Home Loans Radio 12.21.2024 With That Mortgage Guy Don- Time to file For your Homestead Exemption if you bought your home in 2024!

Home Loans Radio 12.21.2024 With That Mortgage Guy Don- Time to file For your Homestead Exemption if you bought your home in 2024!

Episode Transcript

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

Speaker 2 (00:14):
Hey hey, hey, hey, hey hey hey, good good morning
and welcome to the Home Loans Radio show with that
Mortgage Guy Don. That's right, it's me. We're here, we're
doing it. I'm here with my crew also doing it.
Good morning, Mjay.

Speaker 3 (00:27):
Good morning.

Speaker 2 (00:28):
So happy to have you here. I know you are
under the weather Bountain the flu this week. You're back
and form now here. Yeah, your voice sounds a little
wah wah wah.

Speaker 3 (00:38):
You know.

Speaker 2 (00:41):
Also here with the crew we got we got the
fritz Man fresh off of the Big time Luscious Lisa
Show last night. Good morning, my friend Zilia Stato it
didncy Oh yeah, here we are all together doing what
we do. We're gonna be We're gonna be the only
live show for like another week. Oh yeah, the next week.
Everything is isn't that right, Uh Jeff, Everything is on

(01:04):
rebats next week during the day, but not us. We're here,
We're doing it. You're welcome. It was a it was
a decision, you know, they were like, you're gonna you're
gonna do a recorded show the Saturday before Christmas? And
I said no, and then m J got the flu
and I said maybe, and then uh, and then you're like,

(01:26):
no way.

Speaker 4 (01:27):
Man, not when the FED could cut rights.

Speaker 3 (01:29):
And then you're like, hold on, hold on, Actually, this
is a good week to take out.

Speaker 2 (01:34):
Uh, we're here. We're doing it right here live or
Real Radio one of four point one on a beautiful,
crisp cool Saturday morning down here. Everybody's I know, everybody's
gearing up today to go out and do the Christmas shop.

Speaker 3 (01:47):
Oh yeah, nuts out there.

Speaker 4 (01:49):
I got my pea coat.

Speaker 5 (01:50):
I'm gonna walk around with a sense of entitlement and
push little kids out of the way to get deals
on toys I don't need, and and look shifty.

Speaker 3 (01:58):
I just to give security something to do every.

Speaker 2 (02:00):
Year, same old stick, Fritz. I know, you change it
up a little bit.

Speaker 3 (02:03):
It's the most wonderful. Get out of my way time.
They like my pea coat, You like my pea coat.
Get out of that coat.

Speaker 2 (02:14):
Looks awfully warm, sir. Another word, you're joking, but I'm
not so sure. You don't know.

Speaker 4 (02:24):
Coffee too hot.

Speaker 3 (02:26):
It's the most.

Speaker 2 (02:29):
There we go all right, I needed that laugh, thank you.
Uh there, mister Fritz fired up. How was the Luscious
Lisa Show last night? We did not I did not
make it because of you know things, and but I
heard it was amazing. How was it?

Speaker 4 (02:42):
It was a lot of fun.

Speaker 3 (02:43):
We had.

Speaker 4 (02:45):
A lot of lasers.

Speaker 2 (02:47):
Lasers.

Speaker 4 (02:47):
Yeah, there are a lot of lasers there.

Speaker 2 (02:49):
Like people laser pointing things that you.

Speaker 4 (02:51):
Yeah, like they thought we were drones and they were
trying to get us out.

Speaker 2 (02:56):
I just read it. I was reading an article this
morning about the you know, the drone sightings in New
York and the phenomenon. Yes, they're now telling the regular
people like, okay, please stop it. You're not allowed to
fly drones now, so we can narrow down whether they're
uh earth drones are not earth yeah, which is fair, which.

Speaker 5 (03:16):
Is funny, Like five years even what two years ago,
people be like, oh whatever, non earth drones, and now
people are like it's aliens.

Speaker 2 (03:23):
Yeah. Oh yeah, there's been some there's been some social
media people pointing things, pointing laser pointers at drones and
then the drones like come in response to laser pointers.

Speaker 4 (03:33):
Yeah, they like like yes, they're like, uh.

Speaker 2 (03:36):
Yeah, we're here. Like they come over well. In hand
with that, they also told people in New Jersey and
New York yesterday, the state officials said, please stop pointing
lasers at the sky. We have an uptick in people
pointing lasers at aircraft containing passengers up three hundred percent. Uh,
you know in the last couple of weeks. Please stop
doing that. So, yeah, stop pointing your laser pointers at

(03:58):
the planes. It's bad for the pilot.

Speaker 3 (04:00):
That's crazy that that the planes are that vulnerable that
someone in their backyard could affect it.

Speaker 2 (04:04):
Well, it's it's not that they're vulnerable, but it can.
It can momentarily, you know, if the pilot is looking
in that direction, it can momentarily blind them.

Speaker 3 (04:12):
So he seems vulnerable. Yeah, well it seems like not
a good thing.

Speaker 2 (04:15):
Yeah, it's I guess you expect people to not do
that because they're like there's people up in that planet
that that could be dangerous, but people don't care.

Speaker 5 (04:23):
Have you guys ever seen like the pilot's point of
view when a laser gets like shown at them. No,
So number one, they don't have many Like it's not
like you know, when you get in a car, it's
a massive wind shield they have like a very limited
field like field of vision because you know, it's mainly
instruments that that they're reading, and then when a laser

(04:45):
like is shined at them, it kind of like fragments
into a like prism and it's very disorienting.

Speaker 2 (04:54):
I can imagine that. I mean, I would imagine those
aren't your same windshields that you have on your you know,
on your car. I would imagine they're a little more
effective or efficient types of glass. Since you're going five
six hundred miles an hour, it may have a different
effect with a laser, I would I would think that
would probably be true. Don't do it anyway, Stop doing that.
But back to your show, you said there were lots

(05:14):
of lasers, so I was like, our people pointing lasers
that you or the show have just the bomb laser
light show as part of it.

Speaker 5 (05:21):
We had we had Austin who does all of the
news junkie just okay holiday shows the light show, so
we had him come. He showed up to Wool's Pub
I think around noon and he was there setting up
the light show for us.

Speaker 4 (05:39):
So it was very impressive.

Speaker 2 (05:41):
I bet. I mean, that's a much smaller palette than
what I've seen him do at at the Plaza or what.

Speaker 5 (05:46):
Have Yeah, And like, as we were playing, I was like, man,
people are really digging all of these new new songs.
And then I was shown video today and I was like,
oh my god, we looked awesome because of the lasers.

Speaker 3 (05:58):
Now I get it.

Speaker 4 (05:59):
People weren't freaking out because of us. They were like,
what is going on?

Speaker 3 (06:03):
Man, that's amazing.

Speaker 2 (06:05):
I've heard that there's a new mini album associated with that.
Tell people where they can find it and then give
the the eighteen and up advisory or the PG thirteen
advisory or whatever it is.

Speaker 3 (06:16):
Yeah, you can listen to it wherever you listen to music,
so you know, Spotify, YouTube, Apple, was it?

Speaker 4 (06:22):
iTunes?

Speaker 2 (06:23):
I guess yeah, Google Play.

Speaker 5 (06:25):
It's called Blank Your Glamour with a U and the
first word.

Speaker 4 (06:30):
I guess as you. Yeah, and yeah, it's a lot
of fun.

Speaker 2 (06:34):
Very cool. Well, people can go and check it out
and that's cool. I'm sorry I missed it. I really
wanted to go. I'm bummed and I couldn't. But we'll
get it there next time. Yeah, you are listening, believe
it or not, to the Home Loans radio show with
that mortgage guy down. What, Yes, that's right, it's me.
I'm here. We do what we do and what do
we do here?

Speaker 3 (06:51):
Mj Ooh, well, we talked about Christmas?

Speaker 2 (06:55):
Uh huh? Christmas?

Speaker 3 (06:57):
Have you and mortgages?

Speaker 2 (06:59):
Mortgages? Christmas and mortgages? Who came up with the idea
to pair those two.

Speaker 3 (07:03):
Old to get every child wants in their stack? Mama,
may I have a mortgage this yet?

Speaker 2 (07:10):
Can we have a better mortgage so we can have
more toys next year?

Speaker 3 (07:13):
I got to a Barbie townhouse. Unfortunately, did come with
a mortgage.

Speaker 2 (07:19):
You're gonna have this paid off. Kid when you're thirty four.

Speaker 5 (07:23):
You're gonna be working five days a week now, and
you're gonna be giving me eighty percent of that income each.

Speaker 3 (07:28):
We haven't gotten into the h oaps, but there's substantial.
It's in a very nice neighborhood, which is our living room.

Speaker 2 (07:33):
On the upside, everybody's coming to your house. There you go, No,
I got I got sidetracked him to.

Speaker 3 (07:42):
Teach children about mortgages.

