Home Loans Radio Show 06.01.2025 With That Mortgage guy Don- Celebrating our 300th Show!!

Home Loans Radio Show 06.01.2025 With That Mortgage guy Don- Celebrating our 300th Show!! 

Episode Transcript

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

Speaker 2 (00:13):
Hey hey hey, hey, hey hey hey, good morning, 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. We're doing the thing we do every single
Saturday right here on Real Radio one O four point one.
Good morning to the crew. Good morning, Mjay, Good morning.
Oh you sound just so happy and content to be here.

Speaker 3 (00:36):
There's no place I'd rather be.

Speaker 2 (00:38):
There's no place like home. Good morning, mister Fritz.

Speaker 3 (00:40):
So ya's not on it?

Speaker 2 (00:43):
Oh yeah, the gang is here. We're doing what we
do every single Saturday, right here on Real Radio one
O four point one. We are live this morning, right here,
doing what we do. Beginning we got the June June's
getting We're in June, calling into June. How are we
in June already?

Speaker 3 (01:00):
I know so quick.

Speaker 2 (01:02):
I say it every week. How are we here? But man? June?
But but June has a special significance for us here
on the Home Loans Radio Show. That Mortgage Guy Don
well that is because when we first started the show,
it was June first weekend in twenty nineteen. Wow, And today,

(01:22):
believe it or not, I went back. I did the math,
I did the calculating, I did the ciphering. I got
out my abacus, my calculator, and I asked, Ai.

Speaker 3 (01:29):
You got a rock and worth a lot of lines
on it? Oh yeah, squiggles through it.

Speaker 2 (01:32):
My whole bathroom walls covered with the little picket fences. Today,
can you believe? It is our three hundredth show?

Speaker 3 (01:39):
What nice?

Speaker 2 (01:41):
Three hundred, three hundred that's a lot of shows, man,
three hundred shows, live shows. We've had more than that,
but we had some replays in the here and there,
like if we took you know, a vacation, you know.

Speaker 3 (01:54):
A trip or something, you got to take some time.

Speaker 2 (01:56):
Yeah, every once in a while we do, we do
a few. But three hundredth show. Congratulations, guys. I think
that's a big deal, especially when you're like, if you're
doing five days a week, that can that can come
you know, pretty pretty quick better, right, But if you're
only doing Saturdays, three hundred shows is a is a
good run. I second that emotion, But congratulations. MJ. And

(02:25):
Fritz on our three hundredth show today.

Speaker 4 (02:27):
Hey, congratulations, see you, Don and MJ. Yeah, and me,
I guess.

Speaker 2 (02:32):
And you and we're excited about it. All right, hope
you're here for it.

Speaker 3 (02:40):
Now that I've heard about it, I'm also excited about it.

Speaker 2 (02:43):
But lower your expectations. We didn't plan anything spectatular or anything,
just you know, the regular three hundred show.

Speaker 3 (02:49):
All right, maybe we'll plan it something for the three fifty.

Speaker 2 (02:52):
Yeah, I was on I was on Ross Paget Show
a couple of weeks back, Good Sauce, and that was
their fifty seventh episode. Okay, and they're doing a weekly show.
But which is great.

Speaker 3 (03:04):
That's a long time. I feel like that just happened.

Speaker 2 (03:07):
Yeah, well that's you know, a little over a year
of shows for them, but three hundred. So we're we've
completed our sixth year. We are now into the seventh
year of the Home Loans Radio show right here on
Real Radio one O four point one. Every single Saturday,
or most of them, for the last six years, we've
been right here for you every Saturday, telling you all

(03:27):
about the things. What do we tell people about when.

Speaker 3 (03:29):
We talk about mortgages? You should you should send in
your mortgage questions to seven seven zero three want anything
to do with buying a house, selling a house, how
to get a house, you know, all the things, all
those things about the houses.

Speaker 2 (03:42):
Yeah, live show text in your question seven seven zero
three one. We'll get an answered right here on air.

Speaker 3 (03:47):
Rainy Saturday.

Speaker 2 (03:48):
Well, yeah, it's gonna well that's kind of that. We're
in that weather now, Okay, we're in the summer weather.
It feels like, you know where it's hot, gets uptil
like ninety nine point one degree in the afternoon, and
then you get some thunderstorms and then it's the next day.

Speaker 3 (04:05):
I feel like it's been so long since it was
just that regular kind of summer weather. So I hope
that happened. It has been been weird the last few
summers where it didn't really just happen the way it
used to always happen.

Speaker 2 (04:14):
April was a record month for the amount for the
absence of rain, for the for the low amount of rain,
and normally a pretty busy month, but we had a
pretty good drought there for a while. But I'm happy
to see the thunderstorms back. I kind of like the
afternoon showers. What about you Fritz. You like the afternoon showers.

Speaker 4 (04:31):
Yeah, for sure, because I don't have to go out
there and water all the weeds.

Speaker 2 (04:37):
Now you used to call them sunflowers.

Speaker 4 (04:40):
Yeah, I only have I think like three now one
I think two are growing. So that's the rest of
the seeds that I've thrown out there for the past year.

Speaker 2 (04:50):
Right, do they propagate? Do they do they repropagate? Do
they propagate themselves? Like when the sunflowers grow and fall over?
Do they do? They have new seeds that fallout of them?
Are the ones that.

Speaker 4 (05:01):
You have, well from the squirrels getting in there, probably,
But I don't know if they are annuals or perennials,
because they can be both. I don't know what this
genus of seed is.

Speaker 3 (05:11):
Well, he sent a DNA out, he hasn't kind of
back to the latter.

Speaker 2 (05:18):
Who's Alexia? Alexi will answer to Alexia. I found that
to be the case. You are listening to the Home
Loans radio show with that mortgage guide don that's right.
You can text in your questions to seven seven zero
three one. Join the conversation. As the MJ said, anything
having to do with home loans, mortgage loans, All right,
we got questions real estate, business loans, SBA loans, I

(05:41):
don't know homeowners insurance, down payment assistance. What do you
got You got questions about any of that stuff, or
just tell us what you're doing out there, because you
know we're here. We're doing this is what we're doing
on a Saturday morning. We're all in our places with
bright shiny faces, doing our three hundredth show of the
Home Loans radio show.

Speaker 3 (05:59):
You're someone who asks, can I use the money in
my four one k is income to qualify for a helock?
I'm retired with minimal income, but I do have almost
six hundred K in a four hundred in a four
oh one k. Six hundred k in a four oh
one k.

Speaker 2 (06:11):
There you go. Congratulations. So they're retired, and so I'm
guessing they want to qualify did this he lock? Did
they try to.

Speaker 3 (06:18):
Qualify for he No, they're asking if they can, well,
if they can use your four oh one k as
their income.

Speaker 2 (06:25):
Yes, there's a way to do that. The the you know,
first we would look and see if you're existing retirement
income was enough to qualify you for the loan, But
if you didn't, you can't directly use the money in
the four to one K like and just count it
as income by providing the statement. But what you can
do is set up a distribution if you're over I
think if you're over age fifty nine, which they said

(06:45):
they're retired, So if you're over age fifty nine, you
can set up a distribution that comes out of your
four oh one K. So let's say we need your
income to be five thousand dollars a month for the
loan to work. We can go to your four oh
one K and set up a distribution of five thousand
dollars a month, right, And then so when you set
that up, usually within a week or so, you get

(07:07):
your first payment, and when you get that first payment,
that week count as income, and then the next payment
is scheduled for the following month on the first of
the month. So with that information we can then go
to an underwriter and show them, yep, we've we've set
up a distribution for this four oh one K. It's
now counted as income. The cool part is that after
you close alone, if you don't want to keep getting

(07:28):
that distribution, you can pay it back what you got.
You can stop the distribution, so you really just have
to kind of activate that for a little while. If
you're not really ready to tap into your retirement account, fully,
you can still do it for just a couple of months,
and we can use that for income to qualify. The
trick is you have to have enough in there. So
what they go in and look at the account and

(07:49):
take about sixty five percent of it and then they
make sure that whatever amount we're using for income has
enough for at least three years worth of payments in there.
So that's why they can use it to qualify, because
they're showing it up is income that can continue and
could and would continue for at least three years. So
the answer to the question is the basic question. This
is not just for helogs. It's for any mortgage, you know,

(08:10):
a purchase or refinance, doesn't matter. If you've start a
distribution from your four to one K, we can count
that as income and then you can stop it later. So, yeah,
great question. Thanks for texting that into seven seven zero
three to one.

Speaker 3 (08:22):
What does it mean when people say seller concessions? What's
a seller concession? Is it like popcorn stand or could
be when you go and they've got like a little food.

Speaker 2 (08:32):
Truck, like like Ryan Holmes kettle corn like that situation.

Speaker 3 (08:36):
Love kettle corn, right, so yummy.

Speaker 2 (08:39):
It is, it's made right there in the kettle. It's sweet,
it's salty.

Speaker 3 (08:44):
What are sellar concessions?

