Home Loans Radio 07.26.2025 With That Mortgage Guy Don- Home Town Heroes Down Payment Program is not back yet but will be soon!

Home Loans Radio 07.26.2025 With That Mortgage Guy Don- Home Town Heroes Down Payment Program is not back yet but will be soon!

Episode Transcript

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

Speaker 2 (00:14):
Hey hey, hey, hey hey, good morning and welcome to
the Home Loans Radio Show with that Mortgage Guy Don.
That's right, it's me. I'm here. We're doing what we
do every single Saturday, live right here on Real Radio
one to four point one. Good morning to my crew.
Good morning, Mjay, Well, good morning. Nice of you to come.

Speaker 3 (00:32):
Oh well, it's nice to be as you Where else
would I want to be.

Speaker 2 (00:36):
Of course, as you've done for over three hundred saturdays.

Speaker 3 (00:39):
What other people do on Saturday?

Speaker 2 (00:41):
I have no idea. We're going to ask him sleep.
Good morning to you, mister Friz. I want to Oh yeah,
well we're here. We did it. It's Saturday. And uh,
you know, like I said, over what what we're what
we've done for over three hundred and I think at
nine saturdays. Good job, team, let's keep it going.

Speaker 3 (01:03):
Yay.

Speaker 2 (01:05):
You're listening to the Home Loans Radio Show with that
Mortgage Guy Don, where I talk about some mortgages and
some home loans and some real estate and SBA loans,
reverse mortgages, that kind of stuff. But you can also
text to Show Live seven seven zero three one and
ask any questions you have about that or just tell us,
tell Mjay what you're doing out there, Like you just
asked Mjay what do regular people do on a Saturday?

Speaker 3 (01:27):
But I'd like to know a lot of more sleeping,
So you're never going to hear this sleeping. People sleep.

Speaker 2 (01:33):
It's nine oh two.

Speaker 3 (01:35):
They sleep. Saturday is their morning to sleep.

Speaker 2 (01:38):
When's the last time you slept in on a Saturday?

Speaker 3 (01:40):
On vacation two seventeen.

Speaker 2 (01:46):
That's okay. We love what we do, and yes, you're
listening to the most talked about, the most listened to,
the most live show right here on Real Radio one
to four point one every Saturday morning, doing the thing
we do. Exciting, exciting, exciting news for it's your your
twentieth album released yesterday.

Speaker 4 (02:06):
Twenty years of me making noise.

Speaker 2 (02:09):
It's pretty amazing that twenty twenty years? Is it? Twenty
albums and twenty years?

Speaker 4 (02:16):
Oh, it's I think close to fifty albums of.

Speaker 2 (02:19):
This fifty albums, my bad twenty years. That's prolific. I
listened to the whole thing.

Speaker 4 (02:26):
That's sometimes just me playing drums on an album.

Speaker 2 (02:28):
Yeah, well, you know, you're the musician. You get to decide.
But I listened to the whole album. It's really really good,
thank you. It's called what's it? Stars Up Lights Down.

Speaker 4 (02:38):
Stars Up Lights Down by the Real Fritz.

Speaker 2 (02:41):
You can check it out. It's live everywhere you find music.
We're going to feature a couple of the songs or
a few of the songs here today, so you can
check it out. But man, what it's really really I
just really like the way you did the album. Like
you know, you're it's the Real Fritz, So you're on
every song, You write every song, you you arrange everything
and play a lot of the instruments. But you also
brought on guests. It's true on the different records, and

(03:05):
some of them are really really fantastic and the others
are just awesome. But I enjoyed it. It's really well done,
thank you.

Speaker 3 (03:13):
I listened to it all together in one sitting. I
listened to beat pieces of it, you know, throughout the week.
But then I did a determined I will listen actively,
you know, I will do nothing but listen. And it
was it was, it was really fantastic.

Speaker 2 (03:30):
You should call that active listening. I'm Joe.

Speaker 3 (03:32):
Really somebody should say that does say that I don't know,
I didn't hear them.

Speaker 4 (03:38):
Active listening when when someone says, you know she Bop
by CYNDI Lauper, and somebody goes, I don't know that song,
and they go, you don't know that song meaning I
don't know every drum fill, I don't know how long
each bar the versus. So when I say I don't
know that song, meaning I can't perform that song, I

(04:00):
would need active listening sessions. I would have to listen
to the song eighteen times in a row to make
sure I get every drum fill right.

Speaker 2 (04:08):
Give me thirty minutes, I'll have it down. Yes.

Speaker 3 (04:10):
See, when I say I know that song, it means
I heard it once in a TJ MAX and I
liked it pretty yeah, right, like, oh yeah, I know
that song.

Speaker 2 (04:19):
You sing along with the chorus.

Speaker 3 (04:20):
A little bit with so with words that I've made
up I think are the right words. Yeah. So they're
a very different definition.

Speaker 2 (04:28):
I really uh. One of my favorites. I've got a
few favorites on the on the new album Fritz's New
album that was just released. You can find it everywhere
you find music. Look for the real Fritz. But another
favorite song of mine was the one you did with
your brother, Dirt Brother, take the Wheel. That's a really
of course, I know both of you, so I get
a different you know, I have, I guess, the insider

(04:48):
knowledge of knowing you guys and knowing your dynamic a
little bit, and you're doing it, and I really, I
really dug it. It's really good.

Speaker 3 (04:55):
I loved it.

Speaker 4 (04:55):
You know what's crazy too. I mentioned Ozzy Osbourne in
that song and passed away on Wednesday right about us
calling into the radio station w j r R here locally. Yeah,
see if I can get right here, and then we're
blowing up like bombs in the backyard because maybe we

(05:16):
had the Anarchist cookbook allegedly.

Speaker 3 (05:21):
A couple of a couple of boys getting into some tomfoolery,
allegedly allegedly.

Speaker 2 (05:28):
So brothers are supposed to do.

Speaker 3 (05:31):
I love that.

Speaker 2 (05:35):
There's also a track with Sabrina Ombra and I believe
a little bit of that one.

Speaker 4 (05:40):
Yeah, it's it's it's easily one. It's one of my
favorite courses ever. And she wrote the damn thing in
like five minutes.

Speaker 3 (05:46):
It's amazing. She's so talented. She really is. Every now.
Every now and then I hear the junkies, not that
often because I really just hear it if I'm in
my car, but I had a couple of times this week,
and both times it's always Sabrina, you know who comes
in and I'm like, damn it.

Speaker 4 (06:00):
This, Yeah, she's amazing. This chorus is we're swimming in circles,
sinking in place. And then the line that she then
came up with as I'm writing that down because it
was great, great start to a chorus is gasping for
air while we try to save face. Oh man, then

(06:20):
it's an incredible yeah, and I go, hold on, you're
going too fast. And then she was already done with
the chorus as I was like catching up writing, oh
so good.

Speaker 2 (06:30):
Sounds like the thesis of a relationship book.

Speaker 3 (06:33):
So yeah, she's one of those people that you can
imagine doing so many different things. You know that she's
just got such a talent.

Speaker 2 (06:40):
Pace like you there you go, Yeah, well, welcome to
the Home Loans radio show. You can text in join
the conversation. Do go find h Jeff's new album and
the real Fritz everywhere you find music, check it out.
You will not be mad about it. It's really really
an accomplishment songwriting.

Speaker 4 (06:55):
Is I don't think I can write better songs than this.
So this is this is the top of most pop up,
most you know, and it's it's going downhill from here.
What do you expect?

Speaker 3 (07:04):
I expect you to hit your stride in your fifties. Yeah,
come on, it's only gonna get better. And you know
what's next is the Greatest Hits where you go through
and pick your babies out of all the albums, but
in one place.

Speaker 4 (07:19):
Because that's what emotionally mature people do, the greatest Hits
album when they've sold twenty five albums.

Speaker 3 (07:29):
No, no, it's time. I think it's time after this
for you to put your your your collection together, you know,
of like your your your favorite little children's I.

Speaker 2 (07:37):
Don't know, I don't know that you can do that
as a Can you choose your favorite? Can you choose
your favorites, Jeff or all your favorites they are all
your little creations, just like kids.

Speaker 4 (07:46):
I mean, here's the thing you can I mean, I
have songs that I enjoy hearing again, you know, like
kind of like that came out perfectly and I didn't
even try, you know, kind of thing like those things.
But you then like think about the ones that you've
tried to get right and try to get perfect, and
then you're like, I don't know, man, there's a lot
of energy that went into that one. So I think no,

(08:08):
because they are all like kids. And also like, none
of these are hits, so I don't know how they
could be greatest hits.

Speaker 2 (08:16):
There hits with.