Speaker 2 (07:43):
Sure, that's right, let's start early. What are we talking about?

Speaker 3 (07:47):
You got a boat. Your boat came with a loan.
The loan has compounding interests. I'm sorry, we talked about mortgages.

Speaker 2 (07:57):
That's right, MJ. We talked about mortgages. Oh, I did
want to go back. The Luscious Lisa album does have
a you know, adult language and themes on it, so yeah,
you know, kids don't go there. It's at least PG thirteen.

Speaker 4 (08:10):
Yeah, I think every song has the E next to it.

Speaker 2 (08:14):
There you go.

Speaker 3 (08:15):
That makes it good?

Speaker 4 (08:16):
How you know it's gonna be the makes it dangerous?
We like dark Wing Duck, like like who dark Wing Duck?

Speaker 2 (08:25):
Oh that guy. Don't get me started on that guy.
You're listening to the Home Loans radio show. I'm gonna
try what one. I'm gonna try it. I'm gonna keep trying.
You can text into the show. Yeah, Live seven seven
zero three one. Just tell us what you're doing out
there if you're if you've procrastinated and you are now
participating in Savage Saturday, the Saturday before Christmas out at
the marm No, I haven't made that up. I mean,

(08:47):
feel free to to use it if you if you
need to, but uh, yeah, it's whenever there's a Saturday
right before Christmas that is like the most perilous shopping
day of all it seems, and well, you know, well
we got Amazon. Some of Amazon is on strike this week.
So the part that the part that's the teamsters. Although
I read an article they said today it was a

(09:08):
very tiny part of the overall Amazon picture and it
won't change things.

Speaker 3 (09:12):
Well see, we've heard both things. Though from the Amazon spokesperson,
they're like, nothing to see here. Those aren't even our people.
The people are like, we're so unhappy. Yeah, so you know,
we did get someone texted Merry mortgage Christmas. There you go.

Speaker 2 (09:27):
It's the hay happiest of the year. We do have
some mortgage news. But you can text in your comments, questions,
anything having to do with home loans, even die and
ask a question all week about interest rates or mortgages,
or how to get a business loan, or what's going
on with my pre approval? Why is it taking you know,
too long at this other company? Can you do it immediately? What?

(09:48):
What what's up with a business loan? Anything you want
to ask. We do commercial loans. I'm a lone expert.
I'm here with my crew. They are the elves. I
am the mortgage Santa. Oh there you go. The gifts
you asked for it, you put it on your list.
If you've been nice or naughty, I'm still gonna answer
your mortgage question. So go ahead, Brie. You can text
in anytime. I heard Brie was at the show last night.

(10:10):
Oh yeah, I got I've got an idea. You know,
we're doing this segment. We're gonna have Bree try out things.
I got an idea. I want to float this idea
for a name with you guys. You ready for it?
A Breview?

Speaker 4 (10:22):
I like it?

Speaker 3 (10:23):
What do you think?

Speaker 4 (10:24):
I think it's your finest work.

Speaker 2 (10:27):
Well now I'm questioning it.

Speaker 3 (10:30):
Yeah you know.

Speaker 2 (10:31):
JK.

Speaker 4 (10:31):
Hold on, let me think about this.

Speaker 2 (10:32):
Yeah, Breview, we're lining up some previews for next year.
It's gonna be it's gonna be fun. I think we're
gonna we're gonna hold till next year. So text your
questions into the show, or your comments, salutations, anything, buying
a home, selling a home, you name it, you can
text it in. You got you got some coming in there, MJ?
What else we got? I got something else in it?
To talk about mortgage. Let's talk about the mortgage news.

Speaker 3 (10:55):
That did some stuff. Some things happened.

Speaker 2 (10:58):
MJ. Just did it all right?

Speaker 3 (10:59):
There it is Yeah, the Fed did some stuff. Things happened.
There you go, as you wanted a detailed.

Speaker 5 (11:06):
Account in my autobiography, did some stuff things happened.

Speaker 4 (11:13):
Wrist in peace and it's me with a with a
black turtleneck on.

Speaker 2 (11:18):
Like coins on your eyes, Yeah, I like.

Speaker 3 (11:20):
It on your eyes.

Speaker 2 (11:23):
Yeah you know, and you need that to get over
the river sticks, don't you know?

Speaker 3 (11:27):
I've heard right?

Speaker 2 (11:29):
Well, there you go. What's going on in the world
of mortgage news is that the Fed once again lowered
the prime interest rate. Not directly mortgage news, this kind
of indirect mortgage news. But they lowered the prime rate
another quarter points, so that when we add up the September,
the November and December cuts in the prime rate, it's
one point now one full point that they've lowered the

(11:51):
prime uh. And it doesn't directly affect mortgage rates. I'm
gonna say it like I say every time, because people
tell me, you know, they called me up and said
the rates are down a quarter like, no, that's the
prime rate. The prime rate is not the mortgage rate.
But it does affect the mortgage rates over time, and
you know, in the course of a month or two,
we should see the rates coming down, and we had

(12:11):
some dips in the mortgage rates. We've been kind of
going sideways. Right now. We're at about the I would
say the best qualified folks are probably in the six
and a quarter six point three range for a thirty
year mortgage, fifteen year mortgages down into the fives. And
it's just kind of this past week it went up some,
it went down some. When the day that the Fed
lowered the prime rate, it went up a lot, and
then the next day it kind of meandered back down.

(12:33):
So we're still seeing better rates than we were a
year ago. We were up close to eight percent, you know,
a year ago, and we're seeing them down in the
low six range. And business is booming as far as
people getting out there under contract for new properties, there's
a lot of activity. They're saying that the activity of
the purchase market right now is the highest December we've
had in four years, which kind of checks out with COVID,

(12:56):
you know, for two years, and then the recovery of
the housing market for two years. But we're saying this
is the most highest number of purchases in four years
happening in December. I think you got to want to
purchase in December, because that means you've got to move
in December, which is it's not fun to move anytime,
but I don't think December would be the fun time
to move. But that's really what's going on in the

(13:18):
world of mortgage news. Anything else I got here. We
got to the amounts to the conforming loan limits for
what is considered a jumbo loan, which is different from
your regular conventional loan that goes up officially on January
first to eight hundred and six thousand, five hundred. That's
an increase over last year of about five percent, and
that mirrors the five percent increase nationwide in housing prices.

(13:42):
So that's how they mean. Tell me what you would
ask the question in a more formed way.

Speaker 3 (13:48):
If I'm looking to buy a house, how does that
affect what I would buy or how how I would
finance what I'm buying? That what you just said about
the jumbo that's a that's.

Speaker 2 (13:57):
A good question. What there loans that once you convence
conforming loans have a cap, like they only go up
to a certain amount for that loan for a Fannie
may or Freddie mac cloan, and that new cap is
eight hundred and six thousand. The old cap was about
thirty nine thousand less than that, So that means you
can buy more house or get a more of a
bigger mortgage without going into a jumbo loan. And jumbo

(14:17):
loans have higher rates than conventional loans, so the goal
is to typically stay within that conventional loan margin, and
those went up along with the FAHA. The FAHA went
up also to what is it going to be this year?
Five hundred and twenty four thousand, so that went up
about thirty thousand as well. You're listening to the Home
Loans radio show. We'll be right back after these messages. Hey, hey, hey,

(14:41):
it's that mortgage guide don December's here and the cold
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(15:04):
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(15:25):
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Speaker 4 (15:40):
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 (15:52):
Hey, hey, hey, you're listening to home loans Radio with
that mortgage guy Don on this pre Christmas weekend. So
exciting out a day before the big day.

Speaker 2 (16:01):
That's right, we're live.

Speaker 3 (16:02):
Everybody's getting ready to go shopping because they've procrastinated. Do
you buy?

Speaker 2 (16:08):
You buy all your loot yet, sure, all your presence
by your family and friends.

Speaker 3 (16:12):
Give me the loop.

Speaker 2 (16:14):
You bought everything already?

Speaker 3 (16:17):
I don't think so. No, I don't think so. I'm
sure lots of people are very organized and sort of
got it all sorted, but I think it's going to
be a busy shopping weekend.

Speaker 2 (16:26):
Oh. I have family members that are like that, Like
they bought all the Christmas presents three weeks ago and
they've they've already shipped everywhere.

Speaker 3 (16:32):
Three weeks ago. I know people who've been working on
this all year.

Speaker 2 (16:35):
Oh wow, Yeah, well I'm waiting till Tuesday. That's my plan.

Speaker 3 (16:40):
That's when there's not much.

Speaker 2 (16:41):
Left, right, that makes it so much easier.

Speaker 3 (16:43):
There's that one weird section in the department store of
things that that people think men want, you know, like
golf balls that are full of whiskey, of weird stuff.

Speaker 4 (16:52):
I got a drawer full of it, right, all these
weird things.

Speaker 3 (16:56):
You know. That's how we got that talking bass back
in the day.

