Home Loans Radio Show 08.02.2025 with That Mortgage Guy Don Thank you for voting us BEST Local Mortgage Company in the Orlando Sentinel

The home Loans Radio Show 08.02.2025 with That Mortgage Guy Don- Thank you for voting us BEST Local Mortgage Company in the Orlando Sentinel

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. Welcome to the
Home Loans Radio shoot show. Good morning, Welcome to the
Home Loans Radio Show with that mortgage guy Don. Sorry,
I'm trying to fix my headphone here. Welcome. We're here
doing what we do every single Saturday. Good morning to
my crew, Good morning, MJ, good morning, and salutations to

(00:35):
mister Fritz, Shoe A Stado and Avincent.

Speaker 3 (00:39):
Ah.

Speaker 2 (00:40):
Yeah, oh yeah. Here we are doing what we do
every single Saturday right here on Real Radio one O
four point one, the most live, the most talked about,
the most original, the most happening right now.

Speaker 4 (00:53):
Wait a minute, are we live?

Speaker 2 (00:56):
We are sixty six and two thirds percent live?

Speaker 4 (01:00):
Hold on all right now, we're lying.

Speaker 2 (01:04):
Yeah, we're live, of course. Yeah. Guess what you were wondering?
It's August already.

Speaker 3 (01:10):
I can't it's gonna be August.

Speaker 2 (01:13):
It's gonna be It's August. It's August, isn't it.

Speaker 3 (01:17):
It's the deuce of August.

Speaker 2 (01:21):
Uh, dump button on.

Speaker 3 (01:27):
That's not a town.

Speaker 4 (01:29):
And I are even sighing the same matter.

Speaker 3 (01:34):
That's not what it means.

Speaker 2 (01:35):
Well, it can have other meanings. And I mean, can
we say dump button after that?

Speaker 3 (01:39):
Oh yeah, I just find another ways to say duce.

Speaker 2 (01:44):
Well, by deuce, you meant the second of August?

Speaker 3 (01:46):
By dump, what did you mean.

Speaker 2 (01:48):
The dump button, which is when somebody says something, Yeah,
I got that. Okay, all right, we're having fun now, okay,
got the uh August? Yeah? Is that a special Is
that a special day? Is that a special celebration? I'm
saying you say it like it's like the you know,
the fourth of July. No, no, all right, just checking.

Speaker 3 (02:09):
I mean for lots of people. I'm sure it is.
I'm sure people having lots of exciting celebrations for the
deuce of August.

Speaker 2 (02:18):
I know, I am. How about you Fred's number.

Speaker 3 (02:20):
Two, that August number two. That still sounds like just
say August second, August second, all right, like everybody else,
fall in line.

Speaker 2 (02:30):
Yep, same weather as the same weather as the past weather.
It's going to be the weather for this this weekend.
You know, one hundred and fifty five thousand degrees. It
feels like one hundred and fifty eight thousand degrees. Okay,
maybe a thunderstorm, maybe not. There you go. There's the
weather fire forecast for all of Florida, for probably all
of August.

Speaker 3 (02:48):
I mean, I just want to say the thing I
don't want to say out loud. But I'm also very
grateful that other things are.

Speaker 2 (02:53):
Don't say it, you know, yeah, you know the season.

Speaker 3 (02:57):
Yep, nothing nothing swirling in the ocean right now.

Speaker 2 (03:00):
That doesn't peak till September.

Speaker 3 (03:03):
No, I'm just so hopeful we.

Speaker 2 (03:05):
Won't say its name. You're listening to the Home Loans
radio show with that mortgage guy Don That's right. You
can text into the show. It is a live show.
Text in your comments, questions, salutations to seven, seven zero
three to one. Tell Fritz how handsome he looks. Tell
him what a great job you did. The other night
at uh we we did a little field trip. MJ
and I dropped by Cavos to see Fritz doing his

(03:27):
weekly trivia show. And you got it down, man, you
got You're you're running the ship. You're the captain of
the whole bar when you're up there.

Speaker 3 (03:35):
Thank you.

Speaker 2 (03:36):
Yeah. And it's fun. I like I like the way
you make it fun. People should go down there and
check it out on Tuesdays. That's life.

Speaker 4 (03:42):
It's got to be fun, you know. That's what I've
always said.

Speaker 2 (03:44):
What time is it on Tuesdays? Seven, seven thirty? There
you go. H yeah, welcome to the Home Loans Radio Show.
Text into seven seven zero three one. You can also
go to the website That Mortgage Guy Don dot com
or you can follow me on Instagram at that Mortgage
Guy Don. You know, I was teasing last week that
we had some big news. Oh oh yeah, what is

(04:04):
big news?

Speaker 3 (04:05):
To show you excited about the big news? What is
the big news?

Speaker 2 (04:07):
Well, like a month ago, we heard that we were
nominated for the Orlando Sentinel Orlando Favorites or whatever they
call it for the Orlando Sentinel people. Somebody nominated us
because there was a voting round, and then there was
another voting round. And I got a call the other
day and apparently we won what yeah, best local mortgage
company in Orlando. Wow, voted by the the readers of

(04:31):
the Orlando Sentinel.

Speaker 3 (04:32):
That's amazing, that's fantastic.

Speaker 2 (04:33):
Congratulations, Thank you for everybody that voted for us.

Speaker 4 (04:36):
The good work.

Speaker 2 (04:39):
They wouldn't tell me how many votes we got, but
they said it was in the five figures, which is
a lot of votes, you know, so.

Speaker 3 (04:45):
Yeah, wow, yeah, bots are working.

Speaker 2 (04:48):
Those bots. I can't do that, MJ.

Speaker 3 (04:53):
I'm sorry.

Speaker 2 (04:54):
I think people are cheating.

Speaker 3 (04:55):
Yeah. True, they make it so you can't cheat.

Speaker 2 (04:57):
That's well, yeah, I'm pretty sure they got some sort
of I'm on there.

Speaker 3 (05:00):
But yeah, well that's congratulations. That's amazing.

Speaker 2 (05:02):
Way, that's excited. Uh so for my whole team, and
congratulations to my whole team and everybody at the that
mortgage guy don family. So thank you for for that recognition.
That's uh, it's going to be in the big there's
a big magazine that comes out in the Orlando Sentinel
and you're going to see my smiling face in there.

Speaker 3 (05:19):
Oh that's so exciting.

Speaker 2 (05:22):
Number one for best local mortage Companies. So thanks for
everybody that voted for that. It's a nice you know,
a nice thing, A nice a nice accomplishment.

Speaker 3 (05:29):
I like to look I like to look up what
is the today? You know the national days?

Speaker 2 (05:34):
Yeah, what's the national day of aug.

Speaker 3 (05:37):
For the deuce of August? We have ice cream, sandwich day,
mustard Day. Those don't go together.

Speaker 2 (05:43):
How do you know?

Speaker 3 (05:44):
Maybe med Day we've celebrated mean Day, Mead Day before I.

Speaker 2 (05:48):
Thought you said, I thought you said me Day, No
Mead Day.

Speaker 3 (05:51):
All right, National CAD Day. But do cads really need
but need a day? I mean, why are we celebrating cats?

Speaker 2 (05:59):
Yeah, I'm picking up what you're putting down, But I
don't think that's what they mean.

Speaker 3 (06:02):
That's what I think, because I also then I questioned.

Speaker 2 (06:05):
Me in cad like that fellow's a CAD.

Speaker 3 (06:07):
Yeah, yeah, he's given her short shrift gally wag. And
then I was thinking, also along the lines, maybe I'm
misunderstanding because they're also celebrating the Virgin of Los Angeles Day,
and that seems like a lot of pressure for one person.

Speaker 2 (06:19):
Wow, yeah, Virgin of Los Angeles? What is that?

Speaker 3 (06:23):
Just the one? It's a church?

Speaker 2 (06:25):
Oh okay, I would assume the CAD thing is like
the computer assistant.

Speaker 3 (06:30):
The computer thing. Yeah, all right, today's the special day.

Speaker 2 (06:34):
I see you've been reading this morning, m a little.

Speaker 3 (06:36):
Bit doing my homework. This is what I call radio
a preparation. Yeah. Also National Coloring Book Days that need
to day. I don't know where.

Speaker 2 (06:47):
Do you get the National Coloring Book. I don't even
know what's in it right now.

Speaker 3 (06:50):
To be honest, that's funny.

Speaker 2 (06:53):
I'm sure that's I'm sure dose cut that out.

Speaker 3 (06:57):
Used to have a national coloring book. Now we just
you just scratch with your fingers on you know, yeah,
you just.

Speaker 2 (07:03):
You just do a charpy on the bottom of a
table at Wendy's.

Speaker 3 (07:10):
All right, Well, that's that's a visual.

Speaker 2 (07:12):
I don't know where that came from.

Speaker 3 (07:13):
Also, disc golf Day. In Jamaican Patty Day, am on
Jamaican patty, Jamaican beef patty. They do make them with
a vegan well not beef patty. Well, you know, Jamaican
kind of beef patty.

