Home Loans Radio 08.09.2025 With That Mortgage Guy Don! Home Town Heroes comes Back August 18th 2025!

Home Loans Radio 08.09.2025 With That Mortgage Guy Don! Home Town Heroes comes Back August 18th 2025!

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 (00:13):
Hey hey hey, hey, hey hey hey, good morning and
welcome to the Home Loans Radio Show with that Mortgage
guy Don. That's me. That's right, you're here.

Speaker 3 (00:22):
We're doing it, doing what we do every single Saturday,
right here with my crew.

Speaker 2 (00:26):
Good morning, MJ.

Speaker 4 (00:28):
Good morning, Good morning, mister Fritz.

Speaker 5 (00:32):
You start a dunce.

Speaker 4 (00:38):
That's Saturday morning till I hear that.

Speaker 3 (00:40):
It's all right, that's right, right, we're here, we're doing it.
We're doing it what we do every single Saturday for
over three hundred something Saturdays.

Speaker 2 (00:51):
We're here. What do we talk about here?

Speaker 6 (00:52):
MJ?

Speaker 4 (00:52):
Million Saturday? Talk about the mortgages?

Speaker 2 (00:56):
That's right?

Speaker 7 (00:56):
Oh?

Speaker 2 (00:57):
Is that why we call it the Home Loans Radio Show.

Speaker 4 (01:00):
It's not as bad as it seems?

Speaker 5 (01:02):
Well, that's our tagline. We have shirts made. No, it's
not as bad as it seems.

Speaker 4 (01:08):
Not as bad as it seems like it would be.

Speaker 2 (01:11):
Really, we're charming.

Speaker 4 (01:14):
It could be worse.

Speaker 2 (01:15):
We're talking about other things.

Speaker 4 (01:16):
It is National Women's Day. Well, I mean I.

Speaker 2 (01:19):
Think that's it resonates with over fifty percent of the
population and fifty that like them. Well, is it the
full fifty like them?

Speaker 4 (01:28):
Even even the gay fellas like the women?

Speaker 2 (01:30):
Oh well, I wouldn't think of that at all.

Speaker 6 (01:33):
Of course.

Speaker 2 (01:36):
There's other parts of the demographic.

Speaker 3 (01:38):
But I GIRs well, Happy National Women's Day, m J.

Speaker 4 (01:43):
Yeah, oh thanks, I do identify as a woman.

Speaker 2 (01:46):
Thank you. I appreciate that.

Speaker 6 (01:49):
Women.

Speaker 8 (01:51):
Yay.

Speaker 5 (01:52):
Don Are you guys inside of a bathroom today?

Speaker 4 (01:55):
Someone is saying that we sound like we're in a bathroom.

Speaker 2 (01:57):
I don't. I don't feel like I'm in a bathroom.

Speaker 5 (02:00):
Is there any toilet you can flush for us?

Speaker 4 (02:05):
Yeah? People are saying there's a problem.

Speaker 2 (02:07):
Oh well, maybe we have to reset or something. We
can take a we can take a try on that
if you want. Fritz, you wanna, you wanna? Why don't
we go to a break? Do about a sixty second
break and let me reset?

Speaker 5 (02:16):
So yeah, let me find some music.

Speaker 6 (02:18):
How about that?

Speaker 5 (02:19):
I will, I will take you off air and uh,
we're gonna oh now it's now it's Fritz time.

Speaker 6 (02:24):
Baby.

Speaker 5 (02:25):
I'm gonna play my favorite song. This one goes back
all the way to the first days of the show.
This is always fun where I get to play my
favorite classic rock song. Of course, it is thirty eight
special and it's called hold On Loosely Here on Real
Radio one O four point one.

Speaker 6 (03:02):
See hey, hey, hey, hey, hey, hey hey, here we
are We're back, We're connected. That's sounding better? Is that
sounding better?

Speaker 5 (03:13):
Oh yeah?

Speaker 7 (03:14):
Hold on loosely.

Speaker 6 (03:15):
Ground and Control to Major Tom.

Speaker 5 (03:18):
I can play that one too, hold on No, I
don't have it.

Speaker 2 (03:26):
Well, we don't need you to.

Speaker 7 (03:29):
So what's going on in the world of mortgages.

Speaker 5 (03:32):
I heard some good news. I don't know if it's true, though,
you hear it's better for buyers now, something about a
rate drop. Maybe that's wrong.

Speaker 6 (03:41):
No, you're you're one hundred percent spot on.

Speaker 8 (03:43):
I we have all for you.

Speaker 6 (03:48):
Yeah, it happened. Let's say, last about the Friday before
last when they had the jobs report came out and
it was a revision of all the numbers and it
wasn't a good revision. Well, stuff like that helps the
mortgage rates. So when there's concern that there's unemployment happening
and inflation happen, usually the mortgage rates tend to go

(04:09):
down along with that. So we did have a little
bit of a drop in rates. I'd say the average
rate right now is about six and a quarter on
a thirty year fixed. You know, if you're well qualified
on a thirty year loan, you can even get in.
We're doing loans into the fives right now on fifteen
year loans. If that's something that you're interested in.

Speaker 5 (04:26):
You're saying, there's a chance, there's a chance, boy Fritz
can finally refinance.

Speaker 7 (04:31):
It's gonna happen. It's gonna happens. That's my question. Every
time the rates go down, is it time for Fritz
three finans?

Speaker 6 (04:37):
Yep, that is what you ask you every time.

Speaker 5 (04:40):
I'm over here counting the rest of my sanc of jars.

Speaker 6 (04:45):
Yeah. And it is creating a buyer's market. Two things
are really two big things are really creating a buyer's market.
We've had the one going on for a while, which
is increasing inventory, which means more people are putting in
their houses on the market to sell, so people have
more options to buy. When houses stay on the market longer,
that means that sellers will incentivize to get people to hey, hey,
look at my house. Look at my house. You know,

(05:06):
don't look up at the other houses over there. For
selling at my house, I'm offering whatever, I'm lowering the price,
I'll give you five thousand dollars towards your closing costs.
So those kind of seller incentives are what pops up
when there's a lot of inventory. And then when you
you package that with the rates going down a little bit,

(05:27):
that helps. I mean a year and a half ago,
rates were up close to eight percent. Now we're down
almost down to six percent, so we definitely have seen
some changes other things that make it a buyer's market. Oh,
this part of the mortgage news, the Hometown Heroes program
is back, baby right, yeah, yeah, I posted this my

(05:47):
Instagram at that mortgage guy don You can go there
follow me to keep up with all the latest mortgage news,
and you can go right there and read about it.
But it comes back officially August eighteenth. What is this,
you ask, Well, this is a down payment assistance program
that can help pretty much anybody who's a first time
buyer that is in the list of job fields that

(06:11):
are that are covered by the Hometown hero So that
covers essentially all veterans, anybody who teaches in some way,
teaches classes, there's a lengthy list, so you know, anybody
who works for medical, fire first responders and medical is
a very big list. I went and looked in the
list today as everything from you know, nursing to therapy

(06:34):
to audiology, you know, physical therapy, whatever you're doing. There's
a lot of professions that it includes. Plus, like I
think I mentioned every person who's a military veteran that
as long as you didn't have a dishonorable discharge, you
are eligible for this program. It gives you up to
thirty five thousand dollars towards your down payment on your
first home. And by first home, the rules actually say

(06:56):
you can't have had your name on the deed to
a title in the last three years. So you may
have owned a home five years ago and got divorced
and you know, we haven't had a home since. But
it grows back your first time, your first timerness, first
time home buyerness comes back after three years if you
haven't owned a home for that amount of time. So
that's exciting news. If you want to find out if

(07:17):
you're eligible for the Hometown Heroes, tell your friends that
are buying a house, but then just go to my
website that mortgage Guide Don dot com. You hit the
apply button and we let you know if you're eligible
for it. Simple as that. So that's what else is
going on in the world Mortgage news MJ.

Speaker 7 (07:31):
I don't know.

Speaker 6 (07:32):
So those are good things, those are exciting things.

Speaker 7 (07:35):
That is exciting.

Speaker 8 (07:36):
So people need a jump jump jump, Well, yes, I
would say, you know, it officially comes back August eighteenth.

Speaker 6 (07:43):
That means if I were you, I'd be getting my
pre approval done this week and start looking around at
properties because last year, all of the money last year
there was one hundred million dollars put into the fund.
It ran out in seven weeks. It ran out in
seven weeks. Now they've only put fifth t million into
the fund. But they've they've dialed back what professions are allowed.

(08:04):
It has to be like, you know, civil worker, medical,
fire rescue, anything having to do with teaching, education, so
all those kinds of professions. But you can go on
the website and I'll also post a link to it
after the show on Instagram at that Mortgage Guy Don
showing where you can go in and read the professions
and see if yours is on there.

Speaker 7 (08:25):
So I have a question, at what point in the process.
Do you secure your money when you lock your loan
or when you get approved, or when you go under contract,
When do you get when do you get your When
do you know you're going to have your money?

