service or
weather reserves have you usually somewhere between three percent and

(34:03):
three point three percent is where you will have that
funding fee. Well, that's a lot of money when you
think about it. You're buying a five hundred thousand dollar house.
A three percent funding fee is fifteen grand, and they
add that onto the top of the loan amount. It's
financed out over You don't have to bring that to closing.
It's financed out over thirty years. But like when I
bought my current house, I compare a VA loan for

(34:23):
myself which I could get, and I compared a conventional loan,
and I don't have the military disability exemption. So I
decided to go with a conventional loan, even though I
was eligible to do the VA loan, because I didn't
want to pay that fifteen thousand dollars funding fee and
the conventional rate was a little bit higher. But by
the time I factored in that three percent or fifteen

(34:46):
twenty grand or whatever it is, it was a better
deal to go the other way. So that's the first
thing I would do with somebody that came to me
with a you know, to get pre approved, as I
would walk through this conversation with them and see and
compare the conventional loan, you know, the Fanny May loan
along with the VA and make sure that it was
the best, uh the of which one was the best
for you financially, Which comes down to at the end

(35:08):
of it is how much of your monthly payment, you know,
and so that that's really what you want to do.
You want to compare other things. You want someone who
is knowledgeable and can compare other things for you, and
you also want to compare yourself. Make sure that you're
that you're getting a good quote.

Speaker 6 (35:22):
Here's what I say is starting to work on our
backyard oasis, privacy, fence, flower beds, patio extension, homemade fences. Well,
who I'll send Fritzy picks and he can share. That's
from Deputy Scott.

Speaker 2 (35:33):
Nice, Nice Scott.

Speaker 6 (35:34):
Have you thought about sunflowers?

Speaker 2 (35:36):
Sunflowers are definitely got to have them.

Speaker 6 (35:38):
Sunflowers. What do you think, Fritz to Deputy Scott think
about sunflowers?

Speaker 5 (35:42):
Yeah, they're great. They make me happy.

Speaker 6 (35:44):
You just love sun.

Speaker 5 (35:47):
You have to have like at least eight hours of
direct sunlight every.

Speaker 2 (35:51):
Day, all right, Sometimes I feel like I need it
or eight hours or direct sunwhere.

Speaker 6 (35:56):
What kind of mortgage incentives are available for teachers for
first time home buyers? Are there such a thing?

Speaker 2 (36:02):
Oh? Sure, I mean there are. There are a number
of programs that don't vary by profession, meaning you can
be anybody. There are a couple that are based mainly
on you know, people in that profession or public service
professions like the.

Speaker 6 (36:16):
Hometown Oagally the Hometown Heres was right.

Speaker 2 (36:18):
Yeah, the Hometown Heroes came out three or four years ago.
It was only for certain professions, like you know, it's
kind of left over from COVID people, frontline workers and
teachers and civic workers and municipal workers and people like that.
But they opened it up to all professions and just
made it based on your income and your credit later on,

(36:39):
I didn't mention earlier in the show. We've been getting
a lot of questions about the Hometown Heroes program when
it's going to come back. This is a grant program
that gives people up to thirty five thousand dollars. It's
I've seen it all over social media that it's supposed
to be back on July first. But the state, you know,
the Florida Housing entity that controls that, actually at least

(37:00):
a big memo on their website this past week that
basically I'll read a little blurb from it. It says,
this is from Florida Housing Finance Corporation, who does Hometown
Heroes and does a Florida Bond and those kind of programs.
This is part of the memo. There continues to be
a great deal of misinformation circulating on social media and
through various marketing efforts advertising the relaunch of Hometown Heroes

(37:23):
and other inaccurate information. Please do not be misled by
third parties who do not know what they're talking about. Basically,
the Florida Hometown Heroes program is on I'm not quoting anymore. Basically,
the Florida Hometown Heroes program is on hold. They're waiting
for the State of Florida to finalize their budget. It
didn't get done in the first normal legislative session, which
starts in March, for two three months didn't get done,

(37:46):
so it's still not done. So there's a lot of
things that are up in the air, and the Hometown
Heroes is one of them. And TBD I guess we'll
hear MJ has said earlier that I think the state
has to have the budget by July. Yea, So well,
we'll see, but more to come on that. If you
have questions about Hometown Heroes, you can hear it first.
We'll get the accurate information out to you. We're gonna

(38:08):
take a quick break. We'll be right back after these messages.

Speaker 5 (38:12):
Hey, it's Doabraina from the news junkie.

Speaker 4 (38:14):
Do you have a question for that mortgage gud On
Text him at seven seven zero three one No back
to home loans radio on real Radio.

Speaker 6 (38:24):
Oh yeah, you are listening to home loans radio. Were
we talk about mortgages? That was the beautiful styleic so
of Corvid.