Speaker 2 (07:28):
It's one of my favorite foods. If I go somewhere
and there's a Jamaican beef patty to be had, I'm
probably gonna buy it.

Speaker 3 (07:33):
You're doing it, all right, I like it.

Speaker 2 (07:35):
Chance.

Speaker 3 (07:36):
At least here's someone big Ol says, I'm a cat operator.
I designed blueprints for my company for fire alarm systems. Well,
happy cat Day to you, big Out.

Speaker 2 (07:44):
Well, this day is for years, sir. You should enjoy it.

Speaker 3 (07:49):
Your day, big Out, put your feet up. We celebrate
you today and I'll do all.

Speaker 2 (07:53):
The work for the next ninety minutes along with my
crew and we'll entertain you. Thanks for texting into seven
and zero three one. That's how you do it, folks.
You can ask questions about mortgages or real estate, or
home loans or insurance or reverse mortgages or SBA loans.
I got it. You know, the list is practically endless.
But anything having to do with you know, helocks, getting money,

(08:14):
any of that kind of stuff. You're going through, a divorce,
you're going through you inherited a property. You want to
talk about that, you're texting your question the seven seven
zero three one, or you.

Speaker 3 (08:23):
About the property, not the divorce.

Speaker 2 (08:25):
Yeah, well, I don't know. Some people liked to events,
you know. Well MJ will edit, but yeah, you can
text in your questions, comments, or you just want to
tell us what you're doing out there on this fine
saturday in the the the what do they call it
the early days of August? I can't remember the dog days?
Is it the dog days?

Speaker 1 (08:43):
Now?

Speaker 4 (08:43):
That's the end of salad days, salid days?

Speaker 3 (08:48):
Okay, yeah, because it's so hot, we want to eat salad.

Speaker 4 (08:51):
I don't because apparently the salads are so damn expensive. Well, okay, okay,
I've never understood that.

Speaker 3 (09:03):
Well, it used to be that salad days meant that
you were poor. I believe it meant that you were,
you know, eating salads because you couldn't afford to eat
meat because meat was like expensive.

Speaker 4 (09:13):
Well then why is salad days considered like great?

Speaker 3 (09:17):
Well, because I think now salad's more expensive at meat
and really good for you. I don't know.

Speaker 2 (09:22):
Research should be.

Speaker 3 (09:25):
A right research.

Speaker 2 (09:28):
I was thinking more like you have your salad at
the beginning of the meal, but not all not all
countries do that. So some countries have a salad at the.

Speaker 4 (09:35):
End of the I think in Italy they salad last, right, yeah, yeah.

Speaker 3 (09:39):
And not of places yeah. Or in Europe instead of dessert,
you get cheese and cheese for dessert. Like, I don't
like it. I'm not a fan.

Speaker 2 (09:48):
I am one fan. I would trade it, like instead
of salad and instead of advertiser and instead of dessert caund,
I have cheese cheese.

Speaker 4 (09:58):
Salad days is a Shakespearean idiom. This is, according to Wikipedia,
a Shakespearean idiom referring to a period of care free, innocence, idealism,
and pleasure associated with youth. The modern use describes a
heyday when a person is or was at the peak
of their abilities while not necessarily a youth. All right,
my salad days when I was green in judgment, cold

(10:21):
in blood to say as I said.

Speaker 2 (10:23):
Then there you go. Maybe it has to be done
with being green in judgment.

Speaker 3 (10:27):
Oh I see, all right?

Speaker 2 (10:30):
Well the more you know, all right, do you feel
more informed? Mjay?

Speaker 3 (10:34):
Sure, I'm also hungry.

Speaker 2 (10:36):
That is well, that's very usual every single Saturday.

Speaker 3 (10:41):
Please text us your questions and your comments at seven
seventy or three one. Lots of you are and I'm
so grateful, thank you.

Speaker 2 (10:48):
I do have to take a minute to do a
little bit of mortgage news here, you know, what's going
on in the world of mortgage news. I'm jay, No,
We've got we had kind of a weird situation yesterday
where we had the annual or not the annual, the
quarterly jobs reports, you know, coming together for the last
few months. If you haven't heard about it, you will
because they had to revise the job numbers down so

(11:09):
that it really I don't have these specific numbers right
here in print in front of me, but they lowered
the numbers down. Like every month there's a figure of
new jobs, and at the end of the quarter they
revised the numbers after they get the actual reports, because
some are like projected, you know, people send in their
reports that people are supposed to report these things to
the Bureau of Labor Statistics, and they do as they go,

(11:32):
but sometimes not everybody reports it until later or afterwards.
It depends on how their reportings are done, and then
the numbers get revised. Well, it turns out that the
number of new jobs created in June and July and
August we're the lowest in a long time. And the
implication is that that it has to do with either

(11:52):
tariffs actually costing businesses money, or terror or businesses being
worried about hiring because of uncertainty about terror and that
kind of stuff. Well, the bottom line is, after all
that when when you have bad jobs numbers, there's a
there's a there's a there's a silver lining in the
mortgage news.

Speaker 3 (12:08):
In the mortgage world, the mortgage.

Speaker 2 (12:10):
Rates, you know, move down a good bump yesterday, and
we're hopeful that that will stay the same, you know,
going into next week, but who knows. We got a
lot of uncertainty with all the tariffs, and then they're
they're on, then they're off, there's a delay, they're going
to start this day, then they're awful week. So it's
it's a lot of uncertainty. But the good news is
we saw a little bit of a break in the
ten year treasury bonds yesterday, probably the lowest in about

(12:32):
a month, and hopefully that translates into some lower rates,
and then it also changes the expectations that the federal
funds are, you know, the prime rate. We'll see a
reduction in September if no other new news comes out
to change that trajectory. But I think we're probably going
to see that prime rate reduction in September. That's what

(12:52):
that's that's you heard it here first. Probably not, but
you heard it here first from me. I think we're
going to see that prime rate reduction in September. Member
of things, you guys.

Speaker 4 (13:01):
Do, we're implotting the system, okay, ever now and then
it works out.

Speaker 2 (13:09):
Well, you know, the system is a yin and a
yang though. That's a thing that a lot of people right, yeah.

Speaker 4 (13:15):
I appreci it, baby, Right, can I get a name in?

Speaker 3 (13:21):
I can't whistle, So I just made.

Speaker 4 (13:27):
You were saying done.

Speaker 2 (13:29):
We'll be right back after these messages. Hey, hey, hey,
it's that mortgage guide Don August is here in the
summer is sizzling, but my home is feeling cool, quiet,
and safe thanks to my impact resistant windows from Renewal
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(13:49):
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(14:12):
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CGC one five two seven sixty one three.

Speaker 4 (14:34):
Hey, this is Devil Roberts from the Jim Culbert Show,
and you're.

Speaker 3 (14:37):
Listening to Home Loans Radio on real Radio.

Speaker 4 (14:41):
Now back to the show with that mortgage guy.

Speaker 3 (14:43):
Don Hey, hey, hey, you're listening to home loans Radio
here on the Deuce. Oh Augus, that's right, saga second,
and we're here talking about mortgages because that's what we
love to do.

Speaker 2 (14:57):
Are you trying? I'm trying to map deuce work here
in I mean it's.

Speaker 3 (15:01):
The second, right, that's what that means.

Speaker 2 (15:02):
The second.

Speaker 3 (15:03):
Yeah, snake eyes.

Speaker 2 (15:05):
All right, I don't know what's happening over there, but
it's okay.

Speaker 3 (15:09):
Cat, isn't that snake eyes? It's the snake eys of August.
That's right.

Speaker 2 (15:14):
If I ever get a snake, that's what I'm gonna
name them.

Speaker 3 (15:18):
Snake eyes. Wait, that's that's gonna be very confusing. Lacy
says she thought MGF. Almost thought you said it was
National Cat Day. Oh, no day like cat people with
boggers so exciting?

Speaker 2 (15:31):
Are you a cat person?

Speaker 3 (15:32):
M j mmm? I mean I don't hate them. I
don't have them.

Speaker 2 (15:38):
They're delicious.

Speaker 3 (15:39):
First of all just kidd the meats kind of snow.

Speaker 2 (15:42):
It was National CAD CAD Computer Assisted Design. Right, if
you're the person, if you're if you're the person that
that works in that field, it's your day. Put your
feet up, kickback, make yourself a Pinia Colada.

Speaker 3 (15:54):
It's a BIG's day.

Speaker 2 (15:56):
You need some Cadbury, right yeah?

Speaker 3 (15:58):
Sure, Uh, good morning friends. Today is packing day? Kay
that come on, we want to packing day? It means right,
go ahead, thanks to God and Troy. I close on
Thursday and I'll have a backyard for my dog and sunflowers.

Speaker 4 (16:20):
Oh nice sunflower start going.

Speaker 2 (16:25):
Yeah, you're starting a trend. And how do you give
them your secret insider knowledge on how to cultivate sunflowers
in your backyard?

Speaker 1 (16:33):
Yeah?

Speaker 4 (16:33):
Well, number one, you need a patch of grass that
is going to get sun like pretty much twenty four
hours of sunlight.

