Home Loans Radio 09.27.2025 with That Mortgage Guy Don- Rates drop to 3 year lows!

Home Loans Radio 09.27.2025 with That Mortgage Guy Don- Rates drop to 3 year lows!

Episode Transcript

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

Speaker 2 (00:13):
Hey hey, hey, hey, hey hey hey, good morning and
welcome to the Home Loans Radio Show with that mortgage
guy Don. That's me. That's right. We're here doing what
we've done for three and twelve saturdays in a row
right here on Real Radio, one of four point one
right here, and now I'm here with my crew. Good morning, MJ,
good morning, Good morning, mister Fritz Estado ADNs, Good morning.

(00:40):
How is everybody doing this? Fine Saturday?

Speaker 3 (00:43):
Awesome?

Speaker 4 (00:47):
Whoa?

Speaker 5 (00:48):
Whoa?

Speaker 2 (00:50):
Was that you? U? MJ?

Speaker 5 (00:51):
No?

Speaker 4 (00:55):
Wo right? Get it going?

Speaker 2 (00:58):
Well there you go.

Speaker 4 (00:58):
Let's get it's done it? Uh huh that's how that
song goes.

Speaker 3 (01:02):
That that's Black Eyed Peas.

Speaker 4 (01:04):
Yeah.

Speaker 2 (01:05):
Is that how it starts? That hell goes.

Speaker 4 (01:09):
Goes?

Speaker 2 (01:09):
I think.

Speaker 4 (01:10):
So let's get it started.

Speaker 2 (01:13):
So you guys ready for the show.

Speaker 4 (01:18):
Were here?

Speaker 2 (01:19):
That's good, We're here. Yeah, we're doing it. We are
the most talked about, the most listened to, the most
what what's the other word? I always say, the most uh,
the most live right here on Reel Radio one or
four point one on Saturday mornings right here, doing what
we do every single Saturday. What's that? What are we
talking about here? I'm Jay.

Speaker 4 (01:38):
Well, it's mostly about fat bears. Oh and mortgages.

Speaker 2 (01:41):
Fat bears. Yeah, that seems derogatory.

Speaker 4 (01:44):
Okay, No, these are actual bears.

Speaker 2 (01:46):
Oh you're talking about the fat bear Week.

Speaker 4 (01:48):
Yeah, it's fat Bear Week.

Speaker 2 (01:50):
Where's that Alaska?

Speaker 4 (01:51):
Yeah, we can vote and you can vote on your
favorite fat bear.

Speaker 2 (01:55):
Huh.

Speaker 4 (01:56):
It's very exciting. It's a race in a national park
for the you're voting on the bears that are all
trying to be as fat as they can be so
they can hibernate for the winner. So in this in
this scenario, fat is good.

Speaker 2 (02:08):
So this is like online gambling, Yes, like when you
go to a football game you gamble on you know,
what's the total number if you add up every player's jersey.

Speaker 6 (02:18):
Number on the field over under? Like how how much
weight each bear can add?

Speaker 4 (02:23):
So is longer than their middle toe? You know all
that weird?

Speaker 3 (02:27):
How do I listening to Black Eyed Peas?

Speaker 4 (02:31):
Yeah?

Speaker 2 (02:32):
Yeah, what do you win?

Speaker 4 (02:35):
I don't think I think you win a bear.

Speaker 5 (02:37):
I wouldn't.

Speaker 4 (02:40):
Bear win you get. That's your bear.

Speaker 3 (02:43):
That's your bear.

Speaker 4 (02:44):
That's your bear.

Speaker 2 (02:46):
Like my bear.

Speaker 3 (02:46):
I wont him in a contest.

Speaker 4 (02:49):
Maybe you get naming right?

Speaker 2 (02:51):
Why is your bear so fat?

Speaker 4 (02:54):
Because I won?

Speaker 2 (02:58):
Yes, you can. You can actually go and look at
it at what is it NPS dot gov forward slash.

Speaker 3 (03:04):
Just google going there, I'm going there, now, what is
the NPS dot gov?

Speaker 2 (03:08):
NPS like Nancy Paul Sam dot gov forward slash fat
bear week and you can cast your vote there just.

Speaker 6 (03:15):
Google fat bear week and it has dog advice against
googling fat bear.

Speaker 4 (03:20):
Oh you might be right. See I keep screwing that up.

Speaker 2 (03:24):
So right now I'm gonna say NPS dot gov forward
slash fat bear week. Yes, you don't know what you're
gonna get.

Speaker 4 (03:32):
It's yourue. So the first time I ever made a
search on the interwebs, when I first got my first computer,
it was Christmas and I searched toys and then I
was like, you have to be more specific, and then
it was like a big computer in the living room.

Speaker 3 (03:49):
You know, Oh god, that's the worst. Oh my gosh,
your dad's eating cheese. Cracker is going what are you
looking at? I don't go back to watching football.

Speaker 2 (04:00):
This picture slowly reveals it's tough, like a dot matrix.

Speaker 6 (04:08):
I'm looking at it, going, I wonder what that is
about outdoors or and oh my god, so many toys.

Speaker 4 (04:17):
I was like, yeah, the Internet, you have to be
very specific.

Speaker 2 (04:20):
So you're talking about the fat bear week that's in
uh cat mail.

Speaker 4 (04:24):
That's right, I am, that's right.

Speaker 2 (04:26):
That's a lot of fun. Yeah. I know that's how
you pronounce it because Google told me.

Speaker 4 (04:31):
A I told you.

Speaker 2 (04:32):
There you go.

Speaker 4 (04:33):
Hopefully AI is not trying to embarrass you on the radio.

Speaker 2 (04:38):
Well it could be, yeah, it could be. What kind
of dealings have you had with AI lately?

Speaker 4 (04:43):
Not so much. It has pretty pretty dormant in my life.
I'm just checking and out. You know, I don't have
a bot or anything. Right, do you have a bot?
A bot now like your own AI companion.

Speaker 2 (04:54):
I can't afford that.

Speaker 4 (04:55):
You have to pay for that.

Speaker 2 (04:56):
I don't know.

Speaker 4 (04:57):
I think you can just get.

Speaker 2 (04:58):
Yeah, they got to pay me for that. I'm just
gonna be, you know, doing that for free.

Speaker 4 (05:09):
I was just reading a lot of serving things about
A this morning.

Speaker 2 (05:12):
But there you go.

Speaker 4 (05:13):
Let's not so.

Speaker 2 (05:14):
These are bears that are eating salmon and they watch
them to see which you bet on, which one gets
the biggest, and what you win. Apparently my search says
you just win bragging. Right, it's not an actual bear.

Speaker 4 (05:25):
You don't get to name the bear or anything.

Speaker 2 (05:27):
Not that I could find. You just get to be
the fat bear champion.

Speaker 4 (05:30):
Bree says, is this the biggest loser Alaska? It's the opposite.
It's the it's the biggest gainer.

Speaker 2 (05:36):
Right, there's a TV show. Yeah, there's a TV show.
You start out with little skinny people.

Speaker 4 (05:42):
It's like, my plan is to eat all this mann is.

Speaker 2 (05:47):
Kelsey from Oklahoma weighing and it's seventy two pounds.

Speaker 4 (05:51):
It's terrible. No, the Bears and the reason it's exciting
this year is because they had a remarkable salmon season.
So that wasn't always the case. Last year the salmon
season and wasn't as robust. But this year the salmon
were plentiful and the Bears could just so it's really
more just about who ate the most. Last year was
more about who could get the most salmon. This year
everybody could get it. So it's just about you know,

(06:13):
who could peck it in.

Speaker 2 (06:14):
Who could put the most away?

Speaker 4 (06:15):
Yeah, yeah, and they're fat, man, they can hardly stand up.
They're like, whole winter, yeah.

Speaker 2 (06:22):
And news slash winter in Alaska lasts a long time.

Speaker 4 (06:25):
They lose a third of their bodyweight, right, a third.
That's a lot.

Speaker 2 (06:30):
Well there you go.

Speaker 4 (06:31):
Anyway, check out Fat Bear Week.

Speaker 2 (06:34):
Well what are we talking about here?

Speaker 4 (06:37):
Well, those bears need a place to sleep, so they
have to get a den, and for us, that's a house.

Speaker 6 (06:43):
And they got to get a carpet, a rug that
ties the room together. They got to get a refrigerator,
some bears exact, some.

Speaker 2 (06:49):
Chips, a drain wrack for the dishes exactly.

Speaker 3 (06:54):
They got binge, watched their favorite Netflix shows.

Speaker 4 (06:56):
Once they discover the internet, they're like, we do not
have to eat salmon. We could all kinds of things.

Speaker 7 (07:03):
Why, yes, oh my god, there you go. Well we
talk about mortgage to recap.

Speaker 2 (07:16):
You're listening to the Home Loans radio show with that
mortgage guy Don We're here every week doing this. You
can text in your questions to seven to seven zero
three to one and I'll answer them on there. Anything
having to do with home loans, buying a home, selling
a home, refinancing, SBA loans, reverse mortgages, you're getting divorced.
You got to figure out how to handle your mortgage
through that. You inherited something, you got to figure it out.