Speaker 2 (38:33):
Incorporated, Corvis Incorporated, Service Incorporated. Oh MJ you and your
words and my.

Speaker 6 (38:39):
Words only been three hundred shows. You know, I'm gonna
get it right, round and round, she goes.

Speaker 2 (38:47):
We don't want you to get it right. That's that's
that's your charm.

Speaker 5 (38:50):
That's right.

Speaker 6 (38:51):
Aquatika or aquatic think Aquatiqua is better.

Speaker 2 (38:57):
You know. It kind of rolls off the top.

Speaker 6 (39:01):
Here's someone who says, my daughter Brinkley and her husband
j D are pre qualified for four hundred thousand dollars
for first time home buyers. Are there any special deals
other than that they should be looking into as a
first time home by Yeah.

Speaker 2 (39:13):
And I actually there's a new first time home buyer
program and I talked about earlier in the show, But
this one is a one percent down program. This is
through United Wholesale Mortgage, which is the biggest wholesale mortgage
company in the country, and it's one of the companies
that we do loans through. But they're doing a one
percent down program. It's a three percent loan through Fannie

(39:34):
May conventional loan, but they're giving you two percent up
to seven thousand dollars in down payment assistance and then
they just give it to you. It's not one of
those that you have to pay back. So that's a
new one. We're excited about that. There's several old The
Florida Bond is out there. We talked a little bit
ago about the Hometown Heroes, which is not officially coming
back on July. First, we have to see the Florida.

(39:56):
State of Florida has to finalize their budget session, which
has not happened. Usually that' done months ago, but they
are kind of at a stopping stalemate kind of place.
So so Hometown Heroes is on hold, and that's coming
directly from the Hometown Heroes website. So there's a number
of down payment assistance programs. There's also first time home
buyer programs that allow you to put less down that

(40:17):
allow you to get lower interest rates in some cases.
So The way we find out is when you go
to the website that Mortgage guide don dot com and
hit apply to get pre approved. If you're a first
time home buyer, we automatically vet you through all of
the down payment assistance programs and tell you which, if any,
you are available for. I can't tell you how many
people come to us not looking for any sort of

(40:38):
down payment assistance and we're able to get them, you know,
a five thousand dollars grant here or a seven thousand
dollars grant there, because we always vet and try and
get anybody any free money we can get them. So
that you want to find out if you're qualified for
a first time home buyer's grant, and go to that
Mortgage guide don website and start your pre approval, and
we'll let you know. That's as simple as that. Some

(40:59):
are based on income, some are based on score, some
are based on where you live, some are you know,
so they're all over the place. So it's not like
I can just give a blanket answer. Yep, you're going
to get it. You know, We've got to look at
your specific loan application and then hold it up against
all the different programs and see which ones match up?
Great question. Thanks for texting that into seven seven zero
three one. You can too text your questions into seven

(41:20):
seven zero three one. We are live right here on
this lovely Father's Day weekend doing the thing that we do.
If you're looking for something fun to do tonight, go
and see at the at the Doctor Phillips Center. You've
seen this one. I'm Tami Shaharis, local famous them yeah,
local famous, Orlando.

Speaker 6 (41:40):
Multi talented, amazing person.

Speaker 2 (41:42):
She has a show at the Doctor Phillips called Josie
and Grace and it's the story of Josephine Baker and
Princess Grace and it won Critics Choice Awards at the
International frim Fringe Festival.

Speaker 6 (41:57):
Fringe.

Speaker 2 (41:57):
Yeah, and great show. You get two shows. You can
see tonight at eight o'clock they still have a few seats,
and then tomorrow at two pm. And the tickets are
really reasonable for forty to sixty bucks. Check it out.
Is a great show to be a sure great.

Speaker 6 (42:11):
Yeah.

Speaker 2 (42:12):
It's live music, all live songs. It's a great show.
I loved it and I recommend it.

Speaker 6 (42:18):
I recommend it too.

Speaker 2 (42:19):
What else you got, m Jay?

Speaker 6 (42:20):
Things might be a little nutty Downtown tonight, but we.

Speaker 2 (42:22):
Don't know who knows, We don't know.

Speaker 6 (42:25):
Here's someone who says, how common is contingency offers? If
you want to buy a home but haven't sold your
home or condo yet, I know that they're done. But
are you seeing more of them or less of them
lately or about the same amount.

Speaker 2 (42:37):
That's a good question, contingent. Let me explain it. A
contingency offer means you own a house right and you
want to buy a new house, but you don't have
either you can't qualify for both houses at the same
time due to your amount of income, or you need
the money out of your current home, or you need
the money out of your current home to put as
a down payment towards the next one that you're buying.

