Home Loans Radio 11.15.2025 With That Mortgage guy Don- 50 year Mortgages are not a good idea- Don explains why.

Home Loans Radio 11.15.2025 With That Mortgage guy Don- 50 year Mortgage are not a good idea- Don explains why.

www.thatmortgageguydon.com

Episode Transcript

Speaker 1 (00:00):
Perfect for homeworker on the go. You're gonna love it.

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It's time for home Loans Radio on real radio with

(00:48):
that mortgage guy. Don. Join the conversation text us at
seven seven zero three one. Now here's that mortgage guy,
Don Rare.

Speaker 3 (00:59):
Hey, hey hey, hey, hey hey.

Speaker 1 (01:01):
Hey, good morning. Welcome to the Home Loans Radio Show
with that mortgage Guy Don. That's right, it's me, We're here.
You did it. Welcome to the Home Loans Radio Show.
I'm here with my crew. Good morning, MJ, Good morning,
Good morning mister Fritz.

Speaker 3 (01:15):
Soya start on.

Speaker 1 (01:18):
That's it, just us three here's doing what we do.
What we've done for over three hundred and fifteen shows. Really,
that's one every Saturday, for three hundred and fifteen Saturdays.

Speaker 3 (01:30):
It seems like a lot.

Speaker 1 (01:31):
Well, they do add up over time. It is a
lot when you only do one a week.

Speaker 4 (01:36):
Yeah, so that's true.

Speaker 1 (01:37):
Some people do five shows a week. It adds up,
you know.

Speaker 3 (01:40):
Sure.

Speaker 1 (01:40):
A lot of.

Speaker 3 (01:40):
Questions for sure.

Speaker 4 (01:41):
And we just work one day a week.

Speaker 3 (01:45):
That's it.

Speaker 1 (01:45):
That's all. I only work for an hour and a
half on Saturdays.

Speaker 3 (01:48):
We still have enough online to for AI to really
generate whatever they wanted with our voice.

Speaker 1 (01:53):
Oh for sure, I think, but I'd rather not put
that idea out there.

Speaker 3 (01:58):
Oh sorry, listening Greek.

Speaker 5 (02:01):
Uh grokay, they're sleeping.

Speaker 1 (02:09):
You are listening to the Home Loans Radio the most
talked about, the most listened to, the only live show
right here on Real Radio one to four point one,
beaming over twenty counties live right here today. You can
text into seven seven zero three one tell us what
you're doing out there. Tell them Jay, what you're doing
out there. She likes to know.

Speaker 3 (02:27):
I do, I really want it. I'm curious.

Speaker 1 (02:29):
All the people want to know. You can also text
in your mortgage questions, home loan questions, anything having to
do with buying a home, selling a home, refinancing, helocks,
the new fifty year mortgage thing proposal that was made,
which I'm not a favor of, by the way, but
we'll talk about that later. Anything. Text it into seven
seven zero three one. You can also go to the

(02:51):
website that Mortgage Guy don dot com if you want
to get started on your application. You want to listen
to all the past episodes of the podcast. They're right
there too at that Mortgage Guy Don. Or you can
get to all that quicker on Instagram at that Mortgage
Guide Don. We've got to we've been we've been working
on those followers where we're up against another milestone this week.

Speaker 3 (03:10):
Well, yeah, what is it?

Speaker 1 (03:12):
We're trying to get to four thousand. You know, last
year at this time we had less than one hundred,
and we've just been ticking away at it. Because Fritz
made fun of me and laughed at me and pointed
at me, and you know.

Speaker 4 (03:24):
That happened.

Speaker 1 (03:28):
It sounded like thank me, No, no, that happened. No no,
And uh so we started working on it and now
we're we're we've actually turned it into something. It's got
some funny videos on there. It's got very informative you
can check it out at that mortgage guy. Don We
got three nine and eighty four followers. Maybe today's the

(03:48):
day we get to four thousand.

Speaker 3 (03:50):
Were very excited, so exciting.

Speaker 1 (03:51):
If you're still inclined to be a follow there, you
can also send messages, get all kinds of information there
if you're in the mortgage market. That's why you want
to follow there. Even if it's not this year, follow
now and you can listen to all the podcasts for
a year and you'll be super educated by the time
by the time it's time, or sure enough, or you'll
be super amused, or you'll throw your radio out the window.

Speaker 3 (04:12):
Yeah, what do we talking.

Speaker 1 (04:14):
About here every Saturday morning?

Speaker 3 (04:16):
Well, you'll glad you asked. Today is National clean out
your Refrigerator Day. Oh and my question is what do
you think the oldest thing in most people's refrigerator?

Speaker 1 (04:28):
Oh, that's a good question.

Speaker 3 (04:29):
I'm gonna put my first shot out. I think it's
jelly jelly. That is a good I'm just I'm just
that was just me spit balling it in my own mind.

Speaker 1 (04:37):
You mean like grape jelly.

Speaker 3 (04:38):
Whatever the jelly is, it's in the back. It's been
there a long time. My question is what else is
hanging out the longest in your refrigerator.

Speaker 1 (04:45):
I think it's going to be different for different people.
What about you, Fritz?

Speaker 6 (04:49):
Are we talking like baking soda open baking soda boxes
that's left in there forever.

Speaker 1 (04:56):
That's just that's just a deodorizer. Like what like the
actual I got food?

Speaker 4 (05:01):
Oh, let's see, look, wouldn't be produced because.

Speaker 3 (05:05):
Yeah, it's a condoment. I think it's a pickle. It's
an olive.

Speaker 1 (05:08):
For me, it's eggs.

Speaker 3 (05:09):
Eggs, really.

Speaker 4 (05:13):
Rock hard eggs in there.

Speaker 1 (05:15):
They're actually a lot smaller, they're easier to store. After
a couple of years, they just kind of contract you.

Speaker 3 (05:22):
How do you know how old they are?

Speaker 1 (05:24):
You got to count the dimples.

Speaker 3 (05:31):
I don't think eggs are one of the things you're
supposed to leave in there forever.

Speaker 1 (05:34):
No. I think it's like probably for me, Like I
don't know spicy mustard or some pickled thing that I
thought I would like that turned out to be.

Speaker 3 (05:42):
Nuh huh m. I think you're onto something there, things
that you thought you would like, Like I thought I
might like some fig preserves. I don't know why they
look so fancy, but they're they're very seedy.

Speaker 1 (05:56):
Is this uh okay?

Speaker 4 (05:58):
Is this fridge only and not freezer?

Speaker 3 (06:01):
I think fridge. I mean I'm interested in your freezer also,
but I think that's like some unidentifiable little blob, like
you don't know what it is. It's been there long time.

Speaker 1 (06:11):
Meat? Is it cake? Yea, that's interesting.

Speaker 3 (06:16):
That's an interesting I want to hear what you think
is the oldest thing in your refrigerator. Tell me National
Clean out your Refrigerator Day, and by the end of
the day you'll know because you will have cleaned out
your refrigerator.

Speaker 1 (06:28):
Logically, that makes tomorrow National wash out your trash can Day.

Speaker 3 (06:32):
It is National recycling Day also today. That works so
you can you can rent out all those old pickle
jars and put them in somebody through two different things.

Speaker 1 (06:42):
What else do we talk about here?

Speaker 3 (06:44):
Oh, mortgages?

Speaker 1 (06:45):
Mortgages, that's right. You can text in ask your questions, comments, salutations,
all of that seven seven zero three one. What's going
on in the world of mortgage news. You're wondering, MJ.

Speaker 3 (06:56):
Yeah, I am wondering. I keep hearing weird things.

Speaker 1 (06:59):
Well, there was a thing that was floated about FHFA
maybe doing fifty year mortgages to make homes more affordable.

Speaker 3 (07:06):
I'm hearing that quite a bit.

Speaker 1 (07:07):
Yeah, And the thing is, it sounds good on the
surface because, you know, when you like well, people think
that it would make you know, the mortgage payment almost
half as much if you did a you know, a
fifty year mortgage instead of a twenty five or a
thirty year mortgage. But unfortunately, the math doesn't work out
that way with the way that the amortization is done
on mortgages. We had a few years ago there were

(07:30):
some what they call them for Barents plans and things
like that where people could do a forty year if
they were having trouble with their thirty year during COVID,
And when I did some of the math on those,
you realize that the forty year mortgage only lowered people's
payments like maybe two hundred dollars a month. I know
that sounds like not a lot, but I mean it
sounds significant maybe to lower it two hundred dollars a month,

(07:50):
but when you figure out that that adds one hundred
and twenty more payments I'm sorry, two hundred and forty
more payments of interest. The amount of money you save
monthly a couple one hundred dollars compared with two hundred
thousand dollars more that you pay an interest just really
makes it kind of mathematically something that's not really going
to be helpful to people.

Speaker 3 (08:10):
Well, that seems like that's why the banks are very
excited about the idea.

