The home Loans Radio Show 04.05.2025 with That Mortgage Guy Don- Rates are going DOWN Summer buying season is heating up!

The home Loans Radio Show 04.05.2025 with That Mortgage Guy Don- Rates are going DOWN Summer buying season is heating up!

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, it's me. We're here doing what
we do every single Saturday, right here on Real Radio
one O four point one, the shiniest, the newest, the oldest,
the best of all the live radio shows right here
on Real Radio on Saturday mornings. And here we are.

(00:34):
I'm here with my Krug. Good morning, MJ, good morning,
and good morning to mister Fritz.

Speaker 3 (00:39):
Oh ya, against said, don are you there?

Speaker 2 (00:42):
I am here to where I am?

Speaker 4 (00:46):
Oh no, dark and lonely where I am done?

Speaker 2 (00:48):
Oh no, what's happening?

Speaker 4 (00:50):
There's clickers in the stairwell.

Speaker 2 (00:56):
I know what you mean, but I don't know if
anybody else, No, no one knows. But that's okay. If
you know, you know right, I guess they got the
backup generators on, they got the uh, they got the
the spotlights on, they got the you know, you got
your flash light.

Speaker 4 (01:09):
There's no spotlights on?

Speaker 2 (01:10):
What are you talking about you?

Speaker 5 (01:11):
You get your hard hat, I have a help, I
have a flashlight. There's no power in the building, I.

Speaker 2 (01:16):
Know, but yet here we are. Ye the magic of radio.
So you're just like a cave the backup generator right now.
How how was it running up the stairs, Joe?

Speaker 5 (01:28):
It's good, but uh, I feel like I'm on like
a stationary bike generating this the studio you are.

Speaker 2 (01:36):
Isn't that the way it works?

Speaker 4 (01:37):
I know, it shouldn't be this way. It shouldn't be
this way at all.

Speaker 2 (01:41):
Yeah, it's it's broken down so that the entire station
can be powered by the foot power of one producer. Yep, yeah,
that's right.

Speaker 4 (01:48):
That's radio.

Speaker 2 (01:49):
You have to be the best producer. Well, that's right.
We're here, we're doing it. You are listening to us
live right here in real Radio one O four point one.
You can join the show by texting into seven seven
zero three one. Do it and reap the rewards. Tell
us what you're doing out there. Tell them j what
you're doing out there. You can also go to the
website that mortgage guid don do all the things there

(02:10):
that you want to do, apply for loans, read about
all of our reviews, Apply for a business loan, Look
at reverse mortgages. See listen to all the past podcasts
of two hundred and seventy five of these shows up there. Now.

Speaker 3 (02:24):
I got a friend who just listened to all the podcasts.

Speaker 2 (02:26):
I was like, why are they? Were they bedlocked?

Speaker 3 (02:30):
They like to listen to podcasts, And they said, all right,
I'm going to listen to yours.

Speaker 2 (02:35):
Wow, I know. Well, how good of a friend. It's
been a minute.

Speaker 3 (02:38):
I know, No, just recently went through all the podcast
uh huh yeah, yeah, they said they were interesting.

Speaker 2 (02:45):
They still like us.

Speaker 3 (02:46):
I don't know if they like you, but.

Speaker 2 (02:50):
Well, who knows. You can also follow me at Instagram
at that mortgage guide down on Instagram. Do it. We're
pushing it. We're up to almost two thousand followers. J
what a miracle.

Speaker 3 (03:01):
That is a miracle.

Speaker 2 (03:02):
Who'd have thought, you know, just six months ago when
we were you know, when we were had one point
five followers.

Speaker 3 (03:11):
Yep, that one toddler.

Speaker 2 (03:16):
No, that was a lady. She was eight months pregnant. Yeah,
that got it as almost two followed. Okay, all right,
welcome to the Home Loans radio Show. We talk about
all the things you can text in questions about anything
happen to do with home loans or real estate, business loans,
you name it, I can answer it. I'm a mortgage
expert and we will do it. What's going on out there, MJ.

(03:37):
What's going on in the world of mortgage news?

Speaker 3 (03:39):
See it feels like something.

Speaker 2 (03:40):
Yeah, there's been a lot of financial stuff going on
this week.

Speaker 3 (03:43):
There was a lot of cross talk yesterday with the
President and the Federal Reserve chairman, mister Powell.

Speaker 2 (03:49):
Jerome Pal. Yeah, there's a lot going on with rates
and with tariffs are making the stock market. The stock
market dropped two days in a row. DAL dropped over
fifteen hundred points two days in a row each day,
and that's kind of It hasn't been like that since
well five years ago when COVID was, when COVID lockdowns
were imminent and all of that. So it's a it's
a bit of turmoil. We'll see what happens. It definitely

(04:11):
affected the ten year Treasury bonds over the last two
days three days, which is good for mortgage rates. So
that's a bright spot. You know, we are seeing mortgage
rates come down a little bit. I've been seeing also
that I was looking at some numbers so far this
year is the first time MJ. This surprised me. First
time that we've been doing. We have this mix of

(04:33):
in the business of a mortgage company, you have a
bix of a mix of how many purchases you do
compared to how many refinances you do. And I would
say for the last couple of years three years, nobody's
really been refinancing as much because the rates have been
on the higher side. So we were about seventy five
percent purchase loans that we were doing in about twenty
five percent refinance loans that were doing, and people.

Speaker 3 (04:55):
Were sitting on those suite rates.

Speaker 2 (04:56):
Yeah, and people people have the rates from you know,
the the two three four percent rates. If you refinance
in twenty eight, twenty or twenty one or twenty two,
you might have one of those rates. But the overall
thing that's happening right now is that the mix of
the purchases and the refise is shifting. People are starting
to do refinances again because instead of rates being in
the eights like they were high sevens and eights, we're

(05:18):
now seeing them low sixes dipping down into the fives
for different types of loans and so so far this year,
the mix of purchases and refis has been about sixty
five percent refise and thirty five percent purchases. The purchase
numbers haven't gone down, they're actually have gone up. So
the people are seeing that the rates are coming down.
We're you know, a lot of inquiries these this past

(05:39):
week about refinances and we're right at the point where
it makes sense to take a look at that. So
that's really one of the bigger news things that's happening
in the world of mortgages. We'll see what, you know,
how the tariffs affect things. But right now, it's good
if you're thinking about buying a house because it's bringing
down the mortgage rates. It is not good if you're
looking at your four oh one K every morning, you know,

(06:00):
wondering what's going on there.

Speaker 3 (06:01):
Well, and the housing prices are going to go up,
and that is pretty much nobody's disputing that part, because
the parts that make up a house are going to
have these tariffs.

Speaker 2 (06:10):
I get, yeah, well that's true too. I get a
lot of people that and that makes a lot of sense.
You know, the cost of build things is going to
go up a lot of times. If people don't realize
that we get, you know, a good portion of a house,
depending on who the builder is, sixty seventy percent of
it might come from from other countries. A lot of
the wood comes from Canada.

Speaker 3 (06:27):
All the drywall comes from Canada.

Speaker 2 (06:28):
Yeah, the steel, the aluminum. So there's there's things that
are that are going to be price here for a while,
we'll see how it affects everything. Oh cool and the
other thing. There you go from the mouths of the
Fritz right to your ears right here in real radio
one of four point one. You are listening to the
Home Loans radio show with me. That mortgage guide done.

(06:51):
I am a mortgage expert. We talk about this stuff
every single Saturday. Text and MJ's Are what you're doing
out there? We're yeah, we're live. What month is it now? April?
April fifth? I can't even believe it. We're like forty thirty,
forty percent of the way through the year already, and
I really was just thinking it just started.

Speaker 3 (07:09):
Yeah, I felt that way too, and then I realized,
I'm making plans for June in July, so yeah, and
that's my halfway mark. I guess that's everybody's halfway.

Speaker 2 (07:17):
Well, as we mentioned last week, it depends on whether
you're on the Gregorian calendar or the Julian calendar.

Speaker 3 (07:25):
Yeah, but yeahddy, he says, my sweet sweet three point
three seven five rate.

Speaker 2 (07:31):
Oh, you need to hug that rate and you kiss
that rate. I love it so tenderly. You know, there's
there are a lot of people though I would say,
that have rates below the five percent range. But it's
it's really it's about fifty to fifty right now. About
half the people have those rates from the you know,
the twenty nineteen to twenty twenty three range, where we
could get rates in the twos and threes and fours. Yeah,

(07:52):
I don't know, we're going, yeah, go ahead.

Speaker 5 (07:55):
So if you have that sweet rate and you want
to get money out, would be helock only.