Speaker 3 (08:17):
Me someone who says, morning, just cut my hair and
about to mow the yard. Did you cut your own hair?
That's amazing? And try to make some progress on my
timing belt on the trucks. You've got all kinds of
chores to do, man.

Speaker 4 (08:32):
You know what a great album to listen to while
you do that. There's some pedal steel, there's some fiddle
in there.

Speaker 3 (08:42):
There you go, and that's gonna be good for mowing
the yard. Oh yea, some headphones.

Speaker 4 (08:46):
Oh that's a lawn mowing masterpiece.

Speaker 2 (08:50):
If you did all that stuff yourself, I am impressed
because I.

Speaker 3 (08:53):
Mean, if you cut your own hair.

Speaker 2 (08:55):
You're very thrifty. You are because I pay someone to
cut my hair.

Speaker 3 (08:58):
You pay someone to mow your yard, have a yard service.
You pay someone to fix your truck.

Speaker 2 (09:02):
Duh. Actually I've got a new three month old truck
hasn't needed any fixing yet.

Speaker 3 (09:09):
You person have saved yourself a lot of money, and
you are very talented.

Speaker 2 (09:14):
You are a renaissance person.

Speaker 3 (09:15):
Yes, you go.

Speaker 2 (09:17):
You're listening to the Home Loans radio show, texting your
questions comments, just as that fine folk just did seven
seven zero three one. You can ask anything you want
to ask in the entire world. But if you want
to talk about mortgages or home loans, or any questions
about real estate, buying a home, you inherited a house,
you're you're getting a divorce, you know, any of the things,
then you can text it right here to seven seven

(09:37):
zero three one. Ask me a question. I'm a mortgage expert.
You got a music question. Ask Fritz, he's a musical genius, MJ.
What is your what is your expertise? Is it nineteen
nineties cartoons? Is it? What? Where do you shine him?

Speaker 3 (09:57):
Am I supposed to? Shy have studied for this example.

Speaker 2 (10:02):
We'll come back to you.

Speaker 3 (10:03):
Okay, right, No, No, I don't know what the question is.

Speaker 2 (10:07):
Guess what's going on in the world of mortgage news.

Speaker 3 (10:09):
Yeah, let me, let's see that. I'm an expert at
mortgage news, are you no?

Speaker 2 (10:16):
Nope, Well you have strong opinions.

Speaker 3 (10:19):
I do, I do, I do apropos, no specific knowledge.
I feel strongly about many things.

Speaker 2 (10:26):
Well, don't we all? More so every day I find
mortgage news mortgage news. Yes, what, Well, here's the biggest
piece of mortgage news that's no news at all. Hometown
Heroes still still not back.

Speaker 3 (10:42):
Wow.

Speaker 2 (10:43):
Yeah, they're working on Hometown Heroes as a down payment
assistance program whereby people can get up to thirty five
thousand and down payment assistance in the form of a
second mortgage that is repayable if you ever refinance or
sell the home. People have been anxiously waiting. Originally it
was thought it was going to come out July first,
but the Florida legislature and governor did not get the

(11:04):
budget bill passed until mid June. And now was it June? Yeah,
mid June, I think June sixteenth, something like that. And
now we wait for them to put the parameters of
the new program into place and release them all so
we can help everybody get those programs. But so far
it's not out there. You can get ready for it early.
You can go to my website that mortgage guy don

(11:25):
and do your pre approval application so that when it
does come out, you are ready, rocking and ready to go.
Because last year all the funds disappeared within seven weeks.
So it's kind of a we're in the ready set
you know, on your marks, get set go phase. If
you want to be on your marks, get set, get
your pre approval done early. What else we do have?
We do have another grant though, another down payment assistance

(11:47):
grant that's out that I like. This one gets you
into a house with one percent down. The loan actually
requires it's a conventional loan Fanning May loan actually requires
three percent down. But one of our wholesale banks that
we work with is doing a two percent grant for
people and they only have to come up with one percent,
So that's a non repayable grant of two percent. There's

(12:11):
a cap on it, and you also have to it's
based on income, so it's gonna be you have to
be at eighty percent or less of the average median
income for your county, so most counties are around i'd
say ninety five to one hundred and ten thousand average
median income, so you have to be around eighty to
eighty five. So if you're looking to buy a house

(12:31):
and you're in that area where you make less than that,
then you may be eligible for that grant, which is
pretty cool. You can go to the website that mores
you got don find out more about it, or text
in Today seven seven zero three to one.

Speaker 3 (12:44):
Our person who is doing all the things themselves, said,
it's called being cheap. I gotta save some bucks, which
is why I did my refy through DON.

Speaker 2 (12:51):
Thank you so much, che bless you, bless you my child.
I appreciate that, Thank you so much. What else you
got there?

Speaker 3 (12:58):
MJ, Good morning team. Is it passtool that you can
find a mortgage for me based on my bank statements only,
not using my IRS tax documents? I understand the interest
is higher, but that's what I need right now.

Speaker 2 (13:08):
Yeah. Absolutely. We've got a number of programs. Usually they
tend to be for people that are self employed or
can't document their income through their tax returns, but you
can do it with your bank statements either twelve months
or twenty four months. If you do twenty four months,
you get a little better interest rate, and you can
also do it through the P and L of your business.
We've got a lot of creative programs. You can also

(13:28):
leverage assets that you have in reserves sometimes to do
a mortgage. And you can also leverage money that you
have in a four toh one k or IRA to
create income to get qualified for a mortgage. Great question,
that's the kind of stuff we're going to talk about today.
Text into seven seven zero three one get your question inline.
We'll be right back after these messages. Hey, hey, hey,

(13:52):
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(14:13):
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(14:35):
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Speaker 4 (14:53):
Shot.

Speaker 3 (15:01):
I'll do a loan.

Speaker 2 (15:12):
Hey, hey, hey, hey, hey, hey hey, welcome back to
the Home Loans radio show with that mortgage guy Don.
That's right, it's me. We're here. We're doing what we
do every single Saturday. Right here with my crew. I've
got MJ and Pritz and hello rejoin You just heard
is we're celebrating Fritz's new album release yesterday. And that's
from the album number one track, what's it called? Fritz?

(15:35):
Life without You?

Speaker 4 (15:36):
Life without You?

Speaker 2 (15:37):
Life without You?

Speaker 3 (15:39):
It's so good.

Speaker 2 (15:40):
I saw on the credits it's a credited you featuring
gian Carlo Mercio. That sounds like a very famous person.

Speaker 3 (15:49):
Jim Gallo.

Speaker 1 (15:50):
It does.

Speaker 2 (15:50):
Yeah, that's a name destined for fame.

Speaker 4 (15:54):
Jim Gallo, that's a Darcy's cousin. That's his first I
think for song like recording or first song released. And
he does the lead guitar parts there. He has an
Adam Jones Gibson model, so he brought that over. Very
beautiful guitar, very wonderful, beautiful man. And he recorded on
it and he wanted to do some harmonies and I

(16:17):
taught him how to how to find harmonies, and yeah,
it was.

Speaker 2 (16:20):
Cool, awesome. Well, that's fantastic. You were celebrating all day,
your twenty year, twenty years of recording, releasing your album.
And if you stay tuned in, you're gonna hear a
few of the songs I released. But you can go
find them all on Spotify or Apple Music or Pandora
or wherever you get music. Look for the real Fritz
Stars up lights Down. Thanks for playing your original music

(16:41):
on the show for years and years, and we appreciate
it as always.

Speaker 4 (16:44):
Thank you.

Speaker 2 (16:46):
What else we got going on here? Oh? You know
last week we talked about how hot it was going
to be last weekend YEP heat indexes one hundred and ten,
temperatures in the high nineties. It's gonna be worse this weekend.
Oh fun, all right, it's starting today.

Speaker 3 (17:00):
All right, Well, then this weekend I won't go have
an outdoor dance party. Good idea like I did last week? Right,
light warm, that's a fun but.

Speaker 2 (17:09):
Still well, at least it was muggy it Now they're
saying that we're gonna have actual temperatures possibly hitting one
hundred today. Okay, and then it feels like temperatures in
the in the one tens one teams. So you know,
take it easy out there, Drink.

Speaker 3 (17:22):
Lots of water, all right, the water is key, and
maybe get in some.

Speaker 2 (17:27):
Well yes, but yeah, there's a lot of things to
worry about in the water and get something.

Speaker 3 (17:32):
You know what's inside.

Speaker 2 (17:33):
You got the rip.

Speaker 3 (17:35):
Tides, the bacteria, the sharks.

Speaker 2 (17:38):
Is Is that the beach where you went in in
Costa Rica?

Speaker 3 (17:43):
Yeah?

Speaker 2 (17:43):
Jeff, where what was the name that that drowned Malcolm?

