The Home Loans Radio 05.03.2025 with That Mortgage Guy Don- May is here And the summer buying season is here and now!

The Home Loans Radio 05.03.2025 with That Mortgage Guy Don- May is here  And the summer buying season is here and now!

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 and
welcome to the Home Loans Radio show with that mortgage
guy Don. That's right, that's me. I'm here doing what
I do every single Saturday. I'm a mortgage expert. I'm
here with you and with my crew. Good morning, MJ.

Speaker 3 (00:28):
Let's go.

Speaker 2 (00:31):
Go, MJ. That's my day.

Speaker 3 (00:33):
Everybody keeps saying that everywhere.

Speaker 2 (00:34):
You don't like it.

Speaker 3 (00:36):
It's not my favorite. So tell me when you think
it would be the most awkward to say.

Speaker 4 (00:40):
Let's go.

Speaker 2 (00:41):
That's a good that's a good topic. Good morning, mister Fritz.
Can't get rid.

Speaker 4 (00:46):
Of me.

Speaker 3 (00:49):
Let's go, not that anyone would ever try.

Speaker 2 (00:52):
Let's go? Where would you? So you're not a fan
of the phrase, No, I just hear.

Speaker 3 (00:56):
It everywhere, now everywhere, let's go.

Speaker 2 (01:00):
It's time to sally forth? I think that would you
rather that?

Speaker 3 (01:05):
Sure?

Speaker 2 (01:06):
Shall we? Andiamo? That's my favorite?

Speaker 3 (01:14):
Okay, all right?

Speaker 2 (01:15):
But yeah, like when is a bad where? When wouldn't
you want to hear let's go.

Speaker 3 (01:19):
Well, last week, somebody told us at the start of
this that you wouldn't want to hear it when you're
hooking up with somebody.

Speaker 2 (01:25):
Oh wow, yeah, there you go. What about when you're
about to give blood.

Speaker 3 (01:32):
I don't know. Maybe it works.

Speaker 5 (01:35):
Yeah, I wouldn't mind hearing it.

Speaker 3 (01:36):
Yeah, I think it works. Is celebratory. Yeah. Yeah.

Speaker 2 (01:40):
On my way yesterday somewhere, and I saw the bloodmobile
over at the Walgreens, and I did not shout, let's go.
I went on to where I was already going. But
you should give blood. It's very important.

Speaker 5 (01:50):
I like walking inside when you know those those things
and just looking around for the snacks and going you
just have snicker doodles and oatmeal. Reason, I'm out out.
I'm not giving my blood to not get a chocolate
chip cookie. You know what I'm saying.

Speaker 3 (02:05):
You want my blood? You don't even have chocolate chips
in your cookies.

Speaker 5 (02:09):
Yeah, there's nothing, nothing wrong with snekerdoodles or oatmeal raisin.

Speaker 3 (02:13):
I'm a lot wrong with snakers. I don't even know
what it is. Some cinnamon on it.

Speaker 2 (02:18):
That's a silly name for a cookie. By the way,
it doesn't tell you what's in it, chocolate chip. You
know what you're getting.

Speaker 3 (02:24):
But tell us, Fritz, what were you gonna say?

Speaker 2 (02:26):
No?

Speaker 5 (02:26):
Sorry, I was just saying I'm of the slim majority
that like oatmeal. Reason, huh, I'm not gonna give my
blood for it.

Speaker 2 (02:32):
Though.

Speaker 3 (02:32):
I like the oatmeal, just not the raisin.

Speaker 2 (02:35):
See all of those cookies tell you what's in them.

Speaker 3 (02:37):
Yeah, that's true, except the Snickerdoodle. The Snickerdoodle does not
have Snickers in it. And I always think it will
have Snickers in it, and it does not. It's just
a blonde cookie with some cinnamon on it. I'm not
a fan.

Speaker 2 (02:48):
Huh. Well, maybe it doesn't sound so good when you
say blonde cookie with some cinnamon on it, so they
had to jazz it up. Right there, you go. Welcome
to the Home Loans Radio Show. We're here doing what
we do every single Seaturday, live right here in the
month of May. Can you believe it's May? It's May.
Let's go, May, Let's go. We're here doing what we
do every single Saturday. You can text in your questions

(03:09):
to seven seven zero three to one, or your comments
or your solutations. We are here doing it live, the
only live show right here on Real Radio one to
four point one on Saturday mornings.

Speaker 3 (03:19):
Here's what Lazy says at a funeral before they lower
the casket.

Speaker 2 (03:22):
Oh wow, that's got.

Speaker 3 (03:24):
You're right, that's awkward. I love it.

Speaker 2 (03:27):
How can we miss you? If you won't go there,
you go welcome. You can also check in at the
website that mortgage guy don dot com or check us
out on Instagram at that mortgage guy Don on Instagram.
Please like and follow her up to U nineteen hundred
and sixty five I think nineteen hundred and sixty five followers.

Speaker 3 (03:50):
What Yeah, trying to get to two thousand, gets two thousand.

Speaker 2 (03:53):
I know that's the goal. Help us follow me.

Speaker 3 (03:54):
At that mortgage chedule. I don't know.

Speaker 2 (03:56):
Oh, I don't know. I don't want to put I
don't want to put rules on it.

Speaker 3 (04:00):
I don't want to put limits, expectations.

Speaker 2 (04:03):
No limits. Here, I'm saying, let's go.

Speaker 3 (04:05):
All right, let's go.

Speaker 2 (04:08):
Sorry, Uh yeah, you surgery prep, that's got.

Speaker 3 (04:14):
Yeah. You don't want to hear your surgency.

Speaker 2 (04:15):
You don't want to hear your count back from one hundred.

Speaker 3 (04:19):
That's got. Yes. Here's so what it says Sneaker Doodle
cookie is false advertising. I agree, I expect there to
be snickers in it. They're not, like.

Speaker 2 (04:29):
Maybe it describes what you're supposed to do afterwards, you're
gonna snicker and doodle draw some Look I'm trying hear him.

Speaker 3 (04:39):
Jack, that needs to be a THC cookie that.

Speaker 2 (04:41):
Oh, well, there you go. Welcome to the Home Loans
Radio Show. Your text us talk about anything. What do
you want to know about? What do you want to
what do you want to talk about?

Speaker 3 (04:49):
Mortgages?

Speaker 2 (04:50):
Mortgages? Probably, well, there you go. Let's talk about mortgages.
What's going on in the world of mortgage news and
the mortgage rates us? Please, they're they're good. Oh, they're
doing good. We've had some ups and downs lately, but
it tends to happen that when the stock market is
a little bit rocky, that that's better for mortgage rates.
And that's what we've been saying. I'd say, last five

(05:11):
six days in a row, we've been kind of trending
downwards a little bit lower on the rates we're seeing.
I locked a few, you know, for the most well
qualified people around the six and a quarter six point
three seven five is the lowest I've seen on a
thirty year but FHA and vare down into the fives.
You know, a couple of years ago we were up
to eight percent, So we're definitely moving in the right
direction on that.

Speaker 3 (05:31):
So when you lock it, that means that person gets
that rate.

Speaker 2 (05:34):
Yes, you lock in a rate. Yeah, it depends on
whether it's a purchase or refinanced. But if it's a purchase,
it has a set date on the contract and you
lock it through that date. I see, that's it. You
think that's all the mortgage news I have.

Speaker 3 (05:50):
Well it's nine oh six everybody.

Speaker 2 (05:52):
Yeh, all right, good night, everybody. Welcome to the Home
Loans Radio Show. We're here doing what we do every
single week. What do you got for me? I'm jay.
What are we going to talk about today?

Speaker 3 (06:06):
Well, here's somebody who says the Snickers candy was actually
named after the candies creator's horse. They learned that from
Brian Holmes.

Speaker 2 (06:14):
Well there you go, all right, are there Snickers and Snickerdodles?

Speaker 3 (06:18):
No, that's the whole That's why they're so wrong. It's
just cinnamon. It's just ridiculous.

Speaker 2 (06:25):
You sound disgusted with.

Speaker 3 (06:27):
This, jam I was, so they're so overhyped. I'm like, yes,
I have a snooter that sounds fantastic, magnificent and no,
just the sugar crease.

Speaker 2 (06:36):
I was really excited about the Orlando Magic being in
the playoffs for a minute.

Speaker 3 (06:40):
That was exciting for a minute.

Speaker 2 (06:41):
They did win one game, so we've got next year.
We got next year to hold out for.

Speaker 3 (06:45):
It feel like we are hopeful for next year.

Speaker 2 (06:47):
I think I blasted out of the playoffs that last game.
It was like one nine to.

Speaker 3 (06:51):
I mean, do you mind, though, I mean, it just
seems fair, just like do it. Just do it with
a resounding, you know loss, Just give up, just take
the hope right out of it so we can all
just move on to next year.

Speaker 2 (07:03):
Well, there you go, hope removed, removed. There's always next year.

Speaker 3 (07:07):
I mean, the Celtics are a really good team. Yeah, yeah,
so it seems fair that they spanked us.

Speaker 2 (07:13):
Well there you go. You heard it right here first
from Sports Jay.

Speaker 3 (07:17):
That's right.

Speaker 2 (07:18):
We'll text your questions into seven seven zero three one
and we'll talk about them. And uh, here we are
in May. We get to I wonder forever going to
get rain again? Does it seem like we're going to
get rain again?