Speaker 2 (08:48):
So this is actually something I talked about this last week,
so I guess maybe that's why it's coming back up
the or maybe not. But in the first quarter of
the year, we saw in Florida, in Central Florida that
forty four percent of all homes that were sold had
a seller concession. And what does that mean. Well, it

(09:09):
means first of all, that we're heading in towards a
buyer's market, which means things are more favorable for buyers.
And the reason I say that is because that's nearly
half of all transactions in their first quarter of this year,
and the record high, the record high we've ever had
for a quarter of seller concessions. The amount of deals
that have sellar concessions is forty five point one percent,
So this is very near the record that was in

(09:31):
twenty twenty three, just a little post pandemic. And so
we're back to that again where we're seeing houses sitting
on the market a little longer, there's more inventory, there's more,
there's almost three times as much inventory as there was,
you know, a year ago, and sellers are having to
be more having to sharpen their pencils, they're having to

(09:52):
have the prices, you know, right on point. And if
the house is not selling it after a while, after
thirty days or sixty days, there is a possibility of
getting seller concessions. And basically it just means it's just
it's a perk that a seller would offer to make
their deal more attractive. So it could be they could say,
we'll put on a new roof.

Speaker 3 (10:12):
You know, that's a pretty big one.

Speaker 2 (10:14):
Yeah. Well, because houses that have roofs over fifteen years
old or are harder to get insurance for and the
insurance is more expensive. So a lot of times people
are passing on a house that has a fifteen or
twenty year old roof on it because.

Speaker 3 (10:27):
They know they're going to have to replace the roof.

Speaker 2 (10:29):
Not only that, they may not be able to get
insurance on it if it if it's too old, depending
on the type of roof, So that's a type of
sellar concession. It may be lowering the price by five
thousand dollars, you know, like if the price is five
hundred and you offer four ninety, and they accept the offer.
That's a concession that means they let the price go lower.
Sometimes people are offering full price of five hundred thousand,

(10:50):
for example, and getting some sellar concessions off of that,
like getting ten thousand dollars towards their closing costs. So
they're still paying, they're still paining ninety, but it's a
different way to do it. Instead of lowering the price,
the seller gives them some money back towards their closing
costs out of the proceeds. So those kind of things,
fixing things, putting in a new hot water heater, you know,

(11:12):
for the buyers, that kind of thing, those are seller concessions.
So we're seeing that over the first quarter of the year,
and the trends are continuing. I've seen a couple others
for the second quarter that almost half of all homes
that are being sold right now have some sort of concession,
either price or improvements or closing cost pay that kind
of thing. That makes it lean towards a buyer's market,
and that's the best time to buy typically, and rates

(11:37):
are well over a point lower than they were last year,
you know, you can the best qualified people. We can
get a fixed rate mortgage in the low sixes or
even into the fives on a fifteen year longer. So
seller concessions are something that happens more and more and
more when it's considered a buyer's market, and then the
opposite is true when they are hardly any happening. That

(11:57):
means it's a seller's market because they're getting full price,
or maybe they're getting above price. And we saw that
back in early COVID era when there were very few
houses for sale and people were making There were like
twenty people making offers on every house. So now that's
kind of flipped. I guess as a long answer to
a short question, MJ, did I cover it? I think
so you can.

Speaker 3 (12:18):
I mean, I feel like there are concessions. It would
be nice if it was a food truck or you know,
that would be fun.

Speaker 2 (12:23):
Maybe that's a great idea for an open house. You
get an ice cream you know, you pay an ice
cream truck to sit out there in front of or
your open house.

Speaker 3 (12:30):
Here's some I wanted to sell some land to my nephew.
It's free and clear. I want to own or finance it,
but I have to charge him. I was told I
have to charge him interest. Is that true?

Speaker 2 (12:41):
Well, not necessarily. I don't think you have to charge
him interest. You know, when you do a private mortgage,
it's exactly that. It's a private mortgage agreement between you
and the person. You could do a mortgage that's interested
only for a period of time. There's a number of
ways to do that. I'd be curious as to what
your goals were and why you wouldn't want to charge interest.

(13:05):
But there's there's also ways to factor factor that out.

Speaker 3 (13:07):
He just wants to get the nephew the land and
get the money for it. Yeah, but he doesn't need
to charge interest.

Speaker 2 (13:13):
I don't think you need to. We could double check
with the attorney over at all Florida Title, and I
don't think you need to charge a specific interest amount.
I don't see what you would from a family member
to a family member with a private recorded mortgage. I
don't see any reason why you would have to A
great question. Did I answer the whole thing?

Speaker 3 (13:28):
I think so? Yeah, all right, that was the question.

Speaker 2 (13:32):
Well, we're uh, it's that time. We're going to take
quick break. We'll be right back after these messages Hey, hey, hey,
it's that mortgage guide Don. June is here, and so
are the summertime thunderstorms, high heat, and hurricanes. Get your
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Speaker 4 (14:46):
Hey, this is Debra Roberts from the Jim Culbert Show.
And you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 3 (14:56):
And Hey, you are listening to Home Loans Radio with
that mortgage guy Don. And we're gonna talk about more
it is. That's what we're gonna do. I'm not angry
about it. I'm excited.

Speaker 4 (15:09):
Yay you her glasses breaking in the background. I'm not
mad mortgage talk.

Speaker 3 (15:20):
Sorry, didn't mean to sound intense there, excited about the
mortgages for those who don't know.

Speaker 4 (15:27):
I just gave us some intel and we'll leave it
at that. I gave some firepower to m.

Speaker 3 (15:34):
J fired up, excited.

Speaker 2 (15:36):
That is exciting.

Speaker 3 (15:37):
Yeah, yeah yeah.

Speaker 2 (15:41):
So.

Speaker 3 (15:41):
Uh here's a note. I just read a little bit
about this yesterday. Don't trip on mushrooms while hiking and
report your friend dead.

Speaker 4 (15:50):
No hallucinate, yes, okay, us you could easily do while
not trying to do drugs.

Speaker 3 (15:58):
Also while hiking right as much are.

Speaker 2 (16:00):
On the ground, sometimes they're tall.

Speaker 3 (16:03):
That's funny too, I saw it. You Hey, I tripped
on mushrooms?

Speaker 4 (16:07):
Like, all right, okay, take what No iisted my ankle?

Speaker 2 (16:15):
Who gave you the drugs?

Speaker 3 (16:17):
Are you talking?

Speaker 4 (16:18):
Can you please help me?

Speaker 2 (16:20):
I just I just saw a Top Chef this week
and that the episode was about them out foraging in
the in the in the woods of Canada and the
one guy he found this mushroom. It was like bigger
than a basketball. It weighed like three pounds. You could
have tripped over it for sure.

Speaker 3 (16:41):
How did they know? I guess they know which are they? Okay, mushrooms?

Speaker 2 (16:44):
Well you're gonna find out right now. I would figure.

Speaker 3 (16:46):
It's a different kind of dinner party.

Speaker 2 (16:48):
Top chef would probably have a good idea of what
the mushrooms are or uh research.

Speaker 4 (16:54):
It's insane, like the the edible types of mushrooms. Some
of them look poisonous.

Speaker 3 (17:00):
Right, Like, well, I'm sure that's how they survive.

Speaker 4 (17:03):
Right, I think it's the morale mushrooms or whatever. The
ones that like look like a concave with it's like
black mm hmm.

Speaker 3 (17:10):
They look like little shriveled up Yeah.

Speaker 2 (17:13):
I'm gonna I'm gonna be frank. Pretty much all mushrooms
look poisonous. To me, not that I don't. I mean,
I've I've had enough life experience. Why I've eaten them
and I'm fine afterwards, so you know, but I think
like you gotta you canna have a lot of guts
to just walk through the woods and say, oh, there's
a mushroom, because there's some of them that will just
kill you dead, right, and others make you trip. Yeah,

(17:35):
there's also like I think you can say that.

Speaker 3 (17:37):
Can I say triple of course?

Speaker 4 (17:39):
Some look some will even try to look like the
mushrooms to kill you so that humans don't eat.

Speaker 3 (17:44):
Them, right right. They're tricky, tricky, tricky, ticky, those mushrooms.

Speaker 2 (17:48):
But anyway, back to your story, they don't go so
if you're hiking, you are going on a trip. And
they were also tripping on.

Speaker 3 (17:56):
Uh, mushrooms. And they called in the death of their
friends who was not dead.

Speaker 2 (18:00):
Why did they do so.

Speaker 3 (18:01):
Because I guess they didn't find him right away, so
they called him in dead. Wow, we've lost them. And
then after a while the person that who was dead
called in and said, yeah, I'm not dead. I believe
those people they were tripping balls.

Speaker 2 (18:13):
I think there should be a certain amount of time
you have to wait after tripping on mushrooms during a
hike to report your hikemates missing, like.

Speaker 3 (18:22):
You know, reported him dead.

Speaker 2 (18:23):
Well, that seems like a bad idea.

Speaker 3 (18:24):
Yeah, yeah, anyway.

Speaker 2 (18:27):
So then he called him and said, no, no, no,
not dead, not dead.

Speaker 3 (18:31):
I am not dead.

Speaker 2 (18:32):
Well I guess that's good news.