Speaker 6 (08:37):
You have to be under contract, okay, and you have
to we have to lock the loan at the lenders.
That means we have to have basically everything in hand
to submit it to underwriting. And when we do, it's
submitted into underwriting and then they reserve your funds and
lock in your funds and then you know you usually
are going to close two or three weeks later.

Speaker 7 (08:54):
But once you have it locked in, you have your funds.

Speaker 6 (08:56):
You have your funds as long as the loan goes
through and closes and gets fully. But that's the part
that we're going to vet on the front side for
you is make sure you're preapproved and that you know
everything's going to go the way you want it to go.
But it's five percent of the purchase price up to
thirty five thousand dollars in down payment assistance, which is
it's in the form of a repayable grant. You do

(09:16):
have to pay this one back if you do the
Hometown Heroes program eventually when you refinance the house or
sell the house or rent it out. If you do
any of those things, then you've got to then you
have to pay it back. But it's a good program.
Last year it helped thousands of people get into their
first homes, and hopefully it does the same this year.
I'm excited about it. If you want to find out

(09:37):
more about it, go to the website that mortgageguiddon dot
com or follow me on Instagram at that mortgage guid
don and you will be able to see all the
latest info and news.

Speaker 5 (09:45):
John, I have a question. Yes, yes, I'm getting a
text in from the nice lady. What sings the jingle?
She says, ground control to mortgage don asking for a friend,
hometown heroes cover notaries public. Thank you very much.

Speaker 6 (10:04):
You know that is a good question. I need to
take a look at that.

Speaker 7 (10:08):
Gosh, that'd be worthy because it's not too hard to
be a notary, right all right.

Speaker 6 (10:13):
Well.

Speaker 5 (10:15):
Not at all here in jine, not at all, not
at all, it does say before she was asking for me.
By the way, Yeah, just making.

Speaker 6 (10:23):
It a crop control the major don mortgage when you're
taking in a seven mortgage don. Yes, I like being
a major better. I would not take a rank I
haven't earned, but ground control the mortgage. Don there it is.
I think that's how all the text to seven seven
zero three one should start.

Speaker 5 (10:42):
Yeah, if you don't include that, we're not going to
take you seriously, because we take the show very seriously.

Speaker 6 (10:47):
Oh yeah, you can tell huh, Well, that's all the
mortgage news. That's all the mortgage news that's fit to print. Well,
thanks for bringing that up, Fritz. About a you know
what what it being a buyer's market. Yeah, you're correct,
you heard the news.

Speaker 5 (11:05):
I've been trying to tell I have several friends now
who are looking or they're in the process. They're getting
their credit ready to look for a home, and this
is a perfect time. It seems like, you know, now
that they're ready this this should be pretty good. Do
you foresee this going through like, I don't know, year,
year and a half.

Speaker 6 (11:23):
The Hometown Heroes program, this.

Speaker 5 (11:26):
Rate of rate dropping kind of buyers market? Do you Yeah,
you see it being a lengthy run hopefully.

Speaker 6 (11:33):
You know, there's certain things that are unpredictable.

Speaker 5 (11:36):
I'm not trying to put you on the record.

Speaker 7 (11:39):
Well, there are a lot of variables that are not known.

Speaker 6 (11:43):
Sure between us squirrel friends, as they.

Speaker 5 (11:46):
Say, everyone else stop listening. No, no, no, no, no listening.

Speaker 6 (11:49):
I think you know, I think we are. We've been
in a seller's market for about three three and a
half years, and usually they go in cycles, and those
cycles tend to run in years, not months. So I
think I think you hit the nail on the head
that we are now in a buyer's market. And I
think over the next year, for sure, maybe two years,
we're going to see that continue and then you know,

(12:09):
then it'll pendulum will swing and it'll go back the
other way. Typically, some of the stuff is based on
the financial markets. Others is pushed by decisions, executive orders, tariffs.
You know, who knows what's going to happen with all that.
The parts we can't predict. But based on the normal
market movers, this should be a buyer's market for for years,

(12:29):
not months. It usually goes in that kind of a cycle.

Speaker 7 (12:32):
Here's someone who understood the assignment ground con told mortgage
don Yes, where can I find the complete list of
covered Hometown Hero occupants?

Speaker 5 (12:40):
Yes, there is a question. I love how it was worded. Beautiful,
keep it.

Speaker 6 (12:47):
Going, keep it going, good, good job, Good job. The
list is on the Hometown Heroes e Housing website. It's
under their bulletins section. It's a little hard to find.
So what I'm going to do, either during a break
here on the show or after the show, I'll post
it on my Instagram, So right, follow me on Instagram
at that mortgage guide. Don, you'll see it first, but

(13:07):
I'll post that. I'll try and get it posted during
or break. You're listening to the Home Loans radio show,
We'll be right back after these messages. Hey, hey, hey,
it's that mortgage guide Don. August is here and the
summer is sizzling, but my home is feeling cool, quiet
and safe thanks to my impact resistant windows from Renewal
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(13:30):
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(13:52):
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(14:13):
license number CGC one five two seven six one three.

Speaker 5 (14:17):
Hey, this is Debor Roberts from the Jim Culbert Show.
When you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 7 (14:28):
Hey, you're listening to Home Loans Radio today talking about
the mortgages.

Speaker 6 (14:34):
Does this happen? Does this happen every Saturday?

Speaker 5 (14:37):
Jay?

Speaker 7 (14:37):
It does?

Speaker 6 (14:38):
That's amazing. What a treat for they single one. Well,
there you go, Welcome back to the Home Loans Radio Show.
That's right, you're listening. You're listening to us live right
here on Real Radio one to four point one on
this beautiful August morn. Am I crazy? Or did it
feel like cool outside? Last night.

Speaker 7 (14:57):
No, I don't know, if not not as hot as it.

Speaker 5 (15:00):
I was recording drums and a shed with no AC
because you gotta, you know, turn off a c because
the mics are very sensitive. So I was very hot
and sweaty, and every time I would go outside to
get air, it was like but that was only I
was probably working my internal core to like one hundred
and twenty you know.

Speaker 7 (15:17):
Ooh nice, But those are good drum tracks.

Speaker 5 (15:20):
Yeah, it was awesome. They Yeah, they're gonna sound great
hot shed studios.

Speaker 6 (15:26):
That sounds like something famous.

Speaker 7 (15:28):
Yeah.

Speaker 5 (15:29):
It was a buddy of mine and I like brought
you know, it's always fun to collaborate with people, especially
people in the music industry who like someone someone out
there will have a mic that you really want to
try out and they'll just bring it over, let you
try it, you know. And it was like one of
those things. I brought I think four microphones over and
we got some really really good takes. But yeah, it
was very cardio intensive.

Speaker 6 (15:49):
You're talking about the shed that's in your yard, No, uh, okay,
that's that's more of a tiny house.

Speaker 5 (15:54):
Yeah, well there's a poolhouse and then there's like a
shed what's what's got the power tools and everything?

Speaker 6 (16:00):
Uh well that sounds fun. Where were you're recording something?
You're working on your next album already.

Speaker 5 (16:05):
Now helping out a buddy Telly and the ghost Matt
Cam and uh yeah it was a It was a
wang dang doodle for sure.

Speaker 7 (16:12):
Oh wang dang doodle.

Speaker 5 (16:14):
They're all barn storm and country songs like really fast?

Speaker 6 (16:18):
Is that drummer lingo? No? What what did you say?
Bang dadaly doodle Wang dan Wang dang doodle, Wang dang doodle.

Speaker 7 (16:27):
You never heard of dang doodle? No, no, I have
not heard that.

Speaker 5 (16:30):
It's a howling wolf.

Speaker 6 (16:31):
So all right, well there you go. The more you know.

Speaker 7 (16:34):
Got another question for ground control.

Speaker 6 (16:38):
Ground control mortgage don.

Speaker 7 (16:40):
Although he said major time, which okay, same difference. Does
your time on a helock affect your rate? I have
a draw time of twenty years, but the raise a
little high to me. It says that my rate will
be nine and a quarter. Of course, I understand it's variable.

Speaker 6 (16:53):
Yeah, the draw time can affect it, like if you
have a three year draw period, where on a helock
home equity line of credit you're taking money out of
the equity of your house. Without messing up. You're messing
with your or changing your first mortgage at all, which
you would wouldn't want to do if you have a
really good, you know, low rate on that. So the.

Speaker 7 (17:13):
So there he has a draw time of twenty years.