(07:38):
You can ask those questions right here, text them into
seven seven zero three one all during the week. I
do this for a living. You can go to the
website anytime during the week, that Mortgage Guide Don. You
can apply for loans there, you get quotes there, you
can listen to oh all of our I don't know,
years and years and years and years of past podcasts there,
and you can also do all that right there at Instagram.

(08:01):
You can follow me on Instagram at that mortgage Guy Don.
Thank you for all of the people that followed this week.
You know, Fritz, we were we were last week during
the show. We got up to three thousand followers.

Speaker 3 (08:11):
It's a mysterious time.

Speaker 2 (08:12):
It is, and I don't understand it. I appreciate it,
but I don't understand it. But we gained almost three
hundred followers this followers begin almost the thirty three hundred.
That's crazy.

Speaker 3 (08:23):
How does that make you feel?

Speaker 2 (08:25):
It makes me feel confused. Don't you people have anything
else to do? No? Of course, thank you for following
us there and I'm trying to put up. We've been
putting up some pretty uh. I've been getting a lot
of comments and on the amusing content we've been trying
to put forth. All right, you tell me.

Speaker 3 (08:46):
But I so can I just really quickly say ah.

Speaker 6 (08:50):
A couple of a friend couple of mine posted that
they just closed on their house, and Alexia Boudram was
there and I was like, oh, and it just reminded
me of fine a house.

Speaker 2 (09:01):
Yeah, yeah, yeah, how wonderful. Yep, we did that one.
We've We've had a lot of stuff boo. Alexia Boudram
with Dream Home Orlando sponsor on the show was your
realtor when you when you bought this?

Speaker 6 (09:12):
And then they they posted them eating pizza on their
on their living room floor without getting furniture, and I
was like, no, that's so cool.

Speaker 4 (09:21):
That's such a fun time full of possibility.

Speaker 5 (09:24):
To them and.

Speaker 4 (09:27):
Shout out. I heard a couple of things this week.
Not very often am I engaged in the news right here,
but this week I heard a lot of housing information,
like three different Times articles about housing. I know, it's fascinating, Yeah,
what gives what? What was interesting to me is it
they were opposite like completely opposite. Like one report said

(09:48):
it was a whole feature about how the housing market
is just terrible and it's awful and bad things are happening.
And then I heard a whole nother report about how
we all have to wait for the boomers to die
because when they die, all those houses are going to
hit the market. It's going to be amazing because it's
so much real estate that's got elderly people in them,
and it's gonna all, you know, change everything. And then

(10:10):
I heard another article that said real estate is booming
right now. So I am confused. I have questions.

Speaker 2 (10:16):
Takest in your comments to seven to seven to zero
three one and help MJ out. But no, welcome, I'm
on you for that. Welcome to my world, MJ. Because
I get it all the time. People say I saw
this article that said rates went up, and then you know,
three minutes later, someone will say I saw an article
that rates went down, and I'll go look, It's like,

(10:36):
sure enough, every time you look about rates there you
can find three articles that tell you one thing and
three that tell you the other. It just depends on
I guess what you want to hear. You know, at
certain points but.

Speaker 4 (10:47):
So what is there?

Speaker 2 (10:48):
Well, let me tell you, MJ is something you might.

Speaker 4 (10:51):
Not know, probably that you cannot know.

Speaker 2 (10:53):
That you can get to through Insta, my Instagram at
that mortgage guy. Now I post a weekly blog. I'm
my website with a news information about the mortgage world.
I'm going to check that out, but I consider to
be accurate. I've done it for let's see where we are.
We're in almost October, so how many weeks is it? Anyway,
I've done one every week this year.

Speaker 4 (11:14):
Okay.

Speaker 2 (11:15):
It was one of my New Year's resolutions that I've
actually kept up with I feel good about. It was
to write a weekly blog about the mortgage in real
estate world. We done so if you would like more
concise information, I know where you can get it.

Speaker 4 (11:30):
So tell the people, how is the market out there?
What's going on?

Speaker 2 (11:33):
Text into seven seven zero three one joined the conversation.
Tell us what you're doing out there? Yeah, we're We're
in about the fourth week in a row of rates
being the lowest they've been in about a year now.
This week they did tick up a little scoch for
a couple of days. They didn't basically went in sideways
this week, so we're we're seeing rates. Where what's the
lowest I locked in a conventional loan? We locked in

(11:54):
one couple days ago at five point seven five.

Speaker 3 (11:57):
Oh, that's spot.

Speaker 2 (11:59):
We're locking in VA loans in the fives, We're lucking
in FHA loans in the five fifteen year loans. I
locked in one yesterday at five and a quarter. So,
depending on the type of loan, how well qualified you are,
you you can get a rate to you know, maybe
in the low sixes or the five. So what I'm
telling folks for sure is that if you have a
rate with an eight in front of it or a

(12:21):
seven in front of it, you need to run, don't walk.
To that mortgage guy, don dot com. Get your application
into the refive section. There no cost, it's free, it's easy,
it's fast, and then we'll get your quote. Tell you
how much money you can say, old.

Speaker 3 (12:34):
Fritzy boy, gonna be dancing soon. Don.

Speaker 2 (12:36):
That's right, that's right, I can feel it. Where have
you been, man?

Speaker 3 (12:44):
Where have you bean potato man? Where the hell have
you been?

Speaker 4 (12:51):
Apparently the cobratoe, the uh is it?

Speaker 5 (12:54):
Colbert Colbert tim co depends on exactly Jim.

Speaker 4 (13:00):
Colbert they're talking about fat Bear a lot. I know.
I didn't know that.

Speaker 2 (13:04):
Wow.

Speaker 4 (13:05):
Sorry, I'm boring you all about the fat Bear. But
I like the fat Bear.

Speaker 2 (13:09):
Our first opportunity to talk about anything every week is
on Saturday, because that's the only day we're on. There.

Speaker 4 (13:15):
You go, here's someone who says, good morning, I inherited
a home through a lady bird deed? Will this hinder
my chances of obtaining any special financing program like Homepound Heroes,
first Time home Buyer, et cetera. I am Dandy from
Saint Cloud, and I have questions about that.

Speaker 2 (13:30):
Yeah, that is a Hey Dandy, that is a fantastic question.
But we're gonna have to revisit that one right after
the hey, hey, hey, it's that mortgage guide don September's here,
and so are the dog days of summer. But my
home is feeling cool, quiet, and safe thanks to my
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(13:52):
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(14:13):
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Schedule your consultation today at Best Windows Florida dot com

(14:34):
licensed number CGC one five two seven six one three.

Speaker 6 (14:38):
Hey, this is Debra Roberts from the Jim Culbert Show,
and you're listening to Home Loans Radio on Real Radio.

Speaker 3 (14:45):
Now back to the show with that mortgage guy Don.

Speaker 4 (14:49):
Hey, you listening to Homelones Radio here today talking about mortgages.
What we're doing. That's right, fat bears.

Speaker 2 (14:58):
You're talking about Fat Bear weekn Alaska.

Speaker 4 (15:00):
That's right, that fair week in Alaska.

Speaker 2 (15:02):
Just just clarifying, No.

Speaker 4 (15:04):
Just clarifying. And we had a question on the table
from Dandy. The question the person at the ends that
I am Dandy from Saint Cloud, which made me. Is
Dandy the name or how you're feeling, because I think
you can also be feeling dandy? Or is it Dan
period d hm hmm, it's Dandy like Andy with a D.

Speaker 2 (15:23):
I think your I think of your name is Dandy.
You've got a choice to.

Speaker 3 (15:26):
Make right feeling Dan or you change your name.

Speaker 4 (15:31):
I mean, it's an awesome name. If that's your name name,
it's a very cool name. Dandy.

Speaker 2 (15:36):
I think you're either Dandy the absolutely named or you're Dandy.
What the heck? Where his parents thinking?

Speaker 4 (15:43):
Sad? Dandy?

Speaker 2 (15:44):
No? Or I don't know, I shouldn't, I should say
that I.

Speaker 4 (15:47):
Don't know, yes exactly, but Dandy, thank you for your question.
I hope you are feeling dandy. I guess you always
are feeling dandy.

Speaker 2 (15:56):
Was that question again, Dandy? Don I've been called up before.

Speaker 4 (16:00):
Yeah, good morning, Dandy says I am part of an
part of a group that inherited a home through a
Lady Bird deed will listen hinder my chances of obtaining
any special financing program like Hometown Heroes, first Time Home
Buyer Assistance, etc.

