Home Loans Radio 07.05.25 With That Mortgage guy Don- Happy 4th of July- Dont blow your fingers off!

Home Loans Radio 07.05.25 With That Mortgage guy Don- Happy 4th of July- Dont blow your fingers off!
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Episode Transcript

Speaker 1 (00:00):
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Speaker 3 (00:10):
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(00:37):
not those of the station, iHeartMedia or its advertisers. It's
time for Home Loans Radio on real radio with that
mortgage guy.

Speaker 2 (00:45):
Don.

Speaker 3 (00:46):
Join the conversation text us at seven seven zero three one.
Now here's that mortgage guy Don.

Speaker 2 (00:53):
Hey hey, hey, hey, hey, hey hey, good morning. Welcome
to the Home Loans Radio Show with that mortgage guid Don.
That's right, it's me. We're here. We're doing what we
do every single Saturday. Isn't that right? MJ.

Speaker 4 (01:06):
That's right.

Speaker 2 (01:07):
Isn't that right?

Speaker 1 (01:08):
Mister Fritz sat and it didn't say that is correct?
A mundo?

Speaker 2 (01:13):
Yeah, here with the crew doing the thing we do.
What's that? What do we talk about here every Saturday,
right here live on Real Radio one o four point one. MJ.

Speaker 4 (01:22):
Well, I want to hear the lyrics that you got wrong.
You know, the song you heard and you thought it
meant one thing, but it was really another.

Speaker 2 (01:28):
Also mortgages, you're picking up where you left off last week.
We had some fun with that.

Speaker 4 (01:33):
No, we only we didn't have much time to get
into it. So think about songs that you heard and
that you thought were one thing, but they are really another.
And also mortgages.

Speaker 2 (01:41):
Give an example, mortgages, it's.

Speaker 4 (01:43):
A thing that.

Speaker 1 (01:45):
Nice.

Speaker 4 (01:48):
Oh my, that's not important right now.

Speaker 2 (01:54):
Surely you just don't call me. Surely okay, I'm jay,
I see where we are right? No, Well, like an
example of the song.

Speaker 4 (02:08):
Like I thought the song the Foreigner song urgent, I thought.

Speaker 2 (02:12):
It was virgin or like the airline.

Speaker 4 (02:14):
No, like like a person like there're hey virgin, you know?
And I was that that thing when I when that
song came out, and every time I hear it, I
think why are they singing this song about me?

Speaker 2 (02:25):
Okay about this? It's like the one the one ton
Tomato song. Yeah, the one to Tomato, one ton Tomato. Yeah,
that's not the lyrics, but that's what I'm today's talking about.
You can also text the show text seven seven zero
three one. We are live. We're here doing what we
do every single Saturday. Right here. Let's see, did anything

(02:46):
fun happened yesterday?

Speaker 4 (02:49):
It was Sparkle Day. Sparkle Day, Yeah, fourth of July
day for your sparklers.

Speaker 2 (02:54):
How do you feel about the fourth of July? Fritz?

Speaker 1 (02:57):
I mean not a big fan really now?

Speaker 4 (02:59):
Yeah, well, you know, some are more fun than others.

Speaker 2 (03:03):
Without the fourth of July, there's no fifth of July.

Speaker 1 (03:06):
That's true. Now, aw where the party starts.

Speaker 2 (03:10):
It does if you're in Ovido tonight.

Speaker 4 (03:12):
The understanding is the fireworks go on for a week
or two.

Speaker 2 (03:15):
Yeah, tonight they have fireworks in Ovido.

Speaker 4 (03:17):
Oh do they like real fireworks?

Speaker 2 (03:19):
July fifth fireworks? Yeah, they're the only they did it
last year. They did it like I think on the
sixth or something this year.

Speaker 4 (03:27):
To get to the Saturday, it's on the fifth.

Speaker 2 (03:29):
Yeah, to get to the Saturday. I guess that's what
they said in the newspaper, that they do it the
first Saturday of July. Does it?

Speaker 4 (03:38):
Sure?

Speaker 2 (03:39):
But does it?

Speaker 4 (03:40):
Why not?

Speaker 2 (03:42):
Well, the the fourth of July fireworks in Sanford they
had a problem, did you Did you read about that?
No before? Like, they had some big storms going over
Lake Monroe yesterday and there was a lightning strike near
the marina where the fireworks were all set up and
blew up all the fireworks on the ground, what like
two or three hours before they were supposed to.

Speaker 4 (04:04):
Be launched, like spectacularly.

Speaker 2 (04:06):
I didn't see any video, but it said there was
no show after that. The fireworks were destroyed and the
control you know, they lost a lot of equipment, They
lost control panels and you know, stuff like that. So
they still had to get together at the I guess
at Sanford Mellon Park, but not fireworks at the end
of it. But you know what, Sanfordians, you're in lucky.

(04:29):
You're lucky. You live in central Florida. So you're just
gone over to Ovido tonight.

Speaker 4 (04:33):
Find some fireworks.

Speaker 2 (04:34):
That's those fireworks.

Speaker 4 (04:35):
One of my favorite. I think it was actually New
Year's Eve. Maybe I was on the beach and you
could from the beach on a high floor. You could
see the fireworks in every city, all the way down
the coast. They were like, you know, fifteen of them,
like different firework.

Speaker 2 (04:52):
That sounds like a good time if you like that
kind of thing. Cool.

Speaker 4 (04:57):
I enjoyed it.

Speaker 2 (04:57):
Well, I'm glad.

Speaker 4 (05:00):
Thank you for coming to my Ted talky fourth of July.
Please text me your mortgage questions seven seven zero three one.
I want to know what you're thinking about. You've got questions,
you're thinking about it. You're wondering, is it time? Can
I do it? How do I do it? Where do
I do it?

Speaker 2 (05:15):
Here?

Speaker 4 (05:15):
We are do what m jay get a mortgage, buy
a house.

Speaker 2 (05:18):
Mortgage ing? You know what. I'm a mortgage I know
I picked the right day to be here. Yeah, you
text your questions in the seven seven zero three one.
You can also go to the website that Mortgage guide
don dot com. You can check me out on Instagram
at that Mortgage guide Don. Please yes and thank you.
We're also so happy and honored to be nominated in
the or Best of Orlando Weekly. Please throw us a

(05:41):
vote there. You can do that right on my Instagram.
If you went in the bio we were nominated for
where we nominated for forts like, let's see, we're nominated
for best Local Radio Voice.

Speaker 4 (05:51):
Best Voice, all of us were nominated for that. Yeah,
I think.

Speaker 2 (06:01):
I was nominated for best Local Radio Voice. Don't You
don't know how that happened? Up against a bunch of
professional radio.

Speaker 4 (06:08):
People, So your voice doesn't know it's not professional.

Speaker 2 (06:15):
I'm have to ponder that one later, right that your voice.
I'm putting this under the category of stuff MJ says
that I think I have to figure out later. All right,
there we go, got that down in the books. We're
also nominated for Best Local Financial Institution, which is an
interesting category. But you can vote for us at the
Orlando Weekly. Please do and thank you and you know

(06:37):
we appreciate it. Also, give me a follow on Instagram
at that mortgage guide don and you can always find
the most relevant, the most local, the most newsworthy mortgage
news right there on the Instagram. What do we got
right now? The Hometown Heroes program is still on delay.
They're waiting before there was a fifty million at past
in the budget and waiting to be signed off by

(07:01):
Governor DeSantis. And then once they do, I guess they'll
announce the start data that it normally starts has started
the past July first, but now we don't know it's
going to start whenever, Probably in July, I'm guessing, but
I figured they'll give us about a week's notice and
then you'll hear it for you'll hear it here first
or that Mortgage guide Don Instagram. And they've also changed it
up a little bit back to the original kind of

(07:22):
model where the Hometown Heroes program was only for certain
types of occupations like nursing, medical, fire rescue, frontline workers,
municipal workers, that kind of thing. So if you want
to find out about that or get your pre approval ready,
you can do that at the website that Mortgage guide
don dot com. Start the pre approval so that you
can be ready when those funds are ready, because they're

(07:43):
going to go quickly, I predict again. Last year they
had one hundred million in funds to give out and
it didn't even make it two months. It was over
by like the third week of August, and it started
July first. So you want to get ready if you're
going to look into that down payment assistance program to
go and get your preapproval done. Now that's all I

(08:03):
got for the mortgage news. Jane, what do you think
about that?

Speaker 4 (08:06):
I think okay, okay, what you got going on, mister Fritz?

Speaker 1 (08:10):
Oh nothing, nothing, No.

Speaker 4 (08:13):
I listened to the news junkies on Wednesday, happened to
be out and about and boy, sure missed you.

Speaker 1 (08:18):
Oh well, thank you. I appreciate that, m H.

Speaker 4 (08:20):
I sure did. It's like, wait a minute, Wednesday.

Speaker 2 (08:22):
Oh oh well, you can just call for ITTs whenever
you need.