Speaker 2 (08:01):
Right essentially. Yeah, that's the only way to really get
a loan without affecting your first mortgage.

Speaker 3 (08:06):
Yeah.

Speaker 2 (08:06):
Yeah, Well, we do the math. You know, it comes
down to numbers. So I've seen it both ways, like
if I've had people that have a rate of around
five percent five and a quarter percent, and then and
it depends on the loan size too, because you know,
an eighty thousand dollars loan is going to make more
difference than than I mean less difference than a four
hundred thousand dollars loan. It just because of the bigger
the loan, the more it affects your payment when you
have the rate changes. But yeah, the best and only

(08:29):
way if you've got a really good rate and you
want to take cash out, which a lot of people
are doing. As I mentioned, the refinances are going up.
But the the overall equity locked up in home loans
right now, meaning equity that people have in their homes.
And what would you guess that number of dollars is.

Speaker 3 (08:48):
I would have I'd say it has a T in
front of it?

Speaker 2 (08:50):
Well, is that? Yeah, the equity that people currently in
the United States have built up in their homes, meaning
you take all together, all together, all of America.

Speaker 5 (09:00):
Yeah, let's see, there's three hundred and fifty million Americans.

Speaker 4 (09:03):
Mm hmm, so many Americans.

Speaker 5 (09:06):
Well, three hundred forty six million. I'm gonna say times
that by four. I'll say two point seven billion.

Speaker 2 (09:15):
Meanwhile, uh, MJ is right, it has a T in
front of it.

Speaker 4 (09:19):
Trillion, seven trillion, two trillion. Yeah, there you go, sucking MJ.

Speaker 5 (09:26):
Yeah, okay, that's going to be a bell for MJ.

Speaker 3 (09:31):
I think I came in low, but its like it
feels like you need the good will.

Speaker 2 (09:36):
Oh wow, all right, here we go.

Speaker 4 (09:38):
I'll take you pity. That's fine.

Speaker 2 (09:42):
Row. That's right over two trillion dollars right now. People
have equity in their homes, and a lot of people
don't want to go and tap into that because they
do have a three percent rate or four percent rate
or five percent rate. But we're at the point now
where you're about to be able to refinance, and we're
I blocked in one on Friday at convention alone below
five percent. So now I'm sorry, below six percent into

(10:05):
the fives. So it's definitely a time to look. If
you're someone who's had that rate that's up there for
a while, then you know, reach out and we can
take a look at it. I've got some others that
I'm going to relook at that I just looked at
last week or in the last week or two because
things have changed that much. Wow, and and you too,
for it's we're going to take a look at everybody.

(10:26):
Everybody is see if we can get those payments down
a little bit. Yeah.

Speaker 3 (10:29):
So when the stock market does a tumble like it
has in the last few days, does the rate automatically
kind of shift on the other side, Does that happen
kind of concurrently.

Speaker 2 (10:37):
Or it's not an automatic thing. They're not tethered to
each other, so to speak. The but it's kind of
the historic norm for as long as you know, I
can go back in the record keeping. When when the
stock market has bad days and or bad weeks or
is down, then mortgage interest rates tend to go down also,
so because and that's in a result of the treasure

(11:00):
reponds what happened. So when people get nervous about having
their money in stocks or big big people that have
billion dollar holdings or corporations or hedge funds, sometimes they'll
take money out of those stocks and buy treasury bonds
because the treasury bonds are considered a more stable investment.
They don't you don't make as much profit on them,
but they're more stable. You don't have to worry about it,

(11:20):
you know, the ten year treasury bond. And so the
ten year treasury bond loosely controls the mortgage backed securities
which control the mortgage rates. So it's kind of a
daisy chain. But when the stock market is having a
really bad day, usually it means the ten year treasuries
and the mortgage rates are going to be having a
better day. So that's kind of the general trend. And
we got away from that trend during the last couple

(11:41):
of years because things were a little untethered because the
Fed had bought during COVID billions and billions ninety billion
dollars every month of their own bonds. But that has
been falling off of the balance sheet, so now we're
actually seeing that old normal interaction between stocks and bonds.
And the bottom line for all of you, if you
went to sleep during that conversation, is that Morga mortgage

(12:03):
rates are are are getting better the last couple of days,
three days, and they will continue. If the stock market
does poorly, then the then the mortgage rates will will
also do better. They'll improve it.

Speaker 5 (12:13):
Typically, speaking of the stock market, do you are you
guys pretty savvy with that?

Speaker 2 (12:17):
Uh? Sure, what's your question?

Speaker 4 (12:21):
I haven't attached to you for some stock advice.

Speaker 3 (12:23):
Then there I have so many socks I've got like
I have been collecting socks my whole forever.

Speaker 4 (12:29):
Socks or stocks socks I love.

Speaker 3 (12:32):
I have a sock drawer full of socks.

Speaker 2 (12:34):
Sock market.

Speaker 4 (12:35):
Yeah, I'm gonna text you later.

Speaker 3 (12:37):
Okay, okay, my stock game is strong.

Speaker 2 (12:40):
How are your socks doing? Are they going up at
value or down?

Speaker 3 (12:43):
I feel like they are appreciating what they're appreciated. They're
appreciating I have socks that are twenty years old and
they're still giving it.

Speaker 2 (12:51):
Oh that's that's that's a very important information.

Speaker 3 (12:55):
I thought, friends, I wanted to know about my sock game.

Speaker 2 (12:57):
I ask you about stocks. But yeah, sure, socks are
right there. Well do you know how many does the
value of your socks go up dramatically after they're washed?

Speaker 3 (13:07):
I don't try. Well, I mean depends on where I'm
selling them.

Speaker 2 (13:14):
Fresh foot smell.

Speaker 3 (13:15):
I see if I'm in the mood for exporting. I
don't know terriff applied now.

Speaker 2 (13:21):
I saw that movie Rare Exports. Is that what they
were talking about? No, well, believe it or not, you
are listening to the Home Loans radio show with that
mortgage guide Don and the crew will be right back
after these messages. Hey, hey, hey, it's that mortgage guide Don.
April is upon us and hurricane seasons right around the corner. Yeah,
but I feel great because I've already replaced my windows

(13:43):
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(14:04):
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Get all the details at the website today Best Windows

(14:25):
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number 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 listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 2 (14:46):
Oh yeah, welcome back. Welcome back to the Home Loans
Radio show with that mortgage guy Don. That's me. That's right,
we're here. We're doing the thing we do every single Saturday, right, MJ.
That's right, ray A, we'll come back. Good morning, mister Fritz. Hello,
you're holding down the fort over there for Fritz.

Speaker 4 (15:05):
Oh, yes, I am.

Speaker 2 (15:07):
There we go.

Speaker 4 (15:08):
It's still dark. I didn't know who was talking to
me at first.

Speaker 2 (15:12):
That must that must be uh must be kind of
eerie in there with all the lights out. But you're
having fun. That's all that counts.

Speaker 4 (15:19):
Right, Yeah, I guess.

Speaker 2 (15:23):
You're listening to the Home Loans Radio Show. We're here
every single Saturday morning doing this thing we do. You
can text in your comments, salutations, tell MJ what you're
doing out there, or text in questions having to do
with mortgages, real estate, buying a home, all that jazz.
You know what I'm excited about, MJ. We got the
big We're finally almost there. We got the big celebrity

(15:43):
just called Mo Bowling. Tournament coming up next Saturday, April twelfth.
That's exciting. One week from today. The tickets for the
bowling have been sold out. This is for charity and
it's a lot of local celebrities from the news station,
from the radio stations, from you know, they ran low
on celebrities, so they invited me to be one. But

(16:04):
we'll be there doing the thing next Saturday at the
Ovito Bowl in Oveto. It's gonna be a lot of fun.
I did it last year, man, it was. It was
a blast. Twenty lanes of local celebrities, will will We'll say,
and you know, six people on each lane. It's it's
a it's a full packed house and it's a lot
of fun. Raised a lot of money for charity last year.

(16:25):
I will tell you. You have to you know, they still
have tickets available for the pinball the pinball access. So
the bowling side is sold out, right, but you can
still get tickets to the the pinball room. But that
doesn't gets you into the bowling alley. The a bowling
eye is closed during this whole thing. It's not like
you can't just wander in there. There's no general hundreds. Yeah,
it's closed to the general public for a special event.