Speaker 5 (07:29):
I don't think we had a single drop that fell
in April.

Speaker 2 (07:32):
It's a sure I would, at least not at my place.

Speaker 3 (07:35):
It's absurd. I really missed the rain.

Speaker 2 (07:39):
Should write a song about it.

Speaker 3 (07:40):
I know it's sad.

Speaker 2 (07:42):
Are you only happy when it rains?

Speaker 3 (07:44):
I just missed the rain.

Speaker 5 (07:45):
Has anyone ever seen the ring?

Speaker 3 (07:47):
Anyone ever seen the ring?

Speaker 2 (07:49):
I've seen it mainly on the planes.

Speaker 3 (07:51):
What's the Milli Vanilly song? Fritz?

Speaker 5 (07:54):
Blame it?

Speaker 3 (07:56):
No, the one about the rain.

Speaker 5 (07:57):
Can blame it.

Speaker 3 (07:58):
Blame it on the rain.

Speaker 2 (07:59):
Yeah, blame it.

Speaker 3 (08:00):
Lame it on the rain. Blame I blame all my
my dying plants on the lack of rain.

Speaker 2 (08:07):
You can to water them. Oh there's a thing like
a hose or a bucket or a cup peeko out
there in the water.

Speaker 3 (08:14):
Text in your mortgage questions is seven seven zero three one.
We want to know what you're thinking about. Some people
are doing it. Here's someone who says, I'm interested in
a heelock, but I have questions. What does a ten
year draw term mean? How long do I have to
repay it? I'm going to news? And how long can
the payments be stretched out for?

Speaker 2 (08:33):
So you didn't nail that one in ten here a
ten year draw period, like on a helock, which is
a home equity line of credit, that is a loan
that you can you know, you take an initial draw
and then you can pay it down and draw back
on it and pay it down again, or pay it
down halfway, or you can you can like you can
do one hundred thousand dollars equity line and take out
fifty thousand of it and leave you know, the rest

(08:54):
sitting there to use as you need it. The draw period.
So when you have a home equity line of credit,
there's gonna be a certain number of years where you
can do that, where you can draw on it, pay
it up, pay it down, but at some point you
got to get serious and start to commence to paying
it off.

Speaker 3 (09:08):
I see.

Speaker 2 (09:09):
So the draw period is how long you can draw
up and.

Speaker 3 (09:11):
Down on a lot of that money is available to you.

Speaker 2 (09:13):
And then usually the repayment period is a twenty year period.
So then they'll so instead of they'll make it so
you can't do any more draws, and now you've got
to pay it off, and they split it into two
hundred and forty payments. Typically some will do more, some
will do with twenty five years or less. You know,
you go a ten year or fifteen year on those helocks.
All right, so that's what the draw period means. Great question.

(09:34):
Thanks for texting that into seven seven zero three to one.

Speaker 3 (09:38):
Yes, thank you, Hi Don We have excellent credit.

Speaker 2 (09:41):
Congratulations, that's so good.

Speaker 3 (09:43):
And we have paid off our house last year. Our
twenty six year old is still in college with only
a part time job. Is there an option to buy
a home near the college in Miami? We could use
about eighty k of our retirement to help. Can he
buy a home? Now?

Speaker 2 (09:56):
Yeah, that's that's a good question. We see a lot
of these, a lot of people do that in the biz.
In the biz, we call them kitty condos or what
you want to call it, kitty condo. But yeah, if
if they are an adult, they have to be eighteen,
you know, and I'm assume they are, if they're going
to college, and for the most part, then you can
buy it and put them on the loan. They don't
have any income or anything. They have to have the

(10:17):
credit score to be on the loan, So they got
to have a decent credit score. So one of the
things you got to make sure and do is build
up that credit for them. You know, when they turn eighteen,
you can start building up the credit by putting them
on as an authorized user on your credit cards and
so forth. And then when you get ready to actually
do that loan, then you're on it and we use
your income and credit for the main portion of qualifying

(10:39):
for the loan, and then your child, you know, your
adult child would also be on there. The reason for
that is later if they wanted to live there, then
it could be put into their name because they're already
on the loan and there would already be on the
title even though they didn't qualify for it. But it
works really well because it allows them to to get

(11:00):
on there and be part of the home, and you
can also then they can do the homestead in their name.
So it works really well. We do those all the time.
I'd say I probably see five or ten of those
a month, but it's good. And then the other thing
that it also does for them is it gives them
mortgage credit early in their credit history.

Speaker 3 (11:20):
Here's someone who says, can you close on heelock without
an hoa Do statement?

Speaker 2 (11:26):
Probably not, because an Hoades statement tells the underwriter and
the lender, you know, how much your total housing amount,
your total housing payment. That's how we figure out the
debt ratio. So part of your payment, part of your
monthly payment of your house is whatever the HOA is,
or it could be an annual payment, could be a
monthly payment, but that that helps inform the debt ratio.

(11:49):
So yeah, we're definitely going to ask for that. We're
going to need something that documents what the HOA, what
you're paying to the HOA, what you're required to pay
to the HOA. It's not that hard to find. Usually
you can go to the HOA themselves. Usually they keep
records of it, or they you know, they have statements
or they have something where they can show how much
you have to pay or how much you're supposed to pay.

Speaker 3 (12:07):
What if you're behind on your HOA, does that affect
what you can qualify.

Speaker 2 (12:11):
For if you if you get far enough on your
behind on your HOA, you know, then they can foreclose
on you in most cases. Yeah, that's part of the
part of the plan unit development piece of an HOA,
what they call a PUD writer, which is what describes
the covenants and rules of the of the neighborhood. So yeah,
you don't want to get behind on your hoa do
so you can. You can get mad and refuse to

(12:32):
pay them, but at some point you know they're going
to take you to court and they can potentially foreclose
on your house. You're usually going to want to work
that out with them before you get to that point.

Speaker 3 (12:39):
You know what tomorrow is? I think Sunday, May fourth,
May May the fourth be with you.

Speaker 2 (12:44):
May the Fourth be with you. It's a Star Wars thing,
I'm aware.

Speaker 5 (12:49):
Yes, today is also a naked gardening day. That's what
Darcy told me this morning.

Speaker 2 (12:55):
Thank you naked garden.

Speaker 3 (12:57):
Yes, it's tough for mosquitoes, but it's good for ADAM
and D absorption in your body.

Speaker 5 (13:02):
Yeah, I bet it is.

Speaker 2 (13:04):
I don't think it's tough for mosquitos.

Speaker 3 (13:05):
I mean the mosquitoes are having a field. They're like, yes,
thank you.

Speaker 2 (13:09):
You do you garden naked? Fritz?

Speaker 5 (13:11):
Oh yeah, of course, I've.

Speaker 2 (13:12):
Seen pictures of your gardening in the pea coat.

Speaker 5 (13:15):
Yeah, I was naked underneath that thing.

Speaker 3 (13:18):
I'm gonna I'm naked under all my clothes.

Speaker 2 (13:20):
Yeah, you're what was it that you were telling me
this morning? You're either naked, you're you're either the person
backyard naked, or you're the person gardening.

Speaker 3 (13:29):
You're either gardening naked, or you're.

Speaker 2 (13:31):
The people watching the person garden naked naked. People. There
you go. You are listening to the Home Loans radio
show with that mortgage guid Don text into seven seven
zero three one will be back right after these messages. Hey, hey, hey,
it's that mortgage guide. Don May is here. In summer
is right around the corner. Get your home ready for
all the summertime fun before the tempts get up into

(13:53):
the nineties. My house is already feeling cool and quiet
thanks to my windows from Renewal by Anderson. These are,
by far are the best windows I've ever had. They're
made right here in the USA with Anderson's exclusive Fibrex
composite material, which is twice as strong and lasts twice
as long as vinyl. Renewal By Anderson's windows and doors
are designed to keep homes comfortable year round, reducing energy

(14:13):
bills and insulating you from the outdoor weather and noise.
If you're in the market for new windows or doors
and you appreciate style, durability, and five star installation and service,
do what I did and call Renewal by Anderson Today.
Tell them that mortgage guy Don said to call. Ask
about the May Special Window of Opportunity Savings event where
you can buy two windows or patio doors and get

(14:33):
the third sixty percent off and up to twelve months
no interest financing restrictions do apply. Get all the details
at the website today Best Windows Florida dot com. That's
Best Windows Florida dot com. License number CGC one five
two seven sixty one three.

Speaker 5 (14:48):
Hey, this is Deva Roberts from the Jim Culbert Show.

Speaker 2 (14:51):
When you're listening to Home Loans Radio on real Radio, now.

Speaker 5 (14:55):
Back to the show with that mortgage guy Don.

Speaker 3 (14:59):
You are listening to Home One's radio, that mortgage guy
Don tell us, ask us your mortgage questions, tell us
your mortgage stories.

Speaker 2 (15:09):
Okay, what you got, Let me tell you a mortgage story.

Speaker 3 (15:12):
Tell me a mortgage story.

Speaker 2 (15:13):
There you go.

Speaker 3 (15:14):
What's upon a time? Here's someone has a mortgage story.
I got divorced two years ago. My wife never refinanced
the van we had together. The van, the van all right,
and she only made one payment on time. Can I
get it removed from my credit to qualify for a mortgage?