(43:00):
So when you sign a contract to buy a home,
you would say, we want to buy this home. Accept
our contract, please, but it's contingent on the sale of
our home. In other words, we got to sell our
house to buy this house. And the question is am
I seeing a lot of those? I'd say at least
at least half of the offers I see our contingency offers,
and a lot of times we'll see a chain of
contingency offers, meaning your house is for sale and you've

(43:23):
got to sell yours to buy this one, and the
one you're buying they need to sell that one to
buy their next one. And sometimes it can be three
or four good parties in those chains where yeah, where
everybody's you know, needs to sell their house to do so.
So I think it's very common. We are seeing a
lot more inventory on the market right now, so you

(43:44):
see less contingency offers when inventory is really tight, you know,
when there's twenty people bidding on one house than you
do when there is a lot of inventory. Where inventory
now is at that three month four month level, meaning
houses are taking longer to sell, which gives buyers more choices,
which is what makes it a buyer's market. Now's a
buyer's market. We're officially in it, I've seen. I've been

(44:04):
saying it for about a month now, but that's just
from looking at the amount, the percentage. Almost half of
all sales right now, the sellers are either coming down
a little bit in price, or they're selling below the
asking price, or they're offering some closing costs so to
help their property stand out. And that's what happens in
a marketplace when there are a lot of properties for sale,
you got to make yours stand out a little bit.

(44:26):
So the question was are we seeing contingency offers or
they not a thing? Right now, I'm seeing them all
the time, I think in more common than it was
a couple of years ago. A great question.

Speaker 6 (44:36):
That works out.

Speaker 2 (44:37):
It works out. You got to have a good realtor.
First of all, you need your realtor that's selling your
house to also be your buyer's agent. You need somebody
you know really good. I work with one of the
ones I work with all the time to sponsor the show,
Alexia Budrum at dream home Orlando dot com. They are
expert at contingency offers. I definitely recommend reaching out to
them at dream home Orlando dot com. You'll hear their
ads during our show, and there are also links on

(45:00):
my website at that mortgage guy don dot com.

Speaker 6 (45:02):
Big Mark from Palmbay, sorry we missed you last week,
but thanks for checking in and hope you had a
good trip on your on your car trip, big Al
has sent me a tongue twister, Oh Boy, a box
of biscuits, a box of miss mixed biscuits, Yeah, it works.
And a box and a biscuit mixer. Okay, so I'm
gonna do it. A box of biscuits, a box of

(45:23):
mixed it's hard.

Speaker 2 (45:24):
Do you want me to try? A box of biscuits,
a box of mixed biscuits, and a biscuit mixer.

Speaker 6 (45:34):
The second biscuits is the one that's hard to get out.

Speaker 2 (45:37):
A box of biscuits, a box of mixed biscuits, and
a biscuit mixer. All right, there you go. Well it
certainly twisted MJ's tongue as as we would.

Speaker 6 (45:46):
My tongue is easily twisted. Thank you, big al. Appreciate you.

Speaker 2 (45:51):
And uh, well there you go.

Speaker 6 (45:55):
Send me your questions. Seven seventy three months. Sorry, I'm
trying to sort through the things. Yes, that's the thing.

Speaker 2 (46:01):
You're doing a fine job.

Speaker 6 (46:02):
Thank you. Do you offer heelocks? And what kind of
rates could I expect on an eighty nine thousand dollars
loan with a twenty year payment? My credit score is
approximately seven fifty yay, and I have about four hundred
thousand dollars in equity in my home home is worth
eight hundred and I have three hundred k first mortgage
with a great rate.

Speaker 2 (46:20):
Another tongue twister. Yeah, that's a great question we're going
to answer. We don't have enough time, right to Segon.
We're going to answer that one after the top of
the hour and we'll be right back after these messages.

(46:43):
Hey hey, hey, hey, hey hey hey. Welcome back to
the Home Loans Radio Show with that mortgage god Don.
That's right, that's me here with my crew. We got
the MJ here today. Good morning, MJ, good morning, and
the fritz Man here, good morning, fresh back from Costa Rica.
Good morning, sir.

Speaker 4 (46:59):
See see Clara boom, Dia boom.

Speaker 2 (47:06):
Do you do they speak Portuguese there or.

Speaker 5 (47:08):
They speak anything? Really?

Speaker 2 (47:10):
Oh? All right you right country, Yeah, I like that
when we're coming back with us Luscious Lisa right as
correct a mundo born to be Me, Luscious Lisa. That's
a and you write the music for Luscious Lisa. That's
a fun show you And there's one coming up next weekend, right, Yeah.