(16:46):
But for fifteen dollars you can get a ticket to
have unlimited free play on the pinball machines that are
in the Ovito Bowling Alley. And you're thinking, well, what
is that three pole? What is that three pinball machines?
Or no, there are dozens dozens. The owners are are collectors.
They they are pinball machine aficionados. So it's a cool time.
But I will tell you they are not going to

(17:07):
sell tickets at the door there. They're the tickets are
almost sold out. I I was texting with the Mo's
team this morning and they said they expect the tickets
to be sold out by Monday or Tuesday, and they
will not be selling any at the door. So if
you want to come into this event and hang out
and laugh at people when they throw gutter balls, and
you know, play lots of pinball.

Speaker 3 (17:27):
Be nice to the gutter balls, the gutter ball throwers.
Sometimes people who throw gutter balls are trying really hard.

Speaker 4 (17:33):
Yeah, that's true.

Speaker 2 (17:34):
Are you are you foreshadowing your bowling performances? You told
me you've been practicing every day you've been you said
you've been synchronized swimming every day and that you've been
practicing bowling every day. I mean, oh, I wonder if
that works. Can you can you become a better bowler
by just throwing strikes in your dreams?

Speaker 3 (17:54):
I don't know. I became a really good swimmer in
my dream last night.

Speaker 2 (17:58):
I see. So if you're if you're practice in your dreams,
you get better in your dreams. I think I think
that makes perfect sense. You can go to the just
call mo Ford Slash. I believe it's a bowling google
it you'll find it. But and buy tickets to the pinball.
Today it's just about sold out. I think they had
less than a dozen lefts. So if you're interested in that,
go to the website fifteen bucks. You can get those

(18:19):
and be the one that helps sell it out. But
they will not be available at the door. So last
year they were, but this year there won't be any
left to be available at the door. So there you go,
very excited about that. We've got to raise time, baby,
We're going to raise some money for charity and have
a blast next Saturday. Be there or indeed b square.

Speaker 3 (18:37):
Here's someone who says I'm a five I've I am
five year paid on a three percent fifteen year VA loan,
but I still need to somehow refix it and get
my payment down. So what are their options?

Speaker 2 (18:48):
Well, you know the good news. I don't know what
rate they have. They didn't say, but if they have
a well I thought they meant they were paid again.
I thought they were saying they were three years paid
down on a fifteen year mortgage.

Speaker 3 (19:00):
There are five years paid years on a three year mortgage. Oh, well,
they could refinance it longer.

Speaker 2 (19:06):
You could refinance it longer, but the rate's going to
be higher. You definitely get the payment down by going
with a thirty year I don't know if you you know,
if you want to do that, but there are other options.
You can do a fifteen, you can do a twenty.
You know, maybe stretch it out for five more years.
Might get it down. But I don't think you're going
to be able to get your payment down because the
rates aren't three percent right now. You know, you could
get into the fives probably with good you know, depending

(19:28):
on how well qualified you are, you could get into
the fives five point eight, five point seven, something like that.
Great question. Thanks for texting that in. You want us
to take a look at it, of course, reach out
to me at that mortgage guide Don dot com or
at at that mortgage Guide Don on Instagram, and we'll
take a peek and see if there's anything that can
be done. As I've mentioned before, I'm I'm an army
veteran also, so I definitely am always looking to take

(19:50):
care of veterans in addition to everybody. You know, that's
kind of the way. This is a local company. I've
been I've lived here my whole life, you know, I
like taking care of the local people. You know, everybody's
SA is a eat local, shop local, mortgage local, go,
go with the local mortgage guy.

Speaker 3 (20:05):
Mortgage local.

Speaker 2 (20:06):
Right, that's going to catch on, all right, I'm gonna
try and make it work anyway. Text your questions today
into seven seven zero three one and join the conversation.

Speaker 3 (20:18):
Yeah, morning, Don, MJ and Fritz. Have you And someone's
asking MJ, have you seen your sock sock market diminish
over the years, you know, like when you lose a
sock in the wash.

Speaker 2 (20:27):
Oh, that definitely cuts into your sock market.

Speaker 3 (20:30):
Yes, but I keep the extra and I'm just hopefully
for years because I'm sure it will it will turn up.

Speaker 5 (20:36):
One over here, she's got anymore MJ.

Speaker 2 (20:44):
I'm gonna I'm gonna say, I have absolutely seen you
wearing mismatchtocks, and I thought on purpose, but you're just
you're just trying to keep the sock the sock market going.

Speaker 3 (20:54):
Yeah, yeah, I just want to keep the sock.

Speaker 2 (20:55):
Give every once in a while.

Speaker 4 (20:56):
She's diversifying herself.

Speaker 2 (21:02):
Come on, there you go.

Speaker 3 (21:04):
I used to be heavily invested in crew socks, and
now I'm going more with taller socks.

Speaker 2 (21:09):
Yes, do you have a lot of artwork on your socks?

Speaker 4 (21:12):
I do.

Speaker 3 (21:12):
I have some socks that are definitely I would consider
being invested in art.

Speaker 2 (21:16):
Yeah, there you go.

Speaker 3 (21:17):
Yeah, I've went with eyeballs all over it.

Speaker 1 (21:19):
It's really.

Speaker 5 (21:22):
It's really disheartening now that the younger generations, uh, they're
just wearing like plain socks and just like muted colors.

Speaker 3 (21:30):
I know.

Speaker 2 (21:31):
It's sad, you know when you say younger generation, because
I think of you as a younger generation.

Speaker 5 (21:37):
I'm talking about the broccoli heads, all the four year olds.
They all have the same haircut, and they all wear
like muted grays or uh you know gray, right.

Speaker 2 (21:52):
I have I have noticed that haircut with sometimes with
straggly beard. Yes, yeah, yeah, but anyway, I will I
will say I just wrote a blog. I read a
blog every week on the website. You can check it
out at that mortgage guy don dot com. But this
one this week was about how millennials are taking over
the housing market.

Speaker 5 (22:12):
Yeah about damn time. We're in our fifties.

Speaker 3 (22:17):
It's true. I do think what people hear the word millennials,
A lot of people are confused about who that is.

Speaker 2 (22:22):
Well, I mean research it, so I tell us the
specifics of what a millennial is according to Wikipedia. There, yeah,
and I think I think baby boomers are like people
born sixty four and before.

Speaker 5 (22:35):
Millennials or Generation Y are nineteen eighty one to nineteen
ninety six.

Speaker 2 (22:39):
Okay, nineteen ninety six, So twenty nine is a cap
on the.

Speaker 4 (22:46):
Yeah, it's about fifteen years eighty one and ninety six.

Speaker 2 (22:48):
All right, Well, there you go. What the millennials are
taking over the housing market, the real estate market. The
last year of more than half of the homes were
bought by millennials.

Speaker 3 (23:00):
For it, said, makes sense, It does make sense.

Speaker 2 (23:02):
It's I'm going to quote from myself. Okay, millennials have
reclaimed their position as the largest group of home buyers.
The younger millennials are eagerly stepping into home ownership, while older
millennials are finding new homes to fit their evolving family needs.
Oh boy, yeah, I guess that means they're having kids,
I think, or getting divorced or not or not or

(23:23):
not having.

Speaker 4 (23:23):
Kids, and they're affording the smaller houses.

Speaker 2 (23:26):
And the good news is that the for the millennials
is that baby boomers are selling homes in large numbers.
Many are downsizing or moving to different location retirement locations,
making fresh opportunities in the housing market. Okay, yeah, you
want to read the blogo the website. You can read
the whole thing. There's more. I just read a little
tiny piece of it.

Speaker 3 (23:45):
Oh gosh, I can't wait.

Speaker 2 (23:48):
Well, where were we we got? You can text your
question into seven seven zero three one.

Speaker 3 (23:53):
Tell me what you doing out there, just like Jason did.
Jason is stocking booze on a Saturday.

Speaker 2 (23:58):
Let's you, Jason. I'll be there in an hour.

Speaker 4 (24:01):
Count in a minute.

Speaker 2 (24:03):
It's Saturday. Let me alone here.

Speaker 3 (24:05):
Somebody said, don got me two point eight rate, and
I'll never see that in my lifetime again.

Speaker 2 (24:10):
That's for sure. I got myself a rate in the
twos when it was when we were in that that
was at mine was twenty twenty. I was able to
get a rate of it, like a two point sixty
five or two point five rate on my house. But frankly,
I've never seen that before. I've been in the business,
you know, twenty five years. I'd never seen that before
twenty twenty, and I don't know that we're going to
see it anytime soon.

Speaker 3 (24:29):
Gets it on the radio a lot, Yes, yes, historically
low rate, that's right, a lot.