Speaker 4 (17:47):
Uh yeah, Malcolm Jamal Warner. He was on the east coast.
We were on the west coast. Yeah, but same country.

Speaker 3 (17:53):
Yeah, yeah, you know, we've narrowed down to a country.
So you're lucky to get out a lot.

Speaker 2 (17:58):
There you go, Yeah, be careful in the water. You
got rip currents out there, you got tacked sharks, you
got flesh eating flesh eating bacteria.

Speaker 3 (18:06):
Yep.

Speaker 2 (18:06):
Stop.

Speaker 3 (18:07):
They can just get in your ear when you're in
the lake.

Speaker 2 (18:08):
And oh yeah, only when the water's hot, which.

Speaker 3 (18:11):
Is ruin you for life.

Speaker 2 (18:13):
There's a there's another story. This one jumps out at me.
Twenty seven year old woman hospitalized after surviving a gator
attack while swimming in the Saint Lucie River on Wednesday.
Saint Lucy, Saint Lucy, that's down by Stewart And according
to Martin County Sheriffs, I thought, I thought this is

(18:33):
the way this was written was funny. So the woman
and her boyfriend took their boat to the South Fork River.
Deputy said the woman was standing in waste deep water
with her dog that seems to attract alligators from my experience,
when the approximately eleven foot alligator bit the woman's hand.
When they say approximately, it means they didn't catch them. Yeah.
The alligator quickly grabbed her hand arm, puld her underwater,

(18:55):
and eventually releasing her. Once she was released, her boyfriend
drove her to the boat ramp. In there, she was
airlifted to a hospital has opened to the dog has
multiple broken bones and lacerations in her right hand and wrist.
Here's where I thought the journalist is funny. It says
her boyfriend and dog were not injured during the incident. Okay,
there you go. All right, Well, be careful standing in

(19:17):
a river with your dog. You know where alligators live.

Speaker 3 (19:20):
I mean, if you're staying there with a little dog,
it's kind of like dangling a chicken. Yes, bacon, Yeah,
they're like, h yeah, I smell a little dog.

Speaker 2 (19:32):
Wow. Yeah, there you go.

Speaker 3 (19:33):
I think they're into it.

Speaker 2 (19:34):
So there you go go. You know, stay safe, stay
stay cool, don't get overheated. If you go in the water,
be careful because it's Florida.

Speaker 3 (19:41):
Your bathtub is safe. Fill it with cold water. Get
in there?

Speaker 2 (19:45):
Is it though?

Speaker 3 (19:46):
I think so. Here's someone who says, I own a
house and I have about three hundred thousand dollars in equity.
I have no verifiable income. Is there any way for
me to get some of that equity out?

Speaker 2 (19:58):
Yeah, it's pretty hard. It's pretty hard when you have
no verifiable income. You could consider a a co signer
that you know, maybe could go on there and do
a loan. With you and have some verifiable income that
might be able to work. They don't have to live there.
It can be a non occupying co signer. Uh. Yeah,
that's another good point. If you're over age sixty two,
you might be able to do a reverse mortgage, but yeah,

(20:21):
it's pretty difficult to do when you have no source
of basically no ability to repay. They're like, how you're
going to pay the payments every month? That's kind of
the the question how you're paying you know, how are
you paying your bills? Is it undocumented money? Is it?
I don't you know? I mean, is it money that's cash?
Money that you receive? You know you work in a
cash basis. That can be a lot harder. If you're
self employed with any in any capacity, mean you've got

(20:43):
an LLC of any sort, then we could do a
bank statement loan or something along those lines, looking at
the deposits into your business or personal bank statement, but
we probably have to talk it through. We might be
able to figure something out. Maybe you out a four
to one K or an IRA that you live on.
You can you can use that as qualifying income. So
hit me up at the website that mortgage guy don
dot com. If you want to chat about it further,

(21:04):
text me and we'll we'll get on the phone and
see if we can't figure out a way to make
it work for you. That's how you do it. Text
it into seven seven zero three one morning.

Speaker 3 (21:13):
Mortgage folks, bring Cary. Listening on our way to get
paint for the interior of the new home. We listened
to your new album yesterday. So good, the lyrics and
the music. The Fritz is real with this one. It
is so good. If you haven't heard any of Fritz's music, well,
what's going on in your life? Get in there and
definitely do this. But I mean, honestly, you might want

(21:34):
to build up, go through all the all the albums
so that you get to the you know this awesome
accomplishment at the end.

Speaker 4 (21:40):
There's something very strange about being like praised for my
music on air and feeling like a worthless human being.
On the inside, I think, oh.

Speaker 3 (21:49):
No, it works. You are so worth you are so.

Speaker 4 (21:55):
Worried well, and I appreciate it.

Speaker 3 (21:57):
You're so worthy as a human.

Speaker 2 (21:58):
It says it right on the album cover, the real Fritz.
That's right, being real, the music's real, being real, You're real,
you're humble, You're really awesome at what you do.

Speaker 3 (22:07):
No, I just can't you know, I just can't believe
all of that music just comes out of one human.
I know you have people who help you with the
but I just I just can't believe it. All the
imagination comes from you. It's amazing. Well done, sir, well done.

Speaker 2 (22:22):
Yes, indeed you can find Fritz's album the new album
Stars Up, lights down everywhere you find music. Check it out.
You won't be mad. We got the poker tournament coming up.

Speaker 3 (22:32):
Oh when is that?

Speaker 2 (22:33):
I'm getting excited about that. August sixteenth, a couple of saturdays,
Just a couple of saturdays away.

Speaker 3 (22:38):
I better start practicing some poker now. I usually tried to,
like a week before. I'll play it on my phone.

Speaker 2 (22:45):
You made it to Did you make it to the
final table? Last year? Was that the year before?

Speaker 3 (22:48):
I made to the second to the last table last year?
And then the year before?

Speaker 2 (22:52):
Yeah, you were you came in seventh the year before.

Speaker 3 (22:54):
It doesn't sound like a lot, but it starts with
like a lot of table.

Speaker 2 (22:57):
This is at least I don't know, two hundred, two
hundred and forty people at the top.

Speaker 3 (23:02):
I was in the top ten the last two years.
There you go top six or five one. Yeah, but yeah,
if I do it on my phone a little while,
I get refreshed because I'll start playing poke on the
phone and then I'm like really bad at it at first,
and then I remember, oh, yeah.

Speaker 2 (23:15):
I got closed. Last year, I got down to third.
It was at the final table, is me Moe was there,
Mo de Witt was there. Richard from Solar Source, and
the fellow who won I can't I can't remember his
first name right now. Nice guy. I've met him at
several events. I'm sure he'll be there this year too.
But I got down to third and then I got
knocked out, and then Richard from Solar Source got bragging

(23:38):
rights for the year because he beat me.

Speaker 3 (23:40):
But you know, my claim to fame is I've never
bought back in Yeah, I've only just lost. Like when
it was when I lost, I lost.

Speaker 2 (23:49):
Yeah, so I.

Speaker 3 (23:50):
Made it through. I bought chips when it was time
you could buy more chips, but I didn't lose. And
then buying back into the tournament, well.

Speaker 2 (23:56):
There you go. Well we'll see how you do this
year long. A lot of people go to be watching you.

Speaker 3 (24:00):
So you're going to get spanked. It'll be an early
night for me. That's fine.

Speaker 2 (24:07):
Yeah, well, you know, I came in first, won the
tournament back in way back in twenty nineteen ago, and
that seems like a long time. And then John.

Speaker 4 (24:17):
Bustecker, Everyone's like, who.

Speaker 3 (24:19):
Is this guy?

Speaker 2 (24:20):
Two years in a row, which is unheard of.

Speaker 3 (24:22):
And then he had the audacity to say things like
blue booger booger.

Speaker 2 (24:26):
Yeah, that's just rude, rude.

Speaker 4 (24:30):
He's good at everything he does.

Speaker 2 (24:35):
John. I talked to him just yesterday. He's a good guy.
He is. But I'm not going to win this year.
I'll uh, you know, we'll kidnap him, throw him down
the stairs.

Speaker 3 (24:45):
Till your herding that stuff. I can, I can, I
can do that. You can write in the shin.

Speaker 2 (24:50):
Hey John, your car alarms going off, It won't shut off.
I'll meet you in the park.

Speaker 3 (24:56):
That is a better plan. Yeah, you want fewer witnesses, Yeah,
it makes more sense.