Speaker 2 (16:59):
Yeah, yeaheah, I got Billy bass.

Speaker 3 (17:03):
Yeah yeah, well I didn't get talking anything, talking bass, well,
you know Billy BASSI yeah, that was one of those things.

Speaker 2 (17:11):
I got one of those those things that tell you
how far you are from the golf pin, a range finder,
a rangefinder.

Speaker 3 (17:19):
You look through it that seems kind of useful, though
most of these are really ridiculous.

Speaker 2 (17:24):
Yeah, but most golf courses have like markers on the
course that tell you how far you are, you know,
from the pen, so you can figure it out. But see,
the thing is that'll get you down to like, you know,
instead of you thinking, all right, I'm at the one
hundred yard marker, you know, it'll tell you no, no,
you're one hundred and three yards. So with the precision
of my golf game, that makes a lot to me.

Speaker 3 (17:44):
Then you might use a different club or whatever.

Speaker 2 (17:46):
I might only I might only be, you know, one
hundred yards off on my shot once I have that
fine information.

Speaker 5 (17:52):
But yeah, you know, I mean i'd be like, ah, right,
I know how to set this up and then just
immediately duff it right into a lake like son of them.

Speaker 2 (17:59):
Yeah, that's that's pretty much the norm. And you feel silly,
like if you take the time to look at the
distance through a golf rangefinder and then you get up
there and hit it into the lake and all the
people are watching you, you're.

Speaker 4 (18:08):
Like, don, that's a putter, right, Yeah, yeah, hold.

Speaker 2 (18:12):
On, don you don't need to range find this one.
Since it went sideways into the lake. That's two strokes
and you're now one hundred and two yards away.

Speaker 3 (18:19):
It went straight up in the air. But I'm glad
you have your special glove, your special hat.

Speaker 2 (18:23):
I'm good at trying to play golf, that's for sure.

Speaker 3 (18:26):
Cute. I think Christmas shopping goes and depending on when
you jump in, it's different. There's the people who spend
the whole year finding curating the perfect gift to you know,
their person or the people they love and the thing
they will just love.

Speaker 2 (18:39):
Are you that person?

Speaker 3 (18:40):
Yeah? Sometimes yeah? And then there's the people this weekend
I suspect who will go with some kind of a
list and then quickly compromise because those things won't be there.
And then you're just basically looking for anything that will
work for Uncle Bell. That's right, like anything like well,
uncle billy cookies. Do you think Uncle Billy's cookies?

Speaker 2 (18:56):
You're at home, depot.

Speaker 3 (18:57):
Let's do that.

Speaker 2 (18:58):
You're at home, depot. Does le Bill have screwdriver? Sorry?

Speaker 3 (19:00):
I don't think he does drivers, because nobody can have
enough screw drivers.

Speaker 2 (19:04):
Six screwdrivers.

Speaker 3 (19:07):
Flash lights?

Speaker 2 (19:08):
You get him a flashlight every year.

Speaker 3 (19:10):
Everybody likes flash lights. But yeah, then you're just looking
for like anything that will work.

Speaker 2 (19:15):
I like doing it when it's like a game show,
you know, like when you got the cart and you
got as much time as possible to run through the
toy store and put as many things as possible into
your cart. Okay, that's that's how I do it, all right, Not.

Speaker 3 (19:26):
Really, I don't think they have toy stores anymore.

Speaker 2 (19:28):
No, you know what else they're not going to have soon.
I just read today that the Party City stores yep,
are going down. I guess people aren't going to the
Party City stores anymore. So, well, they said they're going
to close after the holidays. I think in February. They
let all their employees know that they're going to be
uh in trouble after the holidays. I like how they

(19:49):
do that after the holidays.

Speaker 3 (19:51):
Where we get our big forty balloons.

Speaker 2 (19:53):
Yeah, are the ones that say lord.

Speaker 3 (19:57):
Yeah, those all those all that stuff.

Speaker 2 (20:00):
I don't know.

Speaker 3 (20:02):
Yep. All right, well you got some questions, all right,
let's do that. Here's something I says, I'm currently in
the process of buying a new home. Can I acquire
an allodial title in the current purchase of my home?
Is that? How you say it.

Speaker 2 (20:13):
I think it's a lodial Okay, a loadial title. That
sounds right, Not in Florida. I mean a loadial title
means that your piece of land is owned solely by
you with no like there's no government, there's no nothing
above that. We don't have that because we pay taxes

(20:35):
on our land. So you know, if you don't pay taxes,
the government can take your land, the county government or
they can do I'm in domain. If there's you know,
your land is becomes a problem or whatever. So there
as long as there's a way that the government or
the county or the city has some sort of ultimate
control over the land. Like if you don't pay your
taxes or even to be able to collect taxes, then

(20:55):
that's not an allodial title. Lodial title would mean it's yours.
You know, nobody nothing. Uh, you don't pay taxes, it's
just your piece of land between you and your maker.
You know.

Speaker 3 (21:05):
So like if you bought an island in the middle
of the ocean, if.

Speaker 2 (21:08):
It wasn't you know, part of a British provisional government.

Speaker 4 (21:11):
Stay away from my island.

Speaker 2 (21:13):
Yeah, so it's there are a couple I've read that
there's a couple places or possibilities that you can have
some semblance of that in other states. I think Nevada
has some provision, and uh, maybe even Texas, but that's
I'm not an expert on those states. But you can't
there's no such thing really in most of the United
States of having land that you own that isn't taxable

(21:37):
or governable, you know, by some sort of empty entity
like the city, state, county, or country.

Speaker 5 (21:42):
So what would be the what would be the benefit
of that, Like, if you are trying to buy large tracks.

Speaker 2 (21:48):
Of land, you'd want to Yeah, if you wanted to
own a bunch of land or any land or that
you didn't have to pay taxes on that you didn't
have to pay the man, you know, independent of the government,
and just you know, I don't know how else to
put it that it doesn't really exist for the most
part in the United States. But a great question. Thanks
for texting that in Uh, it would be good if

(22:09):
you could do that. You just say, no, I have
this kind of title, I don't have to pay my taxes.
You know. That would be great, But.

Speaker 4 (22:14):
I can see why it's not really allowed here.

Speaker 6 (22:16):
That's not how that's there have been people that have
tried it, but ultimately you find yourself in a little room,
a little tiny room with unsavoring.

Speaker 3 (22:32):
You don't you don't get in. You don't know in
that room either.

Speaker 2 (22:37):
Definitely, you're definitely gonna you know, I think it's a
fine aspiration, but as far as I know, that's not
a thing that you can do.

Speaker 3 (22:44):
Here's someone who says, glad to hear you. You are
alive this weekend.

Speaker 2 (22:47):
We are we we we we We took a little
break last week, but we are here.

Speaker 3 (22:51):
Indeed, thank you again for pulling out the Christmas miracle
and getting us closed a week before Christmas.

Speaker 2 (22:58):
Trevor and Mary, Ah, congrats relations Yeah, great, great folks, man,
really nice folks.

Speaker 5 (23:03):
Feeling too, especially like to own a house for the
first time Christmas time.

Speaker 3 (23:07):
Mary, it was.

Speaker 2 (23:08):
It was kind of a toss up there. We were
ready and the title company wanted to push it till
the twenty seventh afterwards, and we we uh, we kept
leaning on them. We kept leaning on them, and they're
going to get it done. So we're we're excited about that.

Speaker 3 (23:21):
That's amazing. Well, I mean they're closed.

Speaker 2 (23:23):
Right, yes, yeah, yeah, that one was you're going to
get it done. No, well, I'm thinking of actually another
one that's closing.

Speaker 3 (23:30):
Yes, they're closet. We got some bad news, like Trevor
and Mary. You're gonna hear it on the air right now.

Speaker 2 (23:38):
Congratulations and thanks for working with us. I appreciate, appreciate
your business. Thank you. Uh what else you got there?
M jag?

Speaker 3 (23:45):
How do I know when to file for homestead thing?
The homestead thing?

Speaker 5 (23:52):
We haven't been talking about it as recently near the
end of the year as we usually do.

Speaker 2 (23:57):
That's true, that's tru there's a reason.

Speaker 4 (24:00):
It's all my fault.

Speaker 2 (24:02):
No, no, no, nobody's fault.

Speaker 3 (24:03):
Fritz No, no, no, I just mean, what happened? How did
this not happen? This is usually a regular thing.

Speaker 2 (24:08):
Well, it's usually a regular thing once it's time to file.
So let me let me back up. The question was
about homestead exemption.

Speaker 3 (24:16):
How do I file or how do I know when
a file for the homestead thing?