Speaker 2 (16:17):
The short answer is that it will prevent you from
from a first time home buyer because you own a home.
Once you're added to the deed of a home, then
you own a home, so you're not considered a first
time home buyer anymore. So it can affect the ones
that require you to be a first time home buyer.
There are down payment assistance programs that don't require that.
There are some where like if you're a couple, only

(16:39):
one of you has to be a first time home buyer,
So there's some loopholes where, you know, we still might
be able to make that work the way. We have
a number of down payment assistance program The marque one
right now is the Hometown Heroes program, which is a
program for veterans, law enforcement, people that work in schools,
people that work in the medical fees. You know, it's

(17:01):
Hometown Heroes, and also municipal employees of certain types. But
you can get a down payment assistance with that program
up to thirty five thousand dollars. Grant would in the
form of a second mortgage that you have to repay
if you ever sell the house or refinance it or
turn it into a rental property. But that one is
out there if you want to find out if you're

(17:22):
eligible for any of the down payment assistance programs. Simple
way to do it at the website that mortgage guide
don dot com. You just go there and apply for
a purchase and when you say in there that you're
there are notes you can put in and you can
say that you're interested in first time home buyer or
you know, if we see you haven't owned a home
or you're renting. What the benchmark is though, So the

(17:43):
question was does being on a deed you know of
a property you inherited keep you from buying a home
as a first time home buyer and getting some of
that money that that is that is accurate, but it
may not be on every program. Okay, great question. Thanks
for texting that into seven seven zero three one and
when you and when you go to the website at
the first time home by Oh the key I was
going to mention though, is that it's three years. So

(18:05):
if you like, if your family sells that home or
you're taking off of the deed, then once you haven't
owned anything for three years, you are considered a first
time home buyer. Again, Okay, great question. Thanks for texting
that in today you had you had mentioned that before
the break also the j C The Jim Colbert Show,
and I did want to mention the big event today.
I'm going to be out there today in Mount Dora.

(18:27):
They've got the big event, the third annual. Yeah, the
third annual SuDS, Pups and Pints in Mount Dora from
three to six pm and went last year. It's a
it's a really nice time, nice family time. You're in
downtown Mount.

Speaker 4 (18:40):
Dora, the lakes.

Speaker 2 (18:42):
Oh man, it's encouraged people. Yeah, bringing your your animals,
your pets are encouraged. But last year we saw a
lot of other things besides dogs. I saw I saw marsupials.

Speaker 3 (18:54):
I saw bearded dragon birds.

Speaker 2 (18:58):
That's all, you know, like parrots and two cans. There
were some people that had what were they those little
marmosets like a ferrets, but little like half the same varments. Yeah,
that's the genus and species.

Speaker 3 (19:16):
This is my pet.

Speaker 4 (19:18):
I just call them all varmints.

Speaker 2 (19:21):
Varmits. But it was a lot of fun. We got
to see a lot of cool animals, a lot of people.
Paul Fection that the dog training folks will be out
there and you know, you raise a pint, you have
some it's a nice family thing. They got boots, they
got giveaways, they got things for the kids to do.
There's a giant foaming beer mug.

Speaker 4 (19:40):
That my pet fish.

Speaker 2 (19:43):
There's a lake nearby. It won't be your pet fish
for long.

Speaker 6 (19:46):
But by the way, varmint means a troublesome wild animal.

Speaker 3 (19:52):
I've never looked at that definition before.

Speaker 4 (19:56):
Wild.

Speaker 2 (19:57):
Thank you well, that kind of describes you, m JA.

Speaker 4 (20:02):
It has been said, poems and songs have been written troublesome.
Troublesome is a good word.

Speaker 2 (20:11):
It's a lot of fun. It's uh and there's gonna
be a there's a giant that the thing that. One
of the things that kids loved is a giant foaming
beer mug, this twenty tall thing that puts out the soap.

Speaker 5 (20:20):
Foam, not beer, because that would be fun for kids.

Speaker 2 (20:23):
It's not real beer foam in that one. There's beer
foam adjacent.

Speaker 4 (20:27):
Grandpa.

Speaker 2 (20:28):
Yeah, we sponsored that for the I don't know, second
or third year. So that's that's a lot of fun.
Love it. The dogs like running through it too, so
that's it's always fun. Yeah. It's downtown Mountain Dora today
from three to six. A good wholesome American.

Speaker 5 (20:42):
Time Washington Dogs and all.

Speaker 2 (20:45):
Of the proceeds it's free. You don't have to pay
to go, but any free, any proceeds benefit the Humane
Society of Lake County.

Speaker 4 (20:53):
It's a fun little town too.

Speaker 2 (20:55):
It's beautiful with them Mount Dora. Last year I went
and went to the thing, walked around some shops, bought
some stuff I didn't need. It was a wonderful day.

Speaker 3 (21:03):
Yeah, that's a fun day.

Speaker 2 (21:06):
Yeah. Check it out today third annual sub SuDS, Pups
and Pints Mountain Door of three to six pm. It's
going to be fun.

Speaker 4 (21:13):
I'd like to bring my fish. I feel like they're
going to be upset when I take them out of
the pond that's adjacent to my house. I think of
them as my pets.

Speaker 3 (21:19):
Do you have a pet fish?

Speaker 4 (21:21):
Well, they're just fish that live nearby in a little park,
and I just I.

Speaker 5 (21:24):
Feel like their mind what are their names?

Speaker 4 (21:27):
Bill?

Speaker 2 (21:28):
All of them? Well, that keeps you from messing out.
Good morning Bill.

Speaker 4 (21:34):
Hey Bill.

Speaker 2 (21:34):
Bill.

Speaker 4 (21:36):
Here's some one that says I want to build an
ADU on my property. What does ad you mean? Adjacent
dwelling unit?

Speaker 2 (21:41):
Oh, I got it close, very close. Additional or some
people say accessory.

Speaker 6 (21:47):
On holiday, if you don't mind, I very rarely get
to do this to MJ.

Speaker 4 (21:53):
Thank you.

Speaker 3 (21:54):
Continue, Donnie were saying it.

Speaker 4 (21:56):
Makes sense because you wouldn't want an adjacent eauit it
would be attached to your house. So yeah, yeah, got it.

Speaker 2 (22:01):
Well, adjacent doesn't mean attached. So in the real estate world, okay, yeah,
so an attached literally means it's connected to your home.
They share a wall.

Speaker 4 (22:10):
I see.

Speaker 2 (22:11):
An ADU can share a wall with your home, or
it can be a totally separate you know, a little cottage.
It can be a garage apartment. You know, as long
as it has its own There are criteria that make
it a separate ADU, Like it has its own separate
entrance and exit out of the property. It doesn't have
a door that cuts through into the main house. Yeah,
there's things like that that make it an ADU rather

(22:32):
than just a bigger house.

Speaker 4 (22:33):
Are there rules about what's in it? Does it have
to have a yeah? Ah, does it have to have a.

Speaker 2 (22:37):
To be officially considered an adu. It has to have
a full kitchen, It has to have a full bathroom.
So yeah, it has to be self sufficient. It depends
on whether it has its own power meter or not
on how it's financed. So it can be completely independent
where it has its own fire you know, power meter,
its own address like five ten and a half, you

(22:58):
know Smith Street, or it can be one that's on
the same power grid. Then it typically doesn't have its
own address and separate, separate power meter and all that.

Speaker 4 (23:07):
So here's someone who would like to build an ADU
on their property. Their houses almost pay for. They owe
sixteen thousand. They figure the ADU will cost around one
hundred and they currently have a helock for one hundred
and ten but they've used forty five thousand of it.
The original mortgage is three percent, the helock is eight.
They have great credit. What do you think the best
route for them to financing the ADU would be.

Speaker 2 (23:29):
So the mortgage they have on their eighteen thousand they
have left, is that three percent? Yeah, well you're going
to get.

Speaker 4 (23:36):
And the helock they have is it eight percent.

Speaker 2 (23:39):
What we're going to do if you if you go
to the website and apply for refinance to get a quote,
is we're going to put together. I'm going to put
together both ways. I'm going to see what the best
rate we can get for you. On a helock is
and see how low that is. And we're going to
look at refinancing the existing eighteen along with the money
that you want to borrow, and see what that rate
and payment would look like. And then you know, let
the math dictate the outcome. It also depends on whether

(24:02):
you want flexibility, because if we just do a fixed
rate cash out, you know, mortgage, which we can do
anywhere from an eight year loan all the way up
to a thirty year loan, even a forty year loan,
and a couple of the lenders we use. But you
can decide that and we'll figure out how you want
to do it. The flexibility comes in with a heelock
is that you can draw pieces at different times and

(24:25):
you don't pay interest on them until you use them.
So if it's going to take you a year to
build the ADU, and you know, maybe you want to build,
take out fifty grand first to get it started, and
then another couple months, another twenty five grand to do more,
and another couple months to do more. The benefit of
that is you only pay interest on what you've drawn
out with a helock, So on a fixed rate mortgage,

(24:45):
it may have a lower rate, but you'll get the
whole lump summit closing. So it depends on how long
your construction build is and a lot of different factors.
Bottom line is, we look at it all what you're
trying to do, and do the math, and then I'll
give you both quotes and you decide. You do the figuring,
you do the deciding, but at least you have some
data to decide instead of thinking, well, I think I
should get a heylocker, Well maybe I should refinance this.