Speaker 4 (47:30):
It's coming up June twenty first at Toughies and Sandford.
That's the Rainbow Riot Show. That's gonna be a lot
of fun. And we are playing with let's see, we're
playing with Stiletto. DJ sab Rangoon you might know her
as Sabrina Ambro. We are headlining. That's Saturday, June twenty first,

(47:51):
at nine pm. It's also an artist in market and
live show, so there's gonna be a lot of vendors
out there.

Speaker 5 (47:56):
You can get some stuff cool.

Speaker 2 (47:58):
I am planning to be there. That's going to be
a fun show. I'm looking forward to it.

Speaker 6 (48:02):
Yeah, that sounds like fun.

Speaker 2 (48:03):
What is what is Savvy's DJ name?

Speaker 6 (48:06):
DJ sab Rangoon, Sabrangoon.

Speaker 2 (48:11):
I love Crabrangoon, I do too, and I love Savvy,
So well, that should be fun. That's gonna be a
lot of fun. You can where can where can people
get tickets?

Speaker 4 (48:18):
You can buy tickets at toughiesmusic box dot com.

Speaker 2 (48:22):
There you go. Well that next that's next Saturday. That's
going to be exciting. That is a that's is that
at eighteen and up? That's or twenty one in uption,
it's eighteen and up. There you go, that's going to
be fun. I'm looking forward to that.

Speaker 6 (48:34):
Yay.

Speaker 2 (48:34):
Always nice to have things to look forward to it
sure enough.

Speaker 6 (48:37):
So the question on the table was to offer helocks
and what kind of rates could I expect on an
eighty nine thousand dollars loan with twenty year payments, I'd say,
want a twenty year helock. Their credit score is great,
they have four hundred thousand equity, they're homes worth eight hundred.
You're going to have a three hundred first mortgage.

Speaker 2 (48:55):
It's not going to be. You know. The thing about
the home equity lines a lot of them that we do.
They allow you to pay intro only on the loan
during the draw term. So he locks have typically a
draw term, like what does that mean? Well, you're borrowing money.
Let's say're going to borrow whatever they say, eighty nine thousand, right,
and you maybe you only draw fifty thousand to that
out at the beginning of the loan when the loan closes,

(49:16):
and you leave the other thirty nine thousand in there
and you can take it out later. You can pay
it down, you can pay it up. You know, it's
it's an open line of credit so to speak. He
locked so you can pay it down.

Speaker 6 (49:28):
And yeah, so there is Their question is what kind
of rate tould they?

Speaker 2 (49:33):
Oh, kind of. So what I was saying was the
there's a draw period where you can do that where
you can charge it up and down. For some it's
three years, for some it's five years, for some it's
ten years. We have all of those available depending on
what you need. The home equity line f and the
rates can be anywhere between, like in the six percent
to all the way eleven percent in some cases, depending

(49:55):
on your credit score, your loan to value. But let's
just but if you're able to pay interest only, and
you're during that draw term, and you know, you just
take the amount of the interest. Let's say it's one
hundred I'm going to use easy Mouth. It's one hundred
thousand dollars loan, and it's a six percent interest rate.
Then you divide six thousand by twelve months, and that's
five hundred dollars a month. Quick math for the interest
only payment. So on an eighty nine thousand dollars one

(50:18):
I would guess probably for four hundred and forty twenty
year term. Yeah, on a twenty year term. See on heelocks,
they're on a twenty year term to repay after the
draw period ends.

Speaker 6 (50:28):
I think.

Speaker 2 (50:28):
So there's also loans like a he loan, which is
not when you can draw up and down. It's just
a fixed second mortgage that you can get that just
gives you a lump sum and the different scenario there
because that will be amortized over twenty years, so then
they are not doing just interest only. You're also amortizing
in the principle. So it depends on the type of loan,
but rough figure is the easiest way to find out

(50:51):
to be Frank is to go to a website that
mortgage guy don and send me a note or fill
out the refinance application and within some same day or
next we'll have a quote for you. No you know,
it's free, no hassle, no hard credit pull, very easy,
get you some numbers in writing, and that's the best
way to find out. Or you can say, hey, I
want to see a ten year, I want to see
a fifteen year, I want to see a twenty year,

(51:11):
and Laura the helock Wizard will get you all of
your options and you can decide.

Speaker 6 (51:16):
Don't all right?

Speaker 2 (51:18):
Born to be you, Born to be you?

Speaker 6 (51:20):
Mj that's right.

Speaker 2 (51:23):
Well, guess what time it is, mj.

Speaker 6 (51:25):
Oh is it time for compare a quote?

Speaker 2 (51:28):
It is time for the compare quote of the week nail.

Speaker 6 (51:30):
Ten dot com.

