Home Loans Radio 09.13.2025 with That Mortgage Guy Don Rates are getting lower time to Refinance!

Home Loans Radio 09.13.2025 with That Mortgage Guy Don Rates are getting lower time to Refinance!

Episode Transcript

Speaker 1 (00:00):
Orlando.

Speaker 2 (00:01):
Can iHeartRadio station make us the number one preset on
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The views expressed are those of the hosts and their guests,
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It's time for home Loans Radio on real radio with

(00:23):
that mortgage guy Don. Join the conversation. Text us at
seven seven zero three one. Now here's that mortgage guy Don.

Speaker 3 (00:33):
Hey hey, hey, hey, hey hey.

Speaker 1 (00:35):
Hey, good morning. Welcome to the Home Loans Radio Show
with that mortgage guy Don. That's right, it's me. We're
here doing what we do every single Saturday. I'm a
mortgage expert. I'm here with my crew. Good morning, I'm.

Speaker 4 (00:46):
Jay, good money.

Speaker 1 (00:48):
Ah wide awake, I can see yes there. Good morning, mister.

Speaker 3 (00:53):
Fritz stat of want Ad Dancing.

Speaker 1 (00:57):
Oh yeah, we're here. We're doing it. We're doing what
we do every single Saturday. Ruck four point one live
to you from nine until ten thirty. You can text
into the show seven seven zero three one. We've been
doing this for over three hundred and ten saturdays in
a row for you for your listening pleasure. But also

(01:17):
you can text in the show and ask questions and
make comments. Seven seven zero three one Join the party.
Tell MJ what you're doing out there? What's going on?
What's cooking? What are you doing on this fine Saturday morning?

Speaker 4 (01:29):
In September?

Speaker 1 (01:31):
Is it September? It is almost so.

Speaker 4 (01:33):
Deep into September?

Speaker 1 (01:35):
Is it?

Speaker 4 (01:36):
Yes, September thirteenth. Oh yeah, almost halfway through September. So
get used to September because it's almost gone.

Speaker 1 (01:43):
Well there you all right? I feel better prepared than
I was just a moment ago.

Speaker 4 (01:49):
Fritz.

Speaker 1 (01:50):
How about you? Are you? Are you doing this exciting saturday?

Speaker 3 (01:53):
It's exciting?

Speaker 1 (01:58):
Anything fun happened on the way to work, to any
road rage, any high speed chases, any super speeders go
by you, anything?

Speaker 3 (02:05):
No, people still don't know how to merge.

Speaker 4 (02:07):
No, man, isn't that just the isn't that just something
you could just say about our whole society.

Speaker 3 (02:12):
Especially when you have a merged lane.

Speaker 4 (02:15):
You can just say that about everyone everywhere. People just
don't know how.

Speaker 1 (02:18):
To merge, you know, but do go on? What were you?
What were you?

Speaker 3 (02:23):
I was just gonna say.

Speaker 5 (02:24):
I mean, you know, if you have a merge lane
in front of you, why not just start driving towards It.

Speaker 4 (02:30):
Would make sense.

Speaker 5 (02:32):
Slam on the brakes instead and wait for traffic which
will not stop.

Speaker 4 (02:37):
Nope, to stop Nope.

Speaker 3 (02:39):
That's all I gotta say about that.

Speaker 1 (02:41):
All right, it's you. You know who you know, who,
you know, who you are. There's not like a you
know when I'm gonna sound like an old timber. When
I was a kid, you had driver's head in school.
You know, in high school, you had a teacher that
rode next to you. They had their own set of brakes.

Speaker 4 (02:58):
Still have it?

Speaker 1 (02:59):
Reallys that still have?

Speaker 4 (03:00):
The cat often tells us that he's teaching teenagers how
to drive.

Speaker 1 (03:06):
Yeah, but I think that's like, I don't know if
that's part of the school curriculum like it used to be.
I don't know, but that's how. That's how I learned
that the terror of driving was from my pe coach,
who was also the driving.

Speaker 4 (03:19):
Sound.

Speaker 1 (03:20):
And then they also, if you weren't practicing driving, you
were just watching movies of cars crashing to scare the heck.

Speaker 4 (03:25):
Out of you, murder like the dummies and the Yeah,
I wonder if they still do that.

Speaker 1 (03:32):
Well, I don't know, someone's going to tell us. Text
into seven seven zero three one, tell us what you're
doing out there. You can also text the show. You
can text in your mortgage questions. I am an expert,
you know, but anything, Text anything, MJ and Fritz No
of huge diversity of.

Speaker 4 (03:46):
Unusual facts and things, weird, weird.

Speaker 1 (03:49):
Music, movies, you know all that texted seven seven zero
three one. We'll talk about it. What's going on in
the world of mortgage news? MJ.

Speaker 4 (03:57):
Well, it is National Pean that day, but I suspect
we're going to talk about mortgages.

Speaker 3 (04:03):
Peanut, peanut, peanut, peanut.

Speaker 4 (04:05):
Peanut, just peanut, not peanut butter. That's a different day,
and it's it's just National peanut Day. Just it's a
raw ingredient.

Speaker 1 (04:12):
I think, well, you can do a lot of things
with a peanuts.

Speaker 4 (04:15):
So many things. I could forest coump peanuts for a while. Yeah, sure, peanuts. Yeah,
what you got, boiled peanuts, peanut brittle, Yeah, So so
many things you can do with a peanut. And it's
good for you too. But I feel like I've heard
somewhere this week a lot about the FED and the
mortgages and the inflation rate and things coming and big

(04:36):
price drop, and you know, you'd let me know what
the real news is. But I feel like in the
background of a lot of other things, I kept hearing
things about that.

Speaker 1 (04:44):
I'd rather talk about peanuts. What do you think, Chris,
what's your vote? You want to talk about peanuts or mortgages.

Speaker 3 (04:52):
I mean, it's up to you. It's your show.

Speaker 5 (04:55):
I don't mind either way.

Speaker 4 (04:58):
Well, here's my two cents from peanut gallery.

Speaker 1 (05:01):
There you go. What about unsalted peanuts? Do you feel
like they're worthwhile?

Speaker 4 (05:05):
No, they're just for crows.

Speaker 1 (05:07):
I know that's That's the only reason I get insulted.
Peanuts is to feed the crows. And why am I
worried about the contents for crows?

Speaker 4 (05:13):
You want to hurt the crows.

Speaker 3 (05:15):
You're feeding crows?

Speaker 1 (05:16):
Do they need do they need to have salt free peanuts?
Or can they just have salted peanuts because I think
they'll like them better?

Speaker 4 (05:23):
I don't.

Speaker 3 (05:24):
I mean, I don't know. Let me see.

Speaker 1 (05:29):
Anyway. I was just musing on the wondering about that.
But yes, you're right, MJ. We do have some big
mortgage nos.

Speaker 5 (05:35):
They can be unhealthy or even dangerous salty or any kind. Yeah,
you shouldn't give them salted. Seasoned, smoked or salted nuts
can be unhealthy or even dangerous for birds.

Speaker 3 (05:46):
I guess that's salted twice.

Speaker 1 (05:47):
But all right, well, I take it back. That's why
I have unsalted peanuts. And you get that friend that
comes over and grabs the peanuts and they say, what
the heck, why do you have unsalted peanuts? What are
these for?

Speaker 5 (05:57):
As they're eating it and you're just talking to them,
and they just are making that face, but they don't
say anything because they're polite.

Speaker 3 (06:02):
Yeah, and then they just politely put them down.

Speaker 1 (06:06):
Do you have any salt? And yeah?

Speaker 4 (06:08):
That's weird though you because you can't add the salt later.
It just doesn't work. It just falls off at the
bottom of the bowl.

Speaker 1 (06:13):
You got a deep fryme first.

Speaker 4 (06:15):
You gotta do the salt whenever they're warm and sticky.
I don't know, but you can't do it later.

Speaker 1 (06:19):
Can you deep fry a peanut? I just totally made that. Yeah, sure,
turned into.

Speaker 4 (06:23):
I don't know, I haven't done it. I mean you
can deep fry anything. I think you can.

Speaker 1 (06:32):
Deep run over to the station deep fryer.

Speaker 5 (06:34):
Now, I don't know if you can give deep fried
peanuts two crows. However, there is zero evidence that salt
is harmful to crows in any way. In fact, one
person on Reddit said they love salt because I have
a bag of salt to uh for ice on on
my path. I guess it gets cold and then you
know the sidewalk. Come now the crows eat the salt.

Speaker 1 (06:55):
Wow, that's that's a different kind of salt.

Speaker 3 (06:58):
That's a salty bird right there.

Speaker 4 (07:00):
Yeah for sure.

Speaker 1 (07:01):
Wow, Well there you go. The more you know, and
I mean you heard it, you read it on Reddit,
so it has to be true.

Speaker 4 (07:07):
Yeah, one guy on read it is my source for everything.

Speaker 1 (07:11):
A lot of people get their news that way. But
what we are seeing, yes, we're seeing the lowest mortgage
rates we have seen since October of twenty fourteen. Go on,
and that's more significant than it sounds. You're thinking, Okay,
what it's been ten months, that's the lowest mortgage rates
in ten months? Right, Well, that that period.

