Home Loans Radio 10.11.25 With That Mortgage Guy Don. Rates are getting down to the lowest in 3 years

Home Loans Radio 10.11.25 With That Mortgage Guy Don. Rates are getting down to the lowest in 3 years 

www.thatmortgageguydon.com

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 to one. Now here's that mortgage
guy Don.

Speaker 2 (00:13):
Hey hey, hey, hey, hey hey, good morning. Welcome to
the Home Loans Radio show with that mortgage guy Don.
That's right, it's me. We're here. We're doing what we
do every single Saturday for over three hundred saturdays in
a row. I've been doing it here with my Kruger
Morning MJ. Good morning are you today on this fine day?

Speaker 3 (00:33):
I'm good? How about you?

Speaker 2 (00:34):
Oh, just dandy, mister Fritz, how are you today?

Speaker 4 (00:43):
So okay, I'd be doing a lot better if my
AC unit was working. Oh no, that's a bummer. But
you know we can at least open some windows.

Speaker 2 (00:54):
Yeah it's not. I mean, it's what's in the seventies today,
at least for now, so at least you go. You
picked a good day.

Speaker 4 (00:59):
Yeah, it's a good day for my unit to stop working.

Speaker 3 (01:03):
Every day says it's today the day, and you're like,
not today, not today.

Speaker 2 (01:08):
I'm rethinking it now because Saturday is not the best
day to try and call out an AC person to
come and do their thing. Make it right again. Well,
I'm sorry to hear that. Man.

Speaker 4 (01:17):
I made one call and the lady picked up and
said the name of the company, and I said, uh,
I need someone to look at my AC and she said, nah, okay,
really yeah, they don't work on weekends. Back back to
square one.

Speaker 2 (01:34):
M Well, there you go. At least Monday is a holiday.
I will probably won't affect anything. Yeah, well you can
always come stay in the Despare despare shed out there.

Speaker 4 (01:48):
Yeah, yeah, maybe I will.

Speaker 2 (01:50):
Yeah, you know, I don't want you. It's air conditioned.

Speaker 3 (01:54):
You've got a spare shed.

Speaker 2 (01:55):
I know.

Speaker 3 (01:55):
I know friends has a shed too.

Speaker 2 (01:57):
I know. I'm teasing. Yeah, Well, we wouldn't want you
to be, uh, you know, uncomfortable. So you need a
place to go. You got one, buddy, I appreciate that.

Speaker 4 (02:04):
Thank you.

Speaker 2 (02:05):
Welcome to the Home Loans Radio Show with that mortgage
guy Don We're here doing what we do every single Saturday.
I'm a mortgage expert. You can text in your questions
to seven seven zero three to one and join the conversation.
We are a live show right here on Saturday morning.
On morning, Saturday Morning, Top of the Morning to you
Monday we are a live show right here on Saturday mornings,

(02:29):
and you can text in join the conversation. Tell MJ
what you're doing out there. You know what I mean.

Speaker 3 (02:33):
Tell me what you're doing out there.

Speaker 2 (02:34):
Why are you listening to radio on a Saturday morning?
What are you doing? You're doing You're working.

Speaker 4 (02:38):
Maybe they're waking up.

Speaker 2 (02:39):
Maybe they're waking up.

Speaker 4 (02:40):
I'd like to know you're not working on the AC.

Speaker 2 (02:46):
If you are an AC guy, you are working on Saturday.
Text in the seven seven three one.

Speaker 3 (02:52):
I tell you what you'll win a prize.

Speaker 4 (02:55):
Well, there you go, your winn a prize.

Speaker 2 (02:58):
You have to put conditions on prizes, say the rules
and stuff.

Speaker 4 (03:01):
Okay, yeah, and maybe say the prize too. I mean,
I lest be plugola and then that's no.

Speaker 3 (03:08):
No uh pizza.

Speaker 2 (03:13):
You'll have our undying gratitude if you're the person that
goes and helps Fritz with his AC.

Speaker 3 (03:18):
I personally MJ will send you a pizza, and she will.
I will.

Speaker 2 (03:22):
It always has eight to twelve pizzas on hand.

Speaker 3 (03:27):
My phone is a fire with delivery apps. I will
send you a pizza.

Speaker 2 (03:31):
There you go. You are an expert.

Speaker 3 (03:32):
Pick it up. When the air conditioning is running.

Speaker 2 (03:34):
You're an expert with deliveries. I've seen that I could
do it. So one says man, I wish I'd have
brought my comforter like rings. Bong MJ has delivered you
a comforter, Sir.

Speaker 3 (03:48):
I did once when I was on a trip with
friends and we were all staying in a house and
the air conditioner wasn't going well and we needed an
air filter. And I did that in like thirty minutes.
It came to the door. Everyone was like, what's.

Speaker 5 (04:03):
There? You go?

Speaker 3 (04:03):
It costs four thousand dollars. No, beard is not really
but yeah, you got.

Speaker 2 (04:08):
Your time factor and you got your money factor to decide.
Sometimes they're on a sliding scale.

Speaker 3 (04:13):
Right.

Speaker 2 (04:14):
Welcome to the Home Loan, the Home Loans radio show.
What are you texting about? Yeah? You can ask any
question having to do with home loans, mortgages, real estate.
You can also go to the website that mortgage Guy
Don anytime during the show but to today, and you
can ask me questions there all week, but today you
can text them in live to seven seven zero three
to one and we'll get you an answer right here.

Speaker 3 (04:35):
Cool, I have a question. Oh good, So I heard
that the stock market took a bit of a tumble.

Speaker 2 (04:42):
You could call it that.

Speaker 3 (04:43):
Okay, but I know that in the past when that happens,
the interest rates also take a little dip. Is that
is that? Did it work that way? Or do I
have that right? That is the tradition of this mortgage show.

Speaker 2 (05:01):
I'd say you have too.

Speaker 3 (05:05):
That's fair.

Speaker 2 (05:07):
I could see you when your pa.

Speaker 4 (05:10):
Wait, do you talk about Marketplace with Kyle risdol on NPR.
That's the show I listened to. All right, I listened
at this one. It's called that Mortgage Guy Don Show.

Speaker 2 (05:20):
Yeah, there you go.

Speaker 4 (05:22):
We should rename the show that that Mortgage Guy Don Show.

Speaker 2 (05:27):
All right, I'll think about it. That's stupid, all right.

Speaker 3 (05:30):
We're getting all kinds of air conditioning recommendations. Look at
your screen.

Speaker 2 (05:34):
The we've had it called the Home Loans Radio Show
for like, I don't know, seven years now.

Speaker 4 (05:39):
Yeah, and now we're in what season six?

Speaker 2 (05:42):
We will be finishing season seven at the end of
the year.

Speaker 4 (05:45):
December, So we have to add a new character. We
have to get some kind of crippling meth addiction working
on that one, working on that one check allegedly, and
then we need to rename there. We need to rename
the show and we have to do an Unsolved Mysteries
where we you do the theme song and make it
way worse and piss everyone off.

Speaker 3 (06:04):
Right, and change our logo for sure, you get rid
of our old man in a barrel.

Speaker 4 (06:07):
Yeah there, let's just change it up.

Speaker 2 (06:09):
Wait, I don't have an old man in a barrel logo.

Speaker 3 (06:11):
All right, that's you and a microphone. I'm sorry. Oh
my god, Wow, it was just that kind of work. Okay,
I'm sorry.

Speaker 2 (06:28):
Sorry.

Speaker 3 (06:28):
I was thinking of what is our logo, and then
I thought, well, there's a barrel.

Speaker 4 (06:34):
Man in a barrel.

Speaker 2 (06:35):
No man in a barrel.

Speaker 4 (06:38):
It's like going off the Niagara Falls or something. That's
what I pictured in my head.

Speaker 2 (06:44):
Apologies, your mouth is apologizing. Your face looks very self satisfied.

Speaker 3 (06:49):
It's filled with shape and remorse and regret.

Speaker 2 (06:54):
Well, I'm here to tell you the logo for Happy
Home Mortgage is a little house with a flower in
a sunrise. There's no man on h l R. That's
just my picture city mine and microphone. It's not a logo.

Speaker 3 (07:14):
Apologies.

Speaker 2 (07:15):
You know what I'll do the rest of the show yourself.

Speaker 4 (07:17):
We can't do it without you.

Speaker 3 (07:19):
Someone here is asking a very important question and you'll
need to at some point.

Speaker 2 (07:23):
I hope I got to answer yours. Let me answer yours,
and maybe you will answer some others.

Speaker 3 (07:27):
Okay, So what my question was about mortgage rates and
how they are are affected by that dive that the
stock market took.