Speaker 2 (16:42):
Twenty four hours intense.

Speaker 4 (16:44):
Intense is best. So you know, we there's a spot
to the side of our house and in our backyard
and I guess front yard where there's no big trees.
So it's just really it's like one hundred percent sunlight
when the when the sun passes through, Uh, you just
throw a couple black sunflower seeds out or whatever you

(17:04):
want mammoth is, you know, whatever you want to grow,
and then you just water it and they will sink
in like they don't need to really, you know, you
don't have to plant them, you can just throw them down.
And then we started our like second cycle here and
we already have I think three plants up up to

(17:24):
our shins. Nice, easy peasy.

Speaker 2 (17:28):
Now, did you start by feeding squirrels or was that
a byproduct of feeding squirrels or.

Speaker 4 (17:33):
It was we had black sunflower seeds for our bird feeder,
and then when the when the squirrels were trying to
jump onto the feeder, I think is when the seeds
fell out. Because we started like having the little four
leaf sprout like pick up and I was going to
just mow them over, and then I stopped. It was

(17:54):
like I think these are sunflowers. And then I looked
at up and I was like, oh my god, I
think there's sun flowers. And my wife Darcy was like,
well hold on now, I mean, you know, they could
be just a weed. And then we were like looking
it up, doing some more research, and she'll be you know,
she's like, oh, man, I think they are subflowers. He's like,
good thing you didn't mell him over and then like
literally a week later, they were already like popping up.

Speaker 2 (18:15):
Very exciting, well so exciting. Thanks for texting into seven
seven zero three one. Congrats on the new place and
getting into your dream home and what you got him, Jack.

Speaker 3 (18:26):
I spoke with Don I think back in January. I
wanted to refresh his opinion on buying a condo as
an investment property in Marco Island, either paying all cash
or do a good amount of cash down and a mortgage.
Do you remember that the rest as the interests would
be able to be deducted as a business expense on
the rental unit. I would like to.

Speaker 2 (18:44):
Get scrolling scrolling buffering.

Speaker 3 (18:48):
I would like to get some refresher information because I'm
ready to pull the trigger and would need to start
loan paperwork with him for preapproval status.

Speaker 2 (18:56):
Well, you can certainly do that. You can get started
on the website from the comfort of your home at
that mortgage guide, Don, you can fill out the application there,
that's the best thing, and then we can follow up
with a conversation. The question was what do I think
about the condo as an investment.

Speaker 3 (19:09):
I was just reminding you that, or they were just
reminding you that they had talked to you about it
and the situation was they were going to pay mostly
cash and have a small mortgage, and that you had
counseled them about that, and that they're ready to do it.
They're on their way.

Speaker 2 (19:22):
Yeah. One of the things about one of the things
I see people run into that you have to be
careful of with investment condos, and a lot of times
people will go into it thinking they're going to airbnb
it or they're going to rent it out by the
month or something like that. You got to make sure
that you read the condo covenants ahead of time, the
documents of condominium as they're called, and make sure that
they allow what type of rentals they allow. There are

(19:43):
some that you have to get bored approval for the tenants,
or some where you can't rent for less than a year,
or less than six months, or even three months. Many
of them won't even let you rent it out month
by month. So if you're going to do it as
an investment proper, you really want to dig in and
make sure that the rentals that you want to do
are allowed. There and then if you're doing short term
rentals or you're wanting to do short term rentals and

(20:05):
it's allowed there, then that is a much more complicated loan.
Very few, like the regular Fanny May loans or Freddie macloans,
they don't allow for short term airbnb type rentals. We
have other loans that will, but they can be a
little tougher in condos sometimes. And then the other thing
you want to look at really carefully is any assessments
that are on the condo, meaning things that need to
be repaired or have been repaired, or you know, if

(20:27):
you find out there's something going on with the balconies
or something going on with whatever the foundation, you got
to make sure that none of that's happening. And then lastly,
you got to look at those association dues. They can
be pretty high sometimes, but great question. Thanks for texting
that into seven seven zero three one. Hitting up to
the website, start on the application, pre approval application, and

(20:47):
we'll figure it out for you and walk you all
the way through it from start to finish. Thanks for
texting that into seven seven zero three to one.

Speaker 3 (20:54):
Congratulations have done that. Mortgage guy and crew on your
sentinel victory.

Speaker 2 (20:59):
I know that sucks if you're just joining us. Uh
we that mortgage guy, don that's me. I own a
company called Happy Home Mortgage, and we were voted by
the readers of The Orlando Sentinel as the best local
mortgage company's super exciting.

Speaker 3 (21:14):
And carry are listening while coloring our adult coloring books.
Can't believe it's the deuce of August already, I.

Speaker 2 (21:20):
Know, just you know, and carry or listening like they're
gonna have to take a test later and you will
carry h and youtuberee, I know, I know you sometimes
you listen.

Speaker 3 (21:33):
Here's someone who says, you guys started the show hotter
than the August eighth.

Speaker 2 (21:37):
Ah, yeah, we did, all right, as soon as NJ
comes in the door celebrating the Duce of August. What
else are you going to do?

Speaker 3 (21:45):
I mean, why isn't everyone called it that. Here's someone
who says, my house has been on the market for
six months now with no offers yet. However, we have
had a pseudo offer from a couple that wants us
to carry the mortgage for them up to a year
and a half, being that they're so employed and no
one in the area will finance them. Until they are
established for at least a year and a half in
the city of Brevard County. Can you tell me some

(22:07):
of the downfalls of the financing this purchase and of
carrying the notes, so that would be a private mortgage
or would it be a lease with a purchase option.

Speaker 2 (22:17):
Well, when they say carrying the note, that can be
a you know, those kind of agreements can be pretty
much whatever you want them to be. Because it's going
to be a private mortgage. The thing you have to
be careful of is that you know, you know what
you're doing and putting together a private mortgage. You have
to make sure that you have an attorney do it,
that it's actually done properly as an official mortgage, so
that you're protected in case they stop making payments or

(22:39):
something like that, or you have to evict them down
the road. And you have to make sure that it's recorded,
that it's a recorded, actual mortgage that you know, so
that the handshake mortgages or or what they call rent
to own agreements, those are very can be very dangerous.

(22:59):
You know, people can back out people can you know,
you got to make sure they're enforceable. So that'd be
my strongest recommendation is that you actually go to an
attorney and get a private mortgage created, signed, notarized, you know,
witnessed by your attorney, and then recorded in the county
records of that county. That way, if those folks stop
making their payments, you can start the foreclosure process. But

(23:20):
that is the downside. It's not like with a not
paying their mortgage. You can get them out within you know,
you got to you got to do a three day notice,
then a seven day notice, and you know, usually within
about thirty days to forty five days, depending on how
backed up the court is, you can get someone evicted
from a property. A foreclosure, meaning taking back a property

(23:41):
that you sold to someone on a private note or
private mortgage, can take I'd say, on the shortest of
short ends, probably six or seven months, and I've seen
them take up to a couple of years if people
can test it or try and get an attorney, or
try and not do it. So that's that's the worry
that you can get into there and have to deal
with all that yourself. You know, let's say they're self employed.

(24:02):
Not only do you not have a record of you know,
their track record of how much they make and what
their earnings are. Neither do they. That's why as a
mortgage company with self employed people, we typically need them
to be in business for two years so we can see,
you know, what kind of operation they're doing. But it
you know, if that's if you feel confident and you
feel like they are putting down a pretty decent down payment,

(24:25):
you know, that's another thing make sure, right, Yeah, Like
if I was doing it, I would want at least
twenty percent down so that if something happened and you
did have to foreclose, you you know, you're at least
not totally getting taken to the cleaners. So that's a
great question. It's it's got its risks, it's got its
plus's inventory is high. Right now, we're seeing the highest
inventory of homes on the market that we've seen in
It's not the best if you're a seller, you know,

(24:47):
because that means that houses are taking longer to sell.
But I am still seeing ones that are priced well,
are selling, you know, and are in good shape nothing
going on, are selling within thirty days. Some of the
others can, you know, maybe different areas, maybe different school districts,
you know, other things can slow down your sale. Besides
the house not being you know, fantastic, but you just

(25:09):
you gotta hang in there. But what that does is
it creates a buyer's market. So we're seeing a lot
a lot more concessions from sellers price reductions to get
the houses to move, basically to get off the shelves.
We're seeing the highest inventory of homes on the market
since we saw in early twenty twenty wow, which you know,
basically pre COVID, before all that happened. So we're right

(25:31):
back to that kind of inventory and consequentially a buyer's market.
Great question. Thanks for texting that in a seven seven
zero three one. We'll be right back after these messages.

Speaker 1 (25:41):
Hey, this is Ryan from the Monsters and now back
to that mortgage guy done on Real Radio.

Speaker 4 (25:46):
That's right, you are listening to Real Radio one of
four point one, that mortgage guy done, MJ and me Fritz.
If you have Instagram, get yourself a favor right now
and follow one of the most entertaining channels you can
ever find on that little app at that mortgage guide.
Don at that mortgage guy.