Speaker 2 (15:34):
Probably I don't know. Well, if it depends on the
divorce Yeah, it depends on how the divorce papers are written.
Like if it says that you know, who's responsible for
the payments on it. If it says that she's responsible
for the payments on it in the divorce decree, then
I can ignore it. The underwriting people can ignore it
if it's been if it's being paid. But if it's

(15:57):
not being paid, then that can be a little bit dicey.

Speaker 3 (15:59):
But she's never made only she's only made one payment.

Speaker 2 (16:02):
On time and it was two years ago and they
haven't come to get that car yet. Yeah, I guess,
or only made one payment on time. Yes, laid, Well,
there you go. If the payments are being made, you know,
and it states specifically in the divorce decree that that
van or that vehicle or you know, it can be
a house, it can be whatever. When you get divorced
and they're doing the what do they call it, the

(16:23):
separation agreement, that marital separation agreement, they describe usually who
gets what, and who's responsible for this bill and who
pays the visa card and who gets the house and
all that. So if it's spelled out in there, that
it's not yours, then we've got a good chance of
getting that ignored as far as a late payment on
the underwriting. But if it's affecting your credit score, we
can't do much about that. So you still need to

(16:44):
have the credit score over five to eighty for that
to work. Great question. Everybody, you're listening to the Home
Loans radio show with that Mortgage Guy Don, we're right
here on real Radio live doing what we're doing. You
can text into seven seven zero three to one. You
can also go to the website at that Mortgage Guy
Don or follow me at Instagram at that Mortgage Guide Don.

Speaker 3 (17:04):
Big Mark from Bombay says, good morning, Don, I'm Jan
and Fritz. There is no question this this morning. I
just want to thank you and wish Don and belated
happy birthday. I hope you enjoyed your day. I want
to thank you for all the information you provide every week.
I learned so much from listening. Fritz. Sorry to hear
about your position being phased out. You're a musical genius

(17:24):
and very talented, so I'm excited to see where you land.

Speaker 2 (17:27):
Big Mark. Thanks, we all.

Speaker 3 (17:28):
Are excited to see where you land.

Speaker 2 (17:31):
Fritz absolutely you're going to be the mayor of a
Popka fort laudo mayor you're unnoticed mayor, you got to
you gotta challenge coming your way.

Speaker 3 (17:45):
On the heelock, it's interest charged during the ten year drap.

Speaker 2 (17:49):
Yeah, when you're when you're doing a helock, we were
talking about a helock or home equity line. Somebody asks
a question about it, about the draw period and how
it works. So on a helock, the draw pierd Let's
say it's a ten year draw period and you pay
interest on only on whatever you've drawn, so you're only
usually required to pay just the interest on the debt
during the draw period. You can pay it down if
you want, but the minimum payment is always going to

(18:10):
say what the monthly interest is, so you kind of
get to choose how quickly you pay those down.

Speaker 3 (18:15):
Okay, here's someone who says, refinance from FAHA weight or
try six point twenty five is their current rate and
they'd like to get rid of their PMI six.

Speaker 2 (18:23):
Point twenty five, and you're you're probably right on the cusp.
It depends on how large the loan is. You know
what you could say, if we're seeing we're seeing some
faha loans with good credit down into the fives, you know,
five point seventy five or so. But if you're trying
to refinance out of an FAHA, uh, there's a loan
you can do called a streamline FHA, which allows you
to just lower your rate uh, and it has very

(18:44):
limited underwriting, you know, not as doesn't rid require an appraisal,
so it's a much more streamline. In fact, they call
it a streamline FHA loan. So you can do that
to try and just get the the payment lower, you know,
and the rate lower. But if you want to also
try and get PMI, then that means when to switch
it to a conventional loan. And a conventional loan rates
are down around the same as where you are right now,

(19:05):
about six and a quarter, So I think you might
want to wait a little longer, unless you're thinking about
going down to a fifteen year loan, in which case
you can get down probably close to three quarters of
a point lower than where you are right now. And
that might make sense if you if you are want
to look at a fifteen year.

Speaker 3 (19:20):
The question was wait or try and try?

Speaker 2 (19:25):
Okay, you know, it just depends, you know, if it's
one hundred and fifty thousand dollars loan, moving three quarters
of a point is not going to move your payment
that much, but getting rid of the PMI could move
your payment. So if you're if you've got a big
FHA loan, like a four hundred five four hundred and
fifty thousand dollars one, then lowering that a quarter point
might save you a couple hundred bucks. So it just
depends on some of the circumstances and also where we're know,
where's your credit score?

Speaker 3 (19:46):
Asking for my mom, she is seventy six in her
home has a mortgage of about one hundred grand. I
don't know how much your house is worth. Is she
eligible for the reverse mortgage while she still has a
current mortgage?

Speaker 2 (19:59):
Yeah? Absolutely, part of so a reverse mortgage would pay
off any existing mortgage as part of when you're doing
it's like when you refinance a house, it's a it's
a refinance, So you're just refinancing your your current mortgage
into a reverse mortgage and then there's additional cash that
you could get out, but that with the reverse mortgage,
you wouldn't have to pay the mortgage payment on it
anymore after the reverse So that's the difference. If you're

(20:20):
paying a two thousand dollars a month mortgage payment, you
wouldn't have to pay the principle and interest portion of that.
After a reverse mortgage, you still would pay your taxes
and insurance and your HOA portion, but the part that's
the mortgage itself goes goes away when you switch from
a forward mortgage to a reverse mortgage. Great question.

Speaker 3 (20:39):
The refinance person texted back to say, their loan amount
is three hundred and sixty seven dollars.

Speaker 2 (20:44):
It might make sense in that case. What I would
do is go to the website that mortgage guide don
and put it in and you know, fill out the refinance application,
and then we do a soft credit poll. We always
do a soft credit poll on everything we do so
that you don't get that hard hit or hard inquiry
when we're figuring out numbers for you. And then later
if we actually are you know, doing the loan, Yeah,
we would have to do a full credit report for

(21:05):
the underwriter, but in the beginning we don't need to
necessarily do that, and then we figure out the you know,
we put together some numbers for you, send it over,
email it over to you and if you like it,
if it makes sense, then then you go forward and
you figure out what the next step is. But it's
a real easy process. You go do that at that
mortgage guy don dot com on the website. Over at
the top, there's a button says apply, hit refine. There
you go. But I think it's worth looking at the numbers.

(21:25):
There's no cost, there's no obligation, there's no hasslet's soft
credit report, so there's really no reason not to look
and see if you can save some money. All right, cool,
there you go. You know what's happening today, I'm jaying
it and Big Market mentioned is my my birthday. I'm
in the birthday season and.

Speaker 3 (21:47):
Tourist.

Speaker 5 (21:49):
I don't know that anything about the same.

Speaker 2 (21:53):
I don't. I don't. I don't dabble in the in
the astra line.

Speaker 3 (21:56):
I mean, I know what mine is, but I don't
know what it means.

Speaker 2 (21:59):
I've been told remind me, Oh what does it mean?
Oh well, it's like, yeah, you're too. Taurus is usually
described for men like that. You're stubborn, your patient, you
love people, you protect people, you know, you're a hard worker.
You know. But that's all.

Speaker 3 (22:17):
I don't think that I think you just picked the
good parts.

Speaker 2 (22:19):
I don't think you know so. Your astrological sign is
really controlled by when your parents got together to create you,
so then nine months later you get an astrological sign.
I don't really feel like the date that the parents
chose or didn't choose develops your personality in any distinct way.
But I could be wrong.

Speaker 3 (22:37):
People really believe this.

Speaker 2 (22:39):
I know people do, and I want them to.

Speaker 3 (22:42):
I always feel like I'm just remiss and not understanding it.
I feel like there's a whole universe. I don't know
that would tell me everything.

Speaker 2 (22:50):
But the thing that always happens on the birthday weekend
is the Kentucky Derby.

Speaker 3 (22:56):
Oh that's right.

Speaker 2 (22:57):
Today is the one hundred and fifty first Kentucky Kentucky Derby.
I haven't been here for all of them.

Speaker 3 (23:02):
It's always at a weird time, like five o six
the time is it?

Speaker 2 (23:06):
I don't know what time it's on today. I do
know how many mint julips they usually sell.

Speaker 5 (23:12):
Let's see closest to the pen forty five thousand.

Speaker 2 (23:15):
That's an excellent guest, MJ. How many do you think
they sell? Well? First of all, let me say they
usually expect how many people go, like one hundred thousand people.

Speaker 3 (23:25):
Oh, then I say two hundred and fifty thousand.

Speaker 2 (23:29):
Jeez, well that would be too high, figures one hundred
and twenty thousand on average. Well, they always sell at
least one hundred and twenty thousand mint Julips, the racist
signature drink, and at twenty two dollars each they make
around two point seven million just on mint jewelips.

Speaker 3 (23:47):
Bring a flask.

Speaker 5 (23:49):
That that's crunching the numbers here on home runs radio,
and that's the sound of math.

Speaker 2 (23:55):
So I'm taking it you haven't gone to your betting
app and placed bets on the horses?

Speaker 5 (24:01):
Which one I've got nine? Now, Don and Darcy, if
you're listening, I don't have any wink wink.

Speaker 2 (24:09):
There you go as well. There's a bunch of Nepo
babies racing in the race today.

Speaker 3 (24:16):
No babies, Wait, horses.

