Home Loans Radio 08.23.2025 with That Mortgage Guy Don- Hometown Heroes down payment grant now available.

Home Loans Radio 08.23.2025 with That Mortgage Guy Don- Hometown Heroes down payment grant now available.

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 hey hey, good morning. Welcome
to the Home Loans Radio Show with that mortgage guy Don.
That's right, it's me. We're here, we're doing it. We're
live right here this Saturday morning, and almost every Saturday
morning on Real Radio one or four point one. I'm
here with my crew. Good morning, m to the Jay.

Speaker 3 (00:31):
Good morning.

Speaker 2 (00:33):
How is MJ today?

Speaker 3 (00:34):
MJ is f fine today?

Speaker 2 (00:36):
Finer and frogs here fan fine.

Speaker 3 (00:39):
Fan fine, shee fine fine today.

Speaker 2 (00:41):
Also here today the Fritzman.

Speaker 4 (00:44):
So we start on a dancing.

Speaker 2 (00:48):
Wow. I like it. I like it. Welcome to the
Home Loans Radio Show. We're here doing what we do
every single Saturday for over three hundred something Saturdays in
a row, right here in the morning on real Radio,
doing a live show. You can text into seven seven
zero three one. Join the conversation. What do we talk
about here? M Jay?

Speaker 3 (01:05):
You know I always try to divert the conversation to
something other than, you know, mortgages, but other.

Speaker 2 (01:10):
Than what mortgages?

Speaker 3 (01:13):
But Actually, I'm really excited to talk about mortgages today,
are you. Yes. I've been reading about the FED chair
and things he said and people are excited, So I'm excited.
I can't wait to hear all about it.

Speaker 2 (01:24):
I don't think I want to talk about them today. Okay,
what do we want to talk about?

Speaker 3 (01:29):
Snakes?

Speaker 2 (01:30):
Thanks? Of course? Uh? Yes, I am a mortgage expert
and you're in luck. If you have a question about that,
you can text it into seven seven zero three one.
We're talking about some of the news I'm going to
do with the mortgage world. But you know, we're gonna
We're gonna do what we're gonna do, so we're probably
gonna talk about lots of different stuff as we are.

Speaker 3 (01:51):
Wont to do You heard about those rainbow snakes.

Speaker 2 (01:54):
Rainbow snakes they have like.

Speaker 3 (01:55):
A bright red stripe. They're called rainbow snakes. No, they're
an invasive species and if you find them, you're supposed
to call and tell someone where you saw it, because
they were trying to map out where they are. Anone
in particular, there's someone to call. I don't know the guy,
mom was google it. Who do I call if I've

(02:17):
seen a rainbow snake.

Speaker 2 (02:20):
Can you describe it? It's a how long, how big,
how fat?

Speaker 3 (02:23):
Research is on it. But it's a black snake with
it was a few days ago with a stripe. And
if you see it, you're supposed to go. Ah, I've
seen you and you know lerch.

Speaker 4 (02:32):
Which should be Let me just get in here. It
should be differentiated between the indigo snake, which is a
a a threatened native species here in Florida. They look
big and scary, they're absolutely harmless. I was trying to
find a rainbow boa in Costa Rica, but I couldn't
find one. Oh, they look pretty cool.

Speaker 3 (02:54):
I mean you can find a lot of rainbow boas
a proude.

Speaker 2 (02:59):
During your own rim. Shut there, I'm j very well done.

Speaker 3 (03:02):
It is pretty good.

Speaker 2 (03:03):
Can we hear that again? No, there you go.

Speaker 3 (03:09):
You got the gist.

Speaker 2 (03:10):
It's almost a law and order SVU.

Speaker 3 (03:12):
Did you get the gist of what I was going for? There?

Speaker 2 (03:15):
I did? I did, all right.

Speaker 3 (03:17):
Well, I have never seen a rainbow snake, but if
I do, I'm going to google it and call the athotack.

Speaker 2 (03:22):
Well after your p s A, I still don't know
what to look for, so I will I will google
it and be on high alert for the rainbow snake.

Speaker 4 (03:32):
It kind of looks like a spatter radioactive rat snake.
It's okay, kind of cool.

Speaker 2 (03:38):
Okay, oh interesting.

Speaker 4 (03:40):
I flscience dot com has an article on it. Have
you seen the snake? Florida wants your help?

Speaker 2 (03:45):
There you go, i FL dot Science. All right, the
more you know, see the things you learn already. I'm
jay that that had nothing to do with mortgages on
this beautiful sound.

Speaker 3 (03:54):
True, that's true.

Speaker 2 (03:56):
We knock it off.

Speaker 4 (03:57):
We got mortgages to talk about, all right, crying out.

Speaker 3 (04:01):
Loud, Okay, okay, we'll talk about.

Speaker 2 (04:05):
Hey, the warden says, I have to talk about mortgages
on Saturday mornings. So that's what I did.

Speaker 3 (04:09):
Art sure.

Speaker 4 (04:11):
I remember one time someone was like, well, you know, yeah,
I know you people at iHeart. You know, you have
agendas you got to talk about, and totally you know, farcical.
I go, oh yeah, right, we have to read the
emails every morning. We're like, oh, we can't talk about
this person today, you know, because you know, that's a
real thing. And they go, I know, and I go,
it's not.

Speaker 3 (04:28):
It's not.

Speaker 2 (04:33):
It's funny, big big poker tournament. Let's recap. We'll do
a little recap of the poker tournament that was. The
Celebrity Poker Tournament was last Saturday at the Science Center.

Speaker 3 (04:44):
Quick correction, Apparently the snake is not invasive. It is, uh,
they're endangered, so we need to tell people where they are.

Speaker 4 (04:54):
So they're probably in.

Speaker 3 (04:57):
We just want they just want to know where they are.
Lieutenant Day, thank you.

Speaker 2 (05:00):
For the correct those of you that are we're hanging
little rainbow snake heads over your doorstep, stop it. They're endangered.

Speaker 3 (05:09):
I'm sure no snakes are harmed. Between those two announcements.

Speaker 2 (05:12):
I'm gonna have to take a look at that. You know,
I know a good amount about snakes having grown up
in Florida, But that's that one I haven't heard of.
Maybe I have them by a different name. Were we
talking about? Poker tournament? The Celebrity Poker Tournament was last
week at the Science Center. A fun filled, fun packed,

(05:32):
celebrity packed and local celebrity packed, i should say, and
hundreds and hundreds of listeners and people that supported the
Mustard Seed. All of the funny, all of the money,
all the proceeds went to the Mustard Seed, a good
charity here in town. Yeah, and that was a lot
of fun. How'd you do?

Speaker 3 (05:48):
I m jay, I did pretty good. I got to
the second to.

Speaker 2 (05:51):
Last table, second to the last table. So there were
I think there were twenty tables, usually nineteen or twenty tables.
I'm I'm figuring in there's I believe ten people at
each table when you start out, so you're talking about
you know, several hundred folks there supporting and so so
you got down to the top twenty, then if you
were at the last two.

Speaker 3 (06:11):
Tables, yeah, I did really well. So somebody took me
out and I was having the best time, and I
was going from table table table just mined to sailing
right along, and then somebody came along and took me out.
That was you.

Speaker 2 (06:25):
Oh that was me. That's right. I had actually forgotten
that till just now. I'm glad you brought that up.

Speaker 3 (06:30):
It was you. I was like, I was sure, you know,
us being on the radio together and all that, you
would like see that I was going in and you'd
be like maybe like, oh.

Speaker 4 (06:39):
That's when it strikes. He smells blood and then he
just cammers.

Speaker 3 (06:43):
Yep, yep, and he would just looked me dead in
the eyes like I'm in I'm like, okay.

Speaker 2 (06:49):
You thought that I would give you special treatment and
bow out of a hand where I had a pair
of kings, pocket kings, so you know, so that you
could stay longer in the tournament.

Speaker 3 (07:01):
I was thinking, I mean, nobody knows what's in your hand,
so that's a secret. You know that you could just
keep and you could just like play the next hand.

Speaker 2 (07:08):
To be fair, it wasn't me that took you out.
It was the deck, the dealer, the dealer. Yeah, because
I had Lady Luck, she is Lady Luck. Yes, I had.

Speaker 3 (07:18):
Blow on the strange mistress.

Speaker 2 (07:22):
What I stepped on you, Jeff, But that was funny
what you say?

Speaker 4 (07:26):
I said, blow on him? Dolphace that Tim Robbertson, I'm
in heaven. Lucky numbers say sticks, Yeah, that's our favorite,
such a good skin.

Speaker 3 (07:39):
Yeah.

Speaker 2 (07:39):
But yeah, I had a pair of pocket kings and
then I don't, I don't know what you had. It
wasn't it wasn't better.

Speaker 3 (07:45):
Than it wasn't a pair of cock you know.

Speaker 2 (07:48):
Okay, finish the already.

Speaker 3 (07:51):
Was a pair of pocket kings that I had. But
you know the thing with poker, I'm sure everybody already knows.
But sometimes the cards you have to eat that don't
look like anything, you know, like my nines and fours,
often you know, really turn out because it depends on
you know, what turns over.