Speaker 2 (25:02):
You're listening to the Home Loans radio show with that
mortgage guy Don. You can go to the website all
during the week, that mortgage guide don dot com. You
can do all kinds of stuff there. You can apply
for a loan. You can you can read the blog.
I've been writing a blog every week this year. That's exciting.
We're getting dozens of people going and check it out
the blog every week, but it's there. I'm putting up

(25:23):
insightful stuff about the industry. You can go check it out.
You can also apply for a loan. You can get
pre approved, or follow me on Instagram at that mortgage guy.
Don will be right back after these messages. Hey hey, hey, hey,

(25:58):
hey hey hey, Welcome back to the Home Loans Radio
show with that mortgage guide Don. That's a little little
song from the newest Real Fritz album released yesterday. You
can check it out. You can find it on all
the music Outlet's what's the name of that one Fritz?

Speaker 4 (26:15):
That one is called That's not the plan.

Speaker 2 (26:17):
That's not the plan. How many times have I said that?

Speaker 3 (26:21):
Yeah, I'll say it a lot.

Speaker 2 (26:24):
That's not the plan. I know. Welcome back, Welcome back
to the Home Loans Radio Show. You can text in
your questions, comments, salutations, mortgage questions, business loan questions, anything
you want to ask under the sun texted into seven
seven zero three one. Yes, we're live right here. Saturday morning,
doing what we do every Saturday for the last three
thousand Saturdays. Yep.

Speaker 3 (26:44):
Allegedly someone that says it's so hot.

Speaker 2 (26:47):
Oh, it is hot.

Speaker 3 (26:50):
I am a mail carrier and I'm dying in this
hot box of a vehicle.

Speaker 2 (26:53):
Oh man.

Speaker 3 (26:54):
The only thing that makes it good is listening to
you guys. I wish we could be there to fan
you down.

Speaker 2 (26:59):
Yeah, aren't those vehicles aren't air conditioned? Really? Man? That's
uh yeah, that's right. And two hundred and fiftieth anniversary
of the postal Service, I think yesterday.

Speaker 3 (27:09):
I hope we get to keep the postal service. I
really enjoyed getting mail, sending mail, and.

Speaker 2 (27:15):
They and and they don't have two hundred and fifty
years of progress and it's still not air conditioned vehicles,
you know in Florida.

Speaker 3 (27:22):
Yeah, I mean it probably used to be a lot
more of a climate situation.

Speaker 2 (27:27):
Maybe so, but it is brutal. Yeah, it's gonna it's
gonna be super hot. There's emergency heat warnings in Florida
for half the counties in Florida where they think the
temperature may reach one hundred in some areas, and heat
indexes in the one tens one teams. So yeah, be
careful out there if you're working or carrying letters, uh,

(27:47):
doing whatever people do on Saturday. Text in tell us
what you're doing out there. Seven seven zero, you're.

Speaker 3 (27:52):
Going out there. Here's the one that says, I'm receiving
offers from my current lender to do a streamline FAHA refinance.
I bought this a little over a year ago. What
do you think of the streamline?

Speaker 2 (28:01):
The streamlines is that? Yeah, the streamline is a good program.
What it is is it's an so if you have
an FAHA loan, you can refinance the FAHA with limited documentation.
You don't have to do as much. A lot of
times you don't even need an appraisal, usually just need
your last paste ub. There can be some real benefits
to it, but I can tell you when I see
servicers doing it, servicer meaning your company that is who

(28:24):
you make in your mortgage payment, I very rarely see
them come and offer deals that lower the amount of
interest they're making because they make profit off of their interest,
or if they do do it, they will go down
enough to make you not want to refinance elsewhere. But
very very rarely is it the best deal you're going
to get. So my strongest encouragement would be, if you
get an offer from your lender, go to my website

(28:45):
and do the compare quote thing. Upload the quote that
they give you, and I will interpret it for you
and tell you if it's treasure or garbage, or if
you can if you're interested in it, you can do
something much better. As is the case I'd say ninety
nine percent of the time when I see those quotes
from a servicer, it will be a half a point lower,
a point lower, thousands of dollars less in costs and
fees for the same exact FHA streamline. The other thing

(29:07):
I like to look at in those though, is if
it's been a year, you know, you may not need
to continue with an FHA. You may be able to
do a conventional or look at dropping your PMI depending
on what your down payment was. So there's things to
look at at this point to see the best avenue.
Just don't take the first off ramp you get. You know,
do a little, do a little homework, and I make
it so easy with the compare quote. You just go
online and upload your quote. I don't need to pull

(29:29):
your credit or anything. I'll just tell you if it's
any good. You can do that at that mortgage guide
don dot com. Great question, Thanks for texting that into
seven seven zero three to one.

Speaker 3 (29:38):
Yeah, I love that. Sorry.

Speaker 2 (29:43):
Thinking about the song Welcome back, MJ. We a lot.

Speaker 3 (29:49):
We get a lot of questions about helocks. People are
really interested in getting some money out of their house.
How's that going in in the we're doing in the
mortgage biz? Is then a lot of helocks?

Speaker 2 (29:58):
We're doing? Yeah, he locked me dance. It's at LOC.
It stands for home equity line of credit and we're
doing work money out of the record numbers of them
right now for my company, more than we've ever done.
It was like the busiest year for home equity lines
and loans of lines of credit, he loans, second mortgages.
You can take them out to pay off credit cards,

(30:19):
consolidate debt, to put in a new kitchen, put in
a pool. The amount of equity, the reason that more
people are doing these is twofold. The amount of equity
that people have in their homes right now is a
record trillions and trillions of dollars higher than it's ever
been before. And the main reason is that we had
those really low rates in the twenty nineteen twenty twenty

(30:41):
twenty twenty one where people were getting rates down in
the twos and threes and fours, and now they're up
in the fives and sixes. So people don't want to
lose that low rate by refinancing their first and doing
a cash out mortgage. So the other way that you
can get money out without affecting your first mortgage at
all is through an equity line or a second mortgage.
So that's the reason we're seeing them that people have

(31:02):
those fantastic rates. They want to keep them, but also
they want to eat their They want out what does
it have their cake and eat it too. They want
to have that low rate on their first but also, hey,
give me some of that eggbobes so I can buy
some sweet stuff.

Speaker 3 (31:14):
Also cake, I love cake.

Speaker 2 (31:16):
That's what you took away from all that MJ is cake.
What's your favorite kind of cake?

Speaker 3 (31:21):
I don't know, there's I couldn't possibly choose, Like Fritz
in his songs, I don't know. I like cake.

Speaker 2 (31:26):
You just don't care as long as it's got the
ingredients of flour, eggs.

Speaker 3 (31:30):
I just like cake. What do you think, Fritz? Are
you a fan of the cake?

Speaker 4 (31:33):
Yeah, cake is great.

Speaker 3 (31:35):
Cake is great.

Speaker 4 (31:36):
I like pie too. Vanilla ice cream.

Speaker 2 (31:40):
I like pistachio ice cream is one of my favorites.

Speaker 3 (31:44):
Yeah, big fan, big fans of all this.

Speaker 2 (31:46):
You know what I haven't had? You know what I said?
What you know what I haven't had in a while
that I think I need. I'll take that. It wasn't
It wasn't in the top three, but I moved it
up to two. Thank you for Ittz for winding. Okay, no,
I need to I need some donuts, man, I haven't
had a donut.

Speaker 3 (32:08):
I do love donuts.

Speaker 2 (32:09):
I get I get low on donuts every once in
a while, and I have to eat some donuts.

Speaker 3 (32:12):
I love me a glass knife donut.

Speaker 2 (32:14):
Those are good, so good.

Speaker 3 (32:15):
I can cut it in like six pieces and eat
it if they're so big.

Speaker 2 (32:18):
I like the ones. Uh mister salt, mister salty.

Speaker 3 (32:23):
Yeah, Oh that's a good donut, brown butter salty donut.

Speaker 2 (32:29):
This is not a paid advertisement. This is just my stomach.

Speaker 3 (32:32):
Yeah, we'd be hungry here, hungry up in here. Okay,
so many people asking about helocks. Here's a couple of questions.
If I do a cash out refinance. Does that mean
I will have a different lender than I do now?
How do my taxes and insurance and escros get handled
that are being done by my current lender?

Speaker 2 (32:49):
That is an excellent question. Yeah, if you do a
cash out refinance, that means you've got a first mortgage
and you're going to refinance that mortgage. You're gonna pay
it off. But let's say you owe two hundred, donut,
You're gonna do a new loan for say two fifty,
and pay off your old loan of two hundred and
then whatever's left over in cash you get at closing.
That's a cash out refinance. When you do that, though,
you whatever rate you have now you don't have anymore.