Speaker 1 (08:13):
Right, Oh, if you're a bank, you're thrilled because you
now get probably six times the amount of interest that
you would have gotten if somebody pays their mortgage all
the way out to fifty years. This is this is
not a new experiment. This has been tried before. In
Japan in the nineteen eighties, they were having a severe
housing affordability crisis, and so what they did was they

(08:34):
came up with this idea of one hundred year mortgages.
One hundred yeah, one hundred years. Now, nobody lives one
hundred years, and so the one you don't know that, right.
I mean, people do live one hundred years, but I
don't know anyone who would live long enough to pay
a hundred year mortgage out if they paid it all
the way out. Maybe there's some folks that made it
to what one hundred and fourteen hundred and fifteen. I'm

(08:55):
not talking about like people in the Bible that lived
nine hundred.

Speaker 6 (08:59):
Years as the oldest around like I think, but imagine
having a job for one hundred years?

Speaker 1 (09:06):
Wow? What the problem was that? What this created? You've
heard of generational wealth while one hundred mere mortgages were
passed on to your children and your families. So it
created generational debt. Wow, which turned out to be a
really bad plan. They are saying that their housing market
is still being affected by this decision and to do
the hundred year mortgages. It caused a big, huge problem

(09:27):
and created millions of people that had debt from there.
Can you imagine getting debt? Like you're like, now we're happy.

Speaker 3 (09:33):
If you're granny's dying, you're gonna have to get a job, Billy,
I know you're twelve.

Speaker 1 (09:38):
You know you get it. You get it. You inherit
a house. That's one thing but if you inherit a
house with you know, eighty five more years of mortgage
on it, that's a little bit different prospects, right. So
it created not only generational I mean it created generational debt,
which was a new thing that they hadn't factored into
the whole housing market, and apparently that made house's house pricing.

(09:58):
House pricing go up in that time period. Now, in Japan,
the highest mortgage that you will do is a thirty
five year mortgage. So it's been tried before. I don't
know if it's going to get attraction, because when you
start doing the math of it, like get yourself a
mortgage calculator and put in a two hundred thousand dollars
loan at thirty years, and then at forty years, and
then at fifty years, you'll see those savings are really
probably not worth paying an extra twenty years of mortgage payments.

(10:21):
That's my opinion. But that's the thing that came up
mortgage rates. Mortgage rates went up a little bit just
to Scooch, but overall there's still at about a three
year low and a lot of people doing refinances. You
can refinance right now if your rate has a six
or a seven in front of it. You can probably
get down in many cases if you're well qualified, down
into the fives fifteen year loans, down into the low fives.

(10:43):
Fha VA loans. We're getting down into the five. So
if you're paying six or seven or eight percent, you
should be considering a refile. You could save yourself several
hundred dollars a month.

Speaker 3 (10:53):
People checking in with their refrigerators.

Speaker 1 (10:55):
Oh what was Remind people what people are checking out?

Speaker 3 (10:59):
It's national Uh, you know you refrigerator day. So I'm
interested in the thing you think is the oldest thing
in your refrigerator or in everyone's collective refrigerators. Graveler has
a seven year old EMU egg.

Speaker 1 (11:12):
I told you.

Speaker 3 (11:14):
Seven years said, it's a beautiful shade of green herd.
You can drain them and make lamps out of it.
All right, it's just percolating in there though. It's just
I guess it's already been seven years.

Speaker 1 (11:26):
I picture the part that drains out is going to
be like, I don't know, flubber.

Speaker 3 (11:30):
Or yeah, it's been seven years.

Speaker 1 (11:33):
Seven years? All right, Well there you go.

Speaker 3 (11:36):
That's pretty old.

Speaker 1 (11:37):
Anything in my What about that uh severed pinky toe
you keep in your refrigerator. I'm jine.

Speaker 3 (11:43):
That's weird. Now.

Speaker 1 (11:45):
Did you ever find out who that was?

Speaker 4 (11:46):
Yeah, no, it's just kind of rot.

Speaker 3 (11:50):
Yeah, I'm gonna put in the freezer for sure.

Speaker 4 (11:52):
Well, don't do it now. It's probably ruined. Right, you
had that for like ten years?

Speaker 1 (11:56):
Oh yeah, that party was a long time ago.

Speaker 3 (11:58):
Getting the driver says, should pasta sauce have fur in it?
I'll throw it out anyway. Yes, once your pasta sauce
is furry, it's time to go. Actually before that, once
it's furry, you know, danger pasta sauce danga that is
not supposed to upper.

Speaker 4 (12:12):
I don't know.

Speaker 6 (12:12):
You can probably post that on furry forums online and
I'll take it wrong.

Speaker 3 (12:19):
Kind of furry. But thanks for trying first.

Speaker 1 (12:22):
Trap with furry sauce.

Speaker 4 (12:26):
Oh yeah, that's what I'm talking about.

Speaker 3 (12:30):
Pickles. Pickles is the theme of the day. I think
the pickles are the oldest thing.

Speaker 4 (12:35):
Pickles are pretty old.

Speaker 3 (12:36):
In the fridge pickle, I think jelly Dama jelly.

Speaker 1 (12:40):
What about like obscure that obscure trinidaddy and hot sauce
or something?

Speaker 3 (12:45):
Uh oh you know that could be too. I have
some some boutique hot sauces.

Speaker 1 (12:50):
That hot sauce that Mo gave me like eighteen years ago.
Just kidding, that's good sauce is good sauce.

Speaker 3 (12:59):
Yeah.

Speaker 1 (12:59):
Oh, that's the name of my other good friends.

Speaker 3 (13:01):
Podcast, right good sas.

Speaker 1 (13:03):
Yeah. I been on there before Ross Paget's podcast, and
they want me to come on here in the next
next month or so and be a guest again. So
that's going to be I.

Speaker 4 (13:12):
Tried to invite myself on. That didn't go over.

Speaker 6 (13:14):
Well, oh no, you tried what I tried inviting myself on,
and he was like, yeah, yeah, we could probably set
something up.

Speaker 4 (13:21):
I'm like, you set up a bit. Well, you're not
going to have me on Ross.

Speaker 1 (13:24):
We'll see if I'm just kidding.

Speaker 4 (13:26):
I'm saying that. So he hears it and be like,
oh yeah no, let's get something set up.

Speaker 1 (13:30):
You can write on my coattails.

Speaker 3 (13:32):
Yeah for once.

Speaker 6 (13:33):
Actually we were talking about that me showing up because
you wanted to sit in the other chair.

Speaker 4 (13:38):
We had that dog.

Speaker 1 (13:39):
Well, we'll just we're just going to show up. We
won't let him know. Let's just show up. He won't
he won't reject us. You're listening to the home Loans
radio show with that mortgage guy Don. We're going to
take a quick break and we'll be right back after
these messages. Hey, hey, hey, it's that mortgage guide Don.
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(13:59):
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(14:21):
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(14:45):
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Speaker 2 (14:50):
Your classic alternative begins today at ten thirty on Real
Radio one oh four point one.

Speaker 4 (14:54):
Hey, this is Devra Roberts from the Jim Culbert Show.

Speaker 3 (14:57):
Lend.

Speaker 4 (14:57):
You're listening to Home Loans Radio, Unreal Radio. Now back
to the show with that mortgage guy don.

Speaker 3 (15:12):
Hey, Hey, you're listening to homelands Radio. That mortgage guy done.
We're talking about the mortgages we want to keep from
at thirty years and below. I think that might be
a good plan. Not one hundred, not one hundred hundreds
too long, one hundred too long for anything.

Speaker 4 (15:29):
Oh, Japan, when will you learn?

Speaker 1 (15:31):
Yeah, we're talking about that in fifty years. We're talking
about that before when Japan tried an experiment in the
eighties of one hundred year mortgages and what it created
because your mortgage was passed down with the house to
your heirs. So what they found out, what it created
was generational debt, not just one generation, but you know
multiple How many generations are there in one hundred years,

(15:54):
so it could be two, three, four, five generations inheriting
the house.

Speaker 6 (15:57):
And you know what the crazy thing is is that
they're paying back the banks, and the banks aren't like, well,
the original house was twenty five thousand dollars. It's like, no,
you owe four hundred and seventy thousand dollars. The banks
are going to get paid forever thirty percent interest. Yeah,
nuts like that paid back seven houses.

Speaker 4 (16:16):
It's like, I don't care you owed two hundred thousand.

Speaker 1 (16:19):
Banks and people that lend money love the idea of longer,
longer mortgages. Yeah, we'll see, we'll see what you can
text in during the show, your questions, comments, anything having
to do with mortgages, buying a home, selling a home,
SBA loans, you name it. You can he locks. What
do you want to talk about? What do you want
to ask MJ about? You had a question on the
table MJ.

Speaker 3 (16:40):
Yep. It's National clean out Refrigerator Day. My question is
what is the oldest thing you think is in your
refrigerator and collectively everyone's refrigerator. Do you think the thing
is that just is in there? Joe from DeLand says,
the flying is going great. The airplane is happy to
be back in service.

Speaker 1 (16:57):
Yay, airplane doing what it's made to do.

Speaker 3 (17:01):
That's right. Here's someone else says, I bet baking soda,
but like sour cream or something. There is our cream
something I don't think you should keep Zara cream in
there too long.

Speaker 1 (17:12):
If you don't know if it's our cream or something,
go ahead and let it go.

Speaker 3 (17:16):
Would you get a better rate if you refine it
several existing loans, one commercial, one personal house and one
rental house at one time, or each loan treated separately?
Do you get a bulk discount? You know?