Speaker 2 (08:07):
When when they flop, when they flop over there, when
the dealer flops over the other cards, sometimes you know
something might come it come up, that's uh. You know,
people a lot of people are looking for aces or
kings that might have one in their hand.

Speaker 3 (08:18):
A lot of times pocket kings don't win the game.
Other things can turn that you know, give other people,
you know, a full house and you nothing sure you
sitting there with your little pair of kings that you
were all hopeful about.

Speaker 2 (08:28):
Well that didn't happen, though it didn't. So I have
pocket kings. So what that means is when you're playing
Texas holding the dealer gives you two cards and they're
face down, and that's your pocket cards, you know, and
then they're going to turn up five cards face.

Speaker 3 (08:41):
Up and you didn't bring them into your pocket, but no.

Speaker 2 (08:43):
I did not. But but TwixT those cards, you picked
the best five and that's your that's your hand. So
I was against m J and a couple other people,
and it was down. I think we're down to like
eleven people. If if you just stayed one more hand,
I think you would have made it to the final table.

Speaker 3 (08:57):
Just one more, just one poet you came here, just
stay pocketed.

Speaker 2 (09:02):
And then the dealer at Dirty Rascal turned over another king,
so and I had three kings, so that was kind
of hard to beat. And then so when you get
kicked out, when you get knocked out of the poker
tournament and you're one of the celebrities, you have this
little sign that says I got knocked out. Uh, you
know this, this person knocked to knocked me out. So
I got to keep MJ's little sign for knocking her ount.

Speaker 3 (09:21):
That was fun.

Speaker 2 (09:22):
I still have it. I'm gonna have it forever.

Speaker 4 (09:24):
I love that.

Speaker 2 (09:25):
Yeah, people are like, did you win? No, no, but
I knocked out MJ.

Speaker 4 (09:32):
From now he's just looking as it's being inked onto
his like stomach, like a prison tattoo. He can look
at it every day.

Speaker 3 (09:40):
I love it. I love it. It should be a tattoo.

Speaker 2 (09:43):
So you almost made it to the you made it
to the final two tables. A good job. That's a
that's quite an accomplishment. I mean, that's several hundred people
get knocked out to get to that point.

Speaker 3 (09:50):
Mostly I enjoyed that I always knock out all the
other radio hosts, right, it's just me and you at
the end. All who else.

Speaker 2 (09:57):
Was left me? Yeah, and dance Stone.

Speaker 3 (10:01):
And dance Stone. Yeah, but like all the ones who
talk about it for weeks and weeks about how they're
going to clean up, like they're never there at the end. Well, sorry,
if you're listening, they.

Speaker 4 (10:14):
Dance Stone, by the way, it is a is a
cultural institution.

Speaker 3 (10:17):
Amazing.

Speaker 2 (10:18):
It's such a good talk with Dance Stone. He was
sitting next to me at the final table.

Speaker 3 (10:22):
Voice of God.

Speaker 2 (10:23):
Some might say he was talking about you, Fritz or
what how cool you are and how great you know
you are, how your music is, and how cool it
is that you're still on this little radio show on
Saturday mornings and great guy. We had a great time
and then I knocked him out.

Speaker 4 (10:39):
Next, I got to see his his studio a couple
of months ago, and he's got this really really nice microphone.
I'm not gonna say what it what it is, but
we were both geeking out about it. I was like, yeah,
I have one similar, and it's like it's similar in
that it's vintage and his is like brand new and
like powerful. And I'm like, you know, if we teamed up,
maybe we could borrow some So I was like, you know,

(11:00):
I could borrow that use it on my drum kit,
you know, for my next album. And he goes and
I would have said the exact same thing. This mic
doesn't leave the studio. Yeah, you are an audio pro.

Speaker 3 (11:13):
It's so interesting to talk to someone whose voice you know, yeah,
you know, because he's just amazing. It's like, Hi, I'm
m Dan and then he talks to me like who,
Like I'm in the presence of this voice you know
that you've heard.

Speaker 2 (11:24):
If you don't know, Dan Stone is all over you know, iHeart.
He does a lot of the voiceovers, a lot of
the commercials, that kind of stuff, and his voice. If
you don't know, you do know, because you've heard his
voice one hundred times. Just don't you just don't realize
that that stands down. But he was the last celebrity.
So after he got knocked out, I won the trophy
for last celebrities. See, so that's it. That's that's what

(11:46):
I got. But I got knocked out a couple a
couple of hands later, and I think I made it
to seven thirty.

Speaker 3 (11:50):
What I don't even know who.

Speaker 2 (11:51):
Was a man named Tim. I don't know his Was
it the guy.

Speaker 3 (11:54):
Who was like just silently annihilating every table?

Speaker 2 (11:57):
It was, Yes, it was a guy who was silently
a nylating every table every but with sheer luck.

Speaker 4 (12:03):
From the come on it was bunkers.

Speaker 3 (12:06):
He went it on every hand.

Speaker 2 (12:10):
Yeah, he didn't fold. He played every hand and like
you said, you have a nine and a four and
then three more fours would come up here.

Speaker 3 (12:20):
Yeah, he wasn't at my table, which I was grateful for,
but I kept hearing people say, we were at that table.
That guy he just just annihilated.

Speaker 2 (12:28):
He was at my table. The like I got to
the final table early when there were still three or
four tables. That was just that they migrated to that
table and he was there with me. So I was
fighting against him and I saw several hands and I
was just like shaking my head, like, oh my goodness.

Speaker 4 (12:42):
You know, don is that the second time that you've
won Best Celebrity.

Speaker 3 (12:48):
It might be the third.

Speaker 2 (12:51):
I think it's the third.

Speaker 4 (12:52):
Yeah, the first time he won. You won that obviously,
and yeah, and then.

Speaker 2 (12:55):
Championship year before last, I came in third, So yeah,
I had that truth. So I've won best Celebrity.

Speaker 4 (13:03):
Busy Decker won that one, right, yeah, Oh that's true
celebrity one.

Speaker 2 (13:08):
Yeah. Yeah, so that's right. So twice I guess bus Decker.
I'll take it. Yeah, bus Decker.

Speaker 3 (13:14):
We both beat bus Decker.

Speaker 2 (13:15):
Yeah, there was still like four hundred people.

Speaker 4 (13:18):
Really beats bus Decker though, you know what I mean.
He gets home and he's like, I can still skate
and play fifteen sports and I'm handsome and tall.

Speaker 3 (13:25):
He's like, he's right, he's winning it.

Speaker 2 (13:28):
Life winning, He's winning winning. We're gonna take a quick right,
we'll be right back after these messages. Hey, hey, hey,
it's that mortgage guy. Don August is here in the
summer is sizzling, but my home is feeling cool, quiet
and safe. Things to my impact resistant windows from renewal
by Anderson. These windows are made right here in the

(13:49):
US with Anderson's exclusive fibricks composite material, which is twice
as strong and last twice as long as vinyl. Renewal
by Anderson windows and doors are designed to keep homes
comfortable and safe year round, reducing your energy bills and
insulating you from the outdoor weather and noise. If you're
in the market for new windows or doors and you
appreciate style, durability, and five star installation and service, do

(14:10):
what I did and call Renewal by Anderson today. Tell
them that mortgage guy Don said to call renewal by
Anderson's triple Saving Month Savings month right now. You can
get three hundred dollars off each window and eight hundred
and twenty five dollars off of patio doors. Plus say
zero down, zero payments, zero interest for up to a year.
Available restrictions do apply. Schedule year consultation today at Best
Windows Florida dot com. That's Best Windows Florida dot Com.

(14:33):
License number CGC one five two seven sixty one three.

Speaker 4 (14:37):
Hey, this is Devil 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 3 (14:47):
Hey, you're listening to Home Loans Radio with that mortgage
guide Don. We're talking about mortgages today, a little bit
about poker, and also some snake news.

Speaker 2 (14:54):
We haven't talked about mortgages.

Speaker 3 (14:56):
Yet we're gonna talk about mortgages. It's kind of a
big week for mortgages. There's actually something going on in
the mortgage world, which is exciting because for a while,
it's kind of been like status quo. You know, like
this is going to happen, maybe this will happen, but
some things might be happening.

Speaker 2 (15:13):
You're going to talk about it, or you want me
to talk about you doing so the in the world.
You know, it's been the topic for I don't know
a year now. The last time the Fed lowered the
prime rate was last December, so it's been a minute,
and the FED chair Jerome Powell came out in a
speech on Wednesday in Jackson Hole, Wyoming and basically kind

(15:36):
of changed the tune he's been carrying for the last
eleven months about lowering the prime rate. So it looks likely,
borring any unusual reports or findings that come out between
now and then, but likely that they're going to do
a prime rate decrease of a quarter point in September.
Now that doesn't affect the mortgage rates, it's not the
same rate like, it doesn't automatically affect the the moree rates.

Speaker 3 (16:00):
Usually, but it does eventually.