(33:11):
You have the new rate, whatever today's rates are. So
if you have an eight percent rate then you refinance,
you might be in the fives or sixes. If you
have a four percent rate, you might be in the
fives or sixties, of course, depending on you know how
well qualified you are. So yes, and most likely you're
going to have a different servicer, meaning the servicers just
who you send the payments to. So Fanny Mae and
Freddie Mack that these loans get sold in bulk and

(33:33):
hundreds of millions, and then they are assigned to servicers.
So when you say, you know, my lender sold my mortgage, well,
what they really sold was the right to collect the interest.
But they did not buy the right to change anything
about your mortgage. They can't change their rate, they can't
change the term, they can't change how many payments are left.
They can't change your ESCRO accounts. Your taxes and insurance

(33:54):
are still the same. And when we do that refinance,
we make sure that the accounts are up to speed
where they need to be to take over where they
left off with the new mortgage from the old mortgage.
So great question. Yeah, but we take care of all that,
make sure that it moves over. You don't have to
do anything at least with us. When you do a refinance.
We're going to contact your insurance company, assign the new
mortgage the new lender. Your tax bill is going to

(34:17):
be up to date and continue to be paid by
by the new lender, the new scrow company. Smooth as
silk as planned. Great question. Thanks for texting that into
seven seven zero three to one.

Speaker 3 (34:29):
Here's someone that says, I have a mortgage at three
point seventy five and I'm looking to take some equity
out and keep my rate the same, which is what
you just talked about.

Speaker 2 (34:36):
There you go, Yeah, that's the that's the way you
got to. You got to. You gotta go to the
website or that mortgage guide don dot com and then
you go to the refinance tab. You fill out your
basic information in there, and then we get the helock
whisper genius Laura to contact you figure out what your
goals are. We have about a dozen different versions of helocks.
If you go to your bank, if they even offer helocks.

(34:58):
Like I was talking to someone, they told me they
went to Wells Fargo to try and get a he
lock at their bank and that they didn't even weren't
even offering them. So some banks don't even offer them.
I mean, that's what I heard from this person about Wales.
But there are some that don't offer them. But we
have about a dozen different types. Usually your banks can
have one type, one version of it. So it could

(35:18):
have a three year drawl, it could have a ten
year drawl, It could have a ten year term, or
a twenty or a thirty year term. For repayment. It
could be a he lock where you pay it up
and down, you know, where you can like a credit
card where you can charge on it and then pay
it down. Or it may be like a he loan,
which is a fixed rate mortgage that you just pay
off in twenty payments as a second mortgage. Those are
more popular for things like pools because you don't need

(35:41):
a line of credit if you're you know, buying a
pool and putting it in, you just want to put
it in and then pay it off over time. So
there's a lot of vehicles out there, and we'll explore
it and find out what you want to do, and
then bring you three or four options. If you like them,
then you go forward. As simple as that, we don't
pull a hard credit report to get you the info
or the quote. We'd we do a soft credit poll
on one beer to find out about home equity lines,

(36:01):
and then we tell you the numbers and then you decide.
As simple, is that great question? Thanks for texting that
into seven seven zero three to one.

Speaker 3 (36:08):
Here's someone that said, I was turned down for helock
with my bank because of the write offs I had
last year for my company. Is it worth trying with
you or I'm going to have the same issue everywhere
you is definitely.

Speaker 2 (36:19):
Worth trying with the mortgage brokerage, which is what I
what I own in the State of Florida licensed mortgage brokerage.
We have dozens of companies where that we can do
these type of loans with and the answer is yes,
we have plocks and second mortgages that can be done
using your bank statements to qualify using your P and
L if you're self employed. Whereas most banks are strictly
going to be tax returns W two's that's the only

(36:41):
two things they're going to look at. We have a
lot of different options. So yeah, if you got turned
down somewhere else, you're not done. You got you know,
hit me up at that mortgage guide Don dot com.
Let's see what we can do. You can also check
us out on Instagram and if you're following the news
about the Hometown Heroes program, keep an eye on my Instagram.
Go there and follow me at that mortgage guy, Don

(37:01):
and you'll be the first to know when the Hometown
Heroes program is back up and live. We'll be right
back after these messages.

Speaker 4 (37:17):
From me.

Speaker 2 (37:31):
Welcome back, Welcome back. Yeah, that's welcome back to the
Home Loans Radio show with that mortgage guy Don We're
checking out some of the new tunes from Fritz's newly
released album released yesterday, The Real Fritz. You can find
it everywhere you find music. That one is the one
that got in my head the worst. You played that
one last week. I heard it for the first time,
and uh, it stayed in my head in the week.

(37:54):
I'm like rushing my teeth driving to work. I'm hearing
this song. And do yourself a favor, go and check
it out. That one. Tell me the proper title, so
I don't.

Speaker 4 (38:06):
That is my heart can't remember to forget there you
go check it out, Walter, I did.

Speaker 3 (38:12):
Walter Paul says, hey, hey, yard work, trip to lows
and trying to beat the heat, and it is wondering
how is the social media game going? Yes, we haven't
heard much about that since you like hit it big
and all back when you were like trying to get
to ten followers and now, oh what's going on?

Speaker 2 (38:29):
And we're growing and growing, man, thanks to the people,
thanks to the listeners, the Real Radio and the people
sharing my social media. And then yeah, I've been working
really hard the last four months to actually make it
more interesting, putting up videos and reels and funny stuff
and putting myself.

Speaker 3 (38:47):
Out there a little bit, eating cinnamon, doing dances. What
you doing on there?

Speaker 2 (38:51):
No, I'm grown, I'm grown. I'm a grown man, all right,
doing any of that? Okay, but you know you got
to check it out. Go to the Instagram and see
you can do a little deep dive at that mortgage
guy don on Instagram. Last I checked, the followers were
up to around twenty five hundred, you know, which is
a far cry from the sad day ten we had

(39:12):
last Yeah.

Speaker 3 (39:13):
The sad days of going from ninety eight.

Speaker 2 (39:15):
To one hundred and fifty October, when my good friend
Fritz motivated me by saying, and your Instagram game is crap.
And then then I said, you know what, You're right,
Let's do better. So I've been working on that, and yeah,
check it out at that mortgage guide on full of
good information. And if you know anybody who's thinking about
buying a house, the first time home buy or anybody
you got kids, you got family, get them to check

(39:38):
out my instagram at that mortgage guide on. There's also
over three hundred podcasts about mortgages there, so it's a
good place to get started at that mortgage guy, don
please and thank you, yeah, thank you for asking Paul.
Paul's an excellent realtor. We worked together many times.

Speaker 3 (39:51):
Oh yeah, cool. And people are buying houses, are they not?
I mean, we're just getting a lot of questions about helocks,
but people are actually outgoing buying houses.

Speaker 2 (39:59):
This is the peak. This month, August is going to
be our busiest month of the year for purchase mortgages,
and that it's a seasonal thing. Every year.

Speaker 3 (40:07):
We hear a lot in the news that people aren't
you know, the housing market is in a huge slump,
that people just aren't doing that. But people are still
buying houses.

Speaker 2 (40:14):
It depends on where you are, depends on what part
of the country you're in, what city you're in, what state,
you know, even what county in some places. But in Florida,
we have strong employment. You know, we have people moving here.
We have great weather unless it it's too hot. But
if you've lived in North Dakota, you know you're like
all about it.

Speaker 3 (40:34):
You know, you're like, you're going to be here wishing
for snow pretty soon.

Speaker 2 (40:37):
Well, you know what they have this thing that changes
the weather. It's called an airplane ticket to air conditioner. No,
you don't have to have air conditioning. You just have
to relocate yourself back to the homeland for a little
while if you want. But the bottom line in Florida,
there's the price. There are some places in the country

(40:57):
where prices are declining because there's because the market is
soft and the prices got up too high. There's some
places in the Northeast where the average home price is
almost six hundred thousand. We're in Florida, we're in the threes,
but it's still It's still higher than it was a
couple of years ago, for sure, But I think we're
at the most affordable we've been in quite a while.
The rates are getting close to a six month low.

(41:20):
They've been going down for three or four I'm sorry
for seven or eight weeks in a row house. Prices
are not going up that much. And I think it's
definitely a buyer's market because I'm seeing over half of
our purchases that we're doing, the sellers are giving concessions
either in the sales price or giving credits for closing costs.

(41:42):
So it's definitely a good time for buyers, and we're
seeing we're very, very busy right now with purchases. And
it always is in August because of the summer. People
want to get in that house and get their kids
into the new school district before school starts, which is
pretty soon here right coming up in next week? Is
that when it starts in Florida. I used to know
this when I had kids in school, but it has

(42:03):
slipped my mind. Somebody let me know when schools start
in Florida. I think it's like two weeks or a week,
probably depending on.