(25:07):
The truth is it's great that you have a three
percent rate on that eighteen thousand, but you've paid all
that interest already. Yeah, mortgages are front loaded so that
when you start a thirty year mortgage, you look at
that thing, you're like, what, I only paid one hundred
and twelve dollars to principle out of my you know,
two thousand dollars mortgage payment. Well, yeah, that's how it
is in the beginning, and then over three hundred and
sixty months, that scale kind of slide's like a seesaw,

(25:29):
so it's more and more weighted. When you get down
to this point where you have only eighteen grand left
on your mortgage, you're probably paying ninety five percent principle
and very very little interest.

Speaker 4 (25:39):
Right now, and they're building it for their mother in law.

Speaker 2 (25:42):
Well, there they go, the true mother in law suite.

Speaker 4 (25:44):
The true mother in law suite, and then there you go.

Speaker 2 (25:48):
We can certainly help you with that. Easy way to
get started. You go to the website that mortgage guide
don dot com and click apply. Now fill out the
REFI thing. We'll do a soft credit report and get
you some numbers to look at so you can get
this figured out. See to the Home Loans radio show.
We'll be right back after these messages.

Speaker 4 (26:04):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on real radio.

Speaker 3 (26:10):
We're cooking this morning. We're cooking chili for those fat bears.

Speaker 6 (26:15):
If you have a question, texted in seven to seven
zero three one, any question mortgage related, buying a home,
selling a home, rental properties, yata, yata, etc.

Speaker 3 (26:25):
Et cetera.

Speaker 2 (26:26):
There you go. Yeah, we're talking about the Fat Bear
Week at Katmee National Park in Alaska. You can check
it out at NPS and make your vote. NPS stands
for National Park Service dot gov forward slash Fat Bear Week.

Speaker 4 (26:40):
Tom asks, Who's gonna weigh the bears to determine a winner.
How do they weigh the bears?

Speaker 2 (26:45):
That's funny, MJ asked during the break, how do they
know the winner? Do they weigh the bears?

Speaker 4 (26:49):
And they could they could have like a secret scale
that's covered in branches, you know, and the bears go
by and it pings.

Speaker 2 (26:57):
Oh.

Speaker 3 (26:57):
I would hate to have that job.

Speaker 5 (27:03):
Each morning.

Speaker 3 (27:04):
Yeah, I kiss the kids for me. I don't know
if Papa's gonna come one day.

Speaker 6 (27:08):
The way the bear way the bears for the contest.

Speaker 2 (27:14):
It's basically the winner is based on the vote. People
are looking at the well, you're supposed to be picking
the fattest.

Speaker 3 (27:23):
I don't know.

Speaker 4 (27:26):
Are we voting on their personality or their sheen?

Speaker 2 (27:29):
I guess? And the bears go head to head. There's
daily brackets.

Speaker 3 (27:32):
Fighting yeah, UFC, there's fighting.

Speaker 2 (27:34):
No, but get your votes in soon. The contest to
the Bear Week Champion is crowned on September thirtieth. No
cash prize, just fame, glory and bragging rights for the bear.
I don't know. They don't specify. If you go to
the website, it's it's it's pretty cool. They have a
fat bear Hall of Fame, and you can look at

(27:55):
all the past fat bears. They're fat, We're fucking big boys.
I don't know if you're getting them on any scale
unless it's like a truck scale or something.

Speaker 4 (28:04):
Breeze asking, can we cheat on this? Can we go
there and toss in some big max because that seems
like you could you can cheat? Why the one bears
like this salmon tastes terrible?

Speaker 2 (28:19):
Right, get a file fish? This little little stack of
bread and cheese left on the bank.

Speaker 4 (28:28):
All right, So, I don't know how many people do
the wordle, but the word is today. The wordle's cool today.
I won't say it, but it's cool. You should check
it out. Yeah, if you've never done the wordle, check
it out.

Speaker 2 (28:41):
All right, I've never heard you say those words before.

Speaker 4 (28:44):
God, just google wordle.

Speaker 2 (28:46):
So the answer is significant. All right, that's cool. We'll
talk about it more next week. Welcome back to the
Home Loans Radio Show with that Mortgage Guy Don. You
can go to the website that Mortgage Guide Don dot
com anytime today or during the week. You can also
follow me on it Instagram at that Mortgage Guy Don.
I post all kinds of insightful and interesting uh stuff
there on Instagram. Check it out, give us a follow

(29:08):
while you're there. What else you got, jo?

Speaker 4 (29:10):
Here's a question, good morning. I'm the beneficiar of an
irrev irrevocable trust.

Speaker 5 (29:15):
Easy for you to say that, right, irrevocable, irrev.

Speaker 2 (29:19):
Not they have, they have. They have many kinds of trust,
but irrevocable and revocable are among them.

Speaker 4 (29:25):
Yeah, okay, well they are a beneficiar of an irrevocable trust.
What are the dos and don'ts when I benefit from
this property? It's a rental property one point eight million
in New York City, but they live here.

Speaker 2 (29:38):
Well, I'm not sure what what the question is?

Speaker 3 (29:42):
Well, what are the dos and don'ts, the do's and
do not do the the.

Speaker 4 (29:47):
Does and do not? When they benefit from the property?

Speaker 3 (29:50):
Trust?

Speaker 5 (29:50):
What can they sell it?

Speaker 3 (29:52):
Can they smash it?

Speaker 4 (29:53):
Well, I'm not it's a rental property.

Speaker 2 (29:55):
It's really tough to weigh in on a trust that
you haven't seen. Uh, And I'm not.

Speaker 6 (30:00):
Kind of like grandfathering something in would it? Would you
would that be placed in a trust?

Speaker 2 (30:05):
No, it's it's more like don't listen to me, you know.
It's more like a legal arrangement, like.

Speaker 4 (30:11):
Your state lawyer sets up in a ravcable trust to
separate the property among the air. So the lawyer.

Speaker 2 (30:17):
Says, it's more about liability and taxation in a lot
of cases. But I will say I've seen trusts that
are three or four pages long. I've seen trusts that
are over a thousand pages long. So it really depends
on what's going on in there, what the restrictions are.
As far as you know just the general does and
don'ts of owning a rental property, I can certainly help
you with that, But as far as the trust goes,

(30:39):
I think you know you want to if you don't
have knowledge of what's going in and that's going on
in the trust or you know, you may want someone
to help you with that. But it's definitely it's a
legal document. So everything you do revolving around the trust
is governed by that trust document.

Speaker 4 (30:53):
So the trust will lead the way.

Speaker 2 (30:55):
That's basically it's a legal question. A legal document. You
got to see what's in it. It's a divorce decree.
Who knows what's in there? You know it could be
you could you know, you could owe the person money
after six months, you could be you know, you're responsible
for this or that, So it's the same with a trust.
It can have different specifications in there of how things
work and what they do. Great question, Thanks for texting

(31:17):
that into seven seven zero three one. Congratulations on the
what was it? One point six million and.

Speaker 3 (31:21):
One point eight million?

Speaker 4 (31:22):
Yeah, one point eight million, which which could be a
very small apartment you right, it could be the size
of a bathroom in your house.

Speaker 2 (31:32):
Four hundred square feet directly across from Madison Square. Guard.

Speaker 3 (31:35):
Yeah, man, that would be tight. Yeah, that's the you
got pen station right there.

Speaker 2 (31:41):
You definitely, in my opinion, if you haven't already, want
to talk to an attorney to go through your trust
and figure out the taxation parts because you live in
another city.

Speaker 4 (31:48):
Ask Ai about it. They'll tell you, no, no, that's.

Speaker 2 (31:55):
We both.

Speaker 4 (31:56):
I got two buzzers today, an three of them out.

Speaker 3 (32:06):
We don't even unplug it. We just cut the cord
on it.

Speaker 5 (32:09):
Oh Man, Flip says.

Speaker 2 (32:12):
It's a tropical heat basket situation.

Speaker 4 (32:14):
My gosh, I've gotten so much grief from that.

Speaker 3 (32:16):
I have gotten so many text messages tropical heat basket.

Speaker 5 (32:21):
My god.

Speaker 3 (32:22):
I almost spit my Coca Cola driving to work.

Speaker 2 (32:27):
This was last week. We were talking how Florida is.

Speaker 4 (32:30):
You know, topicat basket in mid.

Speaker 2 (32:32):
MJ wordsmith a new phrase together, right lived.

Speaker 6 (32:38):
She was, she was just grasping for words in real
time there. So she goes, you know, well, people come
to Florida from northern States, that it's like a tropical
heat basket, you know, and and it just continues going no, no, no, no, no, no, no, wait,
go back.

Speaker 2 (32:56):
I went, I went and re listened to last week's show.
I got to tell you it's one of the first
first those segments, the first few segments are so funny.
It was ridiculous, stupid.

Speaker 4 (33:08):
H it's what I do.

Speaker 2 (33:10):
You can listen to it on the Instagram at that
mortgage guy don You can go there and listen to
last week's show. All the podcasts are there. But that
was really funny. Those pauses when you made it up.
We're about eight seconds in between.

Speaker 4 (33:22):
Sorry, my brain was clicking, and then you know what
I mean.