Speaker 1 (26:06):
Don.

Speaker 2 (26:07):
There you go, at that mortgage guy. Don. Welcome back
to the Home Loans Radio Show. With we should do
one that mortgage guy don there you go, yes, follow
me on Instagram at that mortgage guy down. What are
you doing over there?

Speaker 3 (26:22):
That mortgage guy.

Speaker 2 (26:25):
Okay, fully boxed, I said, uh, check it out.

Speaker 4 (26:31):
Me like, get out and then just destroy my mind.

Speaker 2 (26:36):
If you check out the Instagram today, you'll see our
award that we just won. Thank you to the vote,
to the to the readers of the Orlando Sentinel for
voting us the best local mortgage company. That's I'm super
grateful for that. Thank you. You can see our award
right there on the Instagram at that mortgage guy don.
And if you're looking to find out about when the
Hometown Heroes program is coming out, which is a down

(26:57):
payment assistance program, well it's not out yet, at least
not as of this morning at eight thirty. But check
out the Instagram. Go there and follow me, and then
you'll be the first to know when that program comes out.
As well. You can text your comments, questions, salutations anything
to seven seven zero three one, or just you know,
good old fashioned mortgage questions. Here we go.

Speaker 3 (27:19):
Our rate's better on a fifteen year loan than a
thirty year. We have great credit and we own nothing
on our home at the moment. Looking to add a
pool and a garage to my property, and I need
a loan for two hundred k, but I do not
want to do a thirty year loan again, thirty years
is too long.

Speaker 2 (27:32):
Thirty years is too long. Yeah, we can do loans anyway. Well,
the first question was as a fifteen year shorter lower.

Speaker 3 (27:39):
It's shorter.

Speaker 2 (27:39):
It's shorter.

Speaker 3 (27:40):
I can say that as not an expert.

Speaker 2 (27:42):
Thank you, I'm jay. I appreciate your support. It is
definitely shorter, like half, it's like probably slightly more than half. Yep, Okay,
but yeah, it's definitely a shorter loan, and it's definitely
a lower rate. But we can do loan terms. Not
every bank will do this, but we can do loan

(28:02):
terms to the year, meaning any year between eight years
and twenty well thirty, I guess I should say we
can do so. If you want a twenty two year mortgage,
no problem. You want a twelve year mortgage, no problem.
You want an eight year mortgage, all right, we got you.
But the rates are going to be based on the benchmarks.
There's a ten year mortgage, a fifteen, a twenty, and
a twenty five and a thirty, So the rates are

(28:24):
going to be based on the nearest one to you
without going over. So if you're doing a twelve year,
then you're going to be based on the fifteen years rates.
I was unlocked in a fifteen year yesterday at five
point eight seven five, So we're seeing that's on a
conventional loan on FHA and VA. You may even be
able to get a little lower than that's that's for
somebody that's super well qualified, you know, in a good

(28:45):
down payment then and then we're seeing the thirty year
rates in the load of mid sixes, depending on your
credit scores and down payments and so forth. So definitely,
you know, three three quarters to a half a point
lower for the fifteen year, and the ten year can
be even a little bit lower than that. So yeah,
you just go to the website to hit the apply now,

(29:05):
put in your REFI application. We'll get your quotes for
all of them. We'll get your quote for a ten
of fifteen to twenty twenty five. You got it, we'll
send it.

Speaker 3 (29:12):
We got a lot of questions about home equity lines
of credit. Again, it's the.

Speaker 2 (29:16):
Biggest thing right now and mainly because there are so
many people that refinanced, you know in twenty twenty one,
twenty twenty two, twenty three, when rates were down in
the twos and threes and fours, and they want to
be able to access the equity that they've built up.
Many people have one thousand, one hundred and fifty thousand,
two hundred thousand dollars of equities sitting there that they

(29:38):
can't use because they don't want to refinance their first mortgage.
But good news, you can use it. If you've got
a six forty score or better, you can do a
home equi line of credit with us. We have about
a dozen different banks that we work with. So even
if your yours is a little quirky, you know, like
if you're self employed and you need to use your
bank statement deposits to get a heelock, we can we

(29:58):
can do that. If you need to use is your
P and L, your profit and laws statements to get
to get one if you're self employed, we can do that.
Ten ninety nine's we can do for some of the
home equity lines of credit, so that allows you to
do a second mortgage. A lot of different ways to
do them. There's fixed rates, there's helocks, there's equity lines
where you can charge them up and down, and you
can do all of that. How do you find out

(30:21):
super simple. You go to the website that mortgage guide,
don spend five minutes filling out the refinance application, and
then Laura, our equity line whisperer, will contact you find
out you know, which what exactly how you plan to
use it. You know, are you gonna use it all
at once or you're going to spread out? You know,
you're fixing your house up over the course of a year,
and you want to be able to do repeated drawls

(30:41):
that kind of stuff. And then we'll put together some
quotes and send them to you. If you like them,
then we'll show you how to do it. Takes about
three weeks to get one finished and get your funds
in most cases, and I would say in about more
than half of them, we're not even having to do
an appraisal.

Speaker 3 (30:55):
Wow.

Speaker 2 (30:55):
Yeah, it depends on how much equity you have and
how high your scores are. But more than half. We
looked it up for the last quarter and sixty two
percent of the helocks we did had an appraisal waiver.
So a lot of times, you don't even need to
get your house appraised, which is super convenient. Great question,
Thanks for texting that into seven seven zero three to one.

Speaker 3 (31:13):
So this happened in India?

Speaker 2 (31:15):
Okay.

Speaker 3 (31:16):
What happened was an infant was left alone, unattended briefly
and bit a cobra snake to death.

Speaker 2 (31:23):
Wow yep.

Speaker 3 (31:26):
Not realizing the danger he was in, the curious tot
turned the cobra into a chew toy, which spelled its demise.
That would be the cobra. In the process of inadvertently
saving himself from the perilous predicament, Govita ingested a small
amount of the creature's venom, causing him to faint. Unfortunately
prompt medical treatment, but the boy on the road to
recovery with an amazing deal that would lightly fall likely

(31:48):
follow him the rest of his life.

Speaker 4 (31:50):
Yeah, that's awesome.

Speaker 2 (31:52):
Ake to death, they said, an infant for you to
have at least forteeth like to kill a cobra?

Speaker 4 (31:57):
Right, Sorry, my allergies are realize that the mic was on.

Speaker 3 (32:02):
That's okay.

Speaker 2 (32:03):
The well I've been to India?

Speaker 3 (32:05):
Yeah, yeah, did you ever did you see any stakes?

Speaker 2 (32:08):
I did a trip there in two thousand and seven.
It was an amazing trip and and I traveled all
around the place. But I will tell you something about India.
American kids are soft compared to Anya kids. You know
obviously by this cobra story. But I mean when I
was in.

Speaker 3 (32:23):
India, you know, I see you cobra.

Speaker 2 (32:25):
I'd see a moped with a family of five on it, right,
and a one and a half year old holding on
to the back of his mama, you know, going down the.

Speaker 3 (32:34):
Road started out with seven seatbelts nothing, I'm.

Speaker 4 (32:39):
Like, man, then out of so called lanes.

Speaker 2 (32:42):
Right, yeah, no lanes, no landmarkings. You know, infants kids
are like either do what you're told or I can't.
I can't explain it to you a kid.

Speaker 4 (32:51):
It's wild. It's wild too when you see like videos
of you know, cobras, who are you know, kind of
bowing up because the cobra is like, I don't know
where I am, what's going on? And then to see
the little kid just pick it up and do one
of those helicopter throws like into the forest, and you.

Speaker 3 (33:05):
Go, what, how how are they taught that?

Speaker 2 (33:11):
Like in Florida. If that story was in Florida, you know,
it would mean that somebody's cobra probably got out of
their cage, you know, or you know, was loose in
the house, and DCF would be called and all that,
But that just means the kid was probably sitting in
the car port and yeah, up came the cobra.

Speaker 3 (33:27):
Came to cobra, and it said, oh, this is fun.

Speaker 2 (33:30):
That's pretty amazing story.

Speaker 3 (33:31):
Though I know it's crazy, and I didn't enough to faint.

Speaker 2 (33:34):
I think, you know, I hear you can build up
your immunity to certain poisons if you take them in
small doses, you know, and a future really cool nickname
Cobra killer.

Speaker 3 (33:48):
If doing a helock in the home. If doing a
helock but the home is in need of major repairs,
how does that affect the appraisal? We only owe about
fifteen K. If the home was repaired, it'd be worth
three hundred and fifty. So there, Alma's got issues and
wonder what they are. I know there's some rules about
roofs and things like.

Speaker 2 (34:04):
That, but yeah, it depends.

Speaker 3 (34:06):
I mean, I got like buckets of water.