Speaker 3 (42:11):
Deputy Scott says, good morning crew. Nothing exciting today watching
the tour. I think that's the Tour de France. Yes,
that is happening. There's a group that's expected to be
the big breakaway group. Today they're running in the front.
So today's an exciting day for the Tour de France.

Speaker 2 (42:27):
It's a lot of days the tour.

Speaker 3 (42:29):
The whole tour like that goes all around France.

Speaker 4 (42:33):
Okay, so do they tour France? Is that it's called
the Tour of France.

Speaker 2 (42:37):
Interesting it's actually in Belgium. No, Yeah, a tour and
I don't think it's a leisurely tour.

Speaker 3 (42:48):
Oh no, it doesn't seem to be. It doesn't look
relaxing at all.

Speaker 4 (42:51):
It looks is it a race? It's like competitive, yes.

Speaker 3 (42:55):
Carrying their bikes around and stuff.

Speaker 4 (42:56):
It looks really Oh and they're on bicycles.

Speaker 2 (42:58):
Yes, yes, it came with two wheels and no electric motor,
no motor bikes.

Speaker 3 (43:04):
It must be so hard to keep up with all
the steroids and the blood changing out and all.

Speaker 2 (43:07):
That, allegedly allegedly, I mean, we do hear stuff about that.

Speaker 3 (43:11):
I think that's over now, but it was exposed.

Speaker 2 (43:14):
Well, it's over till, you know, they figure something new,
until the next thing comes out that they can't detect
or don't detect or won't detect.

Speaker 3 (43:21):
But school starts August eleventh, And I didn't finish Deputy
Scot's remarks. Working tonight at Disney Springs wearing a polyester
cotton blend smothered in kevlar. Oh man, that's so hot.
Remember to hydrate people.

Speaker 2 (43:35):
Oh man, that's hot. Is that I have had occasion
to wear a bulletproof vest. I was in the Army,
I was an MP in the Army. I have worn
one in the heat. I know what that's like, that
is no bueno.

Speaker 3 (43:47):
I feel for you, man, I would just pass right out.

Speaker 2 (43:49):
Yea.

Speaker 3 (43:50):
So people are saying August sixteenth, August eleventh, so it's different,
you know, by a week. But yeah, second, yeah, have August.

Speaker 2 (43:58):
I think it depends on your county. You're listening to
the Home Loans Radio Show. We're going to take a
quick break. We're going to be right back at the
top of the hour with another release, another song from
Fritz's new released album stand By if you want to
hear it. Yeah, hey, hey, hey, hey, hey hey, welcome back.

(44:44):
Welcome back to the Home Loans Radio Show right here
live on Real Radio one A four point one, as
we are every single Saturday, doing the thing, bringing you
back with the rejoined Fritz's new album, The Real Fritz
Stars up Lights to and that that's a special song.
I think, uh that one's That one's one of your favorites,

(45:05):
you told me from the album, even though you can't
have favorites, you know.

Speaker 4 (45:08):
I like this ending with these strings right here.

Speaker 2 (45:11):
I want you.

Speaker 4 (45:20):
So pretty.

Speaker 3 (45:21):
It is so pretty.

Speaker 4 (45:22):
It's like a George Street ending.

Speaker 2 (45:27):
That one's very cool, featuring featuring you and your your
lovely bride, Darcy on vocals.

Speaker 3 (45:33):
Yeah, how long are you glowed to call someone your bride?

Speaker 4 (45:36):
Forever?

Speaker 2 (45:36):
Forever? Right?

Speaker 4 (45:38):
I guess yeah, I just was curious. Dax Shepherd, I would.

Speaker 2 (45:44):
Say, yeah, I remember my grandfather, even in his nineties,
I would call my grandmother his little bride.

Speaker 3 (45:51):
I love that. Yeah, that's so cute.

Speaker 2 (45:54):
She's the one who taught me the term jazz cigarettes.
Oh okay, rest in peace, both of them.

Speaker 3 (46:02):
Peace. Cool people here are over the night. Overnight trucker says,
listening to us while they finish packing. They're getting ready
to move their trucking company to Tennessee.

Speaker 2 (46:13):
Very cool. Well, miss you check out Fritz's new album.
Anywhere you find music, just look for the real Fritz.
You'll find it. And you can also follow him on
Instagram at no underscore regrets Underscore Coyote. That's no underscore regrets,
underscore coyote.

Speaker 3 (46:29):
Tell me again how old you have to be for
a reverse mortgage? I hear a lot about it, but
I am not sure the details.

Speaker 2 (46:37):
You typically you have to be sixty two to do
a reverse mortgage, and if you're a married couple, ideally
you want to be both of you sixty two. But
there are some situations where someone is older. Then you
can be like one person can be sixty five and
the other person can be as young as fifty five.

(46:57):
But it's the thing about a reverse is it doesn't
really count your credit score, it doesn't really count your income.
It doesn't have anything to do with debt ratios. It
has to do with basically two things, how old you
are and the equity in your home, and how much
you owe on the current mortgage or you know whether
the house is free and clear. So a reverse mortgage
works by I'll give you a good example of a situation.

(47:20):
It's easier to explain that way. I had a couple
that were in their late seventies. They had had the
same house for forty years. It's a house now that's
worth about one point four million. It wasn't when they
bought it. But you know, they told me, we didn't
expect to live this long. We kind of ran out
of money, you know. So they're living on Social Security

(47:41):
and they have this house worth one point five million,
and the roof is leaking, and it's a massive house
with a tile roof that costs almost one hundred thousand
dollars to replace and have no way to do it,
losing their insurance. That kind of situation, a reverse mortgage
allowed them to take money out of their house and
pay off that existing mortgage. Actually they didn't have a mortgage.

(48:01):
They had their house free and clear, but if you
had a mortgage, you could pay that off. And it
allowed them to get out like two hundred thousand dollars
to do home repairs and have some cash on hand,
and they don't have a mortgage payment. Because a reverse
mortgage that you don't have a mortgage payment for as
long as you want to live in the house, you
can live there. You still pay your taxes and your
insurance and your HOA if you have one. So that's
kind of the way that it's beneficial. Tell me the

(48:26):
beginning of the question, I forgot him to saying.

Speaker 3 (48:28):
It was just about I don't understand a lot about
reverse mortgages.

Speaker 2 (48:31):
Yeah, so the reverse mortgage can help in that situation. Oh,
the question was about age.

Speaker 4 (48:35):
What age you have to be?

Speaker 2 (48:36):
So sixty two is the minimum, but right every year
you get older, you are able to take out more
of the equity at the time of the loan. So
if you're sixty two, you probably can take out about
thirty five percent of the equity. If you're seventy, you're
probably getting up around forty to forty five percent of
the equity, and so on. Because the thing is with
the mortgage company, they're giving you the funds and they're

(48:58):
holding off essentially to collect on the those funds until
you no longer can live in the house or you
pass away or something like that. So they base it.
It's based on actuarial tables, kind of like life insurance.
So the older you get, the more you can get
from your reverse mortgage. Doesn't matter how old you are
as far as being having to make payments back. You
don't have to make those payments back. Fifty five is

(49:19):
the youngest. If one of the people is over sixty.

Speaker 3 (49:22):
Two, and you said that it ends when you pass
but you can also just pass it to your heirs
and make you just pay off the mortgage like any
other mortgage.

Speaker 2 (49:30):
Yeah, you can refinance it later. I've had people that
had a reverse mortgage that they did in like the
early two thousands and then and then did a regular
mortgage later to pay it off because their kids had
moved in, so that the four of them did a mortage,
so it's not like it's a permanent thing. You can
refinance it just like any other mortgage. You can pay
it off just like any other mortgage. If you sell
the house, that pays it off, just like any You

(49:51):
could pay it off, your airs off, and there are
rules that keep it so that the balance on the
mortgage can never go higher than ninety five percent of
the apprey value, so there's always a five percent equity
left in the property to be able to sell it
no matter what.

Speaker 3 (50:06):
Can you talk about the VA streamline REFI?

Speaker 2 (50:09):
Yeah, that's that is a great question. Remind me about that.
We got to talk, We got to do. Oh you
know what time it is?

Speaker 3 (50:18):
Is it time to put compare quote?

Speaker 2 (50:19):
It's time for the compare Quote of the week.

Speaker 3 (50:27):
Dot com.