Speaker 2 (51:38):
How apropos that we were just talking about helocks, because
the compare quote of the of the week is a helock.
Compared quote of the week. What's the compare quote of
the week you as well. A couple of years ago,
I started this thing on the website. I had read
a study where less than twenty percent of people get
a second quote after they get their initial quote on
a mortgage or a helock or a refinance. And I

(51:59):
thought that's not good because I see a lot of
bad quotes when people do bring me their quote. So
I put this thing up on the website. The reason
people don't get a second quote number one answer at the.

Speaker 6 (52:08):
Survey they think it's hard, too hard.

Speaker 2 (52:10):
I already did this once. I don't want to do
this all again. I'm done. I think I got a
good quote. I'm moving on. Eighty percent of people. Eighty
percent of people do that, according to the study, and
I would say ninety percent of those people are leaving
money on the table. But you can just compare your quote.
I'll take a look at it. I'll tell you if
it's any good. If it is, i'll tell you, I'll
say it's a good quote. Knock it out. You got it,
You did your job. You know, you can have that

(52:32):
piece of mind. That piece of mind is the important
thing that you get with the compare quote. It's free,
it's easy, you can do it at the website. These
people were trying to get a helock. They had home
improvements that they wanted to do that cost about eighty thousand.
They were doing a new kitchen, remodeling three bathrooms, remodeling
a deck. They had like a fixing, a screen enclosure,
all kinds of things that they wanted to do, and

(52:53):
they went to their bank to try and get a
helock and the home equity line. So there's different different
kinds of home equi lines out there. But the bank
that they went to would not allow them to take
out any more than eighty percent of the value of
their home, and so the maximum they could get them
was a home equity line of thirty five thousand dollars
at a whopping rate of thirteen percent, which is pretty high.

(53:17):
But we have home equity line of credit lenders or
helock lenders that will go up to ninety sometimes even
ninety five percent of the value if you're super, super
duper qualified. We were able to get them eighty k
out to do the all of the improvements that they
wanted to do, and we were able to get them
a rate of eight percent instead of the thirteen percent
that the other lender was offered. So even though we

(53:38):
were getting them forty five thousand dollars more than the
other lender, our rate was low enough that the payment
was almost the same. That's what they were going to
have with the other lender. So we were you know,
so if you go and apply for the moral of
the story here is if you go and apply for
helock and you don't get what you want, you don't
have to quit. There are other companies out there. You
go to us at that mortgage guy don dot com.
You apply it as a refin, and we have over

(54:00):
a dozen different home equity line of credit companies, so
we can place you with the one that's gonna suit
you and be best suited for you. So that's that's
the thing. Here's the thing. They needed some funds to
fix up the place, but their bank's little offer just
fell on its face. Thirteen percent. That feels like a
crime and only thirty five k. What a waste of
our time. I said, hold on, don't give up yet.

(54:21):
There's a better, better, deal. I bet you can get
I got them eighty with a rate of eight. And
they cheered and they clapped and said, dang don is great.
And I think I'm going to end with that.

Speaker 6 (54:31):
Play the jingles.

Speaker 2 (54:39):
I'm having fun with these.

Speaker 6 (54:40):
I think you should just make them in the children's.

Speaker 2 (54:42):
Book Mortgage Children.

Speaker 6 (54:44):
Yes, it's time, it's time.

Speaker 2 (54:46):
Oh, that's funny.

Speaker 6 (54:47):
Get them started.

Speaker 2 (54:48):
We'll get them started. We'll teach them how to write checks. Yeah,
pay with a debit card.

Speaker 6 (54:52):
I'll be out in the playground talking about mortgages.

Speaker 2 (54:55):
Right. Ah, what's your API, Sandy? Hey, that's not great. Well,
there you go. That's a compare quote of the week.
You can text in your questions to seven seven zero
three one. We are live a Father's Day weekend doing
the thing. We got to a couple of segments left
or one and a half. Text in now and MJ
may get it on air just like this.

Speaker 6 (55:14):
Yeah, and tell me what you're doing today. My wife
and I have a townhouse. It's worth roughly two hundred
and fifty thousand. We owe under sixty. We're currently running
it out and trying to figure out our options with
either selling or cashing out with a refi high heelock.
Our credit is not the best minus around sixty seventy
hers is slightly higher. Ideally, we'd like to keep borrow

(55:36):
against the equity and payoff all of our debts and
use the rest for down payment for another property when
the time is right. We make one hundred k between
the two of us.