Speaker 4 (07:30):
In I said fourteen, you met twenty.

Speaker 1 (07:32):
Four, twenty four since October of twenty four why that
would be something if the lowest time, No, it's the
lowest mortgage rates we've had since October of twenty four
so going back, you know, ten months, it's been, it's
been higher. And that period of time in October was
about a week long, so we had good rates in
October for about a week long, right, But other than

(07:54):
that little blip in the market, we're actually having the
best rates we've had right now since twenty twenty two.
Early twenty twenty when rates basically started, you know, departing
that range of the two, three and four races.

Speaker 4 (08:06):
Normal, what was well, it wasn't, what was abnormal?

Speaker 1 (08:09):
Yeah, what was below normal, and then went all the
way up to the eights at one point, and then
back into the sevens and then the sixes. And now
we're seeing rates on many of the loans that we're
doing in the in the high fives right now. So
we're the national average for Freddie Mack was six point
twenty five this week. But we see rates usually it
depends on what kind of loan and how well qualified

(08:30):
you are, but we are definitely seeing rates in the
fives fifteen year rates in the load of mid five.
So this is like a kind of a watershed area.
Meaning the idea is that if you have a rate,
If you have a loan two hundred and fifty thousand,
three hundred and four hundred thousand dollars loan, and you
can lower your interest rate by a full point, then

(08:50):
that's usually a time when you want to look at refinancing.
That means you'd be able to save two three four
hundred dollars a month in interest in a lot of cases.

Speaker 5 (08:58):
Uh.

Speaker 1 (08:58):
And if you bought during that time when the rates
were in the seven seven and a half eight eight
and a quarter, you should definitely be looking at refinancing
that right now you could save hundreds, if not thousands
of dollars in just pure interest every month. We're firmly
in that, and I can tell because the phone was
ringing off the hook this week. You know, people people
are aware that rates or they're getting aware that we're

(09:21):
in kind of an area of rates that we have
not seen in quite some time since last last fall,
and even then briefly only I would say in that
time period, I only probably had about fifteen clients that
really got to take advantage of it during that one
low point that we had in October at twenty twenty four.
So right now, mortgage interest rates are the lowest they've
been since twenty twenty four, and that was only a

(09:43):
couple week period, so prior to that, we get just
a little bit lower. We're going to be talking about
three year four year lows on mortgage rates, and that's
going to help a lot of people. We're seeing when
we had refinanced these and people drop, you know, two, three, four,
five hundred dollars on their interest rate. A lot of
times they're just heading back to what their payment was
before because they've had insurance increases, or they've had tax

(10:04):
increases and things of that nature. And this is a
way to kind of do a little bit of a
reset on that. So if you want to find out
what you can do, you go to the website that
Mortgage Guide. Don you fill out the application for a refinance.
We're not gonna do a hard credit poll. We're gonna
do a soft credit poll with your permission. We're going
to collect some documents and then we're going to give
you a written quote of what you you know, how
much you could say, Okay, here's your new payment. You

(10:25):
could save three hundred and fifty a month or four
hundred a month, and that's that's how you check into it.
Just reach out on the website and that Mortgage Guide
don or you can call into the number which you
can find online.

Speaker 4 (10:35):
Awesome.

Speaker 1 (10:36):
What kind of questions do you have? MJ.

Speaker 4 (10:37):
Well, here's a here's a little fact check repeat, I
mean retort reply.

Speaker 1 (10:42):
Easy for you to.

Speaker 4 (10:43):
Say, no, here's someone I said, my son just completed
drivers ED this summer. There's a virtual portion and then
you're provided three driving lessons with the Safety Council upon
successful completion.

Speaker 1 (10:54):
There you go.

Speaker 4 (10:54):
Exists, but a different way it exists.

Speaker 1 (10:56):
But like when I was in school, it was fifth period.

Speaker 4 (10:59):
Yeah, teacher driving around the city.

Speaker 1 (11:02):
Some days we're driving days and some days we're watching
car crash movies.

Speaker 4 (11:06):
It has it has, it has changed, but it's still happening.

Speaker 1 (11:09):
The car had like out in the out behind the
I went to Oakridge High School, so we you know,
we had a lot of portables at Oakridge High School.
The whole about half the school was portables. But out
behind the driver's ed portable was like a parking lot
and it was mapped out with cones and it had
a little course with four way stops and two way stops.
And you know when you went to class, you get
if it was your turn. The school had a fleet

(11:31):
of like eight cars, and they had they had brake
pedals and gas pedals on both sides so that the
teacher could overrule your idea if you were on the
road if needed, and you know, you go out there
and drive one of the cars and learn how to
do it. But I think that must have been pretty
expensive for schools back in the day to maintain a
fleet of cars.

Speaker 4 (11:49):
I mean, back then they probably just had like the
basic car insurance. Now it seems like the insurance would
be such a prohibitive thing.

Speaker 1 (11:56):
I don't know. I'm sure there's a reason they stopped
doing it, but who knows. Maybe somebody can tell us.
Thanks for texting into seven seven zero three one. That's
how you do it. Tell us what you're doing out there,
what's going on? Welcome to the show.

Speaker 4 (12:08):
Welcome, welcome, Thanks everybody for checking in. Here's some folks.
Say good morning to Donna, m J and Fritz from
my gorgeous porch in Titusville. Decent breeze, says Williams, says
William Bell. I'll do checking in leg day and the
shed day. Hooray, it's not a thousand degrees.

Speaker 1 (12:25):
So it's not it's I just looked at the time.
It's seventy five.

Speaker 4 (12:28):
Outside, right, that's amazing for leg day and the shed day.

Speaker 3 (12:31):
That's right.

Speaker 4 (12:31):
It let's go. Here's someone says, good morning, y'all waiting
for another insightful show.

Speaker 1 (12:37):
So leg day is when you work out in the shdow.
Are you like shaving your legs and putting lotion on me?

Speaker 4 (12:42):
I don't know. Yeah, maybe it's today. You just give
you a love. They need leg day. You rub them down.

Speaker 1 (12:48):
First of all, you wash them because most people don't
wash it.

Speaker 4 (12:51):
You gotta wash them, wash them.

Speaker 3 (12:52):
Most people don't wash their legs.

Speaker 1 (12:54):
That's what I've.

Speaker 4 (12:55):
Heard, what like intentionally, Like they just let the soap
fall down their and you know, hit the ground. They
don't necessarily take a moment to soap them legs up from.

Speaker 1 (13:06):
You know, from top to bottom. I don't know. Do
you wash your legs from top to bottom?

Speaker 3 (13:10):
If you must know, yes, I must know.

Speaker 4 (13:15):
Very visual thinking.

Speaker 1 (13:16):
Well, I mean if it's if I'm like going to
a fancy dinner or a party or something, then you
got to work. That's a leg washing.

Speaker 3 (13:22):
That's a leg washing.

Speaker 4 (13:27):
Well, it's my wedding day. I guess I gotta wash
the legs.

Speaker 1 (13:30):
Sure you wash your legs. Look, you can pretend you
wash your legs every time with you know, top to bottom,
every inch, or you can admit you just do it
on special occasions. But anyway, that's up to you. You're
listening to the Home Loans radio show with that mortgage
guy Don. First segment, already in the bag. We're gonna
take a quick break. We'll be right back after these messages. Hey, hey, hey,

(13:53):
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(14:33):
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Speaker 3 (14:51):
Hey, this is Debra Roberts from the Jim Culbert Show.

Speaker 1 (14:54):
Lend.

Speaker 3 (14:54):
You're listening to Home Loans Radio on Real Radio. Now
back to the show with that mortgage guy Don.

Speaker 4 (15:02):
Hey, you're listening to home Ones. I'm always doing all
the Hayes, and I just thought i'd just do one.

Speaker 3 (15:12):
Hay all right, you're listening to home loads radio.

Speaker 4 (15:17):
Hey, Hey, what you're doing anyway?

Speaker 3 (15:20):
A little bit of music.

Speaker 4 (15:23):
That's what you're doing out there, listening to homelands Radio
where you've stumbled upon. Lucky you, you have stumbled upon
a mortgage show, and it's going to be great, better
than you think it's going to be. We're going to
answer questions about mortgage, might talk a little peanuts. Other
than that, welcome peanuts. Maybe peanuts, Yes.

Speaker 1 (15:48):
Peanuts because peanuts day, right.

Speaker 4 (15:51):
Ja, Yes, seen a million of them? Yes. When I
was young, I was sitting at a family table and
my great aunt told a story about being a nurse
in the military and seeing a million. No, it was
about never mind, I shouldn't tell that story. It was

(16:13):
someone who wanted her to come look at their peanut
garden and kept saying, come look at my peanuts. And
she said, I was a nurse in the military. I've
seen a million of them.

Speaker 1 (16:21):
There you go, Well done, MJ.

Speaker 4 (16:27):
You did it. I apologize to everywhere.

Speaker 1 (16:32):
It was good. Text in your comments to seven seven
zero three one day that though, please tell MJ about
her story.