Speaker 2 (16:02):
Yeah. Usually what we see is because the mortgage rates
are controlled by mortgage backed securities, and mortgage backed securities
tend to be tied to the ten year treasury, and
then the time the ten year treasury performs differently when
there is a lower prime interest rate. So usually that
takes like a two or three month trickle down in
my experience for that to happen. But it happened, you know,

(16:22):
it happened. It's happening kind of immediately. Where the bond
market moved a great deal yesterday. Well to see on
Monday if the rates follow, but I'm pretty sure they will.
It was late in the afternoon so we didn't get
to see the full reaction, so we'll see what happens.
But I have a feeling I'm predicting that we're going
to see some interest rates going a little bit lower
this next week, not because of what happened is going

(16:45):
to happen in September has not happened yet, so it's
not like it's an actual movement. It's more about sentiment
in the market, the idea that it's going to happen.
It's good. Yeah, it seems like the market is already
reacting to what's going to happen next month. So well,
we'll see how that goes. But I am predicting and
we're seeing a lot of Even in the last week
or two three weeks or so, we've had rates down

(17:07):
low enough where a lot of people are refinancing. We
start a number of refinances where people have rates in
the sevens or high sixes, and we're able to get
them down into the fives now. So we're starting to
see some of that action. So if you think if
you're if you've got a rate with an eight in
front of it or a seven and a half and up,
you're you're now in the market where it's a good
time to refinance, and we'll start to see more of

(17:30):
that to come. But if you go from say a
seven point seven to five rate down to a six
and a quarter rate, and you've got good credit, you
on a four hundred thousand dollars loan, you can say
four or five hundred dollars a month in interest on
your mortgage payment. So it's definitely if you've got those
high rates in the sevens or eights right now, then
you should take a look at it and see what
you can do well. You can text in your questions

(17:53):
today seven seven text them into seven seven zero three
one like these fine folks have. You can ask your question.
You can make a tell MJ. What the heck you're
doing out there if you were at the poker tournament
and you want to tell a story or tell us
something that you thought was fun there, but it was
a good time. I did get nominated for something by
Jack Bradshaw. He said that he was talking to the

(18:17):
crowd at the beginning of the tournament and he said
that I had the best Shirtancy. Yeah, I want to
bears repeating.

Speaker 4 (18:29):
Cool cool.

Speaker 2 (18:30):
MJ had said earlier that she didn't think some of
the radio folks might be listening. Ryan. Ryan texted me
and said, oh, we're listening, MJ. S be careful what
you say about it.

Speaker 3 (18:41):
I have beaten you at the poker tournament every time
I've played.

Speaker 2 (18:44):
Every time. Is that true? How many times have you played?

Speaker 3 (18:47):
I don't know, but I've never had None of the
big names have ever been there at the end. They're
always gone. I always wish I could be gone too,
because I'm like, where did everybody go?

Speaker 2 (18:56):
I want to go, well, you've got a very unique
poker strategy where you pretend you do know absolutely nothing
about poker and people help you a lot. They don't
help me, I know, they're not actually helping you. They're
trying to help you.

Speaker 3 (19:09):
They think that they think they found a little wounded calf,
and they're like, you know, oh it's okay.

Speaker 4 (19:14):
You know.

Speaker 2 (19:14):
Then there you are at the final table.

Speaker 3 (19:17):
Just one man said to me, He's like, I don't
know how to clock you. He's sond of like playing
with people I don't understand. I'm like, sorry, yeah, I'm
not here for you. As it turns out.

Speaker 2 (19:28):
Well, So I also hung out with Anthony, friend of
the show. He was at at at a table with
us for our first table there for a WHI yeah,
that was fun.

Speaker 4 (19:38):
Also, that was fun, Anthony.

Speaker 3 (19:40):
Lots of good lots of good people. Checking in this morning,
mortgage Boy Troy says, good morning, good morning mortgage boy.

Speaker 2 (19:47):
To well, Troy, welcome to the Home Loans radio show.

Speaker 3 (19:50):
Think he's ever heard the show.

Speaker 4 (19:51):
He's the one who's like seven right.

Speaker 2 (19:55):
No these mortgages. You know, Troy, he went to the
comedy show with a couple of years ago.

Speaker 4 (20:03):
I just thought it would be funny if there's like
a you know, future future meteorologist out there, but he
wants into the mortgage world. He's like learning everything now,
so he's smart as hell.

Speaker 3 (20:15):
You know, like the kids who go on The Tonight
Show and know every American president, they're like eight or whatever. Seven.

Speaker 2 (20:20):
Yeah, I didn't. I didn't become a.

Speaker 3 (20:22):
Little mortgage a little mortgage expert, a little savant. Yeah.

Speaker 2 (20:26):
I didn't become that mortgage guy down until I was
in my forties. So if he's starting as a seven
year old that, you know, you're gonna it's gonna be
retired at eighteen.

Speaker 3 (20:36):
William is tuning in just to learn.

Speaker 2 (20:38):
Thanks William, thanks for listening.

Speaker 3 (20:40):
In Titusville.

Speaker 2 (20:41):
You can text into seven seven zero three one. We
are live, the most listened to, the most talked about,
the most live show right here on Real Radio on
Saturday mornings between nine and ten three.

Speaker 3 (20:50):
Here's someone says, good morning, down, I'm Dan Fritz. Love
hearing you guys every Saturday. Uh And Bree says, MJ
A leprechaun bought me a rainbow snake the other day.
I was sure I was hallucinating. Turns out Leprechauns are real, all.

Speaker 2 (21:02):
Right, Brie. Step away from the tab.

Speaker 3 (21:04):
And you're someone who said, I purchased a town home
about five years ago from my son in law who
moved to Florida. How can I transfer that loan to him?
Because he's been making the payment since day one. So
they purchased a town home for their son in law
and they'd like to transfer that.

Speaker 2 (21:20):
Loan they want to transfer. I wonder if he's on
the title. That's kind of a key piece to it,
but you can't. So I'll tell you both. If he's
on the title then and is able, you know, has
good enough job and income to qualify in debt ratio it,
then you can refinance that mortgage and he can take
it out on his own. You can't just change who's

(21:41):
on the names of a mortgage though. It's not like
you can sign it over to your neighbor or your
child or whoever. So if he's on the title, he
could refinance it and get the mortgage into his name.
That really only makes sense to do if you're also
somehow lowering the rate or getting some cash out or
something else you need to do.

Speaker 3 (21:57):
Maybe you need to not be having that more motgage.
Maybe you need to.

Speaker 2 (22:01):
Yeah, I kind of wouldn't need to know the motivations
a little bit. Are you trying to transfer the title?
If you're trying to transfer the title, that's easy. You
just to fill out a quick claim deed and record
it with the county. You can do that. That doesn't
change who's on the mortgage though, and then if they're
not on the deed, then they could also do something
called a gift of equity purchase that you buy from
a family member, typically with no money out of pocket.

(22:21):
So reach out to me at the website that mortgage
guide don dot com and we'll see if we can
figure out what you're trying to do. But I think
we can help you.

Speaker 3 (22:29):
There's someone who says, good morning, So I have a
mortgage at three point six percent.

Speaker 2 (22:33):
Congratulations.

Speaker 3 (22:34):
I don't want to touch that, but I do want
to access about one hundred grand of equity, which is
about half the equity in my house, to make home improvements,
daughter's wedding, deck, consolidation, etc. Do you recommend a home
equity line of credit or home equity loan? I have
great credit.

Speaker 2 (22:49):
Well, I'm going to say they're very similar. So a
home equity line of credit is also called a helock.
That's the loan that's usually more like a credit card
on your house, so to speak. It uses the equity
in your house, and you do a loan. You qualify
for the loan. Let's say you qualify for one hundred thousand.
At closing, you can take out, you know, fifty seventy
five thousand and use that for what you need, and

(23:12):
then you can pay it back down and charge it later.
Usually there's either a three year or a ten year
draw period where you can charge that up and down,
and during that time you pay interest only only on
the amount that you've charged that you have out on
the equity line. A fixed loan, we call that a
heed loan. It's a second mortgage that's like a fixed loan,
meaning you borrow. If you borrow one hundred grand, you're

(23:34):
gonna get your money at closing. You just make payments
for twenty years or twenty five years. After that, you
pay it off. There's no future draws, so it comes
down to and a lot of times they'll have lower
rates because it's not a back and forth thing. It's
just borrow the money and start repaying it. So it
really depends on exactly what your needs are. So they mentioned,
you know, daughter's wedding, a couple other things. If you're
doing multiple things, I'm probably gonna say that it makes

(23:56):
more sense to do a helock so you have that flexibility.
But if you're just taking out a lump some to
put in a pool or add in a you know,
an addition on your house or something like that, or
if it's a very serious daughter's wedding, then you can
take it all out as a lump sum and then
just start paying it back. But hit me up at
the easiest way to find out if you want to

(24:17):
find out exact numbers is to go to the website
that mortgage guy don dot com. You fill out the
application for a refinance, and then Laura, the helock wizard
will call you and find out your goals and how
you want it to work. We have about a dozen
different options that we can put together the numbers for
you and send them over and then you decide if
you like it. Simple as that.