Speaker 1 (17:27):
There are there are such a thing. They're not very popular.
There's such a thing as called a blanket mortgage. Some
banks do them. We don't offer them, but there are
some banks that might, you know, group together a few
of your assets into one loan. I don't think it's
necessarily the best idea, though, Because you know commercial rates.
You can get a lower commercial rate than you can

(17:47):
on a blanket loan. You can get a lower residential
rate than you can on a blanket loan. See you
end up if you've got a mixed up not mixed up,
but of a variety profile like this person. Would they
say a rental property, primary commercial. I don't know that
I mixed those together because I don't think you're going
to get the best rate on them, right.

Speaker 3 (18:06):
Because you're going to get different rates for each of
those things.

Speaker 1 (18:08):
Yeah, Now, if you've got ten rental properties and you
want to combine that under one loan with a bank,
maybe that might work. But the other thing is that, okay,
what if you want to sell off one of them?
Then it's like a whole complicated scenario because they're all
bundled together. So for me, you know, as someone who
has dabbled in rental properties and commercial properties, that I
would say I wouldn't do it, but it does exist.

(18:30):
Great question. Thanks for texting that into seven seven zero
three to one. You can too, tell us what you're
doing out there, tell MJ what what you're thinking about
you out there working today on this fine. We're supposed
to have good weather this weekend, warm weather after our little,
our little burst of Florida winter that we've had for
the last couple I had to turn on my heat
for a half hour.

Speaker 3 (18:51):
Oh wow, Yeah, did smell weird? Always smelling. It always
smells like burnt toast or dirty socks or something.

Speaker 1 (18:58):
It smells like craft single got stuck in a toaster
for a little bit.

Speaker 3 (19:03):
But that's very specific. Yeah, I know that exactly, very specific.
That bubbles up and turns, you know, and eventually the
big black bubble, it burns off, but eventually all right,
a lot of people coming in to give the trinny
daddy and hot sauce some love. Yeah, since you made
a joke about that.

Speaker 1 (19:21):
Well, the thing is, there are a couple that I
have that I thought I was bad enough to to consume. Oh,
you know, like I could handle it. I could handle
the heat.

Speaker 3 (19:32):
Were you just like eating with a spoon or do
you put it on something?

Speaker 1 (19:35):
It doesn't matter. Some of them are like, you know,
one drop is all you can handle. So for me,
some of the ones that I have forever, you know,
might be the ones that are just too too, too hot.
But I don't want to throw them out because they're
good and maybe somebody else wants it. That's the whole.
That's how things get stuck in your refrigerator.

Speaker 3 (19:52):
M Well, I think things get stuck because of your intentions.
You know, I think, Oh, one day I'm going to
use that fig that fig jelly. It came in such
a pretty jar, big jelly. Yeah, you don't want It's
very seedy. It's full of seeds. It's like a fig
Newton without the good parts.

Speaker 1 (20:07):
Sounds like, sounds like something you'd use for mechanical purposes,
like fixing your I can't get this bolt loose. Bring
me the fig jelly.

Speaker 3 (20:14):
I thought it would be cute on a board full
of meats and cheeses because it looks so pretty, But
it just means you're gonna add crunchy seeds to your
little cracker, so it's not good. Nobody wants that jalapeno
pepper jelly. That's another vote. Salad dressing another vote. I
think salad dressings do hang out a long time.

Speaker 1 (20:33):
Especially if you have like a get together and you
get like a few kinds that you don't like just
for your guests, and then oh yeah, and you know
nobody likes it, and then it's there.

Speaker 3 (20:42):
Got that one that's been there a long time. Delivery
Dan is delivering packages in Aweto.

Speaker 1 (20:49):
Delivery Dan doing what delivery yourn do.

Speaker 3 (20:52):
Yeah. Yeah. Here's someone who says, I've never heard of
a blanket mortgage. Blankets can be pricey sometimes when I'm
going to buy sheets, I think, man, sheets are expensive.
Got a fifty years I could get a sheet mortgage.

Speaker 1 (21:10):
Got a fifty year mortgage on a blanket? Trust me
eleven dollars.

Speaker 3 (21:19):
That's funny.

Speaker 1 (21:19):
You can text in your mortgage questions to seven seven
zero three. Well, let's do a couple of those them, Jay.

Speaker 3 (21:24):
Sure, here's one. Can a reverse mortgage be bought out?
My mother's the only one living is my father has passed,
and we'd like to find out if we can buy
out that mortgage so we could save that use the
house for renting purposes. Yeah, as long as yeah, mom's alive.

Speaker 1 (21:38):
As long as mom's on board with the plan. I mean, yeah,
you need your permission, but yeah, if you're a family member,
you can get a forward mortgage, like you can just
pay it off with cash. A reverse mortgage is a
mortgage just like a forward mortgage. So it just needs
to be dealt with with the ways that you deal
with a mortgage. Either pay it off with your own
money and then rent it out, or you can you
can do a forward mortgage, and it could Mom could

(22:00):
be on the loan, or you could be on the
loan with mom, or it could be a couple of siblings,
or it could be you know, one of the heirs,
somebody could do a mortgage. Or probably the way I
would do it is if you're not currently on the deed,
you can buy the house from mom as a gift
of equity purchase, because you can buy a home from
a family member without needing any money down or need

(22:21):
any money for closing. And I can explain to you
how that works, but basically, you you sell the home
for less than what it's worth to a family member
and you use the equity to be the down payment
and the closing costs. So that's probably the angle that
I would go at it, because you're gonna you're gonna
be able to determine the loan amount that you need
and then it will automatically change title from one person

(22:42):
to the other and it'll be a purchase, and then
it will be you know, you'll be able to rent it.
At that part, you can't rent out your house if
it's under reverse mortgage. It's only for a primary residence,
so you can't like move out and rent out your
house that within twelve months, they would they would be
on you, on you to you know, to pay out
the mortgage or something like that. Great question. Thanks for

(23:03):
did I answered the whole thing, I think, so thanks
for texting that into seven seven zero three to one.
That is how you do it.

Speaker 3 (23:10):
My great uncle is selling the rental that I'm in.
I want to buy it rather than move. Down payment
would have to be really low, as I don't have
but about five thousand dollars. I'm a retired military not
own a home before because I've moved all over the world,
but I am tired of moving. I'd like to settle down.
How do I get started?

Speaker 1 (23:27):
Good for you, Yeah, this is actually kind of the
same scenario. You're buying a home from a family member.
If they're willing to sell it to you for a
little bit less than what it's worth, you can use
that difference that equity as your down payment and we
can cover your closing costs. But they also mentioned that
they're a veteran, which means that you're eligible for a
zero down payment loan. On that one, you would have

(23:47):
to pay the closing costs. But there may be a
way to combine the two things. Because you're a veteran
and you're doing you know, you could do a gift
of equity purchase from a family member. You can kind
of get the best of both worlds. You could use
your VA to get the zero down payment, but use
the equity and the property to pay the closing costs.
So there's a lot of a lot of ways to

(24:08):
go about that. In this scenario, the simplest way to
find out is to either hit me up on Instagram
with a DM at that mortgage guy don or go
to the website. There's a way you can send me
a message and we can connect and start talking about
the ways to sort this out. Figure out who the
parties are. You know, who wants to be on the mortgage.
You know, does mom want to stay on the mortgage
after it becomes a rental and the reverse mortgage is

(24:30):
paid off. But there are a ton of options in
that one and in this scenario, great question. Thanks for
texting those into seven seven zero three to one.

Speaker 3 (24:40):
Yeah, Bree says, no one wants a fig mjay. Even
the cookie is bat. They had to add Newton to
make it to the name to make it sound smart
and appealing. I kind of agree, kind of agree. I
like figs figure.

Speaker 1 (24:51):
Well, yes, I would say in some parts of the
world there every major.

Speaker 3 (24:55):
Food, Yeah, they're sure everything.

Speaker 1 (24:57):
I don't know if we do as much with the
fig here in the US, Like.

Speaker 3 (25:01):
We ignore the fig.

Speaker 6 (25:02):
Yeah, it's yeah, it's an uh, what's it overlooked? It's
an overlooked fruit.

Speaker 3 (25:06):
Overlooked fruit. We yeah, you do see them sometimes they're
so pretty.

Speaker 6 (25:10):
I like, like, you know, even here in America, foods
that we all ate thirty years ago. Now people are like, eh,
you ate that. It's like that's food and what's the
big deal?

Speaker 1 (25:20):
Right, Like what give us an example?

Speaker 4 (25:22):
Like black licorice? No one likes black licorice? You know why?
I punk? Rock, baby, I mean rock.

Speaker 3 (25:29):
You're either in or you're out. On black lick. You're
in your yeah for a nise and all things anise.
You're either in or you're a hell no.

Speaker 1 (25:39):
Roll.

Speaker 4 (25:39):
Hell yeah. We need to bring back then licorice.

Speaker 3 (25:42):
Good and Plenty does candies with the you know what
I'm talking about. They have a candy shell and there's
black licorice inside.

Speaker 1 (25:49):
Those are good.

Speaker 3 (25:50):
Yeah, Like I'm in, I'm a.

Speaker 1 (25:53):
I'm a fan of black licorice, So I don't know.
I also like, uh like sambuca, like some of the
adult beverage.