Speaker 6 (17:15):
Yeah, So if you do a longer draw time, that
means you have access to that money. You can you
can borrow it, you can pay it down, borrow it,
pay it down. If you do it twenty year draw time,
that means you can draw it for twenty years, and
at the end of that it usually they switch to
a twenty year fixed rate repayment phase. Right, But the
most of the ones I've seen are ten year draw
periods or three year draw periods. The shorter the draw period,

(17:37):
the lower the rate. Typically, of course, the lower your score,
I'm sorry, the higher your score, the lower the rate.
And also it depends on the loan to value of
your property, like how much of the equity you're taking out.
Meaning if your home equity line is too you know,
you only owe two hundred on the house and it's
worth four hundred, you're at fifty percent loan to value
banks like that, that's a that's a lower risk because

(17:58):
there's a lot of the equity left, so they give
you a lower rate there. But if we can go
all the way up to ninety five percent of the
equity taken out of your property, but guess what those
rates are going to be more like your nines, tens,
and elevens when you're taking out a higher percentage of
the equity. So there's a lot of factors that go
into it, and also there's sometimes depending on how you're
going to use the money, you can do it where

(18:18):
there's no draw period, meaning you just do a second mortgage.
You just if you borrow one hundred grand, you get
one hundred grand at closing, you pay it back over
twenty years. There's no extra draws or anything. So it
depends on what you're doing with it. Like if you're
doing a pool or something, you don't need to draw
that up and down. But if you're doing ten projects
in your house, then a he locked that you can
pay on and so forth might be the right vehicle. Basically,

(18:40):
what we're going to do when you want to apply,
you apply at the website that mortgage Guide don We're
going to talk to you about your goals and then
kind of help you guide you to two or three
different programs, and you know different types of home equity
lines or second mortgages that you can choose from. Great question.
Thanks for texting that is into seven seven zero three one.
If you just get if you just they say they
had a quote or they have a helock, they didn't. Yeah,

(19:04):
if you if you just got a quote on a helock,
send it in at the website to the compare quote
and I can tell you if we can get you
something better.

Speaker 7 (19:10):
Yeah, do that? Do you ever do you ever smell
something that just brings you right back to like a
place in time?

Speaker 5 (19:18):
Oh yeah, all the time.

Speaker 6 (19:19):
Yeah, for sure. You know, not always a good thing, right, Yeah,
like that one time the subject tank backed up at
my house.

Speaker 5 (19:31):
Yeah, don't even talk about that.

Speaker 7 (19:33):
You're gonna give you're gonna give friends.

Speaker 5 (19:36):
I already have a you have it.

Speaker 7 (19:38):
I know you're going to trigger.

Speaker 6 (19:39):
It, but I think you're you're talking about a nice
smell got rid of that house? Makes you think of
your grandma or something?

Speaker 5 (19:47):
Yeah?

Speaker 7 (19:47):
Yeah, like what do you think the number like the
top nostalgia nostalgic things are that people have.

Speaker 5 (19:53):
I would say pencils takes me back to elementary school pencils, crayons,
that does too. Orange blossoms takes about Plato definitely.

Speaker 6 (20:06):
What do orange blossoms remind you?

Speaker 5 (20:07):
Orange blossoms remind me of jogging when I lived in
downtown Orlando.

Speaker 7 (20:14):
Orange blossoms remind me of my childhood. Yeah, in winter
Garden when it was all orange trees, you know, everywhere
that aren't orange.

Speaker 6 (20:21):
Trees any one for you, MJ. That brings you back,
A smell that brings you back a time there.

Speaker 7 (20:27):
In orange blossoms. Yes, but also there was an orange
processing plant in winter Garden. Oh yeah, yeah, but they
made orange juice concentrate and the whole town's had this
sweet smell.

Speaker 6 (20:38):
Yeah.

Speaker 5 (20:39):
I remember Marita bread on I for Marita bread.

Speaker 7 (20:42):
Yes, and you just drove by and you could like
get a hit of that.

Speaker 6 (20:45):
There used to be an orange processing plant. I don't
know if it's still there. On the way back, before
you could take the Expressway to Mountain Door, you had
to go out you know, four thirty six to four
forty one. There used to be one out there, and you.

Speaker 5 (20:56):
Can and it took five hours, and it took a could.

Speaker 6 (21:00):
Take five hours for sure, but normally it took three
maybe not maybe an hour and a half or so
to get out the Mounta Door. I recently went out
there for for the Ryan Holmes comedy deal, and I
was pleasantly surprised I made it there in like forty minutes.

Speaker 7 (21:16):
Roughly.

Speaker 6 (21:16):
Yeah.

Speaker 7 (21:17):
It does, you know, run right through all the over
all the protected lands.

Speaker 6 (21:21):
Yeah.

Speaker 7 (21:21):
Yeah, well, I mean not protected anymore, but yeah, the convenient.

Speaker 6 (21:26):
Yeah, it's it does have a highway through. You're talking
about the Wakaiva forests, and that ship has sailed. But
they've done a lot of things to protect it. You know.
They got big high fences to keep the allegedly keep
the deer and the bear out. They've got kind they've
got what I don't know what they call them, like spillways.
They made areas under the highway where the animals can
freely go back and forth.

Speaker 7 (21:47):
Yeah.

Speaker 6 (21:47):
So I think they did what they could do to
try and make it have as little impact as possible.
But it sure gets you to Mountain Door over highway. Yeah.

Speaker 7 (21:55):
One of the top ones on the interwebs under nature
is freshly cut grass. I really feel that one. It
just feels like Saturday to me.

Speaker 6 (22:03):
That's fine if you don't have a freshly cut grass
allergy like I do so because that's the that's the
sound of five hundred sneezes. The smell of five hundred
sneezes to me.

Speaker 7 (22:12):
But once that, once that smell gets into your nose,
it's like, oh, here we go.

Speaker 6 (22:17):
Made it. It made it twice as hard. When I
was a young man with a landscaping business.

Speaker 7 (22:22):
Yeah, that kid's nice, who most all your but he's
always crying.

Speaker 6 (22:28):
Was always crying. Just give me my check. Come out here.
It's cheap when you used to get checks as a
long boy.

Speaker 5 (22:36):
Yeah, ye, a little.

Speaker 7 (22:38):
Stack of checks.

Speaker 6 (22:39):
I bought my first car by mowing lawns. Yeah, nineteen
seventy two, Delta eighty eight. I had to save up
four hundred dollars. I did it in one summer. I
was as proud as I could be.

Speaker 7 (22:48):
That's amazing.

Speaker 6 (22:49):
Yeah, that was a different time. Yeah, well that was
when you got five dollars to moa lawn, So so
four hundred bucks took a minute.

Speaker 7 (22:58):
That takes a while. Yeah, you've told that story before.
Your dad said you couldn't use the lawnmarer.

Speaker 6 (23:03):
No, well that was part of it. It was that
I was seventeen and I added my license. I said
I wanted to buy a car, and my parents scoffed
and they're like, sure, if you pay for it, you know.
I was like, challenge, accept it. Yes, And then I
got the money and the lady at church was selling
her car. I went to my parents and said, I'm
not eighteen. I need you to sign this sign over

(23:23):
for this, and they said, you can't get a car.
I said, you told me if I could buy it,
I could have it. So so we did.

Speaker 5 (23:31):
The local paper headline, eight year old boy surprises the
community and buys car.

Speaker 6 (23:37):
But the other part is that I was trying. I
was trying to earn that money with the family lawnmowment. Okay, right,
and in order to thwart me and slow me down
from buying a car because they saw what was making momentum,
my dad said, all right, well you got it. Because
you're using the family mower, you got to give me
half of everything you make. May So I thought it

(23:57):
was gonna take twice as long.

Speaker 5 (23:59):
What a black can, and he would have gone. He
would have done well in the mafia.

Speaker 2 (24:02):
Geez.

Speaker 3 (24:03):
Sorry.

Speaker 6 (24:03):
Yeah.

Speaker 5 (24:03):
So I figured out, Beaks, I need a.

Speaker 7 (24:08):
Little taste a little taste of what you got going
on there, kid.

Speaker 6 (24:11):
Yeah, I figured out the math. I was like, you
know what I need to do. I need to buy
my own lawnmower. So I took my money and went
to the little go Kart trek up near Roak Credge Road,
and they also sold lawnmowers and a bottle lawnmower. Then
I didn't have to give away half of my profits.
And I got there. I got there in one summer, so.

Speaker 7 (24:26):
You know, but you also said that that you got
put on restriction and they said we're taking your car,
and you're like, nope, that's my car. I paid for it.

Speaker 6 (24:36):
You know, it was it was the eighties. But what
can I say?

Speaker 5 (24:40):
I can see fourteen year old Don with like a
badass leather jacket, slicking his hair back, brought up cigarettes
in his in his arm pocket, and.

Speaker 6 (24:48):
My fonsiey, No, that was the fifties. I like the alliteration. Yes, well,
you are listening to the home radio show That Mortgage
Guide Don. You can check out the website at that
mortgage guide don dot com. You can also go to
the Instagram at that Mortgage guid Don. And right now though,
join us, join the party. Text into seven seven zero

(25:11):
three one tell us what you're doing out there? MJ
asked pose to the question about, uh, what smells bring
you back to a certain time and place.

Speaker 7 (25:19):
Well, one of the number one was one is uh
the petrikor petrick Yeah, which I totally smelled this week,
which is what made me think of this.