Speaker 4 (08:26):
A fast voice fair. It's awkward for him, He's trying
to work. He's like, MJ, I'm busy.

Speaker 1 (08:32):
No, I would just put you on speakerphone.

Speaker 2 (08:34):
I was gonna say, put her on speaker keep working.

Speaker 4 (08:40):
Well, you are missed on the radio, but you're enjoying
your new gig.

Speaker 2 (08:43):
Yeah, yeah, very exciting.

Speaker 4 (08:45):
Yeah, that's fantastic.

Speaker 1 (08:47):
I'm reading about Oasis their first show in sixteen years
and then as Albourne's last show, right right.

Speaker 4 (08:55):
Both those things happening. Where's Oasis gonna do that last year?

Speaker 1 (08:58):
Both events? I was gonna say, very sad, no, just
coming because you know, I like Oasis, but that was
the troke. But I am a huge Assie fan, so
that is very, very sad for me. That's we're in England,
I think in Birmingham where they played their first show.
There's a supergroup and Sammy Hagar is leading supergroup A
or B and I don't know who who the other

(09:19):
one is, but the set list has leaked online and
it's amazing, Like Pantera is playing for twenty minutes, Tool
is playing for twenty minutes. Wow, it's like sixteen different bands.

Speaker 2 (09:32):
Wow, that's something I saw. I saw Ozzie maybe ten
years ago at Lollaplos in Chicago. It was a good show.

Speaker 1 (09:40):
I've seen Ozzy three times. Oh yeah, yeah, he was
my first live concert ever.

Speaker 2 (09:44):
Loved that. Man. Did you did you ever see Black
Sabbaths before? Now with running Ronning James? Do you?

Speaker 4 (09:52):
I saw Sammy Hagar like three or four times, all
on the same weekend the.

Speaker 2 (09:57):
Red rocker Lucky You were you in Cabo?

Speaker 4 (10:01):
I was in Cabo for his birthday weekend and after
a while I was just walking by where he was singing, going,
I know, Sammy, I know you can't drive fifty by.
Because it's a very small town. You can hear hear
it everywhere.

Speaker 2 (10:14):
You were invited to Sammy Hagar's birthday party.

Speaker 4 (10:16):
Well, some friends of mine were, Wow, aren't you fan?
I got to tag along. It was fun. It was fun. Yeah,
they were like real rock stars hanging around. Saw Chad
Krueger get very drunk.

Speaker 2 (10:28):
Well, there you go, allegedly allegedly allegedly.

Speaker 4 (10:30):
Well you talked about it.

Speaker 2 (10:31):
He has said that he's been to the bottom of
every model.

Speaker 4 (10:34):
But I believed him. I watched him sing that song
and then I watched it play out. I r l
right next to me.

Speaker 2 (10:40):
There you go.

Speaker 4 (10:42):
There he is. Now he's actually talked about it interviews
that that particular evening. But anyway, yes, well.

Speaker 2 (10:47):
There you go. It happened secret stories in MJ lore
that you didn't know about.

Speaker 4 (10:52):
Yes, uh, blinded by the light coming in as you
know what, that's the one that's the weirdest one, wrapped
up like a for sure year.

Speaker 1 (11:03):
And I said the other thing.

Speaker 4 (11:05):
I mean, it does sound like I think we could
say douche can we I don't know we did. It
means it means rinsed out.

Speaker 2 (11:13):
Yeah, that's it. You don't need to get in more detailed.

Speaker 4 (11:16):
I mean it's a real word for other things, right. Yeah. Anyway, yes,
that one I'm still confused about that one. Do we
know that it is wrapped up like a deuce and why?

Speaker 2 (11:28):
I don't know, but I sure I'm feeling nervous about
you just stream of conscious scene over there.

Speaker 1 (11:35):
Sorry, you know it's funny. I just looked at her
at the dump button and it flashed on like yep,
and I just turned around and get all right, he
AI is listening.

Speaker 4 (11:46):
Thanks AI for having my back.

Speaker 2 (11:49):
Yeah. They have that set up at the studio that
whenever MJ's voice starts at the dump button, it's like
saying okay, Google and then you know it comes on. Ah, well,
that's that's good. You are listening to the Home Loans
radio show with that mortgage guy down. You get text
in your mortgage questions here to seven seven zero three
one and join the conversation or don't have one of those.

(12:09):
That's fine. Tell us what you're doing out there on
this fine July fifth rainy Uh yeah it is. It's
going to be a rainy one. We got to I
don't think it's a tropical storm officially yet tropical depression.
I'm picking I'm picking that up off of the coast
of what like Jacksonville up in that area, and that's
that's bringing us this rainy fourth of July weekend.

Speaker 4 (12:32):
So that's why we're off in a little depressed.

Speaker 2 (12:35):
I didn't say that.

Speaker 4 (12:36):
I was, Oh, I'm saying the depression like maybe it
actually works like on the people.

Speaker 2 (12:40):
Oh, the tropical depressions are formed by local sadness. Well
there's a theory there somewhere, am J.

Speaker 4 (12:49):
There's lots of people coming in about the deuce. Deuce
is a car? Who knew? Still? Haw's it wrapped up? Yeah?
I don't know.

Speaker 2 (12:59):
The things that MJ needs to know are boundless.

Speaker 4 (13:02):
And it's revved up like a deuce, not wrapped up.

Speaker 2 (13:06):
All right, Well, there you go.

Speaker 4 (13:07):
So we're still figuring this out. It's in progress.

Speaker 2 (13:10):
So remind people the theme what they can text into
seven seven zero three one.

Speaker 4 (13:14):
The thing you that the song you heard and you
thought you knew the lyrics, but it turns out you were.
You were mistaken another motor in the night. Oh I see, Okay,
there you go. Wow, it's all new to me. Thank
you so much, all of you who have texted in
so many people.

Speaker 1 (13:29):
It's because no one can understand the words.

Speaker 4 (13:31):
It's I know. Oh the jingle.

Speaker 2 (13:36):
Well, we do get folks. That's how it started. Yeah,
someone asking about the that morgage guy Don Yeah jingle yep,
and I guess we'll just say it now on the show.

Speaker 4 (13:47):
Don't miss the quote.

Speaker 2 (13:48):
Nope, that's not it.

Speaker 4 (13:53):
Don't miss the boat. Compare your quote.

Speaker 2 (13:55):
Yes, don't it's pretty missed the book. Compare your quote.
You're listening to the Home Loans radio show, texting seven
to seven zero, three to one. Join the party. We'll
be right back after these messages. Hey, hey, hey, it's
that mortgage guide Don July is here and the summer
is sizzling, but my house is feeling cool, quiet, and
safe thanks to my impact resistant windows from Renewal by Anderson.

(14:18):
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(14:41):
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(15:02):
dot com. License number c GC one five two seven
sixty one three.

Speaker 4 (15:07):
Hey, this is.

Speaker 1 (15:07):
Devor 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 (15:17):
Hey, we're listening to homelones Radio with that mortgage guy
Don talking about mortgages, you know like we do. So
texting your mortgage questions, I'd love to hear them. Also
a little bit about song lyrics that you got wrong
because you go, that's funny. I was reading some online. Yeah,
kind of ridiculous.

Speaker 2 (15:37):
Anything you want to share, Na, Well, thanks for bringing
it up.

Speaker 4 (15:42):
Somebody who says on the Old Town Road by a
little NASA says I'm gonna take my horse to a
hotel room.

Speaker 2 (15:47):
Oh I don't think so. That's awkward.

Speaker 1 (15:49):
Yeah, I mean, why not, right.

Speaker 2 (15:52):
It sounds like that would be something fun to do.

Speaker 1 (15:55):
Yeah, give it a place to you know, cool off
if you take a shower.

Speaker 4 (15:59):
Yeah.

Speaker 2 (16:00):
Did you know? No, you know it's a four fourth
of July. No, it's it was yesterday.

Speaker 4 (16:05):
It was old not anymore. Man.

Speaker 2 (16:09):
Now it's the fifth of July. But you know what
else has a birthday this July is the city of Orlando,
oh is turning one hundred and fifty years old. Wowly yeah,
formerly established in eighteen seventy five. And on the registry,

(16:29):
guess how many people were on the registry when it
was established in eighteen seventy five.

Speaker 1 (16:33):
Two hundred.

Speaker 2 (16:36):
Jay says twelve. Fritz says two hundred. The actual number
was eighty five. There you go, So I guess that
makes twelve a winner.

Speaker 4 (16:50):
Fair, I'm going to say fair.

Speaker 2 (16:54):
And now, so originally eighty five people in eighteen seventy five,
and this past year, what, let me see, seventy five
million visitors to Orlando in twenty twenty four.

Speaker 4 (17:08):
Sure, I mean, if we're gonna take credit for all
the visitors, right, that's going to make us sound pretty popular.
But most of them aren't coming to Orlando.