Speaker 2 (34:07):
It depends on what's wrong, you know, if it's something
that can be fixed, Like I'm working on home equity
line for someone right now they had gotten there, they
had lost their insurance because they had their insurance company
dropped them because they had a type of aluminum wiring
in their house. You know, it's an older house. And
they also had something called polybutle piping, which insurance companies

(34:28):
don't like. That's something that was put in homes in
Florida in the sixties seventies, but it's not allowed anymore.
And now that it's getting in thirty forty fifty years
old or more in some cases, insurance companies don't want
to insure around it. So what we were able to
do with them is I have a contractor that came
in and fixed up all the stuff ahead of time
before closing. It is roof down, yeah, and then we

(34:50):
got the inspections and everything done. We got the insurance
in place before closing, and then a closing, the contractor
got paid for all the work they had done. So
that's one way to do it. We can do that
with a roof, you know, if you've got a roof
that's leaking, we can do the work. You know. Basically,
we're going to get the loan going and get it
to where it's all the way clear to close, and
then once it's cleared to close, and I know, and

(35:10):
the contractor knows, and everybody knows it's going to close,
then we can get the roof done and finish three
or four days before closing. We do the closing, everybody
gets paid, bingo bango. You're in good shape. So that
may be a way to do it, depending on how
extensive the appair the repairs are. We need a minimum
of a six forty score for a home equity line
of credit or a second mortgage, and you can go

(35:32):
up to ninety percent of the value of your home
the loan to value ratios, and.

Speaker 3 (35:37):
It's worth three fifty and the only fifteen.

Speaker 2 (35:39):
Yeah, so your loan to value. It's god. The minimum
loan amount is fifty thousand. However, we've got it. We've
got That's the lowest that we can do. Anthony is
asking Anthony, great question.

Speaker 3 (35:49):
That wasn't Anthony, This is Anthony, Oh I was?

Speaker 2 (35:52):
I say, thanks for texting that into seven seven zero
three one, go ahead, Anthony.

Speaker 3 (35:55):
Anthony says, is Ryan Holmes really speaking to you about
getting a lazy river or is that just a bit?
I mean, I think it would be so fun to
have a lazy river. But then I questioned, how often
are you actually going to be in a lazy river?

Speaker 2 (36:07):
Well, let me ask you.

Speaker 3 (36:08):
Don't she use an elevation to make it move around?

Speaker 2 (36:11):
No, they got pumps for that. Oh I see yeah.
But so to answer that, I'm gonna ask ask Fritz
a question the other the other night when we were
at the trivia who was I? Who was I chatting
with over there?

Speaker 4 (36:24):
The King of Denmark?

Speaker 2 (36:26):
That's right, Ryan Holmes, And he was actually showing me
pictures of lazy rivers, and his lovely wife Christina was
there and she's like, we're not getting a lazy river,
And he said, I've got a dream. And I said
to Christina, no, is only a stop on the.

Speaker 3 (36:41):
Way to yess negotiation.

Speaker 2 (36:43):
I'm not going to answer your question. I'll just tell you.
You know, you make your own conclusions. But it was
an actual conversation that were having.

Speaker 4 (36:50):
You know, I have a feeling, just throwing this out there,
I have a feeling that Ryan Holmes and I will
be working together soon. I don't know on what. Maybe
we'll put together. I don'day a pilot for a TV show?

Speaker 3 (37:04):
How fun? I like that that sounds amazing.

Speaker 2 (37:07):
I want to be a fly on the wall for that.

Speaker 4 (37:09):
Yeah, me too, Me too.

Speaker 3 (37:13):
That sounds like a good time.

Speaker 2 (37:15):
You're listening to the Home Loans Radio show with that
mortgage guy Done. We're going to take a quick break.
We'll be right back after these messages.

Speaker 3 (37:22):
Hey, it's Sabrina from the news Junkie.

Speaker 4 (37:24):
Do you have a question for that mortgage guy down?

Speaker 3 (37:26):
Text him at seven seven zero three one No.

Speaker 4 (37:28):
Back to Home Loans Radio on real radio.

Speaker 3 (37:35):
I love it. I love it. You are listening to
Home Loans Radio with that mortgage guy done. Fritz, I'MMJ.
And we're here talking about mortgages and whatever else we
think of, cause you know, here we are doing this
like we do all the time, but today it is
the deuce of August.

Speaker 2 (37:55):
Doing what we do every single Saturday.

Speaker 3 (37:58):
And every single.

Speaker 2 (37:59):
Well you know, for over three hundred Saturdays.

Speaker 3 (38:02):
Lots of Saturdays.

Speaker 2 (38:03):
Welcome back, Welcome back. Thanks once again to all of
the readers of The Orlando Sentinel. I'm told we had
votes in the five figures. Wow of our best local
Orlando mortgage company.

Speaker 3 (38:14):
Thank you for all of you listening.

Speaker 2 (38:16):
Thank you so much, thank you, absolutely yeah, thank you
very exciting. Yeah, it feels humbling.

Speaker 3 (38:23):
Sure well and also not humbling, right like you know
you should feel like humble, but also yeah, give you
a little swagger.

Speaker 2 (38:30):
There you go, No, all right, there you go. Well
it just means we've got to keep doing a fantastic job.

Speaker 3 (38:37):
Yeah, yeah, yeah, you know, you get the crown, you
got to keep it. That's the tricky part.

Speaker 2 (38:42):
I'm just gonna keep on doing what I'm been back.

Speaker 4 (38:44):
Yeah, you got to keep it. And then you've got
to try to live forever.

Speaker 2 (38:48):
Well, that sounds ambitious. You see the story about the
man who won a twelve thousand, five hundred dollars settlement
from Google. Nope, nope, you'll never guess why got a
settlement from Google for twelve thousand, five hundred dollars. So
I'm going to tell you.

Speaker 4 (39:03):
Was this legal name Google Chrome?

Speaker 2 (39:06):
No? No, but that's that's a very good guess. No,
this happened in Australia. Apparently he sued them because he
got caught nude on the camera when the Google camera
goes around, you know, to video all the houses and stuff,
and he got caught nude in his window in his

(39:27):
front yard.

Speaker 3 (39:27):
Well, well, I don't understand.

Speaker 2 (39:29):
I know, I'm so confused.

Speaker 3 (39:31):
Live in the country.

Speaker 2 (39:32):
I was like, why are you nude in you're front
the yard? No? But it turns out that he had
a six and a half foot tall fence in his
front yard and the thing was mounted on a van
you know how they put that dome type thing up
on the top, and it was mounted so high that
it's all over his fence. Put a picture of his
business on Google Maps along with his address. Wow. Uh

(39:54):
and and and he won twelve five hundred dollars settlement
from them.

Speaker 3 (39:58):
He can buy some pants with.

Speaker 2 (40:00):
Yeah, that was my first thought. It's like, okay, I mean,
is it their fault that you were new in your yard?
But then I read about the fences.

Speaker 3 (40:06):
Yeah, I guess you have some expectation of privacy if
you have a fund.

Speaker 2 (40:11):
But it did make me think of you, Fritz, and
that picture of you out in your yard watering your
sunflowers in just a pea coat. As far as I know,
that's how you got to live your life.

Speaker 3 (40:21):
You got to live your life, you know, and if if,
if Google Earth needs to see you naked, sometimes, okay.

Speaker 2 (40:28):
There's a whole different animal.

Speaker 3 (40:30):
It's kind of like wearing a romper.

Speaker 4 (40:31):
If you think about it, it's just you know, so
when you can see your business easily, you know.

Speaker 2 (40:38):
Pulling upon my vast romper wearing adult experience. Uh, I'm
gonna say, huh, you're right, you're right.

Speaker 3 (40:46):
Here's someone who says, divorced almost three years ago and
need to refinance to get my husband.

Speaker 2 (40:51):
What probably off of the mortgage or off of this?

Speaker 3 (40:55):
Yeah, Like I feel like that that ship find of sales.

Speaker 2 (41:00):
Common thing is after your divorce, you got to get
one or the other spouse off of the deed or yah.

Speaker 3 (41:04):
To get my husband. Like, okay, I got to get
my husband off the deed. I am now seventy five
and no longer working and get turned down for mortgages.
Is reverse mortgage of possibility. I owe approximately one hundred
and twenty five thousand on a home worth over seven
hundred thousand.

Speaker 2 (41:18):
Yeah. Absolutely, that's going to be probably probably your only
option because you're not going to be able to qualify
for a regular forward mortgage with a mortgage payment because
we have to look at your income. It's based on
debt ratio, and a lot of times that can be
tough when you're just making it on retirement. But the
reverse mortgage is a way for a person that anyone
over sixty two can access equity from their home and

(41:40):
not have a future mortgage payment on it. You still
have to pay your taxes, your insurance, your HOA or
what have you. But as far you know, if you
need one hundred thousand dollars, you could borrow that money
on a reverse mortgage. It'll pay off your first mortgage.
So you'll be doing a loan of about two hundred
and twenty five thousand on a seven hundred whatever they
said the house.

Speaker 3 (41:59):
Was worth seven hundred.