Speaker 4 (16:38):
It was terrible. I told it badly and uh, anyway,
I got the Yeah, my apologies. Bring and carry. Listening
from the Peanut Gallery with the Peanut Gang, Charlie, Lucy
Linus and Snoopy and the Peanuts.

Speaker 1 (16:52):
Well there you go.

Speaker 4 (16:53):
Robert Lee says, you can toast your peanuts and a
cast iron skillet or any pan for forty five seconds.
Toss your tossamn oil spice it up however you want.
They'll be delicious.

Speaker 3 (17:02):
That's mean.

Speaker 5 (17:02):
Yeah, it's such a good idea to do that with
coconut flakes. You put it in the oven, like as
hot as the oven will go. You put it in
there for like a minute or minute and a half and.

Speaker 3 (17:12):
Take it out.

Speaker 5 (17:13):
But man, you gotta close your eyes because it's like
mustard gas. It'll burn that hell out of it's surprisingly
it's like surprisingly toxic when when it hits it ow.

Speaker 3 (17:23):
But man, it's so good.

Speaker 1 (17:25):
Okay, vegetarian problems, am I right?

Speaker 4 (17:27):
Just eat the You just eat the coconut the way
it is, or do you put it in things?

Speaker 5 (17:31):
I mean, you eat it as is. But you know,
it's like if you're you know, making coconut cookies or whatever.

Speaker 4 (17:36):
Okay, all right, here's somebody who's asking, do you anticipate
the interest rates will be going down even further over
the next year or so?

Speaker 1 (17:44):
I don't you know. I think we're gonna be in
this range. All the predictions are saying we're going to
be in this range for the next three months to
six months or so, which is in the you know,
low sixes high five range, And they typically don't move
super fast, but it's going to depend on what happens
with inflation. You know, the Fed is pretty much telegraphed

(18:05):
that they're planning to lower the prime rate in September,
which is next week on the seventeenth. And the question
on a you know, everybody's mind, the question is is
it going to be a quarter point or a point
two bumps or what to two bumps?

Speaker 4 (18:21):
Yeah, a quarter point or a half point?

Speaker 1 (18:23):
Okay, you distracted me.

Speaker 4 (18:27):
Then the question on every question is.

Speaker 1 (18:30):
Is it going to be a quarter point or half point?
And that's not a direct translation to mortgage rates at all.
In fact, the last time, if you remember, if you don't,
I do. But if the last time they dropped the
prime rate, mortgage rates went up that that next week,
that next couple of months. So it doesn't always move
mortgage rates down. And a lot of the lower rates
we're seeing right now is like a I don't want

(18:51):
to say pre empty, but a like getting ready for
the rate decrease. They're basically pricing in the rate decrease
in the prime rate before it happens, and that's not
been done before, but it's I think it's happening now
because it's been the last two or three years. Things
have been really kind of stuck in this inflation cycle
and then unemployment cycle, and they just aren't going anywhere.

(19:11):
Now we're starting to see in job reports and jobless
reports get going in the worst direction, new jobs going
in the worst direction, Inflation slightly elevated, So they're saying that,
you know, it makes sense to lower the prime rate
now because of the circumstances. So the question will be
what are those circumstances is going to be over the

(19:32):
next three months or six months, and how that moved
the mortgage rates around. But right now we're we're at
the lowest rates we've seen in just about a year,
and that was back in October of twenty twenty four,
and it was they were only that low for about
a week in October twenty twenty four. Before that, you
have to go all the way back towards the end
of the pandemic twenty twenty two to see the rates.

(19:56):
And as soon if we go maybe another eighth of
a point lower, will be four year lows on mortgage
interest rates. So now is it definitely a time to refy,
especially if you've got a high six mid six or
a seven or an eight in front of your rate.
You should run, not walk, to that Mortgage guide dot
com and apply for the refi quote and we'll put
something together and tell you what you could get.

Speaker 4 (20:17):
Do you think people are kind of standing on the sidelines,
Maybe maybe remind them about that rate float down thing.

Speaker 1 (20:24):
People are not standing. I mean some might be staying
on the sidelines, but numerically, we had the biggest amount
of mortgage submissions in the last three weeks that we've
had at my company ever. The biggest national company, United
Wholesale Mortgage, that does loans. They're the number one lender.
They do mortgage purchases and more refinances than any other

(20:44):
lending lender in the country and they only work with
mortgage brokerages like myself. They do more than you know,
people say, what about Rocket Mortgage. Yeah, they actually they
do more than Rocket Mortgage. I was part of a
virtual meeting the other day and they had the highest
number of loan applications they've ever had in one day
and they've been open for over thirty years, so that

(21:05):
was this week. They had the highest number over one
billion dollars in mortgage refinance applications submitted to underwriting in
one day. So I don't think people are sitting on
the sidelines. I think people are saying it's time. I
think they've been waiting and waiting and waiting. You know, hey,
can I get my payment down two hundred bucks or
three hundred or four hundred or five hundred. And people

(21:26):
that are on the front, on the front of this
are already their loans are already an underwriting. So it's
definitely happening. We're going to see a bit of a
refive boom. Like I said, this is the biggest company,
the biggest lender in the country, and they had the
biggest day they've ever had of refinanced submissions this week,
which is which is pretty astonishing.

Speaker 4 (21:45):
Here's someone's asking, if you have a co signer on
your loan, do they have to be on the title
for the deed of the home or could they be
considered more like a silent partner.

Speaker 1 (21:53):
No, for any government loan like you know, Fanny May,
Freddie mac Va, fha Usda, all of those types of
loans have to be on the deed and the title. Also,
because I mean, if you own you owe four hundred
thousand dollars on something. You're obligated on the debt, but
you don't have any ownership of it. That's they're just
not going to let that happen because you don't control

(22:14):
that property if you're not on the deed. So how
can you be financially responsible for repaying it if you're
not on the deed. That's just the way they look
at You got to own it before they're going to
give you money to buy it or refinance it. Yeah,
they're not going to let you get money for your
neighbor's house or your friend's house.

Speaker 4 (22:27):
It's some information about Driver's ED.

Speaker 1 (22:30):
Driver's ED. We were asking. I asked a little earlier
if that still existed in schools where you have, like
you know, where fifth period was driver's ED.

Speaker 4 (22:36):
Well, these are more past information about the past and DeLand.
The Driver's ED cars were supplied by one of the
local auto dealerships, and Lieutenant Dave says, back in the day,
the cars were maintained by the Votex. The vocational school
provided the labor with students. The costs break parts and
oil filters came through Driver's ED. So, you know, that's
kind of cool. Back to when kids learned how to
fix cars.

Speaker 1 (22:56):
We didn't have that at my school. We did. We
didn't have the votech, we had the f F. We
had like a place where you could go and grow
corn and you know, raise cows and that kind of stuff. Yeah,
Okraadge High School.

Speaker 5 (23:05):
Yeah, Popka had a garage in the back where kids
would work on like better cars.

Speaker 4 (23:10):
Interesting, it was always met at our school too.

Speaker 5 (23:13):
Growing up in an automotive family, my dad was always
you know, repairing, fixing stuff and souping up you know, Chevy.

Speaker 3 (23:20):
So it was always like, well.

Speaker 1 (23:22):
What could go wrong with having students fix the brakes
on the student driver cars.

Speaker 4 (23:26):
Yeah?

Speaker 1 (23:26):
Nothing, nothing could go wrong.

Speaker 3 (23:28):
I guess nothing could go wrong. And that's why you're learning,
you know.

Speaker 5 (23:30):
Right right, Well, it didn't have breaks before, and guess what,
I still don't have breaks, And.

Speaker 4 (23:36):
Now we all know why breaks matter? Kids. Breaks are
really important.

Speaker 1 (23:40):
Yeah, what do you mean because you need to be
well rested?

Speaker 4 (23:43):
No, I meant if you if you didn't have breaks
and something happened, then you could that could be the lesson.
It's like, see breaks matter?

Speaker 1 (23:49):
There you got I see? Yeah, part of a teaching moment.

Speaker 4 (23:51):
A teaching moment when you you know, drive through into
the trash can or whatever.

Speaker 3 (23:55):
See you mean, always go fast? Isn't a good life?

Speaker 4 (23:58):
Boto right, no breaks.

Speaker 1 (24:00):
It sounds like you've driven into the trash can before.

Speaker 4 (24:02):
Him Ah, not a trash can. Here's somebody says, I'm
going to be attending an outdoor wedding. The weather's a plus,
the wedding's a plus. Having to wash my legs a minus.

Speaker 1 (24:12):
I'm sorry, but you got to do it. I don't
know you got to do it.

Speaker 4 (24:16):
I don't know if you're attending the wedding. I think
if you're in it's your wedding, you have to do it.

Speaker 1 (24:20):
I think if you're in the bridal party at all,
you gotta wash your legs.

Speaker 4 (24:23):
I don't know if anyone's checking.

Speaker 1 (24:26):
I don't know. You never know, you never know. It's like,
you know, back in the day, they always said you
got to go out every day with clean underwear just
in case you get in a car accident. I have
to go to the hospital.