Speaker 2 (24:19):
Three yea horses, three horses, three horses. American Promise, Lux
Sore Cafe and Publisher are sons of former Triple Crown winners.
All right, so there's that. The best investment in the
field is a horse called Chunk of Gold. The horse
was bought for just twenty five hundred dollars at auction
and has already earned over three hundred and fifty thousand.

Speaker 5 (24:40):
Isn't there one?

Speaker 2 (24:40):
Uh? Do you do?

Speaker 5 (24:41):
You have a list of the names?

Speaker 2 (24:42):
There? No, not, not in this particular article.

Speaker 5 (24:45):
Because I thought I heard MPR say that there is
a horse, and maybe I misheard this, because that's the possibility.
I think they said there's a horse called journalism.

Speaker 2 (24:54):
That's true.

Speaker 5 (24:54):
Okay, okay, awesome, So one wins the.

Speaker 2 (25:01):
Or journalism in dead last?

Speaker 3 (25:04):
Yes, yeah, the end of journalism.

Speaker 2 (25:07):
It is no joke. A horse named journalism heads into
today as the favorite for for the Kentucky.

Speaker 5 (25:13):
I thought that that was very clever.

Speaker 3 (25:15):
That is, I like it.

Speaker 2 (25:17):
Above the fold. We'll see. So what time? What time
does that kick off today? I don't know what time.
Research will tell us.

Speaker 5 (25:24):
It's usually like, wear your big stupid dumb hats and
go get drunk.

Speaker 2 (25:30):
People.

Speaker 3 (25:31):
I will get my big stupid dumb hat.

Speaker 2 (25:32):
People have been working for a whole year figuring out
what hat they're gonna wear.

Speaker 5 (25:36):
Yeah, I mean I love you know, they're fun, but yeah,
they are rather large, and.

Speaker 2 (25:42):
You know you have several hats like that. I've been
into your I've been in your hat room.

Speaker 5 (25:45):
Yeah, man, I just yet. You know what, I'm gonna
wear a hat upon hats today. Hats go go Elon.
You know he wore two hats this week. Then I'm
not gonna do that.

Speaker 2 (25:57):
You hear you heard it here. First, we're gonna be right,
We're gonna take a quick break. We'll be right back
after these messages. Hey, this is Ryan from the Monsters.

Speaker 5 (26:06):
And now back to that mortgage Guy done on Real Radio. Yeah,
Kentucky Derby Weekend. And here you are with us Home
Loans Radio on Real Radio one o four point one.
If you have a question about buying, selling, or refinancing
your house, or you know all of the minutia in between,
just text us seven seven zero three one and follow

(26:28):
Don on Instagram at that mortgage guy Don.

Speaker 2 (26:32):
Yep, there you go. Welcome back to the Home Loans
Radio show. Yep, Kentucky Derby Day Today. Everybody's excited.

Speaker 3 (26:38):
Race starts at six fifty seven.

Speaker 2 (26:39):
Six fifty seven. There you go. Why why don't they
always pick a weird time?

Speaker 5 (26:44):
It takes three minutes, so it'll be over by seven bear,
That's that's exactly right.

Speaker 2 (26:49):
It is not over. They do reruns for thirty four minutes.

Speaker 3 (26:52):
Bike and then when it's exciting, you know, the reruns
go on, they go slow mo.

Speaker 2 (26:56):
See all this stuff last year, a couple of years ago,
I was out at a a bar where or you
know a place. It was like a restaurant by the river,
you know, outdoor tiki bar type place, and they had
TVs inside that were apparently like on I don't know
direct TV, right, and then outside the TVs were like
on live to air. So it was like a ten second,

(27:17):
ten second difference okay between so. As I was coming
out of the inside, I already knew who won the race.
Everyone was intently watching the race outside I was like,
I bet so and So wins. People were amazed, All right,
there you go, and that's how you win at Kentucky Derby.
Sure enough, you just got to do those last ten

(27:39):
second bets and then you're then you're you're on.

Speaker 3 (27:41):
Here's the one that says today my son Nick's birthday.
He was twenty four and he would be twenty nine today.
We are from Kentucky and he was born the day
before the Derby.

Speaker 2 (27:49):
Oh boy, well there you go, Taurus. I'm assuming well
you were listening to the Home Loans radio show. You
can texting your questions comments salutations to seven seven zero
three one.

Speaker 3 (28:00):
Here's the one I said I asked last week. You
might have answered, but I did miss it. If you
did answer, I mean it feels like if you ask
a question, you should list.

Speaker 2 (28:07):
I don't always get to all of them.

Speaker 3 (28:08):
Yeah, but we did. I received a six thousand escro
overage refund check. Is a good idea to hold onto
that for next year? Is it's safe to say I
can spend that money? Also, my mortgage did go down
by three hundred and seventy dollars. What do you think?

Speaker 2 (28:20):
Well, we did get that one last week. But the
question is you know your your payment probably went down
because your homestead kicked in. I would imagine, you know,
if you filed homestead whenever you buy a house, Like
if you buy a house in twenty twenty five, you
file for homestead at the very beginning of twenty twenty six,
next January, next February, those are the months where you

(28:41):
file your homestead. You're like, what, what does that mean? Well,
you have to tell the property appraiser's website that you're
living in the house and that it's your homestead, because
if you're if it's a second home or an investment property,
then you don't get the tax break. But if it's
your primary residence and you file for that homestead the
next year, then you get that tax break. So that's
really I mean. With insurance going up and taxes typically

(29:02):
going up year over year, the only way your payment's
going to go down is if either too much was collected,
and a lot of times I'll do that on new
construction houses where well we have to choose how much
to collect because the taxes haven't been done yet. On
a new construction house, the only thing that would be
the only thing that would have taxes prior to the
house being built would be the land. So the land
taxes are going to be silly small, you know, like

(29:24):
one hundred or two hundred dollars a year or something
like that. But then when the house gets assessed later
the October after the year that you bought it, then
you know, those taxes can go down. But we want
to make sure when we put it together that we
have enough in there, and there's a tax estimator on
the county website. That's usually what we go with and
that way we can make sure that we have enough

(29:44):
money in there. But sometimes we collect too much, which
is better than the alternative problem. If your mortgage person
setting up your mortgage doesn't collect enough at closing, especially
on these new construction houses, you can end up with
a big shortage at the end of your first year.
Your payment could go up three or four or five
hundred dollars. So it's important it sounds like that's what's happening.
What happened here. You know, your texts are going to
go up over time, your insurance is going to go

(30:06):
up over time. Maybe you save a little of it
so you know if they tell you next year that
you have a shortage, so you know, if you're eight
hundred dollars short or whatever, then you have it. You
just send it in. That way, they don't have to
move your house payment up, because if when they move
your house payment, let's say you're two hundred dollars short
per month, they're actually going to move it up four
hundred dollars because they're going to be catching up from
what you were short the previous year, and they're going
to want to make sure you're not short the following year.

(30:27):
But if you just send them in a flat check
for that amount to cover any shortage, then they don't
mess with your house payment. They just make that adjustment
and you can kind of keep your house payment where
it is, unless it's gonna unless you're gonna keep being short,
in which case you might want them to adjust it.
So there you go. Great question. Thanks for texting that
to seven seven zero three one.

Speaker 3 (30:45):
Cala says Toby Keith's horse is in the race. Render judgment.

Speaker 2 (30:49):
Wow, that sounds serious. Yeah, yeah, it's like that's like
a command render judgment. Yeah, that's I'm gonna name my
next puppy.

Speaker 3 (30:59):
Don't they render horses?

Speaker 2 (31:00):
How?

Speaker 4 (31:01):
Oh?

Speaker 2 (31:02):
I think that's how they get jello glue. I don't
know that that's true, but I heard it that's true.

Speaker 3 (31:09):
That sounds terrible.

Speaker 2 (31:10):
It sounds that I might be uh, you know, it
might not be true.

Speaker 5 (31:15):
It might be true, though, what could be could be?
I think jello and glue because you can eat both of.

Speaker 2 (31:22):
Them delicious, And you know this from I've eaten jello.
But tell me about the glue.

Speaker 5 (31:29):
You never eaten glue?

Speaker 2 (31:31):
No, No, not that I am aware of.

Speaker 3 (31:33):
Apparently I've eaten in kindergarten.

Speaker 5 (31:34):
You used to think you were cool.

Speaker 3 (31:36):
Oh, Elmer's glue, it's something you do in kindergarten.

Speaker 2 (31:38):
Ah, I used to put it, you know, you put
it all over your hands and let it dry and
then peel it off like a glove. I've done that thing,
but I've never eaten it.

Speaker 5 (31:44):
I've never eaten it either. I just have seen other
kids do it, and you go.

Speaker 3 (31:47):
I've heard it. Yeah, there's always one kid eating paste,
eating paste. It's the paste. Yeah, it smells delicious.

Speaker 2 (31:54):
It sounds like you have eaten some paste.

Speaker 3 (31:56):
I have not. I have a rate of five percent
on my current v A and I want to pull
out about one hundred k equity to upgrade my house
and pay off debts. Should I refinance or get a helock.
I only owe ninety five k on the house and
now it's worth about four hundred thousand.

