The Home Loans Radio Show 07.19.2025 with That Mortgage Guy Don- ITS a Buyers Market!!!!

The Home Loans Radio Show 07.19.2025 with That Mortgage Guy Don- ITS a Buyers Market!!!!

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. We're here doing what
we do every single Saturday.

Speaker 3 (00:23):
Good morning, MD, good morning, coming in with a lot
of enthusiastic.

Speaker 2 (00:28):
Good morning, mister Fritz. Oh yeah, trying to set the
tone MJ okay, why are you squinty coming?

Speaker 4 (00:40):
I think that's the most we've ever talked before a
show in the history of this show. It was a
nonstunt for seven minutes. I didn't even let you guys
get set up. We just started talking. We're good here,
and then it's like, all right, oh the show, Yeah,
here we go.

Speaker 3 (01:00):
Oh hey, everybody, good morning, We welcome to the show.

Speaker 2 (01:03):
You're here? What is it you're wondering? Wow? This sounds
organized and like a well oiled machine.

Speaker 5 (01:08):
We're in the prime of life.

Speaker 3 (01:11):
Almost sounds tears, didn't it.

Speaker 2 (01:13):
Oh yeah, we should. We should work to make it
sound less less uh.

Speaker 3 (01:16):
Scripted, Yes, let's script it.

Speaker 2 (01:18):
Well, there you go. Welcome to the Home Loans Radio
Show with that mortgage guy. Don that's me. I'm here
doing what we do. Is it every other Saturday, MJ?

Speaker 3 (01:25):
Or is it every single one.

Speaker 2 (01:27):
Every single saturdays, right every single Saturday, right here live
on real Radio, one of four point one, doing what
we do? What's that? What do we talk about here? MJ?

Speaker 3 (01:36):
Well, mortgages that But I'm sure you're.

Speaker 2 (01:40):
Going to bring up other topics of interest to you
and you and you.

Speaker 3 (01:46):
I mean that doesn't seem fair to everyone else?

Speaker 2 (01:48):
Oh no, I meant you represent everyone. We are a
live show. You can text in your questions to seven
seven zero three one. That's seven seven zero three one
about what well you decide anything having to do with mortgages,
home loans, real estate, business loans, SBA loans, reverse mortgages.
You can do any of that. Tell us what you're
doing out there. Just you know, got a tidbit you

(02:09):
want to share with MJ. See if she wants to
share it further. You can do that. Tell us what
you're doing this weekend? We got so hot, so hot,
gonna be hot.

Speaker 3 (02:20):
There's like a by like it like, don't be outside
advisories for the.

Speaker 2 (02:23):
Beach their Seminole County.

Speaker 3 (02:28):
Like it was. It was several cities.

Speaker 4 (02:31):
Where else would you go if it's that hot outside
the forest?

Speaker 3 (02:36):
Be very careful?

Speaker 2 (02:38):
Yes, well, it's supposed to be record heat this weekend
the beach.

Speaker 5 (02:42):
To cool off. Though, it's like, I don't go to
the beach. It's too hot. It's like, all right, I
guess I'll just stay indoors.

Speaker 2 (02:49):
I was reading about the heat and how hot it's
going to be, and then that's comes to a story
about this this bacteria that you can this flesh eating
bacteria that you can get at the beach.

Speaker 5 (03:00):
Like Gary falarosi or something.

Speaker 2 (03:05):
Uh, that's not the one I was reading about. It
called Vibrio vuln ficus.

Speaker 3 (03:13):
They should just be named like bill like hurricanes.

Speaker 2 (03:17):
Vibrio vulnus uh. Four people in Florida had seven others
have been sickened this year by a rare but potentially
deadly bacterial infection known as Vibrio vuln nificus. UH. State
health officials confirmed the bacteria, often referred to as flesh eating,
lives in salt water and brackish water and can cause

(03:37):
a severe illness called vibriosis. In some cases, the infection
leads to necritizing fasciitis. That's not good.

Speaker 3 (03:45):
It sounds terrible.

Speaker 4 (03:46):
My I got it wrong, mispronounced it. But mine was
Nigleia fowlery. That's the brain eating.

Speaker 3 (03:54):
That sounds beat.

Speaker 5 (03:55):
I was not even close. But I didn't name something bad.
So that's bad. That's a wind for me. I'll take it.

Speaker 2 (04:01):
This is the thing I didn't even know about, like
it's it's In twenty twenty four, the state recorded eighty
two cases in Florida and nineteen deaths from this flesh
eating bacteria.

Speaker 3 (04:14):
We know once it's warm, not to get in the water.
We know that from all our rivers and lakes that
we always have that other thing.

Speaker 2 (04:19):
That's what they say when the water gets really hot.
This bacteria grows at places where brackish water meets salt water,
and basically it says to avoid It gets into your
skin through open wounds, so that's fun. Cool, it says,
including fresh tattoos and piercings, so that's fun. So you know, beware,

(04:40):
I'm going to be hot, but be careful at the my.

Speaker 3 (04:42):
Tatty friends, so you don't want to get in the
water right now.