Speaker 4 (24:38):
I feel like that's just the least thing you'd be
worried about. Here's somebod who said, I got a reverse
mortgage eleven years ago. My house is more than doubled
in value. Since then, is it possible to refinance the
reverse mortgage and get that equity that has grown since
I since it's since the reverse mortgage.

Speaker 1 (24:52):
Absolutely, y. I probably have three of these going right now,
really because because prices went up so much in the
housing mark in a you know, two between twenty and
twenty one, in two thousand now twenty five, in a
lot of cases, values doubled, like they were saying, you know,
most people out there, you know, your house might have
been worth three hundred before and now it's worth well

(25:14):
more than that. But yeah, you can go back and
refinance the reverse mortgage, just like you can refinance any mortgage.
You can refinance a reverse mortgage back into a forward
mortgage if you have the you know, the equity and
the qualifications. So it can be a really good idea
because you have When you do a reverse mortgage, it's
based on a snapshot, a moment in time of what

(25:34):
the property is worth at that time. That determines how
much they give you along with your age, how much
of the equity you can get, which you can take
out the equity in the form of you can get
like a lumpsom a big check you know, at closing,
you can have it put into an equity line that
earns interest that's part of the reverse mortgage, or you
can opt if you have enough funds, you can opt
to get a monthly payment, like instead of you paying

(25:56):
your mortgage payment, you can get one thousand dollars a
month from the equity of your home. And it's for
people that are sixty two and older. But yeah, definitely
reach out on the website that Mortgage Guy Don. There's
a page that says reverse mortgage Inquiry and you fill
that out and we'll get you some answers. There's no cost,
no obligation. We don't do a hard credit pull to

(26:16):
figure out the numbers, and we'll take good care of you.
You're listening to the Home Loans Radio show where that
mortgage Guy Don will be right back after these messages.

Speaker 4 (26:25):
Hey, this is Ryan from the Monsters and now back
to that mortgage Guy Don on Real Radio.

Speaker 5 (26:30):
You are listenings for Real Radio one a four point
one home Loans Radio. I'm Fritz, We've got MJ and
that mortgage Guy Don. If you would like to follow
Don on Instagram, it's at that Mortgage Guy Don.

Speaker 1 (26:44):
That's right. Welcome back. To the show, texting your questions
comments to seven zero three to one. What else is
going on in the world of mortgage news?

Speaker 4 (26:53):
Mjay, Well, I just don't know, but I will tell
you William and what Titus Phille washes his legs.

Speaker 1 (26:59):
This just well done, well done.

Speaker 4 (27:02):
Another question about UH Coast signers being on the deed
a different person for conventional owns. Does the coast signer
need to be on the.

Speaker 1 (27:09):
Deep Yeah, and yeah, anytime you're on a mortgage for
a home, you have to be on the deed or title.
They just they won't loan you money if on something
that you don't own, and the deed is what shows
that you own it. So it's kind of kind of
distilled down just to the basic the basic parts of there.
But yeah, they're not going to let you finance something
that is in someone else's name.

Speaker 4 (27:28):
Here's someone I need to have to let me.

Speaker 1 (27:30):
I'm sorry, let me. You don't have to live there,
like you can have a non occupying Coast signer. Your
parents can co sign for you to buy, you know,
a house for you and your spouse. They don't have
to live there, but they have to be on the
deed and title. So like, if you and your spouse
buy a house and your mom and dad are you.

Speaker 4 (27:43):
Buy a house?

Speaker 1 (27:44):
That's right, if you and your spouse buy a house then.

Speaker 4 (27:47):
And with a mouse, yeah, with a mouse.

Speaker 1 (27:50):
Mouse with a blouse. We're in a blouse. I know
we're on a we're on a roll here. Uh uh,
we'll give you a near rhyme close. But like if
you and your you and your spouse buy a house
with your parents and you're all you know there co
signing for you, guess what, all four of you are
on the deed entitled to the home. So that's just

(28:12):
that's the way it goes. If someone if they use
their money and they're financing and their credit to do
the mortgage, they're going to be on the deed in title.

Speaker 4 (28:19):
Here's someone who says, I need and want to buy
my soon to be ex wife out of our current mortgage.
How can I do this? We owe one hundred and
seventy one, bought the home in twenty eighteen with one
hundred down. House is probably valued at four hundred. I'd
like to try to give her a hundred so she
can buy a new house. So how do I go
about doing that?

Speaker 1 (28:36):
That would be and you're picking at the right time
to do it. I'm seeing a lot of folks that
have you know, a lot of times when you do
get divorced, you have a year or three years or
something like that to get the other person off the title.
They're getting ready to get divorced. But I'm seeing that
with rates being the lowest they've been record, you know,
lowest in almost a year now, that a lot of
people are actually taking the steps to get that taken

(28:58):
care of. It's a simple refinance. We just do the
re finance and at closing you're soon to be X
if you're not divorced yet, would have to be willing
to agree to quit claim themselves off of the deed
entitle after the refinance closing, and then at that point
you could give them the funds that you agree upon.
Usually you want to have something in writing that you're agreeing. Hey,
if you give me this, then I don't need any

(29:19):
interest in that. You know, I'm off the off the
title to the house and so forth. If you're already divorced,
then it's going to be determined by whatever's in the
divorce decree, you know, the marital separation agreement about who
gets what and when. But it's something that we can
help you with before you're divorced or after. You Just
go to the website that mortgage guid don dot com,
you click the refinance button, fill out the application, and

(29:41):
then we'll sort it out. And I work with a
lot of divorce attorneys in town unwinding these sort of things.
So it's something that we're very familiar with doing. You
don't want to you don't want a rookie, you don't
want some loan officer for a giant mill in Detroit
somewhere figuring this out for you that's never done a
divorce or seen a divorce decree. Uh So it's something
that we have a lot of experience with. Great question.

(30:03):
Thanks for texting that into seven seven zero three one.
That's how you do it. Wondering what you're gonna do
on Halloween MJ. Nope, I'm not.

Speaker 4 (30:12):
I'm not either, Fritz.

Speaker 1 (30:13):
You're wondering what you're gonna do on Halloween.

Speaker 3 (30:15):
Yeah, I'm thinking about it.

Speaker 1 (30:18):
If you're out there wondering what you're gonna do on Halloween,
I have an idea for you. You should come to
Will's Pub on Halloween night and see Fritz. Well you
won't see Fritz. Fritz will have transformed into another, another being,
another entity.

Speaker 4 (30:34):
I I I.

Speaker 1 (30:37):
So tell the folks you're gonna be How would you describe?
What's the official description? Did we iron that out?

Speaker 3 (30:45):
I'm gonna be Ozzy Osbourne.

Speaker 1 (30:47):
That's right, Fritz is going to be Ozzy Osbourne for
one night only at Will's pubs. So save the date
on Halloween.

Speaker 5 (30:54):
And we're playing Ozzy Osbourne songs. It's a tribute cover show.

Speaker 1 (30:58):
There you go, and uh stand, you've nailed down the
actual set list.

Speaker 3 (31:02):
That is correct. The mundo my man, awesomey exciting?

Speaker 1 (31:06):
How many? How many numbers you got on there?

Speaker 4 (31:08):
Eight?

Speaker 1 (31:09):
Eight? Well, if you don't know what you're doing on Halloween,
you do. Now make plans. Save the date. You're gonna
go see Fritz by Ozzy Osbourne at Will's Pub on
Halloween night. I'll be there. It's good, Yeah, fun, It's
gonna be a b last So I can't wait. I'm
looking forward to it.

Speaker 3 (31:22):
Yeah, me too.

Speaker 1 (31:23):
You started practicing yet we start.

Speaker 3 (31:25):
Today at one pm?

Speaker 1 (31:27):
Awesome, that sounds amazing. You're listening to the Home Loans
radio show with that mortgage guy Don you can text
the end of the show at seven to seven zero
three one tell us what you're doing out there, or
ask a mortgage question, or I don't know, tell us
what to tell MJ what you're doing out there. A
lot of people work on Saturday morning.

Speaker 4 (31:42):
It's true.

Speaker 3 (31:43):
If you're out there running around, you're working, you're washing
your legs.

Speaker 1 (31:46):
Let me know, leg washing day. Saturday is leg washing day, at.

Speaker 4 (31:50):
Least at the Traditionally Saturday is bath day like back
in the day.

Speaker 1 (31:55):
Yeah.

Speaker 4 (31:55):
Yeah, like Little Hasna Prairie when they had to boil
all the water and pour it and you know, lie
up on Saturday. I don't know.

Speaker 1 (32:01):
That was just a TV show with Michael Land.

Speaker 4 (32:03):
And fair enough. I'm looking to buy a business. It's
for sale for one point seven million. The business has
a great profit for the past ten years and a
field that I have been in for twenty I only
have about one hundred and fifty in savings. Is it
reasonable to try to buy this? Is it something that
you can help me with?

Speaker 1 (32:18):
Absolutely? Yeah. This sounds like I mean, you've got to
have decent credit, you've got to have, as you said,
experience in that business. And usually I want you to
have some of your own you know, cash equity into
the loan or this sounds like a pretty much.