Speaker 2 (42:00):
Yeah, and you won't have to make any payments on it.
The reverse mortgage works by instead of like a forward mortgage,
you get a certain amount of money and then you
pay it down every month till it's paid off. On
a reverse mortgage, you get a certain amount of money
and the payments the interest that a cruise is added
onto the total of the mortgage, so the mortgage goes

(42:21):
up over time. But you can stay there for as
long as you can live there, as long as you
want to live there, or until you're forced to move
out for health reasons or you pass away or what
have you. And then your errors can then either buy
out that mortgage or pay it off, or you can
sell the property to pay it off, just like any
other regular mortgage you know at that point in the future.
But this sounds to me like a definitely something maybe

(42:43):
the only way that you could do this, And a
lot of people don't realize that a divorce decree that
says you must do such and such or you must
finance this by such and such time, that's actually like
a court order. It's signed by a judge. It's a
legal thing, and it can be enforced. So you want
to make sure that you follow that easy, easy peasy
to get started. You can either set up an appointment

(43:04):
to come in the office and talk to me about it,
or you can go on the website and also fill
out there's a one page questionnaire that asks about twenty
questions on it, and with that information we can get
you a quote and send that back to as well
if you prefer to just get a quote in your
email or what have you. Great question.

Speaker 3 (43:20):
I feel like there's a story there is because this
person is seventy five and they got divorced three years ago,
so you think that like they got to seventy two,
and they're just like, you know what, I'm done doing
it mout.

Speaker 2 (43:31):
You imagine that, right, You're like, I've had enough and
I just can't take it one more day.

Speaker 3 (43:36):
Doing this my whole life and I'm out. Or maybe
it was a recent marriage. I don't know, I was
just scario, or maybe.

Speaker 2 (43:42):
New young life or just the got tired, or maybe
they just got married a year ago and it didn't right.

Speaker 3 (43:49):
They're just like, you know what, not for me?

Speaker 2 (43:51):
Yeah, I thought you were making that sweet, sweet money,
but it turns out you're just on Social Security and
you're trying to take my money and get out of here.

Speaker 3 (43:57):
For don't like watching you eat.

Speaker 2 (44:02):
Too soon and Jay too soon. You're listening to the
Home Loans Radio Show with that mortgage guy. Don. We'll
be right back at the top of the hour, Son
and back touday.

Speaker 3 (44:18):
No one can see future outside of day.

Speaker 5 (44:25):
Gee, hey, hey, hey, hey hey, welcome back to the
Home Loans Radio Show with that mortgage guy and Don.

Speaker 2 (44:43):
Love is the only thing we need. Just like you
said right there, Fritz on your new album that came
out last week, Stars Up, Lights Down. I've listened to
the whole thing again man, what a great album. I
really I'm really digging it.

Speaker 4 (44:56):
Thank you.

Speaker 2 (44:57):
I've had it. I've had it on play in my
car where everywhere I drive for the last few days.
So well done and thank you for your gift to
the world. You can find Fritz's music anywhere you find music.
You can also follow on Instagram at no Underscore Regrets,
Underscore Coyote. Welcome back to the Homelands Radio Show. You
can text in your questions to seven seven zero three

(45:19):
to one. I'm here with my crew. Good morning, MJ.

Speaker 3 (45:22):
Good morning, and.

Speaker 4 (45:23):
Mister Fritz Guten Morgan.

Speaker 2 (45:25):
Guten Morgan again, welcome back to the Homelans Radio Show. Yes,
what are we doing, MJ? What we got?

Speaker 3 (45:33):
We got Cochay. You know what else is happening today
in the United States of America?

Speaker 2 (45:38):
What else is happening?

Speaker 3 (45:38):
Well, in Chatown there is the La Lla Palooza Festival today,
ah and Thursday and Friday and tomorrow.

Speaker 2 (45:46):
That's an amazing music festival.

Speaker 3 (45:48):
Good I love to go, but I didn't go. But
you can watch it on Hulu. They have a watch party,
but you have to watch it live. That's so weird,
Like you can't go watch it tomorrow what happened today?
You have to literally watch it and then just disappears.
It's kind of exciting, though, well.

Speaker 2 (46:03):
That sounds like a ye, I'm gonna I'm gona have
in particular, you're looking to see.

Speaker 3 (46:07):
Yeah, I want to see Rufus Deasoul, looking forward to it.
It's gonna be a party, just me.

Speaker 2 (46:19):
A party for one, yeah for one.

Speaker 3 (46:22):
On the.

Speaker 4 (46:25):
How long is that show?

Speaker 3 (46:28):
The Hulu show lasts like all day and there's there's
actually because because La La is so many stages, and
there's two big stages on each side of the Grant Park,
which is so long.

Speaker 2 (46:37):
So long, it's probably a mile from.

Speaker 3 (46:40):
Stage, and then there's dozens of stages in between. So
the broadcast usually focuses on one side or the other.
There's two different broadcasts going on, so you have to
switch back and forth the whole time. It's like, ooh,
I went like last year it was like, oh, let
me see chaparone, let me come over here and say,
Megan is diet. But sometimes they're playing at the same time,
which means Hulu's broadcasting it all so at the same

(47:01):
time in two different feeds, so it's it's kind of
a thing that's fine.

Speaker 2 (47:04):
That started like at noon or two or something right
and go all the way till ten o'clock.

Speaker 3 (47:08):
Today's the third day, tomorrow's last day. So and I
have I forgot about it till Yesda And I was like,
because I usually like to watch.

Speaker 2 (47:16):
Make sure you're up to date on your Hulu subscription,
m Jay.

Speaker 3 (47:19):
You can also they have special things just for Lala.
You can do a free membership just for Lala. There's
something you can do that's free. And they also are
associated with your Disney membership. I just read that this morning.

Speaker 2 (47:31):
Well, that sounds very exciting.

Speaker 4 (47:34):
I can watch it when I get home.

Speaker 3 (47:35):
That you can, Yeah, you absolutely can, and you'll get
a feel of what Wala's like. It's so fun. I'm
feeling a little foam.

Speaker 2 (47:42):
I wonder, I wonder how hot it's going to be.

Speaker 3 (47:44):
It's so hot.

Speaker 2 (47:45):
Is it as hot up there in the Midwest as
it is here right now? I know it's been a
lot of the country has been suffering.

Speaker 3 (47:50):
With a pretty hot in the world.

Speaker 2 (47:53):
Welcome back to the Home Loans Radio Show with that
mortgage guy Don We're here doing what we do every
single Saturday. You can text in your questions to seven
seven zero three one. We still have time to get
them on the board and get them answered. But guess
what time it is now, am Jae? What time it's
time for the compare quote of the week. Just like

(48:18):
the jingle says, don't miss the boat, compare your quote?
What's that you say, Well, if you've already got a
quote from another mortgage lender company and you're wondering if
it's our bank, and you're wondering if it's any good,
and you want to find out for real, then you
just go to my website, that mortgage guy don dot com.
You get the button that says compare your quote, You
upload your quote. You don't have to tell me anything
about yourself. You tell me your credit score, you know

(48:38):
whatever they tell you your credit score is. I don't
need to pull your credit for a compare quote, and
I'll take a look at it and I'll tell you
within a short order whether it's any good or whether
it is a pile of garbage. I would say about
ninety percent of the time. Because we're a wholesale mortgage
brokerage as opposed to be in a bank or a
big retail lender, we have lower fees and lower rates,

(48:59):
and you know you're also mortgaging local, right, And you
know everybody says eat local, shop local, I'm saying mortgage local.
And oh, this is a good time to say thanks
again to the readers of The Orlando Sentinel for voting
US best local mortgage company. Much appreciated into all of
our listeners. These folks, this is a veteran. I'm a
veteran army veteran myself, and this is a veteran is

(49:20):
a VA cash out loan and he had gotten a quote.
He sent it over to me seven point five percent rate.
I knew as soon as I saw that rate that
was like super high. VA rates are not even anywhere
near that high. And he wanted to take out one
hundred thousand dollars for home improvements. I was able to owe.
The rate was seven point five and they were being

(49:42):
charged seven two hundred dollars in points for that, which
is also crazy because you're not allowed to charge more
than one point on a VA loan, so they wouldn't
have even been able to do it. But the sad,
you know, it's disturbing that they didn't realize they couldn't
do it. They didn't know the VA loans well enough
to know that they couldn't even do what they had
put on quote. I was able to get them a

(50:03):
rate of five point ninety nine.

Speaker 3 (50:05):
Wow.

Speaker 2 (50:05):
So they had a quote of seven point five and
I got them five point nine to nine. I mean,
that is a tremendous amount of difference. The discount points
were one thousand dollars, so that saved them six thousand,
two hundred on their closing costs, which meant in the
loan where they were going to get one hundred thousand back,
they actually got back one hundred and six thousand by
working with us, and it saved them four hundred and

(50:26):
five dollars a month. That's an incredible amount to save
by being it by just doing you know, taking what
two minutes and doing a compare quote at the website.

Speaker 4 (50:34):
That's crazy.