Speaker 3 (33:27):
So we're like, no, we don't.

Speaker 4 (33:30):
Nobody does. Nobody does.

Speaker 3 (33:33):
When you're trying to like connect with someone, it's like
that sometimes.

Speaker 4 (33:37):
Right, you know what I'm talking about?

Speaker 5 (33:39):
Nope, no, hold on, go back, Nope.

Speaker 2 (33:41):
If you're a regular listener of the show, you know
MJ makes up words and now phrases.

Speaker 4 (33:48):
You know it makes sense to me. Sometimes it's a
little you know, giggly. Here's someone that says, I listened,
and I listened to you guys. I'm listening to you
guys on my way to the er. Oh shoot, after
cleaning my pond, I didn't know a snapping turtle was
in it, and I got bit on the foot.

Speaker 2 (34:08):
Goodness.

Speaker 4 (34:09):
And they are aggressive, those little turtles. Have you ever
seen that I've seen.

Speaker 2 (34:13):
I've not been bitten by one, but I've certainly had
a snapping turtle try.

Speaker 4 (34:18):
I mean, if you've never encountered aritorial. Yeah, they're very serious.
Like the thing I remember years ago in a neighborhood
there was a turtle in the road and all the
cars stopped on each side. We're all out looking at
this turtle and I recognized this is a snapping turtle
and I'm like, I'm not going to lift up that turtle.
And some alpha guy was like, I got this, you know,
no problem. Lifted that turtle's next shot out like a

(34:39):
foot coming after. But he threw that turtle down and
ran screaming. It's very dramatic. I didn't know that their
neck could fly out like that.

Speaker 2 (34:49):
The little colem gently short neck turtles.

Speaker 4 (34:54):
By the way, we big surprise.

Speaker 6 (34:56):
Yeah, we hope everything's okay.

Speaker 4 (34:59):
Say that one of the snow flip. Let us know
how the how the turtle toe goes.

Speaker 2 (35:03):
I'm hoping you're not driving right.

Speaker 3 (35:06):
Well, you know, you got to get to the er one.

Speaker 2 (35:08):
Of the you're headed to the right place.

Speaker 6 (35:10):
One of the most amazing things I ever saw was
a snapping turtle was in the middle of the road
in my subdivision and this person just parked the car,
gets out, takes off his shirt, stands behind it, like
rolls it up, you know, like you're doing that like
towel prank where you're whip someone's backside. He goes like that,

(35:31):
stands behind it, puts it right in front of the turtle.
The turtle latches on and doesn't let go, and then
he wraps his shirt around its like legs so it
couldn't claw him, picks it up, puts it in the pond,
takes his shirt back, and I go.

Speaker 3 (35:46):
Well, that was the that's that's how you do that.

Speaker 4 (35:50):
That's amazing.

Speaker 5 (35:51):
That's how you do that right there?

Speaker 3 (35:52):
It was so amazing. And then he just puts his
shirt back on, just keeps driving.

Speaker 2 (35:59):
The part you miss is right before then in his
car asked Ai, how do I pick up a turtle?

Speaker 3 (36:04):
I don't know if Ai was around that.

Speaker 4 (36:07):
And he got home and his wife's like, you smell
like a turtle.

Speaker 2 (36:12):
How do you know what a turtle smells?

Speaker 4 (36:13):
I don't know, but that shirt would smell like a turtle.
A turtle smell like a pond. I don't know.

Speaker 2 (36:19):
I saw a meme recently that struck me. I might
have sent it to you, Fritz. There was of turtles
and one of the turtles got flipped over on its back,
and another turtle, a little turtle, came to its aid
they like try and help each other, And then little
turtle kept trying to flip over the bigger turtle. It
couldn't do it. So then the little turtle went over
and like nudged a bigger turtle, and the bigger turtle

(36:40):
came over and flipped over the other turtle. Yeah, he.

Speaker 3 (36:44):
Walks over.

Speaker 2 (36:45):
Had no idea that turtles were so you know, helpy.

Speaker 3 (36:48):
Helping amazing.

Speaker 4 (36:49):
They're like a community.

Speaker 2 (36:51):
Like social you are listening.

Speaker 4 (36:53):
Snapping turtles telling the other turtles in the pond. Man,
I got him, I got a good bite on him.

Speaker 2 (36:57):
Here taste this. Yeah, listening to the Home Loans Radio Show.
We'll be right back after these messages.

Speaker 4 (37:04):
Hey, it's Sabrina from the News Junkie.

Speaker 3 (37:06):
Do you have a question for that mortgage guy down
Text him at seven seven.

Speaker 4 (37:09):
Zero three one, No.

Speaker 6 (37:11):
Back to Home Loans Radio on real radio.

Speaker 4 (37:14):
That's right, Yeah, that's right. There we go.

Speaker 3 (37:31):
That snare.

Speaker 4 (37:33):
Yeah, like it. I like it. I like it. Like that.
I hope you do too. You're listening to Home Loans
Radio with that mortgage guy Don talking about mortgages. That's
what we do. We talk about mortgages, and so should
you check us out?

Speaker 2 (37:47):
Look at you? Was that you dropping the mic just
a little bit. We'll pick that up.

Speaker 4 (37:56):
We need it, sir, expensive.

Speaker 2 (38:01):
You're listening.

Speaker 4 (38:01):
Ah, we do have some tickets to give away, Yes
we do.

Speaker 2 (38:04):
You are listening to the Home Loans Radio Show with
that mortgage guy Don. You can text in mortgage questions
to seven seven zero three one. Anything really I'm going
to do with the world of real estate, commercial loans,
business loans, reverse mortgages. You name it, I do it.
I've been doing it for a long time, and you
text them into seven seven zero three one and we
answer them right here. We're also excited. We're we're doing
a show field trip this Thursday to the Just Call Mo,

(38:32):
the fourth annual Just Call Mo Comedy Jam.

Speaker 4 (38:34):
Wow four.

Speaker 2 (38:35):
Fritz is going to be there. M J and I
are going to be there. That's a lot of fun. Yeah,
this's a fourth annual benefiting the charity Yellow Brick Road.
It's Thursday night, doors at seven pm. It's a comedy show.
You got some great comedians going to be there. Ross
McCoy is hosting. We've got Madison Backatch, Ricky reyes Seawan
Finnerty among the names. And it's at the Orlando Funnybone

(38:58):
Comedy Club. There are a few seats left. It's almost
sold out. There's a few seats left, but we since
this is the last Saturday before the actual show on Thursday,
we get to give away three sets of tickets here
on the show.

Speaker 4 (39:13):
So next segment, I'm gonna give a best of riddle.
It's a riddle we've done before, but it's one I like.
And the first three people to get it right, we'll get.

Speaker 3 (39:21):
Two tickets and the answer is not seven.

Speaker 4 (39:23):
The answer is not seven. No matter how many times
you say it, it will not be seven.

Speaker 2 (39:29):
We're talking to you, Mark, that's right. But yes, anyway,
if you want to, there are tickets left you can buy, oh,
you know, between twenty and one hundred dollars for VIP
to everything else, and then we'll be giving away three
general admission pairs of tickets at the top of the hour.
So stay tuned. If you're interested in getting your hands
on those, it's going to be fun. Come out and
join us.

Speaker 4 (39:48):
Here's a question. Does having a reverse mortgage determined who
can live in my home? Will it be a problem
if my daughter moves in with me to help me.

Speaker 2 (39:57):
No, you can have anybody you want in your home.
The reason for the question is that, so when you
do a reverse mortgage, what it does is it makes
it so you don't have to pay a mortgage payment anymore.
You can take out equity out of your home. You
can you can put it into a interest bearing line
of credit you know that's tied to the reverse mortgage.

(40:19):
You can just take a big lump sum, or you
can set it so that you get five hundred dollars
a month or one thousand a month, or whatever the
equity scenario in your home brings for the reverse mortgage,
and you can live in your house for as long
as you are able to live in it. If you
have a spouse and you're married, and you both do
the reverse mortgage, then it is whoever lives in the house,
you know, for as long as you live in the house,

(40:39):
you can live there without making mortgage payments. When you
leave the house, let's say you had to go. Let's
say you went to a nursing home type facility. If
you were there for over a year, then the reverse
mortgage starts to go into its collection phase where it
has to be addressed. But if you're there, So that's
why they're asking, what if somebody else lives in the home.
When you can have anybody you want live in your home.

(41:00):
Your daughter can live there, your family member, a caregiver,
your you know, your neighbors, you can put you can
bring anybody you want into your home for a reverse mortgage.
It's just that the the timeframe of the reverse mortgage
is determined when the last of the parties on the
reverse mortgage are in the home is what determines the
length of the reverse mortgage. Great question, Thanks for texting
that into seven seven zero three one. Did I answer

(41:22):
the whole thing?

Speaker 3 (41:24):
Yeah?

Speaker 4 (41:24):
The daughter can live there, so I'm good, right, Yeah.