Speaker 5 (04:45):
So like tidal areas, but like the beach is.

Speaker 2 (04:48):
Okay, well do your research on it, don't.

Speaker 3 (04:53):
Yeah, no, it's really hot today. The advisory was like
for three counties. It was basically like, be careful.

Speaker 5 (04:58):
It's really really hot and get the garden house.

Speaker 2 (05:01):
This is just something that happens every year. It's kind
of under the radar, but it's a Last year, the
state had eighty two cases of this and nineteen deaths.
They say it becomes more prevalent after hurricanes when there's
flooding and stuff. But that's fun. But anyway, how fun,
it's to be careful. We're waterproof bandages. It says, if
you're open wounds.

Speaker 3 (05:20):
Careful with your new tats and uh yeah, all that's
in your heads your heads, well, it's a lot of
ways in your body. On your head, you like keep
your head.

Speaker 2 (05:30):
Out for the breathing and whatnot, the.

Speaker 3 (05:35):
Breathing the nose and ears, like, there's just so many
ways for the bacteria to just come right in.

Speaker 2 (05:40):
You just need to stay in your house in a bubble.
And that what I'm going to do, just like a bubble.
Remember that movie back in the day, The bubble.

Speaker 5 (05:46):
Boy John Travolta.

Speaker 3 (05:49):
Yeh'd be in a brackish water, yes, John Travolta in
the bubble.

Speaker 4 (05:53):
Oh, it goes back in the seventies, a little before
my time, but I remember it.

Speaker 2 (05:57):
Oh, it's so funny.

Speaker 4 (05:59):
Yeah, you know, kids back in the nineties, even when
we were, you know, five, ten years old, we would
watch stuff from the seventies because it was still just
twenty years old at that.

Speaker 3 (06:08):
Point, right.

Speaker 2 (06:10):
I don't think I was five then.

Speaker 5 (06:11):
Yeah, well, probably not.

Speaker 4 (06:14):
But when you were five, you probably watched things twenty
years before you five.

Speaker 2 (06:19):
Did they have TV? Let me see, I don't know,
we'll see.

Speaker 5 (06:23):
I hate it's.

Speaker 2 (06:25):
Getting in the way back machine, make shadow puppets on
the walls, stuff like gun smoke, and you know, I
dream of Genie and things like that.

Speaker 5 (06:36):
But I remember always.

Speaker 2 (06:38):
Yep, that's uh, well I saw him the first time around.
There you go, Well to do the Home Loans radio
show with that mortgage guy Don That's right, we're here,
MJ and I and Fritz. We're doing the thing talking
about mortgages.

Speaker 3 (06:50):
Here's somebody who's also reminding you if you're going to
the beach to watch out for sharks. Someone did get
miss Yep.

Speaker 2 (06:55):
Yeah, someone got a bit. Uh, I think a surfer
if I remember, I believe I got bit the other day.
So yeah, shpecteria.

Speaker 3 (07:03):
Other than that, it's a great time at the beach.
So hot.

Speaker 2 (07:07):
I saw I saw a thing where they've now determined
to study and they've got multiple things. They had for
a while where Orca's were were being aggressive towards boats.
Now they have a series of videos recently, like the
last five months of Orca's offering food to people.

Speaker 3 (07:26):
Living their best lives. They're like, all right, what are
we gonna do to go viral? Okay, we did that
thing last time where we wrecked all those boats, but this,
let's do something else.

Speaker 2 (07:33):
The gifts tend to be things like a dead seabird
or half a turtle.

Speaker 6 (07:36):
You know.

Speaker 3 (07:37):
I mean, what have they got?

Speaker 2 (07:38):
They're not going to sacks.

Speaker 3 (07:39):
Yeah, Amazon's not delivering, so yeah, they gotta they gotta
work with what they have.

Speaker 2 (07:45):
What if these guys were to pick up the litter
and throw it on the shore, now, that would be
that would be a protest. Right if all the all
the dolphins and all all the mammals in the seat
in your boat just throwing trash in your boat.

Speaker 3 (07:59):
Dave says, just when you thought it was safe to
go back a lot and yeah, Lazy says, you have
to worry about it more. On the West Coast versus
the East coast, ghost is much warmer.

Speaker 2 (08:12):
Yeah.

Speaker 3 (08:12):
Well, if someone says hi to my favorite and lovely
Saturday people, Hey.

Speaker 2 (08:17):
Who to us? They're talking about it.

Speaker 3 (08:19):
Everybody stay hydrated and weather aware. It is also a
National Dacre Day. If you're looking for a way to
stay hydrated.

Speaker 2 (08:26):
You said Zachary at first.

Speaker 3 (08:27):
Dat dakri or Zachary if that's.

Speaker 2 (08:29):
Your pretty much the only word that rhymes with Zachary.
I've ever tried to write a Zachary poem. It is
going to be hot. Seminole County activated their emergency heat
system scenario. You can read about it. There are places
you can go to be in air conditioning libraries, things
like that if you are stuck outside, so you can

(08:52):
check that out. But here we are doing what we do.
What's going on in the world of mortgage news him.