Speaker 2 (24:34):
But they're coming back down. Now's the time to take
a look at it. We even some of the home
equity lines. I'm locky. We're locking in home equity lines
in the sixes. In some cases. We closed one yesterday
that was at six point eight seven five. So a
lot of times that the home equity line rates, you know,
you think of them as being higher nine, ten eleven percent,
but we're seeing even those in some cases in the
five sixes right now. So it's it's definitely starting to

(24:57):
be that refinance market, and I'm seeing it in the
shift of the business that we're doing. I probably a
dozen calls within the last couple of days about people
wanting to find out about refinance. And it makes sense
because of what's going on in the stock market. Whenever
the stock market declines through a chain of events, mortgage
rates improve and then we're seeing that right now, So

(25:18):
at least there's a silver lining. It's not helping your
four oh one k, but it might help you on
your mortgage or your refinance. So there you go. You
are listening to the Home Loans Radio show with that
Mortgage Guide don. Check us out on Instagram and follow
please at that Mortgage Guide don dot com. We'll be
right back after these messages.

Speaker 5 (25:36):
Hey, this is Ryan from the Monsters and now back
to that mortgage guid done on real radio. Yeah oh yeah,
Home Loans Radio Baby Saturday in the dark, dark dark
building with just my cell phone flashlight which is at
seven percent so there's no way to charge my phone.

Speaker 2 (26:00):
Right. Just so everybody is I think there's a national
emergency or anything. It's just they're working on the building.
The powers off intentionally, they're working on some stuff. They
got the backup generator running all the thing.

Speaker 5 (26:11):
To show that it's not any kind of emergency. All
of the crew are eating Chick fil A. They're slowly
talking to one another. They're just getting the work done.
Then they're going to go home to their families. It's
not like they're like shut off the.

Speaker 4 (26:25):
Main like that.

Speaker 2 (26:27):
Can we get into the sewer from here?

Speaker 4 (26:29):
Yeah, you are listening to Home Loans Radio though.

Speaker 5 (26:31):
If you would like your question answered on air, just
texted in seven seven zero three one. You can also
follow Don on Instagram. That's at that Mortgage Guy Don.
You can also go to that Mortgage Guy Don dot com.

Speaker 2 (26:43):
There you go, Welcome back to the Home Loans Radio show.

Speaker 3 (26:47):
Yeay, FedEx Rich says, I guess I lost my FedEx
Rich Moniker. But FedEx Rich I can see right next
to your name, it says FedEx Rich.

Speaker 2 (26:53):
There you go.

Speaker 3 (26:54):
I think you're good.

Speaker 2 (26:55):
You're good. Thanks for checking anybody. You're not working for
FedEx anymore, he tourses, I remember, that's why we haven't
heard from him on saturdays. I think he had a
better gig where he didn't have to work on Saturdays. Now.

Speaker 3 (27:05):
Well, thanks, If you want us to call you, I'll
call you whatever you want.

Speaker 4 (27:10):
Yeah, tell you what you want.

Speaker 3 (27:12):
I'll call you right. I'll call it right out.

Speaker 4 (27:14):
Who your new employer is.

Speaker 2 (27:15):
Yeah, that's what's that Amazon al.

Speaker 3 (27:19):
I think you might want to keep rich. That might
be you know, he might that might be an identifier point.

Speaker 2 (27:25):
There you go.

Speaker 3 (27:26):
Here's someone says, is it a good time to refinance?
I heard that rates are coming down this week.

Speaker 2 (27:31):
That is a question I've gotten about ten times since Wednesday.
You know it definitely we're seeing it's it's the normal
ebb and flow of the market. Normally is when the
stock market is not doing great. Usually that means people
are are moving money to treasury bonds. And when a
treasury bond, when people move money to treasury bonds, it
lowers the mortgage rates. So that is the current cycle.

(27:53):
The thing is, we don't know how long it's going
to last because of the news cycle. You know, every
time there's a somebody makes a d or somebody you know,
counter tariffs or fights back or whatever, it changes the
new cycle, it changes the stock market. So the moral
is strike while the iron is hot. If it's something
you're interested in, hit me up at the website that
mortgage guy down dot com. We'll see if we can

(28:14):
get you in. It's like a lot of other things.
Sometimes you can lock in in the valleys and you know,
get yourself a good deal when things are going up
and down the way they are. But we'll see, we'll
see what happens.

Speaker 3 (28:24):
Right, And you you've talked to us before about the
thing that you have that you can switch the rate
once if you need to. So if you locked in
now and it got even lower, you could.

Speaker 2 (28:33):
Oh, yeah, you're like a float it's called a float down.
So yeah, a lot of times people, mortgage people will
not lock in your rate in the beginning when they're
working on the loan because they think it might get lower.
And a lot of times the client will say, I
want to wait and see if it gets lower. I
think that's terribly dangerous. So we don't do it that way.
We lock in the rate no matter what, and then
the lenders that I have will allow us to do

(28:53):
a float down. You know, it takes about three weeks
to do a loan, so if the rates drop during
that three weeks that we're working on your loan, we
can actually go down to the lower rate. So there's
no real hindrance with us to lock in a rate
and do it. You're never really going to see rates
fall more than you know, a quarter point over a
two or three six month period. It's not a fast mover.

(29:15):
It moves in little increments typically, but with the news
cycle going on, who knows it might move quick. We'll see. Yeah,
stay tuned, ask me, I'll keep you posting.

Speaker 3 (29:24):
Here's the one that says, we'd like to apply for
a home equity line. We want to know what is
the credit score requirement and the loan size allowed, so.

Speaker 2 (29:31):
Home equity line of credit. That's exactly what we've been
talking about. A lot of people that have two or
three or four percent rates that might want to get
access to the equity in their home don't want to
refinance because they don't want to get rid of that
low rate. So then the other option where you can
where you can access the equity in your home is
through a home equity line of credit or a second mortgage.
And a home equity line of credit is a type

(29:52):
of second mortgage, so it's a it's a separate total mortage,
totally separate thing that is behind your other mortgage. So
if you do a home equity line, you would make
two mortgage payments. You would have one that goes to
your low, low suite rate and one that goes to
pay for the new pool or paying consolidating debt or
new kitchen or whatever it is you're going to do.

Speaker 4 (30:10):
Would it be about the same prices?

Speaker 2 (30:13):
Tell me what you mean by price.

Speaker 5 (30:14):
Like, is it like, let's say I'm paying one thousand
dollars for my mortgage with the second he.

Speaker 4 (30:18):
Locked be like a thousand bucks.

Speaker 2 (30:20):
No, it's going to be much less typically because the
loan amounts are much smaller. The minimum loan amount is
fifty thousand for a home equity line of credit. So
you know, if you're paying seven percent on a fifty
thousand dollars loan, you're going to be around four hundred
a month on the interest only payment, right in that range.
I'm not looking at a calculator right now, but right
in that range. So it's definitely gonna be less because

(30:42):
it's proportional to the loan size. If it's one sixth
of your you know the size of your other loan,
then you can probably extrapolate that's going to be around that,
except the rates are a little higher, so you know,
maybe one fifth one sixth of your of your current
mortgage depending on the loan size. Great question, thanks for
texting that in and and what else you got? MJ.

Speaker 3 (31:02):
Here's someone who sent us this.

Speaker 2 (31:03):
Oh, I'm sorry I didn't answer the one part about
the what was it? It was the loan size and
credit score?

Speaker 3 (31:08):
They asked, is it a good time for the helock? No,
they asked, I'm sorry, I'm mixed up. I'm getting a
lot of comments about a lot of things. They want
to know what the credit score requirement.

Speaker 2 (31:19):
Is the credit Yeah, the credit score requirement is six
sixty typically, but if you're in that six forty to
six sixty range, we can usually tweak your score a
little bit to get it up over that six to
sixty range.

Speaker 3 (31:30):
And what is the loan size allowed?

Speaker 2 (31:32):
The minimum we have is fifty you know, fifty thousand
line of credit and then the maximum I don't I
think we're working on one. That's one point five million
for someone right now, so there's not the high end
is pretty pretty wide open.

Speaker 3 (31:46):
If you're doing it for one point five million, what's
their regular mortgage? Well, like, I'm just being nosy.

Speaker 2 (31:52):
Yeah, in this case, this is someone who is an investor.
So they've got a property that they just built and
now they're taking the money out of it to build
the next one with a home equity line. That's how
a lot of a lot of builders do it, so
they're basically continuing to invest.

Speaker 3 (32:08):
Okay, a couple of Mary's and the wife is on
the title of their home but not on the mortgage.
The wife would like to own the home on her own.
Can she apply for a mortgage on her own? Does
a husband needs to be on the title. If so,
can they both agree to have quick claims on each
other of their homes after purchases. I'm confused. Do you
know what that means?