Speaker 2 (24:21):
Okay, the homestead thing? I think they mean homestead exemption.
So anybody who bought a house in twenty twenty four
this past year, any anywhere? Yeah, when you signed the documents,
if the last thing you wrote was twenty four, you
know when you were dating the documents. Then now is
just about the time to file homestead exemption. You can't
actually file it until January. And and what it does

(24:44):
it allows people in Florida that have that are actually
living in their house. They buy a house, they're living
in it, it's their primary residence. You get a tax
break off of your as we were discussing taxes, you
get a tax break off of your your property taxes.
And that is done every January for two months. You
got January and February. If you wait till march's too late,

(25:04):
you got to wait till the following year to file
your homestead exemption. And what that will do is give
you a twenty five thousand dollars off of the assessed
value taxable value off of your tax bill when you
get it in November. But the tax bills in Florida
come out in the first of November. So if you file,
if you bought your house in twenty four and you
file in January, coming up January or February, then the

(25:25):
following November, your tax bill will be reduced. Usually I
see it about twenty percent or so reduction. So I
send out reminders to every client that we close a
purchase with. You know, we send out an email reminder, hey,
it's time to go do it, and we talk about
it here on the show to try and make sure
everybody gets there. But it never fails. I have folks
in the march and call me and saying how do

(25:46):
I file the homestead Things like, well, you wait till
next January and then you set an alarm clock so
that you don't miss it, and you file your homestead exemption.
But what you do next in about a week ten days,
you go after you know, once it's Januar, you go
to the county property Appraiser's website in your county and
you can file it right there online.

Speaker 3 (26:05):
So there's no way to do it early.

Speaker 2 (26:06):
There are a couple counties that people have told me of,
not any of the as far as I know, any
of the main like five or six in central Florida,
but there are a couple of counties that allow you
to go ahead and do the filing, but they won't
apply it until the following January makes it. I think
we'll see more and more of that, but for now,
I don't think the facility is in place. You're listening

(26:28):
to the Home Loans Radio show. We're going to take
a quick break. We'll be right back for the next
segment of the show.

Speaker 4 (26:33):
Hey, this is Ryan from the Monsters and now back
to that mortgage Got.

Speaker 2 (26:36):
Done on real Radio.

Speaker 5 (26:39):
Home Loans Radio Live as always most of the time
until ten thirty. You can text your questions to seven
seven zero three one. Everything about owning a home, selling, refinancing.
If you're looking into a helock loan, you can just
send that to seven seven zero three one.

Speaker 3 (26:58):
I am.

Speaker 5 (27:00):
We've got MJ and that mortgage guy Don. Also, you
can follow Don on Instagram at that mortgage guy Don.

Speaker 4 (27:07):
I think he has a billion.

Speaker 2 (27:09):
Followers, one billion followers with laser beams on their heads. Yes, no, yes,
please follow on Instagram with the folks that know. No.
But if you don't know, I'll tell you. I started
What was that a couple months ago? Jeff? How long
ago was it when we started the October?

Speaker 4 (27:27):
I think maybe like July?

Speaker 2 (27:31):
Okay, maybe so like in July. Fritz noticed and pointed
out he probably noticed prior to that, but pointed out
to me like, hey man, you got like you know,
you got Instagram you only got like twenty or thirty followers,
and you should try and work on that, because that's
like social media is like a thing with business.

Speaker 3 (27:49):
His cat has more followers of that, yeah, right.

Speaker 2 (27:51):
Each cat has more followers than us. And so we
started talking about it on air and we made a goal.
The goal was to get to five hundred by the
end of the year. Ssh that When did we get
When did we hit five hundred? I was like before Thanksgiving?
Right yeah? And so I revised that goal up to
a thousand. I'm like, ah, all right, we can do this,
but we'll do a thousand followers by the end of

(28:12):
the year. Right, Well, I don't think we're going to
make that because we're at six hundred. An amazing thank
you for everyone who has followed a six hundred and
thirty seven followers. So I am officially revising that goal.

Speaker 3 (28:24):
Okay, that seems fair.

Speaker 2 (28:27):
We're going to make a fiscal decision here and revise
that goal to seven hundred by the end of the year.
We're six thirty seven. That means I only need how
many m J sixty three more people to follow And
I've thought, well, why are people fallow? I got to
I gotta give them a reason to follow. I gotta
tell them why why would it make sense to follow?
You're going to find out when when I do the
compare quote, you're going to hear a big reason of

(28:49):
how someone following me on Instagram save them over thirty
thousand dollars. So that's one thing. But you know, the
thing that is important about is when you when you
follow me on Instagram, you get to my link tree
right there all the time. So if you ever have
a friend or a family member that wants to says
I'm getting a mortgage, You're like, oh, well, just go here.
Here's the link. Go here and compare your quote, and

(29:11):
you can find out if you can save a bunch
of money, if your quote is good or if it's garbage.
That's the number one thing you can do with that
that link. You can also anybody says you're at a
party and they say, man, I got a mortgage question.
I wish I had a guy I could ask you.
Just pop out your Instagram. You just say, hey, look
at this link. There's a button right there that says
ask don a question. It goes to his email. He's
a professional, he's an expert. He'll answer you. Those are

(29:32):
just two of the million reasons that you follow me
on Instagram at that mortgage guy, don please and you know,
help us get to the goal of seven hundred. And
as I said, all right, so I've said, if we
get to seven hundred, I will do a funny dance
like an Instagram like a what do they call it,
the TikTok dance and all toast it on my Instagram. Yeah,

(29:54):
the oldie TikTok if it's still legal by then. I
don't know if they're going to shut it down in
the US. But but I'm not gonna do it on TikTok.
But I'm going to do a dance. We get to
seven hundred followers, I've committed to it. I'm going to
do a dance and post it on the IG and
only my followers will be able to see it. So
there you go. There's your motivation.

Speaker 4 (30:12):
I love it.

Speaker 2 (30:13):
If you didn't have enough, there it is there.

Speaker 3 (30:15):
It is.

Speaker 2 (30:16):
Welcome back to the Home Loans radio show. We are live.
We're the only show I think live on the next week,
probably till the end of the year. I think everybody
else is up. We're not. We're here. We're live Saturday
before Christmas. You're on your way to the store, to
the hard store, to the to the box store to
buy things for your for the for the people you
haven't bought for yet.

Speaker 3 (30:34):
Well, and also you got to buy things for the
for the day. You know. That's a big grocery day. Yeah,
it's a big big I mean, I'm sure that the
Costcos and the SAMs are just bonkers.

Speaker 2 (30:44):
Oh can you imagine Costco today? I can't.

Speaker 4 (30:47):
No, Oh, I got to go there after this.

Speaker 3 (30:49):
You need you need like a team. You need one
person who's getting ready to get in line while the
other person shots you.

Speaker 2 (30:54):
Just you just come in the store.

Speaker 3 (30:55):
And somebody gets in line, your.

Speaker 2 (30:57):
Spouse gets a cart and immediately gets in line, and
you go show for two hours and that should time
out about right.

Speaker 3 (31:02):
Yeah, they do better than that, but it is busy.
It will be busy.

Speaker 2 (31:05):
I'm going to be one of those people out shopping
this week. I hadn't had a chance to do it.
All kinds of stuff going on.

Speaker 3 (31:11):
It's the trick. If you go today with the whole world,
the whole world's there. But if you wait till Monday,
there's nothing left.

Speaker 2 (31:17):
Oh you just need to wait till Thursday.

Speaker 3 (31:19):
Well Thursday, it's much cheaper, especially all those Christmas as.

Speaker 2 (31:23):
I think you go buy everything on Thursday and you
just say shipping, am I right? You know, and then
you drop it off at their house, right, pretend that
Amazon brought it. That's what you do, right Fritz?

Speaker 4 (31:35):
Oh yeah, yeah, I mean that's the only way to
do it.

Speaker 2 (31:37):
Yeah.

Speaker 3 (31:38):
I have a lot of those Amazon bags that people
have sent me present in. You can just go drop
them off in people's doorsteps.

Speaker 2 (31:44):
Oh I like that, and it would.

Speaker 3 (31:45):
Be like Amazon, no box or anything, just you know,
an Amazon bag.

Speaker 2 (31:51):
You So you're taking, you're writing on the coattails of
those people that are actually prepared and bought everything early
and had it shipped already. You just take some of
that glory and for yourself and deliver your own amazons.
I like it.

Speaker 3 (32:03):
It's trying to save the day.

Speaker 2 (32:04):
Well done. MJ tips Shopping tips from MJ.

Speaker 3 (32:08):
Here's some Here's a question. Okay, I was turned down
at the last minute for reverse mortgage because I'd gotten
behind on my property taxes two years ago. They're caught up. Now,
would this be an issue with all reverse mortgage companies?

Speaker 2 (32:20):
That is an excellent question. So they're saying they got
turned down because they're behind.

Speaker 3 (32:28):
On their tax They were behind, but they're caught up now,
and they're wondering, well, that is that an issue for
every reverse mortgage?