Speaker 4 (32:31):
They have one hundred and fifty Yeah.

Speaker 1 (32:33):
Usually, you know, like a classic SBA loan. Some of
our lenders will go as low as a ten percent
cash injection from from the buyer, so one point seven million,
I mean, you're close to there. Sometimes we can final
lender that'll do less than ten percent, maybe seven percent
of your own money. But definitely it sounds like an

(32:54):
SBA loan to me. Where I've seen this recently fell
about a a restaurant. He'd been in the restaurant business
for decades, for four years, and he bought a restaurant
for one point four million. But it wasn't where this
wasn't one where the land was involved. It was like
in a you know, like a strip center type restaurant.

(33:15):
So they weren't buying the real estate. They were buying
the restaurant concept, the intellectual property, the menus, the ingredients
to the food, you know, the proprietary information. So that's
one type of restaurant buy. The other also, an SBA
loan is if you're buying land and real estate along
with it. They're two different types, but we can handle
either one of those. So great question. Thanks for texting

(33:36):
that into seven seven zero three one. How do you
find out Go to the website that mortgage guide don
there's a button at the top that says commercial loans
and get started, and you fill that out and it
comes to me and we'll figure out what we can
do for you. Great question, thanks for texting that into
seven seven zero three to one.

Speaker 4 (33:53):
Here's someone who says, I have a primary residence in Florida,
I want to move to Maine with my wife and retire.
Can we take the cash out of the house now
on a loan, use it to buy in Maine, and
then sell the house right after we move. Our bank
would not do the loan if we were not going
to make it at least six payments, and we don't
want to wait that long just until we move.

Speaker 1 (34:11):
Yeah, we have a couple of products that will allow
you to have like a home equity product. We have
a bridge product that will allow you to take that
money out and then repay it in shorter time period
than six months. We have a couple of them that
allow that don't have any time limit, and one of
them that wants you to be have the loan at
least three months, so we're talking about now you have

(34:32):
to be able to qualify for both houses at the
same time. So if you're taking out a loan, a
bridge loan, or a home equity line on the house
here and that payment is twenty five hundred dollars a month,
you know, and you're buying a house up north, and well,
they would use the cash for that, but you still
have to qualify for the other expenses of the home,
the taxes, the insurance, the HOA and things of that nature.

(34:54):
So and you're buying a cash so that should be
a little on the easier side. So really all you
have to do to get started is go to the
website or Instagram at that mortgage guy don and hit
the refinance apply button and we'll do a soft credit poll.
We'll gather the documents and we'll put together all the
numbers and tell you what we can do and what
it would look like, what the rate would be, how
much the interest is, and what it would cost you
for closing costs. Simple as that great question. Thanks for

(35:18):
texting that into seven to seven zero three to one.
So did you know you saw they're getting ready to do.
They're selling the licenses right now for the Big black
bear hunts in Florida. Yeah, from September. What are they
selling them? From September twelfth to September twenty second, and

(35:39):
you can get a license to take part in the
Big black bear Hunts. It's in August twenty to twenty five.

Speaker 4 (35:46):
They are promoting this.

Speaker 1 (35:47):
What do you do? No, I'm just reading the news.
You know this. They've grown. They think they have up
to four thousand black bear in Florida and now they're
giving out a total of one hundred and eighty seven
and permits. So that's uh, that's something that's going to happen.

Speaker 4 (36:03):
Well, there's still a lot of there's still some litigation.
There's still some hope that there for the folks who
would not like that to happen. There's still some litigation
about it.

Speaker 1 (36:11):
I wish they could relocate it, and I understand the
reasoning is that they're having more and more human interactions.
I wish there was a way to relocate them somewhere,
but I guess maybe we're running out of that kind
of habitat. But anyway, that's uh, that's going on.

Speaker 4 (36:24):
Here's someone to ask, after what the housing market went
through years ago, the term APR tends to scare me.
I want to pull about one hundred thousand out of
my home equity, probably through he liked, But the adjustable
prime is very off putting to me. Is this something
I should worry about it? Should I do more of
a equity home equity loan on a fixed rate?

Speaker 3 (36:39):
Equity?

Speaker 4 (36:40):
Equity? What did I think?

Speaker 1 (36:41):
No?

Speaker 5 (36:42):
He said equity, But it's sounded like equity, like equity.

Speaker 3 (36:45):
I think that was a Greek goddess.

Speaker 1 (36:47):
Uh oh is it?

Speaker 3 (36:50):
Heckity is?

Speaker 1 (36:51):
But yeah, so they.

Speaker 3 (36:53):
Don't mind me continue.

Speaker 1 (36:57):
So the question is about APR, which is annual percentage rate.
But the other part was about an adjustable a rate.

Speaker 4 (37:04):
Yeah, the adjustment rate is what's off putting to them
about getting a helock? Can they get one with a
fixed rate?

Speaker 1 (37:09):
Yeah? There are all kinds of helock. Now it depends
on where you go, Like if you go to your
corner bank, they might only offer an adjustable rate helock.
As a wholesale mortgage brokerage, we have i'd say about
fourteen different helock lenders, some that are adjustable rates, some
that are fixed rates, some that are fixed and then adjustable,
some that are adjustable and turn into fixed, some with

(37:31):
three year draw periods, five year, ten year, you name it.
We've got a dozen different types of home equity lines
of credit, so you're not required to go with a
fixed rate I mean, I'm sorry, a floating rate home
equity line. It can be wiser at certain times of
the market, like right now when the market is high
and there are several anticipated FED reductions to the prime rate.
Those actually directly affect your helock rates. So sometimes it

(37:56):
can make more sense depending on which way the market
is heading, to take in a justable rate versus a
fixed rate. But it also depends on what you're doing
with it. Great question, Thanks for texting that into seven
seven zero three one. We're going to take a quick break.
We'll be right back after these messages.

Speaker 3 (38:10):
Hey, it's Doabrana from the news junkie.

Speaker 5 (38:12):
Do you have a question for that mortgage gude down
Text him at seven seven zero three one.

Speaker 3 (38:17):
Now back to Home Loans Radio on real Radio.

Speaker 4 (38:22):
Hey, Hey, you're listening to Home loans Radio talking about
the mortgages. That's what we do here. Oh yeah, we're
excited about it.

Speaker 3 (38:33):
Very excited. I'm excited. We just can't hide it.

Speaker 4 (38:39):
It's true, it's true.

Speaker 1 (38:43):
Yeah, there you go. Welcome back to the Home Loans
radio show with that mortgage guy Don that's me. That's right,
we're here. I'm doing it with my crew for over
three hundred shows in a row right here live on
Saturday mornings, here with MJ and Fritz, doing what we
do every single Saturday. And so should you extend to
seven seven zero three? One? Got a comment, got a question,

(39:03):
got a salutation? We just want to tell MJ what
you're doing out there, busy, busily washing your legs in
the shed. Then this is the relation.

Speaker 4 (39:13):
Here's a question we haven't had before. Do you do
you have to get have a new roof to get alone?
I'm an expert in all different fields. I just reroofed
my own house. I installed a new facio where needed,
all new drip edge, I have my own aluminum bending break,
I got brand new shingles. Can I get alan with
some sort of a roof for inspection certificate? If a
roofer looks over my work and decides it's okay, would

(39:35):
that be enough for the loan? If you do your
own work? How can you get your own work, you know,
qualified for a loan.

Speaker 1 (39:44):
Well, let's go back a little bit to the premise,
Like if you're doing a mortgage. Let's say you have
a house and you're refinancing it. If when an appraiser
goes through, if they see signs of any leakage or
if there's shingles missing or anything like that, that then
they're going to say that they're going to call on
the appraisal for a roof inspection. There's so we see

(40:06):
some signs that there might be a problem, we want
a roof inspection done, so it could be called for
that a roof inspection is done if it's obviously leaking.
If the appraiser is not a roof inspector though, so
they're just going to walk through. If they see some
blind brown spots on the ceiling, well then they're gonna
they're gonna say something. So if they if they see
no signs of anything having to do with the roof,

(40:26):
then it's not going to be mentioned in the appraisal.
Part of part of getting the mortgage is that you
have to be able to get insurance. So if your
insurance has been canceled because your roof is leaking or
something like that, that's going to be a problem. You
probably would have to get that fixed beforehand on a purchase.
Same thing. You know, you if the roof is leaking
or can't is uninsurable, then it would have to be

(40:47):
fixed in order to do alone. So when you when
you are looking to replace a roof on the other side,
it's not important who does it. It's important that the
permits were pulled in a lot of cases because in insurance,
what they do is they go and look back in
the in the permits and they you know, they see
if it was legally done, permitted in all of that.

Speaker 4 (41:08):
So is that how they decide the age of the roof.

Speaker 1 (41:10):
That's how that's normally how an official age is determined
for a roof is by when the permit was done.
It's not like the shingles have a date stamp on
the back.

Speaker 4 (41:19):
You can't just bring your receipt from laws.