Speaker 6 (26:00):
That's the liquor that's like kind of clear and then
you and then it like turns cloudy, right.

Speaker 1 (26:06):
It turns cloudy if you put yeah, normally it's a
it's served in a clear glass. Like a sniffer. It's
a clear liquid and you know, you traditionally put three
coffee beans in it, you know, for for good luck.
And it's like an after dinner drink. But if you
put ice in it, yeah, it becomes opaque, it becomes cloudy.

Speaker 6 (26:22):
I know, we got to go to a break, but
I think we should raise our blood pressures by just
eating bags of black liquorice and drinking alcohol.

Speaker 4 (26:27):
What do you think?

Speaker 1 (26:28):
All right, all right, let's get started, well started during
this break, We're gonna take a quick break for these messages.
Some Fritz is gonna have some alcohol somewhere right back.

Speaker 3 (26:40):
Hey, this is Ryan from the Monsters.

Speaker 4 (26:42):
And now back to that mortgage guy Don on Real Radio.

Speaker 6 (26:46):
You are listening to Home Loans Radio right here on
Real Radio one O four point one.

Speaker 4 (26:51):
I'm Fritz.

Speaker 6 (26:51):
We got MJ and that mortgage mortgage guy Don. If
you would like to follow him on Instagram, just search
that mortgage guide Don. You can also go to that
mortgage guide Don dot com and home runs Radio dot com.

Speaker 3 (27:07):
There it is there, It is everything you need to know.

Speaker 1 (27:11):
There went Hope you're paying attention.

Speaker 3 (27:13):
Yeah, texting your mortgage questions is seven seven zero three one.
Here's one about hometown heroes. Is that still happening? What's
the what's the dish.

Speaker 1 (27:20):
What's the what's the hap? What's going on? Well, first
I'll tell people what it is, but yeah, it's still
going on. Otherwise I guess it wouldn't make sense to
tell people what. Uh. It's a it's a first time
home buyer downpayment assistance program for anyone who's ever been
in the military, you know, any veteran people that are
in first time I mean first responders, people that are teachers,

(27:45):
people that work in some some parts of civic government.
H And it's not just teachers, and it's not just
medical people. It's like any like you. If you work
as you could be the person that works in the
cafeteria at a school, or you could be that's someone
that works in the cafeteria at a hospital. I mean,
so if you are a worker in a medical type

(28:05):
based field, then you can be eligible for this. And
it's up to thirty five thousand dollars. It's five percent
of the purchase price that they give you as a
it's a repayable second mortgage, but you don't have to
make payments on it. There's no interest. It doesn't accrue interest.
If you ever sell the house or refinance it or
turn it into a rental property, then you have to
pay off that that second mortgage, that down payment assistance.

(28:26):
But it can get you. If you're buying a two
hundred thousand dollar house, it gets you ten thousand dollars
towards your down payment and closing costs. If you're buying
a four hundred thousand dollar house, it gives you twenty
rand towards your down payment and closing costs. So if
you are looking for a house and you've you're a
military veteran, then it's a super good program. It's and
also anyone in any of those fields that's thinking about
their first home. And first home means that you haven't

(28:49):
been on the title to a deed to a house
in at least three years. So it's not necessarily mean
you've never owned a home, just means you haven't been
on the deed to one in at least three years.

Speaker 3 (28:58):
So we were expecting that money to run out a
lot sooner, is it because they've changed how it's awarded.

Speaker 1 (29:03):
They changed the program. So the first year the program
came out, it was like it is now, where it
was only first responders. There was a limited occupational group
that could could get the grant. There's still over twenty
million dollars left of it. Last year they did fifty
million dollars and it was open to all professions. They
tried it for two or three years where it was

(29:23):
opened for all professions and not just the specific ones.
But what happened is the fifty million dollars went away
in about six weeks or seven weeks. So now they
have made it back to the original way. It was
a little more narrow on the people that qualify for it.
And it's well. It started in July. Here we are
in mid November and it's still got almost forty percent

(29:46):
of the fund still in there. It may last all
the way till July at this at this rate if
it continues going. But it's a great program and if
you're in those job fields and your first time HomeBuyer,
it's really helpful. And yes, the answer to the question
was that there are funds available plenty.

Speaker 3 (30:00):
Tom says, good morning, folks, great show. Oldest thing in
my fridge is a box of baking soda, originally put
on the backshelf for small control, but never changed and
does recommended. Also, Fritz thought that the baking soda might
be the winner.

Speaker 1 (30:11):
Yeah, and that was the winner of you. It was
national clean out your Fridge days. People are telling question.

Speaker 3 (30:17):
Is what's the oldest thing in your fridge? And what's
the oldest thing you think in most people's fridge?

Speaker 1 (30:22):
Often are you supposed to change baking every month?

Speaker 3 (30:26):
That was the commercial they used to do. It's like
every month you chade it out for But also, why
does your fridge smell bad? Because I think your fridge
smells bad because you need to clean it out.

Speaker 1 (30:36):
No, it's the cheese put in something the glad rap commercial.
I take it.

Speaker 3 (30:46):
That's right, it's the cheese.

Speaker 1 (30:49):
They all pointed the cheese. It's got half their half
they're wrapping on.

Speaker 3 (30:53):
Oh boy, here's what it says.

Speaker 1 (30:55):
Done.

Speaker 3 (30:55):
We got a Hometown Heroes lone. We want to refight
for a lowest, lower interest rate. What are our options?

Speaker 1 (31:01):
Well, you can refinance just like any other loan. But
the deal is that we have to have enough equity
in there to pay off that ten or fifteen thousand
dollars the Hometown Heroes loan or second mortgage that was
taken out when you bought the house. So it's going
to be a matter of the mathematics of it. How
much you put down when you did it, how long
ago you did it, has the property value increased, and

(31:22):
we got to make sure there's enough equity in there.
If there's not enough equity, you can still do it,
but you might have to pay your own closing costs
out of pocket sometimes or a portion of it. If
there's just not enough equity to roll all the closing
costs in there and pay off the Hometown Heroes original loan.
It can be tough to do in the first couple
of years, really, and that's true. But the idea is

(31:45):
that it helps you get into.

Speaker 3 (31:46):
You got in a house, you have a house, and yeah.

Speaker 1 (31:48):
You're in there. It can be tough to refinance for
the first year or two. That's a valid thing.

Speaker 3 (31:53):
All right. If you get a builder lending and they
say they don't offer Hometown Heroes program, can you fly seck?
Can you apply separately.

Speaker 1 (31:59):
For Yeah, a builder you mean like a construction loan.

Speaker 3 (32:04):
Is that what they're talking about, Yeah, a builder lending
a builder loan.

Speaker 1 (32:08):
Well, there's two different types of construction loan like a
builder loan. There's one that we do. We do all
kinds of construction loans, all of them, whatever they are,
we do them where you pay for Basically you get
a loan it's called a construction to perm where you
get a loan that helps fund the building of the house,

(32:29):
you know, putting down the slab, clearing the land, the
structure of the house, all the way through to finish
where you're funding those the construction of the home. Then
at the end of that process, there's a loan called
the end loan and it converts into your thirty year
mortgage or your fifteen year mortgage, whatever you decided you
wanted to have that you pay out once you move
into the house. So that's the end loan. We can
do an end loan with Hometown Heroes. So like, if

(32:51):
if it's a construction home that's already built and it's
finished and it's time for the end loan, then you
can do that with Hometown Heroes. Or if it's like
a one that the builder has done and it's a
spec home or something like that. So any home that's
completed we can do with Hometown Heroes. You just can't finance,
the draws and the building of the house and all that.
So when they say a builder loan, I don't know
if they mean a big builder where they're building five

(33:11):
hundred homes in a subdivision, or if they're talking about
buying a piece of land and building one home on it.
But you can you can go at it a couple
different ways. Great question. Thanks for texting that into seven
seven zero three to one. That's how you do it.

Speaker 3 (33:25):
That's how you do it. Here's the one's looking to
get a helock on my home. My credit score is
six twenty, My home is valued at over one point
five million, and I owe about two seventy five. Looking
to get another two hundred and fifty to three hundred
in a helock. My first rate is five percent, so
I don't want to mess with that any thoughts. What's
a HELI like look like? If your score is six twenty,

(33:46):
the minimum score.

Speaker 1 (33:47):
That we have for a helock is six forty, so
we'd have to either take a look at your credit
and figure out a way to get it up there
twenty points, which we can. We can typically figure out
twenty points depending on what kind of things are on there.
We have a tool through and experience that we can
run on your credit that your credit report. Well basically,
I just it's something that I pay for. But when people,

(34:08):
So if you start an application with me and then
we do a credit poll and I can look at
your credit and then run it through this tool with
experience in Equifax and TransUnion, it'll tell you us very
specifically to say, Okay, take this credit card and pay
it down to eighteen hundred dollars, and take this one
and pay it down by three hundred dollars and leave
this collection alone. Like it gives you a specific plan
of what it will take to get your score up

(34:30):
by twenty points, and it will also tell you the
fastest way to do it, whether it could be done immediately,
whether it can be done over thirty days, that kind
of thing. So so step one would be to try
and get the score up high enough to get a heelock.
But I can tell you if you are at that
minimum score level of six forty for a home equity
line of credit, your rates are probably going to be

(34:50):
double digits. You're probably talking about ten percent, eleven percent,
because you're you're at the bear, you know, the bare
minimum score to do the home equity line of credit,
so they would consider that a little more or risky loan,
so they charge higher interest on it. The other thing
that you might be able to do, I know you
don't want to touch your first mortgage because you're in
the fives, but you could do an FH loan at

(35:14):
that level. It would have PMI on it. But FHA
loans you can do cash out all the way down
to five eighty score In a lot of cases up
to loan amounts a little over five hundred thousand, So
you could actually, if we couldn't figure out a helock
or a way to get the credit score up, you
do have an option to do that loan. And I
would say, even with score in the low six hundred,
it's very possible to get an FHA rate in the

(35:35):
fives or low sixes, so it would be better than
having a helock at a six forty score.