Speaker 2 (32:28):
If you read the question, I'm looking at you.

Speaker 3 (32:30):
Yeah, you know, I'm reading it.

Speaker 2 (32:33):
I think so.

Speaker 3 (32:34):
So the wife is on the title of their home
but not on the mortgage. Is that common? Oh, that's
when some one person qualified and the other person.

Speaker 2 (32:41):
Yeah, let's break it down as we go. So what
that means is that Yeah? Probably Usually when I see
married couples where one of them is not on the mortgage,
it means usually somebody has a good credit score and
somebody else maybe doesn't have a good credit have a job,
or or they have enough debts on their credit report
that it's making the debt ratio not work, so we
may on occasion leave one of the two. If your

(33:04):
spouse is we may leave one of you off of
the mortgage, either to get you a better deal, a
lower rate, or in some cases just to get it
to go through. But when you're married in the state
of Florida your primary residence, you both have to be
on the title of the primary residence. Even if you're
not specifically named there. It will say, you know, John
Doe a married person or Sally Smith a married person,

(33:28):
but typically it'll mention both names, so that way you
have ownership. You may not be on the mortgage, but
you're still on the deed and title. You're still married,
it's still your primary residence in the state of Florida.
If you're doing a mortgage on your primary residence and
you're married, the other spouse has to agree or acknowledge
that mortgage, and so you can't just go you know
things are getting rocky with your spouse and you're gonna

(33:50):
get a divorce. You can't just go do a mortgage
and take all the cash out and run to Tahiti.
You know, you have to get their signatures to be
able to do that. So there's a legal process for that,
and that's something we can certainly help with. If you're
in that area where you do want to split up
and so kind of divide the proceeds of the home,
then we can help you with that. We're working on
quite a few. I work with a number of divorce
attorneys in town to do that kind of thing. But

(34:12):
did I answer the question? So what was so that
would be? That would be how you would be married,
and not on the mortgage, but yes, on the titles.

Speaker 3 (34:20):
And then the next part is can she apply for
a mortgage on her own she's only on the title?

Speaker 2 (34:24):
Sure? Now, the thing I was telling you about where
you have to the spouse has to acknowledge or be
on the mortgage is only for primary residences. So if
you're buying a second home or an investment property, those
rules are out the window. You can be on there
by yourself. Nobody else has to sign. It's free and clear.
It's only the primary residence that has that protection. Of that,
you must be notified and agree if somebody is doing
a mortgage on your house and.

Speaker 3 (34:46):
Does a husband need to be on the title on
her house she gets a new house.

Speaker 2 (34:50):
Yeah, So if she buys a house, you know, you're
probably going to need to buy that as a second
home or an investment property. And then if you do,
then anybody can be on the title. You don't have
to be on each other's titles, but the Murtal House,
the primary residents would have to have both of you
on the title unless you, you know, agree to take
yourselves off of the title.

Speaker 3 (35:07):
And yeah, can they both agree to quick claim each
other off the titles?

Speaker 2 (35:11):
Yeah you can?

Speaker 3 (35:11):
Okay, Well that's a question.

Speaker 2 (35:13):
There you go. Well done, Thanks for texting that question.

Speaker 3 (35:19):
Thanks for your convoluted question. I appreciate you. We got
it done.

Speaker 2 (35:24):
Yeah, and that's the first segment of the new Game
of Thrones episode. All right, well we got we got
time for another quick one.

Speaker 3 (35:32):
Did I hear you say you're doing commercial loads?

Speaker 2 (35:35):
You did all right about two years now.

Speaker 3 (35:37):
I want to I thought you were saying two years ago.
I want to buy a lot and build a larger
warehouse and a location from my roofing company. Can you
help with this? A lot of roofing companies want locations
to store all those roofs.

Speaker 2 (35:48):
Turns out Florida is a good place for roofing companies.
No figure figure with all the hurricanes and hale and whatnot.

Speaker 3 (35:55):
Such a big warehouse though for the roofing, I see,
I see they don't.

Speaker 2 (35:59):
They don't. They don't store the roofs pre made and
they're just sticks and shingles.

Speaker 3 (36:05):
I see, that makes more sense. I found this location.
How do I know if I qualify?

Speaker 2 (36:11):
Well, you gotta talk to me, you know, with get
a hold of me at the website that mortgage guide.
Don there's a commercial one page commercial questionnaire that you
can fill out and it will connect us and then
we will start talking about what you're trying to do.
Figure out how far along you are, figure out if
you're going to need an architect, if you're going to
need a builder, if you're going to need a commercial
real estate to help you find real estate realtor to

(36:32):
help you find you know, the plot, the lot, the land,
and kind of figure out how far into it you are.
And then there are a number of different loans, either
through the SBA or through private banks or through national
banks that we can figure out. But it's basically just
kind of tell me what the plan is and then
we figure it out. We do this all the time.
I can tell you right now we have a dozen
different projects in different stages of completion of this type

(36:55):
of commercial. You know. Venture You are listening to the
Home Loans Radio show with that mortgage guide Don. We're
gonna take a quick break. We'll be right back after
these messages.

Speaker 4 (37:04):
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 (37:18):
Oh yeah, here we are doing the thing mortgages, talking
about mortgages. What else would you want to be doing?
But listen to that sweet sweet song. Mee, there it is.

Speaker 2 (37:32):
We're live.

Speaker 3 (37:33):
Oh yeah, talking about mortgages. I know, you know, listening
to the stylings of Corvis Incorporated.

Speaker 2 (37:41):
There you go, very nice. Oh yeah, welcome back.

Speaker 3 (37:44):
Yeah, here we are.

Speaker 2 (37:46):
What do we listen to?

Speaker 4 (37:48):
That was Corvis Incorporated.

Speaker 2 (37:51):
You are listening to the Home Loans Radio show that
mortgage guy Don. We're here. We're doing the thing. Texting
your questions to seven seven zero three one and we'll
do more of the thing. What do you what do
you what do you got there? MJ.

Speaker 3 (38:02):
Here's someone says I'm dipping my toes into the water
of first time home buying. Now scared, I'm one hundred
percent disabled veteran. Oh well, thank you for your service.
Thank you, And as such, I am qualified for a
VA loan. I was curious if your team has any
experience with securing VA loans, Please let me know what

(38:23):
information you need from me.

Speaker 2 (38:24):
Well, yeah, I can't imagine that anybody that has more
experience with VA loans than me, but you know, I'm
sure there is somebody. But yeah, I'm as I mentioned,
I'm an army veteran and I've done thousands of VA
loans over the years. We do a lot of them. Yes,
it's it could be. It can be a little tricky
sometimes when you're fully on disability, not because of the

(38:45):
disability part, but because of the level of the income.
So we need to see how much you're getting because
they still want to You don't need a down payment
for a VA loans, so you got zero down. We
have to figure out where the closing costs are going
to come from. There are some some grants and some
first time home buyer programs that might help a veteran,
and we can dig into it and help you figure
that out. Happy to do it. Reach out to me
on the website or give me a call at the

(39:06):
office at that mortgage god Don dot com. We'll talk
it through, see what I can figure out for you.

Speaker 3 (39:11):
Here's someone, and I think a lot of people might
do this. I'm looking to buy a house from my parents.
They're willing to sell it to me for about half
of what it's worth. I've only a couple thousand saved
after my hard divorce. Sorry about that. Credit is good
and I have a good job. Is there any way
to make it happen with no savings, with no money.

Speaker 2 (39:28):
Yeah, that's just an ideal sit There's a loan that's
called and you can do this with VA, you can
do it with FHA, you can do it with conventional loans.
Fanny May, Freddie Mack. It's called a gift of equity
family purchase, and it is the only way you can
do this is if you're buying from an immediate family member.
We're talking you know, sister, brother, aunt, uncle, grandparents, children, married, married,

(39:51):
or biological you know, in those areas and if that
fits the bill, if someone like that does, a family
member is selling you a home for a has to
be selling to you for less than what it's worth,
because that's how we get the money for the down
payment and the closing cost is through the equity. So
let's say it's worked three hundred and you know they're
willing to sell it to you for one hundred and

(40:11):
fifty thousand, Well, then that means they're giving you essentially
one hundred and fifty thousand dollars gift of equity as
your down payment. That also helps your rate below. It
helps you not need to have PMI insurance on there
because that counts as the you know, the twenty percent
that you need at least to be free of PMI.
So it's a very very good deal. We do a
ton of them. I would say, for sure, have closed

(40:33):
five in the last sixty days of this type of purchase,
which is a you know, gift of equity purchase. A
lot of people don't know how to a lot of
lenders don't know how to do them, and a lot
of banks like your corner banks and so forth, a
lot of them won't do it. So it's definitely something
you need to work with somebody like me, a mortgage brokerage,
and we can we can help you navigate through that.
You don't need realtors involved. You know, you can do

(40:53):
your own contracts. There's no realtor commissions on that because
it's basically one family member is selling to another. So
but we can help you with that great question. Thanks
for texting that in. And and if you're in that scenario,
hit me up at the website that mortgage guy don
or you just go there and hit the preapproval application
and we'll take it from there.