Speaker 2 (17:15):
FYI in a in just one hundred and fifty years.
So there you go. Happy, there you go, Happy July Birthday, Orlando.

Speaker 4 (17:23):
And downtown Orlando was downtown Orlando that back in the day.
It was Orange Avenue. Yeah, yeah, a little hotel there
and all that.

Speaker 2 (17:32):
There you go. I know I heard it here first.

Speaker 4 (17:35):
That's right.

Speaker 2 (17:37):
You are listening to the home loans radio show, that
mortage guide, and what do you got? You got some
questions there, m jay, let's get let's do a couple
of those before I get too far behind.

Speaker 4 (17:45):
I had a bankruptcy in that was discharged in February
twenty twenty three after a divorce. How long do I
have to wait to buy a house? My scores are
back up to six eighty, and I would be a
first time home buyer.

Speaker 2 (17:57):
Your scores are are good. You're fine as far as
the scores go. The question on the bankruptcy normally depends
on whether you had a property in it, meaning did
you also have a foreclosure on a property along with
the bankruptcy. So there's different waiting periods for that, and
there's different waiting periods depending on whether it's an FAHA
loan or a VA loan, but in gen so like

(18:21):
for an FHA or VA two years after a bankruptcy
if there was no property. Conventional loans can be four
years if there was a property, So that basically two
years is where we need to start looking. You can
apply at that point. So it sounds like you're good.
They said twenty twenty five. When did they say they find.

Speaker 4 (18:38):
Twenty twenty three, February of twenty three, and so yeah,
it's been two years, so you should be fine.

Speaker 2 (18:46):
You can apply, you know, you go to the website
that mortgage guide don dot com. They also have to
look at the things that were discharged in the bankruptcy,
you know, and see if you had any student debt discharged,
if you had any federal debt on there there. You know,
there can be other things. But the answer to the
question is a minimum two year waiting period after a bankruptcy,

(19:07):
either Chapter thirteen or Chapter seven.

Speaker 4 (19:09):
So they're saying that they would be a first time
home buyer. So if they did have a property discharge
and they weren't on the property, that still affects them though,
because they're part of the bankruptcy.

Speaker 2 (19:18):
Well they're saying their first time home buyer, which means
that they haven't been on the deed to a house
in the last three years. So but yeah, so I
guess that's why I was asking the date you said
twenty twenty two, twenty three. So I'm assuming they know
whether they're a first time home buyer or not. But
you either haven't never been on the deed to a
home or if you haven't been on one in the

(19:38):
last three years. Now, if you were removed from the
deed as part of that bankruptcy, then we might have
a four year waiting period. So that's the part we
got to dig into a little more. And when I
talked to people, you know, we got a hold of
the bankruptcy discharge and we can look through it and
see everything that was included on it and what wasn't
and figure all that out and get you preapproval probably
you know, usually the same day preapproval even if you

(19:59):
got a Actually we can access all of those documents
online through a system called the PACER system, which is
a public record system.

Speaker 4 (20:08):
Here's somebody who says, I'm looking to see if I
could qualify for a mortgage. I have some unique circumstances.
I am a ten ninety nine and I've only been
at my job for sixteen months. My credit is six forty.

Speaker 2 (20:20):
Typically, the typical answers you have to be at your
job for you know, if you're self employed, you have
to be at your job for two years.

Speaker 4 (20:26):
Even if it is that count ten ninety nine is
at the same thing.

Speaker 2 (20:29):
Basically, it means you have to have two years of
tax returns reflecting said ten ninety nine income. So that
can be two and a half years, it could be,
you know, one year and eleven months. It just depends
on how that falls as far as the tax season goes.
So they want to see two full years. But there
are exceptions to that. One of the exceptions is if
you're doing if you're self employment, the nature of the

(20:49):
job is something that you've been doing for a long
time before you went ten ninety nine. So if you
let's say you are you installed cabinets for a decade
and then you got switched to ten ninety nine and
you're now or you started your own company, let's say,
and you're now self employed. A lot of times we
can get that approved after one year if we can
show you the depth of experience and history of working

(21:10):
in that job and prior income when you were doing
it as a you know, not a self employed person.
So the best way to find out is to really
just dig into it. You go to the website, you
apply to the pre approval application. We'd never pull a
hard credit report for a pre approval or for a
quote for a refinance, or a quote for a heelock
or a quote for a reverse mortgage. We always do

(21:30):
a soft credit pull. That way, it doesn't ing your
credit score and you don't get the inquiries, but we
can still give you the answers, specific precise answers that
you're looking for. Great question, Thanks for texting that into
seven seven zero three to one.

Speaker 4 (21:44):
John says. We were talking before about Black Sabbath having
their last concert coming up. John says that he used
to go to the Black and Blue concerts where Black
Sabbath and Blue Oyster Cult played together and they would
do a smashup of Iron Man and Godzilla. That's right, Wow,
that's fun.

Speaker 2 (21:59):
That would be fun. Also, also need a time machine
to get back to what was that probably eighty three
with Blue Oyster and music was good Man Zeta seven.

Speaker 4 (22:12):
You know if you know, you know, here's someone who
says any leads on aircraft hangers? I did not. We
were looking for leads on aircraft hangers. So I need
a little more laboration on that.

Speaker 1 (22:22):
But yeah, don first time caller, longtime listener.

Speaker 4 (22:25):
Do you have any.

Speaker 1 (22:26):
Leads on spaceships?

Speaker 2 (22:28):
I believe you're gonna be able to. I'm gonna answer
the first question first and the second question second.

Speaker 4 (22:34):
Okay, Uh, if.

Speaker 2 (22:36):
You want to find an airplane hangar, just follow any
airplane back to its source.

Speaker 4 (22:43):
It's hard, though, you need an airplane to follow an airplane.

Speaker 2 (22:47):
You can go on the ground. Oh okay, yeah, just
go to the airport. And uh, what was the second
question about space ships? Yeah? Yeah, Kennedy's Space Center right over.

Speaker 4 (22:58):
There, allowsy with them going up all the time.

Speaker 2 (23:00):
Oh, they got them just standing up outside in the
parking line, just all the time. There they go, there
you go. I don't remember what the question was. Did
I miss it?

Speaker 4 (23:11):
Any leads on aircraft?

Speaker 2 (23:14):
No, I'm guessing no, I don't know.

Speaker 4 (23:17):
I don't have any, Fritz No, Yeah, anyway, No, doesn't
seem like we have any leads on aircraft carries and
also along with aircrafts.

Speaker 2 (23:28):
We've got any lead on corn silo?

Speaker 1 (23:32):
Don, Another follow up question, Now I lived in a
hot air balloon. Let's say for ten months out of
the twelve months, would I be subject to property taxes?
Still a first time caller, longtime listening.

Speaker 2 (23:45):
Are you are you living in the hot air balloon?
Are you or a basket?

Speaker 4 (23:49):
Are you aloft in the basket? Or are you just
sitting on somebody's ground. Don, Let's just say I know
a guy, Okay, I like it.

Speaker 2 (23:56):
You're living one hundred and twelve feet from the ground.
You're staked to a neighbor's.

Speaker 1 (24:01):
No, no, no, not necessarily. Let's say now and then
I like to take the car out for a spin.
If you get my drift.

Speaker 2 (24:07):
Oh boy, you know you got sighted for aerial displays already,
so we can't. We can't go down that road again. Fritz.

Speaker 1 (24:16):
Sure, I'd like to take my question off the table.

Speaker 4 (24:22):
Here's someone who says, good morning from DeLand. Almost done
painting wings, and we know those are air those are
airplane wings. A lot of a lot of airline questions today.

Speaker 2 (24:31):
Yeah, I like painting wings. Also on the grill, though,
put in sauce on them. Barbecue songs. All right, all right,
let's uh a lower level of difficulty.

Speaker 1 (24:44):
I think, do you guys like the leg, wings or
the thigh or whatever, flats.

Speaker 4 (24:50):
The flats or the or the or the drummers, yeah,
or the joints and the drummers.

Speaker 2 (24:55):
I like the drummers.

Speaker 4 (24:57):
I like a joint, but I need it to be
well cooked. I don't want the rubbery blue you know.
I'm pretty picky about that part. But when they're done right,
I do like that.

Speaker 2 (25:06):
Bart well, the rubbery is it's a well known flats. Yeah, yeah,
I don't like the flats because they're hard to eat
with one hand, and I like to keep one hand clean,
so I can, you know, drink my beer and the
other hand. So I got a wing hand and a
beer hand. Go. But with the flats, you gotta kind

(25:27):
of you got to at least use two fingers from
the other hand, and then you got you know, sauce
on your beer drinking hand. How do you do it?

Speaker 4 (25:36):
You're doing it wrong. You just take a little bite.
It's good, Okay, it's not hard. I don't know you
do what Just take a little bit?

Speaker 2 (25:47):
Yeah, yeah, I get it. Yeah, I see you doing
motions like to every MJ is pantomimean eating a wing
and turning it like a little corn cob. But people
can't see you.