Speaker 3 (24:35):
So one more part of that question that I have
a question about. They said that the amount they want
to get is one hundred thousand, which is half the
equity in their homes, and you've talked to us about
there's limits and how much equity you can take out?
Can you take out half? Yeah, you can, you can
take out three quarters.

Speaker 2 (24:50):
They're talking about half the equity. So let's say they've
got a house that's worth four hundred thousand and they
o two hundred thousand on that first mortgage of three
point whatever it was. Then half the equity means they
have two hundred thousand left, So half the equity would
be one hundred thousand, so they would be at a
seventy percent loan to value. Okay, that means the amount
you're taking out of your house, what percentage of it is?

(25:10):
Is it and the first mortgage together of the overall
house price and the max we can go up to
on home equity lines, it's ninety five percent. You can
actually take out a good amount of the equity out
of your house with a helong. You gotta have very
good credit and be well qualified to get that ninety
five percent loan, but you can definitely do it. You're
listening to the Home Loans radio show with that mortgage
guide down. We'll be right back after these messages.

Speaker 3 (25:34):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on Real Radio.

Speaker 4 (25:40):
Yeah, if you have a question about mortgages, go ahead
and text it in seven seven zero three one. What
seven seven zero three one. You can text it in
right now. We'll answer it live on air. That's what
we do here at Real Radio. One of four point one.
I'm Fritz. We got MJ and that mortgage guide done.

Speaker 2 (26:01):
There you go. Welcome back to the Home Loans Radio
show with that mortgage guy. Don We also have the
other piece of mortgage news that I hadn't mentioned so
far was that the Hometown Heroes program is back as
of last week. Oh yeah, and that's a down payment
assistance program that gets people up to thirty five thousand dollars.

(26:22):
It is profession geared so that it's a Hometown Heroes program,
so you can kind of tell it's anybody who's a veteran,
anyone in the medical services of any sort. You know,
you work in a hospital, you work in a doctor's office,
you're a doctor. If you are in municipal service, if
you're in if you're a teacher, if you work not

(26:42):
just a teacher, like if you work in a school,
you can be part of the janitorial staff. You can
be any part. If you want to see the exact professions,
you can go to my Instagram at that mortgage guy.
Don while you're there give me a follow. But you
can also click the link in the bio there and
I have pinned in my link tree the information that
shows you all of the available professions that are eligible

(27:04):
for the down for the Hometown Heroes down Payment Assistance
grant up to thirty five K for that grant.

Speaker 3 (27:10):
There's a lot of things there that you wouldn't expect.

Speaker 2 (27:13):
Yeah, oh they're Yeah, there.

Speaker 3 (27:15):
Are the kind of like niche things that are There are.

Speaker 2 (27:17):
A lot there and you can get exceptions. So like
if you you know, if you work somehow adjacent to
an eye clinic, you know you you may be able
to qualify. So take a look at the list and
you can also hit us up at the website if
you want to find out if you qualify. We can help.
It's very simple. You just go to the website. You
get to hit the button it says apply to get
pre approved, and you fill out the pre approval and

(27:38):
then we'll check all the down payment system assistance programs
that we have to see which ones, if any, that
you qualify for.

Speaker 3 (27:45):
You have some that aren't that.

Speaker 2 (27:47):
No, We've also got another one that is very popular
right now. It's a one percent down program. And if
that allows you to put one percent down, so well,
let me take a step back the Hometown Heroes. It's
a grant, but it is a repayable. You have to
repay it if you ever sell your house or refinance
it or rent it out. Okay, this one percent down
payment program, this one you get a two percent grant

(28:09):
to combine with your one percent. That's a three percent
down loan and a first time home buyer loan. But
the two percent grant that they give you up to
seven thousand dollars is non repayable. You don't have to
pay it back at all. It's just money.

Speaker 3 (28:22):
That's awesome.

Speaker 2 (28:23):
You do have to meet credit score criterion. You have
to be above a six sixty and it's also income
cap so that it you know, down payment assistance is
for people that make less money in general. But if
you're at eighty percent of the county median, then the
AMI you know, or the average median income of the county,
which in most counties is around ninety two hundred thousand.

(28:45):
So if you're in that seventy to eighty thousand dollars range,
you may qualify for that one percent grant as well.
So if you want to find out about that, you
go to the website that mortgage guide Don hit the
apply now and we will get a loan officer to
call you and guide you through the process.

Speaker 3 (28:59):
That realtor says, I had the honor playing with Don
for the first time.

Speaker 2 (29:02):
That's right. Paul was at the final I don't know
if he was at the final he was at the
table that became the final table, but man, he had
a couple good hands. They had a big old stack
of chips there. At one one point I was I
was pretty worried, but that evaporated, just like all of us.

Speaker 3 (29:17):
He's the one asking is an SBA loan a viable
option to get into the vacation home rental business with
an excellent credit score? Absolutely asking what a business that
is especially here.

Speaker 2 (29:27):
Well, I will tell you we are doing. In the
past year, I've done a number of these type of property.
I just closed on one this past week, and a
couple out near the Disney tourist area. But what some
people are doing as investors are buying these larger homes
that are I don't know, eight hundred thousand, a million,
a million point four homes that maybe sleep eight or

(29:51):
ten or twelve people change challenge, Yeah, for the for
the purposes of Airbnb and them. The one we just
did was in Georgia, So I mean I could do
these another state. We can do them in the Carolinas.
But the one we just did this past month was
in Georgia. Big beautiful vacation rental in the mountains on
a river. I can't wait to go stay there. But

(30:11):
a discount. Yeah, well we haven't talked about that, and
now I have it. But so you Airbnb type properties
or something that you're going to do daily rentals on,
you can't do a loan for that through Fannie May
or Freddie Mac or FHA or VA. These are not
your traditional loans. We have to use something called a
DSCR loan, which is a debt service compare ratio, and

(30:32):
then that loan it doesn't count the barrowers particular debt
ratios and income. It looks at the money the property.

Speaker 3 (30:41):
Will make I see as a business.

Speaker 2 (30:42):
Yeah, so it treats it like a little business loan,
meaning if the property makes ten thousand and your mortgage
payment is less than that at six thousand a month,
well then you can get approved. You also have to
have fantastic credit. You have to have twenty to twenty
five percent down, you have to have a year's worth
of reserves for the payments. So it's a it's a
it's for a loan for an investor that has money
to work with. But then you can buy these airbnb properties,

(31:06):
you know, these these larger properties and then turn them
into short term rentals and make that into a business.
You got to have some money to get started and
some good credit. But it doesn't rely on your debt ratios.
It actually relies on what the property will how the
property will perform. So it's a great product. I bet
I've done twenty five of these loans this year for
different folks buying properties around Florida and Georgia and North Carolina.

(31:29):
So it's a great product. Great question. Thanks for texting
that into seven seven zero three one.

Speaker 3 (31:34):
Here's someone saying thank you, Don for helping Corey and
Misty get their dream home in Mineral Bluff, Georgia. I
refer them to you with confidence that you would be
able to make a great experience for that.

Speaker 2 (31:43):
I wasn't going to put their names out there.

Speaker 3 (31:45):
Well, yeah.

Speaker 2 (31:49):
They've been. They've been advertising their new property excitedly on Facebook.
So it's out there. Yeah, you can, you can find it.

Speaker 3 (31:56):
How are he loan rates? Great credit? Low DTI? Which is.

Speaker 2 (32:00):
Say that again? How are he loan rate?

Speaker 3 (32:02):
Yeah? Great credit, low DTI?

Speaker 2 (32:05):
What is DTI dead to income? Okay, yeah, low debt ratio.
So I've seen helock he loan rates in on the
low end in the high fives, like five point eight
seven five. It depends on your credit, but also how
much of the equity you're taken out of there. So
if you're taking a lot of the equity out, you're
going to see higher rates the cap the high end.
I'm seeing it like tens ten and a half. There's

(32:26):
probably the highest I've high and low I've seen in
the last three months would be for a he loan
or helock rate. So the low being in the fives
and the high being in the in the tens, So
you're going to fall somewhere in there. It's easy and
free to find out if you want to. It is
in free, Easy and Free. You just go to the
website that mortgage guy. Don you hit the refinance application,
you fill it out, Laura will talk to you the

(32:48):
helock Wizard, and she will talk to you and figure
out what you're trying to do and then send you
three or four different quotes of what we have and
then you'll know exactly what you can qualify for in
your particular scenario.

Speaker 3 (32:58):
William and Tylers. Bill wants to know how did we
get so awesome? Thank you for your informative show, Thanks
for listening.

Speaker 2 (33:03):
You can text in your comments so nice. Yeah, you
can text in your comments to seven seven zero three
to one anytime during the show and MJ. Well, we'll
talk about it.

Speaker 3 (33:13):
Here's someone who says, Hi, there, we have a private
recorded mortgage with my parents on a home that we're
living in for five hundred thousand dollars. Can we do
a cash out mortgage to pay them off? She bought
a cash for us a year ago but now needs
her money back. Anything we need to worry about, So
they just need to qualify for more.