Speaker 3 (41:11):
My husband and I I'm buying a house. The home
costs three fifty seven five. Sorry, we want to put
down one hundred and fifty. They're giving us seven point
twenty five interest rate with seven eighty score is at
a good rate.

Speaker 2 (41:24):
So they're saying they've got a quote elsewhere. Okay, So,
and as you know, we do the compare quote feature.
What is it.

Speaker 3 (41:33):
Already? I was gonna do it, you were already even
in the dark. You can find the jingle there.

Speaker 2 (41:39):
You go go ahead and play that compare your quote jingle.

Speaker 4 (41:41):
Yeah, it sounds like this.

Speaker 5 (41:43):
I guess this is the new one because Sabrina was
telling me she had to load it in tell me.

Speaker 4 (41:52):
Dot com.

Speaker 2 (41:53):
That's right, we loaded in the nice and clear we
loaded in the remix, the remix version that you did,
and it should be playing it everywhere on the station.
But yeah, you can compare your quote with us very easily.
You go to the website that mortgage guy don dot com.
There's a button at the top says compare your quote.
You just upload it and then I take a look
at it and I call you back and tell you
if it's good or not. But so, this person, their
rate was white MJ.

Speaker 3 (42:14):
Their rate is seven point twenty five. That's the rate
there have been offered.

Speaker 2 (42:19):
Okay, what other info did they give them?

Speaker 3 (42:20):
And the interest rate there's seven eighty score okay, and
yeah they're putting one hundred and fifty down on a
three hundred and fifty seven thousand dollars home.

Speaker 2 (42:30):
Seven point twenty five is terrible. With that score and
that much money down, that's terrible. You should be at
least a point lower than that. Go to the website
and do the compare quote. Now, I'll help you save
some money and not not miss the boat.

Speaker 3 (42:43):
Don't miss the boat.

Speaker 2 (42:44):
Yeah, don't miss the boat. Compare your quote. And you know,
even if you think you have a good quote, it
costs nothing. I don't charge anything for it. I don't
pull your credit. I just look at it. And as
a person who's been looking at these these estimates for
twenty five years, I can tell you right away whether
it's garbage or treasure. So there you go.

Speaker 3 (42:59):
Is there what a tricky if you don't know what
they all mean.

Speaker 2 (43:02):
There's like a over a dozen different fees that can
be charged on there that go directly to the lender,
so not everybody charges them, you know, like on ours
we have one of those fees, a processing fee, you know.
But there are a dozen plus fees that can be
on there. It's definitely good to have somebody who knows
what they're doing take a look at it.

Speaker 3 (43:21):
Great question is do helocks go off your credit or taxes?
For self employment?

Speaker 2 (43:27):
Do well? They go off of your credit. You have
to have usually a minimum six to sixty credit score.
And then as far as income, we've got all kinds
of different income programs. We've got helocks that let you
use your ten ninety nine. We have helocks that let
you use your bank statement deposits for the into your
business bank account. We have you can use your tax return,
you can use your w twos. So there's all kinds
of programs and alternative programs that we can help you.

(43:49):
We do a lot of them for self employed people
because if you have a lot of write offs on
your tax return, that bottom line taxable number might not
look great. But if we can take all of the
deposits you've made in your your your business account over
the year and to buy that by twelve, that's going
to be a whole different number. And so we have
banks that do all of those things. And it may
not they're not a dozen different banks that do different

(44:11):
types and shapes and sizes of elocks. I'm pretty sure
we can find something, uh for you or or or else.
Let you know what we need to do to be
able to find something for you. We're gonna take a
quick break. We'll be right back at the top of
the hour. Hey hey, hey, hey, hey hey hey. I

(45:00):
will not be able to ever not love you. Is
that the name of it?

Speaker 5 (45:05):
The name is called Never the Courses. I will never
not be able to love you?

Speaker 4 (45:11):
Right?

Speaker 2 (45:11):
Yeah, where's that one from?

Speaker 4 (45:13):
That's from the first The Real Fritz album.

Speaker 2 (45:16):
The Real Fritz Album. All of our rejoints here on
the show are from Fritz's original recorded music that either
either there on an album or they're gonna be right.
And thank you so much for sharing your music every
week with all the people of Central Florida. Thank you
so much. You can find Fritz's music anywhere that you
you know, where you consume your music. Follow him on

(45:39):
No Underscore Regrets, Underscore a Coyote on Instagram, and you
know you can go do it. The Real Fritz is
one of your one. You've got two albums with the
Real Fritz, right, You've got two with Florida Sign.

Speaker 5 (45:51):
Three with Florida Slang and two single or three singles
and two the Real Fritz albums and it's gonna be
three here shortly.

Speaker 2 (46:02):
That's right. I saw on Instagram yesterday you were you're
getting you're working on the new album. Yep, there you go.
That's why you follow for it's on on Instagram at
No Underscore Regrets, Underscore Coyote because you can see the
sausage being made, so to speak. You can follow along,
you can and find out what's going on sometimes and
you can see the sunflowers. Right yeah, wow, yeah, yeah, yeah,

(46:25):
I got a picture the other day. I'm gonna i
wanted to get your permission, and I posted on the
Instagram today and so everybody else can see. You got
like a like out. You don't just have a few sunflowers.
You've got like an island of sunflowers.

Speaker 4 (46:35):
Now I've got like twenty I think.

Speaker 2 (46:37):
Yeah, very good.

Speaker 4 (46:39):
Welcome here. All about it in my new spot for
dream Home Orlando.

Speaker 2 (46:42):
That's right, that's right, that's uh. We got to get that.
We got to get that going.

Speaker 4 (46:48):
And a couple of times I can play it again.

Speaker 2 (46:50):
Good looking, looking forward to hearing it. All Right, you
are listening to the Home Loans radio show. What we
got to do MJ. We got to do that in
a minute, but we got to do something else.

Speaker 3 (46:59):
I got a question. Yeah, here's a brain teaser. These
folks got a quote for condominium windows and the windows
are twenty four thousand dollars. When is a good time
to spend that kind of money in a condominium when
the rest of the units around don't bring that kind
of value?

Speaker 2 (47:17):
Wow?

Speaker 3 (47:18):
And do window return? Do window improvements return on investment?

Speaker 2 (47:22):
They certainly can. Yeah.

Speaker 3 (47:24):
I guess that's two parts to that question. Because of
the hurricane situation we're in that.

Speaker 2 (47:28):
Yeah, I'm wondering if they're where their condo is, Yeah,
because that's part of the equation, you know, if you're
if you're on the coast. I will say our family
had a condo on the coast and I'm oh man,
maybe fifteen twenty years ago there was a hurricane that
came right up the coast near Melbourne Palm Bay area.
And even though it wasn't like a Cat three or

(47:48):
Cat four and there wasn't a huge storm surge, what
happened to the condo that what was facing the ocean
was that the wind driven rain hitting those windows flooded
out the entire unit. Eventually, it just pushed through the
cracks and the crannies. It destroyed the drywall, it destroyed
the carpets, that destroyed everything. The entire inside of the
condo had to be redone. Even though if you looked

(48:10):
at it from the outside you would say, ah, there's
nothing wrong with it. But it's hard when you've got
seventy mile an hour winds driving water at a window
and at a building to really get an idea of
how that's going to affect you. If it does it
for twelve for twenty four hours, so in my opinion
and from my personal experience, having really good windows on
a condo that are not going to leak can save

(48:32):
you incredibly. You can completely save the inside of your condo,
and it will also save you money on that insurance
that you pay for the interior contents coverage of your condo.
So I think that's one place that's good to spend money,
particularly if you're in a hurricane area where you could
potentially have that sideways rain for for a while. All
of our houses and buildings and everything here are designed
to protect you from down going rain. You know, buildings

(48:56):
aren't set up to protect you from sideways rain. It's
just not the way that the constructing, right. That's a
great question. Thanks for texting that into seven seven zero
three to one. Yuess what time it is, MJ?

Speaker 3 (49:08):
Is it time for to compare quote?