Speaker 3 (18:33):
Yeah. When I read it the first time, I misunderstood.
I thought they had called themselves in dead. So then
I thought.

Speaker 2 (18:39):
That seems like that checks out.

Speaker 3 (18:41):
Yeah, like a mush I don't know, I've never I've
never done that, yeah soon, never never had the hallucinogens,
the ayahuascas.

Speaker 4 (18:49):
I've also never forged for mushrooms. It just seems too way,
too dangerous. It's like the risk to reward ratio doesn't
make any sense to me.

Speaker 3 (19:04):
And one of those few moments after you ingest the
mushy where you're just like, okay, let's see what's gonna happen.

Speaker 4 (19:09):
I'm going to die for going to seventeen seconds. It's
gonna taste really good, awesome, or you could die.

Speaker 3 (19:16):
I could die.

Speaker 4 (19:17):
I'm gonna I'm gonna flip that coin every time. No,
no way, I don't care how buttery it tastes if
that they can kill me. I'm not going to try
to know.

Speaker 3 (19:25):
How to eat butter. It's just fine butter.

Speaker 4 (19:28):
It does not equate.

Speaker 2 (19:30):
It's like it's like eating the what's the blowfish? Yeah,
the blowfish, the alleged If the.

Speaker 3 (19:37):
Chef does it right, it doesn't kill you. I'm like,
I'm just not willing to put my life in the
hands of you know, an apprentice or whoever this chef is,
or having a bad day or whatever. I don't care
how delicious it is. Yeah, I'm not starving to death.

Speaker 2 (19:50):
I'm firmly in the camp of what I would call
the uh outrun the bear situation. You know, no, you
try it. I don't have to. I don't have to
try it. I just have to let Fritz try it
and observe for one hour and see what happens.

Speaker 3 (20:05):
It's hard. No, here's someone who's asking another four to
one K question. Is there a way of buying a
resident a lot using your four one K without the
tax penalty adding to your income? Looking to pull one
hundred K? Yeah, sixty four.

Speaker 2 (20:18):
You can take money out to buy a first home,
usually penalty free. But if you're talking about land you're
not going to be able to get that same exemption
with I mean, you can check with your four o
one K administrator, but I've never seen one where they
were okay with just buying planks lan yet. But if
it was in conjunction, so I'll change, I'll phrase out

(20:39):
a different way. Another way to do it is we
have a product that's called a one loan, which means
it helps you buy the land, it helps you build
the construction, and then it finds you know, and then
there's a final en loan where it converts into a
regular mortgage. Something like that. You could do taking money
out of your four oh one k, most likely penalty free. Again,

(20:59):
we have to look at how your yours is set up.

Speaker 3 (21:01):
But there's sixty four if.

Speaker 2 (21:03):
Yeah, and that that matters because once you're over fifty
nine and a half, you don't have the withdrawal penalty,
but you still would have the tax penalty. But you know,
there may be a way, or if you haven't owned
a home in a few years, there may be a
way to take some money out to do like a
construction to perm type loan. Hit me up and we

(21:24):
can talk about the possible avenues. But you know. On
the other hand, putting down taking out a big enough
payment to put down a big chunk may be worthwhile
because then you can use that as your your down
payment on the you know, on the land if you're
going to build and develop that land. So there's a
lot of nuance to that, But a great question. Thanks

(21:45):
for texting it to seven seven zero three one. If
you want to chat with me more, go to the
website that mortgage guide don dot com and there's a
thing that says asked on a question, just hit me,
chat me up with that and we'll we'll we'll get
on a phone call and talk about that one in
a little more depth.

Speaker 3 (21:57):
Here's someone who says, I'm thinking of moving to Montana.

Speaker 2 (22:01):
Wow.

Speaker 3 (22:01):
Wow, that's a big move and own a home in Eustace.
Would you recommend selling first before buying, I don't want
to have two mortgages.

Speaker 2 (22:09):
Well, I'm going to say that's probably the only way
to not have two mortgages would be to buy before selling.
So under that assumption, you would have to be able
to debt ratio for the new house. Debt ratio means
it's a calculation where we look at the amount of
money you have coming in, you know your gross income
before taxes, and the amount of money you have going out,

(22:30):
and then the money that counts as to what's going out.
It's not like your electric bill and your phone bill.
It's your your your principle and it you know your
housing payment on your current home, any car payments, credit cards,
student loans, anything that shows up on your credit report.
Those are the debts that we're looking at to factor
your debt ratio. So if you make enough money where
you can afford a mortgage payment for the new house

(22:51):
in Montana and the one in Florida in Eustace, and
you have enough of a down payment to put down
on the house in Montana without selling your house in
Eustace than there, then that's certainly doable because also in
some cases a different kind of bridge loan we might
be able to do. You could potentially do a home
equity line of credit to take cash out of your

(23:12):
house in Eustace and use that for your down payment.
That way, you can have a pretty big nights down
payment but not necessarily have sold the house in Eustace yet,
but you still would have to be able to debt
race show for the whole payment. But guess what, when
you put down a bigger down payment, that makes it
easier to debt ratio for that for that second property,
because the more you put down, the lower the payment
will be.

Speaker 3 (23:33):
I mean, the logistics between Montana and Eustace, as far
as getting everything sorted, seems a little higher hard.

Speaker 2 (23:38):
I would not want to try a simultaneous closing, you know,
because like when we do simult which we do all
the time, simultaneous closing, that means you're selling your house
and you're closing on it in the morning and you
get your money, and then that money transfers over to
the other title company where you're buying your house in
the afternoon, your new house. That's doable because people can
you know, drive across town. But you know, it'd be

(23:59):
a little harder Montane.

Speaker 3 (24:01):
Virtually, but I mean just even shopping for a house,
panning a house, all that would be I.

Speaker 2 (24:06):
Would say, right now, this is something has changed a
lot within the last six months. Over sixty five percent
of mortgages can now be closed virtually.

Speaker 3 (24:15):
Cool.

Speaker 2 (24:16):
Yeah, and that's something we're seeing email. Well, No, it's
it's like a it's like a zoom notary like it's
all done virtually. The lender arranges it and it's done
a specific way. Some documents are sent to you that
you have to sign and then overnight back. But they're
they're they're working on making it so that it can
all be digital. The challenge, of course, is just making

(24:38):
sure that that is ultra secure and that the people
are who they are. But they they're we're working on it,
and we're definitely seeing I would say we started closing
virtual loans in May and we've we did quite a
few in May successfully. So a lot of lenders that
we work with are starting to do that where you
don't have to do the old fashion go into the

(24:59):
tie company and sit down. You can do it virtually.

Speaker 3 (25:03):
The realtor, Paul says, good morning, sitting by the pool,
watching the rain, listening to you guys, and happy to
have a break from the kids' summer sports.

Speaker 2 (25:11):
Hey hey good yeah right, and kids are sad sports.

Speaker 3 (25:14):
For the summer, having a break all summer from kids sports. Yeah.

Speaker 2 (25:18):
Kids are out of school now too, in I think seminole.

Speaker 3 (25:20):
Counting right coming around. Yeah.

Speaker 2 (25:22):
H So that means you can drive to work and
not be behind a school bus.

Speaker 4 (25:27):
Yeah, you don't have to drive twenty miles per hour,
which is insulting when you think of it, because you
think like kids are idiots and they're just gonna run
into the road and like throw a brick at you.
It's like, oh, you you gotta drive twenty drive slower.

Speaker 2 (25:42):
It seems like if you drive faster that would be
safer for you as the as they.

Speaker 4 (25:47):
If they're armed with bricks and eggs. Yes, thank you.

Speaker 2 (25:51):
Wow, things are tough over there where you live.

Speaker 3 (25:55):
It's not easy.

Speaker 2 (25:57):
You're listening to the Homeoans radio show. We're gonna take
a break. We'll be right back after these.

Speaker 1 (26:03):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy Don on real Radio.

Speaker 4 (26:14):
Yeah, pulling back the curtains even a little more each break.
We have too much fun anyway, Look at to buy
a house, sella house refinance text it in seven seven
zero three one. If you have that question, you can
also reach out to Don on Instagram at that mortgage

(26:36):
Guy Don or that mortgage guy Don dot com.

Speaker 2 (26:40):
Well, welcome back, welcome back. It is I mentioned it earlier,
but I think it bears repeating.

Speaker 3 (26:47):
Okay, you know what today is? MJ three hundred shows.

Speaker 2 (26:53):
Today is our three hundredth show of the Handmoans radio
Show to be done right, Yeah, three hundred shows, Yeah,
ninety minutes at a time on Saturday mornings. There you go,
three hundred shows. Congratulations and thank you to my crew
for without you, it would not have occurred.

Speaker 3 (27:13):
That's a lie without you, but it was.

Speaker 2 (27:18):
It was occurring for years before we started the radio show,
with me just doing it in my pajamas. So Saturday, Yeah,
in the mirror, brush at my teeth, pretending my hair
brush was a microphone.

Speaker 3 (27:28):
Like you go to the doctor and they say, hey,
is this you, sir, And you're like, let me ask you,
ask me some questions about margat day?