Speaker 2 (41:27):
Now when when if you pass, Let's say you're the
only one on the reverse mortgage and your daughter's living
there when you pass, or that's a you you know,
something like that happens, then there's a time frame twelve
up to twelve months for you to take care of
either selling the house or refinancing that reverse mortgage. If
you want to keep the house and you stay there.

Speaker 4 (41:45):
So if the daughter wants to stay there, yeah.

Speaker 2 (41:47):
Or family members or so, you typically have a year
to deal with that at that point.

Speaker 4 (41:51):
Here's the one that says, I have a thirty year mortgage.
I put down eighty thousand dollars on a four hundred
thousand dollars home. I've paid one year interest is five points,
we have another eighty five to put towards a home.
Shall we refinance or just put towards principle and leave
it a thirty year. We also have the option to
refinance at no charge for another year.

Speaker 2 (42:11):
Well, you know the going rate right now, it's very
possible we could get you down close to that same
five point ninety nine if you wanted to keep the
rate and you know, just have lower payments every month.
That's the only way you're going to get lower payments.
For the most part. You might be able to check
with your servicer and see if they can do something
called a recast. Though not all servicers do it. You're

(42:34):
going to find about maybe twenty or thirty percent of
servicers do it. So what that means is you call
you a person, you know, the entity to whom you
make your payments. You call them up and you say, hey,
I've got a chunk of eighty five thousand I want
to put towards my principle. Can I do a recast
with you? And they will tell you if you can. Well,
that means a recast. It's different than a refinance. Recast
means you just give them the money. There are fees sometimes,

(42:55):
but they're not not the same as a refinance, and
if they do it, they'll add money in and then
they'll redivide the mortgage over the twenty nine years, so
your payment will go down. So if that's your goal,
you got to try and do a recast. That's the
cheapest and easiest way to do what you're trying to do.
The other way would be a refinance, and I would
only probably consider doing that if you could get the
same or lower rate than what you have right now. Otherwise,

(43:17):
you know, otherwise just put it towards principle, and it
shortens the term off of the back of the loan.
So anytime you pay extra towards principle, you're shortening the
overall term of your loan. But try the recast. That's
probably the one that's going to get you closest to
what you're trying to do. Just sounds great, great question,
Thanks for texting that into seven seven zero three to one.

Speaker 4 (43:36):
I owe one hundred and eighty three five on my mortgage,
which is at seven point five percent.

Speaker 5 (43:42):
That's tall, right, that's high.

Speaker 4 (43:44):
Yeah, I'm thinking of paying fifty thousand off on the principle.
That's the same as a question we just had. Would
that make my point payments lower? Fifteen years left? They
have great credit, so in.

Speaker 2 (43:54):
Your case you could see if that will, we'll make
it less. But in your case, because you're at a
seven and a half rate, I mean you could call,
you could contact your servicers see if you could do
a recast, and sometimes they'll have a minimum. You might
need twenty five or you might fifty K to be
able to do a recast. But you got to see
what your servicer says, even if they even allow it.

Speaker 4 (44:14):
They have fifty K to that they what they're saying.

Speaker 2 (44:16):
Should they in your case? Because your rate is so
high at seven and a half, and you could probably
get a point to two points lower right now. I
mean I'm locking loans in the fives and in the
very low sixes.

Speaker 4 (44:26):
You have fifteen years left on the mortgage, so I'm
guessing if they refinance, it'd be a fifteen year.

Speaker 2 (44:30):
Yeah, that's where I was looking to go, because you
could refinance it as a fifteen year. We were looking
at rates of five and a quarter five point three
right now on if you're well qualified on a fifteen year.
So this may be a case, although there are two
very similar questions. One I would lean more towards the recast,
the other more towards the refinance because of the current
rate you have, So you could improve your scenario and
accomplish your goal at the same time. Great question. Thanks

(44:53):
for texting that into seven seven zero three one. We're
going to take a quick break. We'll be right back
at the top of the hour. Turn tune in. If
you want a chance to in those tickets to the
fourth annual just call No Comedy Jam. We'll be giving
away three sets at the top of the hour. Hey hey, hey, hey, hey,

(45:55):
hey hey, Welcome back to the Home Loan Radio show
with that mortgage guy Don. That's it, that's right, we're
here here with my crew. Good morning, MJ, Good morning,
Good morning, mister Fritz.

Speaker 3 (46:06):
What up, Brah, what up?

Speaker 2 (46:07):
Bra? Thank you for playing your original music right here
on the show. That one is called do you think
about it? From the Florida slang album called civil Twilight?
What's civil twilight?

Speaker 3 (46:19):
I'm glad you asked, Don, are you?

Speaker 6 (46:23):
Civil twilight is when it's either right before the sun
pops up or right as soon as it goes it
dips under the horizon, so it's before you can see
the sun, but it starts getting lighter in the morning,
and then you know, it's like it's getting a little lighter.
That's civil that's civil twilight. And then you see the
sun pop up and then it's as the sun is setting.

(46:45):
As soon as it dips below the horizon, you still
have about forty minutes of sunlight.

Speaker 3 (46:51):
That is civil twilight.

Speaker 2 (46:52):
I didn't know what had a name.

Speaker 4 (46:54):
Awesome.

Speaker 2 (46:54):
There you go. Well, you can listen to Fritz and
Florida's slang anywhere you find music. You know, Spotify, Pandora,
Apple Music, you can find it there. You can also
follow him on Instagram at no underscore regrets, Underscore Coyote.
We are all excited about our big show, Field Trip.

(47:16):
It's coming Thursday October. Home Loans Radio Field Trip, Get drunk.
You want to see Okay, I want to see the
varmits in the wild. There you go.

Speaker 4 (47:30):
I love a varmit.

Speaker 2 (47:31):
It's at the It's the fourth annual. Just call Mo
Comedy Jam for charity. It's benefiting. The proceeds benefit the
Golden Brick Road the Yellow Brick Road Fund. Sorry about that.
Funny Funny Bone Comedy Club, Orlando, Thursday, October second doors
at seven. Tickets are still available. They're getting they're getting scarce,
but they're still available. But today you're in luck. If

(47:52):
you're here, you're listening and you want a couple of tickets.
We're giving away three pairs right now. Mjay's gonna ask
riddle and the first three correct answers that come into
the text service texting service at seven seven zero three
to one, we're going to announce who those winners are.
Then you're going to need to provide MJ with your
phone email and name.

Speaker 4 (48:11):
Right here we go, So I'm gonna say this riddle.
It's the best of riddle, so lots of you should
know the answer because we've already done this riddle.

Speaker 2 (48:17):
All right, So here we go.

Speaker 4 (48:18):
The man who builds it doesn't want it, the man
who bought it doesn't need it, and the man who
needs it doesn't know it.

Speaker 2 (48:26):
Go one more time.

Speaker 4 (48:28):
The man who built it doesn't want it, the man
who bought it doesn't need it, the man who needs
it doesn't know. Oh you're not remembering.

Speaker 2 (48:36):
I'm not remembering you remember, fritt I gotta think about it.

Speaker 3 (48:39):
Do it again.

Speaker 4 (48:42):
The man who built it doesn't want it, the man
who bought it doesn't need it, and the man who
needs it doesn't know that they need it.

Speaker 2 (48:51):
Well, so we're gonna we're gonna move on.

Speaker 4 (48:55):
Let the listeners work the text.

Speaker 2 (48:57):
In you If you know the answer texted into seven
seven zero three one.

Speaker 4 (49:00):
Maybe it's maybe it's a hard hard got time to
google it? Now we got one?

Speaker 2 (49:04):
Yeah, well, I mean first three, the first three.

Speaker 4 (49:06):
I got one, so I need two more. Way to go, Paul,
realtor Paul coming in as number one.

Speaker 3 (49:13):
Question before him.

Speaker 6 (49:14):
Does the answer have to be correct this time? Or
and we are not accepting seven from anyone?

Speaker 5 (49:21):
Got it right? Not accepting that that's not the answer.

Speaker 4 (49:23):
No, No, the answer is correct. I know what the
answer is this time, this time, and so far only
the realtor Paul.

Speaker 2 (49:33):
All right, one more time and then we'll.

Speaker 4 (49:34):
Well, we got number two.

Speaker 2 (49:36):
All right, read one more time.

Speaker 4 (49:37):
We got to the man who built it doesn't want it,
the man who bought it doesn't need it, and the
man who needs it doesn't know. We got all three.
The answer is coffin. The man who build it doesn't
want it. The man who bought it doesn't need it,
presuming they're buying for someone else. The man who needs
it didn't know he needed it because he didn't know
he was going to be dead, but now he is

(49:57):
now he needs it.

Speaker 2 (49:58):
There you go, there you go, We got there. So
say their names.

Speaker 4 (50:01):
I only know Paul's name. The others I don't know.
But the other two phone numbers ending in uhh. Now
we're getting some more the phone numbers ending in one, five,
and two.

Speaker 5 (50:17):
I'll hit you back there.