Speaker 6 (25:28):
That's the smell before the storm.

Speaker 5 (25:29):
Right before the Yeah, this is wing dang doodle by
the way, all right, I can't quite hear it. I
just don't want to get taken off the area, you know.

Speaker 8 (25:40):
Oh yeah, in charge of that, you have a blanket
directove to not do anything that takes us off the air.

Speaker 7 (25:51):
Just usually that's me.

Speaker 5 (25:52):
Jack is like, I don't know how many times I
gotta tell you just play your own songs. Yeah right,
you you own copyright on that.

Speaker 6 (25:59):
Wow. Yeah, there you go. Yeah.

Speaker 2 (26:02):
It is.

Speaker 7 (26:03):
And it's a it's such a distinct and weird smell.
I don't even know what it is. Where does it
come from?

Speaker 6 (26:07):
It's petrokor I know, But what is the smell?

Speaker 7 (26:10):
You're smelling?

Speaker 6 (26:10):
Ionization? Oh okay, you're listening to the Home Loans radio show.
We'll be right back after these messages.

Speaker 7 (26:18):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on Real Radio.

Speaker 5 (26:25):
Nineties, R and B all day every day here at
Hole Loans Radio. I'm Fritz. We got MJ and of
course ground control to mortgage Don.

Speaker 7 (26:36):
That's right.

Speaker 5 (26:37):
If you would like to follow him on Instagram, it's
just at that mortgage guy Don. Give him a follow,
give him a like. He's a good.

Speaker 6 (26:43):
Dude, keeping it simple, keeping it real. There you go.
Oh okay, welcome back to the Holoans Radio show with
that mortgage guy Don. That's right. You can text in
today seven seven zero three one. We are live here
in the studio as we have been for one billions
Saturday mornings right here on Real Radio one to four
point one. The most talked about, the most live, the

(27:03):
most listened to Saturday Morning show 'run right now here
in Central Florida.

Speaker 7 (27:09):
Here's a question. If a thirty year fixed mortgage fixed
rate mortgage is at six point five percent, and a
fifteen year fixed rate mortgage is at five point nine percent,
how much would I How much lower could I get
it if I do a fifteen year loan?

Speaker 6 (27:25):
Well, it depends on the loan amount.

Speaker 7 (27:27):
It's kind of a key how much interest could I
save over lifelan by doing the fifteen Well, the.

Speaker 6 (27:32):
First thing you're going to say, let's say you got
twenty nine years left on your mortgage, the first thing
you're going to do is you're going to wipe out
fourteen years of interest payments, because when you do a
thirty year mortgage, like when you send in your first
payment on a thirty year mortgage, you'd think it's like
fifty percent towards the principal and fifty percent towards the interest,
but you'd be mistaken. It's more like ninety plus percent

(27:53):
towards interest in the in the beginning years, and every
month that you make a payment, it's like a seesaw,
like a sliding scale. So the more the further you
get into the loan, the more of each payment is
apportioned towards principle each month, So it starts out at
like less than ten percent. When you get down to
around the fifteen sixteen year mark, that's when you're at
the point where you're paying half towards principle every month

(28:14):
and half towards interest. If you read finance to a
fifteen year loan, you fast forward to that, you you go,
you know, you're right there. Then you start out at
the fifteen year point with fifteen years left, so much
more of your mortgage is going of your payment is
going towards the principle than the interest with a fifteen
year loan. That's why you can pay it off in

(28:35):
the same principle. You're just paying it off in fifteen
years instead of thirty.

Speaker 7 (28:39):
And you would think that your mortgage would be like
double the amount of payment, but it actually.

Speaker 6 (28:43):
Is it it's not. It's realistically about one hundred and
twenty five one hundred and thirty percent because you take
out so much of that front loaded interest. So it's
actually I mean, just as a generalization, if you have
a fifteen hundred dollars a month first mortgage payment, congratulations,
that's a low payment. But you're I'm sorry, if you
have a thirty year payment, a fifteen hundred a fifteen

(29:06):
year would probably go up to maybe nineteen hundred or
twenty one hundred. So it's it's not a doubling double
by any stretch of the imagination. It's more like in
the thirty percent thirty five percent range. So I always
I always advise it if you can afford it, If
you could afford a little more on your mortgage, you're
going to save thousands, thousands, tens of thousand. Imagine if

(29:27):
you save one thousand dollars a month on one hundred
and eighty mortgage payments, which is fifteen years and that
interest you're not paying, well, that's easy math. That's one
hundred and eighty thousand you can save right there.

Speaker 7 (29:38):
That's a lot.

Speaker 6 (29:38):
Yeah, it's a big deal. So when people can and
are able to refinance into a it doesn't have to
be a fifteen year. It could be a ten, It
could be a twenty, and it.

Speaker 7 (29:48):
Be like a twenty five, twenty seven, like whatever you
could figure out you could afford.

Speaker 6 (29:51):
I did a refinance for someone a couple of weeks
ago where the rate was going down only a quarter point.
It wasn't enough for it to make a difference, but
we took it from a loan where they had twenty
eight years left to twenty years left, so the payment
stayed the same and they shaved off eight years off
of their mortgage payment. So and when you say eight years,
well that's eight times twelve of those interest payments that

(30:13):
you're not paying. So that's that's the power of the
fifteen year loan for sure, is that it just moves.
It makes your money go faster and you're paying less interest,
but you have a slightly higher payment. So if you
can afford it, it's a good investment.

Speaker 7 (30:25):
Graveler says, I distinctly remember writing Spaceship Earth as a
kid at Epcot, and the smell of the volcanic ash
in the Pompey sing always stuck with me while hearing
Walter Cronkite's narration nice, wow, Well they're for specific, but
I absolutely know exactly what you're talking.

Speaker 6 (30:40):
They're really good at that at the big theme parts
of making.

Speaker 5 (30:43):
Giving you the smells, yeah, is Graveler a writer must
be well, you know, piggybacking on that the pro pain
smell of the King Kong Ride at Universal Studios back
in the day. Every time I smell pro Paine, now
I think of a big old ape gonna ta me neat.

Speaker 7 (31:02):
I just think of it as meat that's about to
get burnt up, because when I was a kid, that's
how all the meat that came off the grill was burnt.

Speaker 6 (31:10):
It was was chefing father.

Speaker 7 (31:13):
Father not good at it. He's very impatient. He liked
to have the squirt bottle of the what is that
lighter fluid or whatever.

Speaker 6 (31:20):
Charcoal, so you can was he doing that in a propane.

Speaker 7 (31:24):
That was the charcoal girl? Check us out? Check this out.

Speaker 6 (31:28):
I think I know the problems I've solved your childhood.

Speaker 7 (31:34):
I know it was charcoal.

Speaker 6 (31:38):
The smell of lighter fluid on the propane grill brings
back bad memories.

Speaker 7 (31:43):
I guess what I was feeling is just the smell
of lighter fluid. Yeah, just hitting that grill like before
it's actually really roaring, you know, and then just like
squirting so much of it then it goes.

Speaker 6 (31:54):
You ever ever walk into like an indoor pool area,
that's one that's that's uh. There's a smell that.

Speaker 7 (32:01):
Smells like rubber, like I don't know, like yeah, like
bathing caps and stuff. Where maybe a pool that I
did for like as a kid, like a like a
like a camp or something.

Speaker 6 (32:15):
I guess I guess I would say it's like the
ymc ye like.

Speaker 7 (32:19):
Yeah, that smell like it smells like wet rubber to me,
like wet cool. Here's someone who says opening old baseball
card packs from the seventies. It has a unique smell.
It brings me back to old card shops. Oh yeah, right,
that's something. Yeah, I know what the smell of a
Bible smells like like when I when the Sunday School,

(32:39):
you know, like as.

Speaker 6 (32:41):
An old book smell, or the Bible smell different than.

Speaker 5 (32:44):
The old book smell.

Speaker 7 (32:45):
That's maybe old book smell.

Speaker 6 (32:46):
Yeah.

Speaker 7 (32:47):
Maybe here's someone who says, ahoy oh, big fan of
the show, is buying down interest points worth it? It
seems a bit expensive. I would love your opinion.

Speaker 5 (32:56):
It's a great question. We get asked this often.

Speaker 6 (32:59):
That is that is true. It's a good question, and it.

Speaker 5 (33:02):
Is always a good question. Always timely to thank you.

Speaker 6 (33:05):
Thank you for pointing that out.

Speaker 7 (33:08):
Fritz and ahoy, I like your opening.