Speaker 2 (55:45):
Yeah, absolutely, that's certainly possible. They're asking about taking out
of variables. Yeah, they've got a rental property and they
want to take cash out of it to pay off
all their other debts. They owe very little on it.
They owe sixty grand from their original mortgage and it's
worth how much three hundred some fifty, So you should
be able to We can offer home equity lines of
credit on rental properties, on second homes, on primary homes,

(56:08):
on investment homes, so we should you know, six seventy
scores high enough. You only need about six forty six
fifty to get approved for a home equity line, or
we or it may make sense we would look at
the rates for a home equity line, or look at
the rates for paying off for doing a cash out refinance,
you know, which would mean absorbing that sixty thousand on there.
So maybe you only have one payment, but we look

(56:28):
and see which way math works, which one's going to
get you the money the cheapest. But absolutely that's a
doable thing. Six seventy scores not a deal breaker. You
just go to the website that mortgage guy, don hit
the apply, now fill out the refine and we will
get you some You know, Laura, the helock wizard will
call you and talk to you about your goals and
figure out which kind of all of our helocks is

(56:49):
the one that's going to work the best for you.
And then we put it together and show you the numbers,
and if you like it, we move forward. All that's
done with no costs, no hassle, no hard credit pull.
We just give you the numbers and then you decide.

Speaker 6 (56:58):
Here's someone who's self employed, but after tax deductions, I
show very little tax income. I have great credit and
a couple hundred thousand saved up. The debt ratios are
stopping me from buying an investment property. Anyway. To make
this work, I could spend it all property cash, but
I want to have two to three rentals when I
retire in fifteen years. What options do I have?

Speaker 2 (57:18):
You've got a lot of options. Actually, you know, when
you're working with someone like us a wholesale mortgage brokerage,
we're gonna have a lot of options. When you go
to a corner bank, they're going to have like the
one menu of options that they have as a as
a wholesale mortgage brochure. I have one hundred lenders that
I can that I can work with and do do
loans through, so we can really shop around it. Tell
me the question again, the last part of it.

Speaker 6 (57:40):
They want to get They want to get up to
two to three rentals when they retire in fifteen years. Okay,
and right now, what's saving what's stopping them is their
debt ratio. So because they're not showing any income.

Speaker 2 (57:51):
Yeah, so if you're self self employed, right, when you're
self employed, a lot of times you do all your
right offics. You know of course that you can to
not pay taxes. There are other types of loans. We
got loans that will look at your deposits into your bank,
your bank account. So if you've got a cash heavy
business that deposits a lot of cash, that may be
the way to go. We have some that will base
it on a ten ninety nine If you're getting a
ten ninety nine, but probably the one I'm seeing, especially

(58:13):
if you want to do more than one investment, you'd
want to do up to ten. With this program, which
is the DSCR program, there's a debt service coverage ratio. Basically,
it looks at an investment property to see what it's
going to make income wise in the course of a month,
and as long as it is superseded the mortgage payment
by you know, one point twenty five percent, sometimes one percent,

(58:34):
then they will do the loan based on the income
of the properties. Because it's a business loan, it's not
you know, it's investment property loan, and that's a really
good product. To DSCR. You have to have money, you
have to have twenty percent down, and you have to
be able to show that you have reserves on the
payments for a year. But it sounds like they've got
the money they need, so well, I think what you're
probably looking for, we would look at the bank statement loan,

(58:55):
and then we would look at a DSCR loan and
see which one's going to get you the best rate
and the best deal, but definitely options one hundred percent
hit me up at the website that mortgage guy don
dot com. Cool. You were listening to us here live
Father's Day, weekend.

Speaker 6 (59:10):
Flag Day, Flag Day, National Cucumber Day?

Speaker 2 (59:13):
Is it National Cucumber Day?

Speaker 6 (59:15):
Yes?

Speaker 5 (59:15):
Who could forget?

Speaker 6 (59:17):
Who could forget that? Got my cucumber flag? Ready?

Speaker 2 (59:20):
Yeah?

Speaker 4 (59:21):
Do you fly that flag like cucumber flag?

Speaker 2 (59:27):
Fly? I think that leaves a lot of I think
a cucumber flag leaves a lot of room for misunderstandings.

Speaker 6 (59:33):
Cucumbers are delicious.

Speaker 2 (59:35):
Well, yes, sure, so you're showing. Does your cucumber flag
have a sliced cucumber like.

Speaker 6 (59:40):
In Little Old Just just a cucumber in its original form?

Speaker 2 (59:44):
Yeah, there you go. Pre pickle.

Speaker 6 (59:45):
Everyone knows what that is.

Speaker 2 (59:47):
Yeah.

Speaker 6 (59:47):
Sure, what's your favorite cucumber preparation?

Speaker 2 (59:50):
My favorite cucumber preparation probably pickle. Is there another?

Speaker 6 (59:55):
Sure? There's salads, there's I like it in a cocktail,
like the cucumber you know where you you know, blend
it up with some agua and then you strain it
out and it's refreshing.

Speaker 2 (01:00:05):
I like to cut them in water. I like to
cut them into thin slices and lay on my back
and place them over my eyes as a soothing I've
actually never done that. I've seen it on TV. Is
that soothing? You ever done that?