Speaker 2 (33:30):
Now it sounds like there's no title issues. They the
parents bought it for them, So I'm guessing it's in
their name.

Speaker 3 (33:37):
I don't know.

Speaker 2 (33:38):
So if it is, yeah, you can just do a
refinance if you qualify. You know, you gotta have a job,
you gotta have decent credit, and we've got to figure
out the numbers in the math to make sure you qualify.
But yeah, you can do a cash out loan to
pay mom back for what she spent to buy the house.

Speaker 3 (33:53):
What about using the gift of equity it's.

Speaker 2 (33:56):
Already in their name gift of equity purchases for buying
from a family member, and it's not in your name.

Speaker 3 (34:01):
I see.

Speaker 2 (34:01):
So if the moments, but.

Speaker 3 (34:02):
It's still in the mom's name.

Speaker 2 (34:04):
If it's still in the mom's name, they could they
could consider doing a gift of equity purchase. Yeah, and
get mom some of the money back. You can go,
you know, you can go up to about eighty percent
on a cash out loan. We actually we have a
product where you can go up to ninety percent on
a cash out loan. So you won't be able to
get all of the money back you know that mom spent,
but you can certainly, if you've got good credit and
you're qualified, you can get eighty or ninety percent of

(34:25):
it back in the form of a refinance. Great question.
Thanks for texting that into seven seven zero three to one.
That's how you do it, right there. You you pick
up your phonepo boopp seven seven zero three one. You
text in, tell Fritz how handsome I is? Oh?

Speaker 4 (34:41):
You go ahead though, Yeah, so handsome.

Speaker 2 (34:45):
So handsome, so handsome. I saw something that you posted
about Ozzy Osbourne on what was that about?

Speaker 4 (34:55):
I don't know what are you referring to.

Speaker 2 (34:58):
I saw a post where you said I am Ozzy Osbourne.

Speaker 4 (35:02):
I might have said those words. Maybe I'll be Ozzy
Osbourne for Halloween Night. Yeah, maybe I will be. Maybe
I won't be, but I will be. Yes, Halloween Night
at Will's Pub, the Ultimate Sin. It's a band, We're

(35:23):
just thrown together for one night only, and I'm gonna
be Ozzy Osbourne. So come out and go crazy.

Speaker 2 (35:29):
Oh man, that's gonna be fun. What's the night that crazy?

Speaker 4 (35:34):
October thirty first? I think this year it's on Halloween,
on Halloween Night?

Speaker 3 (35:41):
Is it again? Is it again? The last?

Speaker 4 (35:43):
The last day in October? It's a Friday night. Yeah?

Speaker 2 (35:46):
What what day of the week is Easter Sunday?

Speaker 4 (35:48):
This year I don't know. They always they always change it,
don't they.

Speaker 3 (35:53):
East moves around for sure. But it is on a Sunday.

Speaker 2 (35:56):
It's it's always a Sunday. What's so that's a Will's
pub October thirty. First people have to buy tickets.

Speaker 4 (36:02):
Uh yeah, I believe so I'm not all right.

Speaker 2 (36:04):
Well you'll let us know. We're a little bit away,
but we'll keep up. We'll make an announcement when people
can go buy the tickets.

Speaker 3 (36:11):
I'll do it, and I'm gonna put a little sign
out outside my door that says, sorry, I went to Will's. Pup,
here's your candy. Don't be greedy.

Speaker 4 (36:18):
I've already thought about the different wigs are unaware for
the show, you know, like I want to do different
eras of Ozzie.

Speaker 2 (36:25):
Ah, well, love it.

Speaker 4 (36:26):
Because I'm gonna have to get like a permed blonde
wig with hairspray, and then I'm gonna have to get
an all jet black.

Speaker 2 (36:33):
You don't already have both of those.

Speaker 4 (36:35):
I have a lot of wigs.

Speaker 2 (36:40):
That's exciting. That's gonna be fun.

Speaker 3 (36:42):
I'm so excited.

Speaker 4 (36:43):
I've been I've been dreaming about this for a long
time now. And the person that we have playing guitar.
Grew up as a huge Randy Rhodes fan. Of course,
Randy Rhods was twenty five when he met his early
demise in the early eighties, so he's got like everything
down already, and he's like, oh yeah, check it out,
you know, like this is how you play that solo.
And he nails it, and you're just like, what the

(37:03):
hell is going on? Yeah, that's amazing.

Speaker 2 (37:07):
I'm gonna I'm gonna plan to be there. That's going
to be a fun show, will see.

Speaker 3 (37:11):
I'm gonna address as Sharon Osbourn.

Speaker 4 (37:13):
Yeah, Sharon, Sharon, Sharon.

Speaker 2 (37:16):
I'm telling you're acting like you don't all the time already.
I jest. Well, that's fun. You're you're listening to the
Home Loans Radio show. We're going to take a quick break.
We'll be right back after these messages.

Speaker 3 (37:27):
Hey, it's Sabrina from the News Junkie.

Speaker 4 (37:29):
Do you have a question for that mortgage guide down
Text him at seven seven zero three one no back
to Home Loans Radio on Real Radio.

Speaker 2 (37:42):
Yeah.

Speaker 3 (37:43):
Yeah, yeah, having a day, having a day talking about
the mortgages, doing the thing the things we do. Hey,
I am Jay, Yeah, Hey, how you doing.

Speaker 2 (37:55):
I'm doing good.

Speaker 3 (37:57):
We have some questions.

Speaker 2 (37:58):
Welcome back to the Home Loans Radio show with that
Mortgage Guide Don. We're here doing what we do every
single Saturday. Right here on Real Radio one to four
point one. We are live. You can text into seven
seven zero three one join the conversation, and you can
also go to the website at that Mortgage Guide Don.
If you want to apply for a loan, a helock,
you want to find out about a reverse or an
SBA loan, you want to listen to. You are over

(38:18):
three hundred passed shows. That's right, they're all right there.
If you've been having trouble sleeping, you've got a solution
right there at that Mortgage Guide Don dot com. Also
follow on Instagram and at that Mortgage Guide Don. What
do you got? You got some stuff over there?

Speaker 3 (38:34):
I see, Yeah, have like several questions, so let's get it.

Speaker 2 (38:36):
Let's not got one because.

Speaker 3 (38:37):
We don't have a lot of time. I outright own
my house, but I do not make a lot of money.
I've been at my current job for two and a
half years. How can I get some money out of
this house?

Speaker 2 (38:46):
Well, we could look and see, you know, we don't
have to look at the debt ratios to see because
even the minimum helock loon or equity line we can
do is fifty thousand, and the payment on that could
be three four hundred dollars a month. So if you
have enough income to qualify for even a small loan,
we can figure that out for you. If if you
don't have enough income to debt ratio for it, then

(39:06):
that's a little tougher unless we're talking you know, unless
you're over sixty two or something. We're talking about maybe
a reverse mortgage. But the way to find out that's
that the website that mortgage got done, and we can
figure it out for you and see if the numbers
will work for a smaller size.

Speaker 3 (39:18):
He long, here's one who's someone asking what are the
rates for a VA loan?

Speaker 2 (39:22):
It's going to vary, you know, It's it's like asking,
you know, it's kind of an open question because it's
going to depend on your credit score. It's going to
depend on your down payment. If you're buying, you don't
have to do a down payment with VA, but you
can get sometimes improved rates if you put money down,
so and your credit score. So it's gonna depend on
all that, but I'm seeing rates on FHA loans and

(39:45):
VA loans easily down into the fives, five, five and
a half, five point six, five point seven in some cases.
There's also the same for VA loans. So if you're well,
well qualified, you you can get in the fives right now,
which is crazy because you know, year and a half
ago we were in the high sevens, even low eights
on a couple of those. And it's definitely with the

(40:07):
potential prime rate decrease coming up next month, we're already
seeing early reaction in the It's like the it's like
the treasuries and the NBS. It's had been kind of
waiting for Jerome Powell to say some of the things
that he said on Friday at the speech that he
did that indicates that the prime rate's going to go down.
So I think we're going to We're already seeing the
lowest rates we've seen in several months for the last

(40:29):
two or three weeks. A lot of people are refinancing.
And if you if you have a high rate with
like a seven or eight in front of it, you
should be considering it for sure.

Speaker 3 (40:37):
Here's someone who asked, I have a credit score of
about five point fifty. Will that prevent me from doing
a reverse mortgage? I'm in a bad spot. I own
the house free and clear, but my insurance will be
canceled if I do not replace my roof, which I
cannot afford on just my retirement income. I'm seventy five
and the house is worth six hundred and fifteen thousand dollars.

Speaker 2 (40:53):
Nice. Yeah, you got a lot of equity there there.

Speaker 3 (40:55):
That's a lot.