Speaker 2 (49:10):
It is? It's time for the compare quote of the week?
Compare quote of the week? What's that you ask, Well,
I'm gonna tell you that's something I started a couple
of years ago. They're at a study that came out
that said that less than twenty percent of the people
out there get a second quote after they get the

(49:31):
first quote. I see so many quotes from other companies.
I can tell you that's bananas. That's crazy to just
go with the first quote. It's borderline not responsible, because
you've got to at least compare. You never know if
that unless you're in the business and you're in the
industry or you've done a lot of research, you're not
going to know whether your rate should be seven point
five right now or five point eight seven five. You
don't know whether you should be getting charged two thousand

(49:53):
dollars in fees or ten thousand dollars in fees. And
so that's what I do. You put the quote in there.
You just go to the website that mortgage don there's
a button at the top that's compare your quote. You
upload your quote, you tell me you score. I'm not
I don't pull your credit or anything else. Look it
over and tell you if it's trash or treasure, or
if you can do better, or if it's just great.
Keep on going. I do those all the time. I
will say probably ninety five percent of the time, we

(50:15):
can get people a lower rate and fees than what
they're what they're being offered elsewhere.

Speaker 3 (50:19):
And even if you think you know, and you're an expert,
compare your quotes. You can feel so good about it. Yeah,
and then you're like, oh I am I am an expert.

Speaker 4 (50:28):
That's right.

Speaker 2 (50:29):
You know what feels fancy? Yeah, peace of mind, right,
feel so fancy. Yeah, there you go.

Speaker 4 (50:34):
I'll even go one step further. You know what feels sexy?

Speaker 5 (50:38):
Oh, piece of line, baby, piece of line.

Speaker 4 (50:42):
It's sexy.

Speaker 2 (50:43):
That's right, yes, that and if not for you your
significant other.

Speaker 5 (50:47):
Yeah, you have no idea how much I saved. Candles
turn the lights down.

Speaker 2 (50:58):
All right, that's it up up, uh, needle scratch the record,
scratch there where we need that? There you go back
to the compare quote. They offered an faha, it was
blown away. Actually they're seven and a half. The rate was.

Speaker 4 (51:13):
Seven seven and a half rate. We're getting digital done.
Oh did I lose done?

Speaker 2 (51:22):
No?

Speaker 4 (51:22):
I lost don oh well look what down?

Speaker 2 (51:26):
Are you down?

Speaker 4 (51:27):
Are you there?

Speaker 2 (51:27):
I believe I am okay?

Speaker 4 (51:29):
Nice? Thank you?

Speaker 2 (51:30):
You hear me? Okay, we can hear you now, yeah,
come in Tokyo.

Speaker 4 (51:34):
I was like, I guess I'll get the thirty eighth.

Speaker 2 (51:37):
Now, yeah, there you go down, We're good.

Speaker 4 (51:40):
Right, yeah kind of yeah, it's it's in and out,
all right, let's let's get through it if we can.

Speaker 2 (51:47):
And okay. So they had a rate, a rate of
seven point five on an fh a loan, and our rate,
and they were charging them eight thousand dollars in fees,
which is a ridiculous amount for that high of a rate.
So our rate was five point ninety nine with seven

(52:07):
I mean with one thousand dollars in fees. So we
save them seven grand and we got their rate down
a point and a half. This is a huge amount
of money. Their payment went from being thirty one hundred
dollars a month to twenty five ninety with us so
buying a house, and all of a sudden from the jump,
they got a five hundred dollars a month less payment
and seven thousand dollars less inclosing costs. Here's the fun part, Jeff.

(52:29):
They had heard the show when they were going to
their son's a little league baseball game. Nice I have
they won, And their son asked them if they were
planning on comparing their quotes.

Speaker 3 (52:42):
I love it, dude, I love yes.

Speaker 2 (52:45):
And then and they looked at each other and said, well,
I guess we have to now, and boy, are they
happy they listened to the little genius.

Speaker 4 (52:57):
Oh done? Hello, don I think we lost done.

Speaker 2 (53:01):
Let's go to break.

Speaker 4 (53:02):
There he is, Let's go to break.

Speaker 2 (53:04):
We'll be right back.

Speaker 1 (53:05):
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 (53:14):
We are back. That's right.

Speaker 5 (53:15):
We got our things figured out, and you're listen Home
Loans Radio with MJ me on Fritz and that mortgage
guy done.

Speaker 2 (53:22):
Oh yeah, technical difficulties rectify. I should say, there you go,
welcome back. We're doing that. We were doing the Compare quote.
Let's let's set the mood with the jingle again.

Speaker 3 (53:33):
You got.

Speaker 4 (53:39):
Dot com.

Speaker 2 (53:41):
That's right. I was talking about the Compare quote of
the week, the one that we got in this week.
They had had an offer on an FHA loan from
another company at seven point five percent, charging eight thousand
dollars to them in origination fees, which is super super bad.
The rate's not good and the fees are way too high.
Our rates by point nine to nine, so over a
point and a half lower, and our fee was one

(54:03):
thousand dollars for that rate, so we saved them seven
grand and got them a point and a half lower
on their rit Why because they went to the website
that mortgage guy don and hit the compare quote tab
and uploaded their quote. I didn't pull their credit. I
don't charge anything. I just look at it and tell
you if it's good or if it's bad. And in
this case, we were able to save them several thousand dollars.

(54:24):
Their payment would have been thirty one hundred dollars a
month with the other quote, and we got them down
to twenty five ninety. So save them over five thousand dollars.
I'm sorry, over five hundred dollars a month and seven
thousand dollars. At the closing table, they were ecstatic. They
had heard the show I mentioned when they were going
to their son's little league game last Saturday, and their

(54:47):
son had asked them if they were going to compare
their quote.

Speaker 3 (54:50):
Buy that kid a new glove.

Speaker 4 (54:53):
Just a glove, Yeah, give m a torpedo bat?

Speaker 2 (55:01):
Well, good thing, they good thing. They listened to the
little genius in the back seat as I say, here comes,
here comes the fun part my poem. I've been trying
to write a poem about the compare quote every week.
Some are better than others, so be prepared to be underwhelmed.
Here we go. Uh, Sometimes from the mouths of kids

(55:21):
come pearls of wisdom, said the lad to the dad.
Don't miss the boat. Compare your quote. Sing it with me,
kids like that? There you go? Oh yeah, all right, well.

Speaker 3 (55:39):
Right before the speed round. We do have a question here. Also,
Sergeant Dave thought the interference was because they were driving
in a parking garage, So that worked out for right.

Speaker 2 (55:47):
Maybe we don't need to tell everyone, right.

Speaker 3 (55:49):
Maybe everybody's gonna look around and go, oh man, my radios.

Speaker 2 (55:52):
Are we in a tunnel? Is that a solar flare?
What's happening there? You said, Sergeant Dave. Is that, Lieutenant Dame.

Speaker 3 (55:57):
No, Sergeant Dave. So we have a ut. Here's someone
who says, we have about three hundred thousand dollars in
equity in the house. We're looking to do some small
upgrades house stuff. Is it time that we should be
pulling that money out? If so, what's the best form
to do that is a home equity line or something else.

Speaker 2 (56:13):
That's a great question. Yeah, it's definitely. I'm seeing a
lot of people are doing refinances. It seems to be time,
you know, or a lot of people have decided this time.
I was saying earlier in the show that over the
last couple of years, our mix of business when you're
in a mortgage company, your mix of businesses, what does
the you know, how many what percentage are purchases compared
to refise that you're doing. And for the last few years,
when rates were up in the high sevens and even eights,

(56:34):
there weren't many people doing refinances, so we were around
a seventy five percent purchase and twenty five percent refinance.
And that is completely flipped around these last few weeks
or a couple of months really where we're starting to
see more refinances every month than we are purchases. And
that's because the rates in a lot of cases have
come down into the low low sixes or even into
the fives if you're well qualified, and a lot of

(56:55):
people have rates up in the seven, seven and a
half and even higher rates, so you can look at
refinancing those loans. You can also if you don't want
to refinance your loan, if you got like a beautiful
four percent rate or three. We had someone earlier, so
they add a two point seventy five. Then you don't
have to refinance that loan to get equity out of
your house. That's when you would do a helock or
an equity line or something like that. We can do

(57:18):
a lot of different variations, you know, with your tax returns,
with your W two's, use the income from your bank statements.
There's all kinds of ways to do those home equity lines.
We have over a dozen different companies that we can
do them with. And that's really what I would recommend
for you. I think it depending on your rate. I mean,
we can do the math both ways, but usually once
some in touch with people will look at it, Okay,
what's the payment if we refinance and get you fifty

(57:40):
thousand dollars, and then what's the payment and the total
payment of everything if we just do a helock, and
you know, see which one really makes sense and fits
what your your goals are. Some people want to have
an open line of credit where they can just draw
on it here and there and pay it back down
and drawing it to you know, paint the house and
then pay it back down and drawing it to do
this and that. Well, then if that's what you want

(58:00):
to do an equity line works great. If you're looking
to do something like I want to get seventy thousand
to put in a pool, well that might be better
as a fixed, straight second mortgage, where it's just a
lump song that you get and it's spread out over
ten years or twenty years or something along those lines.
Great question. Thanks for texting that into seven seven zero
three to one?