Speaker 3 (35:41):
That makes sense, I guess, but I mean it sounds
so awful to voluntarily walk into PMI.

Speaker 1 (35:46):
Yeah. Well, the PMI is going to be zero point
five of the of the loan amounts, so it just depends.
We could do the math both ways and see if
a helock at two hundred and fifty at eleven percent
is better than a blended package of doing the other two.
Math will tell us I mean I can't do it
in my head.

Speaker 3 (36:02):
Math it does not lie.

Speaker 1 (36:03):
The math is your guide, and it do not lie.

Speaker 3 (36:06):
Yes, here's the one that says, I'm interested in getting
a bank statement loan for self employment. I guess because
they're self employed? Do I need one or two years
of statements? And how about one year and ten months
of statements? Thanks?

Speaker 1 (36:19):
Well, that is an excellent question. I think we're gonna
we're gonna take a break here in just a few seconds,
so we will. I want to give that one short shrip.
We got less than a minute left here, so bring
that one back after the break. You are listening to
the Home Loans radio show with that Mortgage Guide Don.
You can go to the website that Mortgage Guide don
dot com anytime twenty four hours a day. You can

(36:39):
apply for a reverse mortgage.

Speaker 2 (36:41):
There.

Speaker 1 (36:41):
You can start your inquiry about a commercial loan. There.
They just fill out a couple of informational forms. Those
come to me and start the conversation. You can actually
apply for a heelock or a refinance or to get
pre approved and find out if you qualify for down
payment assistance. And you can also listen to almost all
of the past episod So we got over three hundred
episodes of the show right there on the website at

(37:04):
that Mortgage Guy don dot com. We'll be right back
after these messages.

Speaker 3 (37:09):
Hey, it's Ta Brana from the news junkie.

Speaker 4 (37:11):
Do you have a question for that mortgage guy down?

Speaker 3 (37:13):
Text him at seven seven zero three one. No back
to home loans Radio on real radio. Yep, yip yip,
you are listening to Home Loans Radio, that mortgage guy down.
That's right, talking about mortgages. There it goes, there goes
little tap dancer. Send us your mortgage questions at seven

(37:37):
seven zero three one. Tell us what's on your mind
mortgage wise, which thinking about? Also question on the table
is about the oldest thing in your.

Speaker 1 (37:45):
Refrigerator in honor of national Clean out your Fridge Day.

Speaker 3 (37:49):
That's right, that's right. Mostly the votes have bent for
baking soda, pickles and jelly, and eggs and eggs.

Speaker 6 (37:59):
Weirdly, one person said eggs, well, then there's an ema eg.

Speaker 1 (38:03):
But Graveler and I both said eggs, well, he's an egg.

Speaker 3 (38:07):
At a special egg egg. Yeah, an egg.

Speaker 1 (38:10):
I didn't say what kind of eggs mine were.

Speaker 4 (38:13):
It's just funny to say egg.

Speaker 3 (38:15):
It's a weird thing. The whole egg thing is weird
to me.

Speaker 4 (38:18):
Just word crazy to d of it?

Speaker 3 (38:20):
Just why? Yeah?

Speaker 4 (38:22):
How many words end with gg?

Speaker 3 (38:24):
Right? Hmm, Now we're all thinking about that.

Speaker 1 (38:28):
Snoop dogg.

Speaker 3 (38:29):
Nope, that's just one alright. Sorry, sorry, sorry, sorry, sorry. Hey,
my husband and I would like to get rid of
our mortgage insurance. We purchased our house two years ago
with fifteen percent down. Can we refinance if we can do?
We need a down payment, and if yes, can that
payment be included in the new loan?

Speaker 1 (38:49):
We got a whole flow charge?

Speaker 3 (38:50):
Yeah, fah loan currently good credit seven point two five rate,
So they're raided seven point twenty five. They want to
get rid of their mortgage insurance. They've got two years
in the house, they put fifteen percent down. Can they
do it?

Speaker 1 (39:04):
I think you know you definitely. We got to look
at the math, the math of it, and make sure
that you've got you got to get to the point
where you have twenty percent equity. So it depends on
what kind of loan you have. I've got to do
a flow chart to undo the flow chart. But the
first part is do you have an FAHA mortgage or
do you have a conventional mortgage, because if you have
a conventional mortgage, you may be able to just call
your servicer and get them to drop the PMI. Your

(39:26):
servicer is who you is, what they have, okay, faha.
Then so if you have an FAHA, then you cannot
drop PMI on an FAHA after two years, there's there's
no possibility. The only way to drop to the PMI
is to refinance it into a conventional loan, and we
are seeing conventional rates depending on scores and loan to
value in the low six is high five. So yeah,

(39:49):
I think you could definitely refinance, maybe get down at
least a point drop your PMI. You could probably save
you know, four hundred dollars five hundred dollars a month.
It sounds like based on a simple math, So I
would check that out right away. Quickest way to find
out go to my website, that mortgage guide don dot
com and hit the apply now button. Fill out the side,
just the basic info for the refinance side. Then I'll

(40:10):
put I'll do a soft credit poll to find out
your score. That way, it doesn't ding your credit or
cause any hard inquiries, and then we'll put together a
quote and tell you what it is, how much you
can save, what the closing costs are, and then you've
got the data you need to be able to decide
if now it's the right time to do that. But
I think, I mean, we are doing more refinances right
now then. I would say in the last three months

(40:31):
we've done more refinances than we have in the past
two years, just because the rates are now in that
sweet spot where if you've got to for a long time,
if you had a rate with a seven or an
eight in front of it, or even a six six
and a half in up, there wasn't anything you could do.
That time has passed. We are now in a place
where many many people with six and a half rates
are getting down into the fives people with I refinanced

(40:52):
one this week that had eight and a half and
we got them down to six percent, so two and
a half point drop. So definitely something to look into,
especially if you have a six, seven or eight in
front of your.

Speaker 3 (41:02):
Rate six, seven or eight, yes, seven, Yeah.

Speaker 1 (41:06):
I mean that's going to get old at some point,
but yeah.

Speaker 4 (41:09):
Never, we still take cowlabunga, don't we?

Speaker 6 (41:13):
Oh yeah, all right, we don't.

Speaker 1 (41:19):
Why are you blew out my ear?

Speaker 3 (41:22):
I'm sorry. That was the other one that it was
like for a minute.

Speaker 1 (41:25):
Yeah, yeah, yeah, things come and go. Yeah, well, you
know not according to social media.

Speaker 3 (41:34):
Here's one we man Joe says, what's your thought about
taking your interest rate with you if you sell or buy?
I don't know how that works.

Speaker 1 (41:41):
Taking your interest rate with you if you sell or buy.
I would love that idea, but I don't think I
don't think it exists. Like you're saying, if you have
a two and a half mortgage on your house now
that you could transfer that to the next house, that
would be fantastic.

Speaker 3 (41:54):
I love that.

Speaker 1 (41:54):
You know who's against that?

Speaker 3 (41:56):
Banks?

Speaker 1 (41:56):
Every bank? Yeah, because they don't want two and a
half percent interest, they want five and a half, they
want six. So the banks are in the interest of
making money off of money.

Speaker 3 (42:06):
So Joe also says, the thing in the fridge that
lasts longest is relish. Yeah, yeah, I think relish is
a is a good vote.

Speaker 6 (42:14):
Yeah, any of the vinegar based ones like capers, pickles,
family thesterdiums, Hurkins, hurkins.

Speaker 1 (42:24):
Now we're just gonna name pickles, pickle and bread and butter.

Speaker 3 (42:32):
I like that. Kosher dill goes on hogies bread, Yeah,
all right, anything else pickled things, the pickled things that
are things that people do keep around a long time.

Speaker 1 (42:48):
That would be a different question. Mustard's also the different
question would be what's still in your what's the thing
that's the longest in your refrigerator that's still edible? And
that's a lot of the relishes and sauces. But as
far as foods like, they don't last as long, true, true.

Speaker 3 (43:03):
And the cheese you know you have some cheese that's
long in the tooth, Well, you know some.

Speaker 1 (43:09):
Of those cheeses are already aged.

Speaker 3 (43:10):
For right, That's what I always think. If it's already aged,
then it's just agents just getting better.

Speaker 1 (43:15):
You could have a cheese you bought yesterday that's the
oldest thing in your refrigerator.

Speaker 3 (43:18):
Today, because it's because it's already a teenage cheese. Is
that what you're saying teenage?