Speaker 2 (32:12):
Then to say, the key thing for me there is
the rate that you have. Now that they said it's
five percent, you're not gonna you're not gonna get you know,
that low again anytime soon. So I would say you
would leave that alone with the ninety five thousand mortgage,
keep that at five percent and then we can, you know,
do a home equity line for fifty or one hundred
or whatever it is you want to do. You can

(32:33):
go up to ten. You can go up to ninety
five percent of the value of your property between the
two mortgages, so you can take out a good bit
more if you want it. But yeah, I would keep
the VA loan in place at five percent. If we're
we're looking at VA refinances now, they're in the fives,
put probably in the high fives, like five point eight
seven five, So it wouldn't make sense. I don't think
to refinance that unless unless the helock is going to

(32:54):
be like a ten or eleven percent rate. It depends
on your credit score as well, But if you got
decent credit to keep that, keep that five percent VA
right for sure. Great question. Thanks for texting that into
seven seven zero three one. You can also go to
the website that mortgage guy don dot com. You can
do all kinds of cool things there. You can apply
for loans, you can get a preapproved there, you can
see every one of the two hundred and seventy seven

(33:18):
episodes that we've done on the show. It's a lot
and right there on the website. You can also read
over our over twelve hundred five star reviews right on
the website. That forty, well, then you're you're you're lagging behind.
The requirement was forty per day. How dare you text

(33:41):
into seven seven zero three one. You can also follow
me on Instagram at that mortgage guy Don.

Speaker 3 (33:46):
James says it's true. Delton is rendered from bone marrow.
M delicious. So wait, so if you're meeking, you don't
eat jello?

Speaker 5 (33:54):
Can you make No you can't, Well, yeah, you normally
Don Marshall geladin, so you can make Jill out of
any bone marrow, like you can make like gelatin out
of humans.

Speaker 2 (34:05):
Probably asking for a friend.

Speaker 5 (34:09):
Yeah, just like the scientific nature of it.

Speaker 3 (34:13):
I don't know.

Speaker 2 (34:14):
I haven't done a deep dive on it, and I'm
probably not gonna, but you let me know what you
find out.

Speaker 3 (34:19):
Is there a way to remove my ex from my
mortgage other than refinancing? We are both on there now
and he wants to buy a home and this mortgage
is messing up the ratios for him.

Speaker 5 (34:29):
Let me guess you're gonna say a quit claim deed.

Speaker 2 (34:31):
Hmmm, it's possible. No, I'm not because they're talking about
the mortgage. The quit claim deed. You could remove someone
from the title, and usually when you get divorced, you know,
you are removed from the title, but you're not necessarily
removed from the mortgage because when you qualify for that mortgage,
if you did it together with both of your incomes,
then that's how you got qualified for the mortgage.

Speaker 3 (34:52):
So the mortgage company is not anxious to get rid
of the person that actually made them loan stronger.

Speaker 2 (34:58):
Yeah, you can't exactly, Well, you can't just peel somebody
off of the mortgage itself. So the only way to
refinance a mortgage and get someone's name off of it
is to refinance, to do a new mortgage or a purchase.
I've seen people, you know, I've seen people sell it
to a family member, and you know, there's all kinds
of ways to do it. But then at that point

(35:20):
you would have your own mortgage. But you've got to
be able to qualify for it. You can't need that
income from the other person if you qualified. You know,
if you needed both incomes before to qualify, then you're
still going to need that income. So we can figure
it out for you. Though it's pretty simple. We can
figure out the numbers. See what and not only if
you're going to qualify for your own home, but how
much you can qualify for. It shouldn't be if the

(35:40):
divorce decrease says that the person who's living there is
responsible for the payments. Though it shouldn't even if it's
still showing on your credit we could ignore it if
they if we can show that your divorce decrease says
it's their responsibility to pay it.

Speaker 3 (35:52):
So this is the person who still is living in
the house, and they're asking about their person who is
they've divorced, who's not living in the house.

Speaker 2 (36:00):
So yeah, so they if it's in writing in the
divorce decree that the person living in the house is
the one that's solely responsible for the payment, then the
other person I don't have to count that if I'm
doing a mortgage for the other person. Great question. Thanks
for texting that into seven seven zero three to one.

Speaker 3 (36:15):
Here's someone that says, if I get cash out from
a helock, am I allowed to use that cash during
happy hour dancers royale?

Speaker 5 (36:21):
Yes?

Speaker 2 (36:21):
Really, I think you can.

Speaker 3 (36:24):
Use that cash for whatever you like.

Speaker 2 (36:27):
Yes, make it rain, Yes, you can do that that's
the Royale with Royale with you. But what is what
is dancers Royal?

Speaker 3 (36:34):
Uh, it's a fine establishment with beautiful ladies.

Speaker 2 (36:37):
Oh it's a grown up entertainment space. Is I'll have
to read more about that.

Speaker 3 (36:46):
Yeah, yeah, yes you can.

Speaker 5 (36:47):
How convenient.

Speaker 3 (36:51):
If you get cash out from a helock you can
use it for anything, anyone anything.

Speaker 2 (36:57):
It's your money, anything you can buy with right, Yep,
there you go. I mean I always say within legal limits,
but that's really not up to me. That's up to you.
So there you go. You are listening to the Home
Loans Radio show with that mortgage guy. Don We're gonna
take a quick break. We'll be right back after these messages.

Speaker 5 (37:14):
Hey, it's Sabrina from the news junkie. Do you have
a question for that mortgage guy down? Text him at
seven seven zero three one no back to Home Loans
Radio on real Radio.

Speaker 3 (37:27):
Yeah, that's right, that's right. Shout out to the answers.
Royale who someone just texted in. Is known as the
Adult Ballet.

Speaker 2 (37:36):
Oh I like it.

Speaker 3 (37:38):
I like that. I went to the ballet this week.

Speaker 5 (37:41):
Yeah, man, the Adult Ballet is really really taking an
l on that one.

Speaker 2 (37:45):
Yeah. Yeah, the adult ballet, the adult ballet. What ballet
did you go to?

Speaker 3 (37:50):
Gizl Yeah, he Orlando Ballet. Yes, all of the people
were wearing the clothes, yes, but it was very lovely.

Speaker 2 (37:58):
There you go. Welcome back to the Home Loans radio
show with that Mortgage Guy Don. You can text into
the show at seven seven zero three to one. You
can also go to the website that Mortgage Guy Don
dot com and give us a give us a follow
over there on Instagram at that Mortgage Guy Don as well.

Speaker 3 (38:12):
Pries says, good morning, Don. I'm Janfritz. I'm betting on
Toby Keith's horse because it is fueled by beer, but
will not render judgment for being drunk.

Speaker 5 (38:20):
He's being under John for a couple of years now,
hasn't he.

Speaker 2 (38:23):
I don't know. I don't know about uh.

Speaker 5 (38:26):
Hey, he died in twenty twenty four.

Speaker 2 (38:28):
Okay, and Toby Keith Keith died.

Speaker 5 (38:32):
Yeah, Toby Keith was sixty two.

Speaker 2 (38:35):
Wow. Oh, and what's the name of the render judgment?

Speaker 3 (38:38):
Render judgment?

Speaker 2 (38:39):
I wonder if that's a pun about the the gelatine
somehow it's like better run horse, or you know, we're
gonna render judgment.

Speaker 5 (38:50):
I don't know.

Speaker 2 (38:51):
Yeah he died.

Speaker 3 (38:52):
Why did he die?

Speaker 5 (38:53):
He had stomach cancer, so bumped.

Speaker 2 (38:58):
Well, there you go. Yeah he was really is the more?
You know?

Speaker 3 (39:01):
All right? Is this a good time to purchase a
second home? My home is worth five hundred and fifty
thousand dollars and I have two hundred thousand equity. My
interest rate is four point two. They're wondering if they
could get a second home.

Speaker 2 (39:14):
YEA, well you know you can. Second home is good.
It's got to be a lot of times. I'll get
people that will call me and say, hey, I want
to buy the house next door, the house down the
street as a second home. You can't buy that one
as a second home.

Speaker 3 (39:26):
You would an it is what this house for me
and that house from my friends?

Speaker 2 (39:29):
Right, I mean, you can buy a second home. But
what the differentiation is that when you're buying a house,
your mortgage rate is determined by whether it's the primary
residence that you're going to live in or if it's
a second home, then the rates are higher, or if
it's a rental home then the rates are higher. You
get lower rates on the primary residence. So a second
home typically has to be seventy five miles away from
where your primary residence is. But there are exceptions to that,

(39:53):
like in Orlando. If you live in you know, central Florida,
and you've got a beach condo over by the Gulf
or by the Atlantic, then those, even though they're forty
five fifty miles away in some cases, would still be
considered a second home. So like a lake house doesn't
have to be necessarily seventy five miles away. It's like,
if it's got a feature, that may have a feature

(40:14):
to be less than seventy five miles away. It does.
Oh I see, okay, so if you.

Speaker 3 (40:18):
Can just be like a really pretty tree.

Speaker 2 (40:21):
Well I don't know, we'll inquire, okay, but yeah, that
general general rules at second home has to be seventy
five miles from your current home, unless it can be
obviously a vacation sort of type.

Speaker 3 (40:32):
Home, okay. Or a peditaire Uh yeah.

Speaker 2 (40:35):
Well I don't know. I don't have a pedittare is
like a little city apartment. I would think that that
would probably have to be treated as an investment property.

Speaker 3 (40:44):
I see, here's somebody says, sorry it did me to
bring you down sad beer for my horses.

Speaker 5 (40:50):
Yeah, that's that's very a good song. Another one with.

Speaker 2 (40:55):
Toby Keith.