Speaker 4 (26:01):
Use their imagination, just like think of me as my
own little Foley, your own folly.

Speaker 2 (26:06):
That's what we call you, MJ. Foley. Yes, Axel Foley.
There you go. You're listening to the Home Loans Radio
show with that mortgage guy. Don. We're gonna take a
quick break. We'll be right back after these.

Speaker 1 (26:18):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy.

Speaker 2 (26:21):
Done on real radio.

Speaker 1 (26:23):
Oh yes, Saturday morning, it is Home Loans Radio. If
you have a question, touch it in seven seven zero
three one and we have a question for you. Why
don't you vote for us for best of Orlando. Just
go on there, click on I think it's Arts and
Entertainment or local color, one of those, and then notables
there very much you can see us for best local

(26:45):
radio voice. That's that mortgage guy.

Speaker 2 (26:47):
Don.

Speaker 1 (26:48):
I think he also has the best human being in
the history of Orlando.

Speaker 4 (26:53):
I think I don't know.

Speaker 1 (26:54):
No, Just go to the website dot com and vote
for us.

Speaker 2 (27:00):
There you go, Welcome back to the show. We're here.
You can text in your questions to seven seven zero
three to one. I am a mortgage expert. You can
ask any question about that, how to, how to get
a mortgage, how to get a refinance, how to? I
don't know. How do you inherited a house? You want
to know what to do with that? You're thinking about
a reverse mortgage. You want to find out how an
SBA loan works, so you want to do it? You

(27:22):
can ask your questions here. You got free mortgage guy advice.
The doctor is in seven seven zero three one. Not
a doctor, but you know what I mean.

Speaker 4 (27:32):
Here's someone John says, I have one hundred and fifty
thousand dollars in home equity. My credit score is seven sixty,
so all good there. I need a loan of only
fifteen thousand dollars. The minimum I've been told is twenty five.
I don't need that much. Is there anywhere around this?
Can I put the extra ten back into the loan
and lower my monthly payment? Not sure if I'm expressing this. Well,
Hope this makes sense, and John, it does.

Speaker 2 (27:52):
It makes sense. It sounds like maybe looking for an
equity line or a second mortgage or something like that.
We offer about a dozen different banks. You know a
wholesale helock lenders that we work with, but the minimum
that I have for any of them is fifty thousand
as far as the minimum initial draw. And the other

(28:12):
question you asked, is I curate? Yeh, That's normally what
we tell people when they need twenty or thirty. You
you know, you do the line for fifty, and then
after three months of payments, you can put back in
anything that you haven't used, and then your new monthly
payment is based on only the amount you borrowed. So
the answer is, yes, you can do that. Can you
find a helock for fifteen k? You might be able

(28:33):
to check with your local banks. Some credit unions are
doing them pretty low, but the most of the folks
that I've said that to end up coming back and
saying they had a really hard time finding, you know,
a credit union or a bank that would do one
that low.

Speaker 4 (28:46):
So you get approved for the fifty because that's the
lowest you can get, and then you get that is
open for fifty, You take out the fifteen you need,
and then you make three payments and then you just.

Speaker 2 (28:57):
No, when you close, you have to take out the
whole fifty I see. You can do an equity line
for two hundred and when you close, only take out fifty.
Or you can do a line for one hundred and
only take out fifty. Or you can do it for
fifty and only take out fifty. But you got to
take out fifty on that initial trolle.

Speaker 4 (29:11):
Put that somewhere to park it for three months.

Speaker 2 (29:13):
Yeah, what I recommend for people is to put it
into You know, there there are savings accounts offering four
and a half percent interest right now, so you know
it's that's probably the best way to do it is
park it somewhere where it's going to earn some interest
for you and then then you'll then you'll be in
better shape and put it right back, put it back
in there. And that's that's how you do it. Great question,
Thanks for texting that into seven to seven zero three one.

(29:35):
That's how you do it. You got a question, You're
sitting there and you're you're wondering, Man, I wish I
had a way to get this question answered. Well, Eureka, hallelujah.
You have it right here. Text it into seven seven
zero three one today and all during the week. You
can go to the website that mortgage guide don or
follow me on Instagram at that mortgage guide don and

(29:57):
get to see all the fun shenanigans I've been I've
been trying to put up some funny reels and videos
on the Instagram. Check them out at that mortgage guy done.
I'm getting I'm getting some I'm getting some laughs.

Speaker 1 (30:08):
Oh.

Speaker 2 (30:09):
I don't know if they're laughing at me or with me,
but I don't care.

Speaker 4 (30:11):
What are you doing in your funny videos?

Speaker 2 (30:14):
Uh, funny things you gotta go see. I'm not gonna
I'm not gonna spoil it. You know you want to go.
You wanna find out? You go to that mortgage at
that mortgage guy done and check it out.

Speaker 4 (30:24):
I look forward to that. Hi, I'm interested in buying
a townhouse in the Castlebury Seminole County area. All right,
saved up a ten thousand dollars and my annual income
is around forty my score six eighty. It would be
my first house, and I'm a veteran. What are next steps?

Speaker 2 (30:41):
Next steps? Sounds like you got everything in place at
the score of six forty six eighty, and so your
you're a veteran, so you should qualify for a VA
loan which is going to be or perhaps the Hometown
Heroes program when it comes back in the next two
three weeks. You might qualify for both of those and

(31:02):
the home the VA loan already gives you zero down,
like you know, if you're a veteran and you qualify,
you know, you have your eligibility intact. Then you get
a zero down loan on that townhome. You're talking about
zero money down. And then if you get a grant
or something like the Hometown Heroes, if you qualify for that,
which it sounds like you do or would when it
comes out in a couple of weeks, then your closing

(31:24):
cost can be paid for by that grant. So as
a veteran in this scenario, you may be able to
get into a townhome or a condo with zero money down.
Townhome is probably a better option in a lot of
cases that the condos can be harder to get approved
through the VA, but the townhomes are treated just like
regular single family residences. You do, you will have an

(31:47):
association fee, so that's kind of the thing you got
to watch, you know. You get a fifteen hundred dollars
mortgage payment, and then your your association fee is five
or six hundred dollars. That can make things much higher
than they need to be. So you got to shop
around and make sure that you have a easonable association
fee in the town home that you know in the
complex that you're looking for. And also you want to
do your homework and make sure that they don't have

(32:07):
any big assessments or things that are about to you
know that the residents are about to have to pay for,
like repaving the entire complex and that kind of thing.
So there's research to be done and making sure you
get the right town home. Great question. Thanks for texting
that into seven seven zero three one. The question was, actually,
how do you get started? You go to the website
that mortgage guy don dot com. You hit the button

(32:28):
that says apply, You start the pre approval process. We
do a soft credit report, We'll ask you for your
income documents and the things we need to preapprove the loan,
and then we'll do the research, do a soft credit pooll,
get you a quote, and as simple as that, bing
bang boom, you can all that can all be done
in one day. Big bang boom, bang bang boom, all
done in one day. Great question thanks for texting into

(32:49):
seven seven zero three to one. That's how you do it,
and thank you for your service.

Speaker 4 (32:52):
My son is looking to buy his first house. He
has saved sixty five thousand dollars for a down payment.

Speaker 2 (32:58):
Wow, that's that's strong. That's a strong first time home
buyer down payment for sure.

Speaker 4 (33:03):
Very strong. However, here's the hitch.

Speaker 2 (33:05):
Here's the rub.

Speaker 4 (33:06):
Here's the rub. I'll tell you the good parts. He
has a great job and he's debt free, but he
has no credits. What he qualify for a mortgage? How
hard is that?

Speaker 2 (33:15):
It's not as hard as you think. Okay with well,
I mean, we can get credit established fairly easily. There
are a number of ways to do that. I don't
want to call him tricks or hacks or anything like that,
but like, if you have a family member that has
a good credit history on a card that can add
you as an authorized user, you know, like your mom
or your parents or your uncle or whoever. They don't
even need to give you an actual card, it's just

(33:36):
like you're on the account. So that will start some
credit reporting and history and it actually kind of grandfathers
you in Like if they started that credit card ten
years ago, you now have a credit card on your
account that's been reporting for ten years.

Speaker 4 (33:49):
That happened to me.

Speaker 2 (33:50):
Oh yeah, yeah, yeah.

Speaker 4 (33:51):
My dad gave me a credit card for a trip
a million years ago, and because he was, you know,
my dad, he had long history of credit. And then
when it my account came up my credit report, it
looked like I'd had, you know, a fancy amex for
twenty years.