Speaker 1 (41:21):
Yeah, well, I don't know, I don't know if that's
maybe I don't know if that has been tried. But
you know, just because you buy them doesn't mean you
put them on. So it's more about being able to
document when and that it was done. Properly. So if
they have a roof inspection done, it just depends. I
don't know if they pull permits or what they did
or how they did it, but that's the the The

(41:41):
permitting is what documents the date, and insurance companies want
to know the date because if a roof is over
fifteen years old, it's going to be harder to ensure.
And as you know, when it's one year old, it's
easy to ensure. And as it gets older, seven years,
eight years, nine years, guess what, your insurance goes up
a little bit each year as they anticipate that you
might need to replace a roof somewhere down down the road.

Speaker 4 (42:02):
Would you pull permits on your own repair? I mean,
can you? Or how does that work? You're supposed to really,
if you're doing it yourself, if you.

Speaker 1 (42:09):
Live in a city or county that requires permitting, then yeah,
you're you're you're supposed to do that. So you know,
do you have to always pull a permit and work
you do yourself? I don't you know. I don't know.
But if you just live out on a farm and
you own your house outright and it's cash, you can
fix whatever you want and do whatever you want, you
don't even have to have insurance on it. But when
you start talking about the details of getting a mortgage

(42:31):
and what's required for a mortgage, and what kind of
insurance is required to have a mortgage and all of that,
that's when we get really into the regulating part of
doing permits and that kind of stuff. Great question, Thanks
for texting that into seven seven zero three one.

Speaker 4 (42:44):
He's on says I bought a home about a year
and a half ago at seven point nine to nine.

Speaker 1 (42:48):
Yep.

Speaker 4 (42:48):
My spouse and nice credit scores are both over seven fifty.
What could be the chances of securing a lower rate now?

Speaker 1 (42:54):
One hundred percent as long as you're you know, you're
working and you can qualify, you know with debt ratios,
you got a job, I'm youre going to get a
decent credit. We're seeing rates in the high fives, low
sixes right now on most loans, you know, of course,
it varies depending on whether you're doing cash out or
a purchase. A purchase has lower rates than a cash out.
If you're just refinancing to lower your rate, that actually

(43:15):
will have a lower rate than a cash out loan.
So it depends on where you are and what type
of loan you're doing. And also the more of the
equity you're using in the property, the higher the interest rates,
or i should say the reverse. If the less of
the equity you're using in the property what we call
the loan to value, the better the interest rates are.
So if you're doing a sixty percent cash out refinance

(43:38):
meaning sixty percent of the value, I'm sorry, a sixty
percent rate and term refinance meaning sixty percent of the
value of the home, you're probably looking a rate in
the high fives right now. So if you're at seven
point nine and you get down to five point nine,
that's two points on a four hundred thousand dollars loan,
that would save you five or six hundred bucks a month.
That's a significant drop. You want to find out exactly free, easy,

(43:58):
no hard credit pull, go to that mortgage guy don
dot com, hit the apply for a REFI button. We'll
put together a quote for you. You could take a
look at it if you like it, and then we'll
talk about the next steps. Otherwise, have a nice day.
You're listening the Home Loans radio show. We're gonna take
a quick break. We'll be right back at the top
of the hour. Hey hey, hey, hey, hey, hey hey,

(44:33):
that's a good one. That's a brother take the Wheel.
That is correct from the Real Fritz the third album, Yep,
the third Reel Fritz album. And that's you and your
brother Dirt.

Speaker 3 (44:48):
Yeah, that's right.

Speaker 1 (44:49):
Is that is that him on guitar?

Speaker 3 (44:51):
That's him there on guitar. The first one was me.

Speaker 1 (44:55):
That's a really cool Song's I love that you guys
did that together.

Speaker 3 (44:57):
Yeah, it was neat.

Speaker 1 (45:01):
Well. Thank you as always for playing your original music
right here on Real Radio one of four point one
during our little Home Loans Radio show.

Speaker 3 (45:07):
Thanks for having me don Saturday.

Speaker 1 (45:11):
You can find Fritz's music anywhere you find music, you know,
Apple Spotisfy, Pandora. You can search the Real Fritz and
Brother take the Wheel to find out more of the
cool gems on that album.

Speaker 4 (45:24):
Right there, here's someone is saying, we have a large
lot and we're wondering if there's a franchise brook or
someone that helps franchises find the land to build on.
Do they have a large lot and they'd like someone
to buy spaces in it to build a franchise. How
is it? Do you have any idea how to do that.

Speaker 1 (45:40):
Yeah, you're going to want a commercial realtor a commercial
real estate broker I think is what you what you're
looking for there? That's someone who, like.

Speaker 4 (45:47):
You, would be the they'd be your listing broker.

Speaker 1 (45:50):
I mean, are you trying to do it without a commission,
you know, without having to pay a commission. If that's
the case, you just got to put a you know,
a sign up and market it yourself. But if you
want it marketed liketionwide, you want to find a good
commercial real estate brokers. There's also some independent tools you
can use. There's a website called the loop net. There's
a couple others where you can go and you know,

(46:11):
look to sell your own properties online. But if you
want some advice on where to price it and that
kind of thing with someone that probably sells to these
big national companies you want, you want to find that
person in a commercial real estate brokerage. Great question, Thanks
for texting that into seven seven zero three to one.

Speaker 4 (46:29):
Joe from Delan says, good morning. How do I send
you pictures of the paint painted airplane? Got the airplane
all painted? Can they send them to you?

Speaker 1 (46:38):
DM from Yeah, you can, you can dm me and
Instagram at that mortgage guide Don. If you're on an
Instagram account or you can you can send them to
my email Don at Happy home mortgage dot com. It's
on the website. If you forget it, just go there
that mortgage guide Don dot com. You'll see it right
at the top. Uh. Yeah, I'm dying to check that out.
We've been listening for what how many months now? Ye
stay working on that plane, refurbish the the plane and

(47:01):
get it ready to fly again. That's exciting. When are
we going for a flight?

Speaker 3 (47:06):
Are you asking me?

Speaker 1 (47:07):
Yeah? Yeah, yep, absolutely, Well, guess what time it is,
m Jay? What it's time for the compare quote of
the week. That's right on my website. There's a feature.

(47:27):
There's a button that says compare your quote. And what
does that mean? Well, that means that About two years ago,
I read a study that said less than twenty percent
of people compare their mortgage quote after they get the
first one. And I think that's just nuts because I
see so many quotes from people that are outrageously you know, priced,
They have high rates, they have way too many fees.
So I started this thing after also reading that. The

(47:49):
reason that people didn't compare their quotes, according to the
same study, was that it was too much hassle. So
I created something super simple. You got to go to
a website, you got to push a button, you got
to upload your quote, and then a professional ex well
that's me. We'll look at it and tell you if
it's any good, and if it's not any good, I'll
tell you you know what you might be able to
do instead. This week's Compare Quote of the Week was

(48:09):
a reverse mortgage scenario. This was a seventy seven year
old widow of one year meaning her husband passed about
a year ago and she came to us for help.
She was looking for a reverse mortgage and had been
told by her bank and another reverse lender that she
could not do a reverse mortgage because there was not
enough equity to get any cash back after paying off

(48:31):
her current mortgage. Her current mortgage was two hundred and
sixty thousand and her mortgage payment was twenty five eighty
per month. That was actually her social Security that she
was getting as a widow was less than what her
mortgage payment with her her current mortgage payment was, so
she'd been taking money out of her savings to keep
up to try and keep the house. Two months ago,

(48:52):
her insurance canceled on the house because the roof had
started leaking and it needed to be re piped because
it had budle piping, which was another thing that the
insurance companies didn't like. What's that you asked, Well, at
Florida in the seventies sixty seventies eighties, they did a
type of piping like almost like PBC, but it was
called polybutle piping. And they have found out later many

(49:13):
many years later, thirty forty fifty years later, age well
that those pipes don't do well in the heat of
Florida addicts and they become brittle and crack and start
to leak. So she had this type of piping, she
had a leaky roof, and she did not have the
money to take care of it. They had Also her
mortgage company had also done forced place insurance, which was

(49:35):
questioning an additional six hundred's having.

Speaker 4 (49:37):
A really bad time, yeah, so, feeling so bad for
her us.

Speaker 1 (49:42):
And she needed the cash out from the reverse to
fix the roof and plumbing before she could even get insurance.
It was a it was a pretty big quandary bottom line,
I found a reverse mortgage company that would do the loan.
They have several of them, have what they call proprietary programs,
different programs. There's FAHA programs, and there's other types of
reverse programs. We were able to line one that would
get her out just enough cash to redo the roof

(50:05):
and redo the plumbing so she could get new insurance.
And it also was enough cash to for her to
pay for new insurance right But the problem was, in
order to get the mortgage done, the reverse mortgage and
closed the mortgage, we needed insurance. And in order to
get the insurance, we needed the roof done and the
plumbing done, and the roofers and the plumbers. They don't
want to necessarily do the work beforehand, and you know,

(50:26):
get paid when the loan closes. But luckily we have
a contractor that we work with on the regular dozens
and dozens of homes where they will do the work
as long as the loan is clear to close. They'll
go ahead and do the work of replacing the roof
and replacing the plumbing and then get paid at closing
from the proceeds of the loan. So we were able
to fix everything up get this person new insurance, get
their roof fix, get their plumbing fixed, get the reverse

(50:47):
mortgage closed, and pay for it all with the reverse mortgage.
And now they no longer have a twenty six hundred
and twenty five hundred and eighty dollars a month mortgage payment.
They only pay their taxes and insuranceance. So it was
a huge lift and it took like four months for
us to make this happen, but we were able to
do it. And it all started with her coming to
me on a compare quote.