Speaker 6 (33:10):
Yeah, the what was the question? Is it worth buying
down points? There's no blanket answer for that. It's different.
It's an equation. To me, it's a math equation every time.
So what we'll do is, let's say if the cost
of the buydown is one thousand dollars. It's usually going
to be more than that, but it depends on the
loan size. But it's if the cost of the buydown

(33:32):
is going to be one thousand dollars. We look at
how much that saves you on your monthly mortgage payment.
If it saves you fifty dollars a month, well then
that's easy math. It's going to take you twenty months
to make back that thousand dollars twenty months of payments,
and that's to break even because really what you're doing
when you buy down a rate is you're pre paying it.
You're paying the money up front for not having to

(33:52):
pay the interest from then forward. So the question is
how many months will that be then forward that you
that you get that reduced payment, So it takes two
you know, if it takes twenty months, that's great. Usually
what we're looking for when we're doing the math on
a buydown is it to be less than thirty six
months of recoupment because why well, because the odds are
that within thirty six months from now, you're if you're

(34:12):
you know, you're doing rates, if you have rates in
the sixes or sevens, you're probably going to be looking
at lower rates. So you got to make sure that
you are going to recoup that buydown before there's a
possibility that you're going to refinance, or like if you're
going to sell in a year or two or three,
then you then you want to look at that as well.
So it comes down to a math problem. And when
I'm looking at the rates, it'll show me. It'll show

(34:33):
rates from like four percent to seven percent, and there'll
be one in the middle somewhere that's called the par rate.
It doesn't cost anything to get and it doesn't pay
you back any money if you go if you buy
down to a lower rate, that's going to cost you
money and then you'll pay a lower payment each month.
On the other side, sometimes we have a closing where
someone's short one thousand dollars or two thousand dollars to close.

(34:54):
They can actually raise their interest rate a little bit
and get a credit back for a thousand or two
thousand dollars to put towards their closing costs. So it
really comes down to a math problem. And if you've
got a quote, you know that you're looking at it,
to send it to me at the website and you
know on the compare quote page and I'll tell you
if it's any good and I can analyze the buy
down for you and tell you if it's any good.

(35:15):
But the basic idea that I look forward is I
really don't recommend any buy downs that take longer than
thirty six months for you to break even and start
making some savings. Great question. Thanks for texting that into
seven seven zero three one.

Speaker 5 (35:27):
I remember when you do it. When I was asking
you when the Missus and I were buying a house,
you said it would take some roughly I don't know,
like fifteen to eighteen hundred dollars to buy down, and
I was like, all right, well do you think I
should do it? And you're like, well, that depends. Wouldn't
you like to furnish your house with that much money,
like to buy some things you might not have? And
I go, yeah, that's a good point. So how much

(35:50):
would it be to buy down that rate and then
the next one? And you're like six thousand dollars or
something like that. I was like, all right, now, I'm good.
I'm not going to that.

Speaker 6 (36:00):
It goes up exponentially in a way because it depends
on the on the loan size, so it's going to
be a percentage of a point. So if you have
one hundred thousand dollars loan, you know, a quarter of
a point of a buydown's not that much. But if
you have a five one hundred thousand dollars loan, well
it's five times as much to do it, So it
can be it can It can add up quick. But
basically it's always a math equation. And I show people

(36:22):
the options like, hey, we could do this, we could
buy it down here, this one makes sense, this one doesn't,
and then we kind of go from from there. But
it's all about math when you're figuring out a buy down.
It's not it's definitely not objective or subjective. It's just
math to me.

Speaker 7 (36:34):
Anyway, math doesn't have a smell, does it not.

Speaker 5 (36:39):
I would say pencils earlier pencils.

Speaker 6 (36:42):
Yeah, yeah, all the math nerds I knew and in
school smelled like baloney. I don't know why.

Speaker 5 (36:50):
Don't ask me why, No, I don't know. You just
leave that there and you go, all right, you're listening.

Speaker 7 (36:56):
To well I was one of them, you know, Okay,
did you have baloney in your pockets?

Speaker 6 (37:03):
I think it was because we couldn't afford to buy lunch, okay,
and you had to bring your lunch and yeah, a
paper bag in my house. It was white bread and
baloney with a little miracle whip. That was the that
was the daily spread.

Speaker 7 (37:16):
I'd be so hungry. That'd be a hard note for me.
Here's the one right before we go. If you have
a W two job where I make seventy thousand a year,
my wife and I have a small business that showed
a loss in our taxes a fifteen K. Will that
keep us from getting a house house mortgage?

Speaker 6 (37:32):
That's a fine question question. We're going to dig into
that one right when we come back. There you go
right after these messages.

Speaker 5 (37:39):
Hey, it's a brainer from the news junkie. Do you
have a question for that mortgage going on?

Speaker 7 (37:43):
Text him at seven seven.

Speaker 4 (37:44):
Zero three one no.

Speaker 5 (37:45):
Back to home Loans Radio on real Radio.

Speaker 7 (37:51):
Hey, you listen to Home Loans Radio talking about mortgages.
It's an exciting, exciting time and mortgages. Hometown's Heroes is back.

Speaker 6 (38:01):
Hometown's heroes, hometown heroes. You think of Hogan's heroes like.

Speaker 7 (38:05):
Hogan's heroes, but it's hometown's heroes.

Speaker 5 (38:08):
We're talking about homes Town's heroes. Hero homes loans radios.

Speaker 7 (38:14):
That's right, that's right. Question on the table is if
I have a W two job where I make seventy
thousand a year. My wife and I have a small
business that showed a loss on our taxes at fifteen
thousand dollars. Will that keep us from getting a house mortgage.
So they don't show any income.

Speaker 6 (38:30):
They make money, Oh, they make money, but they're they're
showing So it sounds like one of them is a
W TWOED and the other one is self employed, or
they or they both had, you know the self but
they've got two types of income. It's going to depend
on the type of loan that you're doing, actually, because
an FHA loan does factor in any losses from self
employed businesses if they're still open, you know, if the

(38:54):
business is closed, then we can sometimes make not count
that loss from a like if the business went out
of business, they're not going to necessarily hit you for
the loss. Sometimes we can make that happen if we
can prove it, you know, and show that on sunbiz
it was closed your corporate you know, your your LLC
was closed or something along those lines. But on conventional loans,
you don't need to count business losses. You can only

(39:15):
count the positive income and just not put the self
employed income or lack of income on the application, So
it really comes down to the type of loan. That's
a great question though, thanks for texting that into seven
seven zero three one. Did I answer the whole thing?

Speaker 7 (39:31):
I think scope. Yeah, here's someone who says, I'm a
first time home buyer, been looking for home to buy
since the beginning of this year in Lakeland, Florida. Prices
keep dropping. Should I wait until the interest rates drop
or will I be able to refinance later?

Speaker 6 (39:44):
Well, you can always refinance later. And then we were
talking about also you may be eligible for some down
payment assistance. There's a Hometown Heroes program. Just came back
with down payment. It helps you with a down payment
up to thirty five thousand dollars depending on your scenario
and your type of work it is. It is based on,

(40:05):
you know, either being a veteran or being a first
responder in the medical field, or you work for a
city or a municipality, or you're a teacher or some
sort of community type employment. And it has to be
for a company that has your you know, a bricks
and mortar base in Florida. Somehow, that one is out there.
There's also one for a one percent down. Normally you

(40:28):
have to put down at least three percent, but this
program requires you'd only come up with your one percent
of your own and then the lender the bank puts
up the other two percent as a grant. The hometown
heroes you have to pay back one day if you
sell the house or refinance, but this one, the one
percent down, you don't have to pay back. It's just
a grant. And that one is based on your average
media and income compared with the county income. There's a

(40:48):
lot of a lot of programs out there, but what
was the question.

Speaker 7 (40:52):
Should they wait until interust rates drop?

Speaker 6 (40:55):
Well?

Speaker 7 (40:56):
Agree, they just count on refinancing later.

Speaker 6 (40:58):
I would I would say that the amount of time
that it's going to take for interest rates to drop enough,
interest rates don't usually drop in big piles.

Speaker 7 (41:06):
And that is a misconception.

Speaker 6 (41:07):
Yeah, it takes like to get from to get from
rates of around seven point seventy five down to rates
in the low sixes where we are now, took a
year and a half, So it's a slow roll. And
I think that now I think rates are down enough
that it's a buyer's market. The market has enough inventory
on it where people we aren't seeing how prices go

(41:29):
down in Central Florida. They are in some states, but
in Central Florida we're not seeing that at all. But
what we are seeing is that the sellers are saying, hey,
maybe I priced my house too high to start with,
and they'll bring it down to what it's going to
praise for in most cases, or they'll offer you some
sort of incentive, like they'll put, you know, give you
five or ten grand towards your closing costs. So those

(41:50):
kind of incentives are out there right now. So to me,
that is what makes it a buyer's market. That's when
you can get the best deal. So if you wait
a year to get a quarter point lower on your rate,
that's not the same as get a ten thousand dollars
cellar credit for your closing costs. That has a much
bigger bang for your buck to do now, and who
knows what the prices will do in a year. So
if you can afford it, or if you want to

(42:10):
find out if you can afford it, you just go
to my website that mortgage guy. Don you hit the
pre get apply and get pre approved, and we'll figure
that out. We'll figure out what down payment assistance options
you have if any, and you know, let you know
kind of the deal, the lay of the land, and
we can also tell you what the payment would be
on a house. So you pick a house, you know,
off of online somewhere and you say, hey, don what's
what would our payment be on this? Where we can

(42:31):
find out we can tell you and then you can decide, okay,
we can. You know that we can do that, you know,
and then and then you know before you're ever spending
a dime on anything.