Speaker 2 (27:35):
All right?

Speaker 4 (27:37):
You listen to our radio shows and you're like, I
couldn't do this right.

Speaker 2 (27:41):
I'm shy, and so can it be?

Speaker 3 (27:43):
How hard could it be?

Speaker 2 (27:45):
But I've overcome my shyness. Here you go after so
three hundred show, Congratulations to you, to you guys. We
finished our sixth year. We're entering our seventh year right here,
same time spot, same place.

Speaker 3 (27:57):
I always say we're a three legged stool, but I've
heard that's not the right thing to say.

Speaker 2 (28:00):
Wow, that just reminds me of mister Hanky Christmas. Hanky
Christmas sometimes.

Speaker 3 (28:11):
Oh stop stop, yes, I'm such good crazy there he is. Boy,
he gets in your head too, he gets there. You
were talking about Merry Christmas, you were talking about school zones,
and like, maybe we're doing this wrong.

Speaker 4 (28:27):
And that was a joke, by the way, I wasn't.
I wasn't insinuating it's okay to speed, you know, through
of course school zones. I was just as a lark.

Speaker 3 (28:36):
I mean, but that's our our society. We all go
go slowly to protect the children. But I feel like,
what if it was the other way. What if the
children learned to stay out of the roads the cars
are going very fast. What if instead we taught them
from a very young age, see that the car is
going to squash you, like in Mexico with the with
the topas with the speed bumps in Mexico. Yes, they're

(28:59):
so tall that if you go over them fast, your
car will just ya just wreck your car. So you
go slow.

Speaker 2 (29:06):
It's a nature takes its course, right.

Speaker 3 (29:08):
There's no speed limit, but you will not go fast.

Speaker 2 (29:12):
I will tell you that, having someone in my family
that has driven a school bus for many years. It's
an occupation. Yeah, and shout out to my lovely sister.
But for many years she had told me that a
lot of the reasons why they do the school zones

(29:32):
is so that it allows the cars to get in
and out. The bus is to get in and out
because the traffic is slow and they can stop the traffic.
Because of everything was going full speed, nobody would be
able to get out of there. You can't roll a
thousand cars out of the school parking lot if everything's
going full speed. So that's part of the consideration. But
of course Fritz was just being you know, funny.

Speaker 3 (29:52):
I mean, I feel like we teach our, you know,
children to be prepared for the hard reality of life.

Speaker 4 (29:59):
But there are also children.

Speaker 2 (30:00):
M jay.

Speaker 3 (30:01):
It's true. I'm fair. It's fair.

Speaker 2 (30:03):
You know. Back in the old days, that's why you
had twelve you know. Yeah, oh dear, life was, life
was more dangerous. Yeah. There weren't even seat belts when
I was a kid.

Speaker 4 (30:16):
Yeah, and that's the age also, twelve when they started
working in the mines.

Speaker 3 (30:20):
Yeah, it's not young, I don't know, that's just except
the tall ones. They could get in there at nine,
you know. Nine ten, right, terrible. Here's what I says, Hi,
and congrats for three hundred shows. My question is why
are you guys so sweet and informative? All well, I
like you? Who are you? Love the show? You guys
are the best? Well, you're the best.

Speaker 2 (30:39):
You're the thank you, thank you.

Speaker 3 (30:41):
It's amazing.

Speaker 2 (30:43):
Yeah, that's right. Three hundred shows right here on Saturday mornings,
every single one of them on a Saturday all here
for you, doing the thing that I love to do,
pulling back the curtain on the mortgage industry, answering all
the questions as you text them into seven seven zero
three one. Here's this might be bad news. It's here's
to another seven years.

Speaker 3 (31:02):
Oh no, right, I like that?

Speaker 4 (31:06):
Okay, okay, wait are we taking a shot?

Speaker 3 (31:10):
Sure?

Speaker 2 (31:10):
Oh yeah? During the break. Yeah, all right.

Speaker 3 (31:15):
Here's someone who says, I heard you mentioned a reverse
mortgage earlier. We've already had one from six years ago,
but our home has literally doubled in value over this time,
and were wondering if we can refinance it to a
new reverse mortgage? Is that a thing? And doesn't make sense?
Any drawbacks? I was seventy one then, I'm seventy seven now.
But we're still very active and would love to do
more traveling.

Speaker 2 (31:35):
That's a great question. Thanks for texting in the seventh party.

Speaker 3 (31:38):
Did it once take that money out of work for them?

Speaker 2 (31:40):
Right?

Speaker 3 (31:40):
And now they're like, hey.

Speaker 2 (31:42):
So and the answer is yes, you can refinance your
reverse mortgage. Especially you would almost need the property to
go up. You know, it has to be a higher
property value because part of the things that they look
at when they determine a reverse mortgage. Let me take
a step back. A reverse mortgage is a mortgage like
when you buy a house regularly, you pay it. You
do a full mortgage, meaning that you get a mortgage

(32:02):
let's say it's three hundred thousand dollars in every month
you pay it down a little bit and then thirty
years being bang boom, just like it. Just like that,
it's paid off after only three hundred and sixty payments.
But a reverse mortgage is for people that are over
the age of sixty two. A lot of times they're
on a limited income. Now they're retired, they don't have that,
you know, they're not working two people working full time

(32:22):
or what have you. So you're on a limited income.
It allows you to do a reverse mortgage and take
the equity or a portion of the equity out of
your home, either in the form of monthly payments that
you receive or a lump sum of cash that you receive,
or a monthly stipend that you receive. And the key
is that instead of you paying that payment to make

(32:43):
your mortgage go down, it just gets added on the tab,
so to speak. It just it just becomes a mortgage
that is growing. It can it can never be higher
than the amount of the appraised value, in fact, ninety
five percent of the appraised value, so it can only
go up to a certain point. So if they did
the loan and their house was worth three hundred, then
they're equity and all the money they took in all
that was based on a three hundred thousand dollars home.

(33:04):
If it's now six hundred thousand, then you would be
paying off whatever you owe. We have to make sure
there's enough equity there to pay off whatever you owe
in the current reverse and then you can start a
new one. It's also beneficial that you're seventy seven now
instead of seventy one, because the older you are, the
more the higher portion of the equity you get so

(33:25):
you know, if having that reverse mortgage and having those
additional funds, because right now they've got probably what four
hundred thousand at least equity locked up in their property
that they can't access. So definitely hit me up on
the website that mortgage guide don dot com. You just
go up to the top. There's a button that says
reverse mortgage. You fill out a one page questionnaire and
within twenty four hours we get you a quote. We

(33:47):
don't need to pull your credit. It is really one
of the easiest things we do is to get you
that reverse mortgage quote so you can look get it,
we can review it with you. Uh so, yeah, that's
that's the thing that I answered. They asked what I
thought if it it's a good idea, and could they
do it? And is it a thing? Yeah, all of
those are yes.

Speaker 3 (34:04):
All right, here's what I says, Maitland. PD has still
had the school zones going on Horatio when the school
was out. Not cool. I agree, we suffer through that
all through the school year. One school's out for summer.
We should also celebrate by speeding through.

Speaker 4 (34:18):
There is that from the PD set stuff.

Speaker 2 (34:21):
No, and I don't think so. I think it might be,
but it might be the like I've seen before, the
people who are the crossing guards going over and opening
the box to turn said flashing lights on and off.
I don't so it might be different at different intersections
or schools as to who's in charge of it, but
I certainly think there's a timer.

Speaker 3 (34:38):
I agree that when school's out for summer, we should
all be able to just zip through those.

Speaker 2 (34:43):
I don't think that you should try that. Yeah, yeah,
the speeding through a school zone is like not a
great thing.

Speaker 3 (34:51):
Yeah, I have a friend who did that.

Speaker 2 (34:52):
To Yes, someone I know also did that and got
about six tickets. And apparently if you're going like more
than twenty over in a school zone, they take your
license away for a period of time.

Speaker 3 (35:06):
And then luckily it happens in the time of Uber,
because imagine what that was like before Uber. Like now
you can sneak around, you know, if you don't have
a license, and you can still get places. But yeah,
it was a time.

Speaker 2 (35:18):
I don't know if it's there. Used to be a
thing where you could, like, like your license could get
taken away, but you could get permission to work, to
go to work or go to the store. So I
know somebody that used to just keep a bag of
groceries in their car, and it's like, oh no, no,
I was on the way to store. I was on
the way to store. I'm not going to tell you

(35:40):
which one because I don't want you to check my receipt.

Speaker 3 (35:43):
I'd never keep my receipts. I just throw them away
when I leave the store. That's why you.

Speaker 2 (35:47):
Can't paperless officer support the planet.

Speaker 3 (35:52):
I own a catering company for ten years and we're
doing so well. I'd like to expand and build a
bigger kitchen and add additional vehicles and equipment to run
a few more crews and being able to handle more work.

Speaker 2 (36:02):
Wow, congratulations man. I love hearing about local businesses doing well.
You know. I always try and support local businesses. I
you know, on the downside, I have friends, so many
friends that have their business that has gone under in
the last few years.

Speaker 3 (36:15):
I mean, you have a local business.