Speaker 2 (07:36):
Stock market took a big dive. You know, some of
the markets were down six to ten percent. Bitcoin went
down six and a half percent, all the you know,
all the the coins, all the coins, all the all
the non coins coins. Yeah, they went down. Stocks went down,
particularly tech stocks, which are the stock market is very

(07:57):
heavy and tech and AI stocks now. And you know,
if something happens in those worlds, it really affects the
stock market very quickly. So China is retaliating against US
for tariffs Suite did, and they're saying they're going to
put restrictions on their rare earth metals, which are what
we use in computing, in missiles and you know, weapons

(08:19):
of war, probably my accident, and you know, and in
that case, so a lot of the stocks drop because
he said he was going to pull another one hundred
percent tariff. A lot of people don't understand tariffs hadn't
at one hundred. You know, one hundred percent is a
is double is what you can raise it. But now
so it's already fifty percent, So we're threatening to make

(08:41):
it one hundred and fifty percent.

Speaker 3 (08:43):
That's impossible.

Speaker 2 (08:44):
Stock market didn't like that. So what happens in those
cases usually big, big financial players. This has been the
way it works for I don't know the thirty years
I've been in the industry, which is when the stock
market does poorly, those people take their bonds and move
them into other safe havens, either into other countries stock markets,
are into the US Treasury bond or any other vehicle
that they consider safe. So when a lot of people

(09:06):
move assets into the US Treasury bond, it makes the
yields change, which in turn changes the mortgage backed securities,
which lowers rate. So yesterday we had a you know,
a rate drop as you would expect. The ten year
treasuries responded as they would when a one hundred percent
tariff was threatened, and so we'll see how it goes.

(09:27):
But the good news for you, if you're buying a house,
selling a house, getting a refinance, or anything like that,
rates are continuing to trend in an hour direction, a
little by a little, by a little, but we are
We're not quite as low as we were about two
weeks ago when when they hit the lowest in three years,
but we're really right there. Like another move on Tuesday.

(09:47):
Markets are closed Monday, but another move on on Tuesday,
and we'll be right back at the lowest rates of
the three year period. So if you have a the
moral of the story is still if you have an
interest rate with a seven or an eight or even
you know, some than six and a half and up,
you can probably get your rate down a point to
a point and a half or two points right now
and save yourself a bunch of money on a refinance,

(10:07):
but by refinancing to a lower rate or changing the
term of your loan. Fifteen year loans are in the
mid to low fives right now. Thirty years for the
most qual well qualified loans are in the high fives,
you know, five point seven, five point eight, high five
fha VA, they're all in the fives on thirty year loans.
So we're in a place where and of course, we're

(10:28):
seeing record buying right now. I'm seeing an unusual amount
of contracts coming in for the month of October usually
things Usually our biggest time for purchases and people moving
in Florida is in the summer months, you know, May, June, July, August.
People want to move when the kids are out of
school and that kind of stuff. So but we are.
We saw a record month last year. My company saw

(10:48):
a record month in purchases and that's because the rates
are lower, and we're likely going to see the same
again this month and I'm guessing in in November two
if these trends continue this direction. So even even though
the threat of the tariffs was bad for the markets,
it was good for mortgage traits. So there you go.
That's the summer.

Speaker 3 (11:06):
Is that nationwide? Because I just saw someone talking about
the market, the housing market being in big trouble.

Speaker 2 (11:13):
It does vary from from state to state, region to region. Yeah,
in Florida, we're fortunate our housing market is staying strong.
The prices are you know, not declining, they're they're kind
of going sideways.

Speaker 3 (11:25):
Muscle makes it harder to buy because the prices.

Speaker 2 (11:27):
Are up well, they haven't. They're not rising though like
they were a year ago. You know, within a two
year period, price that house prices went up almost twenty
five percent, so right now, in the last three months,
they've gone up pretty much zero percent, so they reached
a point a plateau and they're staying there. And it's frankly,
it's a buyer's market because we're seeing a lot of
sellers reducing the price to sell faster. They don't want

(11:50):
to stay on the market as all right, or I
think sixty four percent are offering either lowering the price
or doing seller concessions, you know, to pay some of
their closing costs. So we're in a good place right
now for buyers and we're seeing the results in the market.
That's all I got for the mortgage ject. And then
then you had a question. After that, we had one.
We got one minute.

Speaker 3 (12:10):
Someone says, the other thing we need to do this
year is to jump the shark.

Speaker 2 (12:14):
Jump the shark.

Speaker 3 (12:15):
Maybe that was what I just said before about the
about the barrel.

Speaker 2 (12:18):
Funny you mention that actually popped up in my social
media feed was a video of Fonsie jumping the shark
in the Shark I.

Speaker 4 (12:27):
Got great legs.

Speaker 3 (12:32):
I'm really bad at judging how short people are, like
in the movies, actors and things. I know why yeah,
because I'm short. Had I never noticed? And you know,
it was years before I realized that Henry Winkler was
not a tall man. Even even Fonds jumping the shark
just didn't even occur to me.

Speaker 2 (12:49):
What I had forgotten was that Richie was driving the
ski bo mm, so there. I hadn't seen that in
that I don't know, twenty or thirty years.

Speaker 3 (12:56):
How iconic though to have been the to have coined
that phrase for every thing that ever happens in any series.
It's stupid and.

Speaker 2 (13:02):
The worst possible. Yes, well done, You're immortal.

Speaker 3 (13:05):
Yeah, you are immortal. The question was what is your
favorite pizza? We'll get back to it after this message.

Speaker 2 (13:12):
All right, we're gonna take a quick break. We'll be
right back after these. Hey. Hey, hey, it's that mortgage
guid don. October is here, and so is the pumpkin spice.
My house is feeling cozy and quiet thanks to my
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(13:34):
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(13:54):
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one three.

Speaker 4 (14:10):
Hey, this is Devil Roberts from the Jim Culbert Show.
When you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 3 (14:20):
Hey, you're listening to home loans Radio. That mortgage guy
Don was young and vibrant and bringing us important information.

Speaker 4 (14:29):
And he doesn't live in a barrel, he doesn't.

Speaker 3 (14:31):
Have a barrel, he doesn't get a barrel. And the microphone,
I mean it might resemble a tiny barreal, but only
if you squint. And maybe you've had a whole lot
of four twenty that you shouldn't have.

Speaker 2 (14:42):
I just realized, Thanks Revio, I just.

Speaker 4 (14:48):
Thought the microphone was a barrel.

Speaker 3 (14:50):
I thought it resembled a barrel. I was just baking
the joke that you know a man any I wrote.

Speaker 2 (14:57):
Down this quote. I wrote down this quote that MJ
said during the break.

Speaker 3 (15:01):
You don't need to share that.

Speaker 2 (15:02):
I never know what MJ gonna say.

Speaker 4 (15:05):
She referred and also with poor syntax, poor.

Speaker 3 (15:12):
Syntax and complete deniability. So hey, you never.

Speaker 4 (15:16):
Know what MJ gon say.

Speaker 3 (15:20):
M J going do?

Speaker 2 (15:22):
Makes three of us just.

Speaker 3 (15:26):
Dephew Scott's says.

Speaker 2 (15:27):
Jack Bradshaw's nod in his head.

Speaker 3 (15:28):
I doubt it.

Speaker 4 (15:30):
Yeah, he's turned a long time ago.

Speaker 3 (15:35):
He's like these fools. Deputy Scott and the wife took
the day off for their son's kids gender review party.
What's your pick? Gonna need a house soon, so give
us a call. But it's time for a house text in.

Speaker 2 (15:50):
I wonder what they're gonna have. I'm sure we'll find out.
We'll find out soon.

Speaker 3 (15:54):
I don't know it's gonna the smoke will be pink
or blue.

Speaker 2 (15:57):
There you go, and if.

Speaker 3 (15:58):
It's white, then you have a baby Pope.

Speaker 2 (15:59):
Man, I saw the.

Speaker 4 (16:02):
And then it's black smoke. They haven't decided yet.

Speaker 2 (16:06):
You just have a tummy. That's all. This meme the
other day it made me laugh for about five minutes straight.
It was a people that are at a revealed you know,
Baby Jenner reveal party, and thank the woman was the
woman who was pregnant, was going to pop the thing
that shoots the smoke, you know, the handheld thing that

(16:27):
looks like a like a baton, and she had it
backwards and shot her nana or some elderly person directly
in the face from like two feet away with the
blue powder. So judging by Nana's face, it was going
to be a boy. It was. It was like blue
backer hair.

Speaker 4 (16:45):
It was yeah, high pressure. Yeah, it was like a
makeup shotgun and it just.

Speaker 2 (16:54):
Went gonna have a boy that Nana will never be
able to see because she's line now.

Speaker 3 (17:00):
Ye will tell me what color it is.

Speaker 4 (17:03):
Her eyes are just sealed shut because of the heat.

Speaker 2 (17:08):
Man a cough on the announcements. We're going to send
these out. I forgot where I was going with.

Speaker 3 (17:15):
We do have a lot of questions.

Speaker 2 (17:16):
You can text in your questions comments.

Speaker 3 (17:18):
Scott was going to gerview.