Speaker 2 (32:34):
The reason that becomes an issue. So reverse mortgage is
a mortgage where you don't have to make a mortgage
payment anymore, and part of your mortgage payment is paying
your taxes and insurance. And when you do a reverse mortgage,
they'll let you keep paying your own property taxes and
insurance if you aren't behind and you have a good
track record of paying them on your own and they
show that you have enough income to pay them on

(32:55):
your own right if not, if you got an issue
like this where there were taxes were behind a couple
of years but then they got caught up, that may
make them you do something where they as part of
the mortgage, they go ahead and take out a certain
number of years of taxes and insurance and put them
into an ESCRO account and pay those for you over time. Basically,

(33:15):
they'll they'll say, well, we don't think you're gonna worried
about you. Yeah, we're worried about you paying your taxes
on time and your your insurance on time because you
haven't here a couple of times. And so we're going
to take that money out of the money you could get,
you know, as a out of your equity. Instead, we're
going to put it over here and pay your taxes
that insurance. Yeah, and so the person that makes that
decision is the underwriter on the loan. So that is

(33:38):
not a universal thing that the action is called ALISA.
Those are initials. I don't remember exactly what l EESA
stands for, but it means they're going to take your
property taxes over here and keep them and not give
you that money and set it aside to pay those
things in the future. So whether you apply a LISA
or not is the the decision of the underwriter on
the loan. So because you had one underwriter tell you

(34:00):
that at one lender, that does not mean that it
can't be done. Absolutely. I have reverse mortgage lenders that
are more flexible. There there are you know, you put
it in front of one underwriter, they might think it's
a risk for their company. Their company might have a
lower tolerance for risk than some other reverse mortgage company.
So I would say absolutely, hit me up right away.
We'll put that in. I've got a few reverse lenders
that I think would take a look at that. Especially,

(34:23):
I think we'd still I think we'd have a tough
time if you were still delinquent on the tax. That's
hard to argue. You know, they want to catch up
those taxes, and they want to and set aside money
to pay them. But if they're already caught up before
we apply, I feel like we've got a good strong case,
especially if we have a lot of explanation explaining why
they didn't get paid that year or those two years.
Obviously you have the money to catch them up and

(34:45):
pay them after the fact, so I feel like you've
got a good chance. So yeah, go to the website
that mortgage guide don dot com. There's a questionnaire there
you can fill out under the reverse tab. It's a
short it's like a one page thing. Just tells me
some basics and then I can get that in front
of an underwriter for you. Hope, get that answer turned
around for you.

Speaker 3 (35:01):
Maybe they thought they had an allodial title.

Speaker 2 (35:03):
An allodial title, look at MJ. What's that MJ.

Speaker 3 (35:07):
Maybe they thought they didn't have to pay them taxes. Well,
that's you know what you do.

Speaker 2 (35:11):
That would be the advantage of the alodial title, but
you can't really get that in the US.

Speaker 3 (35:16):
Here says someone, I'm looking to do a heelock to
do some home renovations, roof, windows, et cetera. How do
I go about getting the process started? Can you briefly
describe the process steps?

Speaker 2 (35:26):
Ah, the process steps? Well, yeah, I can do that.
I think we're coming up on a break. So what
I'm going to do is, Jeff, We're going to take
a quick break right here, and then we're going to
answer that question in its fullest of full details right
after these messages.

Speaker 3 (35:41):
Hey, it's Sabrina from the news junkie. Do you have
a question for that mortgage going on? Text him at
seven seven zero three one, No back to Home Loans
Radio on real radio. Hey, Hey to Home Loans Radio.

(36:02):
Go mortgage guy done.

Speaker 6 (36:04):
There.

Speaker 3 (36:05):
It is the sultry sounds cool Corbus Incorporated? Love that?

Speaker 2 (36:11):
Did you almost say COVID Incorporated.

Speaker 3 (36:13):
I don't know why, it's just like that's the word
is just a prevalent it is. Yeah, I must did,
which is terrible.

Speaker 2 (36:20):
To be fair. Earlier this week, you thought you might
have the COVID. It has a flu. But yeah, Corbus
Incorporated they.

Speaker 3 (36:26):
Have this new test. Now, I mean, I'm sure I'm
late to this party. Uh no party, like a COVID
test party, right, yeah, but it's a it's a COVID test,
but it also tells you if you got the flues.

Speaker 2 (36:36):
I didn't know this until you Until you told me, so,
I didn't think I may not be common news, but yeah,
that you know how you can go and get a
COVID test. You can get one that tests for COVID,
influenza A, SARS something and uh, influenza B like but
all on the same test strip. So, and it tells
you what what you got. Or you can have two,

(36:56):
or you can you can have a pick four.

Speaker 3 (36:59):
It's like effect at the like, you know, you feel
like you're sick, and you get a COVID test, You're like, oh,
I don't have COVID. I'm good. Yeah, that's what I
was shooting for. It's like, no, you don't have COVID,
but you do have the flu and you should stay
away from people, right because you are you are intagious.

Speaker 2 (37:14):
Jan I said, I have I have influenza A It's like,
what are you a doctor? No, I did a test
and then I googled it and it's said extremely contagious.

Speaker 3 (37:23):
Back in your back, in your cave, in your hut. Yes, yeah, yeah,
so that was Corpus Incorporated, which is awesome. But also
I wanted to talk about Luscious Lisa last night again.

Speaker 2 (37:38):
Yes, we do have a question from before the break too,
but go ahead, we can talk about Luscious Lisa for
a second.

Speaker 3 (37:43):
Yeah, we just got Bree just sent in a little
breview Breview. Yeah, good morning, done, I'm day And Fritz
Luscious Lisa was amazingly everywhere. Lisa can wrap Eminem under
the table and Fritz is the life of the party.
Also Sabrina and shakes Vanilla around out a band you
must see live there you go go.

Speaker 2 (38:00):
You know what? That reminds me of the Saturday Saturday
Night Live reviews that Bill Hayter used to do about
the clubs in New York. Yep. Pretty that there's the
briview we're toying on. We're figuring out how to make
this a thing with Bree. We're gonna we're going to
review some stuff. We're going to call it a preview.

(38:21):
We don't know how it's going to go yet, but
we'll see.

Speaker 3 (38:23):
So the question that we were talking about is, I'm
trying to do a helock to do some renovations, windows
and windows and roofs, probably just one roof, some windows.
How do I go about getting the process started? Can
you briefly describe the.

Speaker 2 (38:35):
Steps they want me to They want me to keep
it brief.

Speaker 3 (38:37):
Yes, keep it briefef we've heard.

Speaker 2 (38:40):
The show gone. Can you I'm asking a question here,
but I need you to keep it brief.

Speaker 3 (38:44):
If you don't, right, God, man, just give me the answer.

Speaker 2 (38:47):
I'm only driving to sprouts. I don't. I only have
like eleven minutes in the car. So a helock home
equity line of credit that's typically used to take equity
out of your property. And more specifically, if you have
a first mortgage already that has a really good rate,
that is so good you don't want to refinance it,
you know, because like if you've got a two or
three or four percent rate, you don't want to refinance

(39:10):
to do a cash out refinance to get money out
of your house. If you have a five or six
or seven rate, then probably the cheapest way is going
to be to do a refinance of the property. But
home equity line of credit rates we're seeing rates down
in the sevens in a lot of cases for the
most well qualified. Seven to ten percent is the rate
on it. It's there are different kinds. It's a fixed
rate second mortgage or a second mortgage line of credit

(39:34):
that you can draw on when you want, as long
as you have some left to draw on. So let's
say you get one hundred thousand dollars line of credit
on your equity. In the beginning, you have to do
a minimum draw and typically with most of them that's
a fifty thousand dollars draw. But you can deposit that
back after a couple months if you don't use it,
you know, so you're not paying interest on it, and
then you can draw in that amount. You can draw

(39:56):
more later, you can pay it back, you can charge
it up and down. On a fixed rate version, that's
more for something like you want to buy a pool.
The adjustable version is more like this where I want
to do windows, I want to do doors, I want
to do this, I want to do that. So you
want to have a flexible place to pull that money
from if you're doing something that's like a one shot
big expense like a pool or adding an addition to
the home. Then you probably want to do a second

(40:16):
mortgage that's fixed rate, and that'll be like a twenty
year mortgage or a twenty five year or thirty year,
and that's in addition to the mortgage that you already have.
Utilizing your equity, you can go all the way up
to ninety percent of the equity in your home with
the home equity line of credit. The process is easy.
You go to the website that mortgage guide don dot com.
You click on the button that says refinance. You fill
out the basic application, and then Laura, who is our

(40:39):
Helock expert, whisper wizard of all the different heelock companies
that we work with. We have about fifteen different companies
that we can get you a home equity line of
credit with. And then we do the application, gather the documents,
pull a soft credit pool, and then Laura will give
you a quote telling you what it's going to look like.
If you like it, then you go forward from there
and we process the loan. It takes about two weeks,

(41:00):
three weeks too, and you got to then you get
a wire into your bank with the funds from your
home equity line of credit. That's the brief scenario. How'd
I do pretty good?