Speaker 2 (50:35):
So from seven and a half with seventy two hundred
dollars in cost to five point ninety nine with one
thousand in costs and this will save them over eighty
five thousand dollars over the life of the loan. So
that's a that's a big difference. So happy that they
reached out and compared their quote, and you should do
so too. It's absolutely free. You just go to the

(50:57):
website that mortgage gai don and hit the compare quote
button and we go from there in summary time for upgrades,
shiny and new. This quote's too high? What do we do?
Is your quote good? Or is it fair to find out?
You must compare? But they did. They are more happy
they did. They did avoid a deal. Quite crappy. Compare

(51:21):
your quote. Don't be a tater. Don't miss the savings
escalator play at Maestro. Sorry for the bad read. I
was laughing at my own writing.

Speaker 3 (51:37):
So there you go.

Speaker 2 (51:39):
You got to compare your quote. It's so easy. Do
it at the website. If you know somebody who's getting it,
even if it's not you. If you got a family member, friend,
somebody who's getting a quote, tell them, hey, it costs nothing,
go compare your quote.

Speaker 3 (51:50):
Do it.

Speaker 2 (51:50):
I will tell you more than half the time. That's
how we get to compare quotes. People that aren't even listeners.

Speaker 3 (51:56):
They always like my friend from work, don't we Yeah.

Speaker 2 (51:58):
Of course my friend's mom. No, you have to compare
your quote, so do a solid for your friends.

Speaker 3 (52:03):
There you go, Yeah, there you go. Here's someone that says,
I bought a house two years ago at a good
interest rate at a steep discount because a lot of
things inside need to be upgraded flooring, kitchen, pool, deck, paint,
inside and out, et cetera. I have perfect credit and
probably about two thousand in equity. Is there a return
on investment to doing all that stuff? Or should I
just sell it in a couple of years at a
discount and let the new owners deal with it?

Speaker 2 (52:27):
You said equity of how much?

Speaker 3 (52:29):
Two hundred two hundred thousand.

Speaker 2 (52:30):
Okay, and it's worth three h five And what are
the things that need to be fixed?

Speaker 3 (52:36):
I don't think we know how much it's worth.

Speaker 2 (52:38):
And what do they say need to be repaired?

Speaker 3 (52:40):
It seems like some of these things aren't well upgraded flooring, kitchen, pool,
deck and paint. Paint's not that expensive?

Speaker 4 (52:48):
No, I think if that's the flooring is in a
thing is lopsided, it says upgraded flooring, which might just mean,
you know, out out of style.

Speaker 3 (52:59):
You know there's there's I'm thinking you could invest some money.
I mean, I'm no expert, but I'm saying you could
invest some money in that and get you get some
money out, it.

Speaker 2 (53:07):
Could be problematic. The pool deck is the one that
worries me the most. If it's if it's cracked or issues,
you know, it's uneven. Those can be what they call
health and safety issues and can keep you from a
buyer from getting a mortgage on it.

Speaker 3 (53:20):
So just be slimy, yeah, or slimy, you.

Speaker 2 (53:24):
Know, slimy then you just you know, you need to
get a scrubbrush and some bleach or some uratic acid
and you can fix that right up. But uh, the
other one paint, you know, paintings. Paint's not that expensive.
I always recommend you paint your house before you put
it up for sale. It just it just makes it
in a different category of maintenance wise, I.

Speaker 3 (53:42):
Mean for investment on return. It seems like paints a
good one because you know, you invest not that much,
but it makes a huge difference for a buyer to
come in.

Speaker 2 (53:50):
Here's where here's where it can affect you if you
so when you're selling your house, the people buying it
are going to get an appraisal done right, and the
appraiser is going to rate your house condition level, and
the conditions are C one, C two, C three, C
four C five, C six, C six, we can't even
do a loan on it. It means the house is
so rough that, you know, we can't even do a
loan on it. It's got to be brought up to

(54:10):
condition to be able to get a mortgage on it.
C one is brand new construction, like no one's ever
lived there, no one's ever you know, spent the night
in there. C two is going to be houses that
are really really either you know, within two or three
years old or once okay, ones that have been completely remodeled.
It could be a C two, and then a C
three is you know, most everything updated, but not everything.

(54:34):
C four is starting to get more towards deferred maintenance.
The issue is, so let's say they decide your house
is a C four. That means the other comparables that
they're going to use to determine your value, they can
only use C four comparables. So that's going to bring
the value down, the appraised value down, So you got
to be careful with that. I would I would probably
do the deferred maintenance, but before putting it up for sale,

(54:55):
especially if it's a six hundred and fifty k house.
The people that are coming to look at that house
that are going to to be able to pay, you know,
three thousand to four thousand mortgage payment most likely, are
probably gonna want it to be turn key. You're pretty
close to it. If you don't do that stuff, you're
not going to get six fifty four it. It's going
to get a praise less because of its condition and rating.

(55:16):
So that that's a good question. Thanks for texting that
into seven seven zero three to one. But I would
I would spend the money because I don't think even research.
I've done a pool deck before and it was maybe
fifteen thousand. I don't think everything you're talking about is
more than twenty five thousand. You can get a home
equity line if you use the money, fix it up
with that, and then when you pay, you know, when

(55:37):
you sell the house, you pay off the equity line.

Speaker 3 (55:39):
And there are things you can do kitchen wise that
do not require gutting a kitchen, Yeah, you know, to
put You can paint cabinets, I mean you can get
them spray painted beautiful. You can do counter coverings that
are that are that are done aftermarket that are pretty good.

Speaker 2 (55:54):
Yeah, you could get spray like a spray enameling of
your counters. You can you know, there's ways to spruce
up a kitchen for under five ten grand. You can
get a you know, new new stovetop and you can.
You can really spruce up a kitchen pretty quick without
doing the whole remond. The thing is, you want it
to look in good order and tidy. But if it's
in a dated kitchen, the people moving in are probably
going to redo it anyway, you know, So you do

(56:17):
enough to get it sold and have it at the
right condition level for the appraisal, so it gets compared
to other properties that are worth six fifty and not
ones that are worth five fifty.

Speaker 3 (56:25):
Same with the floor, Like you don't want to make
a big investment in a floor. Maybe your buyer you know,
might not.

Speaker 2 (56:30):
Like, but no you don't. Yeah, I don't know, I
would spend a lot. Like if you've got old carpet
or whatever, that's just you know, that might be something
you replace, but it may not be the taste of
the new people buying it. So carpet is not really
something that affects the condition as much as deferred paint
and deferred maintenance is what I'm talking about. Carpet is considered, like,
you know, something that's going to have to get replaced.

(56:51):
Great question, Thanks for texting it into seven seven zero
three one. That's how you do it.

Speaker 3 (56:55):
Here's someone who's gonna looks like they're going to inherit
at home. Sorry about that, with a loan of about
one hundred and eleven thousand on it. What are their options?

Speaker 2 (57:04):
Well, it depends on whether it's just you. You know,
if you're one person and you inherited it and you're
the full decider, you know, and probate is finished and
all that, and the title is in your hands, you
can decide lots of things.

Speaker 3 (57:17):
Well, they haven't inherited yet, they're going too soon. The
parent is sick, is on you know, so is there
something that could happen now that could make that easier
for them?

Speaker 2 (57:29):
It depends on the circumstances. It depends on You have
to worry about a couple of things. You know, your
parent is still living and capable. They could put you
on the title now. But you also want to check
with your tax professional because that can affect depending on
how a long they've owned the house, It could affect
capital gains taxes for you. If you intend to turn
around and sell it. If you intend to own it,

(57:50):
live in it, or you know, take over the mortgage
or what have you, then that can be less important.
But you definitely want to make sure you don't have
tax consequences from it. But having yourself on the prior
to them passing means that it doesn't have to go
through probate in most cases. I'm not an attorney, get
you know, get legal advice if you need legal advice,
but in most cases that that may be a thing

(58:10):
to consider. But you have to be careful about the
capital gains tax and something called the step up, which means,
let's say your parent bought the house in nineteen twenty
two for a nickel, you know, and now you sell it.
You know, you're on the deed and you at the
time that day pass and you inherit it and you
sell it without it going through probate.

Speaker 4 (58:29):
I got robbed.

Speaker 2 (58:31):
Then you would be paying capital gains tax on the
difference between what your parent paid for it and what
you paid for it. But if you inherit it through probate,
then you would only have to pay based on the
difference of when you inherited it to when you sell it.
So there's and they're talking about changing those rules too,
so I don't know how long that's going to be
in place. But great question. Did I answer? Did I

(58:52):
answer all of it? You think I'm jahn? Okay, great question.
Thanks for texting that into seven seven zero three one.
If you want to have a conversation about it, I'm
more than happy to chat people. You just go to
the website that mortgage guy. Don send me an email.
We'll set up a time to chat. It's it's always easier.
I'm on the phone ninety percent of the day, so
if you if we set up a time, then that's
a lot easier to connect. Great question. Thanks for texting
that in. We'll be right back for the final segment

(59:15):
of today.

Speaker 1 (59:15):
Do you have a question for that mortgage guy? Don
text us at seven seven zero three one. Now back
to Home Loans Radio on Real Radio.

Speaker 4 (59:25):
Oh yeah, it's always fun getting a surprise visit from
the Angel of Boom.