Speaker 2 (17:20):
Oh, there you go. Text in your comments questions salutations
to seven seven zero three one. You can also go
to the website That Mortgage Guy Don anytime during the week.
You can do all kinds of things there. You can apply,
you can find out about you can get started on
a reverse mortgage, a commercial loan, a construction loan, a
helock loan, refinance, you name it, you can do it
right there at the website. Plus here over three hundred
episodes of our past shows also available. Everywhere that you

(17:42):
find music, check out our podcast. So you can also
follow me on Instagram at that Mortgage Guy Don. Welcome
back to the show. You text in your comments questions.
Here we go.

Speaker 3 (17:51):
Well, we have a bunch of questions, but I'm real quick,
gonna do a couple of shout out Joe and Delan
is gonna fly the Bonanza tomorrow.

Speaker 2 (17:59):
The plane that's exciting.

Speaker 3 (18:00):
We watched that plane where we've been along for the ride,
the morning ride of the plane being painted. The paint
job is very cool. I saw it recently in a text.

Speaker 2 (18:08):
He emailed me some pictures. It looks fantastic, fantastic. You
did a fantastic job. I can't wait to hear how
the first flight goes delivery.

Speaker 3 (18:17):
Dan is in o Vito delivering packages.

Speaker 2 (18:20):
So everybody one of the happiest places on earth.

Speaker 3 (18:23):
And I know, Fritz, you're looking at all the air
conditioning recommendations here, there's quite a few. The question I
was going to ask before I asked some of these
mortgage questions was somebody asked, what is your favorite pizza?
I don't know. Is that hard pizza? Is that a
hard question?

Speaker 2 (18:37):
Yeah, pizza is my favorite pizza unless you don't ruin
it by putting something dumb on there?

Speaker 3 (18:42):
What would what would make a pizza not a pizza
for you? What would make a pizza?

Speaker 2 (18:46):
No?

Speaker 3 (18:46):
Thank you? Like a hard No.

Speaker 2 (18:48):
I don't like the dessert pizza at all, where they
make it.

Speaker 3 (18:52):
Like pie or you know, like that's not pizza, that's dessert.

Speaker 2 (18:55):
Well they call it a pizza. Okay, fair, That's not
one of my favorites. I don't like. I like. I
like a more meat heavy pizza, you know, all right,
I am one of those people to meat lovers.

Speaker 3 (19:07):
Do you feel about honey on your pizza?

Speaker 2 (19:09):
I can I can stand a little honey on my pizza.
If it's got like that really hot spicy sausage to counter.
It's gotta be a hot and sweet type thing, but
not not too much. Do you ever have a taco pizza?

Speaker 3 (19:20):
I have.

Speaker 2 (19:23):
Me too?

Speaker 3 (19:23):
Man, That just making me think I need that.

Speaker 2 (19:27):
She's gonna order as.

Speaker 4 (19:32):
What does fusion have to have between two cultures to
make it like a true fusion meal like a taco pizza?

Speaker 3 (19:40):
Right? Well, you mean what what makes it that?

Speaker 4 (19:44):
What what would make it fusion? Just two?

Speaker 3 (19:47):
I think that would. Yeah, two is to two is
all you need for it to be fusion.

Speaker 2 (19:51):
I think it refers. It's referring to that there's two distinct,
uh known recognized origins of the food maybe you know
something like that.

Speaker 3 (19:59):
But also can can be it can be a technique
or ingredient, It can be different things that can make
it something fusion. You could use African ingredients and Italian dishes.
It would still be fusion, but it wouldn't you know
what I mean, it wouldn't taste African? Right?

Speaker 2 (20:13):
Yeah?

Speaker 4 (20:14):
You know what man, I learned from Primetime Kitchen a
long time ago. Shout out Jim Colbert and they were like,
you know, eggplant didn't originate in Italy, so there's not
a lot of like eggplant palm things like that. But
then when they did get it, they loved it, So
that would be I guess fusion.

Speaker 3 (20:31):
All right back in the day. But now now I
think we just absolutely assume that it is.

Speaker 4 (20:36):
It would still be, but fusion.

Speaker 3 (20:41):
I don't think anymore. I think it's been assimilated.

Speaker 4 (20:43):
Fish posh I call fusion.

Speaker 3 (20:47):
Fine, I confusion. I'm with you. Then this is not
a this is not an egg plant. I'm willing to
die on.

Speaker 4 (20:51):
When does the Colombian exchange duion? That was your food
minute here on home which you turn?

Speaker 3 (21:01):
All right, here's someone who wants you to talk about
fha and buying land and constructing a barn dominium. Do
I need a down payment? How would they get started
on something like that?

Speaker 4 (21:10):
Barn dominium sounds cool.

Speaker 3 (21:11):
Barned a minium, barned dominium.

Speaker 2 (21:13):
This is a thing that you type of house, but
you can you order it. It's like a prefabricated house.
So you have your land and they put in the
foundation and then they come out and build this this house,
this barn dominium. It's like a lot of times they
are like a big barn where you know, they have
garages on the bottom or or actual you know barn stuff, yeah,

(21:38):
at the and living quarters in them. Sometimes it's all
living quarters that can you know, can depend For years
I've been saying we can't get financing for those, But
we just did our first one about a month ago.
So they're getting to where there are enough of them
around where an appraiser can reasonably go and get other
comparables within like a you know, a half hours drive
or so. So it depends on where you're doing it.

(22:00):
There have to be some other barn dominiums around so
that when they do an appraisal they can get comps
on that that type of specific home. But it's very
it's a very like you've got to be in a
specific box. It's got to be in the right place,
it's got to be the right we got to have comps,
it's got to be the right type of barn dominium
and so on. So I would suggest you get with
me offline, go to the website that mortgage guy. Don

(22:21):
let's set up a call with our our barn dominium
expert who's done one, and we'll we'll we'll get it going.
I think it's gonna be a much more common thing
as they go on, because you can save a lot
of money. But at least now, I don't know. Maybe
when it gets popular, they'll be more expensive, but for now,
you can save some money by doing them. So hit
me up at the office and we'll talk and see

(22:41):
if we can't figure out how to make that happen
for you.

Speaker 3 (22:43):
Interesting, great question, So you like, are there a lot
of people that are selling them? Is there a lot
of choices?

Speaker 2 (22:49):
I guess no, No, there's there's well I don't know.
I haven't done a deep dive. I know there are
two or three big companies in the US that are
building these around the country. So, uh, they are becoming
more popular. Were actually got one financed on a conventional loan,
so that the time is here. As long as we
can find the comps, that's the key.

Speaker 3 (23:06):
Okay, Yeah, good to know. Here's someone who says my rate.

Speaker 2 (23:12):
Sorry, text your comments into seven seven zero three one?

Speaker 5 (23:16):
Do you?

Speaker 3 (23:16):
The question is, does don think a thirty year three
point five interest rate is good? I got in twenty nineteen.
I'll never let it go.

Speaker 2 (23:22):
Amen, that's good.

Speaker 3 (23:23):
That's a good rate.

Speaker 2 (23:24):
Williams's a good rate. I mean I have a rate
in the twos. I bought my house at the right
time a lot of people did, you know, in the
twos and threes, that's the place to be. You know,
we're in the fives now, and if you've got a
rate with a six and a half or up, you
should be thinking about a refinance. For sure. We're doing
a lot of them, you know, saving people one hundred.
For some people, one hundred dollars a month is enough

(23:46):
of a savings that it matters to them. Others, you know,
two hundred and three hundred. We did one this month
where we're saving them thirty six hundred dollars on a refinance,
thirty six hundred dollars in interest per month. So if
you're paying a month, yeah, if you're paying a higher
rate and you gave up like a year or two
ago about getting lower or now is the time to
rekindle that that joy, de vive and reach out and

(24:06):
see if we can't get you, you know, save you
a few hundred bucks. It's pure interest. I know you
may love your bank, but you don't need to give
them extra money. They'll get their money.

Speaker 3 (24:13):
Yeah, Hello, Don m Jan, Fritzbri and care here are
our favorite pizza is jalapeno, mushroom and pepperoni. I like
all those things.

Speaker 2 (24:20):
I've ever had that together.

Speaker 3 (24:21):
I don't need it.

Speaker 4 (24:22):
That seems like a tried and true trifecta, I.

Speaker 3 (24:25):
Think, I mean, I've never done it. Musham pepperoni is
a regular for me. But the jalapeno edition get into that.

Speaker 2 (24:31):
Just like the lightweight pickled halapenos, you know that aren't
hot at all, they're just flavor, or these like the
slices of a fresh halopeno.

Speaker 3 (24:38):
I think that depends on where you are to your pizza.
And and they say, we too never know what words
are going to escape MJ's mouth.

Speaker 4 (24:45):
I wouldn't think it would be pickled peppers.