Speaker 1 (43:23):
I said aged? I did say teenage.

Speaker 3 (43:26):
I don't think. I think Scotch are teenagers, and cheese
is more like toddlers. I think it's a three or four,
you know range on cheese.

Speaker 1 (43:33):
It sounds weird when you make that comparison.

Speaker 5 (43:37):
There are no toddlers, I think referring to Yeah, well
those are teenage I mean a good teenage scotch, a
twelve year old, thirteen year old scotch.

Speaker 1 (43:47):
No, you got to have, you got to have, Like
the best Scotches are going to be twenty five year old, eighteen,
twenty five years old. The others are okay, young adults.
They're palatable.

Speaker 3 (43:57):
All right, all right, there you go. Oh, somebody says,
thanks for saying that. I need to go get some ghirkins.
American Bulkin's at the top of everyone's grocery list.

Speaker 1 (44:08):
People screeching off the road to go buy pickles. Don't worry,
they're in your refrigerator. Just go eat the ones you've
already had in there Since twenty twenty one.

Speaker 3 (44:15):
Chad said, I bought a jar of olives that has
pits in them. Has to be years. Don't know when
I got them, but I just threw them out. Thanks
to you guys. Thanks so much. All right, look at you,
well done, Chad.

Speaker 1 (44:24):
M Jay making people's lives and you matter.

Speaker 3 (44:27):
Sometimes that's the key. You just look and go, am
I ever gonna eat that? And you just you're honest
with yourself. You have a moment with yourself where you're like,
I aspire to be somebody who eats big jelly because
it looks so pretty and it's in a fancy jar
and it was like five dollars, which is embarrassing. But
the truth is, I'm not going to eat what's.

Speaker 1 (44:43):
The threshold of I may eat that, like ten percent?
I may eat that in the future, or does it
need to be above fifty percent like a plurality? Or
what do we I think? Because I think that's what happens.
You think you see it those pits, the olives with
pits and them like, and you ate one and nearly
broke your tooth, and then and then you're like, am
I maybe maybe I'll need all of us one.

Speaker 3 (45:05):
Day enough that I'm gonna get these pits out of
these olives?

Speaker 1 (45:09):
I think you got. I think it has to be
a bigger test than one percent when I ever eat that.
It's got to be like would would uh would my
wife eat that?

Speaker 3 (45:18):
Or things that you might be keeping in case you
have fancy friends around.

Speaker 1 (45:21):
Oh, you have fancy friends.

Speaker 3 (45:22):
I don't know, like your fancy friends. Might you know,
somebody might eat those weird olives that somebody gave you
for Christmas a year ago in a gift basket, but
you're never gonna you know.

Speaker 1 (45:31):
Yeah, your friend comes over, that one friend that likes
Martinis and you're just dropping up a black olive with
the pits.

Speaker 4 (45:36):
So that's bad man.

Speaker 1 (45:40):
Yeah, I got all of us. Don't worry.

Speaker 3 (45:42):
Yeah, sure, don't mind the green fuzz.

Speaker 1 (45:45):
Yeah, you're listening to the Home Loans Radio Show. We're
going to take a quick break. We'll be right back
at the top of the hour.

Speaker 2 (45:52):
Coming to you live from the Just call MO dot
Com Studios. Injured on the go, Just call MO need
help after an accident? Is it? Just call dot Com
ord dial one eight MO. This is w tk S
FM HD one Cocoa Beach, Borlando and iHeartRadio Station. Make
us the number one preset on your car radio and
on the free, new and improved iHeartRadio app. Listen for

(46:14):
all your music, radio and podcasts. Free never sounded so good.

Speaker 1 (46:20):
Hello, hey hey, hey, hey, hey hey hey, good morning.

(46:44):
Welcome to the Home Loans Radio Show with that mortgage
guy Don. That's right, we're here. We're doing it, doing
what we do every single Saturday morning, right here on
Real Radio one O four point one, the most live,
the most talked about, the most listened to show on
Saturday mornings, right here on Real Radio one of four
point one, here with my crew. Good morning to the
m to the j Good morning to you. Good morning

(47:07):
mister Fritz.

Speaker 3 (47:07):
Hello. Ye, feel like we've done this.

Speaker 1 (47:12):
That was unexpected. Yeah, there you go. Welcome back to
the Homeowner.

Speaker 3 (47:15):
I love that song, Fritz. Hey, thanks, which makes me
so happy?

Speaker 1 (47:19):
What was the name of that one? Which album?

Speaker 4 (47:21):
That song is called feel Like I Feel? And that's
off the Enough About Me album that the Real Fritz.

Speaker 1 (47:27):
Released Enough About Me. You can find Fritz's music anywhere
you find music. You can look up the Real Fritz.
You can look up Corvis Incorporated. You can look up
Florida Slang, among many others and checking out you'll be
glad you did. You can also follow him on Instagram
at no Underscore Regrets, Underscore Coyote. Welcome back to the

(47:48):
Home Loans Radio Show with that Mortgage guy Don. You
can text in your questions to seven seven zero three
one or your comments or your salutations, or you can
answer MJ's question on the table of what is clean
out your fridge?

Speaker 3 (48:01):
The question is what is the oldest thing you think
is in your fridge that you know is in your fridge,
and what is the oldest thing you think that's in
everybody's fridge. We do have a vote calling from mister
Ryan Holmes who said that their fridge has a well
a good selection of empty pickle jars full of pickled juice,
which is the Brian. But that makes sense because you
could use that for.

Speaker 1 (48:22):
Lots of things I want I want to quote.

Speaker 4 (48:24):
It's also just to drink it.

Speaker 3 (48:25):
You know, that's a pickleback. I mean, that's a pickleback.
You could do that. People do shots a bit with alcohol.
Yeah yeah, but you you drink the pickle juice by itself, right, well, like.

Speaker 6 (48:35):
When you're shot, you with a run or you know
some like cardiovascular exercise.

Speaker 4 (48:41):
Take a little sip of that, Brian. It's good for you.

Speaker 6 (48:43):
Lot of vitamins and electrolytes and salt. I don't wake
your right up.

Speaker 1 (48:48):
Ryan Holmes advice that he has eight jars, eight eight
pickle jars in his refrigerator. Lot with no pickles in
any of them, and.

Speaker 3 (48:56):
They'd be different. The juice would all because if it's
sweet pickles, that juice is different than you know, spicy pickles.

Speaker 1 (49:01):
Pickle juice. A lot of people do it, like you said,
with like a shot or an alcohol or whatever. And
I think you can. I think you can tell what
age group you're in by how many jars of pickle
juice you have, camorriadge.

Speaker 3 (49:13):
Maybe you can also use that Brian as actual Brian,
like you could Brian chicken in it only once. I mean,
once you use it, you gotta get rid of it.
You get like for twenty minutes. If you put some
chicken breast and cover with Brian, they'll be better.

Speaker 1 (49:26):
You don't want to. You don't think a raw chicken
pickle shot.

Speaker 4 (49:31):
Chicken, that's not a good thing.

Speaker 3 (49:33):
Nope, Nope. But you can also use them to pickle stuff.
Like if you cut a red onion and drop it
in one of those jars, you'll have pickled onions. Onions
are the thing that works best. Cut them thin, just.

Speaker 1 (49:44):
Put different things that. Try some black olives with the picks,
just put those right, see what happens well. Hot sauce
you got this right.

Speaker 3 (49:52):
Here's somebody's asking, and we also have a question we forgot.
I'm sorry to circle back to about a bank statement alone.

Speaker 1 (49:59):
Okay, do that one.

Speaker 3 (50:00):
Okay, I'm interested in getting a bank statement loan for
self employed. Do I need one or two years of statements?
Or how about one year and ten months of statements?
Well it's only two months to wait?

Speaker 1 (50:12):
Yeah. Maybe. So when you own a business and it's
self employed, a lot of times you write off a
lot of stuff on your taxes. So using your tax
returns becomes impractical as far as qualifying for a loan
because it shows your taxable income. Like if you bought
a new vehicle for your business, well that comes out
of your income, you know, so it can make your
taxable income look lower on paper. And so we have
other alternative loans for people that are self employed. One

(50:35):
of them is a bank statement loan where you can
show your deposits into your business bank account or even
your personal bank account in some cases, or a mixture
of the two in some cases, or you can we
have ten ninety nine loans, We have P and L
loans that you know, there are different ways to qualify
you for a mortgage and to show your income if
you're self employed, and then and the bank statement loan
is a good one. We have some. You have to

(50:56):
have been in business at least two years. It's typically
what they're going for, but we often can get by
with only providing the last six months or twelve months
or eighteen months. We'll kind of look at it in
a way that makes the income look most favorable. Depending
and depending on the fewer months you use, the interest
rate is slightly higher. So if you can do a
full two years, that's where you're going to get your

(51:17):
best interest rates on those loans. But we have some
of them that they'll even take three months, the interest
rate won't be as good as if you provide twelve
or twenty four months. Great question, Thanks for texting that
into seven seven zero three one. Guess what time it
is then?

Speaker 3 (51:32):
Too? Oh, I think it's time for compare your quote.