Speaker 4 (58:20):
Right?

Speaker 2 (58:21):
Are you? Are you a Bruce Springsteen fan? Me? Anybody?

Speaker 4 (58:29):
All right?

Speaker 2 (58:33):
Well, that's gonna that's kind of takes all the thunder
out of my eye.

Speaker 4 (58:36):
I haven't.

Speaker 5 (58:38):
I never The only album I've listened to all the
way through was Nebraska, and it was pretty good because
it's just a stripped down singer songwriter album and I
like those usually. I've never listened listened to an entire
band album. And Okay, I probably will never see him live.

Speaker 3 (58:55):
I just I mean, I I would recommend The Rising.
I love The Rising. I haven't listened to it a minute,
and I wonder if it's a piece of time, you know,
if it was, because it was all about a lot
about nine to eleven and after that, but not literally
about nine to eleven, but about I don't know if
the Rising.

Speaker 2 (59:11):
I think it's free standing.

Speaker 3 (59:12):
Coming together. Yeah, and it won everything, and that's the
first time ever that the album won that won was
one that I really liked.

Speaker 2 (59:19):
So the reason I asked because I came across the story.
I am a fan, like like I like Bruce. I've
seen him a few times live, and he's releasing here's
the news tream Bruce Springsteen to release seven lost albums
in June.

Speaker 3 (59:37):
Just had him in his pocket.

Speaker 2 (59:38):
Spare change, Yeah, albums spanning nineteen eighty three to twenty eighteen,
or the tracks are are It's going to be a
collection of eighty three songs that the New Jersey musician
says he has played mostly for himself and close friends
for years. Collection of eighty three songs, all full tracks
are going to be released. So if you're a Bruce fan,
I got good news for you. He's got seven albums dropping.

Speaker 4 (01:00:00):
From his golden age.

Speaker 2 (01:00:02):
Yeah.

Speaker 3 (01:00:02):
Well, yeah, I did see Bruce live. I was very
confused why his fans were booing him, but apparently that's
the thing.

Speaker 2 (01:00:07):
And they weren't booing Bruse.

Speaker 3 (01:00:11):
I was like, oh my god, this is so rude.
And it just kept happening, and it was louder, and
I was just like, why are you here? What are
you doing here?

Speaker 2 (01:00:19):
Then? And then you felt pressured and you started booing,
and then the fans threw you off.

Speaker 3 (01:00:23):
Yeah, I understand. It's like we're all going to be
mean together.

Speaker 4 (01:00:26):
She was saying unrepeatable things.

Speaker 2 (01:00:29):
She wasn't just booing.

Speaker 3 (01:00:30):
I was literally giving people the stinky. At first, I
was like, what are you doing? Like, why, why is
this happening?

Speaker 2 (01:00:36):
That's a good way to get a whooping out of Bruce.

Speaker 3 (01:00:39):
But I get it. It's Bruce.

Speaker 2 (01:00:41):
Isn't that where you caught covid that one time? Uh?

Speaker 3 (01:00:44):
That was a different, different Bruce Springsteen. I have seen
Bruce Springsteen two times. One time I was very confused
about the booing, and the other time I got COVID.

Speaker 2 (01:00:53):
Oh. Fun. So that's why when I said, are you
old fan, You're like, well, guess what time it is, MJ.

Speaker 3 (01:01:02):
It's time for compara quote. I mean, no, it's time warp.

Speaker 2 (01:01:06):
It's time for the speed round.

Speaker 4 (01:01:09):
Now.

Speaker 2 (01:01:11):
That's where I'm Jay's gonna ask me a lot of
the questions that we haven't gotten to so far today
that you've sent into seven seven zero three one We're
gonna try and get through as many as we can here.
If I don't get to years, it doesn't mean I
didn't want to answer it. Just reach out to me,
or I'll reach out to you. Dum Man, I don't
even know what I'm saying.

Speaker 4 (01:01:26):
Yeah, yeah, we'll do.

Speaker 2 (01:01:29):
Go to the website, copy paste the question in if
I didn't get to it, and I will answer it
after the show. Is what I'm trying to say.

Speaker 3 (01:01:35):
All Right, here we go. I'm gonna ask you some questions.
You answer them, all right? How long do I have
to live to get a reverse mortgage?

Speaker 2 (01:01:41):
One million years? Well? Boy, you want them faster? You
want them right? No, you reverse more years. Typically you
have to be sixty two years of age or older,
but if one spouse is older than sixty two, and
we have some exceptions down to age fifty five, so
in general sixty two or older.

Speaker 3 (01:02:00):
Wow. Can having wood rot on a few door frames
and windowsills prevent a loan from going through a mortgage?

Speaker 2 (01:02:07):
Can? Yeah? For? Especially for well, VA is automatically going
to make every home have a pest inspection or termite inspection,
and if they find some wood rot there, it's going
to have to be fixed before they close. If it's
something that's obvious, like you know, when the appraiser looks
up and there's rotten wood and stuff or you know,
termites or whatever, then that's going to prompt more inspections.
It may prompt repairs. It's not an automatic thing. It's

(01:02:30):
just if they can see it, then it's a you know,
and then they're going to talk about it. But if
it's a little bit of wood rot up in an
eve and the appraiser doesn't see that, you know, that's
the kind of thing you want your your home inspector
to catch. Also, frankly, you want that wood rot to
be fixed before you close on that home if you're
doing a purchase.

Speaker 3 (01:02:45):
So, yeah, got it.

Speaker 2 (01:02:47):
So I would say, yes, please fix that. That's one
of the things that can just destroy your investment.

Speaker 3 (01:02:53):
How can I find out if I'm eligible for some
down payment assistance before I start looking for a house?

Speaker 2 (01:02:58):
Easy pasy, go to that mortgage guide don and hit
the apply now butt and start your preapproval. And you know,
we as we see that you're a first home, first
time home buyer, we will research all the available programs
and let you know what you're eligible for or if
there aren't any.

Speaker 3 (01:03:12):
There's still programs.

Speaker 2 (01:03:13):
Oh yeah, there's still programs. Some have gone by the
wayside with with the new heads of f h A
and the new heads of Fannie may being installed. Some
programs that were helping people have been either temporarily shut
down or fully shut down, like the one we were
talking about not too long ago, the S s C Grant,
which is the one that allowed you to get money
just based on where you live. That one has been discontinued.

(01:03:35):
There's a few others, and we don't know if the
Hometown Heroes are going to come back in June, but
we'll see. There still are some. We still have the
bond programs and a couple others.

Speaker 3 (01:03:43):
I want to buy a home and I'm not sure
where to start. Do I start with a mortgage person
or a wheelter.

Speaker 2 (01:03:48):
Definitely a mortgage person. You know you're not gonna if
you go and try and engage a realtor to be
your buyer's agent and you don't have a preapproval, they're
going to tell you to go get a pre approval.
So yeah, start with us. It's really easy. At the website,
we only do a soft credit pull there's no costs,
there's no hassle, there's no obligation, just that mortgage got
don hit, get pre approved, and we'll do it all right.

Speaker 3 (01:04:09):
Here we go with the riddle what what can run
but never walks?

Speaker 2 (01:04:15):
What can run but never walks?

Speaker 3 (01:04:17):
Has a mouth but never talks, has a head but
never weeps, has a bed but never sleep?

Speaker 2 (01:04:24):
River Yep, that's right.

Speaker 3 (01:04:28):
Yeah, pissed up. I think that was a tie. That
was a tie.

Speaker 2 (01:04:32):
Well, folks, you did it, Prince, you did it.

Speaker 4 (01:04:36):
Thank you.

Speaker 2 (01:04:37):
You've wiled away in ninety minutes of your Saturday morning
listening to us right here on Real Radio. Play us
out of here with something cool.

Speaker 3 (01:04:43):
You gay.

Speaker 4 (01:04:49):
You your.

Speaker 1 (01:05:14):
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