Speaker 3 (41:09):
I think what do you think, Fritz?

Speaker 4 (41:10):
I think you pass the test? Kid.

Speaker 3 (41:15):
I see big things for you, sir.

Speaker 2 (41:17):
Do you right here in River City?

Speaker 4 (41:19):
It's right all right?

Speaker 3 (41:21):
You have.

Speaker 2 (41:23):
You're listening to the Home Loans radio show with that
mortgage Guy Don. You can also go to the website
that Mortgage Guy Don dot com. All kinds of things there,
or you can see a lot of the same things
by following me on Instagram at that Mortgage Guide. Don.
Got a bunch of new followers during the break, Thank
you boy, all of the real radio fans trying to
help me get my Instagram followers up to seven hundred
by the end of the year. Let's see drum roll, okay,

(41:46):
please we bring six and forty three and we're trying
to get to seven hundred. You can help. We can
do this by the end of the day. Follow me
on Instagram at that Mortgage Guy Don and there you go.
Go ahead, and Jay, we got time for a quick
question here.

Speaker 3 (42:04):
My mom's house is paid off. She needs a new roof.
What is the easiest way to do it. We can't
afford to just buy a roof.

Speaker 2 (42:10):
Well, the easiest way it probably would tie into that
last question of the home equity line of credit.

Speaker 3 (42:16):
Well, the house is paid off, so that might be
better for them to get. Yeah, if your house a
REFI because they can get a better rate.

Speaker 2 (42:21):
Well, you're probably a roof is probably going to cost,
depending on the house, somewhere in the twenty to ninety
thousand dollars range, because that's about the highest roof I've seen,
in the lowest I've seen this year. The high end,
when you're talking ninety thousand, you're talking about a huge
house with like Spanish tiles or a metal roof, shingle roof,
depending on the size of the house. Probably that twenty

(42:41):
to forty range. So I think probably a home equity
line of credit would be the right vehicle here. If
you are looking at more like the ninety thousand dollars range,
then you could do a full on mortgage, but we
could do a short term, like an eight year term
or a ten year term. We have the ability to
do a thirty year mortgage in any of those terms
anywhere between eight years in thirty years. You know, you
usually hear about a thirty year mortgage or a fifteen

(43:03):
year mortgage.

Speaker 3 (43:04):
A lucky number is fourteen.

Speaker 2 (43:06):
We can do that, you know, because we are a brokerage.
We can do that. So, like, if you've got a
loan and you've got seventeen years left and you want
to refinance, but you don't want your years to change.
You want to keep it at seventeen, Fine, We'll do
a seventeen year mortgage for you, no problem. So I
think maybe depending on how much they want to borrow
for the roof, you would we would look at a
home equity line of credit or a fixed rate loan

(43:26):
if it's a bigger one, or if you've got other
stuff you want to roll in there, Like Okay, I'm
gonna do the roof. Maybe it's time to replace those windows.
I'm gonna call renewal by Anderson. Or maybe it's time
to you know, redo the kitchen. We've been wanting to
redo our bathroom. So maybe you can kind of package
that together in your equity line so you only do
one loan rather than multiple loans to achieve that. A

(43:46):
great question. Thanks for texting that, and we're going to
take a quick break. We'll be right back at the
top of the hour. Hey hey, hey, hey, hey, hey hey,

(44:16):
there's there's a little Luscious Lisa.

Speaker 3 (44:19):
I love it.

Speaker 2 (44:19):
You found you found a chorus that didn't have any
uh any adult words in it.

Speaker 4 (44:24):
That's right now, I have to fade it out.

Speaker 2 (44:27):
That gives you a little taste. I think at the
show was last night, Fritz, Uh, you were there part
of the band? Te tell people what they missed if
they weren't at the Luscious Lisa show. Besides that little
music you just heard them.

Speaker 5 (44:40):
Well, let's see Sabrina Sabrina Amra from the News Junkie.
She did her rap verses on two songs. She dressed
up like a t rex. We had six foot inflatable
fallacies that we passed around to the crowd. We had
a whole bunch of lasers.

Speaker 2 (45:00):
You gotta lasers and and uh and the forementioned thing.

Speaker 5 (45:04):
And I was I was dancing my little heart out
all night, singing my songs.

Speaker 2 (45:09):
Were you were you tap dancing? I was not What
kind of dancing were you rolling out last night?

Speaker 5 (45:15):
It was mainly just uh, contemporary.

Speaker 2 (45:22):
Doing doing some break dancing.

Speaker 4 (45:25):
A little bit.

Speaker 5 (45:25):
Yeah, there were too many people there. Fortunately for me
to really do that.

Speaker 2 (45:29):
Not enough room for you to do your thing now
I would have without harming her interested parties. Well that's
fine if you missed it. I missed it last I
really wanted to go but could not. And uh, I'm
gonna be there next time though. And you can also
find what's the what say the name of the album?
H and where they can find it again?

Speaker 5 (45:46):
The name of the album is Blank Your Glamour and
that's by Luscious Lisa. You can get that wherever you
listen to music, Spotify, YouTube, I heart you name it.

Speaker 2 (45:57):
Yes, indeed, welcome back to the Home Loan radio show.
I do have to make a correction. I have to
make a correction. I said earlier that we're the only
live show that's going to be on between now and
the end of the year. But I forgot about Sunday
morning coming down. I think I think Joseph does his
show live also tomorrow, so right, well we know, so
I'm making that correction.

Speaker 3 (46:16):
There you go. Somebody who said, you guys rule, thanks
for being live, and they were asking about that for tomorrow.

Speaker 2 (46:21):
Oh okay, yeah, I'm pretty sure it's live tomorrow. Okay
with Jeff Martin's. If not, it'll be.

Speaker 3 (46:28):
Just like live You ready for a question?

Speaker 2 (46:30):
Yeah, you got one, Yeah, go ahead.

Speaker 3 (46:32):
My parents are divorced for twenty years but still live
together in their late seventies. Oh wow, Yeah, that's interesting.
Can they do a reverse mortgage together to take equity
out of the home to make needed repairs? Or can
just some of them? Can just one of them do
a reverse They live in separate sides of a large house,
but because they're fixed incomes, they can't really live elsewhere,
and they're content to be roommates. It just works for them. However,

(46:52):
they're losing their insurance because the roof is leaking and
they don't have the money to pay twenty nine k
for the roof. House has a mortgage payment of twenty
eight hundred a month, just taking almost all of their
monthly retirement, and they have fifteen years left to pay.
Any thoughts. They asked us to take out a loan
or coastline a loan, but we can't help this way.

Speaker 2 (47:09):
That's a great question, and it sounds like that this
is really kind of where I see the where a
reverse mortgage is really helpful, where it's kind of almost
saves the day, so to speak. So they've got a house.
The fact that they're living there and are not married
and they're divorced really doesn't matter. That's fine. What it

(47:30):
matters when you're doing a reverse mortgage is that number one,
it takes away the payments you don't have. They wouldn't
have to keep making that twenty eight hundred dollars payment
if they have enough equity in the house. They have
fifteen years left on their mortgage, so I'm imagining they
have a good amount of equity on the house. So
it allows them to tap into that equity, either take
it out in a lump sum, or take it out
and put it into an equity line, or possibly even

(47:51):
receive monthly payments from it. So instead of paying was
it twenty eight hundred a month, they could actually receive
money every month, or you know, if they might get
one hundred grand, they might get two hundred grand. It
depends on how much equity they have. The key is
with a reverse mortgage that they don't have to make
the monthly mortgage payments. They have to pay the taxes
and the insurance. So this is a case where it
seems like a reverse mortgage would get them enough money

(48:14):
to do the roof, which is a major problem. It's leaking,
they're getting ready to lose their insurance. It could take
away a twenty eight hundred dollars mortgage payment, which is
probably huge for them because they're the I'm guessing it
looks like a yeah, my parents, so they're they're they're
the sibling, the child. The child is saying that they're
going to lose their insurance and that the twenty eight

(48:34):
hundred dollars month mortgage payment has taken almost all of
their retirement income. So if they get rid of that
and they have the money to fix the roof and
they don't have to make a mortgage payment anymore, they
still have to pay their taxes, their insurance, and their HOA.
But it sounds like this would really be something that
is hugely, hugely beneficial for them, kind of life changing.
You can't do it with just one of them, though,

(48:54):
because the way the reverse works, you don't have to
be married, but it matters. You can do it with
a domestic partner or or a roommate. But yeah, no,
you can't do with your kid. You have to be
above a certain age to be on a reverse mortgage,
So sixty two is the minimum fifty nine If one
of the people's over sixty two, but they're in their
seventy so that they'll be fine. But the key is

(49:16):
it's about how who's living in the house and hav
Any reverse mortgage allows the people that are on the
reverse mortgage to live in that house for as long
as they live in that house without paying a mortgage payment.
So you really want to put both people on there.
There's not reason not to because it's not. Reverse mortgage
is not a program that is particularly credit oriented. You
don't have to have a certain score to get a

(49:37):
reverse mortgage, so that sounds like it would be beneficial.
I really encourage you to explore it. Go to the
website that mortgage guide don dot com. Up at the
top there you'll see a button that says reverse. You
fill out it's like a one page questionnaire. It just
gives me some information about the house and so forth,
and then we'll put together a quote and send it
to you, send it to your parents, who ever wants
to see it, and then we'll go from there. If
it makes sense. Great question. Thanks for texting that into

(50:00):
seven seven zero three one.