Speaker 3 (24:49):
It is the pizza, the ones in a jar. All
hallopeno is in a jar. They're pickled that they're in there,
not as hot to they're Yeah, they're a little milder
than a fresh hailapeno, like a tea on a flats,
that fresh halipenia. Yeah, and then you know that's happening.

Speaker 4 (25:02):
Then you slice it and you make the little wagon
wheel shapes.

Speaker 2 (25:05):
Yeah, and then you cry.

Speaker 4 (25:08):
Yeah, and then you rub your eyes right.

Speaker 3 (25:10):
Then you punch all the seeds out. You got to
punch the seeds own. You put your finger in your eyes.

Speaker 2 (25:18):
You take the little wagon wheels and you put them
on your eyes. And it's a funny for swelling. Yeah,
just kidding. That's kids. Don't do that.

Speaker 3 (25:24):
It's not good for I'm deep in Saint Cloud. Is
that a good era? Will you do a mortgage in
Saint Cloud?

Speaker 2 (25:30):
Sure? I do mortgages all over the state of Florida,
in you know, Pensacola, Key West. I've done more uges
and then some other states other states too. Depending on
the type of loan, if it's commercial or SBA or
d SCR, or you're buying a rental property or short
term rental property, something like that, I can do those
in most every state. Great question. Thanks for texting into
seven seven zero three one. You are listening to the

(25:50):
Home Loans radio show. We'll be right back after these messages.

Speaker 3 (25:55):
Hey, this is Ryan from the Monsters, and now back
to that mortgage got done on real radio.

Speaker 4 (26:00):
Sometimes you have such a good time chatting about the show,
you forget that you also have to do the rejoin Hello, oh, Fritz.
We got J and that mortgage guy Don. We were
actually just taking the curtain back a little bit here.
Don and MJ. We were talking about setting up one
of my best good old buddies with a meeting with

(26:21):
Don because he's thinking he's ready to.

Speaker 2 (26:23):
Be ready to buy a house. That's amazing. Yeah, I'd
love that. That's gonna be uh, that'll be fun. Let's
get together.

Speaker 4 (26:31):
And I told my best good old buddy, I said,
you know what, you should follow him on Instagram And
he goes, well know his handle? And I said, it's
at that mortgage guy Don, and he goes, I'll do
it later.

Speaker 3 (26:41):
I go, you do it now.

Speaker 4 (26:43):
It's simple, simple to follow him. This is all real.
I didn't make any of that up.

Speaker 2 (26:49):
And that's how I got almost four thousand followers.

Speaker 3 (26:51):
That's how I met your strong army people around the town.
And you want the answer to that tribute question. Right
after everybody follows that mortgage guy.

Speaker 2 (27:00):
Down there, you go thank you. As always, I've been
working with a lot of your friends lately.

Speaker 3 (27:06):
Yeah, people coming, people ready to buy.

Speaker 4 (27:09):
Brandy and Caiori they have a house, though.

Speaker 2 (27:14):
There's some other folks got under contract. I think last night.
I'm not. I don't want to. I don't want to
mention it, to mention their names yet because I haven't
gotten permission. But you know who they are.

Speaker 3 (27:23):
Yeah, someone Mike texted in, I bought my first home
in nineteen seventy seven. The rate was ten point five. Yeah,
I know, that's real.

Speaker 4 (27:32):
It's that house a lot cheaper than nowadays though probably
that there's.

Speaker 2 (27:37):
That part well, But so it was equivalent income was cheap.

Speaker 4 (27:40):
I'm not I'm not dogging that you're right, but you're right.

Speaker 3 (27:44):
It is. That is a huge difference because ten percent
of fifty thousand is a whole lot different than that
same house now for three hunderd.

Speaker 2 (27:51):
Yeah, but at the time, a really good yearly income
was twenty five grand. So, you know, everything kind of adjusts,
so to speak. It's not it doesn't always adjust equally.
There's a lot of you know, rubber band kind of
yanking back and forth on these things. But yeah, but
right now, good news rates are half of that. In
a lot of cases, depending on how well qualified you are,

(28:13):
you could be in the fives right now. So that's
that's the best it's been in a while.

Speaker 3 (28:16):
Yeah, my dad is telling us. He's interested in a
reverse mortgage because they're retired and on a fixed income,
but they want to do a lot of traveling and
being told that a reverse mortgage will give them around
three K and income per month and not have to
make any payments. Is that true?

Speaker 2 (28:31):
Well, I mean, I don't know their specific scenario. I'd
have to see their quote and see there's a situation.
If I can tell you what's on that quote is
true because I didn't produce it, But the general idea
of that's how reverse mortgage works in some cases, if
that's how you want it to work. I mean what
reverse is kind of So on a forward mortgage, you
borrow money and then you're paying it back over thirty years,

(28:54):
a little bit at a time. Right on a reverse mortgage,
you're taking equity out of your property and you don't
have to pay it back. You get to stay in
the house as long as you want. And then over
time that mortgage balance will build up and eventually when
the mortgage gets paid, they get paid the money that
they've been giving you all all along. And this is
a you know, federal program, it's through FHA, it's a

(29:14):
legit program, and it could work. I strongly, strongly suggest
they do a compare quote to whatever quote they got,
send it over to me and let me look at it.
I'll tell you if it's any good or not, or
if you wanted to you know, if you and your
dad wanted to have a meeting with me, I'd be
happy to do that. I can sit down and explain
it to you if that, you know, as long as
long as dad wants me to, we can explain how

(29:35):
it all works. In that way, everybody can have a
peace of mind on it. But yeah, reverse mortgage is
a really good product for people in that situation. Like
if they're on a fixed income where they only have
Social Security and now all of a sudden they've got
three thousand a month and they want to go rving
around the country. Well, then they've got extra income to
do it from the equity in their home that they
spent probably twenty or thirty years putting it in there.
So this is a way they can take it out

(29:56):
once they can no longer qualify and debt ratio for
a regular mone mortgage. Great question if you want. If
you want to find out about one, hit me up
at the website. There's a questionnaire at that mortgage guy
don dot com a reverse mortgage questionnaire. It's like one
page thing. You fill it out, it comes into my
email and then we'll we'll talk to you and send
you a quote and see if it's something that makes
sense for you.

Speaker 3 (30:16):
Here's someone says, I'm trying to buy a short term
rental property in Florida near the Disney area. But I
ran into a problem on a conventional loan because the
property is short term rental and the debt ratios were
too high. Would you be able to provide any other options?
I need to close by November fifth?

Speaker 2 (30:30):
Yikes, Well that's pretty short.

Speaker 3 (30:33):
If you don't have a way to go, I think
I'll cancel the contract and I will lose my large deposit.

Speaker 2 (30:39):
You want to do that, You don't always need to
cancel your contract. There's more than one way to skin
a cat. But okay, twenty five days. What do we
got today's though? At the Yeah, we have that twenty
twenty five days. Twenty days. I think that's probably enough time.
We have something called a DSCR loan. So what they're
saying is short term rental means that they want to
airbnb it or put it up for VA you know,

(31:01):
weekly rentals, monthly rentals, daily rentals. So the conforming government
loanland lenders like Fanny May and Freddie mac then they
don't do that. They don't do short term rentals. It
has to be you know, like you're going to rent
your house out on a year lease or something like that.
So we have a loan call to DSCR loan. We've
got a couple other business type purpose loans that wouldn't
look at your debt ratios at all. They based the

(31:23):
loan on the profit that the property will make, and
there's formulas and we calculate that. As part of the appraisal,
we figure out what other similar properties are making and
so they use the income of the property to approve
you for the loan. And on those we can do
you know, short term rentals like airbnbs and vrbos and
that type of thing. So yeah, call me, hit me

(31:44):
up at the website at that mortgage guide, don and
we can talk about what you're doing. There's a good
chance we can help you help you out. The reason
it's really good. The bottom line is you have to
have twenty percent down. You got to have at least
a six to eighty score and you have to have
twelve months of reserves for the property to do that
DCR loan. So you have that, which you should because
you need that to do a conventional loan you're trying
to do, then we should be able to do it

(32:05):
for you. Hit me up. I think we got a solution.
Great question. Thanks for texting that into seven seven zero
three to one.

Speaker 3 (32:14):
Here's someone who is concerned about robots.

Speaker 2 (32:22):
Psoriasis.

Speaker 3 (32:23):
Well, just give you. They've sent it two parts. They
have a helock right now, but they think they got
the wrong loan. It's been past three years since they
got it. Can they get a different loan? They're at
seven percent now, they have no mortgage. They owe sixty
two thousand on helock, but the house is worth about
four fifty and they'd like to buy some properties they
can move and dodge the wrecking ball in their neighborhood.

Speaker 2 (32:42):
Oh wow, which is the wrecking ball? I wonder what
that's on.

Speaker 4 (32:47):
Are they tearing down the house.

Speaker 3 (32:53):
And they're being forced out by developers. They may have
a couple of years and they really don't want to
let someone flip their head because they've been there thirty
years and they have lots of equity and they're wondering
about a mortgage.