Speaker 5 (40:56):
I think it's called smoking or just maybe just weed
with Willie and it's about it's a humorous story about
how you know, people said, you know, you should smoke
weed with Willie Nelson and then you know he ends
up trying it, and it's just like one of those
humorous novelty songs about like his lip, you know, was
touching the ground. He couldn't stand up, you know, he

(41:18):
was really messed up. And then at the end, you
know he's like, and I'll never smoke weed with Willy again.
And that at the end of the song he goes,
I broke down and smoked weed again.

Speaker 3 (41:28):
It's really good, real good song.

Speaker 2 (41:31):
Well there you go.

Speaker 3 (41:32):
A lot of people have that Willie Nelson's story. No,
I've heard other people tell that story too, different versions
of Yeah the thing. Yeah, it's like, yeah, that's it's
an honor.

Speaker 2 (41:44):
I saw this thing on on on the on the
news on the internet. I don't remember what website it
was at. I think it was a click Orlando or
something like that, but there was a someone's ring camera
captured an alligator standing up on their front porch. What
like a five six foot tall standing up on their
porch like looking with its with its claws and palls

(42:07):
like on the glass what you can see pictures of
it online. And then then I was looking like and
I started alligators bringing doorbell. Turns out it's a thing
like there was on like two weeks before that where
they had two alligators on their porch. One was standing
up and one was watching the other one like at
their front door.

Speaker 3 (42:26):
I'm terrified. My question, terrified going outside?

Speaker 2 (42:31):
That's my question. Is this a new phenomenon or has
this always been going on? We just didn't have ring
cameras before.

Speaker 5 (42:37):
Two weeks ago New York Post Florida home shockingly found
two alligators at front door. And then it says that
they're getting smarter, which is funny. And watched two Florida
alligators bang on a door and wait, yeah wow.

Speaker 2 (42:51):
Yeah wow, Like these are big alley like the one
standing even though it's tail was still on the ground,
like it was standing as high as it like six
foot would be face to face.

Speaker 3 (43:02):
I cannot believe this is real. I mean, I believe it,
but I oh my gosh, yeah, it's terrifying.

Speaker 2 (43:07):
Well, you had mentioned that it was the alligator mating season.
They do crazy stuff, but I've never thought about it.

Speaker 3 (43:13):
They were going door to door.

Speaker 2 (43:14):
Hey, well you get the door.

Speaker 3 (43:15):
Any gators in there? I'm looking for the hook cup?

Speaker 2 (43:22):
Can can Fritz come out and play? I don't know
what what the gators are doing or they maybe they
are getting smarter, oh man. And then in my Gator,
My Gator news dive. I also there was a plane
that crashed in the Amazon in the Amazon Jungle River area,
and five people were on the plane and they were

(43:43):
on top of the plane. It was in the water,
surrounded by gators for two days. So they found them.

Speaker 3 (43:51):
Five the plane crash. Now you have to survive the
gators in the Amazon. Man, that's my night It's literally
a nightmare that I have all the time where I
fly off the lake jessicp Bride and I am trying
to survive alligators.

Speaker 2 (44:03):
That's going to be a movie. Yeah, and they all survived.

Speaker 3 (44:06):
They did.

Speaker 2 (44:06):
Yeah, they found them after two days. They hadn't been
able to drink any water even though they were surrounded
by water because there were so many gators.

Speaker 3 (44:13):
They could reach down and get a little sip of water.

Speaker 2 (44:15):
Well, they decided not to do that, and they survived.

Speaker 3 (44:19):
Here's someone who says, we're at a five point five
interest rate with a v A loan. Would it be
worth doing an I R R R R L right now?

Speaker 1 (44:27):
Earl?

Speaker 2 (44:28):
Earl, that's an excellent question. We're going to talk about
it when we come back at the top of the hour.

Speaker 4 (44:37):
You and live slash splash, sha.

Speaker 2 (45:07):
Heyday. Welcome back to the Home Loans radio show with
that mortgage guy in time. That's me. We're here doing
what we do every single Saturday here with my crew
and Jago.

Speaker 3 (45:18):
Morning.

Speaker 2 (45:20):
Good morning, mister Fritz. Tell us, yeah, the acoustic version.
Tell us about that, uh that rejoin we were just listening.

Speaker 3 (45:32):
That was really beautiful.

Speaker 5 (45:33):
That song is called Face Paint. That's off the first
Florida Slang album, and that's Darcy Richardi singing with me.

Speaker 2 (45:43):
Fritz and his Lovely Bride, the the the members of
Florida Slang. You can find Florida Slang anywhere you find music,
you know, Spotify in any of those places. Uh, just
look for Florida Slang and or the real Fritz or
you know any other of the Fritz joints. Thank you
so much. As always for sharing your original music here

(46:05):
on our show every single weekend.

Speaker 3 (46:07):
Unluss Lisa, that's right. Do I just saw last week?

Speaker 2 (46:11):
It was nice absolutely named. Yes, there you go. Welcome
back to the Home Loans radio show with that Mortgage
Guide Don. You can text in your questions to seven
seven zero three one. You can also go to the
website that Mortgage Guide Don dot com and do any
of the things you imagine you could do on a
mortgage website and more.

Speaker 3 (46:29):
Here's what it says, I bought a home four years
ago and the seller holds a private mortgage.

Speaker 2 (46:33):
Do you see a lot of those No, But we
had a question right before we gotta we gotta go
back to It is about an.

Speaker 3 (46:40):
Earl an ear They have a five point five interest
rate with a VA loan. Would it be worth it
to do an earl.

Speaker 2 (46:48):
And an earl? Is it's a streamline VA refinance that
the only thing it does is lower your interest rate,
you know, if there are lower rates at the time
that you do it with VA loans, and it's a
very very streamlined process. No appraisal, you know, just a
lot of times we don't even have to show income documentation.
It's just they take the loan you already have and

(47:08):
they just kind of re refinance it to a lower
rate if there are lower rates. But I would say,
right now, VA rates are in the mid to high five,
so I don't think.

Speaker 3 (47:17):
It would have a five point five.

Speaker 2 (47:18):
Yeah, so right now you'd be you know, unless you're
going to go down to a ten year loan or
a fifteen year loan. You might be able to get
down maybe to the high fours or low fives on
a fifteen year VA loan, but regular thirty year loans,
you're going to be right about the same as where
you are now. So I would wait another three months,
keep your eye on it, though. I think we're going
to see the rates moving down here at some point,

(47:38):
at least that's the predictions, but we shall see.

Speaker 3 (47:41):
Here's the other question. I bought a home four years
ago and the seller holds a private mortgage. There's a
balloon dew in June of three hundred K, so I
have to get a mortgage now to pay them off.
Is this considered a purchase or refinance? And can you
help with the private mortgage situation like this? That's a
good question. Is it a purchase or a refinance.

Speaker 2 (47:59):
No refinance, because they said it's a private mortgage to
purchase the house. So I would imagine, you know, typically
when you have a private mortgage, there's a recorded mortgage,
you know, at the county if you're doing it right.
A lot of times private mortgages will be between friends
or family, but I still usually I always advise that
you you know, put something in writing and record it,
and then that when you do that, you also get

(48:21):
yourself on the deed. So private mortgage is not different normally,
if it's done right, any different than any other mortgage.
And then when we do we would do a refinance,
we would get you a new mortgage to pay off
the private mortgage holder. They would, you know, we would
request a payoff from them. They'd tell us how much
is owed, you know, and put that in writing, and
then they get paid at the closing and we put it.

(48:41):
Then it's in your name, with the mortgage in your name,
and it won't be a private one anymore. You probably
aren't paying escrows to your private mortgage holder for your
taxes and insurance. But when you do the new mortgage,
if you want to, you could set it up that
way so that your taxes and insurance are part of
your payment where that way you don't have to pay
them separately every time.

Speaker 3 (48:58):
So if you have a private mortgage, you're probab paying
that separately.

Speaker 2 (49:01):
You most likely, I would ninety nine point nine percent
that that they're not going to be organizing and paying
your taxes and you know, and holding your escros and
all that in a private mortgage. Yeah, usually got to
make sure you're paying that yourself. Great question. Thanks for
texting that into seven seven zero three one. We got
the Orlando Fringe coming up in two weeks. I'm getting
excited about that. That's right. How about you, mister Fritz,

(49:24):
I'm I'm told by a little birdie that you're having
a fringe show.

Speaker 5 (49:27):
That is correct? The mundo me and migo?

Speaker 2 (49:30):
What uh? What do you want to tell everybody about it?
What kind of what kind of show is that? It? Is?
It like a are you doing mime?

Speaker 3 (49:38):
Now?

Speaker 5 (49:38):
I'm not doing mime. I am doing I'm going to
be a fully artist for the show is called until
Next Time. It's it's like a radio place, uh, And
it's also like a staged theater, so it's it's a
little bit like a play a little bit like a
staged radio theater kind of thing. And I do live
fully sound effects, and and so.

Speaker 2 (49:59):
You got a bunch of stuff you do. You got
like a xylophone, and some coconuts and some shoes, heavy shoes, and.

Speaker 5 (50:06):
Yeah, basically, yeah, you're nailing all of my tricks.

Speaker 3 (50:08):
Yeah, you have a steak, you're gonna punch now.

Speaker 5 (50:11):
I don't have a steak, but yeah. The first show
is May fourteenth, and that's gonna be a yellow venue.
That's until next time.