Speaker 2 (40:57):
We might want to talk about a reverse mortgage at
age seventy five. And this is when it doesn't It
doesn't matter the initial credit was the initial question was
the five fifty credit score. Yeah, and you know, people,
the credit score is not a problem with a reverse mortgage, don't.
They don't really look at credit. They look more at
the equity of the home and your age. So you

(41:19):
definitely want to check that out and see if maybe
a reverse mortgage might suit your needs. It allows you
to take money out of your property, but you don't
have to make the mortgage payments on it. They accrue
instead of like a regular mortgage. You get the amount
of money you borrowed, the four hundred thousand, and then
you pay that down over three hundred and sixty months
on a thirty year mortgage. On a reverse mortgage, you
get the money out that you want and what would

(41:40):
have been the interest cost gets added onto the mortgage,
so that mortgage goes up over time, but by the
amount of the interest, and so you still pay your
taxes and insurance. But it allows folks that are exactly
in this position where you've got six hundred thousand dollars
of equity that you can't get to and you've got
a problem you need to fix. Often a verse way,

(42:00):
a reverse mortgage is a way that we can do that.
If you want to find out about it, you can
go to the website. There's a questionnaire on there. You
just fill that out. We'll talk it through well. You
can come into the office and have an in personal
appointment if you want, and our offices in winter springs
and you can come in there and we'll talk about
it and we'll figure out see if it's something that
might benefit you.

Speaker 3 (42:18):
And they're hiding back saying what is the name of
the website.

Speaker 2 (42:21):
That mortgage guide don dot com.

Speaker 3 (42:22):
If you just google that mortgage guy Don, you'll get there,
or you can do it on Instagram and there's a
thing at our Instagram where there's the flags.

Speaker 4 (42:29):
Go to Google dot com.

Speaker 3 (42:33):
First, you need to find an internet device. Once you
find the internet device a research expert.

Speaker 2 (42:38):
If you google mortgage guy and don you're gonna find me.
Don't worry. There you go. Thank you for listening to
the Home Loans radio show. What else you got there?
M Jay?

Speaker 3 (42:46):
I'm forty one single and my eighteen year old daughter
moved out and eloped.

Speaker 2 (42:50):
Oh wow, good for you.

Speaker 3 (42:51):
We struggled just to rent the whole time. I still rent.
Is there a point in buying a home for me?
I only earned fifty k a year?

Speaker 2 (42:58):
Well, I don't know what kind of I mean. You're
strugguggling to pay rent. I don't know. You know what
that rent level is. If that's a two thousand dollars
a month rent, you know, we may be able to
find a house, a small town home something like that
that could get you a lower payment. If you're struggling
to make the rent and it's eight hundred a month,
well then that's going to be a different, different topic.
So I'd probably need a little more info. But you

(43:20):
don't have to commit to buying a house to find
out what kind of house you could get qualified for
and what the payment would be.

Speaker 3 (43:25):
It's easy and free.

Speaker 2 (43:26):
Yeah, it's easy and free. You got to a website
that mortgage got don dot com. You apply for the
pre approval. We'll tell you how much you qualify for,
and we'll tell you how much those payments would be,
so we can help you figure it out. But we
got to do a little got to collect a little data,
gotta do a little clickity clack research, so to speak.
I mean that's that's the sound of typing. You got

(43:47):
to the play the tap sound effect.

Speaker 3 (43:51):
The rent is twelve hundred.

Speaker 2 (43:55):
Yeah, well, you know you could if you could find
a house that is in one hundred and fifty to
two hundred thousand dollars range or a town Homan. We're
definitely seeing one. We closed on one this past week.
I think you could get a payment that was at
that level or maybe a little lower, and at least
you'd be paying for your own place instead of the landlords.
But something we can talk about. And also at that

(44:15):
level of income, you most likely qualify for some of
the down payment assistance grants. There's one that is a
one percent down program where they give you two percent
in a grant up to seven thousand dollars towards your
down payment that you don't have to repay. You have
to have a six forty score and you have to believe,
I'm sorry, a six to sixty score, and you have

(44:36):
to be below the county median income, which means you
have to make less than about seventy eighty grand. So
you sound like you might be in that in that boat.
If you want to find out, go to the website,
hit the apply now. We'll let you know if you qualify.

Speaker 3 (44:47):
It's pretty easy. It's worth checking out to change your life.

Speaker 2 (44:50):
You're listening to the Home Loans Radio Show with that
Mortgage Guy, Don, MJ and Fritz will be right back
at the top of the hour.

Speaker 4 (45:00):
Give that kill.

Speaker 3 (45:08):
Con he'll be counted. They come.

Speaker 2 (45:19):
Come. Hey, hey, hey, hey, hey, hey hey, Welcome back
to the Home Loans Radio Show with that Mortgage Guide. Don.
That's right, it's me. We're here. We're doing what we
do every single Saturday, live right here on Real Radio.
One to four point one. We got another half hour

(45:39):
left today. You can text in your questions to seven
seven zero three one. Get them in quick, get MJ.
We'll get them on air and I'll get you an answer.
You can also you can text into seven seven zero
three one. You can also go to the website that
Mortgage Guide Don. Or you can go to Instagram at
that mortgage Guide Don. If you want to find out
if you're we're trying to find out info on the
Hometown Heroes down Payment Assistance program, you can go to

(46:01):
the website link in my Instagram at that Mortgage Guy Don.
Go with the link tree and it tells you all
about the professions that are eligible for it right there
on the Instagram follow. Give us a follow while you're there. Also,
thanks to Fritz for your wonderful live music rejoins that
we play.

Speaker 4 (46:19):
Well, they're not live music, I think, well.

Speaker 2 (46:20):
It's original.

Speaker 4 (46:21):
Sorry in the studio is live at yes?

Speaker 3 (46:27):
Recorded live?

Speaker 2 (46:28):
Was recorded live? Yes? Thanks for sharing all of your
original music on our show. And what was that one
that you came back with that was warm blooded?

Speaker 4 (46:36):
Cold hearted?

Speaker 3 (46:39):
So good, so good? I enjoy it so much, sounds ominous,
It's it's just great.

Speaker 2 (46:45):
You can follow. You can you can find Fritz's music
anywhere you find music at Spotify, Pandora, whatever, Apple Music.
You can look for the real Fritz. You can look
for Florida Slang, Corvis Incorporated. Any of those will get
you to the catalog. You can also follow Fritz at
no Underscore Regrets, Underscore Coyote on Instagram. Welcome back to

(47:07):
the Home Loans radio show with that mortgage guide don
what do you get there? M J?

Speaker 3 (47:11):
With the FED potentially reducing rates in September, I look
at refinancing my mortgage loan. I currently have seven point
seventy five, but I'm wondering should I wait longer?

Speaker 2 (47:22):
I wouldn't. I think you should inquire right now. You're
if you have a rate right now with a seven
in front of it, you should be talking about a
refinance for people that are well qualified. We're seeing the
thirty year conventional rates down in the low sixes. You
could possibly even buy it into the fives, depending on
your scenario. On FHA and VA loans, you can get

(47:43):
those in the low sixes to mid fives right now.
So if you're if you've got a four hundred thousand
dollars house and you're you've got a rate of seven
point seventy five, and you get that down to about
six and a quarter, you're probably going to save about
four hundred dollars roughly a month in pure interest. So
if you wait, you're just spending that interest every month

(48:03):
that you wait. You might get to a point later
where it gets down, you know, another eighth of a
point to save you another fifteen dollars on your payment.
But I think you know time is of the essence.
The other thing we've seen for the last two three years,
when we've seen when the rates get down a little
bit like this, within a week or two they bounce
back up. So sometimes it's good to hit that hit

(48:23):
that target, you know, hit that trough and get locked
in while the at the bottom of the wave rather
than the middle or the top. But we've had the
lowest rates we've had this year for about the last
couple of weeks three weeks, and now it's definitely I
think the time for refinancing. We're seeing a ton of
applications come in for people saving two hundred, three hundred,
four hundred, five hundred dollars a month by lowering their

(48:45):
interest rate.

Speaker 3 (48:47):
Can you someone's asking, can you tell me what the
difference between an h A and a helock loan are?
What the penalties would be if there are any maybe
a brief overview of both, and which would you recommend.

Speaker 2 (48:57):
What's an HA though, so helock is a home equally
line of credit. That's something that we offer that we
can offer. We have about a dozen different types. And
HIA is something that I don't know. I don't trust
it yet. It's something that's new. It's not a government loan.
It's not like a loan product that we offer as
a licensed wholesale brokerage, state licensed brokerage, but it is.

(49:18):
There are a couple companies out there that you can
find online that do a thing called an HIA. And
here's the premise from what I've gleaned from reading several
of their websites and actually going a little bit into
the application on a couple of them, is that they
promise you to give you money out of your house
right now, you don't have to make any payments, and
sometime in the future, when you sell your house, you

(49:40):
have to pay them back a non specified percentage of
the value or a specified percentage of the value of
your home in the future. Problem is, you don't know
what the value of your home in the future is.
You don't know what it's going to be. You know,
if they're giving them, Let's say you agree to give
them thirty percent of whatever your house is worth in
the future. Or your house could be worth a million,
or it could be worth four hundred thousand, the amount

(50:01):
you give them could be pretty drastically different. So I'm
I'm hesitant. I don't recommend the HIA. I don't know
enough about it. It's not a product that doesn't have history.
It doesn't have the history, there's none.