Speaker 3 (01:00:17):
In Joe?

Speaker 5 (01:00:18):
Yes?

Speaker 6 (01:00:18):
I have?

Speaker 2 (01:00:19):
You put them on your eye? What does that do?

Speaker 6 (01:00:20):
They're delicious.

Speaker 2 (01:00:24):
Oh and when you're done, you just ate them.

Speaker 6 (01:00:28):
Once my eyes have seasoned them properly, so delicten.

Speaker 2 (01:00:32):
This tastes like mascara.

Speaker 6 (01:00:36):
This tastes like my sleepy night.

Speaker 2 (01:00:38):
No.

Speaker 6 (01:00:39):
Yeah, they're you know, so versatile. So many cucumbers, like
the little tiny ones and like the big long European one. Yeah.

Speaker 2 (01:00:47):
Well, there you go, pickle talk with.

Speaker 6 (01:00:52):
Here you are, you're here for you are.

Speaker 2 (01:00:54):
Listening to the Holmelans radio show. But that mortgage guy Don.
You can go to the website that mortgage guide don
dot com or even better yet, hellow me on Instagram
at that mortgage guide don at all yet. And while
you're there, a click the link tree and go and
give us a vote. We were nominated with the Orlando
Weekly Best of Local Financial Institutions. You can go to
my link tree at that mortgage guide Don right at
the top you can give us a vote. We would

(01:01:14):
appreciate it. Please and thank you. We'll be right back
after these messages.

Speaker 1 (01:01:19):
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 Radio.

Speaker 5 (01:01:29):
Last segment of the day.

Speaker 4 (01:01:30):
Go ahead and Texas in if you have a question
seven seven zero three one, or you can just go
to that mortgage guide Don dot com or follow Don
on Instagram at that mortgage guide Dona.

Speaker 2 (01:01:42):
That's right, follow me on a Instagram at that mortgage
Guide Don, And while you're there, you can we were
we're honored to have been nominated by the Orlando Weekly
Best of Orlando to be the best local financial institution
that mortgage Guide Don. You can go there and vote first.
In fact, if you go the Instagram at that mortgage
guy Don, right there in the link tree in my bio,

(01:02:04):
you can the very top tab is throw us some vote.
You can do that every single day till I think
it's July thirteenth, and that's the weekly Orlando Weekly.

Speaker 6 (01:02:14):
Was there something with the Orlando Sentinel as well?

Speaker 2 (01:02:16):
There was a contest we were nominated in with the
Orlando Sentinel a couple of weeks ago. Those results will
be announced on July the second.

Speaker 6 (01:02:23):
So well, and what are the what are the categories
that was best.

Speaker 2 (01:02:26):
Local mortgage company as well, so we'll see we don't.
They don't tell you the results on that one until July.

Speaker 6 (01:02:34):
Do you even know who you're up against or is
it just like you find out when you find out.

Speaker 2 (01:02:37):
Yeah, when you went to vote, you could see the
other the forty seven times I went and voted, I
did know.

Speaker 6 (01:02:44):
I didn't remember who the other people.

Speaker 2 (01:02:45):
They let you vote daily on them. But yeah, we
will find that one out. I guess we'll find out
all of them at the same time. But I think
you know when what I what I was told was
when we were nominated that we had a large amount
of votes. So I appreciate that and thank you for everybody,
and you know again, go to that Mortgage guide don
or at that Mortgage guide don Instagram at the very
top in my bio click the link tree, and then

(01:03:06):
you can vote for us for best local financial Institution
in the Orlando Weekly. Please and thank you.

Speaker 6 (01:03:11):
And you said you're up against some big banks.

Speaker 2 (01:03:13):
Yeah, the other banks that are there are like local
credit unions and local banks and that kind of thing,
you know, traditional type. But it's just for the best
local financial institution. And there you go. Thanks for that.
Guess what time it is. I'm Jay, It's time for
the speed Round. That's where MJ's gonna ask me a

(01:03:34):
few questions that we didn't get to here on the
show that you're gonna ask him real quick, and I'm
going to try and answer them real quick. And if
I didn't get to yours, that doesn't mean I didn't
want to answer it. You can go to the website
that Mortgage Guide. Don there's a thing that says, asked
on a question you just copy pasted in there comes
right to my email and I'll answer it after the show.

Speaker 6 (01:03:51):
Is it possible to get a heelock with a six
eighty score? Home equity line of credit? Is it possible
to get one with a six eighty score?

Speaker 2 (01:03:58):
Yeah. We we have about a dozen different home equity
line lenders that we can use, and several of them
go down to a six forty score is their minimum.

Speaker 6 (01:04:06):
And here's someone who's asking, what's the smallest cash out
mortgage you can do? How about a helock?