Speaker 3 (51:09):
Find everybody said it couldn't be done.

Speaker 1 (51:11):
That's right, right, she found us from hearing the show.
In summary, her cash was gone, her hope grown thin,
denied by her bank and denied again. Her roof was bad,
the pipes were shot, insurance gone. It was a lot,
She said, Don, I don't want to sell. Can you
help me with this housing? Hell didna fashion didn't cry?

(51:34):
Just compare your quote with the mortgage guy. Don that
is play the jingle.

Speaker 3 (51:45):
Dot com happy ending, the happy ending.

Speaker 4 (51:49):
That sounds like just so life changing. The whole thing
is so so. I mean, it just seems like it's
a year out from your spouse dying and what a
hard year that's been. And then you're in this big
mess and you know, maybe apast was the one who
used to manage, you know, some of that stuff, and
it's just like, oh my gosh, it must have been
so overwhelming. And now no more mortgage payment, which is huge.

Speaker 1 (52:09):
Tough situation, and we were able to help. And the
point being there is that compare quote is not only
for trying to get a better rate or trying to
play lower fees or a lower down payment. Sometimes if
you've just been told no, we may be able to
find a reason to you know a lender that says yes,
because we are a wholesale mortgage brokerage, meaning I'm not
just a corner bank where I have one loan product.
You know that we offer. We have one hundred different lenders,

(52:32):
wholesale lenders that we could offer different programs, including reversus commercial,
all of that. So if you get shot down somewhere,
you know, compare quote might be a way to get
it turned around. I'm glad we're able to help her.

Speaker 4 (52:42):
And she heard the show, Oh yeah, just in the wild.

Speaker 1 (52:45):
She may very well be listening.

Speaker 4 (52:47):
Well, Hey, I'm so glad it worked out nice to
meet you. It's gonna get better.

Speaker 3 (52:55):
I am already gotten better.

Speaker 4 (52:58):
Yeah, I've already gotten better and gonna keep getting better
and keep having that extra money every month and less
Lencoln in your roof and all the good things.

Speaker 1 (53:07):
Worked out really well. Got a call from her daughter
on Friday, thank you know so much for our efforts.

Speaker 4 (53:11):
Yeah, that's so lovely.

Speaker 1 (53:12):
There you go. I enjoy that you can text in
your questions, comments, salutations during the show to seven seven
zero three one. We got about another twenty minutes left.
Get them in quick, MJ. We'll get them on air
the YEP.

Speaker 4 (53:26):
I was just reading that the that there were several
alligator filled rivers in Florida. Number one, I mean, yeah.

Speaker 1 (53:34):
What do you is right?

Speaker 3 (53:35):
And they're like, guess which one?

Speaker 4 (53:37):
Guess which one is number one? I was like, I
don't know, I don't feel like this is a hard answer.

Speaker 1 (53:41):
Saint John's Yeah, the one that.

Speaker 4 (53:43):
Goes all the way it's full of Yeah. The other
one's like THI Kessimi river and a couple. I hadn't
heard it, but yeah.

Speaker 1 (53:49):
I bet you there's I bet you every river in
Florida has alligation.

Speaker 4 (53:54):
Every one.

Speaker 1 (53:55):
Yeah, yeah, remind me speak of the Saint John's River. Okay,
now this is this is some exciting local news for
our Central Florida Zoo. Do you know what a fosa is?
I do not. Do you know what a fosa is?

Speaker 3 (54:10):
Use it in a sentence?

Speaker 4 (54:12):
It turned off theosa.

Speaker 1 (54:14):
In May twenty five, the Central Florida Zoo and Botanical
Gardens in Sanford, Florida, celebrated the birth of four rare
Fosa cubs no No native to Mattagascar. The cubs were
born to the Sema. The Zoo's female Fosa Elena is
part of the Association of Zoo's Species Survival Plant. This
is this is an endangered animal that is native to Mattagascar.

(54:35):
But if you have not seen what a fosa looks like,
you can go to the zoo and they have five
of them.

Speaker 4 (54:41):
Now, are they like fur or scali or they are furry?

Speaker 1 (54:45):
It's hard to describe. Like if you look if you
were to look at a phosa picture, it is kind
of like a cat fossa fossa. It looks kind of
like a cat, but there is really short hair like
a seal. And people also wonder if it part of
the dog family because it looks like a dog and
a cat together. It's a carnivore, straight up carnivore, and

(55:05):
it's a mammal. So these they they are carnivorous and
they are native to Madagascar, but we have some here
in Florida.

Speaker 4 (55:15):
They do look like a cat.

Speaker 1 (55:16):
That's really cool. There's some pictures where it straight up
looks like a labrador, like from different angles, but kind
of interesting.

Speaker 3 (55:23):
You're telling me it's a cat dog.

Speaker 1 (55:26):
When I was looking it up the number one you
know how it shows little questions underneath this is a fosa,
a cat or a dog? That was a number one questions.

Speaker 5 (55:35):
I can see both, Yeah, I can see it and
a cat and a little bit like a river otter.

Speaker 1 (55:40):
Yeah, it's They say it's most closely related to, Ah,
what's the what's the one that can fight snakes.

Speaker 3 (55:49):
The mongoose?

Speaker 1 (55:52):
Mongoose? Yes, that's it, Ricky Tiki Tabi, you both got it.
Most closely related to a mongoose at about four times bigger.

Speaker 4 (56:02):
Yeah, it's pretty cool. So we have those in our
own zoo.

Speaker 1 (56:04):
They haven't started exhibiting the cubs yet. They say in
fall they're going to start. You can go to the
zoo and see them. So that's exciting see something you've
never seen before.

Speaker 4 (56:12):
I haven't been to the zoo. In a minute, I
need to go to the zoo.

Speaker 1 (56:14):
I haven't been to the zoo to go zooing. Recently,
I went to the zoo for they have like a
festival of lights.

Speaker 4 (56:20):
Yeah, I've been at aut.

Speaker 1 (56:21):
In the winter time. They do like a whole lit
up thing in the zoo where you walk around. It's
pretty cool, but you don't see a lot of animals
on that one, but it's very it's very pretty, lots
of lights. There. You go. You can text your question
into seven seven zero three one and I joined the
conversation when you got m Jay.

Speaker 4 (56:37):
Here's someone who says, with the FED reducing the rates
in September, probably should I look at refinancing my mortgage
loan I currently have a seven point seventy five or
should I wait?

Speaker 1 (56:46):
See this is that you can tell how much interest
there are in refinances right now because where I mentioned earlier,
right now we have a record low for rates all
the way back to it's the lowest it's been since
October of twenty four, so nearly a year ago. And
during that time, of October twenty twenty four, it was
only low for about a week, maybe a week and
a half. So prior to that, it goes all the

(57:08):
way back to twenty twenty two, like June of twenty
twenty two. So if we get a little bit lower,
about an eighth of a point lower, we're going to
have the lowest rates we've had in over four years
five years. And that's why a lot of people in
the last two to three years had bought homes or
refinance where they have rates and the sixes high, sixes, sevens,
seven point seventy five?

Speaker 4 (57:26):
What was the seven point seven five, So they have seven.

Speaker 1 (57:28):
Point seventy five, they're asking if it's a time to refinance. Yeah, yeah,
I mean, here's how you find out with some actual data,
you know, because I can tell you yeah it is
or yeah it's not. But if you want to really
find out, you just go to that mortgage guide don
dot com. You fill out the application for refinance. We'll
do a soft credit pull to get you the quote.
We'll put together a quote and send it to you

(57:48):
and then it'll show you, hey, you're going to save
four hundred dollars a month, or you're going to save
two hundred and seventy dollars a month. You get to
skip one mortgage payment, or you get to skip two
mortgage payments when you refinance, or you can look at
taking cash out. We can figure it all out for
you and put it in front of you, and then
the question of is now a good time to refinance
becomes way more evident when you can look at the
numbers and the numbers tell you you know what you

(58:10):
could actually do, so that and that's free, easy, and uh,
we do it for you right there at that more
each guy don dot com.

Speaker 4 (58:18):
Someone else is telling us that ferrets are also will
kill snakes.

Speaker 1 (58:22):
Frets, Yeah, that checks out, speaking of killing snakes. Got
all these all these stories I found today were about
nature and about like. They also had the record breaking
Python Challenge in Florida. I see it says record breaking.
I'm not sure that. I'm not sure the impact. The
twenty twenty five Python Challenge finished and they collected a

(58:46):
record breaking two hundred and ninety four Burmese pythons removed
from the Everglades. Two hundred ninety four doesn't seem like
a lot to me, to be honest, you know, and
I searched to see how many, how many eggs, how
many babies that average python has, and it's twenty to forty.