Speaker 2 (50:20):
That's exciting. And so how many people are in the
show all together?

Speaker 5 (50:24):
Let's see one, two, three, four, five.

Speaker 2 (50:26):
Six, Okay, So that's gonna be I'm looking forward.

Speaker 3 (50:29):
To it, right up your alley radio stage show.

Speaker 5 (50:33):
Yeah, it's the theater of the mind, and you get
to look at it, you know, as it's being produced.

Speaker 3 (50:39):
I love it.

Speaker 2 (50:39):
I like it.

Speaker 3 (50:40):
I'm excited. Do you really have coconuts?

Speaker 2 (50:43):
Yeah?

Speaker 5 (50:43):
I do.

Speaker 3 (50:44):
Yeah, I got.

Speaker 5 (50:45):
Two coconut trees, you know that.

Speaker 2 (50:47):
That's right. What a lovely bunch of coconuts. That's right. Yes,
I eat coconuts all the time.

Speaker 5 (50:53):
What are you talking about?

Speaker 2 (50:55):
It's actually owns coconuts.

Speaker 3 (50:56):
That's right.

Speaker 5 (50:56):
And I got out there and chopping down with a machete,
and then I eat, and then I feast on the
lovely juice within.

Speaker 2 (51:03):
All right, you don't have to down the tree every
time you get a coconut.

Speaker 5 (51:07):
No, I don't palm husk all over me.

Speaker 2 (51:15):
You ever just lived dangerously and just lay down and
take a nap under one of the coconut trees. See
if a coconut f I haven't done it yet, Well
you haven't lived.

Speaker 5 (51:23):
I mean, I got no job. I'll just be a
bummer under a coconut tree.

Speaker 2 (51:28):
You always got a job here. Oh man, Well, guess
what time it is, MJ.

Speaker 3 (51:34):
What time is it?

Speaker 2 (51:35):
It is time for the compare quote of the week.

Speaker 4 (51:37):
Let's do it dot com.

Speaker 2 (51:45):
Compare quote. What's that you ask? Well heard, I will
answer you. Compare quote is something I came up with
a couple of years ago to make it super easy
for people to have a quote for a mortgage or
a refinance, or a REHSE mortgage or a heelock or whatever.
If you have a quote and you want to find
out if it's any good. I made an easy way
to do it. And the reason I did was because
there was a study that said less than twenty twenty

(52:07):
percent of people compared their quote after they got that
first one, and they also asked people why, and they
said it was too hard. So I tried to make
it easy. And then all you got to do is
go to the website. There's a button that says compare quote.
You upload your quote, I look at it, I tell
you if it's any good or not. If it's great,
then you have that peace of mind. If it's not, well,
it'll tell you what you could be getting, and then
you can decide, you know, if you if you want
to make an adjustment. But this week, this one was

(52:30):
pretty straightforward, pretty vanilla refinance, I'm gonna say. But these
people they had received one of these you're from their
own servicer. She had received a letter in the mail.
They had a rate of seven point eight to seventy
five that they'd gotten from about two years ago. That's
about where the rates peaked a couple of years ago.
Is right up just about eight seven point nine to nine,

(52:51):
right in that range, so they must have gotten it right.
Then their servicer had sent them a letter offering to
lower that seven point eight seven five down to seven
point twenty five. Huh that's not very much of a
like much of a yeah, but it was going to
save them around two hundred dollars a month in interest,
and she was debating if two hundred dollars a month
was even worth it for refinance, so she did to

(53:12):
compare quote send it into me. I was actually able
to get her a rate of six point twenty five,
So this was a pretty significant drop from seven point
eight seven five down to six point twenty five. Instead
of saving two hundred dollars a month, she saved five
hundred dollars a month. But it didn't stop there. She
had paid two years already on her thirty year mortgage

(53:32):
and didn't want to go back up to a thirty
year mortgage. So what we did, and so she had
twenty eight years left. What we did instead was go
down to a twenty three year mortgage. We lowered her
mortgage by five years, which is sixty less payments, and
still I was able to get that six point twenty
five rate. This saved him save her over ninety thousand
dollars over the life of the loan. Wow, and just

(53:53):
from doing it five years less down to a twenty
three year loan, that saved another twenty eight k in
interest right there. So that is the moral of the story.
They weren't even sure if they wanted to do it.
They did the compare quotes and save five hundred bucks
a month and shaved five years off of the current
more instead of starting over. She'd gotten a quote to

(54:13):
lower her note, but it was as high as the moon.
She decided to share it and thereby compare it and
landed herself a great boon by comparing of quote. There
was no missing a boat at It's all right here
in this tune play the jingle friends dot com.

Speaker 5 (54:35):
I didn't know if you wanted me to keep them.

Speaker 2 (54:38):
I'm sorry I didn't give you the cue.

Speaker 3 (54:40):
I enjoy bard mortgage guy.

Speaker 2 (54:42):
Yeah, there you go, so so easy. You can write
a rhyme about it. Here it goes, Here, it goes.

Speaker 3 (54:49):
Here's what I was asking, is there a simple way
to remove someone from your mortgage? Sadly, my wife and
I are splitting up. I'm sorry, and we owe about
two hundred and thirty and were locked in at two
point seven to five from a refive years ago. We're
trying not to make this a financial screw job on
either of us. Well, that's nice, but with current industry's
house payments will go up significantly. Is there a way

(55:10):
to avoid this? But, like you said, if the divorce
degree says that one person is responsible not the other person, Yeah.

Speaker 2 (55:19):
I don't know what the plans are, you know, with
the house, if you're ultimately going to sell it or
keep it, or one of who's keeping it, or one
of who's giving the other you know, some equity what
we do A lot of time, I work with a
lot of diverse attorneys and people going through this kind
of a separation. A lot of times someone will want
to give the other person money, Like one person's keeping
the house and the other one, you know, gets one
hundred thousand dollars out of the equity and they go

(55:41):
get their own house, you know, or something along those lines.
So it really depends on what your goals are, what
you're trying to do. There's no way to just take
a name off of the mortgage, just a question they're
asking and have one person stay on it. So the
only way to solve it really, you know, is it
sounds like you're you know, getting along to a certain
degree would be a compromise. You know that the person

(56:02):
gets to keep the mortgage you know, at that level,
and you're on it because once, once the divorce decrease
shows that the other person is responsible for the payments,
then we don't have to we can ignore that on
you know, when we're doing a mortgage for someone. So
if someone comes to me to do a mortgage to
buy a house and their divorce decrease, says I see
on their credit report there's a mortgage payment two thousand
dollars a month, but their divorce decree says, oh, the

(56:24):
wife pays this mortgage payment. She's completely responsible for it,
you know, and it has nothing to do with this person.
Then I as an underwriter, I mean us and the
underwriter can ignore it in that case. So it can
be It doesn't have to necessarily be a hurdle. But
if you want it off your credit but then you're
going to have to refinance it and you know, take
a rate in the about two three and a half

(56:44):
points higher than which you have right now.

Speaker 3 (56:46):
Yeah, which don't want to do.

Speaker 2 (56:47):
No, you don't want to do that. It would probably
double your interest payment at least. Yeah, great question. Thanks
for texting that into seven seven zero three to one.

Speaker 3 (56:56):
Here's some one that says Fritz, I just listened, I
will never smoke with Willy again. Right, It's fantastic.

Speaker 5 (57:01):
It's a classic, really good wordplay.

Speaker 2 (57:07):
I'm gonna have to check it out. That came up
because are you talking about the Kentucky Derby which is
happening today. And then Toby Keith has a well a
horse that yeah, a horse that belonged. And then MJ
just found out on air that Toby Keith had died
a couple of years past that. But there you go.
That's that's what we're talking about. And that came up.

(57:29):
I didn't have to check it out. I've never heard
the song either. Ian to check it out after the show.

Speaker 3 (57:31):
There we go, let's do it. My husband and I
live in Brevard County, so I'm not sure if you
service out area.

Speaker 2 (57:36):
Oh yeah, sure, Savard. It's like my back door, my backyard.
Yeah all right, No, I mean we do all of Florida,
but I would say a good percent of our business
comes from Brevard, Orange. You know, Vlusha and what's the
other one down there, Vero Beach, Indian River County.

Speaker 3 (57:56):
We're looking to possibly purchase a home over here. We're
looking to rent we were looking to rent, but our
parents keep telling us about we should buy instead. Any
information would be helpful. How do we know if we qualify?
I have a student loans, my parents are going to
give us gift us a down payment. If we can
get a little assistance, or if we qualify for an
FAHA loan with three point five percent down, well.

Speaker 2 (58:16):
You're in luck. I'm going to tell you exactly what
you need to do. You just go to the website
that mortgage guide don dot com. There's a button up
at the top that says apply, and you put you
fill in the information and a pre approval for a
preapproval application. We then will pull a soft credit report.
We don't ever pull a hard credit report to do
a pre approval or to get you a quote for
a helock or a refinance. Of course, if we ultimately

(58:38):
do the loan, yeah we got to do a credit report,
but a full credit report, but to find out the info.
You don't have to do it to get pre approved,
and so we would request your documents. You fill out
the application online, we put you with a loan officer.
They're going to call you, go over everything, review it.
If you're good to go, then you're good to go.
We'll tell you you're qualified for this amount. Here's about
what you can expect for the payment. Here's about what
you can expect for the rate. You can use a

(59:00):
gift from your family members to help with the money.
And yes, if you have a five eighty or better
score and you can you know in the debt ratio's work,
then you can qualify for an FHA loan with a
three and a half percent down. We also have conventional
loans that you can do as low as three percent down.
So definitely that's the way to go. Just go to
the website, get started, and we'll do the full preapproval.
We'll get started on it asap. You're listening to the

(59:23):
Home Loans Radio show, We're gonna take a quick break
and come right back for the final segment of today
we do you have.