Speaker 2 (36:16):
I am a local business, but I you know, support
local for sure. And congrass to you on a local
company doing good and want to expand.

Speaker 3 (36:24):
They need about three hundred thousand dollars. Do you think
it would be better to take the money out of
my house. They don't have a mortgage and the house
has five hundred is worth five hundred K. Or try
a commercial or SBA loan. They have good credit, so
they could either take it out of their house or
they could get an SBA loan. What do you think
the term? Well, first of all, which would be better terms?

Speaker 2 (36:45):
Well, that's always going to be my deciding factor. You know,
I'm always going to look at what's the cheapest way
to get the money. But I do now this person
is open to, you know, putting the loan on their homes,
which is going to be the cheapest way to get
the money. Most cases, that's gonna be your lowest interest rates.
That the banks like that because it's your home. They
know you're gonna pay that bill. They're like, you know,

(37:06):
you're not going to give up your home. So so
that's really normally where you're gonna get your lowest interest rate.
You could probably also it sounds like I would say,
you know, ninety percent chance based on what you have
in your text question get approved for an SBA loan,
and we can check those rates out, but right now
they're they're definitely higher. So my normal recommendation is always

(37:27):
if the person is willing to find a way to
take it out of your home, that's going to get
you the cheapest money and the banks like it the most.
But there it could be, but not in this case
where their company is growing and they're successful. And also,
by the way, the lender is going to look at
your financials. They're not gonna they're not going to loan
you three hundred grand, you know, if your your financials
aren't looking really awesome for the past two years. So

(37:48):
that's part of the consideration. But yeah, you should be
able to do either one. We'll look at the math
on both. Just go to the website again super easy,
that mortgage guide don dot com. There's a button at
the top that says, come, let's get started commercial loans,
and then you fill out the one page questionnaire and
then our commercial expert will call you on the phone
and we'll talk to the residential expert and we'll figure
out what you got. Awesome, great question. Thanks for texting

(38:11):
that to seven seven zero three one. It's time for
a break. We'll be right back after these messages.

Speaker 4 (38:19):
Hey, it's Sabrina from the News Junkie. Do you have
a question for that mortgage guide down text him at
seven seven zero three one No. Back to Home Loans
Radio on Real Radio.

Speaker 3 (38:34):
Hey hey, hey, hey, hey.

Speaker 2 (38:37):
Hey, I am Jay.

Speaker 3 (38:39):
Hey you're listening to Home Loans Radio mortgage guy. No,
I have not had the celebratory three hundred show shot yet.
That's just me.

Speaker 2 (38:49):
Sounded like you tripped over a mushroom.

Speaker 3 (38:52):
They're everywhere. You have to be careful.

Speaker 2 (38:56):
I'll tell you tell he gets That's what I'm doing
this week. I'm tripping over a mushroom.

Speaker 3 (39:04):
Here's some folks texting in. Awesome job on three hundred shows,
says Chad's Charleston, South Carolina.

Speaker 2 (39:11):
We're celebrating our three hundredth show on the air with
the Home Loans Radio show right here on Saturday morning.
It's on Real Radio one O four point one. All
the way back to twenty nineteen.

Speaker 3 (39:22):
And June is our that was where the days, my friend.

Speaker 2 (39:25):
We just ended our sixth year. We're starting our seventh year.
Three hundred shows in the bag.

Speaker 3 (39:30):
Chad listens from Charleston, South Carolina. He looks forward to
listening every Saturday and says, you guys compliment each other
so well, well, I think we do.

Speaker 2 (39:39):
I think you look nice today. I'm Jack.

Speaker 3 (39:41):
I think Fritz sounds amazing.

Speaker 2 (39:43):
I thank you, but nobody complimented me.

Speaker 3 (39:48):
Don you have the.

Speaker 4 (39:50):
Voice of a beautiful Chillo?

Speaker 3 (39:56):
Your voice ripples through the radio like a beauty full stream.

Speaker 2 (40:01):
Do you think that's what a beautiful stream? It's a
beautiful stream. It's the biggest, beautiful, most beautiful stream.

Speaker 3 (40:08):
Powerful.

Speaker 2 (40:11):
Wow.

Speaker 4 (40:11):
Sound like ancient water burbling for from the awkwarders of
our soul.

Speaker 2 (40:19):
Sorry, Niagara Falls.

Speaker 4 (40:21):
You sound like gravity, death pool, the weight of the water.

Speaker 3 (40:27):
I think we're really just amusing ourselves at this point.

Speaker 2 (40:30):
That's what we've been doing for three hundred.

Speaker 4 (40:31):
Shows, six years now.

Speaker 3 (40:34):
Thanks for coming along on this ride.

Speaker 4 (40:36):
Is the start of our seventh season.

Speaker 3 (40:38):
Right, Yes, here's the one who says it is my
understand Is it? It is my understanding?

Speaker 2 (40:45):
What are they saying, MJ.

Speaker 3 (40:47):
They've said it very clearly. I've read it very badly.
Is my understanding that you get the best interest rate
on a thirty year loan if you lock it in
for thirty oh to get the best rate, you lock
it for thirty days. What happens if you need to
extend your closing date after those thirty days. So I
guess they're asking about, yeah, the timing of things.

Speaker 2 (41:06):
Well, firstly I would say I don't typically you can
lock in for less than thirty days, And you say
you can save money, you can get a lower rate
by locking in for less than thirty days. So it
depends on whether we're talking about a refinance or a purchase.
But if your purchase contract says you're closing in thirty days,

(41:26):
well then yeah, you got to lock it in for
thirty days, and that's going to be costs less money
than forty five day lock or a sixty day lock
or a ninety day lock. But the you know, when
with the lenders that I work with, most of them,
I have free days of extension that I can give,
usually five free days on most of the loans. So
if we get to thirty and we need a couple
more days to close for some reason, then I just

(41:47):
do a free five day extension. If you have to
go longer than that, then you pay per day, just
the amount. There's a set amount that you pay per
day on the extension, so it depends. It might be
for a week, it might be five hundred dollars to
extend for an extra week. So, but normally, and we're
really fast. Usually we're ready to close in twenty one days,

(42:09):
twenty four days, something like that. On our loans. So
very rarely do we have to even do a lock extension,
but when we do, we've got a first free five
day extension in most cases, depending there are a couple
loans that don't do that. But then if you need
to extend, you can do it for a pretty nominal
cost and.

Speaker 3 (42:24):
For the lock extension. Would that even come into play
if interest rates had stayed the same or gone down.

Speaker 2 (42:30):
Yeah, definitely. If there's also the lenders that I work with,
wholesale lenders allow us at certain points in the mortgage
if they're like, we locked the rate in the beginning,
but during that thirty days the rates go down a
quarter point or three eighths or something like that, then
we can do something called a float down, where we
have a one time, no cause float down to move

(42:51):
you down to the lower rate. We haven't been in
that environment lately where we've been having big movements of
rates up or down. We've just been kind of going
to the side for about two months now, mostly because
you know, for two years I talked about what was
holding the rates high. We're inflation, and that's why the
Fed didn't want to lower the prime rate and all
these things. Inflation numbers came in great, they've been coming

(43:13):
in great since, you know, for months now, and they
were even great yesterday when they when they came in,
But it didn't move the markets at all because everybody's
all the financial markets are, all the other countries are
so worried about the tariff nonsense. So frankly, from what
I can see right now, what's keeping the rates artificially
high higher and even the prime rate up is all

(43:34):
the stuff having to do all the uncertainty having to
do with the tariffs. So once that resolves, I think
we're going to see rates go down. And there's a
lot of predictions that say, you know, if we can
get it resolved, that later in the year we'll start
seeing some rates go down. But the answer to your
question was, yeah, if if we're doing a loan the
rates locked, most banks aren't going to do this. I'll
tell you that for sure. And the rate goes down,
we can float it down to the lower rate in

(43:56):
many In many cases, All.

Speaker 3 (43:58):
Right, here's someone looking to start buying the home buying process.
I would be a first time home buyer, but we
need downpayment assistance or the grants limited to lower incomes only.
Not sure how to get started.

Speaker 2 (44:10):
Well, that is a fine and excellent question that we're
going to bring back at the top of the hour.
You're 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 during the week, but
we're going to be here for another two segments at
the top of the hour. We'll be right back. After
these messages, they could.

Speaker 5 (44:31):
Take to megas well like a jill take a show
gun aftermath, everything they could do to race that backshot
to the days of danga dolls. You know, it's the
time for you a white steeples where the people are
the reapers, for the stake of human nature, for your
sake of hope and safe.

Speaker 3 (44:45):
Yeah, stop labors.

Speaker 4 (44:56):
Say shrin start.

Speaker 2 (45:03):
Hey, hey hey, hey, hey, hey hey, good morning, and
welcome to the Home Loans Radio Show with that Mortgage
guy Don. That's right, we're here. This is a Home
Loans radio show. We're here for our three hundredth episode
of the Home Loans Radio show live right here on
Real Radio, every Saturday morning since nineteen twenty one, since
night since twenty nineteen, doing Our Thing and Grandson, a

(45:25):
three hundredth episode.