Speaker 3 (50:02):
Some one who says I'm decorating a hat from my
office Christmas party. The top prize is one hundred.

Speaker 2 (50:07):
Dollars decorating a hat.

Speaker 3 (50:08):
Good luck with that.

Speaker 2 (50:10):
That's an interesting takeway, is it like an ugly Christmas
hat instead of the traditional ugly Christmas sweater?

Speaker 4 (50:15):
How are you?

Speaker 2 (50:16):
Oh? Well, I didn't. I mean, I'm not the only
one that thought it was ugly, Joe.

Speaker 3 (50:21):
It's correct, and it wasn't Christmas, So it was rude
for you to say, Oh, it.

Speaker 2 (50:25):
Was my birthday. It was in May. That's weird. I
forgot the question.

Speaker 3 (50:32):
There wasn't a question. I was just telling you that
someone was decorating a hat for Christmas party.

Speaker 2 (50:36):
Well, there you go.

Speaker 3 (50:37):
Thank you for the top prizes, one hundred dollars.

Speaker 2 (50:39):
Thank you for your service. I hope you win.

Speaker 3 (50:41):
I hope you win too. You should put an ugly
sweater on it. Lots of little ugly sweaters.

Speaker 2 (50:45):
Make a hat out of an ugly sweater. Right now,
you're kicking.

Speaker 4 (50:47):
Yeah, I like that.

Speaker 3 (50:49):
Yeah, we're gonna win.

Speaker 2 (50:51):
Please follow me on Instagram. We're trying to get to
Don's Instagram at that mortgage guy. Don up to seven
hundred followers by the end of the year. We're getting close.
We only got like fifty left to go, you know,
And why why would you follow me on Instagram? Here's
here's I've actually got. I've got a story. Oh, I've
got a story that's going to tell you why you
want to follow don on Instagram. And coincidentally, it's time

(51:15):
for the compare quote of the Week.

Speaker 4 (51:18):
Oh yeah, and that that means I have to do this.

Speaker 2 (51:20):
Yeah, you know, I have definitive evidence. I've got the facts,
even I've got receipts. MJ on how following me at
that mortgage guy down on Instagram makes you a better friend? Okay,
what do you think about that?

Speaker 3 (51:39):
I'm interested to find out.

Speaker 2 (51:40):
Let me tell you how it went. So, these folks
had a quote for a purchase, their first time home buyers.
They had a quote of seven point twenty five from
a big national mortgage company, Uh, you know the one
they have Super Bowl commercials charging them seventh. They're giving
them a rate of seven in a quarter, charging them
seven dollars in discount point. That's basically a buydown. To

(52:01):
get that rate, we were able to offer them six
point one two five with zero points. That is a
huge swing, so right there on the surface, it saves
them seven two hundred dollars off their closing costs, and
the rate is over a point lower would save them
two hundred and forty dollars a month. Right you're waiting
for the part of how following me on Instagram makes

(52:22):
you a better friend, aren't you? M Jay? Yeah, I'm
getting there. I'm getting there. What that saves them two
hundred and forty dollars less per month, saves them twenty
nine hundred dollars a year in interest, and and I
was able to get them a first time home buyer
grant from Fanny May for six thousand, five hundred dollars.
This is the grant that's based on the census tract
of where they live right now. They didn't even have

(52:42):
their own home. They weren't renting. They were living rent
free with their parents, and their parents' address made them eligible.
Their census track made them eligible for this money from
Fanny May of six five hundred dollars and they don't
have to pay it back. It's a grant from Fanny May.
We can find out if you're eligible for that program.
Apparently the other companies didn't check to see if they
were anybody can offer it. But so we saved them

(53:04):
two hundred dollars on their closing costs. Right. Then we
saved them two hundred and forty dollars a month on
their monthly payment. Then we gave them sixty five hundred
dollars free towards their closing costs and down payment that
doesn't have to be paid back. And here's the great part.
They've never heard the show. Yeah, never heard of it,
never even heard of us. They never heard of the

(53:26):
Home Loans Radio, none of it. What happened was the
husband worked with our good friend Andy, and Andy listens
to the show every single Saturday. Andy started following me
on Instagram two weeks ago, and Andy heard his buddy
talking about his quote of over seven percent on his purchase,
whipped out his phone, gave him the link from Instagram,
and an hour later Andy had done the compare quote online,

(53:49):
which means you go onto the website, you tell me
your name, your credit score, and your email address, and
you upload your quote and then I tell you if
it's any good. So these are the receipts we agreed
this way, it pays. It makes you a better friend
to follow not that mortgage guy don on Instagram. Look
at how much money Andy saved his friend because of that.

Speaker 3 (54:09):
I mean, hopefully Andy gets his beak wet and it's
a little cash back.

Speaker 2 (54:14):
I'm pretty sure Andy will be invited to the the.

Speaker 3 (54:18):
The home warm should be something for Andy.

Speaker 2 (54:20):
Don't put pressure on these people. They have their own friendship,
they have their own Sometimes you can just share my
info on Instagram and not get a single thing back
except the satisfaction of being a.

Speaker 3 (54:34):
Good friend, the joy of helping others.

Speaker 2 (54:37):
And and here it is. Be like Andy, you know
you got a friend with a coat, You got a
friend with a quote. Don't let them miss the boat.
And compare your quote at that mortgage guy Don. There
it is there.

Speaker 3 (54:56):
It is proof.

Speaker 2 (54:57):
That's the receipts. That following at that mortgage guide down
on Instagram makes you a better friend.

Speaker 3 (55:02):
I mean, how much fun is that for you when
you get those and you look at them go oh yeah,
here we go.

Speaker 2 (55:07):
There's nothing I will tell you frankly and really really truly,
probably ninety five percent of the quotes I get, we
can save them money. Because I'm a wholesale mortgage brokerage.
I own the company. I set the margins that we charge.
I charge low margins because I have been doing this
for twenty five years in this town and I want
people to send me referrals and come back over and

(55:28):
over again. So I do that by giving the best
service and you know, the lowest pricing. I'd say ninety
five percent of the time we can get a better quote.
So if people aren't checking it out, well, then ninety
five percent of the time you are missing the boat.
But it's super easy. Just go to the website and
hit the compare quote and that's it.

Speaker 3 (55:45):
But how does it feel for you when you get
those and you're just like, oh, yeah, I can blow
this out of the water. Isn't that so fun it?

Speaker 2 (55:52):
Yeah, it's absolutely satisfying to be able to help people
and be able to save them money. The problem is,
I call it a problem, is that studies show that
only twenty percent of people will go and get a
second quote. I'm trying to raise that number by making
it simple, easy, free, non invasive. Just going to do it.
It makes me feel great, But I'm more happy to
save these folks. What are those folks are going to save?

(56:14):
Thirty forty thousand dollars over a five ten year period.
So that's a big deal. That's a big deal. Go ahead,
you can text in your questions to seven seven zero
three one, or you can that's it. That's all you
can do. You go to the website at that mortgage
guy don dot com. But right here, we still got
another segment to go. We got time for Oh you
know what, I got something I got to talk about this.

(56:35):
I gotta talk about the monkeys. Oh not the band
from the Thank you for that, the seventies or the eighties.
You know what I'm going to talk about right when
we are the monkey they're the sixties. Yeah, yeah, wow. Now,
Florida police warned residents to avoid loose monkeys spotted roaming
three community monkeys. I know, how do they know they're
lo like loose, I don't know, let's read further, or

(57:00):
maybe maybe they are morally reckless monkeys. But it says
in three communities, and I thought, ah, where is this,
you know, somewhere far away. No, it's right here. It's
in Orange City, the Burry Deltona area. Florida Police are
advising residents in the town of Orange City to avoid
monkeys that have been sighted roaming around the community. That's

(57:20):
not good. On Monday, the Orange City Police Department shared
photos of a loose monkey on a social media pages,
showing the primates walking on a fence. They're advising that
you stay away from them. You don't have to tell
me to stay away from random monkeys in my yard.

Speaker 3 (57:36):
No, that's when you go and get a cuddly Who
do you have to tell to stay away from the
happy monkey?

Speaker 2 (57:40):
Remember that? Maybe there, David Letterman bit did you see
your touch any monkeys while you.