Speaker 2 (50:29):
Yeah, but mark that VA streamline. Okay, we'll get to
it after this a little bit. Uh, Compare quote of
the week? What's that you ask? Well, I'm going to
tell you. I came up with this a couple of
years ago where I read a study that said that
less than twenty percent of people compare their initial quote
when they're shopping for a mortgage, and that's a huge mistake.
I know that because I see dozens of quotes every

(50:50):
week that people send me. And often, i'd say ninety
nine percent of the time, we say people hundreds of
dollars on their payment thousands of dollars on their closing
costs because they're just paying too much. It's so either.
And the other reason they said that people didn't compare
their quote is because it was too hard. So I
wanted to make it so easy. It is. You go

(51:11):
to the website that mortgage guy don dot com. There's
a button at the top that says compare your quote.
You upload your quote, you tell me your credit score.
That's it. I look it over and tell you if
it's any good or not, or if you can if
you're leaving money on the table, or if it's fine.
Every once in a while I get what I say,
that's a good quote. I had one this week. Really yeah,
I said that quotes excellent. I can't improve on it.
And they went ahead and you know, closed on that quote.

Speaker 3 (51:32):
So the knowledge and comfort that they knew they had
the best deal.

Speaker 2 (51:35):
That's right, And that's why I I'm okay with giving
people that peace of mind if they got to if
they have a good quote. I want them to be
able to know that they have it, but if you don't,
you also want to know that as well. This one
is actually we're talking about reverse mortgages. A little bit ago.
This is this one called me. A client called me
and asked, she said, I've heard you. I've heard you
talking about your compare quote thing. Can I do that

(51:56):
on a reverse mortgage? I'm like, absolutely, you can do
compare quote on anything. A loan helocks and you name
it you you can send it to me and I'll
tell you. I'll look at the numbers and tell you
if it's good. They so the way the the oh
here it is they were quoted a rate of seven
percent on a reverse mortgage, And the way it works

(52:17):
with lenders is a lot of people think that you're
going to get the same rate on a reverse mortgage
wherever you go, like that the reverse itself is what
controls the rates. It's not. It's it's called a Heckham loan,
which is I want to tell you the initials because
I can't remember them right now. Yeah, yeah, I can't
Home equity conversion mortgage. So that's another way of saying
reverse mortgage through the FAHA and the way the way

(52:38):
that it works, it's different. Banks have to set their
own profit margins into the rate. So if a bank
is doing reverse mortgages, they're going to get a certain
amount of payback from the bank. Well, I own my company.
I have my margins set very low on reverse mortgages.
So that's going to be the difference is that even
though it's coming from from FAHA, it's a Heckham mortgage,

(52:58):
the fact that my ad and my margins in there
are very small makes it so that we can do better,
so we can offer people better deals and people can
have more money. So these folks there's was at seven percent,
and what you're looking at on a reverse is how
much cash they let you get back out. So for
these folks, they were only able to get out seventy
seven thousand dollars out of their reverse after paying off

(53:19):
their first mortgage. I was able to get them a
quote with a lower rate, a six and a half rate,
and when we did our numbers, we were able to
get them one hundred and two thousand dollars in cash out,
So that was a very big difference for them. They
were looking for one hundred thousand they and we were
able to get it for them. The way that we
did that was by having lower fees, having lower margins,

(53:40):
and a lower rate. So there you go. They got
twenty six thousand dollars more back with the same same
exact type of loans, same exact parameters, but they got
twenty six thousand dollars back more at closing.

Speaker 3 (53:53):
Wow.

Speaker 2 (53:54):
They called me to ask is it worth the try?
Are all reverse rates equally high? I got there eight
to six point five and drop the fees that did
not jive. Now they did pocket twenty six more and
let the old quote hit the floor. Compare your quote.
Please use your noggin so you don't miss the savings.
Toboggan and Nan.

Speaker 3 (54:25):
You worked hard on that. A new conveyance, the Toboggan.

Speaker 2 (54:29):
I was sitting at a stoplight this week and I
thought of the word toboggan. It was like, I gotta
find a rhyme for that.

Speaker 3 (54:35):
Hoggin is perfectly there you go. Big Al says, it
is a reverse mortgage based off of what county says
your house is worth or a fair market value.

Speaker 2 (54:46):
We do an appraisal. Okay, yeah, so you're going to
have an official appraisal done, and that's going to determine
the value. It's going to look at comparables in your neighborhood,
houses the same size and ages yours that have sold
in the last three months, ideally within the same neighborhood,
you know, with the same feature and square footage and
so forth. Yeah, so we do it actual appraisal for
a reverse mortgage. Great question, Thanks for texting that into

(55:06):
seven seven zero three one. You had a question before.

Speaker 3 (55:10):
About a VA loan about a VA streamline.

Speaker 2 (55:13):
What was a question?

Speaker 3 (55:14):
Can you talk about the VA streamline refinance program? I
have a VA loan with a seven point five rate,
bought the house eleven months ago. I get so many
telemarketers and stuff in the mail to refile, but I
don't feel like I trust these offers that look too
good to be true. Where can a veteran turn for
help sorting through this?

Speaker 2 (55:29):
Oh, I think I know, well, my friend, I got you.
I am also a veteran Army veteran, and I work
really hard to take good care of my vets. Yeah,
get with me at the website that mortgage guide don
dot com. But the way it works is VA Streamline
is a very efficient way to refinance your home. You
can't take out any cash with that. It's just designed

(55:51):
to lower your rate. And what rate did they say
they have from eleven months ago?

Speaker 3 (55:54):
They have a rate of seven point five.

Speaker 2 (55:58):
Yeah, you need to call me. VA rates are in
the low sixes, maybe even the low fives right now,
I mean, I'm sorry, high fives right now, depending on
your credit five high five. Yeah, so you depending on
your loan size, you could be able to save a
couple hundred three hundred, four hundred through a VA streamline
and do it with somebody that you can trust. Hit
me up at the website. We'll talk you. I'll talk

(56:19):
you through it. But it's a great program. You very
minimal documentation required. Usually don't even need an appraisal. It's
just a matter of doing the application, some paperwork and
getting you a new lower rate with a new lower payment.
Usually get to skip a mortgage payment or two when
you do the streamline. It's an excellent program. I'm a
huge fan. It also lowers your VA funding fee if

(56:41):
you have one, and if you since you only did
yours a year ago, you'll get a refund of part
of your VA funding fee as well. So, and then
the other criterion is that you have to be at
least two hundred and two hundred and eighty days from
when you closed, So that's about ten months roughly.

Speaker 3 (56:58):
So you're right there.

Speaker 2 (57:00):
You're right there. Yeah, So all right, good job. Thanks
for texting into seven seven zero three one. Hit me up.
I'll tell you the real deal. Or if you get
a quote in the mail or your you know, lender
sends you a quote, send it to me at the
compare quote on the website. I'll tell you if it's any.

Speaker 3 (57:13):
Good, all right, thank you?

Speaker 2 (57:16):
What else we got him? Jay? We got I got some?
You got anything? Oh, here's another Florida story. Dozens of
wild peacocks are disrupting daily life at various neighborhoods in Orlando.
I used to live in a neighborhood where they were
wild peacocks. You know, they were there before the neighborhood

(57:37):
I'm guessing before the subdivision was was built.

Speaker 3 (57:40):
Just they just said, okay, we'll just live on top
of houses now, right.

Speaker 2 (57:43):
Yeah. I blame the developer. You know, I'm sure that
the peacocks weren't imported, but some places they get brought in.
You know what they really they're really loud. Some people
like them. They say they're excellent watchdogs, Like they'll make
a lot of noise when somebody comes into your yard. Yeah, yeah,
that's the upside. The downside shiny cars. Oh, they think

(58:04):
they when they see shiny cars, they think they are
seeing a rival, male enemy, and they start pecking and
scratching the heck out of your car. They also damaged
roofs and stuff. But you know, do you know what?

Speaker 3 (58:15):
They're really good?

Speaker 4 (58:16):
Do you know what female peacocks are called p hends.

Speaker 3 (58:20):
That's right. They are really really good watch creatures. Yeah, yeah,
really good. I used to have a friend who had
property in South Florida and they had a I don't know,
a dozen or more. And when you came into the property,
it was a long way to the house, but the
peacocks knew you were coming way before you got anywhere

(58:41):
near the house. They would race a lot of noise. Right,
it was like, oh no, sneaking onto that property.

Speaker 2 (58:48):
I wonder what happens if you have like a peacock
wrap on your car.

Speaker 3 (58:52):
Mmm, I don't know. I think if you just throw
a sheet over your car, you can thwart the peaks.

Speaker 2 (59:02):
I am voting for not everybody has this option, but
put the car in the garage.

Speaker 3 (59:06):
That's easier. That's easier. I mean not for a lot
of people, because people use their garage for lots of things.
I mean, it's space.

Speaker 2 (59:12):
I've had many eat it. Many years. I had a
two car garage with zero cars, zero point zero cars
in there because it was full of stuff, family members, furniture,
things like that, you know, bikes, bikes, all that stuff, laundry, laundry, lawnmowers.
There you go. You're listening to Home Loans Radio show,

(59:33):
that mortgage.