Speaker 2 (34:06):
Yeah. Yeah, it can, and sometimes people have credit that
they don't know about, you know that that will show
up on there. You can also get credit cards that
are secured credit cards. You know, a secured credit card
means basically, you give somebody three hundred dollars and they
give you a credit line of two hundred dollars and
then you use that a little bit and pay it
down each month within two or three months, that'll help

(34:27):
start helping your score, and after usually around six months
of on time payment, it turns into an actual credit
card instead of a secured card. So there's a number
of ways to do it. And then there are a
couple of different companies out there that offer online credit
for different different things. I'm not going to say any
of their names. You can you can search them and
do your own research there. But there are ways to
get credit established pretty quickly, and then there are also

(34:49):
in some cases on FHA loans, we have a couple
lenders where you only need to have very minimal credit
established and we can go from there. But that's the
kind of thing we can help you figure out. When
people come to me for a pre approval, we're looking
at your scenario. One answer is, hey, great, you're ready
to go. You're pre approved, Go start shopping. The other
answer is, you know what we gotta We got a

(35:10):
little bit of work to do here. We got some
homework for you to get you ready. We're gonna give
you a prescription to get to where you need to
be in the next thirty days or sixty days. So
either way, after you do the pre approval process, you'll
know whether your your pre approved right then, or you'll
know what exactly what the next steps are to get
to where you're trying to get to. Great question, thanks

(35:30):
for texting that into seven seven zero three to one.

Speaker 4 (35:33):
Good job saving up all that money?

Speaker 2 (35:35):
Yeah, sixty five thousand, that's impressive for a first time
home buyer to save up they must have a good,
stable job, and they have a good job.

Speaker 1 (35:44):
There you go, just stayed at home for the past
couple of decades.

Speaker 4 (35:47):
Yeah, yeah, and maybe the person sending in that question
is ready for them to get their own house.

Speaker 2 (35:53):
There you go. Yeah, the person sending in that question
my son. Oh yeah, I see your son, your son.

Speaker 4 (36:03):
I don't think so. No, no, no, the somebody somebody
sent that in behalf of their son.

Speaker 2 (36:08):
So well, they're all somebody's son.

Speaker 4 (36:11):
That's true. Everybody. Everybody is somebody's son or daughter, daughter.

Speaker 2 (36:16):
Specifically or or maybe well great, great question. Thanks for
texting that into seven seven zero three one.

Speaker 1 (36:23):
You got a question?

Speaker 4 (36:25):
All right?

Speaker 2 (36:25):
Yeah, go ahead call her.

Speaker 1 (36:27):
Can can hot dogs be made out of anything?

Speaker 4 (36:30):
I'm pretty sure they are.

Speaker 2 (36:36):
I'm gonna say no, you cannot make a hot dog
out of, say, lipstick or nails.

Speaker 4 (36:46):
No.

Speaker 2 (36:46):
I don't think there's no limit on the biologics.

Speaker 1 (36:48):
Wouldn't wouldn't a beef hot dog just be like a burger,
like a hot dog burger.

Speaker 2 (36:57):
It would be a hot dog that's got an extra grind,
it's beefing.

Speaker 4 (37:00):
It's ground though the hot dog. The hot dog, you know,
meat is ground up into like you know, and then
formed into the I feel like a hot dog in Bologney.
I feel like those are cousins. I feel like those
are those are break Close's on's flat and one's a.

Speaker 2 (37:19):
It's a tube before they slice.

Speaker 4 (37:20):
It, all right, fair, it's like a really big hot dog.

Speaker 2 (37:26):
It's like a mini hot dog or a giant Huh.

Speaker 4 (37:28):
Yeah, I see what I see.

Speaker 2 (37:31):
Wow, you're listening to the Home Loans Radio show. We're
going to be right back after we ponder this for
this break.

Speaker 1 (37:37):
Hey, it's Sabrina from the news Junkie. Do you have
a question for that mortgage going on? Text him at
seven seven zero three one no back to Home Loans
Radio on real Radio.

Speaker 4 (37:49):
Hey, hey, you are listening to Home Loans Radio talking
about mortgages as we do and other stuff.

Speaker 2 (37:56):
We were talking about for the break during because you
missed it, you just tuned in Baloney Fritz A. So
you were doing a little deep dive on blooney. What
did you find that that we that I learned about
just today?

Speaker 1 (38:11):
Well, you know, I looked up bolooney because MJ said
that it's flat, and apparently that is incorrect.

Speaker 2 (38:17):
She's a flat earther baloney person.

Speaker 4 (38:20):
Hey, I could have feelings about it that makes it's real.

Speaker 1 (38:24):
You know, it's actually Blooney's sausage. And then you slice
that and then you get the flat says.

Speaker 2 (38:32):
Do you like your blooney tubes or flat?

Speaker 1 (38:36):
So then, uh, you know, I was like, all right,
as you do on Wikipedia, you click around, and then
I have boloney reading about blooney. At the very bottom,
it says in the southern United States, a balooney cake exists,
which is baloney slices layered with seasoned cream cheese to
make the appearance of a cake. So look, if you
imagine like a white you know, uh, cream cake, but

(39:00):
when you slice it, it looks like lasagno layers a
baloney and then the piping that resembles kind of like mustard.
It's a yellow it's a bright yellow mustard piping. And
apparently it started as a joke but eventually spread in popularity,
considered a retro dish.

Speaker 2 (39:18):
Well, I'm very curious. Does it tell you what the
ingredients are?

Speaker 1 (39:21):
Yeah, there's three main ingredients.

Speaker 4 (39:24):
Thank you for asking.

Speaker 1 (39:25):
It's baloney, sausage, cream cheese, flats, and ranch dressing.

Speaker 2 (39:32):
Oh that sounds so slippery.

Speaker 1 (39:36):
Would you try it?

Speaker 4 (39:37):
That's a hard note. Thank you for me. I don't
even know how you cut that, because when you cut.

Speaker 2 (39:40):
That, yeah, it's gonna slide all around. I mean, it's
just you gotta stabilize it with toothpicks.

Speaker 4 (39:48):
Yeah, that bloney is gonna get wiggly in there.

Speaker 2 (39:51):
I'm not eating that. That's a hard note for me.

Speaker 1 (39:53):
You got cowards, coward Is it a little.

Speaker 4 (39:56):
Tiny cake like the size of the bloony flat or
is it like flats on each layer?

Speaker 1 (40:01):
If I'm if I'm honest, these are thick. These are
thick cut slices. I want to say, I want to say,
it looks like there's multiple, but I think it's just one.
Oh no, that's I think it's maybe velveta cheese whiz,
maybe maybe cheese.

Speaker 2 (40:18):
This is making me want to be vegan, getting.

Speaker 4 (40:20):
So much worse. Yeah, there's nothing good about that, I'm sure.
If I'm insulting your family, tradition.

Speaker 1 (40:26):
Should be noted the dish is high in sodium.

Speaker 2 (40:34):
I would try that, all right.

Speaker 4 (40:35):
Well, that's that's my that's the reason I can't have it.
I have to be careful about myself.

Speaker 2 (40:40):
Now, I've got an idea for a spam brownie.

Speaker 1 (40:44):
Remember this spam brownie to me, you heard it here.

Speaker 2 (40:49):
First you gotta slice it, and then what can we
use instead of oh god, I mean cheese?

Speaker 4 (40:56):
Yeah?

Speaker 2 (40:58):
And then uh happened in plastic wrap?

Speaker 4 (41:01):
Yeah?

Speaker 2 (41:01):
But what is the put it for one hundred and
ninety seven and it's done spam?

Speaker 4 (41:07):
Oh yeah yeah, radio comments flats fisherman says, that's my name.
What do you need talking about flats? And also one
word yuk? Yeah, I agree, I agree. Yuck is what
I think about. Yeah, no, no, good time, So delicacy

(41:28):
of bloody, says our Beacon Front vegetarian friends.

Speaker 2 (41:31):
Yeah. So for the groom's cake, I think you should.

Speaker 4 (41:37):
Be a little tiny, like the like the size of
the flats.

Speaker 2 (41:40):
Can you do that?

Speaker 4 (41:40):
Little tiny?

Speaker 2 (41:41):
Can you do that with olive loaf? You know that
that lunch meat that has olives in it. Now, now
you're adding an ingredient though, I don't know if that's
a lot.

Speaker 4 (41:51):
Yeah, yeah. Is there any benefit in Florida to own
a semi annual waterfront property versus a traditional drive dry property?
So I don't know what a semi annual waterfront property
does that mean? Sometimes it's waterfront? Is that to you?
With the weather.

Speaker 2 (42:07):
Well, those are called tides.

Speaker 4 (42:09):
That's what I'm thinking. Yeah, but that happens every day, doesn't.

Speaker 2 (42:12):
This semi waterfront I don't know.

Speaker 4 (42:14):
That's a semi annual waterfront property. And compared to what
versus traditional dry property, is there a benefit to owning
semi annual waterfront property.

Speaker 2 (42:24):
I don't know.

Speaker 4 (42:26):
I need more information. Strickland, help me out.

Speaker 2 (42:28):
I need more data, yes for this this equation. Thanks
for texting into seven.

Speaker 4 (42:32):
Seven zero you say, as a rule, there's hardly ever
a benefit to owning any waterfront property. I mean it's pretty,
but as far as like for yeah.