Speaker 2 (50:18):
You go, well done, You've just won some tickets to
the fourth annual. Just call MO Comedy Jam at the
Funny Bone on Thursday at two o'clock. We'll be there.
MJ is going to be there, Fritz is going to
be there, and so am I. Come up and say hi.
The first one hundred people also get a free drink
courtesy of me. You get a little ticket. Come say hi,

(50:41):
Come say hi when you get it. When you first
come in, and I'll give you a ticket. You can
then take that to the bar and buy yourself at drink,
a cocktail of beer, you know, a little glass of wine.
Coffee if they have it, I don't know, but it's
a lot of fun to have coffee. I'm pretty sure
they do. It's a full restaurant. It's a fun show.
You go, you sit down, You got a full dinner.
You know you you, I mean you. You can opt

(51:01):
till you have a full dinner and lets you buy
tickets in the VIP area. But if you want to
buy tickets, they're still available. You can go and find them.
Just search for the fourth annual just call mall Mo
Comedy Jam and thanks to them for let us give
these away.

Speaker 4 (51:14):
We had a couple of guesses that I kind of like.
One was trust and one was friendship.

Speaker 2 (51:18):
Okay, well you got your you got your philosophical.

Speaker 4 (51:21):
Thinkers, and you got your your literal more literal y
well coffin was he answered?

Speaker 2 (51:27):
Though, Well, good job Paul the realtor on being the
first and.

Speaker 4 (51:30):
Beth Paul and Beth and someone else who had whose
name I do not know yet.

Speaker 2 (51:33):
We'll find out soon. All right, what we got, MJ.
You can text in your questions comments salutations to seven
seven zero three one. Guess what it is.

Speaker 4 (51:40):
I'm sorry. The other person was Jack bell al Jack one,
but he can't go, so we still have two more tickets.

Speaker 2 (51:47):
Well, you said you had another answer further down, so.

Speaker 4 (51:50):
All right, fair, fair, fair, let's see and then it's
time for something. Okay, go go, go, you go.

Speaker 2 (51:56):
Guess what time it is, MJ.

Speaker 4 (51:58):
What time is it?

Speaker 2 (51:58):
It's time for the compare quote of the week.

Speaker 4 (52:00):
We do.

Speaker 2 (52:07):
Co This was a pretty quick one. So we'll come
back and find out who that third and final winner
is in just a moment. What's the compare quote you're wondering, Well,
that's I read a study a couple of years ago
that said less than twenty percent of people compared their
quote after they get the first mortgage quote. And I
am here to tell you that is bad news because
I see hundreds of quotes I would say per quarter,

(52:27):
hundreds of quotes per quarter, and a lot of times
they are really bad. This one was for a veteran.
I'm an army veteran myself, so I really I work
extra hard to try and take care of the veterans
that come to us. But a veterans sent me a
refinance quote for a cash out loan. They were taking
out three hundred and thirty thousand dollars loan and were
offered a rate with another lender of six point five

(52:49):
with three thousand dollars in origination fees. It's a very
common conception that VA loans are the same wherever you go.
I run into that question all the time from veterans,
and they said, well, isn't it the same? Isn't a
veterans loan. No, it's not. It's very different. Banks can
offer them, but they have to figure out their own
interest rates. They have their own infrastructure costs, they have

(53:10):
their you know, so they have to mark up the
rate appropriately to make the money they want to make
for their bank. So they had gotten a quote of
six point five with three thousand in origination fees. I
was able to lock them in almost a point late
lower at five point seventy five, a thousand less in fees.
It ended up saving them one hundred and fifty five
dollars a month. That might not sound like a lot
of savings, but when you think about that over the

(53:31):
term of a thirty year mortgage, that's over fifty six
thousand dollars that they saved by picking up the phone
for two minutes or sending it or going to the
website and putting in a compare quote. So that's a
pretty good payoff, you know. It's kind of like what
that's like that time you went and bought that one
scratch off lottery ticket and then one fifty thousand.

Speaker 3 (53:52):
Yeah, I had to pay a lot of money on
that one.

Speaker 2 (53:55):
Oh that wasn't you never mind, it's talking about digress
The moral of the story is that VA loans are
not the same wherever you go, and none no loans
are reverse mortgages, commercial loans. Compare them all. You can
do it at the website. It's very simple and easy.
You just go there, you put in, you hit the
button and says compare quote. You upwold your quote. I
take a look at it and just like this person,

(54:16):
I'll see if you can save money or if it's
really good quote, I'll tell you. You know, hey, that's great,
keep doing what you're doing. In summary, a common myth
that's pretty lame is that all VA rates are the same,
but lenders vary deals can bite That first quote may
not be right. I cut their rate, brought payments down.
A veteran's face has lost its frown. Two minutes to check.

(54:40):
That's all it takes. Compare with don avoid and mistakes.
Play the jingle Fritz there you go. Thank you for
listening to the show. You could text in your comments
to seven seven zero three to one. You are listening
to the Home Loans radio show. Who's the final winner? MJ?

Speaker 4 (55:01):
Well we have Corey. I don't know how you say.
It's k A O R.

Speaker 2 (55:06):
I Corey Corey Gary. Yeah, that's the k or. I
think that's the person that we were talking about earlier.
They just closed on their house. That's a a friend of.

Speaker 4 (55:19):
You.

Speaker 2 (55:21):
It's not rigged.

Speaker 4 (55:22):
Legit, no, no, absolutely one. Good job you guys, very well, yes,
thank you all right? Oh yes, And they have answered
and said we just closed on a home earlier this
week using Happy Home Mortgage. Don was incredibly helpful through
the whole process, and we're happy we chose to work
with him. And they did shop and compare their quote.

Speaker 2 (55:41):
That's right, they did it. Compare quote. That's that's how
they ended up with us. They did a compare problem.
We were able to get him a much better deal. Well,
come out and say hi at the comedy show and
I'll buy you guys a drink and We'll watch some comedy.
There you go. Great job, MJ. What's texting your question
to seven seven zero three to one as these fine
folks have they have.

Speaker 4 (56:02):
I'm a veteran, a veteran, another veteran, another veteran. I'm
a veteran wanting to know about the home town hero.

Speaker 2 (56:10):
You got it, you got it, you can do it,
you can do it.

Speaker 4 (56:14):
I'm gonna lead this book. Come on the Hometown hero Program.

Speaker 2 (56:18):
Way to bring it Homemgy.

Speaker 4 (56:19):
There it is, Whoo. I'm ready to purchase a home now,
but I don't have much savings for a down payment.
I know you're a veteran. Also, do you think this
program is favorable to veterans? So is it worthwhile?

Speaker 2 (56:30):
Yeah? It's He's talking about the Hometown Heroes program for
first time home buyers and it's a there's still funds left.
They're down to about thirty two million. It started at
fifty million, so more than half of the funds are
still there as of yesterday when I checked. But you
military veterans qualify Hometown Heroes certain occupations. If you want
to find out specifically the occupations, go to my my

(56:52):
Instagram at that mortgage guy don and in the link
tree there there's a list that shows you all of
the occupations that qualify you can get You get five
percent of the amount of the property you're purchasing, So
if you do a three hundred thousand dollars home, then
you can get fifteen thousand dollars for your down payment
and closing costs. The question was is it favorable for veterans.
It's hugely favorite for veteran. Favorite for veterans because a

(57:17):
VA loan, you don't have to put any money down.
It's a zero down loan. So that means if you
get fifteen thousand dollars that you can use all of
that fifteen thousand towards your closing costs and prepaids, you know,
your insurance, your taxes, all of that are buying down
the rate. So it is hugely impactful for veterans. We've
done dozens of these Hometown hero loans for veterans where
you get into the property with zero money out of

(57:39):
your pocket. You've got to have at least a six
to sixty credit score, and you got to qualify for
the VA loan just like normal. But this these funds,
it's an additional grant up to thirty five thousand. It's
five percent of the purchase price, and you can use
this this way. But is it particularly impactful for veterans
the Hometown Heroes program because you have a zero down
payment loan and all that money gets use for the

(58:00):
other stuff. So great question. Thanks for texting that into
seven seven zero three one. You want to find out
if you qualify for hometown Heroes. Go to the website
that mortgage guide don dot com. Hit the button at
the top says apply Now, fill it out and we
will evaluate and let you know if you are eligible
for the program.

Speaker 4 (58:18):
Here's an interesting question, and I understand the I understand
the why it's a question, because if you don't understand it,
it's weird. But how does your home build equity? And
how long does it take? So it's more of a big,
big overview question.

Speaker 2 (58:34):
Yeah, kind of a kind of a high level view.
Homes build equity because it's an asset that over over time,
the value of it increases because there's a demand for housing.
What was the second part of the question, How fast
it goes?

Speaker 4 (58:50):
How long does it take? How does it how does
it happen, and how long does it take?

Speaker 2 (58:54):
It happens because there's a demand for homes and when people,
you know, improve homes and then sell homes at a
later time, they're worth more. And it's an asset that
there's a desire for. So it's like it's supply and demand.
Is the bottom line of how you get equity? How
fast it grows? That varies wildly on what's going on
in the economy. What's happening with housing, what's happening doesn't

(59:14):
with employment. Yeah, sometimes it just stays sideways, Like the
last year or two we've been kind of sideways on equity.
But other years, you know, like during the pandemic, we
saw it home values and equity go up thirty forty
percent in some cases, and that was because nobody wanted
to sell and the people that wanted to buy, we're
willing to pay more, so that pushed housing prices up.