Speaker 2 (01:04:12):
The helock minimum that we have is fifty thousand, and
then the smallest mortgage, like a traditional cash out mortgage loan,
that has to be higher. It has to be around
seventy five thousand. The reason being is that each loan
has a certain amount of cost to do it, and
there are rules on how much fees or costs can
be on the loan, and it's based on the loan size.

(01:04:33):
So when you have a tiny loan, like let's say
it's a seventy thousand dollars loan, it's three percent is
the maximum you can do, So that would be maybe
two thousand dollars in total fees. Sometimes the title fees
alone can be that much, so it can be not
only difficult, but impossible to do a loan under a
certain amount for a mortgage brokerage.

Speaker 6 (01:04:53):
Here's someone who says, I have a difficult situation. I'm
trying to sort out too much to text. Can I
get on a call with your loan officer and see
if you can help?

Speaker 2 (01:05:00):
Sure? One hundred percent We take calls every day, you know,
just either go to the website, send me a message,
we'll schedule a call, or you can even go in
the office. We have people that want to come in
the office. Our office over in Seminole County and the
Tusco Will of redbug a Tusco will of four to
thirty four area in between there in red Bug. So yeah,
you can come by the office, you can call, we
can get It's better to schedule an appointment so that we're

(01:05:21):
not well bouncing around and we can dedicate someone's time
to actually make it, make sure they have enough time
to answer your questions.

Speaker 6 (01:05:28):
Is there a program for ninety percent cash out on
a refinance?

Speaker 2 (01:05:32):
There is, Actually we have a ninety percent cash out
program on a regular refinance loan, and we have up
to ninety in some cases ninety five percent of the
value of your home on a heelock. So yeah, we
have typically your bank is going to cap at in
any retail mortgage leander, you're going to cap at eighty
percent of the value of your home. Because we have

(01:05:52):
so many banks we can work with and we have
these options available for you.

Speaker 6 (01:05:56):
What is the minimum down payment for a purchase?

Speaker 2 (01:06:01):
Well, that's kind of a trick question. I mean, if
you're doing a VA loan, you don't have to put
anything down. You can put down zero. If you qualify
for a USDA, you know, rural loan, you can qualify
with zero down. We have a new down payment assistance
program which is a one percent down program, but that
one is dependent on your income. You have to have
at least a six forty score and your income has

(01:06:21):
to be at eighty percent or less than the average
the average media and income for your county. There's a
number of programs. The best way to find out is
to go to the website that mortgage guide don dot
com and apply for a preapproval and then we anytime
someone's the first time HomeBuyer, we're going to go through
all the programs and let you know which ones you
apply for, which one you're eligible for.

Speaker 6 (01:06:42):
And now for a riddle, riddle. Time, when I'm alive,
you sing to me. When I'm dead, you clap your hands.

Speaker 2 (01:06:50):
What to my a microphone?

Speaker 6 (01:06:53):
Nope, When I'm alive, you sing to me, and when
I die, you clap your hands. I'll give you a
clue when you're ready.

Speaker 2 (01:07:03):
When I'm alive, you sing to me.

Speaker 6 (01:07:07):
And when I die you clap your hands.

Speaker 5 (01:07:10):
Is it music?

Speaker 6 (01:07:11):
Mm? I mean they're singing, but sound m m m mmm.
So when you sing to me, it's always the same song.

Speaker 2 (01:07:20):
Oh birthday? Can yep?

Speaker 6 (01:07:26):
There you go, there you go, Oh, it's the same song.
And here's a quick quick question. Just came in. Do
you do mortgages for properties outside Florida?

Speaker 2 (01:07:36):
We we can do business properties, investment properties, you know,
SBA loans outside of Florida, but I but as far
as residential, we only do. We're only licensed in Florida.
Most most companies of our size are only licensed within
their state. I've been licensed in other states. It's just
it's a lot, and it's a lot every think of it.
Every every state you get licensed, and I have to

(01:07:58):
do like forty hours of education for it feels like.
And then so you get five states man, you're you're
doing a lot of continuing in. But anyway, we got
all the business we need in Florida. We're here for you. Well, folks,
you did it. You did you successfully wiled away another
ninety minutes of your weekend, your Saturday morning listening to
us right here on Real Radio on this fabulous Father's

(01:08:19):
Day weekend. Play us out of here with something cool.
Mister Frips, be.

Speaker 6 (01:08:25):
Safe out there.

Speaker 2 (01:08:27):
I about it.

Speaker 3 (01:08:28):
Yeah, you can you cat your.

Speaker 1 (01:08:55):
You've been listening to Home Loans Radio with that mortgage guide.
Don join us at Saturday at nine am on Real
Radio one oh four point one and check US out
online at Home Loansradio dot com.