Speaker 2 (33:05):
Well, yeah you can. I would probably say that a
helock may not be the right way to go, depends
on what you want to use the money for.

Speaker 3 (33:13):
They want to they're thinking that's not right.

Speaker 2 (33:14):
I'm sorry, yeah, yeah, No, what we got to do
is do another loan. Right, your helock is already going
to be it's going to have a limit, it's going
to be capped. It's probably a floating interest rate. So
part of the transaction we would pay that off U
and I would probably say that it's going to be
best to do a new first mortgage, like a regular
thirty year mortgage or ten year mortgage or whatever you
want to do conventional loan because I think the rates

(33:36):
are going to be better. I think you're going to
be able to get something in the five or six
is on a conventional loan for a cash out, whereas
helocks might be a little bit higher or adjustable. So
there's definitely some solution there. You can take the cash
out and then if you buy a property, we can
also do construction loan on the new property. So what
I can do is what we'll do in this kind
of scenarios, put everything together, figure out what you're doing now,

(33:58):
what you want to do? Can you debt rate show
for that? You know, do you have the credit scores
for that? Is there a program for what you want
to do? You know your job's sufficient all of that,
and then we can figure all that out now while
you still got I think they' said a couple of
years left. Yeah, uh, and and do that now and
that way you know what you're doing, or you can
start that move. I mean building a house, buying land.

(34:18):
Building a house takes a year. You might get it
done in I mean six months or nine months, but
if you're doing a private builder, it's probably going to
take a year. So you want to get started now
and kind of vet all that out and see if
if it's going to make sense. Great question. Thanks for
texting that into seven seven zero three one. That's how
you do it. Well. I was looking at this news story.
Have you heard of h Mart before?

Speaker 4 (34:39):
I have?

Speaker 2 (34:40):
You're you're you're you're a you're a chef. You're a
chef type person. I mean you like to cook, you
like you do a lot of ingredients. You ma make
a lot of cool things, so I figured you would
know about it.

Speaker 3 (34:49):
I do.

Speaker 2 (34:50):
Do you know what it is? Jeff H marked Hr
They opened stand.

Speaker 4 (34:55):
For something I do not know.

Speaker 2 (34:57):
I don't know.

Speaker 3 (34:57):
Maybe Asian super store.

Speaker 4 (35:00):
Okay, then no, I'm gonna say no.

Speaker 2 (35:03):
They just opened on Colonial Drive, seventy five oh one West.
Colonial h Mart is the largest Asian supermarket chain in
the United States, and they have arrived their first Florida
location in Orlando. People are out of their minds over there.

Speaker 3 (35:15):
Out of their minds. Yeah, there's a line all the time.
Cool thing about that line, it's a continual I'm sorry.

Speaker 2 (35:21):
No, go ahead, I'm looking for feeba.

Speaker 3 (35:23):
There's a continue there's a continued queue out the door.
And apparently that is not meant not maybe will not
may not abate. But if you are sixty or older,
or if you have any reason that you just don't
or if you have a baby, they just let you
gip the line. Nice, you just go up to the front.
Go yeah, I'm really hot. They're like, come on in.

Speaker 2 (35:40):
This used to be I think a big super Target
or something like that. Oh it's one hundred thousand square foot.

Speaker 3 (35:46):
So crazy place especially known for all kinds of Asian ingredients,
but especially fresh seafood. I mean just a lot of
like like fifteen kinds of crab. So where where is it.

Speaker 2 (35:58):
It's on West Colonial, I think probably out Tooard. It's
like a O Koe area.

Speaker 3 (36:02):
Yeah, yeah, it's heading that way. People are very excited
about it. And they also have things called gifts and
sometimes they've heard of those. That's the little video that
keeps playing. I was very excited about it when I
heard about gifts. Now they have a thing called gifts
where some I don't know the first however, many people
of the day who check out can get a gift

(36:24):
and it's like a giant bag of rice or there's
all these things they just it's like a dollar and
it's like a special thing where you get and if
you're lucky, you get one of these things they just
they give away.

Speaker 2 (36:35):
Well it's uh, this is the largest store in the
country also for them, so they've opened this is this
one is massive. Uh it opened. It opened to a
couple of weeks ago. And yeah, as you said, MJ,
it's a vast selection of Asian groceries, flesh fresh produce,
premium meats, live seafood, et cetera. Pretty cool. I might

(36:56):
have to make a They also have a Korean beauty
supply store in there, mm hm, a salon and it's
open from nine to ten. I'm gonna have to go
check it out, just to walk around and see what. Yeah, Asian. Yeah,
market looks like I've been in like the little ones.

Speaker 3 (37:10):
We have some really good ones in Orlando. FYI also
which a lot of people were saying, like why you
standing in line? We can just go all the the
other direction on Colonial and you know we've got at
least two right that I go to regular.

Speaker 2 (37:21):
Yeah, regular, that's true, that's true. You go, you know,
there you go. You're listening to the Home Loans Radio
show with that mortgage guy don We'll be right back
after these messages.

Speaker 3 (37:30):
Hey, it's Sabrina from the news Junkie.

Speaker 4 (37:32):
Do you have a question for that mortgage guide down
text him at seven seven.

Speaker 3 (37:35):
Zero three one No.

Speaker 5 (37:37):
Back to Home Loans Radio on real radio.

Speaker 3 (37:41):
All right, all right, you're listening to Homelans Radio. It's congratulations,
glad you're here talking about mortgages here, very exciting, mean welcome,
Welcome to the Home Ones Radio show. Texting your question

(38:02):
to seven seveny or three one. I'd love to hear
from you if you have a mortgage question, question about
a reverse mortgage, or I don't know lots of things,
tell me what you're doing. I'd like to hear about
that too. There's been some discussion of pizza, but it
really hasn't caught on text it seven three one.

Speaker 2 (38:20):
Thinks semn J here with my crew. We got MJ,
we got you, just heard from MJ. We got the
Fritz man here. Hello, mister Fritz.

Speaker 4 (38:29):
I'm so hot in my house.

Speaker 2 (38:31):
Oh no, yes, those of you haven't heard. Fritz's air
conditioner is on the Fritz.

Speaker 4 (38:38):
On the Fritz not in a good way.

Speaker 2 (38:43):
That's all right. You got some resources now, some folks have.

Speaker 3 (38:46):
Several people have texted in that if you reach out,
they could they could come. Yeah, and if anyone does
and they want to catch it on that pizza, let
me KNOWZ.

Speaker 2 (38:56):
Fritz will verify the I.

Speaker 3 (38:58):
Have offered a pizza for anyone. Thanks, Fritz's air Conditioner.

Speaker 2 (39:02):
You heard of the Post Time Lounge? I'm ja, yes,
I have, yes, what have you heard?

Speaker 3 (39:07):
I have? I have been to the Post Time Lounge too.

Speaker 2 (39:09):
I mean, come on, Post Time Lounge will close its doors. Yes,
I know, no bringing an end to a long time
gathering spot known for live music, karaoke. I'm not going
to read this next sentence. But people getting together and
meeting each other.

Speaker 3 (39:26):
Oh yeah, yeah.

Speaker 2 (39:28):
The venue has long been a staple for local bands
and tribute acts.

Speaker 3 (39:32):
Adulterers? Is that what it says?

Speaker 4 (39:33):
No wayfaring adulterers because.

Speaker 3 (39:39):
I've been I've been to the Post Time Lounge and
you know, people be hooking up.

Speaker 2 (39:43):
I guess I can read the quote. Okay, I didn't
write the article.

Speaker 3 (39:47):
Okay, it was in the paper.

Speaker 2 (39:52):
Actually, Brandon O'Connor wrote this article. So I am gonna
I am if I'm going to quote it, I'm going
I'm gonna cite it. Yeah, Brandon O'Connor wrote this article.
It's said, well, bringing to an inn a long time
gathering spot known for live music, karaoke nights, and prime
middle aged meat market patio scene.

Speaker 3 (40:07):
That's what I'm saying. Yeah, I'm saying that's why I
only went one time. But yeah I didn't.

Speaker 2 (40:15):
Yeah, saying it's too hard, too hard to book to acts,
too much competition, too hard to keep it going. And
uh guess when that was opened. Oh my gosh, you
take that open.

Speaker 3 (40:25):
I'm going to say seventies.

Speaker 4 (40:26):
I'm gonna say seventy four. I'm gonna say ninety nine.

Speaker 2 (40:31):
MJ gets a bell open in nineteen seventy seven. Yeah,
all right, yeah, all right, very yeah. It was owned
by Michael Pincer. I don't know a lot of people
know who Michael Pincer is. He died earlier this year
or so. Club one was another club that my right,
and that one was opened in nineteen sixty three. Originally

(40:52):
it operated as a nightclub hosting renowned artists like FETs
Domino and Jerry Lee Lewis. That was before you see
f Yeah, but oh yeah, and then the later it
turned into an adult entertainment club that closed in two
thousand and six because they had to. They got the
Florida Department of Transportation acquired the property to do the

(41:12):
highway overpass there at four thirty six and seventeen ninety two.
But I mentioned that because the club's neon sign was
preserved by the Charles Homer Morse Museum of American Arts,
so you can go there and see that.