Speaker 7 (42:40):
Here's the one that says it's outrageous what people are
trying to sell their houses for four hundred thousand dollars.
House is actually a two hundred and fifty house most
of the time. And I understand this question because it's
startling how different, you know, the prices are it really is.
I mean, I look at a house that I owned,
you know, ten years ago, and now it's worth like
a ridiculous amount of money. And I lived in that house.

(43:02):
It ain't worth well, it's totally.

Speaker 6 (43:05):
Yeah, that's it happens throughout time. You know that the
real estate prices. I remember my grandfather bought a house
in nineteen sixty. Guess what what would you say, a
three bedroom, two bath house cost in nineteen.

Speaker 7 (43:19):
Sixty five one thousand dollars.

Speaker 6 (43:21):
In fern Park, Florida.

Speaker 5 (43:22):
What we was just twenty seventeen thousand?

Speaker 6 (43:24):
Yeah, lower, five thousand lower. Oh gosh, yeah, it's around.
It was around sixteen hundred dollars to buy a house
at the time. But everything was everything correlated. You weren't
making one hundred thousand then you know, you were making ten. Yeah,
your total salary might have been in ten thousand for
the year or fourteen thousand for the year. So it's
it's inflationary in a weird way where you're just kind

(43:46):
of putting zeros behind the numbers as time goes on.

Speaker 7 (43:48):
But I do feel like the housing market has the
values have jumped in a way that you.

Speaker 6 (43:53):
Know, there's no question and the big impact there was
covidic and where there was demand for housing, but nobody
wanted to put houses on the market, so the houses
that were on the market went up in value. It's
the age old thing. You know, if you're selling bananas
and the whole store is full of bananas, well they're cheap,
But if you've got the only eleven bananas, well then
those that are pretty pricey banana banana. Yeah, so it's

(44:16):
it's it's supplying demand. But yeah, at some point you
got to just say, well, now houses are four hundred
because but the other side of it is, ideally your
wages have kept up with that, and you're you know,
instead of what you were making twenty years ago when
houses were one hundred, you're making more money now. If
you're not, then there's a disconnect. For sure. You're listening
to the Home Loans Radio Show. We're going to take

(44:37):
a break. We'll be right back at the top of
the hour.

Speaker 2 (44:44):
Show that.

Speaker 6 (45:02):
Hey hey, hey, hey, hey, hey hey, good morning. Welcome
to the Home Loans Radio Show with that mortgage guy Don.
That's right, I'm here with my crew. I've got the
Fritz Man here. Good morning, Hello, Hello, Hell, and the
m J. Good morning, the MJ. Hell maybe we should
make you the m J, MJ La La MJ. No,

(45:27):
just MJ, MJ Prime.

Speaker 7 (45:29):
I don't need airs, i don't need a title. I'm
just MJ. You just call me just MJ.

Speaker 5 (45:34):
Okay, ground control to mortgage Don just MJ. And I'm
still Fritz toggled On.

Speaker 6 (45:44):
There you go, Welcome back, to the Home Loans Radio
show with that mortgage guide. Don I think that was uh?
That's that's uh the fourth track from the the Newest
Real Fritz album if I'm not mistaken, that's correct, the Moon,
and that one's called That's not the Plan.

Speaker 5 (45:59):
Yep.

Speaker 6 (46:00):
And you can find that where you find all of
Fritz's original music, any any music. For the most part,
you know that you hear here on our rejoins that
you don't recognize that it was written by.

Speaker 7 (46:09):
The Real Fritz, that's right, or the.

Speaker 6 (46:11):
Florida slang which is also Fritz, or Corpus Incorporated, which
is also Fritz. And special guests like Darcy Riccardi and
Sabrina Ambro.

Speaker 7 (46:22):
So many friends. We're so lucky to have it and
be able to hear it.

Speaker 6 (46:25):
Thanks, yes, thanks as always for playing your original music
on our show. You can find Fritz's music anywhere you
download music or listen to music on Spotify and Apple
Music whatever. You can also followhim on social media or
on insta at no Underscore Regrets, Underscore Coyote.

Speaker 7 (46:43):
Someone's asking, does an attorney w two to one hundred
K qualify for Hometown Heroes?

Speaker 6 (46:49):
Maybe? Yeah, Maybe it.

Speaker 7 (46:51):
Depends on what kind of attorney.

Speaker 6 (46:52):
Yeah, I don't know. Are you a district if you're
making one hundred k?

Speaker 8 (46:55):
Are you?

Speaker 6 (46:55):
Are you if you're working for the state. Maybe I
got to look at the list, but yeah, we can.
We can definitely find out. I'm trying. I was trying
to find out during the break how I could post
the link that shows all the different professions. But I'm
going to have to work on it after the show.
I need a little more time to get it up there.
So follow me on Instagram at that mortgage guide don
and then later today I will have the link up

(47:17):
on my Instagram grid there of that you can go
to and check and see if your occupation qualifies you
for the first time home buyer program. There's two parts
to it. It's not just what you do, but if
you if you work for the municipality, you're you're probably
going to be one of the eligible occupations. But it's
also also how much you make and how many people

(47:38):
live in your household. They changed the rules this year.
They made some of it harder to qualify for a
little bit.

Speaker 7 (47:44):
By the private practice is what they do.

Speaker 6 (47:47):
Yeah, well then I'm not sure about that. But the
the they made it so that you have to count
the income for all the people in the house this
year like in the past.

Speaker 7 (48:00):
But if your kid has a lawnmowing job, yep, ditto.

Speaker 6 (48:02):
If it's not lawnmowing probably but a W two job.
But yeah, USDA does it figures out the income that way.
It's household income. So for the Hometown Heroes you have
to be below a certain level max is out at
around one hundred and forty thousand, depending on how many
people live in your household and so forth. In the past,
like if we had two people in a house and

(48:24):
we could do the mortgage with just one of them,
then we could do the Hometown Heroes program and not
count the one spouse's income and only count the spouse
that's going to be on the mortgage. That's where ninety
percent of programs work that way. It's based on who's
on the mortgage and who's on the house. But Hometown
Heroes has expanded it now so that you have to
count all the income in your house. So if you
are living your house and your your adult son lives

(48:46):
in your house and they got a job, and your
you know, your grandkid lives there and they work at
Quizno's part time and they're eighteen. You got to count
the income for everyone over the age of eighteen, so
it's it's gotten a little tighter, you know. As far
as getting pre approved for the Hometown Heroes down payment
assistance program up to thirty five K, you can get there,
but you got to qualify for it in the simplest,

(49:08):
easiest way. I get people all all week asking me
do I qualify? Well, I need to see this stuff,
So you got to. You got to go to the website,
hit the apply button, fill out the pre approval application.
There's no hard credit poll. We just do a soft
credit pool on that and we can tell you. We
can gather the information and tell you if you are
eligible for any of the down payment assistance programs. That way,
it costs you nothing, no hard credit poll, no reason

(49:30):
not to do it. If you think you might buy
a house, then the line right up and start your
pre approval. We can tell you if you're eligible for sure,
and if you meet the professions that are going to
be eligible.

Speaker 7 (49:41):
Is it a bad idea to put down a large
payment when buying a house? Also, thank you, you guys
are so awesome.

Speaker 6 (49:46):
Oh thank you, is it a bad idea? I mean,
I can't see a reason why it would be a
bad idea if you have the ability. I mean, I
always tell people don't go into a new house with
nothing in your savings account because you know a lot
of times when people say, well, I've got fifty thousand dollars,
we want to put all that down, Like you're gonna
want to keep some of that.

Speaker 7 (50:06):
You know, hot water heater blows, Yeah.

Speaker 6 (50:08):
You're going to need a roof. You're going to need
a new air conditioner. You're going to need Even if
you have insurance and a hurricane comes and you know,
peels your roof off, you still got to pay a deductible,
so you're still going to need you know, a depending
a deductible could be one thousand dollars or it could
be five thousand dollars, so you got to you know,
it's got to have some rainy day fund. But if
you've got enough money, and you've got savings, and you've
got reserves and all of that, I think you should

(50:30):
put down whatever amount you're comfortable with. It just saves
you money. The more you put down, the less interest
you'll pay. It is what it comes down to.

Speaker 7 (50:38):
The attorney hit back that they are a single mom
with a child.