Speaker 4 (59:03):
Each each time, each time they have them often.

Speaker 1 (59:05):
Yeah. The other thing I found interesting was that it
was a ten day competition. It attracted nine hundred and
thirty four people from thirty states in Canada, all working
to get pythons. So nine hundred and thirty four people,
but they only captured two hundred and ninety four. Wow.

Speaker 5 (59:19):
Yeah, you know, we really need to Yeah, man, it
would be great if we went down there and did
a remote show.

Speaker 4 (59:26):
Sure, margages go hunting pythons.

Speaker 1 (59:29):
It seems like a lot of people don't catch a python.

Speaker 4 (59:32):
And I'm gonna want boots.

Speaker 1 (59:33):
It's it's skewed even more because the person who won congratulations,
Taylor Stanbury of Naples, Florida. He got sixty by himself.

Speaker 4 (59:41):
Wow.

Speaker 1 (59:42):
So you had two ninety four caught out of nine
hundred and thirty four participants and the winner caught sixty.
There's a lot of people who went home with nothing. Yeah.
In the bag the longest one seventeen feet and the
heaviest weighing over one hundred pounds.

Speaker 4 (59:56):
Wow.

Speaker 1 (59:56):
There you go on all it. I think they cleaned
out the they got two hundred and ninety four out
of there.

Speaker 4 (01:00:02):
Yeah, not even you're listening to.

Speaker 1 (01:00:03):
The Home Loans Radio Show. We're gonna take a quick break.
We'll be right back for the final segment of today.

Speaker 2 (01:00:10):
This is Real Radio one oh four point one on
your phone with the iHeartRadio app and on hundreds of
devices like Alexa, Google Home, Xbox and so andos. We
are an I. 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 (01:00:28):
It's the final segment, the final countdown of Home Loans Radio.

Speaker 1 (01:00:34):
Home on Radio.

Speaker 5 (01:00:36):
You can text in your question seven seven zero three one,
or just listen to the ones that already came out.

Speaker 4 (01:00:41):
You can do that too.

Speaker 1 (01:00:44):
Welcome back to the Homeown Serio show with that mortgage
guy Don. That's right, it's me. We're here, we're doing it.
We're almost there. I'm Jay.

Speaker 4 (01:00:51):
Someone to suggests that we turned those pythons into snake
skin boots and handbags. They say they're joking, but I say,
if they had commercial value, I think people would get
them right. You know, if you could really turn them,
you know, if you could really. I mean, I know
there's some people doing some stuff with it, some fashion
or whatever.

Speaker 3 (01:01:08):
But I hear, I hear snake needs pretty good.

Speaker 4 (01:01:11):
Yeah.

Speaker 1 (01:01:12):
Yeah, I've never had it.

Speaker 4 (01:01:13):
It's a very muscle muscless snake. I don't know.

Speaker 3 (01:01:16):
Yeah, I mean that's basically all.

Speaker 4 (01:01:21):
If that's tasty or yeah, I don't know.

Speaker 3 (01:01:23):
I mean it's got to be right.

Speaker 4 (01:01:24):
Maybe I'm scared, but yeah, I bet it is. Here's
someone who says, I've been bombarded with flyers for mortgage protection. Uh,
that will protect the home buyer. I want your opinion
is it's just like life insurance. Just curious, so I'm
sure it's like title protection.

Speaker 1 (01:01:40):
Well, mortgage protection can be a couple of different things,
like if it's if it's saying that if you die,
then they will pay off your mortgage. Okay, then that's
that's specifically like a life insurance policy to pay off
your mortgage. So they do exist. I mean, you can
determine for yourself and your personal circumstances if that makes uh,
you know, if that makes good sense for you. If

(01:02:01):
you are going to have a surviving spouse, then it
might make sense to have some kind of policy like
that if you can afford it and it helps you,
just depends. But yeah, they are out there. Just do
your homework and make sure that you know you're looking
at reputable companies and reputable reviews and that kind of thing.
But they do exist, and there are real legitimate policies
that will pay off your mortgage in the event that
you pass or your spouse does. Great question, Thanks for

(01:02:25):
texting that into seven seven zero three one. Guess what
time it is, MJ.

Speaker 4 (01:02:30):
I think it's time for a speed round.

Speaker 1 (01:02:32):
It's time for the speed round. That's where MJ's gonna
get me a bunch of the questions that we haven't
gotten to so far today that you text it in,
And if I don't get to yours, it doesn't mean
I didn't want to. It just means we ran out
of time. Reach me after the show. You can go
to Instagram at that Mortgage Guide don or the website
and shoot me a DM or an email and I
will answer your questions outside of the show.

Speaker 4 (01:02:53):
In writing, I want my son to assume my mortgage
without having to refinance. Is that possible?

Speaker 1 (01:03:00):
It is not. Well, typically, I would say there are
a few mortgages that are assumable. If it is an
assumable type, you might be able to do it, but
that wouldn't be something that I do. They would actually
qualify through the servicer that you're making your payments to,
and some servicers have the ability to do that, some do,
some don't, some will, some won't. So it maybe you

(01:03:21):
could do it if you have an assumable mortgage, but
I'd say ninety five percent chance that it is not
an assumable mortgage.

Speaker 4 (01:03:27):
Can you do a business loan for a thirty five
hundred dollars for a new trailer to buy a new trailer?
I'm guessing we do SBA.

Speaker 1 (01:03:35):
And business loans, but I don't do that size. I
would call those like micro loans or smaller business loans.
That's something that you could probably do better with your
local bank. Maybe a signature loan something like that. For
you said thirty five hundred dollars, Yeah, typical business loan
we're going to do or helock is going to be
fifty thousand dollars or more. It doesn't mean you can't
find it, but I wouldn't be able to help you

(01:03:55):
with it. Check with your check, with your your bank,
where you do your business checking.

Speaker 4 (01:04:00):
Does it take to do a reverse mortgage?

Speaker 1 (01:04:02):
They take about you know, it depends on the person
because there are a couple of things that we rely
on for the person to do. Getting in their documents.
There's a counseling hud counseling session that reverse mortgage applicants
have to go through. But I would say normally three weeks,
four weeks, five weeks at tops.

Speaker 4 (01:04:19):
Yeah, And are there good rates for helocks right now?

Speaker 1 (01:04:23):
Helock rates are are where they've been because helock rates
even though mortgage rates are lower now we're seeing the
lowest mortgage rates and a huge avalanche of refinances right
now that we've seen in almost a year. Helock rates
are based on prime in most cases. So the FED
is going to get together next week on the seventeenth,
and you will hear whether they lowered the prime rate

(01:04:44):
a quarter point or a half a point. That will
directly affect helock rates. If you already have a helock
that's adjustable, if it goes down to half a point,
your rate goes down a half a point. That's one
of the joys of having an adjustable is when the
rates are on their right down. So you if you
have a he locked now and you wish the rate
was lower, well next week it will be if they
lower the fed prime if it's an adjustable based on prime.

(01:05:07):
So you know.

Speaker 4 (01:05:08):
There you go and someone asking, should I look at
refinancing if I have a seven percent rate?

Speaker 1 (01:05:14):
Seven percent rate? If it's a higher loan, like above
three hundred, I would say you can. You should be
able to save yourself two three four hundred dollars a month,
right now?

Speaker 4 (01:05:22):
Yeah, all right, the riddle is ridiculously easy, I think.

Speaker 1 (01:05:25):
Riddle time. So here we go, ridiculously easy riddle time.
We see when you say that and then we get stumped,
We look like dumb numb.

Speaker 4 (01:05:32):
I'm sorry, And of course it's easy because I know
the answer, so it's not you know, I.

Speaker 1 (01:05:40):
Yeah, you stumped us last week. Right, it was a
hard one.

Speaker 4 (01:05:43):
Okay, here we go. You ready, yes, you ready? A
bus driver goes the wrong way down a one way street.
He passes by the cops, but they don't care.

Speaker 3 (01:05:52):
Why because he was go oh wait, he was going
wrong way down the one way streets? Right, yeap, he was.

Speaker 1 (01:06:00):
He is a.

Speaker 4 (01:06:03):
Bus driver. He is m hmm.

Speaker 1 (01:06:08):
He wasn't driving, he was walking.

Speaker 4 (01:06:13):
And yet we didn't get It's silly one, though, I
mean I kind of got it. Yeah, you got it,
but I mean it's a silly one.

Speaker 1 (01:06:22):
I thought, Yeah, he wasn't driving, because.

Speaker 4 (01:06:24):
He wasn't driving, he's just a bus driver going down
the wrong way walking.

Speaker 1 (01:06:29):
I get it. Yeah, well done, MJ.

Speaker 4 (01:06:34):
I apologize.

Speaker 1 (01:06:35):
Well, folks, you did it. You successfully wiled away another
ninety minutes of your Saturday right here listening to us
live on Real Radio one oh four point one. For
the three and twelfth time, I think, play us out
of here with something fun.

Speaker 4 (01:06:47):
Fritz Mymily.

Speaker 2 (01:07:04):
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