Speaker 3 (45:26):
You guys, all right, guys, apparently I'm looking it up.

Speaker 4 (45:32):
You know, it's like when you're being married, you give
a gift of paper after okay, fifteen, it's a I
think a paper mache after twenty five years. I believe
it's an envelope. I think three hundred shows is a shot.

Speaker 3 (45:47):
Ah, all right, a shot like shot shot, shot like
COVID shot, shot shot, shot.

Speaker 2 (45:52):
Shot like a flu shot.

Speaker 3 (45:54):
No, like a little glass with alcohol in it. Oh,
but this down.

Speaker 4 (46:02):
Fire into the roof.

Speaker 2 (46:03):
But all right, and the bottle of bourbon. Apparently you
need a little glass.

Speaker 3 (46:08):
I don't have.

Speaker 4 (46:09):
No, yeah, I don't have any of that. That was Uh.

Speaker 3 (46:12):
You can have what they call a swig or no, oh,
sip some coffee.

Speaker 4 (46:16):
But you guys, I mean you guys deserve it.

Speaker 2 (46:19):
Get it ready?

Speaker 3 (46:19):
No, No, Jeffie Scott checking in, saying taking the week
off bachelor party in Cocoa Beach for his son's best
friend Jack hanging with also Jack Daniels, mister Bean called
beverages and the mounds up Colorado cheers to three hundo. Nice,
that's worth three hondo.

Speaker 2 (46:36):
That sounds that sounds like a lot of fun. That's uh,
who's at the top of the art. That was Lussious
Luscious Lisa.

Speaker 4 (46:44):
Change the subject shot of alcohol. No, yeah, that was
Lusis Lisa.

Speaker 3 (46:50):
And I didn't know this, but you write some of
Luscious Lisa's songs.

Speaker 4 (46:53):
Yeah, I do, uh, pretty much everything.

Speaker 3 (46:55):
That's amazing.

Speaker 4 (46:56):
I make the music, uh, Lisa apps and then yeah,
then I write what needs to be written.

Speaker 3 (47:06):
That's amazing. And Lisa has a show coming up.

Speaker 4 (47:08):
Yes, yes, we have a show June twenty.

Speaker 2 (47:10):
First, I gotta put that on my calendaroard. Well, that's uh,
get us the details of when and where or do
you already have it? I have it?

Speaker 3 (47:21):
That's super exciting.

Speaker 2 (47:23):
No, I mean for for air.

Speaker 3 (47:25):
Oh yeah, I see, I can find it.

Speaker 2 (47:29):
If no I do, I do, send a smoke signal
to m Day and she'll get you the information. No,
that's a that's exciting. It's a good show. It is a.
It is a.

Speaker 3 (47:39):
It is that the glitter and grit our artists in
Market two hundred Myrtle Avenue Sandford, Florida.

Speaker 2 (47:46):
There you go.

Speaker 3 (47:47):
It's a doors at eight.

Speaker 4 (47:48):
Yeah, it's the Rainbow Riot Pride Market and live show.

Speaker 3 (47:52):
That's right.

Speaker 4 (47:53):
Lussia's Lisa Stiletto's and DJ sab rand Goon you know
her better as Sabrina Umbroo.

Speaker 2 (48:00):
That's going to be a blase.

Speaker 3 (48:01):
That's going to be so fun.

Speaker 2 (48:03):
What night of the week is that?

Speaker 4 (48:04):
It's June twenty first re which is of course a Saturday.

Speaker 2 (48:12):
Oh that's awesome.

Speaker 4 (48:14):
Yay.

Speaker 2 (48:15):
I like when it's on a Saturday.

Speaker 3 (48:16):
Right morning, done, m Dane, Fritz bre and carry here.
Congratulations on your three hundredth Saturday. We have our shots ready, Fritz,
see you at the break all and Carrie. Here's someone
that says, looking to get an SBA loan less than
a year of business, however, great personal credit and good equity.

Speaker 2 (48:37):
Well it depends on It's pretty tough. Normally they want
to see two year history of the business in action.
But if you have been doing what you're doing for
a long time. Let's say you've been a plumber for
ten years and then you started your plumbing company a
year ago, and you know, we can show a track record,
some continuity, some good financials over the first year that

(48:58):
you know, either meet or exceed what you're before. We
might be able to get it done between a year
and two years, but typically they're going to want to
see two years. But it wouldn't rule it out. It's
definitely we're trying. I've we've we've gotten loans done that
where people have only been in business for a year.
You have to have that full The key is you
got to have your full first year of tax returns,
meaning your business had to be in operation from a

(49:20):
January to a December of that one year. So like
if you you know, if you started in the middle
of the year, or you haven't filed your tax is
due to extensions, or you know, anything like that, then
that's going to be tougher. But simplest way to find
out is go on the website that mortgage guide don
dot com. Fill out the commercial Questionnaiir. We'll get it
over to Diana, my commercial genius. She's been doing commercial

(49:41):
loans for twenty five years plus and she she'll if
there's a way to figure it out, we will. We
will get it done for you. Great question. Thanks for
texting that into seven seven zero three one. That's how
you do it. You can text it in right now
we're here doing the thing seven seven zero three one.
You can also go to the website that Mortgage Guide Don.
All kinds of cool things happen there, like applying for

(50:02):
a loan. We actually had a question before the break.
We need to revisit to MJ because I wanted to.
They had asked a question about how to get pre
approved or how to find out about downpayment assistance. But
you can do that at the website as well, that
mortgage guy Don dot com. Or you want a shortcut,
follow me on Instagram at that Mortgage Guide Don and
then you have all of that information right there in

(50:22):
my bio.

Speaker 3 (50:23):
All right, well, I do not want to give that
question short shrift. So here it is looking to start
the home buying process. I would be a first time
home buyer. They want they need down payment assistance. Are
grants limited to lower incomes only?

Speaker 2 (50:36):
They're not limited only to lower incomes. They're based on
the AMI of the county. AMI means the average median
income and the median incomes were just increased, usually around
the first quarter. The end of the first quarter every year.
They readjust the median incomes and usually they as far
as I've ever seen, they always go up. So the

(50:57):
median income in most counties was around ninety to one
hundred thousand, one hundred and ten thousand in some counties,
so that's pretty it's not a low income thing. That's
a pretty substantial income. So you can definitely apply and
you may get approved. Then there are also a couple
we'll see if the Hometown Heroes program comes back in July,
I'm hearing more information that it will. The question is

(51:20):
about how much the fund will be. Last year is
one hundred million dollars for first time home buyers, and
that one allows you to go up to one hundred
and twenty percent of the average median income. So there
you're talking about one hundred and twenty k one hundred
and thirty k a year. So there are ways to
get down payment assistance with higher incomes. The way to
find out is to go to the website or Instagram
at that mortgage guide don and start an application. And

(51:43):
then when we do a first time home buyer application,
we're always going to check out all the down payment
assistance programs to see what they are, what are what
you're eligible for. They might be three there might be one,
there might be none, but we'll come back and give
you a report of what's eligible. So that's super simple.
You start by filling out the application on the website.
We were quest some documents from you. We do a
soft credit pool, not a hard credit pool, so it

(52:04):
doesn't hit your credit, and then a loan officer will
call and give you your options. Simple as that. Great question.
Thanks for texting that into seven to seven zero three one.
Guess what time it is? MJ the boat. It's time
for the Compare quote of the week dot com dot com.

(52:28):
That's right, Compare quote of the week. What's that you asked?
Don't worry, I'm gonna tell you. Okay, did that read?
Did that read? Gonna tell Mario Brothers a little bit? Uh?
It's trying to be trying to be poop. Oh no kidding.

Speaker 3 (52:47):
Is from Chicago?

Speaker 2 (52:48):
Now, well he's Roman. It was officially declared. There you go.

Speaker 3 (52:52):
Uh went in Rome.