Speaker 3 (57:44):
Were on the island?

Speaker 2 (57:45):
Right?

Speaker 3 (57:46):
Haitis wanted a monkey?

Speaker 2 (57:48):
Okay, look at the picture. Go to social media. Look
at the picture. I'm gonna post it.

Speaker 3 (57:52):
Look, get you there, you go. That's what Instagram's for.

Speaker 2 (57:55):
Thanks, I'm going to post some loose monkey pictures. That
book's dangerous. I would not approach that monkey. God, it's
more muscular than Fritz.

Speaker 3 (58:07):
Oh dear, that was That was rude.

Speaker 4 (58:11):
Now, it's true.

Speaker 2 (58:13):
It says monkey strength. But that's what everybody says. Also
says sorry, let me finish it. It says also. Uh.
There have been numerous monkey sightings, not only in Orange City,
but in the nearby Volution communities of Deltona and DeBerry.
Stay away from the monkeys.

Speaker 4 (58:30):
They're on the beaches.

Speaker 2 (58:33):
Not yet, but all right, we're gonna take a quick break.
We'll be back for the final segment of today.

Speaker 1 (58:37):
Do you have a question for that mortgage guy Don?
Text us at seven seven zero three one. Now back
to Home Loans Radio.

Speaker 5 (58:44):
On Real Radio, the only live week end show until
Sunday morning, coming down tomorrow at nine Loans Radio. This
is the last segment, So if you do have a question,
just text it then seven seven zero three one or
write it down. You can email Don at well let's

(59:05):
see home unsradio dot com. There's also that mortgage guy
Don dot com.

Speaker 4 (59:10):
What's your porn Hub profile?

Speaker 2 (59:14):
At that mortgage gotcha?

Speaker 5 (59:18):
You can also follow him on Instagram at that mortgage
guy Done.

Speaker 2 (59:22):
There you go. I just posted the picture of the
monkeys in Orange City. If you haven't seen them, take
a look at the Instagram and tell me if you
would approach these monkeys. Wait, if you need to be
told to stay clear of these monkeys and not feed them.

Speaker 5 (59:34):
That monkey would tear off my arm and beat the
ever loving crap out of me with.

Speaker 2 (59:39):
It teeth, teeth and monkey strength. Well, the weird part
is they don't know where they came from. But right
below that story, there's another story of forty three monkeys
escaped in December third, forty three monkeys escaped from this
sounds like the start to a movie. The Alpha Jeneva

(59:59):
the Genesis Primate Research Center in Yamasat yah Massi, South Carolina,
a primate research facility.

Speaker 3 (01:00:08):
Yeah, the big deal. They ran everywhere they got. Some
of them got collected.

Speaker 2 (01:00:11):
With a name that sounds exactly like an evil an
evil research facility.

Speaker 6 (01:00:16):
For sure.

Speaker 3 (01:00:17):
It's like radioactive monkeys.

Speaker 2 (01:00:19):
You know, I'm not a I'm not a genius, but
maybe these are them, or they escape from other research facilities.
Don't approach the monkeys in Volusia County place.

Speaker 3 (01:00:29):
That's all you might buy you and then you might become,
you know, have a superpower.

Speaker 2 (01:00:33):
Well i'd be like Spider Man, right, monkey? Why hasn't
Marvel come up with Monkey Man?

Speaker 4 (01:00:40):
I think that's a movie that came out this year?

Speaker 2 (01:00:42):
Oh really, well if not trademarket. Yeah, there we go. Well,
guess what time it is, MJ. It is time for
the speed round.

Speaker 3 (01:00:51):
All right, I'm gonna ask you some questions. No I
need my car.

Speaker 4 (01:00:54):
There we go.

Speaker 3 (01:00:57):
There you go, right, Matthew. Some questions we haven't gotten to.

Speaker 2 (01:01:00):
That's right, She's gonna m Jay's gonna ask me all
the questions or not all many of the questions we
haven't gotten to if I did. If we don't get
to yours, it doesn't mean we didn't want to. Just
go to the Instagram and send it to me there
in the DM follow on Instagram at that mortgage guy, don.

Speaker 3 (01:01:14):
How many months do you have to provide proof of
income to REFI if you're self employed?

Speaker 2 (01:01:18):
How many months of income? Well, it depends on how
long you've been self employed. If you've been self employed
for five years or more, If your company has been
open for five years or more, we can probably do
it with your most recent year of tax returns. If
you've been open less than five years, it's usually going
to be two years of tax returns. There are exceptions
for between one and two between one and two years

(01:01:39):
in certain like let's say you worked for a company
as a plumber for the last ten years, you know,
and then you started your own company a year and
a half ago in the plumbing business, and we can
show that you've got that level of experience, and we
might be able to do it with only one year
of tax returns in circumstances like that, but somewhere between
one and two years, depending on how long you've been
doing what you're doing.

Speaker 3 (01:02:01):
Is there a cash out loan up to ninety percent
of the homes value or eighty percent? Is that always
the most? Is eighty percent always the top?

Speaker 2 (01:02:07):
Well, Fanny May Freddie mac fha cap at eighty percent
of the value. VA can go higher up to ninety
percent of the value if you include the funding fee.
We have a product that does what we call a
non performing product that does cash out up to ninety percent,
and all of the helocks and home equity lines of
credit can go up to ninety percent if you have

(01:02:28):
a good enough credit score.

Speaker 3 (01:02:30):
I have an SBA loan at eleven percent? Can I
refinance this to get a low rate? I've had it
since July twenty twenty two, twenty.

Speaker 2 (01:02:37):
Twenty two is good? So yeah, once you've had an
SBA loan for two years and you've got an on
time payment history, we can refinance that very easily. I
had one this past month that was at eleven a
little over eleven percent. We refinanced them down to eight
and a half. It depends on the type of loan,
the type of industry. You know, which SBA there's like
an SBA five and SBA six and SBA nine. It

(01:02:57):
just depends on which one what we can do, but
for sure go to the website at that mortgage guid
don dot com. And on the commercial side of the
website you can ask me some questions and we'll see
if we can figure it out for you.

Speaker 3 (01:03:08):
How long does it take to do a reverse mortgage.

Speaker 2 (01:03:10):
Line reverse mortgage? About thirty days? Thirty to forty days
is the typical time to get one closed and funded.

Speaker 3 (01:03:17):
And this one, which we have answered quite a bit already,
but how do I do the compare a quote thingy?

Speaker 2 (01:03:22):
Oh, you go to the website at that mortgage guy don,
or you go to if you have if you follow
me on Instagram, you just go to the Instagram and
right there there's a button that says compare your quote.
Simple as that. Oh yeah, that's.

Speaker 3 (01:03:35):
It all right, here's your riddle and it's a little
bit of word place. Think about a minute. It's a
little it's a little hokey, but give it a minute.

Speaker 2 (01:03:41):
Riddle time. There's only two left, Fritz. Where you know
we're about to tally up how many I've gotten right
and how many you've gotten right?

Speaker 3 (01:03:47):
This way, what do you get when you cross an
iPad with a Christmas tree?

Speaker 2 (01:03:53):
Cross?

Speaker 3 (01:03:54):
Think about words and crossing, come up with it.

Speaker 2 (01:03:57):
With a Christmas tree? Hmmm? iPad with a Christmas tree?
We need Usually there's a more information.

Speaker 3 (01:04:09):
It's just it's just wordplay.

Speaker 4 (01:04:12):
iPad, iPad, tablet, Christmas true.

Speaker 2 (01:04:19):
IPad with a Christmas tree, a.

Speaker 4 (01:04:22):
Tablet, tann and bomb.

Speaker 3 (01:04:24):
I like it. So what's an iPad? That's an apple? Right?

Speaker 2 (01:04:28):
Oh? A pine apple, pine tree.

Speaker 3 (01:04:31):
Apple, pine apple, that's the that's the riddle. Nice, It's
pretty terrible. I apologize, accepted. It's hard to find a
Christmas riddle we haven't done before.

Speaker 2 (01:04:43):
It's hard to find a riddle that's like from you
know this last All the riddles are old from from
one hundred years worth. It's hard to find that of
them that are contemporary.

Speaker 3 (01:04:53):
And to start writing.

Speaker 2 (01:04:54):
I applaud you for it. Thank you. I'm jay uh. Well, folks,
you did it. You successful, wild away another ninety minutes
of your Saturday morning, waiting patiently to go do your
Christmas shopping listening to us play us out of here
with something Cool, Fritz.

Speaker 3 (01:05:09):
All right, as soon as I find the train here
it is.

Speaker 2 (01:05:13):
Merry Christmas, everybody from us at Home Loans Radio.

Speaker 3 (01:05:17):
Have a Merry Christmas. Bye.

Speaker 1 (01:05:29):
You've been listening to Home Loans Radio with that mortgage
guide don Join us every Saturday at nine am on
Real Radio one oh four point one and check us
out online at home Loansradio dot com