Speaker 2 (42:42):
When they say, like, does that mean it's only waterfront
two days a year or half the year? Maybe people
get biannual, semi annual, you know, semi weekly. They get
that all messed up. But we're gonna find out. They're
going to have a text in intell us, don't you worry? MJ.
Thanks and yeah, you aren't listening in spite of indications

(43:04):
to the contrary to the Home Loans radio show with
that mortgage guy, don I'm a mortgage expert. You get
texting your questions right here today seven seven zero three one.
We are live on this fourth of July, rainy weekend,
doing the things we do here every weekend.

Speaker 4 (43:17):
Here's somebody who's guessing that SAMI Annual Waterfront sounds like
a house. It's on a retention pond that has water
during the wet season and not during the dry season. Yeah, okay, maybe,
Anthony says, MJ prefers baloney flats over drummis.

Speaker 2 (43:31):
Baloney flats over drummis for sure. Well that's like, you know,
a baloney roll up.

Speaker 4 (43:37):
I say, I'm something has gone wrong in my life
because I do not like it.

Speaker 2 (43:41):
Sam, I am even fried? You don't like fried below
on white bread?

Speaker 4 (43:46):
Nope? Nope?

Speaker 1 (43:48):
Do you anything?

Speaker 4 (43:51):
Lots of things? Bloney is a hard.

Speaker 3 (43:53):
No for me.

Speaker 2 (43:53):
Why just know?

Speaker 1 (43:55):
Did you like? Did you have to eat it as
a kid or something?

Speaker 4 (43:58):
Maybe? I mean, I it seems it's very strong, a
strong feeling. So I'd probably have to go into hypnosis
and find out. But it feels like, yeah, it feels
like some somewhere along the way blooney would arrive from me.

Speaker 2 (44:08):
If you're a hypnotist and you want to help MJ
get to the bottom of this her phobia, lunchbox smell
I don't like and other things, you know, reach out
to us. We'll do it on air live right.

Speaker 4 (44:24):
I've heard people like Bloony and I and I think
that hot dogs are a lot like Bloney and I
will eat a hot dog, but I'm pretty picky. But yeah,
hot dogs are you know, you get more of a
C you're on a hot dog. Here's someone who also
is saying that it means it's flooded part of the year.

Speaker 2 (44:37):
Flooded part of the year. Yeah, that could be, but
that's not good. If it's flooded part of benefit, then
you got flood insurance.

Speaker 4 (44:43):
Because the question was is there a benefit?

Speaker 2 (44:46):
Yeah, send me an address and I'll tell you. But
we got to take a quick break. We'll be right
back at the top of the hour. Hey hey, hey, hey,

(45:19):
hey hey hey, good morning, Welcome back, Welcome back. You're
listening to the Home Loans radio show with that mortgage guy.
Don MJ's here. Good morning, MJ, Good morning.

Speaker 4 (45:30):
What was that Fritz? That was so lovely?

Speaker 1 (45:32):
That was Florida slang, So thankful for the blues. It
was written by Darcy's dad, Gary Richardi, And here I'm
gonna hang out with him today. He's gonna put down
some lead guitars on my news song slash album.

Speaker 2 (45:44):
Nice, that's amazing.

Speaker 1 (45:45):
I'm gonna be a dangle good time Wang Dang Doodle.

Speaker 2 (45:50):
Welcome back to the Home Loans Radio Show. Thank you,
guys always for playing your original music right here on
the show. Fritz. You can follow Fritz and find his music.
Follow him at No Underscore Regrets, Underscore Coyote on Instagram,
and or find his music anywhere on the channels where
you find music. Look up Florida Slang. You're gonna like it.

Speaker 4 (46:09):
You can vote for us on the.

Speaker 2 (46:13):
Yes. The Best of Orlando Weekly contest is in full force.
You can go there and you can vote. I am
grateful for whoever nominated me for best local Radio Voice
and whomever nominated me for best Local financial Institution. Throw
us a vote. No cool, there you go. You're it

(46:36):
was you? Was it you that nominated me?

Speaker 4 (46:38):
Not for the institution?

Speaker 2 (46:39):
No? All right, there you go.

Speaker 4 (46:42):
Here's someone who says is answering this question about the
waterfront property once and for all, mortgage guys.

Speaker 2 (46:47):
Similar Hold, we go back and rehash the first part
of the question real quick.

Speaker 4 (46:51):
The question was is there a downside to living in
a property that is, well, what's it called a semiannual
waterfront property? This is a traditional dry property, all right,
let's hear it right, And then this person is saying
a similar annual front property is a property on a

(47:13):
lake or body water that fills during the rainy season
or spring and summer, and then drains down in the
fall and winter. Summerville Lake is an example. Homes are
on the waterfront during the spring in the summer, but
the water is drained away during the fall in the winter. Well,
that just sounds like fun, does it? I don't know
during the fall in the winter, like playing baseball out there?
What are you doing?

Speaker 2 (47:29):
It seems like it would be muddy, right yeah? But
the person so, yeah, is it like a retention pond?
I don't know if it depends on whether it's in
a flood zone or not, where you might have to
have flood insurance. But you know, then you get to
like other just other things like if you have a
lake for three months, what's in the lake?

Speaker 1 (47:45):
Uh?

Speaker 2 (47:46):
What snakes and frogs and gators and mud and sounds noisy?
You know? And then when it's not where do those
things go? And then you know mosquitos how they work?
But they lay their eggs just on you know, in
waterfront surfaces, they lay their eggs on the plants just
above where the water level is, so that when the
water rises, all those mosquito eggs hatch, the larvae go

(48:08):
into the water. So when you have big rises like that,
you can have massive mosquito surges. So yeah, that all
sounds good to me, okay, but I don't know. I
don't know that. I think I would rather have either
a full waterfront year round or none. But I don't know.

Speaker 4 (48:23):
Maybe it'd be an adventure.

Speaker 2 (48:24):
Maybe you only come here, you know, maybe you live
in Canada and you only come down during when it's
go down to my waterfront house when it's waterfront.

Speaker 4 (48:31):
Breen, Carrie say good morning, more beautiful people. They're learning
a lot about Bolooney in space and how much MJ
despises Bloni and its cousin hot talk. I don't mind
cousin hot dog. I just need cot dog to be
the right kind of hot dog.

Speaker 1 (48:41):
Wow, hot dogs, any hot dog? MJ.

Speaker 2 (48:46):
I disagreere just summarized an hour of show and twenty
one words. Well done, Bree.

Speaker 4 (48:52):
As always, here's someone who says my rate is six
point five. I paid eight K two years ago to
buy down points from eight point seventy five. Is there
a point in the future where should expect rates to
drop enough where it might make sense to refinance, and
that would be to go back to you know that's
six five. Now did I overpay for two points two
years ago?

Speaker 2 (49:12):
Well, you know, the question is a math question. So
when you look at the buying down a rate, you
look and see how much it costs. You'd say it
costs one thousand dollars, and how much it saves you
per month, and let's say that's I don't know, one
hundred dollars. Well, then that means it would take you
ten months of payments before you would break even. Because
when you do a buydown, all you're doing is really

(49:33):
you're paying interest upfront and then at a certain point
in time that will break even. So if you pay
one thousand dollars an interest upfront and it say, lowers
your payment one hundred dollars a month, then after ten
months you broken even. So that's the test we do,
and we're looking at a buydown if you can't recoup
it within twenty four months to thirty six months it's
usually not going to make any sense. So you can
go back and see if you did a good job

(49:55):
or not by you know, seeing how much it costs you,
how much it save you per month, and are you
at that point yet, have you reached your break even point?
And are you starting to actually realize the savings from
your buydown? They answered, is maybe the question though about
the rates going down. I think we're going to see
rates continue to go lower the rest of the year.

(50:15):
But it depends obviously on the tariffs things and how
that shakes out. There's still a lot of that up
in the air. What's going on in the Middle East,
you know, with the Israel and you know the potential
war situation and all that. So all that stuff affects everything.
But I think the rates are probably going to be
on their way down. I am starting to My opinion
right now is that the Fed is going to lower

(50:36):
the prime rate in July. They don't really listen to
my opinion, but you know, I look at the data
I see in the past when they've done their reductions.
We are definitely in a place if we're looking at
the job market and the inflation market, we are at
a place where in the past they have reduced rates.
So I feel I feel like there may be a
July prime rate decrease and that that will eventually, you know,

(50:59):
a few months later, will affect the interest rates. A
lot of people are predicting right now, like if you
did a buy down now, you could get down to
about five point seventy five, right, So it's not you
have to do the math and see if that makes sense,
or it makes sense to wait six months and take
a look at it. Then, great question. Thanks for texting
that into seven seven zero three to one. Guess what

(51:20):
time it is, mj oh Is it time for compare quote?
It's time for the compare Quote of the week. That's right.
We do this every single Saturday right here in real Radio.
Compare Quote of the week. What's that you ask, Well,
that's a way that you can go online on my

(51:40):
website if you've already got a quote, and you can
get peace of mind and find out if it's any good.
And it's so easy to do it. You just go
to the website, you click the button and it says
compare quote, You upload the quote you have, You tell
me your credit score. I don't need to pull a
credit to to find out. You tell me what the
other lander told you your score was, and I'll look
at your quote and I'll tell you if it's garbage
or treasure. Simple is that? Ah? And that's the compare quotes.