Speaker 1 (51:36):
It's time for the compare quote of the week. What's
that you ask? Well, a compare quote of the week.
That's something we do every week most I think every week.
We've done it every week this year. Wow, I think so.
I came up with something a couple of years ago
when I read a study that said less than twenty

(51:56):
percent of people get a second quote when they when
they're in the process of look for a mortgage. And
I think that's really wrong, and I think I prove
it week after week by showing you talking about these
terrible quotes that people bring to me. Some of them
are good, and I tell them that's good. But this one,
this one in particular, was really let's just I thought
it was on the edge, like one of the worst

(52:18):
ones I've ever seen. And it's for a veteran is
a VA quote and he was looking to do a refinance.
They had a rate of seven percent look into refinance
and they sent me a quote that they had gotten elsewhere,
a company called a national company called Veterans United. They
had done they had offered them a quote of a
good The rates sounded really good when they got it.
Five point twenty five. That's an amazing rate on a

(52:39):
VA loan right now. Bad part is they charged them
eighteen thousand dollars in buydown fees, so their rate was
actually way higher than that. They were charging them an
incredible amount, almost four percent of the of the amount
that they're you know, on there as origination. I'm sorry,
buydown points. Even though the rate sounds good in a

(53:02):
situation like that, when you look at the actual APR,
it was over six in a quarter. APR figures out
the combination of the closing costs and the rate, so
their rate was actually over six in a quarter. I
was able to get them five point five with zero fees.
And you're thinking, well, that's not better, Well, it actually
is better. It actually has a lower payment to do
a higher rate without those fees, because they were rolling

(53:24):
those fees. The eighteen thousand into the mortgage and increasing
your mortgage amount by eighteen thousand added one hundred dollars
a month to the payment. So they had a loan
that was going to cost them. Although the rate sounded sweet,
the math was no good. It was going to cost
them eighteen grand, and just having that eighteen grand rolled
into the loan cost them one hundred dollars more a month,

(53:44):
whereas having a rate a quarter point higher only raised
the payment about thirty five dollars a month. So when
all was said and done, we were able to save
them a bunch of money, keep them from raising their payment,
up raising their mortgage amount up by an additional unnecessary
eighteen thousand just to get at a quarter point lower
on a rate. Let me see anything else I want

(54:04):
to say about that. I think that's it in summary.
At first glance, he thought the rate was fantastic, but
all of those fees made it simply bombastic. Let's compare
it with Don I hear it's totally free. We'll send
it on over and let's see what we see. I
walk them through smoke and mirrors, math. We figured it out.

(54:26):
Now they're back on the path. If you have a
quote and it gives you the terrors, compare it with
Don a void costly errors. Now, some of you out
there might be thinking that I lifted that rhyme of
fantastic and bombastic because of the Shaggy song. But yeah,

(54:51):
the Shaggy song what in nineteen ninety five he won
a Grammy for that.

Speaker 3 (54:56):
It sticks around and he used.

Speaker 1 (54:57):
The rhyme boombastic him family tastic cokay in a song
that And if you haven't heard Shaggy boombastic, check it out.

Speaker 3 (55:04):
Kids once heard it, No not everyone, okay, all right,
but check.

Speaker 1 (55:10):
It out anyway.

Speaker 3 (55:11):
It's good. Here's someone who says very good, good job,
on the rhyme, thank you, I enjoy the rhyme.

Speaker 1 (55:17):
Well you're in luck.

Speaker 3 (55:19):
The rhyme is right on time, is what I'm saying.
All right, sublime, keep working on it. Well you had
a question, Yeah, oh you had a when that over here? Yes,
I have a few for helock loan. There are fixed
interest rates. Are they all adjustable rates?

Speaker 1 (55:39):
You can do either, you can. There are helocks that
are adjustable. There are some that are adjusted that are
you know, interest only during the draw period. The draw
period can be three years, it can be ten years.
Some are fixed rate he loans where you don't or
you can't do draws where you just get a second
mortgage and you pay it off over ten years or
twenty or twenty five. So when thus, when you apply

(56:00):
for helock, depending on what you're trying to do and
how you're trying to do it, we will show you
two or three different options of home equity lines that
you could do depending on your needs. Like if you're
just if you're just going to do a pool and
it's seventy thousand dollars, you don't probably need a helock
for that because helocks can have a variable rate and
that changes with prime, although right now it could be

(56:22):
a good thing because prime has been at its highest
and it's generally ten trending lower. So even that we
take into consideration when we're talking to you and advising
you on a helock, which one to choose, basically lorc
our helock wizard, We'll talk to you, see what you're
going to do, figure it out, and say, okay, we
could do this because it will help you in this side,
we could do this, and then you get to choose

(56:43):
your option on that great question. Thanks for texting that
into seven seven zero three to one.

Speaker 3 (56:49):
Here's the one that says, what does it mean for
us that Fanny May removed credit score requirements? Did Fanny
May removes credit credit score requirements.

Speaker 1 (56:58):
In a way?

Speaker 3 (56:59):
Oh cool?

Speaker 1 (57:00):
Tell me about that kind of but not kind of?
You know. So what that means is it used to
used to be. So Fannie MAE has a system called
Desktop Underwriter, and when you put a loan together, you
run it through this this computerized system that's been this
way for twenty years. You run it through the system
and it has an algorithm that it runs. It says, yes,

(57:21):
this this mortgage is approved eligible based on all the
factors that we see.

Speaker 3 (57:28):
Credit score requirement.

Speaker 1 (57:30):
So the right now anything that well, before this change
was made, any loan that was put into that credit
into that model, that algorithm, if it had a score
below six twenty, it was an automatic fail.

Speaker 3 (57:41):
Okay, so it just it just overrode all the other considerations,
it over wrote everything, just met So you don't have
that score, you're out. We're out.

Speaker 1 (57:48):
So it's not saying that you don't need a credit
score anymore to get a fanom May loan. It's saying
that the hard stop low credit score that used to
be there has been removed, so we could potentially run
a something through it with a five seventy score and
if everything else is perfect, then it might get approved.
If you're doing a huge down payment and you know,
I see whatever there may be other there's all these factors,
the debt ratio, the housing ratio, the residual income, all

(58:11):
these different things that it looks at, how much savings
you have, how many months of reserves. So if you
have strong in all of those things, then you may
be able to get approved on a conventional loan with
a lower score. That's what they did, is they removed
the bottom automatic fail, but they didn't. So it is
a little confusing when they say they remove the you
know that you don't need a credit minimum credit score,

(58:34):
but you still have to be approved by the algorithm,
by the deuse system.

Speaker 3 (58:37):
All right, there you go, So there you go.

Speaker 1 (58:39):
Thanks for texting that into seven seven zero three one.

Speaker 3 (58:42):
People are excited that Ryan chimed in. Yes, superstar, superstar.
Someone is reminding us that in case you didn't know,
you better ask somebody that Ryan is a self proclaimed
pickle slut. Oh, all right, loves a pickle.

Speaker 4 (58:59):
Somebody else does not love a pickle a Sabrina Ambro
really no.

Speaker 1 (59:04):
Hard no on the pickles in general, sour things or oh,
I don't know.

Speaker 4 (59:08):
I think it's just pickles, just pickles.

Speaker 1 (59:10):
All right, let's call her.

Speaker 3 (59:15):
Someone else asking some questions about.

Speaker 1 (59:21):
Mm hmm hmm.

Speaker 3 (59:23):
Yeah, never mind, just a bunch of comments and stuff.
All right, Hey, don I own a rental property that's
less than a year and I haven't reported taxes on
my rental income yet. Well it count against me when
I'm trying to buy another home. As far as the
d T I goes, what's d T I.

Speaker 1 (59:40):
That's that's income Okay, well they okay, they bought the
home this year, less.

Speaker 3 (59:47):
Than a year. Yeah, and they haven't reported any taxes
on rental income. So I'm guessing that, like business taxes,
don't you report those quarterly with that counts as the
kind of thing you would do.

Speaker 1 (59:57):
Business taxes are different. Yeah, you do report yourself for
your business taxes, you know, that kind of thing. But
in this case, we're talking about rental property income, so
it would not they would not have any income to
report because you don't file your taxes till the end
of the year. And so if you bought it after
January or in some cases it just put it into
service as a rental after January, you wouldn't have filed

(01:00:19):
any taxes yet. So if we do alan now before
taxes are required to be filed, then we can use
seventy five percent of the lease amount as credit towards
to offset the monthly debt of that. If you wait,
you know, until next year to apply, let's say you're
looking at February, Well, well they'll do it all the
way to April fifteenth, which is a normal tax deadline.

(01:00:40):
So if you do alone after April fifteenth, they will
say where's your taxes for last year's rental income. We
need to see your taxes instead of using that seventy
five percent of the lease. Great question, Thanks for texting
it into seven seven zero three one. We're going to
take a quick break break back for the final segment
of today.

Speaker 2 (01:00:57):
Make your smart speaker smarter Google play Real Radio one
oh four point one on my Heart Radio. 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 (01:01:13):
That's right, the final segment of the day.

Speaker 6 (01:01:16):
And if you're going to the Van's Warped tour later,
I might see you out there listening to Home Loans Radio.
We're gonna be wrapping it up pretty soon. But if
you do have a question texted in seven to seven
zero three one.