Speaker 2 (52:54):
Compare quote of the week. What's that? I'm going to
tell you that. I'm gonna tell you. A couple of
years ago, there was a study that came out and
it said that less than twenty percent of people compare
their mortgage quote once they get that first written quote.
And the study also asked why, and people said, cause,
this is too hard. So I think it's egregious. I

(53:15):
think it's a bad idea. I think it's not wise
to get a quote and not compare it at at
least one other place so you can see what you're doing.
I mean, I wanted to make it super easy, and
I did. You go to my website that mortgage guy done.
You go to the top. There's a button that says
compare quote. You tell me your name, your credit score,
You upload the quote you have. I'll look it over.
With my decades of experience, I'll be able to tell

(53:37):
you in just a couple of minutes what's fluffing there,
what's good, what's bad, and so on. This week's compare
quote of the Week it's when these folks had been
preapproved with a different with their bank, with their personal
bank where they did their checking and savings for a mortgage,
and they had gotten under contract and they had gotten
their estimate, their first quote from their lender this week,

(54:00):
and they thought the rate, well, let me started this.
They said. They hear us when they're driving to work.
Often they hear us, and so they decided that they
thought they had a really good deal because they had
already checked around at two companies. But they decided after
hearing us on the radio, to give it a try
and just send in the quote and see if I
could do anything better. And basically they they kind of

(54:22):
they kind of scoffed me. They were like, oh, we've
already checked on this. We don't think you're going to
be able to do any better, but you know, give
it a challenge. Yeah, and if you you know, definitely
That's how I look at It's like, oh, all right,
challenge accepted. They're putting five percent down and they had
gotten a quote of seven point one twenty five. Pretty
decent rate. Pretty decent. I've seen higher. I've seen some

(54:43):
up in the seven sevens, you know, closer to eight percent,
But seven point one twenty five with about twenty five
hundred dollars in discount fees, that's that's a pretty decent rate.
But it wasn't even close. I was able to give
them Instead of seven point one twenty five, I got
them six point eight seven five and no fees, so
no discount fee. So on their loan, we saved them
one hundred and forty dollars a month plus twenty five

(55:05):
hundred dollars in closing costs. And not only that, because
we're you know, when you put down five percent or
less than twenty percent, you have to pay PMI also
the private mortgage insurance on there. When we as a
wholesale lender, we also have lower private mortgage insurance than
I would say about seventy five percent of the banks
and lenders that are out there. So on their other estimate,

(55:26):
their mortgage insurance was one hundred and forty dollars a month.
On ours, it was only eighty five dollars a month,
So total savings for them one hundred and ninety five dollars.
They doubted if I would even be one hundred ninety
five a month. So that's it's twenty four hundred a year.
That's ten grand every few years, every four years. That's
that's a significant amount, even though it sounds like it

(55:47):
didn't drop that much.

Speaker 3 (55:48):
But that's what you get for and it's money that
you just would just for nothing.

Speaker 2 (55:53):
Well, right, what they told me was they were super
happy about the twenty five hundred dollars. They said, we
weren't sure how we were going to buy the new
refrie we need to buy. And so that twenty five
hundred dollars that they saved on their closing costs brought
them bought them a really cool refrigerator. They sent me
a picture. It's awesome. It was like windows in it
and specials. You can open up a door on the

(56:14):
outside of the door and see inside of you to
your refrigerator without opening the big doors.

Speaker 3 (56:19):
It's a foal, but super fancy.

Speaker 2 (56:21):
So that's the bottom line. Here, here we go. These
folks had heard me while driving one morn They thought
the compare was just flair or some corn. At first
they were doubters, you can't beat my bank, but later
admitted they'd gotten the spank the lender. I mean, play
the jingle, Fritz, you got it.

Speaker 3 (56:45):
Got this thing all right?

Speaker 2 (56:48):
They thought the compare was just flair or some corn.

Speaker 3 (56:50):
Yeah, there you go, there you go. There you go
waxing poetic modio.

Speaker 2 (56:55):
Every single Saturday for the rest of our lives. And
yes we are celebrating. If you didn't hear, I'm going
to keep saying it because you know we're proud of it.
Three hundredth show today right here on Real Radio one
or four points.

Speaker 3 (57:08):
I mean, I feel like we should have a big
celebration that we plan, you know, maybe a party or something.

Speaker 2 (57:12):
Mm hmm, I like it.

Speaker 3 (57:14):
Yeah, do something live somewhere.

Speaker 2 (57:16):
I don't want to plan it.

Speaker 3 (57:17):
Yeah, I don't want to do I don't think we
have that person. But here's the one is asking where's
the best place to get an h e I home loan?
Not a helock? What is an h g I loan?
Or is that that? That's that place?

Speaker 2 (57:30):
Yeah?

Speaker 4 (57:30):
They sell like outdoor gear you can buy Yeah, yeah, yeah, yeah.

Speaker 2 (57:35):
I think what they're talking about is there's there's a
newer loan program I've been hearing about. There's a couple
of companies doing them where they promise that they say
that they will loan you, will give you money. They'll
give one hundred grand based on or whatever number is
based on your house, and that you don't have to
make any payments, and it doesn't accrue any.

Speaker 3 (57:55):
Interest until you sell your home.

Speaker 2 (57:57):
Until you sell your home, and and then I don't
know the exact percentage, but then there's a number you
have to when you sell your home, you have to
give them back and it's all a formula. It's not
the same every time. So they'll figure it out. They'll
tell you, like, when you sell your home, you have
to get we'll give you this, and when you sell
your home, you have to give us thirty three percent
of the sales price. I don't recommend them. I haven't
used them. I don't know enough about them to recommend them.

(58:20):
We don't.

Speaker 3 (58:21):
We don't have around long enough. They're not part of
the issue.

Speaker 2 (58:24):
They're not a program that a licensed wholesale mortgage brokerage
or a license broker like myself, or a licensed loan
officer can sell. It's it's not a product that is
a has been vetted through the government rules or whatever.
It's a private type of loan and lending product. So
I'm always leary about anything new that offers you free
money with no costs and says it's like it's like

(58:46):
going back too far. But like Popeye, you know, Whimpy
said I would gladly pay you tomorrow for a cheeseburger today.
You know it does it make sense? From Popeye? You
know the Popeye cartoons, there was a whole thing where
you would say every day, I gladly pay you tomorrow
for a cheeseburger today, which means it sounds good. It's
in the future. Do you know what you're going to

(59:07):
pay back anytime? I don't know what I'm gonna pay
back dollar wise. That would make me very worried.

Speaker 3 (59:12):
And they've got their hooks in your house so that
it seems like they when you sign that, I'm guessing.

Speaker 2 (59:17):
You sign away it's a lean on your title.

Speaker 3 (59:19):
Yeah, they write those terms and you don't really realize
the terms until you go to sell your house, and
you know, maybe that doesn't.

Speaker 2 (59:26):
Work out any before I get a call from anybody's whatever.
I don't I don't work, you know, for any of
these programs. I haven't done one. So I'm just telling
you my opinion. It's the opinions on this show or
the host of or the opinions of the host. But
I just don't trust anything that's new and unproven, and
you pay back years and years down the road to

(59:46):
find out what your amount's going to be.

Speaker 3 (59:48):
Jason checking in from Daytona, dun Stock and Booze for
the day and now I'm listening to uh listening to
us on the way home. Wishing you all happy three
hundredth ps. Let's get a Fritz on the Street Home
Loans Mortgage edition. I actually which we tried that.

Speaker 2 (01:00:00):
I actually thought about it. I thought about it this week.
I was like, maybe we should revisit that, revisit that.

Speaker 3 (01:00:06):
The hard part is people didn't know enough about mortgages
to even ask questions. Remember when we tried Fritz.

Speaker 2 (01:00:11):
And yes, and Fritz's I didn't mean a mortgage version.
I don't meant a regular version. But yeah, Fritz's rises
on sabbatical from the He's off the streets. Fritz off
the street unless you're nearest school zone where the speed
limit is max Twenty miles an hour, then he feels
safe on the streets. You're listening to the Home Loans
Radio show with that mortgage Guide. Don. We'll be right
back for the final segment of today.

Speaker 1 (01:00:34):
Do you have a question for that mortgage guide, Don
text us at seven seven zero three one. Now back
to Home Loans Radio on real Radio.

Speaker 3 (01:00:43):
That's right, it's the very last segment.

Speaker 4 (01:00:46):
You can still text and though why not seven seven
zero three one if you have a question about home
buying or selling your home or refinancing seven seven zero
three one, And also follow down on Instagram. Congratulate him
on three hundred shows.

Speaker 3 (01:00:58):
That's at that mortgage guide Doe.

Speaker 4 (01:01:03):
Sorry, there you go.

Speaker 2 (01:01:06):
Welcome back, welcome back, welcome back. Yeah, super excited. Thanks
for three hundred shows, and here's to three hundred more.
I can't believe it's three hundred already. It seems like
I just started yesterday.

Speaker 3 (01:01:20):
I get a couple of congratulations. Here's one good morning
home ones Rader. If you just want to wish you
guys a happy three hundred show. Keep on pushing man, Don,
You're such a poet and I didn't even know it.
Oh boy, here's someone who says about done with my
four mile running the rain. Thanks for keeping me company
and congratulation guys on three hundred.

Speaker 2 (01:01:38):
Are you being chased? Right? If I was a runner,
which I'm not anymore, I certainly have been, but a
rain would be an awesome excuse to take a nap instead.
Thank you.

Speaker 3 (01:01:52):
I guess I can't run today, but nope, not you
not you.

Speaker 2 (01:01:55):
You ran well done, Don proud, there you go. Tippity
tap tap And what do you got? Mj oh I
got a story? You know how I like to talk
about things that worry me. With AI from time to
time things about a AI watch. This one was interested.
We're talking about Claude. Claude is a new one of

(01:02:17):
the newest models of AI Opus four. It's called in
this but in safety tests they had some problems with Claude,
that's the name of the AI They said Claude got
messy in a manner fit for a lifetime movie. Claude
was given access to fictional emails about its pending deletion,
and was also told that the person in charge of

(01:02:38):
deactivation was fooling around on their spouse in eighty four
percent of the test. Claude said it sure would be
a shame if anyone found out about the cheating in
an effort to blackmail its way into survival.

Speaker 3 (01:02:50):
Ah, I am worried.