Speaker 3 (50:12):
We don't know how it ends up there.

Speaker 2 (50:14):
There are loans being done now, but we don't know
what that's going to look on the far side when
the chickens start coming home to roost. And that's the
that's the part that concerns me about the AHA's. And
they're not they're not a government backed program or FDIC
program or you know, anything like that, So I'd be
careful with the AHA. Home equity line of credit is
pretty simple. We have about a dozen different options. It's

(50:34):
basically a second mortgage. You can do it as a
fixed twenty year second mortgage or twenty five year or
thirty year, or you can do it as an equity
line that you take out and you can charge it
up and down, almost like a credit card that's secured
by the equity of your house. It's still a mortgage.
That's a second mortgage, but that's a that's a he lock.
So for me, I can't recommend the HIA. I just
don't know enough about them. I don't know if anybody does.

(50:55):
We don't know how that they're gonna They're gonna end
up down the road. So proceed with caution.

Speaker 3 (50:59):
On those rolling the dice thing.

Speaker 2 (51:02):
Anytime you get something new where people will tell you
I'll give you one hundred thousand dollars and you don't
have to pay me anything till later, you know, and
then we'll tell you later how much you're paying, is
a little bit worrisome for me.

Speaker 3 (51:12):
Yeah, they worry is that they just owned your house.

Speaker 2 (51:14):
Or I don't know what, they go out of business, whatever,
I don't know, you don't know. I mean, it's it's
a business. It's not like it's a financial institution, you know,
like Fannie may or Freddie Mack. It's it's a company
that has come up with these products. We'll see how
it goes. Maybe it'll turn out to be a fabulous thing,
and I'll be endorsing it in two years, but so
far not seeing it. Great question. Thanks for texting that

(51:35):
into seven seven zero three to one.

Speaker 3 (51:37):
I think it's time.

Speaker 2 (51:39):
Guess what time it is, MJ Time for compare quote.
It's time for the compare quote of the week.

Speaker 1 (51:50):
Dot com.

Speaker 2 (51:51):
That's right, time for the compare quote of the week.
What's that you ask? Well, Newby, that's where.

Speaker 3 (51:58):
I have no name calling.

Speaker 2 (52:01):
Sorry, I don't know where that came from. Everyone's welcome
compare quote of the week. That's something I came up
a couple of years ago after I saw I read
a study that said that less than twenty percent of
people compare their mortgage quote after they get the first one.
And I think that's crazy because I see so many
quotes that people bring me that are wildly high by

(52:21):
tens of thousands of dollars, by hundreds of dollars a
month on the mortgage payment, And if they had compared
their quote that gotten another quote, they probably could have
saved themselves a lot of money. The number one reason
that the study cited that people didn't do a second
quote is because it was too hard. So my mission
it's going to be. Yeah, My mission was to make
it super easy. So I created a place on my
website where you can go in and upload your quote.

(52:44):
You don't have to apply, you don't have to do
any of that. You just upload your quote. It comes
to mind at yeah, you take a picture of it
on your phone, you upload it, or you put in
a pdf. You tell me your name, your email so
I can get back in touch with you, and then
it comes to my email and I look it over.
You got a mortgage profees with over twenty five years
of experience looking at it, telling you right away within minutes,

(53:05):
you know, that's a good quote. I had one. I
had one on Thursday. I told him that's a great quote.
They were closing in two weeks.

Speaker 3 (53:10):
I said, you're good to go, and they have the
peace of mind exactly.

Speaker 2 (53:14):
That gives you peace of mind. It's easy, it's free,
it's fast. You do the compare quote right there on
the website and upload your quote. So every week I've
been featuring people who have done this smart wise thing
and talking about how much money they save themselves. This week,
we had a married couple that had been renting a
house belonging to their granny, that's what they call her.

(53:34):
Granny for eight years. So they've been renting there a while,
and they were paying the mortgage that was granny's. Granny's
mortgage she was living elsewhere. She was willing to sell
it to them now for the amount that she owes
left on their mortgage, which was one hundred and ninety
five thousand. The house was worth four hundred and fifty thousand.
So this is a really nice generous family offered. I'll

(53:55):
tell you a house that you've been renting for the
past eight years and paying the mortgage down on, I'll
say it to you for less than half of what
the house is worth. So they went to their credit
union and they were told that they would need to
put down a five percent down payment, which would run
about ten thousand dollars on a two hundred thousand dollars loan,
and they were presented with closing costs of twenty just

(54:17):
a hair under twenty thousand dollars with a rate of
seven point twenty five. Also, it's terrible, Yeah, So they
were going to have to come up with thirty thousand
dollars to get into the house to buy the house
that they've been renting from the granny for eight years
what granny wants. Yeah, this is not the type of
loan that they needed. So when they came to me
to compare their quote, they're like, we have about twenty

(54:39):
nine thousand dollars in the bank. We've been saving up
for years, and to buy this house would cost us
twenty nine thousand. Like, what's the point? But granny wants
to sell it. She's working out her affairs, you know,
she's sorting out her legacy and so forth. So we
were able to offer a product that most banks won't do.
They don't have it. It's called a gift of equity

(54:59):
family perchase. This is where you buy a house from
the family member and we use the equity to be
the down payment, and we use some of that equity
to pay the closing costs, so you can get into
the house for essentially zero dollars. The only thing they
had to pay when they to get into the house
was five hundred and seventy five dollars for an appraisal.
So they didn't need thirty thousand dollars, they didn't need

(55:20):
twenty thousand enclosing costs, they didn't need ten thousand in
down payments. You know, at the closing table. We were
able to get them into the house. The closing costs
with us were six thousand dollars lower a rate of
six point twenty five, and that's saved them two hundred
and ten dollars a month, and all that they got
to keep their thirty thousand dollars in the bank that
they had and buy the house. So that's the kind

(55:41):
of thing you can find out when you compare your quote.
Not only are you looking for maybe a better rate
or cheaper fees or less, you know, less money out
of pocket, maybe we're going to have a product that
other people don't even offer, that you didn't even know
about because we're you know, I'm not like a corner
bank where I have one product that we offer. We're
a brokerage, a wholesale broker. I means we have one
hundred different lenders that do different things to help different people.

(56:04):
So that's the moral of the story. In summary, they'd
rented Granny's year after year, but by now brought tears
in fear the bank had asked for all their money.
Is that a joke? Because it ain't funny fixed them
up with a family plan, a course that saved them
thirty grand, be wise, compare your quote, and do not

(56:27):
miss the savings vote. Woo play the jingle.

Speaker 4 (56:31):
Was waiting for it.

Speaker 2 (56:39):
That's how you markage Guy and Bard. Yeah, if you
got a quote somewhere else reverse quote, commercial quote, refinance quote,
purchase quote, and you want to compare it, it's super simple.
Go to the website that mortgage guide Don upload it
right there. You can also do it through Instagram link
tree at that mortgage guide Don and I'll take a
look at it and tell you if it's good. You
get you're either going to save money or you're gonna

(56:59):
get of mind. And it's free, so.

Speaker 3 (57:02):
I mean, it's awesome. The peace of mind is also
super valuable. Otherwise you question forever like did I do
my due diligence? Did I do everything? You know? Did
I leave money on the table.

Speaker 2 (57:11):
It's not just peace of mind in general, it's often
pivotal for marital bliss because you'll have one person that
maybe the wife's spearheaded, getting all the quote, you know,
the first quote, and then the other person is like
you sure you did enough? Checking around? Is that a
good quote? Should we do more? Gives you that piece
of mind, so you both know that you've done your

(57:32):
due diligence. So do I love it?

Speaker 3 (57:34):
Yeah?

Speaker 2 (57:34):
There you go. You're listening to the Home Loans radio
show with that mortgage guy down. You still got a
little bit of time to text in your questions to
seven seven zero three to one.

Speaker 3 (57:42):
So anybody going to Mount Door tonight?

Speaker 2 (57:45):
Oh, that's right, that's right, Mount Dora. Mount Dora is
the comedy festival that they're doing downtown Mount Door. You
got the copy there.

Speaker 4 (57:55):
Jeff I do yes the world. It's just a flyer, really.

Speaker 2 (58:00):
Or summarize it, tell us about it, summarize it.

Speaker 4 (58:02):
Real radio comedy, Summer of laughs. That's tonight. Sabrina Ambro
hosts Miguel Cologne, Emily Fontano, Sea Lane, Ken Miller, DK
Reinemer and of course Angel Laboom, Angel Rivera. That's at
Mount Dora Music Hall, doors at six thirty, shows at eight.
It's a twenty bucks general admission. VIPT have VIP tickets,

(58:28):
but that's forty bucks. Go to real radio dot FM
slash comedy. That's real radio, dot FM slash comedy.

Speaker 2 (58:35):
You've heard her on the news junkies, Sabrina Omra if
you've not seen her perform her stand up. She is
so incredibly funny. It's gonna be a great show. And
then there's all that's a good lineup.