(59:34):
So it depends on what's going on. Great question, Thanks
for texting that into seven seven zero three one. We
will be right back for the final segment of today.

Speaker 1 (59:42):
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 6 (59:52):
Yeah, Baby, Real Radio one a four point one home
Loans Radio.

Speaker 3 (59:56):
This is the last segment. So if you do have
a question texted in now or for hold your.

Speaker 6 (01:00:00):
Piece, you can follow down on Instagram at that mortgage
Guy Don, or you can just go to that mortgage
guy Don dot com to compare your quote.

Speaker 4 (01:00:10):
I mean, now that we have open carry and Florida,
Hold your Piece could be a whole new thing.

Speaker 2 (01:00:15):
M What where'd that come from?

Speaker 4 (01:00:19):
You said, hold your piece, and I thought, gotcha. People
are carrying pieces like it's a thing like you know
day forever hold your piece and ten people read for
their belt. No, I'm sorry, it's being literal.

Speaker 2 (01:00:32):
Welcome back to the Home Loans Radio Show with that
Mortgage Guy Don. We're here doing what we do every
single Saturday. You can still text into seven seven ZL
three one, but it's getting a little late. Wh you're
in the last segment. You can text me. You can
go to Instagram, Instagram at that Mortgage Guy Don and
DM me, or at the website. There's also a way
to just send me a note or a question. You

(01:00:52):
can do that right there at that Mortgage Guy don
dot com. What do you got, m Jay? Actually, I'm
gonna remind everybody about the event going on today, The
Jim Colbert Show deb Roberts event benefiting the Humane Society
of Lake County is today. It's finally here. It's Saturday.
It's three pm in Mount Door from three to six.

(01:01:14):
It's a lot of fun. Come join everybody out there.
They're washing dogs, they're raising money. People bring a lot
of cool dogs out there. It's fun and other pets,
a lot of other people walking around with cool animals.

Speaker 4 (01:01:25):
It's a lot of nobody's going to bring a fish.

Speaker 2 (01:01:28):
Well you are, MJ. You're gonna bring your pets fish
or maybe you should go get that snap in turtle.

Speaker 5 (01:01:34):
That's fun.

Speaker 2 (01:01:35):
Yeah, come on, come come check it out today from
three to six. It's gonna be a good time, nice
family time. It's a lot of fun, awesome. Guess what
time it is, MJ.

Speaker 4 (01:01:43):
Is it time for the speed round?

Speaker 2 (01:01:44):
It's time for the speed round? All right.

Speaker 4 (01:01:48):
I'm gonna ask these questions a in an expedited kind
of way, and you're gonna answer them as you do.

Speaker 2 (01:01:54):
Yeah, you are.

Speaker 4 (01:01:54):
That's what happens.

Speaker 2 (01:01:55):
And if I didn't get to your question today, that
doesn't mean I didn't want to. Just to go after
a show and put it in to DM me or
send me a message through the website that mortgage guy
down and I will answer it outside the show.

Speaker 4 (01:02:07):
Here we go. What should you look for when looking
for a construction loan, Well.

Speaker 2 (01:02:12):
We do construction loans, so you want to look at
how it's set up. It depends on what you're doing,
whether you own the land already, you know, whether you
have a builder, whether it's a small builder, a big builder.
You know, it just depends on the overall scenario. So
we have a construction expert in our office, Troy manages
my construction team. So what I would say is the
best thing to do would be to get you on

(01:02:32):
the phone, kind of find out your scenario, and then
we can give you advice on which construction lender to use.
We have over thirty lenders that we can use. We're
a wholesale license mortgage broker, so we have over thirty
construction to permanent lenders and different types, some when you
own the land, some when you're trying to acquire the
land along with the loan, or you know, there's a
number of variations. So really you just want to get

(01:02:54):
with somebody and let us kind of figure out the
right path and then give you some options.

Speaker 4 (01:02:59):
How long does it take to get the reverse mortgage
quote after I fill out the online form, I just
did it.

Speaker 2 (01:03:03):
Well, thank you for doing so. That would be probably
by noon on Monday. A reverse team works on Mondays
Monday through Fridays, so they would be in on Monday
probably a couple hours. They can get you that quote,
it doesn't take long.

Speaker 4 (01:03:16):
I have an adjustable helocked mortgage right now, Will the
reduce reduction in the federal prime rate helped me out?

Speaker 2 (01:03:22):
Yeah. If you have an adjustable home equity line and
the instrument that they're basing it on is the prime rate,
which is probably ninety percent of them, then you would
have already gotten a decrease. You'll see it on your
next bill. So whenever, that's kind of a misconception. People
hear the Fed lower the prime a quarter point, they
think that means that mortgage rates went down a quarter point.

(01:03:44):
It does not. The prime is an entirely different index,
and it affects home equity lines of credit. If you
have an adjustable one, your rate probably just went down.
It affects credit card rates, so you may see lower
interest on your credit cards. It affects savings rates, which
is the opposite kind of bad, like if you're buying
a CD or you know, at a savings account. Maybe

(01:04:05):
half a year ago, those savings rates for CDs were
up close to five percent. I looked yesterday, they're down
to three point eight percent. So as they lower the prime,
those those ways to make money on interest also decline.

Speaker 4 (01:04:17):
Should I compare my SBA loan quote? Are all SBA
loans the same? SBA is a set.

Speaker 2 (01:04:24):
Small Business administration. No, every single SBA loan is different
because the SBA just securitizes part of the money if
you default. It's actually a bank. So these are individual
banks all over the state, all over the city, all
over the country that do SBA loans. They'll each have
different programs, different rates, different overlays. And we work with
about twenty five different lenders for these SBA loans, so

(01:04:47):
we can shop around and get you the best deal
when you come to us for it.

Speaker 4 (01:04:50):
I currently own a home and it's in need of repair.
I want to pull a loan. What are my options?
I have a great rate already.

Speaker 2 (01:04:57):
You probably if you have a really good rate, like
below five percent, you're probably gonna want to look at
a home equity line of credit. You have about a
dozen different options. You just go to the website and
fill out the application for refinance and it's simple, it's easy,
it's free. We'll get you a quote, soft credit pull.
We'll tell you what your rate, payment and so on
would be on the helock, and then you decide.

Speaker 4 (01:05:14):
All right, here comes the riddle, and it's a thinker,
little time. It's a thinker, a thinker guys thinking.

Speaker 2 (01:05:20):
Oh great, a think Hold on, where's my thinking?

Speaker 3 (01:05:23):
I was told there would be no thinking today.

Speaker 4 (01:05:27):
Well, well somebody has a lot to you. Here is
the riddle. Two fathers and two sons are in a car,
yet there were only three people in the car. How
is that possible?

Speaker 3 (01:05:39):
The father is the son?

Speaker 4 (01:05:42):
You got to figure it out though. There's two fathers,
two sons.

Speaker 2 (01:05:45):
Yeah, it's you. It's a son, a dad, and a grandfather.

Speaker 4 (01:05:48):
Yep.

Speaker 5 (01:05:49):
Well, there you go.

Speaker 4 (01:05:50):
This was not a thinker. This was a very easy
riddle that uh was a waste of our time.

Speaker 6 (01:05:59):
That's one bell the I'm sharing with you, donn thank you.
Let's shake on it all right.

Speaker 4 (01:06:05):
It's one that I've avoided a long time because it
just seems silly. But I didn't know how it would land.

Speaker 5 (01:06:10):
So here you go.

Speaker 4 (01:06:11):
There it is.

Speaker 2 (01:06:14):
Well, MJ. We got about thirty seconds to kill.

Speaker 4 (01:06:17):
Now. Well, be sure you check out those fat bears.
Google fat Bear. But if you do, do the fat
Bear wilderness whatever.

Speaker 2 (01:06:29):
Let me tell you the URL. It's NPS, which stands
for National Park Service NPS dot Gove Forward slash Fat
Bear Week. You can go look at the fat Bears
and vote to see which is the fattest. And that
contest ends on September thirtieth. Go out to Mount Dora
this afternoon if you want a nice, fun afternoon, wholesome
small town America situation with the SuDS, pups and pints.

(01:06:51):
Jim Jim Colbert Show, Deb Roberts event in Mount Dora
from three to six. Come out there checking out. I'll
be out there. You're listening to the Home Loans Radio show.
And you've done it, Yeah, you do successfully. Wild away
another ninety minutes of your Saturday morning listening to us
talk about stuff. Play us out of here with something
cool for us.

Speaker 4 (01:07:10):
Nine.

Speaker 1 (01:07:22):
You've been listening to Home Loans Radio with that mortgage guide.
Don join us every Saturday at nine am on Real
Radio one oh four point one and check us out
online at home Loansradio dot com