(52:03):
This week's this was a bank statement loan. So let
me let me explain what that means. So if you're
self employed, or you know when you're a lot of
times when you're self employed, you do a lot of
write offs for your business, or you might have had
a lot of business improvements, maybe you built a new warehouse,
and so when you do that, you show no income
or very little income on paper. And the question has
always been, well how can I get pre approved for

(52:24):
a loan if I'm not showing any income on my
tax return? As well, there's an alternative. You can use
a bank statement loan, and that's where we go and
look at your business bank statements and the actual cash
flow coming into your company rather than what the output
is on the far side after taxes. So that's a
bank statement loan primarily for self employed people. They've gotten
a quote of eight point seventy five on a bank

(52:45):
statement loan with thirty percent down, they were putting down
thirty percent of I think it was eight hundred thousand
dollars purchase, so they were putting down two hundred and
forty thousand, a big down down payment. It should have
helped with their rate, and they were being charged thirteen
seven hundred dollars in points and origination fees, which is
really really high. We were able to get the rate

(53:07):
down to six point ninety nine with less than two
thousand dollars in fees, So they went from eight point
seventy five with thirteen thousand, seven hundred down to six
point nine to nine with two thousand in fees. This
lowered their payment, but I guess how much MJ.

Speaker 4 (53:20):
I don't know.

Speaker 2 (53:21):
Six hundred and fifty five dollars a month. Oh, that's
amazing save them. Yeah, comparing their quote saved them six
hundred and fifty five dollars a month on their monthly
house payment. It lowered the closing cost by over ten grand. Wow,
and the interest savings. So you take six hundred and
fifty five dollars you know a month, that adds up
to a lot of sales over the life of the loan.

(53:43):
That saves them over two hundred and thirty five thousand
dollars in interest, or seventy eight thousand dollars every ten years,
So huge savings for these folks. They had listened to us,
They listened to us sometimes on the weekends, and had
decided to compare their quote. And they're so glad that did.
They got a quote so awfully bloated they hoped to

(54:05):
compare and be compare quoted. This quote was so bad
it felt like theft, and the fees were so high
their wallets wept. Don lowered the payment by six fifty
five and ten k on top to help them revive.
When you feel like your quote is totally when you
feel like your quote is totally bloated, don't miss the

(54:26):
boat and get compare quoted. And myself a tongue twister
the dot com dang I missed up the last line.

Speaker 4 (54:41):
That's o'skay, well done, Bard.

Speaker 2 (54:44):
Oh boy, there you go.

Speaker 4 (54:46):
A poet and you know it.

Speaker 2 (54:48):
I'm gonna put them all in a book and then
make a boloney cake out of it.

Speaker 1 (54:52):
Yeah, and then publish that baloney cake as a as
a cake.

Speaker 4 (54:57):
Okay, there is no such thing as a balooney cake.

Speaker 2 (55:00):
That's just a weird thing you did with blowing the
internet disagrees. No, gke Gg, don't mess with people's southern tradition.

Speaker 4 (55:07):
No, you can call that cake if you want. I
did want to say something about the mortgage rate and
just remind folks because we haven't had a mortgage rate
cut in a minute, but people think that that means
that their mortgage, the mortgage rates will be cut when
they people mistake, including people in the press about about

(55:28):
the about the Fed cutting the rate, and they immediately
associate that with mortgage rates. But that is not the
same thing.

Speaker 2 (55:34):
Yeah, you're correct. It is a common misconception. People will
hear the prime rate.

Speaker 4 (55:38):
Has been cut, and they think that means mortgage and they.

Speaker 2 (55:41):
Think that means mortgage rates and it so when the
prime rate is cut, it does tend to lower mortgage rates,
but it can take it normally takes a few months
in my experience, because it's not a direct cut to
the mortgage rates. But lowering the prime rate affects the
bond market and the ten year Treasury bonds, and then
the ten year Treasury bonds affect the cost of the
mortgage back securities, and then the mortgage back securities affect

(56:03):
your mortgage rates, So it's a it's a trickle down
kind of effect when the prime rate is lowered, and
it takes a few months. So if they lower it
in July, you know, we might see rates start to
go a little lower, like an eighth lower in September
or October. That's kind of the normal flow of it.
But we're not in the normal flow of things. Who knows,
you know, we'll see what happens. Great question. Thanks for

(56:25):
texting that into seven seven zero three one, and thank
you for your input there. MJ.

Speaker 4 (56:30):
Well, sure, I'm not a mortgage expert, but I've listened
to this show.

Speaker 2 (56:35):
You've been a lot of participate. Well, I can tell
you exactly. You've been here for three hundred and five shows.
You might have picked something up.

Speaker 4 (56:42):
I've heard some stuff. Here's a question. Mark says, good morning, crew.
I am purchasing a home and starting off with forty
thousand dollars in equity. I'd eventually like to purchase the
empty lot next door. Can this be done through a
heloc and if so, how soon would I be able
to do this? If I'm just buying the home right now,
I already have forty inequity when they buy it's I
got a good deal in the house and they'd like

(57:04):
to buy the lot next door. How long do they
have to wait? And can they get a helot?

Speaker 2 (57:07):
I mean, you don't have to wait. If you have
the cash, you can buy it, you know right now.
It won't you'd have to go through a process to
combine the parcels, you know, combine the parcel to your
parcel with the county. So you got to decide if
you want to do that or if you just you know,
if it's fine if it's a separate parcel. But if
you had you know, enough equity in your property to
take out a helock or something like that. It just

(57:28):
depends on what the land's going to cost. So we
talk in ten grand or we talk in you know,
one hundred and ninety grand. I don't know.

Speaker 4 (57:34):
So if they have forty inequity, how much could they
get out in a helot.

Speaker 2 (57:37):
It depends on because you can't it's it's in percentages.
So like when you do a helock, you can go
up between your first mortgage and your home equity line
of credit, which is what helock stands for. Between those two,
you can go up to ninety five percent of the
homes of value. So without I can't I can't tell
by the equity. Answer, I can tell by the value
of the property. So if the power if the property

(57:59):
is worth four hundred thousand and they've got forty thousand equity,
well they're already at ninety percent, So we might be
able to get another five percent or another twenty thousand
dollars before closing costs out to buy that lot next door.
So you know, there's a number of ways to do it.
You can also maybe do private financing with the seller
and you know, pay them a monthly payment for five

(58:20):
years or something like that. There there's a lot of
ways to crack that nut. But you hit me up
at the website if you want to get any further
into it. Great question. Thanks for texting that into seven
seven zero pre one. It sounds like you have some
opportunity depending on the value of your house and the
cost of the land.

Speaker 4 (58:38):
Here's someone who hasn't been listening or didn't hear so
in the beginning, said, is hometown Heroes backet. I've seen
stuff all over Instagram at Facebook from other mortgage companies
saying it is back yeah, that's.

Speaker 2 (58:49):
All fake news. Is not back yet. You can go
to the E Housing website. Actually, if you go to
my Instagram, I have pinned up there the official memo
from E Housing website basically saying that it's not back yet.
They're waiting for the governor to approve the budget and
then they will let us know you know, when it's
going to happen. I think it's going to happen in
July sometime, but as far as as of the last

(59:10):
time I looked at the website, it has not been
determined as far as an exact date, but it is
coming back to catch this year. If you've been waiting
for it, you know, it's hometown heroes. They went back
to the plan where they only do the grant for
people that are what they consider hometown heroes, which is military, veterans, police, medical, fire, nursing,

(59:33):
municipal employees, that kind of thing. They haven't even published
the full list of what will be allowed, but stay tuned,
you know, and if you want to get started, what
I would say is go to the website that mortgage
guide don dot com and do your preapproval application now
so we can get all the pieces in place and
make sure you are fully eligible for that grant when
it does come out and they tell us what the
rules are. You're listening to the Home Loans Radio show

(59:55):
with that Mortgage Guide Don. We're going to take a
quick break and be right back for the final segment
of time.

Speaker 3 (01:00:00):
Do you have a question for that Mortgage Guy Don?
Text us at seven seven zero three one. Now back
to Home Loans Radio on Real Radio.

Speaker 1 (01:00:11):
Oh yeah, last segment of the day. So you know,
if you don't have a question already submitted to seven
seven zero three one, we'll probably get to it next week,
and that's just fine. You can also find Don on
Instagram at that Mortgage Guy Don and vote for us
best of Orlando Weekly dot com.