Speaker 3 (41:25):
I want if the Post Time Lounge, I don't.

Speaker 2 (41:27):
Make it, I don't know I don't know.

Speaker 3 (41:29):
Probably it's pretty iconic.

Speaker 2 (41:31):
A lot of people went to the I mean back
in the sixties that you know, there was a military
base here that there where the highlight was. That was
like a big hub for folks to go and you know,
have a good time. Anyway, post time lounge, all right,
you still got a few weeks. Do you want to
go get your last look? You still got a chance.
There's a lot of acts coming back from I bet
for farewell shows and stuff.

Speaker 3 (41:52):
Sounds like fun. Fun, sounds like fun. My dad and
I are on this construction loan, ready to go permanent.
The rate seems too to me. Then I'm being quoted.
They're telling me seven point eight seven five. Their credit
scores are over seven forty. Does that sound good Geese.

Speaker 2 (42:08):
No, that sounds garbage to me. Yeah, that sounds way
too high. When you do a construction, a lot of
times the lender will feel like they have you captive
because when you do a construction loan, you're doing you
may have done a loan to acquire the property, and
then there's the loan, the construction loan part where they
you know, do draws out of the loan to build
you know, to put in the slab, to put in

(42:28):
the infrastructure, to build the house, to frame it out,
to do you know, each step, and then at the
end of all that, once the house is built and
about to have a certificate of occupancy, then you kind
of convert that into your final thirty year mortgage. It's
called a construction to perm and the PERM is a
permanent more you know, the permanent mortgage afterwards. So a
lot of times that rate can be higher because they

(42:49):
figure you've been doing all this with us, you're just
going to roll into it. And it's a little known
secret that you don't have to. You can go and
get your own end loan anytime you want and off
that construction loan. You should be able to get with it,
they said. The scores were aware seven forty. Yeah, you
should be able to possibly be in the fives, maybe
e low sixes or fives, depending on debt ratios and

(43:12):
other factors. But yeah, definitely you want to shop that
around and you want to have that in place when
it's time to do the end loan, so you don't
you don't have to move into that loan. You just
move into your own new loan and pay the construction
of perm loan off great question, thanks for texting that
into seven seven zero three one. I can help you
with that. You do not need to pay that rate.
It'll save you. I don't know how much that. You know,

(43:33):
if it's a four hundred thousand dollars house and they
said seven point eight seven five, that's ridiculous. If you
get down to five point eight seven five, that'll save
you on a four hundred thousand dollars house, probably five
hundred a month in interests. That's a lot.

Speaker 3 (43:48):
Here's a question. Do all jumbo loans require twenty five
percent or more down? Our bank? What's twenty five percent down?
The house is one one point three million. We hope
to save our cash for renovation. What is the lowest
down payment for a jumbo loan?

Speaker 2 (44:00):
Typic the lowest that a lot of banks will tell
you twenty five percent. A lot of credit unions want
twenty twenty five percent. We can do it as low
as ten percent. You got to have ten percent down.
You got to have good credit for that. But any
you know, we have others that allow twelve percent down,
one that allows fifteen percent down, So we can see
how low of a down payment we can get you in.
But commonplace for us to get down payments of ten percent.

(44:22):
There's also a way that we can do an eighty
percent first mortgage and then a ten percent piggyback second
mortgage to get to ninety percent. So there's more than
one way to skin a cat, yeah for sure, but
we do not need to most likely do not need
to put down twenty five percent for a jumbo Loane.
All right, great question. We're going to take a quick break.

(44:43):
We'll be right back at the top of the hour.

(45:27):
Hey hey, hey, hey, hey, hey hey, let's just listen
to that guitar solo. Alert.

Speaker 3 (45:34):
It was so good.

Speaker 2 (45:35):
That was fantastic. I'm not I'm not, I don't recognize
that one. Fritz, what what what did you play?

Speaker 4 (45:39):
That is Long Conversations by Florida Sling? Oh that's you,
that is me?

Speaker 3 (45:47):
Was that your solo too? Yeah?

Speaker 4 (45:49):
I love it so much, big old, big and buzzy
guitar tone like fire streets.

Speaker 3 (45:56):
Yeah, yeah, yeah, yeah, I love it.

Speaker 2 (45:58):
Yes, of course, Florida Slang is one of your many
joints out there. Thank you as always for playing your
original music here on the show.

Speaker 4 (46:05):
Welcome back, Thank you.

Speaker 2 (46:07):
Can follow Fritz on Instagram at no Underscore, Regrets, Underscore,
Coyote and a little big excitement, big excitement. You can
see Fritz perform.

Speaker 3 (46:17):
Oh yeah, I'm so excited live.

Speaker 2 (46:20):
At Will's Pub. You're gonna be Ozzy Osbourne for on
Halloween Night, one night only, right, I was trying.

Speaker 4 (46:29):
I was trying to hit the thing. Hold on, here
we go. That's right. Halloween Night at Will's Bob, I
will be Ozzy Osbourne doing an Ozzy Osbourne tribute sets.
We're playing eight songs and uh, it's my leotard fits.

Speaker 3 (46:46):
Yeah awesome.

Speaker 2 (46:48):
Well you still got you know, three weeks. You got
to make sure it still fits.

Speaker 4 (46:53):
Yeah. I gotta get some sessions at the old tattoo shop.
You know all of his original tattoos.

Speaker 2 (47:00):
Nice.

Speaker 4 (47:01):
Well that's for reals, not for real. I want all
this prison tattoos right, yeah, right on.

Speaker 2 (47:09):
My body forever. Halloween Night, October thirty one. Other band's
going to be there.

Speaker 4 (47:15):
Yeah, there's an AFI cover band Ozzy Osbourne and then
a Misfits cover band by Psycho seventy eight at the end.

Speaker 2 (47:25):
Cool, I'm going to be there. There's no place else
in the world. I'm supposed to be then a Will's
pub on Halloween night, watching Fritz.

Speaker 3 (47:32):
Do Ozzy and you know, trigger treaters. Sorry, sorry about
your luck. You will not get any candy from me
because I also will be there at your cut.

Speaker 2 (47:44):
That's what they're going to say before they egg your house.

Speaker 5 (47:46):
M JA.

Speaker 3 (47:47):
That could happen, could happen.

Speaker 2 (47:49):
Now, the good news is eggs are too expensive.

Speaker 3 (47:51):
That's right, that's right. I remember the days when you
could just throw eggs in toilet paper everywhere before they
became precious commodities.

Speaker 4 (47:59):
The eighties, we threw away a modern equivalency of thirty
six dollars.

Speaker 3 (48:06):
That's right, just by and by the by the dozens,
you know. Yeah, I mean not that I have did that,
but I heard about it, heard people people did that.

Speaker 2 (48:14):
I believe you did that.

Speaker 3 (48:15):
No, all right, egg on brick is a really satisfying sound.

Speaker 2 (48:20):
Though I'm pretty sure that the Statute of Limitations has
run out.

Speaker 3 (48:22):
A jack on things I did in seventh grade. I
think so probably.

Speaker 4 (48:26):
I love referring to really tightly uh tuned snare drums
as an eggshell crack, all right?

Speaker 2 (48:34):
You know that?

Speaker 4 (48:34):
Like that satisfying, Like there's just something so about just snap.

Speaker 2 (48:39):
I love it all right, I'm envisioning that. Now you're
listening to the Holmanes Radio Show with that mortgage guy Don.
I'm here with my crew, MJ and Fritz were here
at we Gotta You Gotta You got time to text
him a seven seven zero three one. We got another
segment to almost two full segments left. So get your
questions in. Anything you want to ask about home loans,

(49:01):
real estate, to buying a home, selling home, any of
that seven seven zero three one, or if you just
want to join the conversation, tell us what you're doing
out there, you can do it. You can also follow
me on Instagram at that mortgage guy don dot com
checking out. We were up posting a bunch of funny
stuff up there. Oh right, Yeah, I've been trying to
do some original content. People tell me it's funny. I
think it. Maybe it is funny, like you said in

(49:23):
the beginning, Maybe it's just because I'm an old man
with a barrel.

Speaker 4 (49:26):
Or something she said you were in. I pictured an
old the old timy man wearing a barrel with like suspenders,
right was getting.

Speaker 3 (49:35):
Ready to jump over the falls. Yeah, or like he's.

Speaker 4 (49:38):
Naked and you can't depict the cartoon. So he's just
wearing a barl.

Speaker 3 (49:41):
He has a barrel. Yeah, I get it. He can't
afford shoes or yeah, but he's got a barrel.