Speaker 3 (58:47):
The other comics there a serious they're.

Speaker 2 (58:50):
All super funny. For twenty bucks, that's a huge bargain.
If you don't have anything to do, go out to
the Mount Dora and go to the comedy show. You'd
still get tickets, so you can. You can buy them
on site if you want.

Speaker 3 (59:02):
And if you haven't been to mout door, it's a
cute little town to go early, hang out, get it,
get a bite and a cool, cool little restaurant.

Speaker 2 (59:08):
What I what I learned is I used to I
live in the you know, the Winter Springs area, and
I used to go to Mount Dora. You used to
have to go out Orange bloss I mean four thirty
six to four forty one. It tak you like an
hour and a half to get there. But now that
they built the beltway, I can get there in like
thirty minutes, twenty eight minutes. It's crazy. So yeah, go
check it out, support Sabrina and the rest of the crew.

Speaker 3 (59:30):
It's going to be a great show and have a
great night.

Speaker 2 (59:32):
Yeah, it's gonna be fun. Uh, you're listening to the
Home Loans Radio Show. We'll be right back after these messages.

Speaker 1 (59:38):
Do you have a question for that Mortgage Guide Don
text us at seven seven zero three one. Now back
to Home Loans Radio on real radio.

Speaker 4 (59:47):
Just like that, our time comes to a clues. But
you can always reach out on Instagram at that Mortgage
Guy Don. You can always go to that Mortgage Guy
Don dot com to listen to past episodes, strain it
on the iHeart Radio app.

Speaker 2 (01:00:03):
There you go. Welcome back to the show. Welcome back
to the Home Loans Radio Show. What it's almost over?
That's okay, we got a little bit of time.

Speaker 3 (01:00:11):
How that happened?

Speaker 2 (01:00:12):
What do you got cooking over there? MJ.

Speaker 3 (01:00:14):
I just want you to know that Kyle said that Fritz,
you are a handsome little devil Don. You are the man. MJ.
You keep me laughing and entertained all morning. You guys rock,
Thank you for listening.

Speaker 2 (01:00:26):
There you go go go check out for insist Fritz's
Instagram at no Underscore Regrets Underscore Coyote. There's a very
handsome picture of you and you will know posted at
the studio today looking mighty fine.

Speaker 3 (01:00:38):
I might see I do not know if you have
not seen that beautiful smile you should check it out.

Speaker 4 (01:00:42):
Well thank you.

Speaker 3 (01:00:44):
William also says fantastic rhyme, many claps, thank you to
your poem. There you go, well done.

Speaker 2 (01:00:51):
My my foray, my my my little, my little van,
my little fun project of writing poems that I decided
I would try.

Speaker 3 (01:00:58):
Maybe one day you can make a little book? Could
I by your boat? Do you have them all written
down somewhere?

Speaker 2 (01:01:05):
Yeah? In the podcast, I throw away the sheets after I.

Speaker 3 (01:01:10):
Ready, baby, you should keep them. Oh you know that.

Speaker 2 (01:01:13):
Sounds like work.

Speaker 3 (01:01:13):
I don't know.

Speaker 2 (01:01:15):
You're listening to the Home Loans radio show with that
mortgage guy Don We're here doing what we do every
single Saturday. If you got nothing to do, go check
out the Sabrina Ambro comedy show in Mount Dora tonight.
Ticket's still available twenty bucks. It's going to be a
great show. It's super funny and I think you should
do it. It's gonna be fun, lots of fun people there
to rub elbows with as well. What do you got

(01:01:36):
m j Anathan good before we do that? You know what?

Speaker 3 (01:01:39):
No, let's just do it.

Speaker 2 (01:01:40):
Guess what time it is? Mje it's time for the
speed round. That's where MJ's going to get to a
bunch of the questions that you've texted in that we
haven't gotten to so far. We're going to try and
get to them all. But if I don't, it doesn't
mean I didn't want to answer your question. You can
just go to the website after the show and send
it to me there in the email or DM me

(01:02:01):
on Instagram at that mortgage guy Donna and I will
answer your question outside of the show. What do you got, MJ?

Speaker 3 (01:02:07):
Do you do loans in Tennessee? I talked to people
in Tennessee about you all the time.

Speaker 2 (01:02:11):
We can do the majority of the loans that we do,
we can do in Tennessee. I can The thing that
I cannot do in Tennessee because I have a Florida
license brokerage is primary residences, but businesses. Earlier we were
talking about airbnbs, you know, DSCR loans, commercial loans, investment properties,
second homes. I can do all of those in Tennessee,

(01:02:33):
but primary residences you have to be licensed in the state,
and it's a pain in the neck to get licensed
in fifty states.

Speaker 3 (01:02:39):
Do you offer affiliate marketing pay to your website a
pay per click deal.

Speaker 2 (01:02:44):
I you know, I wish I could, but because of
our industry and our licensing, you're not. We're not allowed
to do that sort of thing. But it's certainly a
viable way to do stuff. What else you got, MJ.

Speaker 3 (01:02:58):
I closed my house last year in October? Has soon?
Can I refinance to get a lower rate?

Speaker 2 (01:03:02):
Last October? You have to have made six payments to
do a refinance for a lower rate, so you probably
made your first payment in December, so we're in August.
You're more than fine. What did they say what the
rate was? No? Yeah, if you got a rate in
the high sixes or sevens or an eight in front
of it, you should be looking at a refinance. Rates
have kind of quietly snucked down to where you know,

(01:03:23):
we're in the fives and sixes. Now?

Speaker 3 (01:03:24):
Can I file a home set exemption?

Speaker 2 (01:03:26):
Now?

Speaker 3 (01:03:26):
If I bought my house in April twenty twenty four.

Speaker 2 (01:03:29):
Twenty twenty four, yeah, yeah, you.

Speaker 3 (01:03:31):
Should miss your window.

Speaker 2 (01:03:32):
You should have filed that in January twenty twenty five.
Whenever you buy a house, you have to file your
homestead exemption the following January or February with the county.
So you missed the first year. It means you were
paying a little bit higher taxes than you should be.
But the good news is you can go and file
it again. I mean you can go and file it
for the first time this coming January and wait till January.

(01:03:54):
You still have to wait till January February. That's the
window to actually make it happen. Now some counties, I've
been sent some emails to tell me that some counties
are allowing you to go out and do the paperwork
now on the website, get in line, but they won't
process it till January anyway. So you can go look
at your county at property appraiser website and see if
you can do it now. But it won't. It won't.

(01:04:15):
It won't take till next year.

Speaker 3 (01:04:16):
But that's still cool. You could get you know, you
know it's done.

Speaker 2 (01:04:19):
You can get it out of the way. But from
what I've seen, maybe ten percent of counties we're allowing that.
In Flora.

Speaker 3 (01:04:24):
And lastly, I'm looking for an SBA loan to start
up a business for myself. I have been working at
my job for twenty years, but I need a loan
to get this business doted. They want to get it started.

Speaker 2 (01:04:34):
Yeah, they do it. We do SBA loans, we do
small business loans, and it's it's likely that you will
have some options, especially if you're trying to open a
business doing something you've done for twenty years. That's one
of the big requirements that they want to see in
a startup is that you know what the heck you're doing.
So yeah, you know, if you've been installing AC units

(01:04:55):
and fixing them for twenty years and now you want
to start your own AC business, and then that's a
good candidate for for most business loans. You may need
some of your own capital, but yeah, we can check
it out for you. Just go to the website that
mortgage guy Don. There's a commercial aside to the website
and you click. There's an information for him that says
get in touch with Don. You fill that out and
we'll chat and we'll see what we can figure out.

Speaker 3 (01:05:15):
All right, Riddle time, Riddle time. This is an easy one.
So you know, speed's gonna matter here, all right, Between
you guys and Ryan, I think you can get this
one too.

Speaker 2 (01:05:26):
I know, here we go, Ryan would say, last night
where He's like, do you know the answers ahead of
time to the riddle of you and Fritz? You guys
are so fast. We're like, no, do you think is
going to give us the answers ahead of time?

Speaker 3 (01:05:37):
This is one I think every everyone will get. So
it's a it's a race to the clock.

Speaker 2 (01:05:41):
All right, ready, go ahead?

Speaker 3 (01:05:44):
What can run but never walks, has a bed but
never sleeps, has a mouth but never talks?

Speaker 2 (01:05:51):
River yep a river.

Speaker 3 (01:05:54):
I told you selv though, Ryan, congratulate you got your
riddle right, I'm sure.

Speaker 2 (01:06:02):
Uh we'll see right. It's like I never get those
before you and Fritz sometimes neither do I. Right, Well, folks,
you did it. You did it. You successfully wiled away
another ninety minutes of your Saturday listening to us pratt
Alow about all the things right here on real Radio
one to four point one on a Saturday morning. Tune
in next week. We'll be here again. But tonight go

(01:06:24):
to Mount Dora. See Sabrina Ombra in the comedy show.
It's a great lineup. Play us out of here with
something cool, Fritz, stay safe everybody here.

Speaker 1 (01:06:49):
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