Speaker 2 (01:00:31):
There you go, Welcome back, Welcome back. I was looking
for as I do before the show. I go to
the internet and I search like Orlando and then news,
and then Florida and the news. I searched Orlando and
News and was just sadden to see that Katie Perry
and Orlando bloom broke up.

Speaker 4 (01:00:47):
Not the Orlando News you were looking for, No, but
it was.

Speaker 2 (01:00:50):
At the top. I was like, good to know. Let
me scroll down fifty more items.

Speaker 4 (01:00:55):
Here another thing he wasn't to be in a relationship
with an astronaut.

Speaker 2 (01:01:02):
Oh, I don't care.

Speaker 4 (01:01:03):
He didn't sign up to that. I'm guessing I have
no idea.

Speaker 2 (01:01:08):
I don't know.

Speaker 4 (01:01:08):
Once once she became an astronaut, I think he was like, Oh,
this is not this is not what I signed up for.

Speaker 2 (01:01:13):
Well, there you go. It's a hard not life. Every
want to fly to Sarasota from Orlando. It's not our thing.
You can do that now, sure, Southwest just announced that
they're going to start instead of.

Speaker 1 (01:01:25):
That long hour drive.

Speaker 4 (01:01:28):
It's so long that a Sarasota because you got to
get to Tampa and then you got to go from
Tampa down to say it. But when you get to
tampa're like, yeah, we're here. No you're not.

Speaker 2 (01:01:36):
It's psych a three hour drive from right, but mostly
it's miserable.

Speaker 4 (01:01:41):
So what is it like?

Speaker 1 (01:01:41):
A twenty minute plane ride?

Speaker 4 (01:01:43):
It's uh's pretty cools.

Speaker 2 (01:01:45):
They say it's less than an hour, but they're doing
it two flights there per day and two flights back
coinciding with rush hour times. Almost fifty nine dollars on weekends,
forty nine dollars during the week Wow, and you could
fly from Orlando to Sarasota in under an hour, it says, So,

(01:02:06):
I mean if you wanted to do that, I mean, if.

Speaker 4 (01:02:08):
You've been stuck on Iour trying to get that direction.

Speaker 2 (01:02:11):
The trip. The trip from Orlando to Tampa is one
of the worst, you know, as far as traffic getting
stopped and traffic jams and both ways going there coming back.
Last time I went to Tampa was for I went
to see a concert to Madonna concert, and the next day,
on the drive back, it took five hours to get
from Tampa to Orlando.

Speaker 4 (01:02:32):
Drive back could be really rough around Disney. But they've
said that they've added a lane there, so it's supposed
to be better.

Speaker 2 (01:02:37):
But yeah, they added a helicopter lane. I don't know
that it's gonna solve the problem anyway.

Speaker 4 (01:02:43):
Good news always a helicopter.

Speaker 2 (01:02:45):
You know you got the air. Just go.

Speaker 4 (01:02:51):
Here's someone who say hi there. I don't know if
you can answer this. My brother and I own a house.
He lives there. My question, in your opinion, is he
responsible for paying all the expenses mortgage and so forth. Well,
a little more family counseling. Yeah, my brother and I

(01:03:11):
own a house. He lives there. My question is your opinion,
is he responsible for paying all the expenses, mortgage and
so forth.

Speaker 2 (01:03:19):
I mean, it's just my opinion. I don't know what
kind of sibling rivalry you got going, but I would
think that the person living in the house would pay
the day to day bills. But I mean, on the
other side of.

Speaker 4 (01:03:29):
It, you're getting the benefit of being on that mortgage.

Speaker 2 (01:03:32):
Yeah, if you're going to someday sell that property and
reap financial rewards from it, you know, then then you know,
it's a toss up. I've seen people do it different ways.
I've seen people make it where the person living there
is responsible for the mortgage, but they split the tax
bill and they split the insurance. You know, if you're
both going to own it and make profit from it later,

(01:03:54):
then maybe that's that's the way to do it. But
I think you guys got to work it out amongst yourself,
your kids in a room and don't come out to
your shake hands. Guess what time it is, MJ.

Speaker 4 (01:04:06):
Oh, what time is it?

Speaker 2 (01:04:07):
It's time for the speed round?

Speaker 4 (01:04:11):
All right, Well, I'm gonna ask you some questions quickly.

Speaker 2 (01:04:14):
MJ's gonna ask me a bunch of the questions we
haven't gotten to yet today and that we very much
want to get to. If we don't get to yours,
it's okay, go to the website, text it to me
at seven seven zero three one, and if I don't
get an answer during the show, I will answer them
after the show.

Speaker 4 (01:04:30):
All right, you see? Oh, never mind, what's your Instagram handle?
That's a little that's a legit question at that mortgage guy,
don there you go? Can I get a gift from
a family member for all the down payment and closing
costs on a purchase?

Speaker 2 (01:04:44):
Yeah? You can. That's that's actually a common question. Like
if you have if you want to buy a house
and you have zero dollars, but your mom can give
you fifty thousand dollars, can you qualify and buy a
house on your own without mom being on the loan
that the gift of the money can be all directly
appl and you can have zero dollars out of your
own pocket if it's a family member. Great question.

Speaker 4 (01:05:05):
Do you have to pay closing costs out of pocket
on a reverse mortgage?

Speaker 2 (01:05:09):
You typically anytime we're doing a refinance or a reverse mortgage,
which is a type of refinance, you usually are going
to try and roll all the closing costs into the loan,
but sometimes people will want to pay certain parts of
their closing costs. Sometimes the loan will be maybe not
quite there, like you know, a short a little bit
to close, maybe you got to pay a thousand or

(01:05:29):
three thousand. But usually it's preference, and I'd say ninety
five percent of the time you're not paying any closing
costs on a reverse mortgage other than the cost of
the appraisal. That's one thing you have to do. Up
front runs like five or six hundred dollars, But outside
of that, everything should be rolled in. If it's not,
and you've got a quote where they're asking you to
bring a bunch of money to the table, let me
take a look at it for you. Compare quote.

Speaker 4 (01:05:49):
You know, yeah, don't miss that. Do you do mortgages
to set up a new mobile home on land?

Speaker 2 (01:05:56):
We do not. That's a specific type of loan called
a setup loan. And normally the companies that sell you
the brand new mobile home and bring it to your
property that they will do the setup of the land.
You have to get electrical there. You got to figure
out your septic tank or connecting you to the local sewer.
You got some sort of slab usually, so they can

(01:06:18):
help with that. But that's not a specific loan for us.
As far as a set up loan for a newly
purchased mobile home on land.

Speaker 4 (01:06:26):
For refinance with cash out, how long does it take
to get the funds?

Speaker 2 (01:06:31):
Well, I mean a refinance loan for us, from the
time you apply till the time you close and get
your money should be around three weeks is what the
normal time is. Sometimes faster if we get an appraisal waiver,
which means we don't have to do an appraisal, that
saves about a week to ten days. We get those
about about forty percent of the time. You don't actually
need to have an appraisal done on a cash out,

(01:06:52):
but about you know, thirty days max. So if you
get started now, you'd have your money by you know,
probably the end of July, if there's not any surprise
or difficulties or anything that makes it a tougher loan
than usual.

Speaker 4 (01:07:03):
All Right, I have a riddle. I feel like it's
an easy riddle, so be ready the two of you
to pounce.

Speaker 2 (01:07:09):
I got the answers that you're you got the answer,
key im jess.

Speaker 4 (01:07:13):
Sometimes I'm wrong. What happened?

Speaker 2 (01:07:16):
Mark that.

Speaker 4 (01:07:21):
I'm pronounced as a letter and written with three. I'm double,
I'm single, I'm brown, blue and gray. I'm read from
both ends and the same either way. What am I?

Speaker 2 (01:07:33):
Wow, that's a tough one. All right, let's not go
ahead one more time.

Speaker 4 (01:07:36):
Okay. I'm pronounced as one letter and written with three.
I'm double. I'm single, I'm brown, blue and gray. I'm
read from both ends the same either way. What am I?

Speaker 2 (01:07:53):
Oh?

Speaker 4 (01:07:53):
Interesting, No, you can't time. You can't read B the
other way. It would be ebe.

Speaker 2 (01:08:00):
Okay, Oh, it's frontwards and backwards the same.

Speaker 4 (01:08:04):
Do your up then, I yep, e y E. That's it.

Speaker 2 (01:08:09):
There you go.

Speaker 4 (01:08:09):
I'm pronounced this one letter and written with three. I'm double.
I'm single, I'm brown, blue and gray. I'm red from
both ends the same either way.

Speaker 2 (01:08:18):
The answer is I double, I'm single, double, I I
don't know.

Speaker 4 (01:08:22):
I don't know understand the double and single.

Speaker 2 (01:08:24):
That's a red hearing. Well done? All right, well folks,
you did it. You did you successfully wild away another
ninety minutes of your weekend listening to m J. Fritz
and I talk about all the things. Play us out
of here with something Cool by d