Speaker 4 (49:46):
And then I thought, for some reason, the cracker barrel logo,
because that was contentious here recently, so of the joke.
I thought of him just in a cracker barrel doing
the show, wearing a barrel.

Speaker 3 (49:57):
That was the point of the joke. As you said,
what should we be doing it? Shake things up? And
I said, we should change our logo. I was making
a joke about cracker bear.

Speaker 2 (50:04):
I think everybody got it. Okay, we don't have to
repeat it.

Speaker 3 (50:08):
Okay, fair, fair enough.

Speaker 4 (50:10):
Yeah, they're going to be hearing it.

Speaker 2 (50:11):
And I informed MJ said that my logo looked like
an old man with a barrel. I was just joking,
which I told her was just a picture of me
on the microphone at the radio stage.

Speaker 4 (50:20):
He started by saying, number one, that is a photograph.

Speaker 2 (50:24):
That's not a logo.

Speaker 3 (50:27):
Apologies, apologies. It was great, never know what jologies, apologies, apologies.
Here's someone who's interested in buying a home from their
grandfather one of his rental properties he's willing to sell
it for three hundred K, and it's worth about four
hundred which is nice. I have good credit and a
good job, but limited down payment. How much would I
need to have to buy it all together? Roughly? Well,

(50:48):
down payment assistance work for this? What other options are there?
So I think what we don't know is is this
person is this their first home? Seems like it might be.

Speaker 2 (50:57):
That's a fine question, MJ. But I'm going to have
to answer that one after after the next segment because
it's time for the compare quote of the week.

Speaker 3 (51:06):
You know, Okay, dot.

Speaker 4 (51:13):
Com that's right about?

Speaker 2 (51:17):
Who wrote that?

Speaker 3 (51:18):
So good?

Speaker 2 (51:19):
That jingle Fritz wrote it? That's who?

Speaker 3 (51:22):
That's right.

Speaker 4 (51:23):
Well, Darcy wrote the dot com part, which was genius
it is. I was like, ah, we've wrote this song,
Darcy and me, and then we send it to Don
and then the corporate lawyers get involved and we have
to add a dot com to it, and dot com
it's like the best part of the song.

Speaker 3 (51:38):
It is, it really is.

Speaker 4 (51:40):
It was great.

Speaker 3 (51:41):
Really you are creative geniuses. You too.

Speaker 4 (51:44):
You don't have corporate lawyers?

Speaker 2 (51:45):
Do I have lawyers?

Speaker 3 (51:49):
I would hope.

Speaker 2 (51:50):
Yeah, it's pretty much impossible. To be an adults and
run a business and not have the compare quote of
the week. Though, what's that you asked, Well, that's something
I can up with. A couple years ago, with people
aren't comparing their quotes enough, we found out through a
study that less than twenty percent of people two out
of ten we go and get a quote a second
quote once they got the first one, because they said

(52:10):
it's too dog on hard to get the second one.
And so I decided, you know what, I'm gonna make
that easy. All you have to do is go to
my website. There's a button at the top. It says
compare your quote. You upload the quote you have, I
look it over, I tell you if it's treasure or
if it's trash. And then you know, we go from
there and this is the compare quote of the week.
This is the best one we had this week. This
is on a reverse mortgage. Yes. I tell people all

(52:31):
the time, Yes, compare your reverse quote. Yes, compare your
SBA loan quote. Yes, compare every quote, your helock quote,
compare it. You got to compare it. I see a
lot of them, and I see people saving I can't
even tell you. Maybe I'm going to figure out how
much money we've saved people here soon. This reverse is
a regular a regular listener of the show. His mom,
who was not a regular listener of the show, got

(52:52):
a reverse quote. The rate on it was six point
three seven five. Their origination fee was six thousand dollars.
Said he listens to show. He said, Mom, you have
to let don look at the quote. So he convinced
his mom to send over the quote.

Speaker 4 (53:06):
And let me guess. She was like, I don't know.
I hear it's hard. I talk to myself out of it.

Speaker 2 (53:12):
It could be, could be. I did a search among
we have see we have multiple reverse lenders, which is
one of the reasons we're able to shop a quote.
You know, most places are gonna have one, one quote,
one rate, that's it. I have many reverse lenders, so
I spent the few hours checking around. I was able
to get a much better one instead of six point
three seven five. Actually at six point five they were offered,

(53:32):
we were able to get them six percent and on
a rate the reverse the rate doesn't change your payment.
Right on a regular mortgage, we're like, oh, lower rate
is better because it changes your payment, But no, on
a reverse what it changes is how much money you
get back. And when you have lower fees, that changes
how much money you get back. So I was able
to get them thirty thousand dollars more back. Wow, reverse

(53:55):
than the other thing.

Speaker 3 (53:56):
Wow, that's real. That's a big difference.

Speaker 2 (53:58):
They were. They were getting her back after pay off
loans itself around fifty six thousand. We were able to
get her back eighty six thousand dollars on reverse mortgage,
and it was three thousand dollars less in closing costs.

Speaker 4 (54:09):
Insane.

Speaker 2 (54:10):
Wow. Yeah, So just shout out to you forgetting your
mom to uh compare her quote, and you can do
that on anything. In summary. Dan listens each week to
my radio show. When his mom got a quote, he said,
let's go six point five and six grand two. Let's
see what that mortgage guy can do. I shopped around.

(54:31):
I found the key six percent and half the fee
thirty k. That's worth a gloat. Protect your neck. Compare
your quote. Play the jingle Fritz Dolls dot com like
an eggshell snare take out. Well, that's it, that's what

(54:55):
I got.

Speaker 3 (54:55):
So very nice.

Speaker 2 (54:57):
That's a compare quote. A week. We saved him a
lot of money. He saved his mom a lot of
I say, saved. You got his mom a lot more
equity out of.

Speaker 3 (55:03):
The property difference. I mean that's amazing. Yeah, they're amazing.
Do you want to circle back to the other.

Speaker 2 (55:08):
Yeah, let's reread the quote the question that came in
just compare.

Speaker 3 (55:13):
For this person is interested in buying a home from
their grandfather, one of his rental properties. He's willing to
sell it for a three hundred and it's worth four hundred.
Good credit and job, but limited down payment. How much
would they need to have to buy it altogether? Roughly?
Will the downpayment.

Speaker 2 (55:30):
Well?

Speaker 3 (55:30):
Will down payment assistance yep, we'll down payment assistance work
for this. What other options are there you?

Speaker 2 (55:37):
So they're buying a house from a grandfather, he's willing
to sell for three hundred, it's worth four hundred, they
don't have money for down payments, and they're asking about
down payment assistance. Good news is you don't need any
down payment assistance. It probably would work on this, but
you can do something if you qualify. Of course, it's
called a gift of equity purchase from a family member,
So you can only do this with a family member

(55:57):
direct family member, you know, uncle, cousin, a nephew by
blood or marriage, step parents, you know, anything like that
you can buy. You can buy that house, that part
that they're not getting out of their equity. In other words,
they're selling it to you for three hundred, but it's
worth four hundred. That hundred thousand dollars we can use
to get the down payment and the closing costs paid.

(56:18):
We can use the equity and the property, and your
grandfather's just gifting you that equity. You've got to have
at least a six hundred credit score, be better. If
it's higher, you'll get a better rate. But you do
money out of pocket. Really, you need just enough. If
you're going to do inspections, but that's up to you.
You'd have to do, most likely an appraisal, and that

(56:39):
would cost around six hundred dollars. So I think total
cash you'd need to get into a house like that
on the gift of equity purchase, it could be as
low as six hundred dollars. Hit me up. We'll explain
it to you, explain it to your grandfather, or show
you how it works. We can help you write up
all the contracts, We help you do all of those
things and get all the ducks in a row. But
I think you should be able to buy that house
with very very little out of pocket. Great question. Thanks

(57:02):
for texting that into seven seven zero three one. Yeah,
if you're in that scenario where you want to sell
a house to a child or your nephew or whoever,
and you want to find out a way that you
can do that without it costing them virtually anything, it
could cost them nothing if you pay for the appraisal
as the as the you know, as a parent who
or grandparent whoever's selling the property. So if you're in
that boat and you think that's something you might want
to do with a family member, hit me up. I

(57:23):
can explain it to you before you get started, so
you know how the whole situation works. Thanks for texting
that into seven seven zero three one. You can too,
go ahead.

Speaker 3 (57:33):
This one's kind of strange. The neighbors are selling their
parents' house and side note, everyone in the scenario is
related somehow. The neighbors are selling their real time Yeah right,
the neighbors are selling their parents out. It is not
And before that house was built, the well was located
on the property of their house.

Speaker 2 (57:54):
Uh huh, the.

Speaker 3 (57:54):
Owners before us owned both lots. Okay, how is that
going to affect their property by if they go to
sell the well and the well house is about three
feet on their property? Is one dot is feet or
no three yards feet? Okay?