Speaker 3 (59:35):
It's so good. We're so glad you're here.

Speaker 2 (59:38):
Ah, there you go, here we are. You can follow
me on Instagram at that mortgage Guide. Don. I'm gonna
have some huge announcement next Saturday. Really yeah, some of
the I can't say what I vote some of the
things that I was asking people to vote for us
for maybe going our way. We'll see. You're listening to
the Home Loans Radio Show with that Mortgage Guide. Don'll

(59:59):
be right back for the final segment of today, Come Hunted,
Come welcome back, Welcome back to the Home Loans Radio

(01:00:21):
Show with that Mortgage Guide. Don we're here final segment
of today. You can text in your question of seven
seven zero three one, but you better hurry because we're
going to be wrapping it up here soon. If if
you don't get me today, you can go to the
website though or Instagram and ask me a question at
any time at that mortgage guide Don and there you go.

(01:00:41):
What do we got cooking him?

Speaker 3 (01:00:42):
Jack Grabbler asked, does Don meet a peacock actually wrapping
on your car?

Speaker 2 (01:00:46):
Like?

Speaker 3 (01:00:49):
I mean, that's what I thought.

Speaker 2 (01:00:51):
If you put like a big, really mean looking peacock
on your car, then they wouldn't mess with it. They
would like leave your neighborhood, you know, Like, no, have
you seen the size of that peacock on Elm Street?

Speaker 3 (01:01:01):
I don't know. Maybe the pans would be like, ooh,
who's a new fella.

Speaker 2 (01:01:06):
I've got fifty seven pns on my car? This was
a I saw this interesting on a click. Orlando Cruz
successfully put out a fire that burned up two buses
at Universal Orlando's bus depot on Friday. Did you see
that video? No? You ever seen a nice shiny new

(01:01:26):
bus completely fully engaged fire? Oh? No, yeah, they've got
video of it.

Speaker 3 (01:01:32):
What do they think.

Speaker 2 (01:01:34):
Well, so far they haven't said. The spokesperson said firefighters
responded to reports of a fully involved bus fire at
the depot. This sentence is not good. It says she
said no one was hurt and no one needed to
be taken to the hospital. Cool, cool, okay, just taking people.
I know you're not injured, but you're going to the hospital.

Speaker 3 (01:01:53):
Like, Well we tried, but no one needed to go.

Speaker 2 (01:01:56):
Stand over here anyway. Yeah, no one was hurt, No
one was injured. So the there were two buses impacted.
They were electric buses, which run on lithium batteries.

Speaker 4 (01:02:04):
Oh.

Speaker 2 (01:02:06):
All further questions were referred to the appropriate sources. It's
not clear at this time how the fire started or
if anyone was inside either bus at the time.

Speaker 3 (01:02:16):
I think no one was hurt and no one could
have been inside. Yeah, well maybe, well maybe they're in time,
didn't get Okay, what's happened to journalism? My brain here?

Speaker 4 (01:02:25):
Trag?

Speaker 3 (01:02:26):
Yeah, chat chat for sure, for sure, that that is
the thing. So are you ready for a speed round?

Speaker 2 (01:02:34):
Guess what time it is, MJ. It's time for the
speed round. That's right, that's where I'mj's gonna ask me
a bunch of the questions that you have texted in
that we did not get to today, not because we
didn't want to, just because we hadn't gotten to them yet.
And if we don't, if you don't hear yours, that's okay.
It doesn't mean we didn't want to answer it. We
just ran out of time. Go to the website or
hit me up on Instagram at that mortgage guy. Don

(01:02:56):
send me a DM and I will answer it after
the show.

Speaker 3 (01:02:58):
Right before we get this round, Deputy Scott says, safety
tip of the day, never put steak knives in soapy water. Mmmm,
son of h Yeah, exclamation points. That is that is
a That is a good rule. Why knives in the
soapy water? Ready for some speed round question?

Speaker 2 (01:03:15):
Yeah?

Speaker 3 (01:03:17):
What is a minimum score for elck?

Speaker 2 (01:03:20):
What is the minimum score for you? You're gonna find
with your bank it's probably gonna be six eighty or
seven hundred. With us, we can go. We've got a
few lenders that go down to seven. I'm sorry, six forty.

Speaker 3 (01:03:30):
Six and forty for a heylock is hometown Heroes back?

Speaker 2 (01:03:34):
Noop, that's the big news of the day. Not back yet.
I checked the website this morning. So there's a place
on the website where they put up bulletins this morning
that page was down. Oh no, yesterday it wasn't updated.
So maybe they're gonna update it. Maybe we all have
some news on Monday. If you're if you want to
know about hometown heroes, follow me on Instagram at that
mortgage guy don and I will post it immediately when

(01:03:55):
I check it on Monday.

Speaker 3 (01:03:56):
It's like a bulletin board from school. They got to
open the cabinet, take it down and put up an
I don't know.

Speaker 2 (01:04:01):
I don't know what's going on over there. Yeah, just
keep saying this page is temporarily unavailable.

Speaker 3 (01:04:05):
Do you have the special one percent down payment program
with a two percent grants?

Speaker 2 (01:04:09):
I do?

Speaker 3 (01:04:10):
Yeah, what are the qualifications for that?

Speaker 2 (01:04:11):
For that, you need to have a six sixty score
and your income needs to be below eighty percent of
the county median average for the county where you're buying.
So it means roughly your income has to be below
eighty thousand or so to qualify for that, And that
means you have to come up with one percent of
your own and then the lender gives you another two
percent up to a certain cap depending on the loan size,

(01:04:34):
and that is a grant. You don't have to pay
that back. So this is really to help people that
are not in the top income e chalons. And you know,
we're at that mark of eighty percent or less of
the county average median and median not meaning you know,
it's not an average income. Median means halfway between the
highest income and the lowest incomes.

Speaker 3 (01:04:54):
Can you buy at a reverse mortgage? My in laws
are in a reverse mortgage, and I was curious, is
there a way for me to just buy out that
mortgage and take ownership of the house. Sure, I mean
not without their permission.

Speaker 2 (01:05:02):
Yeah, you got to get permission. Probably the easiest way
is you can sell a house to a family member
in some cases without having to actually exchange any cash
or put any money down if it's a house you're
going to live in, or if you want to do
it as an investment property. But yeah, you can. You
can buy it, or you can they can refinance it,
or you can refinance it for them. So yeah, tons

(01:05:24):
of options on that. We do them all the time.
I think it probably did in the last three months,
probably three reverse mortgage buyouts. Where one was where the
kids were moving in and they were going to live
in the house forever, you know, after their parents, and
so they did a mortgage using the kid's income and
added them to the deed, and then we were able
to do that. So, yeah, it's very common. Hit me
up at the website and we'll talk about it and

(01:05:45):
see what we need to do and what the options are.

Speaker 3 (01:05:47):
All right, here's your riddle.

Speaker 2 (01:05:48):
Riddle time.

Speaker 3 (01:05:50):
What can you hold in your right hand but never
your left hand?

Speaker 2 (01:05:54):
I know you do. I know this one. What is that?

Speaker 3 (01:05:58):
What can you hold in your right hand but never
your left hand?

Speaker 4 (01:06:02):
Mm hmm your right hand, your left hand.

Speaker 3 (01:06:06):
Yeah, yeah, it's flame. It's not a favorite of mine.
I've avoided that one for many years.

Speaker 2 (01:06:13):
Well, folks, you did it, right. It goes along with
the uh the the uh not hand of Montana. What's
her name? What's what's the musician's name? You can write,
you can hold your own hand, you can buy flowers.

Speaker 3 (01:06:28):
That's Miley, Miley.

Speaker 2 (01:06:29):
That's the one I'm looking for, you know. Yeah, you
can hold your own hand.

Speaker 3 (01:06:32):
Yeah, you can hold your own hand.

Speaker 2 (01:06:34):
Well, folks, you did it. You did you successfully wiled
away another ninety minutes right here with us on this Saturday,
doing what we do here every single Saturday. Go and
check out Fritz's new album, Stars Up, Lights Down by
the Real Fritz. You can find it anywhere you find music.
It was released yesterday. It is a fantastic album. Fifteen
stars from Me, so many and some tears.

Speaker 3 (01:06:58):
Stars and tears, tears a good years. They're just like, oh,
this song is making me feel things.

Speaker 2 (01:07:03):
Play us out of here with something else you wrote,
and you shouldn't listen to me. No, you can find
you to think you clag your album.

Speaker 1 (01:07:36):
You've been listening to Home Loans Radio with that mortgage guide.
Don join us every Saturday at nine am on Real
Radio one oh four point one and check us out
online at home Loans Radio dot com