Speaker 1 (59:28):
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 2 (59:37):
Well do you?

Speaker 5 (59:39):
If you do, it might be out of luck. You
can always text it in seven seven zero three one,
or you can save it for next week. You can
also email Don at home Loans Radio dot com or
that mortgage guide don dot Com.

Speaker 2 (59:51):
There you go, welcome back.

Speaker 3 (59:53):
Here's someone that says, I listen to you every Sunday. Oh,
I think they mean Saturday, or maybe they listen to
it on Sunday. They enjoy the show show so much.
Just wanted to say happy birthday. Oh, thank you, so
happy birthday. Here's someone else I said. I never smoked
weed with Willie, but I partied my self off with
many people who have. There you go, There you.

Speaker 2 (01:00:11):
Go, that's a story. It sounded like you're editing on
the fly. There I was.

Speaker 3 (01:00:14):
There were some asterisks. It started with an A. There
were two asterisks. I think I know what that means.

Speaker 5 (01:00:18):
You almost made it sound more suggestive, which is hard
to do.

Speaker 3 (01:00:23):
I'm just so scared.

Speaker 2 (01:00:26):
Of the you know.

Speaker 5 (01:00:28):
I immediately got hot and started sweating. I was like,
where's it done.

Speaker 2 (01:00:34):
An Australian radio station is facing backlash from listeners after
it revealed that an artificial intelligence generated at host had
been hosting the show for six months.

Speaker 3 (01:00:43):
Ye six months?

Speaker 2 (01:00:45):
Six months? Can you believe that the virtual host was
named I don't even know how to pronounce this. Thhy
is that thi?

Speaker 5 (01:00:51):
THI?

Speaker 2 (01:00:52):
I think thig I don't know a virtual host named
thhy was. It doesn't matter who created they had. They
had a Sydney based radio station called work Days that
aired four hours a day Monday through Friday.

Speaker 3 (01:01:06):
Is it like talk radio?

Speaker 2 (01:01:08):
The AI would play music and introduce the songs. Yeah.
The station didn't let its listeners know that that there
was an AI station, and it was revealed after a
Sydney based reporter named Stephanie Combe started asking about the
host's identity, including their last name, and they couldn't find
them on social media or anything. So next time you

(01:01:28):
got to you got to do a profile, you know,
for your AI host.

Speaker 3 (01:01:31):
But yes, everyone is replaced, just so you know, we
are actual humans.

Speaker 2 (01:01:35):
Yes you can tell when we talked at humans. I
thought that was kind of crazy.

Speaker 5 (01:01:42):
Crazy. Don's social Security number?

Speaker 2 (01:01:44):
Is there? You go?

Speaker 3 (01:01:49):
Daya Birthdayvorite Color childhood Home.

Speaker 2 (01:01:55):
They also said they wasn't completely made up. They had
the voice came from someone who works like in the
accounting apartment. Wow, yeah, I'm like, why not just let
her be the host? If that's the case, Well, I don't.

Speaker 3 (01:02:07):
Know, how are we ever gonna know what's AI anymore?

Speaker 2 (01:02:10):
Well, you know, right here on Saturday mornings. It's not.

Speaker 3 (01:02:13):
I mean, I feel like if if an alligator is
ringing my doorbell, I'm gonna think it's AI nothing anymore, right.

Speaker 2 (01:02:22):
I saw a meme about that. It said a cartoon
of an alligator standing there and saying to the person
at their door, like you said, you're gonna see me later.

Speaker 3 (01:02:33):
Later. Alligator got it in a while.

Speaker 2 (01:02:36):
Guess what time it is? Mjay? It's time for the
Speed Round. Hi, lady Lady James.

Speaker 3 (01:02:44):
Hi, Lady James. If you don't know Lady James, you
better ask somebody there.

Speaker 2 (01:02:48):
You go google it, Uh not AI.

Speaker 3 (01:02:53):
Legit.

Speaker 2 (01:02:54):
The Speed Round is where MJ's gonna ask me a
bunch of the questions we haven't gotten to so far today.
If I didn't get to yours, it doesn't mean I
didn't want to. You can text it to me after
the show. Just go to the website at that mortgage guy,
at don dot com or at Instagram. You can get
me a message from anywhere.

Speaker 3 (01:03:09):
If transferring the property to a trust, does that observe
a helock?

Speaker 2 (01:03:15):
Does that observe?

Speaker 3 (01:03:16):
I don't know what that means. I guess they're transferring
their home to a trust. Does the helock come into play.
I don't know what that means.

Speaker 2 (01:03:24):
Well, I mean if they're asking, if they're transferring a trust,
a property and a trust to themselves, you would have
to wait. In most cases, you'd have to wait six
months before you could do a helock cash out. Loans
require you to be on the title for at least
six months before the closing.

Speaker 3 (01:03:39):
I'd like to know if you're able to change the
title deed and request a new one. My father passed
away and I was I am now the sole property owner.

Speaker 2 (01:03:47):
What was the first part of the question about the deed?

Speaker 3 (01:03:50):
If you're able to change the title deed and request
a new one. They want a new deed because they
are now because they were on the mortgage. Their father
has passed. Now there it's just them.

Speaker 2 (01:04:00):
It depends on you know, how it's set up. But
if there's a probate, you know you have to go
through the probate the legal process to transfer the house
to you. If that's already the case, then you can
do what's called a quit claim deed and record that
at the county yourself, or you can you can pay
an attorney or a title company to do it. My
friend's over at all Florida title. Do that kind of stuff,

(01:04:22):
and you can get it transferred over yourself, as long
as you have the proper paperwork to do.

Speaker 3 (01:04:26):
So, here's what I says. My wife has recently acquired
a home with her brother. Her brother's going to live
in the house and assume all responsibilities for it. She
will have her name on the house as an equal party.
Question is well she have any tax responsibilities on this
property next tax season because her name is on the house.

Speaker 2 (01:04:41):
Technically, you know, the tax burden is fifty to fifty
on the if there's two owners. Technically, like, if the
brother doesn't pay the taxes, well then you're responsible for
him if you're on the title. So you just got
to work it out to make sure that the person who's,
as you said, taking all responsibility for the house is
paying them. But technically, legally, yeah, you do have an
obligation those taxes if they don't get paid. Great question.

Speaker 3 (01:05:02):
Somebody else has happy birthday?

Speaker 2 (01:05:04):
Oh thank you? Yep?

Speaker 3 (01:05:05):
Somebody who says they are your cousin.

Speaker 2 (01:05:07):
Uh?

Speaker 3 (01:05:08):
Nice?

Speaker 2 (01:05:09):
Hi?

Speaker 3 (01:05:09):
I would like uh information on refinancing. We purchased a
new home two years ago. Our rate is seven point
seven five, and I'd like it to bring it down
and possibly shorten the term my credit is great? Is
now a good time for that?

Speaker 2 (01:05:21):
Absolutely? If you're seven point seventy five is like the
peak of what we had in rates about two years ago,
and I am seeing I will tell you if your
rate is in the you know, seven and a quarter
seven and a half eight percent. Yeah, now now is
the time where you can refinance. And if you have
any kind of decent credit, you should be able to
get it down into the mid sixes or low sixes
right now, and that could save you three four five

(01:05:42):
hundred dollars a month in pure interest.

Speaker 3 (01:05:43):
Yeah, all right, I'm ready for a riddle.

Speaker 2 (01:05:45):
Riddle time, riddle time.

Speaker 3 (01:05:48):
All right. Pronounced as one letter and written with three.
Two letters there are, and two only in me. I
am double, I'm single, I'm black, blue and gray. I'm
read from both ends the same their way. What am I?

Speaker 2 (01:06:04):
Yeah, I'm gonna need to hear that.

Speaker 3 (01:06:06):
Pronounced pronounced as one letter, No, it's not it, and
written with three It's written with three letters. It's pronounced
as one letter. Two letters there are, and only two
in me. I'm double, I'm single, I'm black, blue and gray.
I'm read from both ends the same either way? What
am I?

Speaker 2 (01:06:26):
Hm?

Speaker 3 (01:06:32):
I got three letters? It's pronounced as one letter.

Speaker 2 (01:06:34):
I said, your eye it is nice. Yeah. Exhausted from
that real take a nap. Well, I'm gonna you well
and if you know, you know why what? Well? Folks,
you did it. You successfully wild away another ninety minutes
of your weekend listening to us right here a real

(01:06:55):
radio one to four point one place on it. What
was that song we were talking about earlier?

Speaker 5 (01:06:59):
We need with Willie?

Speaker 2 (01:07:01):
You go play us, yeah, play us out at here.
I'll never smoke weed line again.

Speaker 4 (01:07:07):
My part is all over before it again.

Speaker 2 (01:07:12):
And then you can pour me in some mold whiskey river,
my friend. I'll never smoke weed with Willy again. Let's
go down to Texas.

Speaker 1 (01:07:21):
Guy, 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