Speaker 6 (50:42):
Well, you know what, you may not qualify for the
Hometown Heroes program. It'd be one of those. We got
another program right now that is a Hometown Heroes. You
have to pay back if you ever sell the house
or refinance it or or you know, turn it into
a rental property. I've got another one right now that
allows it's it's normally have to put down three percent,

(51:02):
but in this case you get a two percent grant
towards that three percent, and this one you don't have
to pay back. You may be eligible for that. There's
several The best way for me to find out is
to really vet all the programs is for you to
do the preapproval online at that mortgage guide don dot com,
and then I can tell you, you know, factually, hey,
look these are the three we can offer you or
so sorry, we can't offer you any of them. You
don't fit the box. You get me, you make too

(51:23):
much money, or your credit score is too low, or
whatever the problem is. But that's the way we find
out is by doing the pre approval process. Great question,
Thanks for texting that into seven seven zero three to one.
That's how you do it.

Speaker 7 (51:34):
Here's someone who says, I've owned my house since twenty
sixteen and the mortgage company keeps wanting me to take
it out, take money out. I guess it's equity. But
my percentage that I pay is two point three percent. Yeah,
because we refinanced several years ago. So if I were
to do that, would that change my interest rate on
my loan.

Speaker 6 (51:49):
One hundred percent?

Speaker 7 (51:50):
Yes, it would change or interest rate?

Speaker 6 (51:53):
Yes, yes, Why would they do that? Well, you're paying
two point one. They would love it if you would
pay five or six to change that. Well, that's what
they do. They you know, they're in the they are
in the business of earning money by collecting interest on
mortgage loans. So you always got to kind of look
at it with a little bit of a little bit
of a Larry David I, you know, you know, why

(52:16):
aren't they offering you that good? But the uh yeah,
pretty pretty sketchy now, the but the this is a
common thing that's happening right now. People want to take
equity out of their houses to do things because we
have right now in America the highest amount of equity
locked into properties that we've ever had talking about trillions

(52:38):
and trillions of dollars, in large part because many people
refinanced or bought their homes in twenty nineteen, twenty twenty,
twenty twenty one during COVID, where the rates were artificially
pushed down low by the FED to continue to keep
the economy going during COVID. So that's why there were
two and a half percent rates during during COVID, because

(53:00):
that's what the rates went down to. It's that the
FED was buying every month billions and billions and billions
of dollars. We're talking ninety billion, sixty billion dollars per
month in mortgage backed securities or treasuries, and that's what
brought the rates down. The reason the rates have gone
up is because now they've been working all that money
back off of the books again. So that's taken a

(53:21):
couple of years because you can't just print money, you know,
or or lower the interest to it out good. Everything
comes with a price theory, no matter what you do
in the financial market, there is a re equal and
opposite reaction. You know, those laws of physics work in
finance and economies too, So what you do has consequences.
Doing tariffs will have consequences. You know, there will be

(53:43):
a reaction on the other side. You just don't always
know what it's going to be. The solution is you
can do a helock or a second mortgage. We're doing
so many of them, and that's why, because people want
to get the money out of their their property, but
they don't want to touch that sweet, beautiful triumphant two
or three or four percent rate that you can't get anymore.

Speaker 7 (54:00):
Here's the one who's asking, will we ever see prices
back in the two thousand and eight time.

Speaker 6 (54:06):
Prices or rates?

Speaker 7 (54:07):
Rates? Yeah, prices, prices? They actually said, prices.

Speaker 6 (54:10):
No, I doubt it. I mean there's really unless there
was such a glut of housing, I can't see prices
going down. Prices go down when people don't want to buy.
When there's a desire for homes and a need for
homes and people are out there buying them and people
are putting them on the market to sell them, then
prices are not going to drop. It's just, you know,
not typically what happens.

Speaker 7 (54:31):
Good morning, William is listening in Titusville. Good morning, give
me a nice sunshiny emoji and a little mountain and
it thumbs up. Keep up the good work. Thank you, William,
you made my morning. I appreciate your son and your mountain.
And the mountain also has a sun well. There you go,
very cool, very nice. And Dale says, why would I

(54:52):
need a hot water heater?

Speaker 6 (54:53):
I don't know, Dale, you don't need a hot water heater.

Speaker 7 (54:56):
I mean you don't need one, but I mean want one.
Warm Water's nice? Dale, try it out. All the rage.
All the kids are doing it morning, all of Debree.
She's listing this morning while eating sunflower seeds.

Speaker 5 (55:13):
Nice.

Speaker 7 (55:14):
There you go.

Speaker 5 (55:14):
It's a good pastime.

Speaker 7 (55:16):
Yeah.

Speaker 6 (55:16):
And if you don't have any, If you have any
you don't want to eat, a couple in the yard,
just go throw them in the.

Speaker 7 (55:20):
Yard, a couple of yards. See what happens.

Speaker 6 (55:23):
They will grow. You're listening to Home Loans radio show
with that mortgage guy Don. You can follow me on
Instagram at that Mortgage Guide Don for all the latest
news and information. Also thanks, I want to mention again
this week thanks to all of you who voted for
us the Orlando Sentinel Best Local Best of but we
won for best Local mortgage Company. I couldn't be prouder
of my team and all the people that do such

(55:44):
a good job, and thank you to all the thousands
they said, they said, I tried to find out how
many people voted, but that's all secret. But they did
tell me that the voting was in the in the
five figures. So that's amazing. It's pretty that's pretty solid.
But thank you again for voting us best local mortgage company,
and I will try to continue to live up to that.

Speaker 7 (56:04):
That's amazing. And I think it's time to compare that quote.

Speaker 6 (56:08):
You know what time it is, time for time to
compare that quote. Time for mortgage don to remember to
do the compare quote.

Speaker 8 (56:14):
Second, Yeah, right, now, let's do it.

Speaker 4 (56:16):
Dot com.

Speaker 6 (56:23):
What's that you asked, Well, if you've got a quote,
you're thinking about a quote. You got a quote from
another bank for a reverse mortgage or an SBA loan
or a heelock or a regular loan or a cash
all loan, any of that, and you want to know
if it's any good. You know, you're wondering, You're like, Okay,
I got this quote, Is it good? Is this all right?
They told me it was good. Should I just believe them?

Speaker 4 (56:40):
No?

Speaker 6 (56:40):
You don't want to just believe them you want to
get a second quote. A study says that less than
twenty percent of people actually make the effort to get
a second quote, which is crazy to me because I say,
people so much money when they do. You just go
to the website. There's a button that says compare your quote.
You upload it, I look at it. I can tell.
I mean, I've been looking at these things for decades.
I can see you within thirty seconds whether it's a

(57:01):
good quote or not, or whether you can do better,
and I just tell you. Sometimes I'll tell people, yeah,
that's good, go for it. Other times I'll say, well,
you could save this and you could save that. But
that's the extent of my you know, I'm not like
sales pitching people. Afterwards, I'll just say you could save
you know, we could get your payment down two hundred
a month. Would you like to find out more, you know,
or we can save you five thousand dollars. Well. Sometimes though,

(57:22):
it's not always about getting the rate lower or the
fees lower. It's about having the programs that we offer
as a mortgage brokerage, you know, when compared to a bank,
or knowing about programs, or knowing which program to use.
These folks were buying the property that was owned by
their grandfather and as a four hundred and fifty thousand
dollars house that he was willing to sell them for

(57:43):
just the one hundred and seventy seven k that's left
on the mortgage. They also wanted to find out if
they could get any money out during the purchase to
be able to do repairs on the home. Their credit
union they told me, this is a quote crushed our
dreams today because they told them that they needed fifteen
thousand dollars of their own money for down payment and

(58:03):
closing costs to buy this house from their grandfather. So
they sent me the compare quote because they didn't have it,
they didn't have a way to get it. They sent
me the quote to see if there's any way to
do it with less money out of pocket. And I
found them a program that got them into the house
with zero money out of pocket, zero dollars, zero cents.
They were able to move in. And that's what's called

(58:24):
a family gift of equity purchase. Not every lender or
bank is going to offer that, but this allows you
to buy a house from a family member and use
the equity So since the grandfather is selling them the
house for one seventy seven and it's worth four hundred plus,
there's a ton of equity there, hundreds of thousands of dollars,
and we can use some of that equity as the

(58:45):
down payment. We can use that to pay the closing costs,
to reimburse for the appraisal cost. So literally we were
able to get them in the house they wanted within
thirty days of them calling us with zero dollars and
zero cents out of their pocket. Not because they got
a bad quote from someone else. They just didn't get
the right quote. They didn't have the right program, and
they didn't even offer them any kind of thing, and

(59:07):
a lot of banks don't offer that. So it's a
gift of equity family purchase. If you're thinking about doing
a family purchase, that is the way to do it.
In summary, the credit Union said, no way, you'll need
fifteen grand to buy today. Their dreams were dashed, the
deal seemed dead, and then they called me up instead.
I knew the program they could use a gift of equity.

(59:29):
Such great news. They compared with don and made their
own luck and did not miss the savings truck. Play
the jingle friend, don't miss the very nice We'll be
right back for the final segment of today.