Speaker 2 (58:12):
Yeah, like quotes his inches on his feet feet, So
it's about three feet onto the other person's property.

Speaker 4 (58:18):
Yeah.

Speaker 3 (58:18):
So it used to be one big property and it
was a house and a well on it. Then it
was divided into two properties, but they're related, so it
seems like nobody cared. But now they're selling the house
and the well is actually three feet on the other property.

Speaker 2 (58:30):
I would imagine if they separated those parcels that there
was some sort of easement made, meaning that they have
joint access to the well or they have referred access
to the well. I need to look at the surveys
and the property plats and all that kind of stuff.
There may be a way to do it, and even
if it is on the other property, sometimes the county
gives an exemption or an exception to allow that, and

(58:52):
if they do, then we can. So it just depends
on all the scenario. I don't really have to go
through it all with a fine tooth comb, but I
wouldn't say that it's hopeless. Normally when they split the
parcel they address these kind of things because it comes
up when they're doing the surveys. Great question, Thanks for
texting at seven seven zero three one. Will be right
back for the final segment of today.

Speaker 1 (59:11):
Do you have a question for that mortgage guy Don?
Text us at seven seven zero three one. Now back
to Home Loans Radio on Real Radio.

Speaker 4 (59:20):
That's right, Home Loans Radio on Real Radio one A
four point one. I'm Fritz. We've got MJ and that
mortgage guy Don. Follow Don on Instagram at that mortgage
Guy Don. You can also go to that mortgage guy
Don dot com.

Speaker 2 (59:33):
Hey, that's right, don't be the last one to follow
me on Instagram. And ye the cool funny uh you
know videos of me make it a fool of myself
on there.

Speaker 3 (59:43):
I like it.

Speaker 2 (59:43):
Yeah, you don't tell your friends about it. It's funny,
or at least that's what I'm told it.

Speaker 3 (59:50):
I'm gonna check it out.

Speaker 2 (59:52):
Well, thanks, m Jay.

Speaker 3 (59:55):
I don't know. I like it to get good in
season before I jump in.

Speaker 2 (59:58):
Yeah, I await your feed back. All right, Well we're here.
You got time you got a question there, m Jenny.

Speaker 3 (01:00:09):
I was kind of ready for the speed round but no, Yeah,
here's one. We have an existing mortgage and a second
mortgage looking to borrow one hundred k more to start
a business. Can I do a new mortgage to pay
off the debt or do a helock to consolidate it
all into one payment? Or is there a third mortgage?
Is there such a thing?

Speaker 2 (01:00:27):
No, there's no such thing as a third mortgage. We'd
have to look at what you want to do and
look at the first mortgage you have the second mortgage
have because if you've got a super low rate on one,
you know, we don't want to mess with that. But
it's kind of a puzzle we'll just put together and
I'll figure out which way the math would work. It
could be a new first mortgage that consolidates it and
gets you cash. It could be a new helock that
consolidates the two and gets you cash, or some combination

(01:00:49):
of their in So, yeah, hit me up and we'll
talk it through and see what we can figure out
for you. Definitely can help.

Speaker 3 (01:00:54):
Awesome.

Speaker 2 (01:00:56):
Guess what time it is? Okay, it's time for the
speed rounds? All right?

Speaker 3 (01:01:03):
You ready? I got I got some questions for you.

Speaker 2 (01:01:05):
That's right. I'm Jay's gonna ask me a bunch of
the questions we haven't gotten to so far on the show.
I'm going to answer them real quick. And if I
don't answer yours today, it doesn't mean I didn't want to.
It just means we ran out of time. Hit me
up after the show on Instagram at that mortgage guy.
Don DM me the question or send it to the
website and I will answer it outside the show.

Speaker 3 (01:01:22):
I owe eighty three thousand and five eighty three five
on my mortgage, which is at seven point five percent.
I'm thinking of paying twenty thousand dollars off of the principle.
Would that make my payments lowers.

Speaker 2 (01:01:35):
A Matthew question, Well, not automatically. You need to call
your servicer, which is the people that you pay your
mortgage payment to, and ask if they offer a recast
a recast and what that means is you put down
a chunk of money. Sometimes they have a limit. A
lot of them limit it. You have to do at
least twenty five thousand. But if you do twenty five
thousand and they allow recasts, then they'll spread the payments

(01:01:56):
back out over the remaining life of your loan, and
that will lower your payment. But if they don't allow
recasts and you send in twenty five grand, they're just
going to apply it towards your principle and your your
payment's going to stay exactly the same. So yeah, there
you go.

Speaker 3 (01:02:10):
We have a home loan at three point eight seven
five in a home equity line of credit at three
point seven seven Pretty close.

Speaker 2 (01:02:16):
I got nothing for you.

Speaker 3 (01:02:17):
Go if it makes sense to refight at a better rate,
I think.

Speaker 2 (01:02:21):
Nope, I got nothing for you. Go back to camp.
Yeah that's you got good. Two rates in the threes.
Close good close the books. Yeah, see yeah, maybe never.
I've only and I've been doing this a minute, I've
only seen rates down into the low mid threes I
think three times in decades.

Speaker 3 (01:02:37):
Yeah. I was quoted a rate on a reverse mortgage
of six point three seven five. How's that is that good?

Speaker 2 (01:02:43):
No? Well, I mean we did it during a compare flude,
I got six percent for one of my clients.

Speaker 3 (01:02:48):
So you know, if you're here, that's just a quote.

Speaker 2 (01:02:49):
So yeah, if you're well qualified, you should be able
to get lower than would they say six point three Yep, yeah,
you should be. If you have a quote, send it
over to me. I'll show you how you can save
some money. Or if you if you want to find
out if it's a good deal, send it over. Just
go to the website at that mortgage guy don dot
com up at the top, click the compared quote button,
upload your quote.

Speaker 3 (01:03:07):
I'll tell you if it's miss the boat or garbage
miss the boat. If I needed to get a helock
loan done urgently, what is the fastest you could close?

Speaker 2 (01:03:17):
We've got a couple so they're like, we have the lenders,
the lenders that have the best rates on helocks, they
tend to take three weeks, four weeks. We have some
others that have a little bit higher rate, but they
have the ability to close in seven days. So seven
days is the answer. If you need it, and you
know it has we got to get all that that's
from the time we submit it. So I have to
get all the documents together, make we sure we have

(01:03:39):
a complete and thorough package of documents, and then when
we send that in we can usually get that done
in about seven days. You got to have a good
credit score, good equity and so forth. But yeah, that's
the answer to the question a week would be the
max might not get the best rate for be in
exchange for the speed.

Speaker 3 (01:03:55):
Okay, so you trade off one for the other, and
it's time for the red all riddle. Time is it's
it is the beginning of eternity and the end of
time and space. It is the start of every end
and the end of every place.

Speaker 2 (01:04:11):
I got it, you do in head right away.

Speaker 3 (01:04:15):
I never do these because there's so many of them.
I never I never choose them, but I did because
I liked it. What is the answer? The letter ye,
it's the beginning of eternity and the end of time
and space. It's at the start of every end and
the end of every place. The letter I never do

(01:04:35):
the letter ones because they're I don't know. I feel
like they're kind of either.

Speaker 2 (01:04:39):
Either they pop into my head instantly or so.

Speaker 3 (01:04:42):
Apologies if that was not up for par for you
out there, folks. But the answer was the letter This
this segment was brought to you by the LETTERY. Yeah.

Speaker 4 (01:04:50):
And if you don't know, and you know, if you
would like to, if you're angry and you want to vent,
email MJ at that mortgage guy don dot com.

Speaker 3 (01:05:00):
Yeah, do that.

Speaker 2 (01:05:01):
Oh, Fritzy boy sounds a little mad. I didn't give
him a chance to beat me this week.

Speaker 4 (01:05:04):
Oh I'm not mad at all. I'm just sleep with
one eye open.

Speaker 3 (01:05:07):
All right, better watch you'll sell.

Speaker 2 (01:05:13):
Well. You were supposed to give me a bell. That
was a b Yeah, he knows, give you all.

Speaker 3 (01:05:19):
I gave you a bell.

Speaker 4 (01:05:20):
You just weren't listening.

Speaker 2 (01:05:21):
Yeah, yeah, now I'm listening. Well, folks, you did it.
Why you successfully whiled away another ninety minutes of your
Saturday morning. Listen to us right here on Real Radio
doing what we do every single Saturday, prattling on about
all the things. What do we got to play us
out of here with something cool? Fritz?

Speaker 3 (01:05:42):
You got it?

Speaker 5 (01:05:47):
Say radio mostrom.

Speaker 3 (01:06:06):
With no.

Speaker 4 (01:06:08):
Gooday, and already.

Speaker 1 (01:06:12):
Two you've been listening to Home Loans Radio with that
mortgage guide. Don join us every Saturday at nine am
on Real Radio one oh four point one and check
us out online at Home Loans Radio dot com