Speaker 2 (59:32):
Angel of Boom Angel.

Speaker 4 (59:34):
Well, that guy, you're listening to Home Loans Radio right
here on Real Radio one oh four point one with MJM.
Fritz and that mortgage guy.

Speaker 1 (59:42):
Don.

Speaker 4 (59:44):
You guys, you guys know what's coming up?

Speaker 2 (59:45):
Right, The big poker tournament's coming up? Is that what
you're talking about?

Speaker 4 (59:49):
That's right. Our annual Real Radio Texas Hold Him Charity
Poker Tournament, presented by Injured on the Go just call
Mode dot com is happening August sixteenth, And whether you
are going or not, that's besides the point. You can
still raise money for the Mustard Seed of Central Florida.
If you and your business want to help, you can
be donating a prize or service for our silent auction.
Get the details on how to donate at Real Radio

(01:00:10):
dot fm slash Poker because it's possible because of that
mortgage guy.

Speaker 2 (01:00:15):
Don There you go, There you go. Welcome back to
the Home Loans Radio show. Yes, we are sponsoring the
Home Loans Radio casino. I believe they still have some
tickets available for that. The poker sold out like in
a snap. I was really surprised. Hundreds of seats so fast. Yeah,
that's going to be fun. That's two saturdays from today
if I'm doing the math right, Yeah, the sixteenth, I'm

(01:00:38):
excited about it. You gonna try and win again this year? MJ.

Speaker 3 (01:00:41):
Sure.

Speaker 2 (01:00:45):
You always fly very under the radar. People. People don't
find you threatening me. Everybody's like, you know, because because
I'm a past winner, humble brain, people are you know,
they're they're like more they're trying to beat me. You know,
they want me to They're rooting for me to fail.
For you. They're all like, ah, I don't have to
worry about her.

Speaker 3 (01:01:06):
I feign that I don't know the game. People help me.
It's it's fun.

Speaker 2 (01:01:09):
Yeah, I've seen you do it all the way to
the final table. Yeah.

Speaker 3 (01:01:16):
I just I just try to stay under the radar.
And people are like, oh, hold m I will and.

Speaker 2 (01:01:22):
Uh John Busdecker has won two years to one, back
to back heres and everyone I know says that if
he looks like he's going to win again, we are
going to No, We're just gonna like tie him up
in the bathroom or something, you know, and it's time
for the final table so he can't make it back
and he gets disqualified.

Speaker 3 (01:01:41):
We didn't win last year.

Speaker 2 (01:01:42):
No, no, neither did I. But that's exciting. We're going
to be there and it's going to be a blast.
I'm looking forward to it. That is a week from Saturday.
If you still want to come and watch all the festivities,
joining the casino fun. It's for great charity, as as
the man said, mustard seed, and it raises a lot
of every years. It's a good cause for a good reason.

Speaker 3 (01:02:04):
All right, there you goke it.

Speaker 2 (01:02:07):
Guess what time it is, MJ. Guess what time it is? Fritz?

Speaker 3 (01:02:12):
Yeah?

Speaker 4 (01:02:13):
Is it time for that speed round?

Speaker 2 (01:02:14):
Though? It's time for the speed round?

Speaker 3 (01:02:19):
All right.

Speaker 2 (01:02:20):
That's where I'm Jay's gonna ask me a bunch of
the questions we haven't gotten to so far today, and
I'm gonna try and answer them real quick. If you
need a deeper dive answer, or we didn't get to yours,
it doesn't mean I didn't want to go to the website.
It just means we ran out of time. Go to
the website or hit me up on Instagram at that
mortgage guide Don and you can reach me there. I'll
answer them. After the show.

Speaker 3 (01:02:40):
My Love Company reached out to offer a REFI and
I want to see if my quote is good. How
do I do it?

Speaker 2 (01:02:47):
Well? You go to my website, that mortgage guide don
dot com and you hit the button says compare quote.
You upload the PDF of your quote. You tell me
your credit score. I will look it over and tell
you if it's any good. I can tell you a
lot of times. The servicer meaning the person you're paying
your mortgage payments too. I'd say ninety nine percent of
the ones that I've seen, they don't offer you the
best rate in the land. You know, they make money

(01:03:08):
by you paying them interest, I think, so offering to
let you pay less interest, you know, to keep you
from refinancing, they will do. But taking it all the
way down to the lowest rate that is out there,
they often won't do. So compare your quote on those
for sure.

Speaker 3 (01:03:21):
I'm looking to do an FAHA cash at loan, but
I had a late mortgage payment in December of twenty
twenty three. Will that be a problem twenty three?

Speaker 2 (01:03:30):
Yep, No, that's You're fine. You're allowed one late payment
on a mortgage in the last twelve months on an
FHA loan, so twenty twenty three, they're not even worried
about that as long as your score is rebounded from it.
Because when you get a thirty day late on a mortgage,
your score willdrop about one hundred points, but it should
have rebounded by now unless something else happened, and late
means well thirty day is late. You know your mortgage

(01:03:50):
to do on the first, most are But if your
mortgagees do on the first, you know, if you pay it,
don't pay it before the fifteenth, you'll get a monetary
late payment penalty that doesn't show up on your credit score.
Once you go thirty days past your mortgage payment, then
it's going to show up on your credit and it's
gonna smack the crud out of your score. You're gonna
lose about one hundred points.

Speaker 3 (01:04:08):
All right, that's bad.

Speaker 2 (01:04:09):
Yeah.

Speaker 3 (01:04:10):
On a refinance or helock loan, or they're out of
pocket cost and is one closing costs more than the
other for a refi or helock, which is which is
more expensive.

Speaker 2 (01:04:20):
Out of pocket? Was the question? Out of pocket cost?
Normally on either one a home equity line or which
was a second mortgage or a first mortgage you know,
cash out refinance you're gonna have.

Speaker 3 (01:04:32):
The question is what are the out of pocket costs?

Speaker 2 (01:04:34):
Oh, yeah, you're gonna have. The only out of pocket
costs you're gonna have is for your appraisal if you
need one. That usually runs about five or six hundred dollars.
But I will say on helocks six out of ten,
we're not even needing an appraisal. We're getting appraisal waiver,
so you might not have any out of pocket on
a helock. Closing costs in general are gonna be higher
on a mortgage because they're a percentage of the loan

(01:04:55):
amount typically, so helocks tend to be smaller, and you know,
cash out refinances tend to be bigger, so you're going
to have more closing costs on a refinance.

Speaker 3 (01:05:02):
What is the going rate on a fifteen year loan
right now?

Speaker 2 (01:05:06):
Well, it depends on a lot of factors. You know,
your score being one that's the most common one that
people think about once. They don't think about are the
loan to value, meaning what percentage of the property you're borrowing.
So like if you're borrowing, like if your house is
worth four hundred and you're only borrowing worth two hundred,
that's a fifty percent loan to value, So you're going
to get a pretty good rate on that. And then
once you get above sixty five percent, it goes in

(01:05:28):
five point increment. So sixty five percent to seventy is
one rate, seventy to seventy five is another rate, and
so on. And then also it depends on the type
of property. Is it a primary residence, is it a
second home? Is it an investment property? But you know,
if you're let's say you're buying a primary residence with
twenty percent down and you got a seven to forty
credit score, you could potentially have a rate in the

(01:05:50):
fives right now. You low six is on a conventional
loan in the fives for a VA or an FHA
if you're really well qualified.

Speaker 3 (01:05:59):
All right, for a riddle, here we go. I am
a mother and a father. Congratulations, But I've never given birth.
I'm rarely still, but I never wander what am I?

Speaker 4 (01:06:15):
One more time?

Speaker 3 (01:06:16):
I'm a mother and a father, but I have never
given birth. I'm rarely still, but I never wander what
am I rarely still?

Speaker 2 (01:06:26):
Is it like a oh, this sounds like a a
question having to do with biology? Maybe No. Is it
like a plant or a tree?

Speaker 3 (01:06:37):
Yeah, yep, it's a tree. Nice.

Speaker 4 (01:06:41):
All right, I'll give you your.

Speaker 3 (01:06:46):
Not one. If you're not thinking about it, you know,
you have to really kind of think about it that way,
and if your brain goes there, then it seems if
you're thinking about it.

Speaker 2 (01:06:54):
Yeah, I'm thinking The reason is because yesterday I was
in my mulch bed going out all these little baby
oak trees that's still attached to a chorus. Okay, so
you know local knowledge. There you go. Well, folks, you
did it. You successfully wiled away in another ninety minutes
of your Saturday listening to us right here on Real
Radio one oh four point one. Once again, thank you

(01:07:15):
to all the listeners of the Orlando Sentinel that voted
for us for best local mortgage company. We are grateful,
Thank you so much. Play us out of here with
something cool. Fritz Hie.

Speaker 3 (01:07:25):
Oh you should listen to me. No, you can find you.

Speaker 4 (01:07:31):
You clag your.

Speaker 2 (01:07:50):
Y.

Speaker 1 (01:07:54):
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