Speaker 1 (59:48):
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 5 (59:57):
And just like that, that's our last secon But if
you still have a question for Don, you can reach
out to him on Instagram at that Mortgage Guy Don,
or go to that Mortgage Guy Don dot com.

Speaker 6 (01:00:09):
That's right, Welcome back, Welcome back to the Home Loans
Radio Show. We're here doing what we do every single Saturday,
but you just barely made it. We're here in the
final segment. We got we got time for one more question.
Do you have a question there? Mj or or if not,
I got a little a little news.

Speaker 7 (01:00:23):
Tell me your news. I want to hear it.

Speaker 6 (01:00:26):
Well, you know, I'm always looking at the news with
the one I to the AI, you know, concerns of
the world like I'm you know, what's what's going on
with AI? So I looked for different kinds of AI news.
I saw something today that I've never seen a new
use for a I here primarily in the state of Florida. Okay,
and it really surprised me. So I'm gonna tell you

(01:00:49):
about it here. It is the you don't have They
have the python challenge in Florida was going to be
a python Yeah, they have where they have the hunts
where they're trying to clear the of pythons out of
the everglades. So they have these big hunts now at
certain times of the year and you get money by
a collecting these pythons. The annual Flooria Python Challenges underway,

(01:01:10):
a ten day hunt rewarding the removal of Burmese pythons
from the everglades. In a technological twist, AI powered solar
robot rabbits, Oh I saw this are being used as
decoys and lures to move pythons into range of wildlife officers.
And they say, of course, in base of pythons have
significantly reduced native populations of raccoons, birds, et cetera. What

(01:01:36):
do you think about that using robot AI rabbits.

Speaker 7 (01:01:39):
I mean, as long as the rabbits don't, you know,
become woke and come kill us in our sleep, I'm good, right,
be like a little rabbit in your yard. You're like, oh,
you're so cute.

Speaker 6 (01:01:47):
See I'm having flashback laser eyes. Yeah, anybody who's a
Monty python, holy Grail aficionado, and maybe if you're not.
But there's a rabbit that was a soft, little white rabbit,
but it would jump up and rip out the juggulars
of anybody nearby. Yeah, which was quite a twist. It

(01:02:08):
was a surprise to all involved.

Speaker 7 (01:02:11):
I just if the what if the AI rabbits become
an invasive species? What if they figure out how to multiply, right,
and then there's one rabbits, there's like ten rabbits, and
then there's you know, just standing there, and the next
day theme there's twenty thirty.

Speaker 6 (01:02:23):
They're going into your house stealing your old computers because
they need chips, they need old Intel processors and stuff.
Robot AI rabbits. I just I don't know. There you go,
one more thing.

Speaker 7 (01:02:34):
I'm times the solution becomes a problem. But maybe this
time that won't happen.

Speaker 6 (01:02:38):
Remember you heard it here first. Probably not, but you
heard it here from me first. Robot rabbits AI are
luring snakes to the bounty hunters.

Speaker 7 (01:02:49):
Hey, I is so weird. Have you had any weird
AI experiences?

Speaker 6 (01:02:54):
Excuse me?

Speaker 7 (01:02:56):
I was in my car and I had had had
I guess woken up up Google at some point for directions,
but that was a while ago. I thought Google had
gone back to sleep and I was on the I
was on the phone, and I got off the phone
and I made some exclamation like a booger and that's
not what I said, but something, and my car said

(01:03:18):
back to me, you can call me and some name.
I don't even remember it, but I was like, so
Starveld almost went off the road.

Speaker 6 (01:03:24):
Huh.

Speaker 7 (01:03:24):
They're like, you can call me Cindy. I was like, wtf,
Like what is happening right now? Anyway? I'm just very
startled by that.

Speaker 6 (01:03:33):
So is that an AI problem or is that an
MJ problem?

Speaker 7 (01:03:35):
I think it's all the problems, a lot of problems here. Yeah, anyway,
I was very confused. I was like, wait, wait, what
what the.

Speaker 6 (01:03:44):
The AI robots are always listening.

Speaker 8 (01:03:47):
MJ clearly clearly, So that's uh, you know, I'll keep
the entire community up to date on the latest AI news,
uh from time to time whenever I stumble across it
in the dark.

Speaker 7 (01:03:59):
But if your eyes peeled for robots that look like rabbits.

Speaker 6 (01:04:02):
Guess what time it is MJ. It's time for the
speed round. That's where MJ's gonna ask me a bunch
of the questions that you've texted into seven seven zero
three one that I did not get to quite yet.
We're going to try to get them all in. But
if I don't, it doesn't mean that I don't want
to answer it. Do go to the website or Instagram
and DM me or message me the question and I
will answer it outside the show.

Speaker 7 (01:04:24):
Can you help with buying land and building a commercial
strip center?

Speaker 6 (01:04:27):
Yeah? We do all a lot.

Speaker 7 (01:04:29):
Of stripper centers out there, anymore script center?

Speaker 6 (01:04:31):
I mean, you know what like a little like a
plaza where you can have like a commercial plaza. It
seems like there, you know. But definitely, yes, we can
help you with that. We do SBA loans. We can
do land acquisition loan. There's eight there's seven or eight
different types of SBA loans for different types of things.
Like you can do an SBA loan that's just for
like a business line of credit, or you can do
an SBA to build a building and buy land, or

(01:04:53):
you can use it to build out the infrastructure inside
of the building. Once you know, if you're building a restaurant,
So it's just a depends on what you're doing. But yeah,
if you have an SBA loan or business loan, we
have over twenty five years experience working on those as well.

Speaker 7 (01:05:06):
What credit and income are required for a reverse mortgage?

Speaker 6 (01:05:10):
Credit and income for a reverse mortgage? Really really?

Speaker 5 (01:05:14):
Or age requirement?

Speaker 6 (01:05:16):
Yeah, it's more like age and equity requirements. Because you
can get a reverse mortgage with bad credit or no credit.
That's not a thing. It's more about how old you are.
The older you are, the better, the more of your
equity you're going to be able to get out of there.
And then the amount that you owe on it is
a big factor. There's a number of things if you're

(01:05:37):
interested in a reverse mortgage, we do a ton of them.
We have an expert on staff to do those, and
we can set up a meeting to talk about it,
either on the phone or a lot of folks like
to come into the office in person in winter springs
to talk about reverse mortgages. I'm happy to do that
as well.

Speaker 7 (01:05:51):
I'm starting a salary job in a week and I
also want to refinance. How long do I have to wait?
My income is doubling from my current job. So congratulations
on that.

Speaker 6 (01:06:00):
Yeah, you don't need to wait. We can start at
the refinance immediately as long as you are long as
you have a salary letter and you start receiving that
pay before. It doesn't even have to be before we close.
It has to be before your first payment is due.
But you got to have that salary letter, which it's
basically like an offer of employment from the company. Salary
salary opens doors when you're hourly. Then we got to

(01:06:21):
wait and prove that you're working full time, you know,
forty hours a week. We got to wait a month
and say, okay, did you work forty hours every week
or did you do thirty seven and thirty nine? And
you know that's not a sign of stability. They want
to see the forty forty forty when when you're qualifying.
It doesn't mean that you can't do it the other way.
It's just a different way of calculating income called variable income,
which sometimes gives you less towards your debt ratios.

Speaker 7 (01:06:42):
Can I have more than one helock loan?

Speaker 6 (01:06:45):
Typically not home equity line of credit is what helock
stands for h ELC. Normally, if like We're doing home
equity lines for people that currently have home equity lines,
but as part of the process, we're paying off that second,
you know, the home equity line that you already have,
they really don't want you to have. I've seen homes
are three mortgages, but most home equity companies are going

(01:07:07):
to want to absorb the other home equity that's there
in front of them.

Speaker 7 (01:07:11):
Riddle time. Time a man pushes his car to a
hotel and tells the owner, I'm bankrupt. Why why does
he do this? He pushes his car to a hotel
and then tells the owner, I'm bankrupt.

Speaker 5 (01:07:26):
It's a monopoly.

Speaker 7 (01:07:27):
It is.

Speaker 6 (01:07:30):
Well time. I was a million miles from that.

Speaker 7 (01:07:35):
This was right there. I thought it was so either
really obvious or like you like you'd be thinking a
whole other way.

Speaker 6 (01:07:41):
I was singing, some fool name their kids bankrupt. That's
a label.

Speaker 7 (01:07:47):
It's going to be hard to outlivet bankrupt, bankrupt, bankrupt.

Speaker 6 (01:07:52):
Yeah there they good job, Fritz, Fritz.

Speaker 5 (01:07:56):
Every now and then I get one right for the
win all the time.

Speaker 6 (01:07:59):
You do well, oh folks, you did it. You successfully
wild away another ninety minutes of your Saturday morning listening
to us pratt Alon about all the fun things in town.
And thanks said always for joining us. We'll be here
next week. Play us out of here with something Cool.
Fritz hie H.

Speaker 3 (01:08:33):
Night.

Speaker 1 (01:08:37):
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 Loansradio dot com