Speaker 2 (01:02:53):
If that doesn't worry, I have goosebumps.

Speaker 3 (01:02:56):
Right, Like, well, of course AI is going to go
through the scenario of how they can.

Speaker 2 (01:03:01):
Solve this, right, it's supposed to be super smart.

Speaker 3 (01:03:03):
They're solving problems, that's what they do.

Speaker 2 (01:03:06):
That's worrisome. Yes, they need to put a fix in there.

Speaker 4 (01:03:08):
That was also something that was fed into that machine.

Speaker 2 (01:03:11):
So yeah, yeah, but it has the ability to choose
that which is concerning for me.

Speaker 3 (01:03:17):
Yeah, and what if it isn't true? Then you know,
we don't know if the information it got is true.
Like maybe that person wasn't cheating on their spouse, but
maybe that gets out anyway and it hurts them in
some other way.

Speaker 2 (01:03:29):
Good luck next generation sorting all this suff.

Speaker 3 (01:03:34):
I love that for you, Yes, all your little babies
who are gonna have to deal with some crazy AI
in your life.

Speaker 2 (01:03:41):
Twenty sixty five is gonna be so crazy.

Speaker 3 (01:03:45):
It's gonna be lit with nuclear energy. Well we'll see.
I'm sure it's gonna be fine.

Speaker 2 (01:03:50):
Nuclear energy. They'll have different kind of energy by now,
they'll just have You know, I don't know. If I
knew i'd be i'd be a billionaire. Uh. Well, what
do we got, m J. Let's see what we got? Time?

Speaker 3 (01:04:04):
Time for the speed round?

Speaker 2 (01:04:04):
Yeah? I think I think it's time. What time? What
time is it? MJ? It's time for the speed round? Right?

Speaker 3 (01:04:13):
So many riddles, I'm telling you, riddles are hard to find. Yeah,
so you know along that when you when you run
across a great riddle, think of me, send it to
me during the radio at seven to seven or three
one or drop it into the chat at that mortgage
guy don. He'll find a way to get it to me.
I would love it.

Speaker 2 (01:04:29):
There you go. I promise I won't look at the
answer before.

Speaker 3 (01:04:32):
I for oh yeah that part. Don't give me the answer,
just put riddle. But uh, and we've probably done it
already because there it's three hundred we've done.

Speaker 2 (01:04:41):
But we're doing the speed round and uh, that's where
MJ's gonna ask me a bunch of questions we haven't
gotten to yet. We're gonna try and get to them all.
If I didn't get to yours, it doesn't mean I
didn't want to. We'll get texted into the show. I'm sorry.
Go to the website that mortgage guy don or Instagram
text it to me there and I'll answer it after
the show.

Speaker 3 (01:04:58):
Here's the one's asking how is pm I cost based
because they pay one hundred and seventy a week a month.

Speaker 2 (01:05:04):
Well, it depends on the PMI. It depends on the
type of loan, whether it's a Fany may or Freddie
Mac or an FHA. It depends on how much you
put down, because if you put like if you put
down twenty percent, you don't have the PMI. But if
you put down only five percent or three percent, you're
gonna have pretty high PMI. But when you get to
five percent, it gets a little bit better. When you

(01:05:25):
put down ten percent, it gets a little bit lower
the PMI. When you put down fifteen percent, it's lower still.
And then when you put down twenty percent it goes away.
So and then it's a factor of the loan amount.
So it's not like you could I could just give
you an answer. I need to load the parameters of
the loan to be able to tell you the PMI.
But what I can tell you as a wholesale lender,
we are lenders. Not only are the rates often lower.

(01:05:49):
You know, I was verified by the compare quote, but
the PMI can also be thirty or forty percent lower,
depending on which bank you're you're getting your quote from.

Speaker 3 (01:05:57):
All right, good to know. Can you mortgage a mobile
home or manufactured home?

Speaker 2 (01:06:01):
Yes? You can, I mean, meaning me specifically. Yeah, we
can do purchase loans on mobile homes or manufactured homes
that are on their own land. We don't do. We're
not able to do the type where you're buying a
brand new one and putting it on a piece of land.
That's called a set up loan. You usually do that
through the companies that sell those those brand new manufactured homes.

(01:06:22):
But yeah, we can do refinances, we can do purchases.
We can even do home equity lines in some cases
on double wide mobile homes, manufactured homes for sure.

Speaker 3 (01:06:31):
Is it possible to get a heelock with poor credit?

Speaker 2 (01:06:34):
Well, I don't know. It depends on what you consider poor.
But the minimum credit score that we can do for
a home equity line of credit is a six forty.
I don't know that that would be considered poor. But
often we get folks that have a six hundred or
six to twenty, and we have a tool where we
can look it up and figure out a way to
get their score up by you know, tell them something
to take an action to get their score up by

(01:06:56):
ten or twenty or thirty or forty points, and then
we can do the home equity line. We do that
all the time.

Speaker 3 (01:07:00):
My husband and I are purchasing our second home. We're
hearing you for the first time today. What a lucky
day for you?

Speaker 2 (01:07:05):
Lucky Where have you been for three hundred?

Speaker 3 (01:07:10):
Welcome to the party, your leg there you go but
they heard us for the first time today and I
love it.

Speaker 2 (01:07:17):
Well, congratulate, Yeah.

Speaker 3 (01:07:19):
Welcome to depart.

Speaker 2 (01:07:21):
We'll see you next week.

Speaker 3 (01:07:22):
How can we get pre approved to purchase a house?

Speaker 2 (01:07:26):
Simple and easy. You go to the website that mortgage
guide don or Instagram at that mortgage guide don you
click the link. You go to the website, start your
pre approval or apply for a mortgage, and then it'll
ask you if you're purchasing or refinancing. You just say purchasing,
and then you fill out the application. We'll request some
documents from you. We'll do a soft credit pool. We
don't do a hard credit pool for pre approvals, and

(01:07:49):
that way it doesn't ding your score or put an
inquiry on your credit. And then we have a loan
officer to talk you through it. And we also review
if your first time HomeBuyer, to see if you're eligible
for any down payment assistance. And then you know, we
go from there.

Speaker 3 (01:08:02):
All right, Good morning, All love listening to your show
so much. You recently helped us with a new home loan.
I have a question. We close on a house on
the fifteenth of May. How long does it take for
a mortgage company recognize to recognize the loan on their website.

Speaker 2 (01:08:14):
Do you know usually usually about thirty days. Well, it's
I would say between fourteen and between fifteen and thirty days,
but usually by thirty days you will have an answer. Also,
when you sign your closing documents, there's a document in
there called a first payment letter, and it tells you
if you haven't been contacted by your servicer yet about
the new payment, where to send the payment. So there's

(01:08:36):
a there's a backup. If you have any trouble, reach
out to me at the office. Great question, and thank
you for working with us.

Speaker 3 (01:08:41):
Yeah, here comes your riddle.

Speaker 2 (01:08:43):
Riddle time.

Speaker 3 (01:08:43):
I'm a protect I'm a protect this for you guys.
It's a race. Let's go.

Speaker 2 (01:08:47):
All right, ready, ready, let's go. I'll do it.

Speaker 3 (01:08:50):
I'm a protector that sits on a bridge, changing the
view of one.

Speaker 2 (01:08:53):
What am i?

Speaker 3 (01:08:55):
I am a protector that sits on a bridge, changing
the view of one.

Speaker 2 (01:09:00):
Changing the view of one?

Speaker 3 (01:09:04):
Come on, do do do do?

Speaker 2 (01:09:10):
Railing troll the red hot chili peppers?

Speaker 3 (01:09:16):
You want a clue? Yes, what kind of there's different
kinds of bridges. Oh, I am a protector that sits
on a bridge, changing the view of one. Come on,
come on.

Speaker 4 (01:09:30):
A suspension bridge.

Speaker 2 (01:09:37):
One more time.

Speaker 3 (01:09:37):
I'm ja I am a protector that sits on a bridge.
What kind of bridges are there? There's so many kinds
of bridges, like a bridge of a.

Speaker 2 (01:09:45):
Like yours, ah, bridge of your.

Speaker 3 (01:09:48):
Nose, changing the view of wine, glasses, glasses sunglasses. Actor.

Speaker 4 (01:09:54):
We both got it.

Speaker 2 (01:09:56):
We worked it out well, folks, you did it, you said,
saysfully wild Away. Another ninety minutes of your weekend listening
to us on our three hundredth show. Congratulations and as
a special treat, friends, is gonna play?

Speaker 1 (01:10:10):
Uh?

Speaker 2 (01:10:10):
What are we gonna play?

Speaker 4 (01:10:12):
Your your Heart Kindles fires by Quarters Corporated.

Speaker 2 (01:10:15):
Your Heart Kindles fire by Corbus Incorporator.

Speaker 3 (01:10:18):
Wee by.

Speaker 2 (01:10:22):
If y'alldles fire from.

Speaker 1 (01:10:30):
TIONARYE you you've been listening to Home Loans Radio with
that mortgage Guide. Don join us every Saturday at nine
am on Real Radio one oh four point one and
check us out online at home Loans Radio dot com