Speaker 3 (01:01:30):
What are you excited to see today? Fritz?

Speaker 6 (01:01:33):
Oh, you know a lot of bands, some that are
not playing and last year they said they were, but
I digree. It's always good to see a day to
remember and Waves and Amigo the Devil.

Speaker 1 (01:01:48):
It's going to be a blast. Yeah, that's not at a
Camping World, right.

Speaker 3 (01:01:52):
Camping World, Camping World, there'll still be some glitter on
the ground from the e DC.

Speaker 1 (01:01:57):
Today's a big birthday. Oh yeah, A year ago done? No,
not madam. One year ago. This company, Colossal Bias Biosciences,
they had I want to say, birthed I guess birth
the first dire wolves, returning them to it from extinction.
These are wolves that they genetically engineered, these wolves from DNA.

(01:02:22):
Their name Romulus and Remus, and as of now they
are one year old. They weigh a little over one
hundred and twenty pounds and they just had their first birthday.
It's what do you think about this whole? This company?
I saw, okay, Colossal Biosciences, the like, I need to
read about that on what they're doing. And I went
and looked on their website.

Speaker 3 (01:02:40):
I remember them.

Speaker 1 (01:02:41):
They're you know, they're bringing back extinct animals. Dire Wolf
was one. How could that go wrong? They're also working on.
These are the five that they feature on their website,
the wooly mammoth, the Thylis scene, the Dodo, the dire Wolf,
and the Moa. I didn't know what some of those were.
You know, we know it of course what a wooly
mammoth is.

Speaker 3 (01:03:00):
Jason A.

Speaker 1 (01:03:01):
Thylaccene. I looked that up. That's terrifying. It's like a
like a cross between a dog and a tiger. It's
a marsupial carnivorous. That looks fun. Dodo, Let me get
me one of those, the dodo. We know that. Yeah,
and another bird, the moa. The moa was a bird

(01:03:21):
that stood over twelve feet tall and weighed five hundred pounds.

Speaker 4 (01:03:25):
Definitely killed a lot of people.

Speaker 1 (01:03:27):
I think they made a movie about.

Speaker 4 (01:03:28):
They have a war about the moas.

Speaker 1 (01:03:31):
Wow, they were there war. I don't know they had.
They were originally from New Zealand and became extinct due
to hunting. I guess. I guess if you're hungry and
there's a five hundred pound chicken.

Speaker 3 (01:03:47):
Right over there, I some friends just to it.

Speaker 1 (01:03:51):
Weighed five hundred pounds.

Speaker 3 (01:03:52):
They take him down and then everybody's got to come eat.

Speaker 1 (01:03:54):
That's a big bird, you know, like a twenty pound
turkey takes six hours to cook.

Speaker 3 (01:03:58):
Oh my gosh.

Speaker 1 (01:03:59):
Well, there you go.

Speaker 3 (01:04:01):
That's terrifying.

Speaker 1 (01:04:01):
That's all. I'll just bring it up.

Speaker 3 (01:04:02):
Well, thanks, you're welcome.

Speaker 1 (01:04:04):
Guess what time it.

Speaker 3 (01:04:05):
Is, n Jack for the speed Round.

Speaker 1 (01:04:06):
It's time for the speed Round.

Speaker 3 (01:04:08):
We don't get speedy way. I'm gonna ask some questions
that we haven't gotten to, and actually you're going to
answer them.

Speaker 1 (01:04:14):
I'm gonna answer them quick as I can. If we
don't get to one that you sent in doesn't mean
we didn't want to, just ran out of time. Text
it to me. You can you can DM me at
that mortgage guy don or you can go to the
website that mortgage guide don dot com. There's a place
to send me a message and I will answer it
after the show.

Speaker 3 (01:04:29):
All right, we have the theme today is helock questions.
We have several that we hadn't gotten to.

Speaker 1 (01:04:33):
It's very popular.

Speaker 3 (01:04:34):
It is if I want to take a home equiline
of credit on a three hundred thousand dollars home, what
is the maximum amount that I can request for a
helock three hundred thousand dollars loan? What's the maximum amount
I can request?

Speaker 1 (01:04:46):
We've got some lenders go up to seven hundred thousand
is the highest one that we've done. It was on
a like a one point eight million dollar house. But yeah,
we did a one for seven hundred k. So yeah,
three hundred is fine. Five hundred is easy. It gets
a little a little more complicated, lot fewer lenders. When
you get about five hundred k.

Speaker 3 (01:05:02):
Hi, Don, My wife and I own our home free
and clear meeting. We have no mortgage. We'd thinking about
purchasing a second investment home. Would a helock be the
best way to do that to get money out of
their primary to purchase investment home.

Speaker 1 (01:05:15):
It could be, depending on your scores and your loans
to value. I really it just comes down to a
math puzzle for me. We would look and see what
the interest rate would be on a helock, what it
would be on a second mortgage that wasn't a helock,
because the helock is a home equity line of credit
that you pay up and charge down and pay up.
Sometimes if you just take out a second mortgage for
a lump sum, then you might get a better interest rate,

(01:05:36):
or we might get a better interest rate by buying
it as a second home. So I'd want to compare
those three maths and see which one was the best,
Which would which one got you the cheaper the cheapest money.

Speaker 3 (01:05:45):
How do they get started on that?

Speaker 1 (01:05:47):
You just go to the website that mortgage guide don
dot com, hit the apply to get pre approved, or
just send me a message there and we'll start a conversation.

Speaker 3 (01:05:54):
I believe I would qualify for helock loan, but I
am bonded with my house as collateral on an active
core case. Would that interfere with my eligibility?

Speaker 1 (01:06:03):
That could? Yeah, Every mortgage application you ever fill out
has a question down at the bottom and says are
you currently involved in a lawsuit or litigation that involves
you know, if it involves the property specifically, it's going
to be problematic as far as getting any sort of
helock or equity line or loan or forward mortgage.

Speaker 3 (01:06:19):
So they would need to wait till that's all finished,
they get some kind of release form or something, or
just going.

Speaker 1 (01:06:24):
It depends on the type of litigation, you know, if
it was if you're liable for something, that could be
a whole different thing. You know, if something happened on
your property, if it's a technicality about survey of lines
or easement. You know, I just don't know what type
of litigation it is, and that would inform if we
could get around it, or at what point we could
get around it and go ahead and do a long

(01:06:46):
I did a.

Speaker 3 (01:06:46):
Chapter thirteen bankruptcy restructure and I have a year left
on payments. Do I need to wait to buy a house?

Speaker 1 (01:06:52):
No, not necessarily. You can do an FHA loan while
you're in a chapter Chapter thirteen doesn't mean your dad
got wiped out. It means that it gets reorganized and
they allow you to pay it off in regular monthly payments,
usually over a five year period. So I'm guessing they've
got a year left or they started out with five years.

Speaker 6 (01:07:08):
Uh.

Speaker 1 (01:07:08):
And FAHA allows you to do a purchase or a
refinance while you're in that repayment as long as you've
got great repayment history, you've got no late payments for
the last year. And you also have to get the
approval of the trustee, the bankruptcy trustee. Typically they do
if we if it's good enough long where we can
get it approved, you know, where the debt ratios are
low enough and they've been paying everything on time. We

(01:07:28):
can usually get that approved through the trustee. They just
take a second look at it to make sure it's
not going to jeopardize you making your monthly bankruptcy payment.

Speaker 3 (01:07:36):
All right, here comes the riddle.

Speaker 1 (01:07:38):
Riddle time I'm going to go.

Speaker 3 (01:07:39):
It's a fast riddle, So it's a it's a race
between the two of you, all right, because I feel
like I feel like the easier ones are the fast. Ready,
be ready, the.

Speaker 4 (01:07:49):
Wind and face you're ready.

Speaker 3 (01:07:52):
Here we go, Here we go. Brian has four cats? Monday, Tuesday, Wednesday.
What is the name of the fourth cat? Done? Got it?

Speaker 1 (01:08:02):
It's what it tells you in the riddle.

Speaker 3 (01:08:04):
I know. That's why it's a fast Brian has Brian
has four cats? Monday, Tuesday, Wednesday. What is the name
of the fourth cat?

Speaker 4 (01:08:14):
Well, I couldn't hear the period at the end of
the same.

Speaker 3 (01:08:20):
I failed you with that annunciation. I'm sorry.

Speaker 1 (01:08:24):
Flag on the play bad sportsmanship twenty five yards.

Speaker 3 (01:08:27):
I apologize.

Speaker 6 (01:08:28):
Oh now I gotta walk back twenty four calling it
a tie.

Speaker 3 (01:08:34):
I don't know.

Speaker 1 (01:08:34):
I do not accept a tie.

Speaker 3 (01:08:37):
Well, somehow you heard it?

Speaker 1 (01:08:39):
Oh wow, shots fired? I think so well, folks, you
did it. You did You successfully wiled away another ninety
minutes of your Saturday listening to us prattle on about
all kinds of things. But go clean out your fridge,
for goodness sakes. Play us out of here with something cool.

Speaker 2 (01:08:57):
Fritz, you've been listening to Home Loans radio with that
Mortgage Guide don join us every Saturday at nine am

(01:09:20):
on Real Radio one oh four point one, and check
us out online at home Loansradio dot com