Speaker 3 (08:58):
Jane Gee, I don't know.

Speaker 2 (09:00):
I'll tell you, thank you, I'm here for it.

Speaker 3 (09:03):
You can text in to find out.

Speaker 2 (09:06):
I know, I know that's what.

Speaker 3 (09:07):
I will say that I've heard the name Jerome Bill
a lot this week. Been flying around the world this week.

Speaker 2 (09:13):
It's been it's been for a while.

Speaker 3 (09:14):
Yeah.

Speaker 2 (09:15):
Yeah, the the the the White House, the executive wants
to take control over the Federal Reserve. And once the
rate's lowered, essentially and uh, that could be really bad
for our economy. That's why we developed an independent uh
board of a dozen people to help determine that, uh,
that direction. So well, we'll see.

Speaker 3 (09:36):
But yeah, and also, will you explain again, because I
think people don't get it that the Federal Reserve does
not set the mortgage rates.

Speaker 2 (09:42):
They don't set the mortgage rates.

Speaker 3 (09:43):
It happens eventually they set.

Speaker 2 (09:45):
The the overnight trading rates, you know in the prime rate,
which is a way that companies, businesses, banks to you know,
trade money or or move money. And that can over
time affect mortgage backed security.

Speaker 3 (09:57):
It's not immediate.

Speaker 2 (09:58):
But it's not. No, it's not it's not a thing.
The Federal Reserve Board is kind of there to keep things,
you know, organized. It's like your manager at work. Like
if you didn't have a manager at work, would you
do your job? Well? I probably would. I've always been
a try hard, but you know, some people might just
pull out their phones and uh, okay, drups the babiester

(10:19):
I don't know, that's not my I don't know. But anyway,
there was a lot of talk about that. The markets
moved all around. There were CPI, you know, consumer Price
INDO decks and reports showing inflation. There were PPI which
is a PCE, all these different reports. I'm not going
to explain them all to you because nobody cares. But
the bottom line is the mortgage rates and the ten

(10:41):
year treasury started out the week at one spot and
ended it at the same you know, it went up
and down, up and down, all up and down all week,
and at the end of the week is right where
it started. We're on the back of about an eight
week reduction, and interest rates we've been seeing them go
down for about eight weeks now a little, a little,
you know, you're you're we're in the middle mid sixes
on you know, well qualified conventional mortgages in the in

(11:04):
the high fives on fha VA even fifteen year loans
dur in the high five. So a year and a
half ago we were up close to the eights. So
it's it's been going down steadily for the last year
and a half, but the last eight weeks have been
the most decline we've seen so far this year. So
they're moving down. Who knows why. We'll see what happens.

Speaker 1 (11:25):
There you go.

Speaker 3 (11:26):
Thank you for bringing us that expert opinion.

Speaker 2 (11:28):
There you go.

Speaker 3 (11:29):
Who knows?

Speaker 2 (11:30):
Who knows? You know? If I had a crystal ball
in the rates, i'd be retired by now, That's what
I tell people. I'd be, I'd be livted up. Where
would I be I'd be I don't know. I'd be
in Costa Rica. Fritz described it in such a lovely way.
I think I want to go try it for a while.

Speaker 5 (11:46):
You've never been, No.

Speaker 2 (11:48):
Never been. I've never been anywhere in South America or
even Central America. So yeah, those are on my list.
Those are on my I mean, I've been to Mexico before,
that's but where I went, and I don't think that's
considered Central America. Maybe it is. I don't know. See
all the things I don't know, but what I do
know are all about mortgages. So if you ask me

(12:09):
a question about that, you're going to get a solid answer.
You're listening to the Home Loans radio show with that
mortgage guide don You can text in your questions and
jays them lining them up. Go ahead, let's let's do
one before the break.

Speaker 3 (12:22):
Okay, does the putting. This is the question that keeps
flying around a lot. I've been seeing it regularly, which
is just putting the property in trust and the children
being part of the trust avoid probate and doesn't avoid
the assessment of taxes the current value of the home,
which is capital games.

Speaker 2 (12:37):
Right. Yeah, Well, I'm going to start out by saying
I'm not an attorney, So if you want an attorney,
you know, if you want a legal opinion, you got
to talk to your attorney. And there's different kinds of trusts.
There's many different ways to do a trust's revocable, irrevocable.
You certainly got to find that out because some do
things differently. Capital gains is what happens when you sell

(12:58):
your property. I'm sorry, when your heirs or in this
case you're talking about inheritance. Is that which you're referring to.
So if your heirs inherited property and then sell it,
about how much capital gains tax they have to pay?
And I'm gonna have to come back to this one
after the break, because it's gonna take a little bit
more nice. All right, Well, we'll talk about that when

(13:18):
we come back right after these messages. Hey, hey, hey,
it's that mortgage guy Don July is here in the
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(14:00):
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Speaker 5 (14:20):
Hey, this is Devil Roberts from the Jim Culbert Show.
When you're listening to Home Loans Radio on Real Radio.
Now back to the show with that mortgage guy Don.

Speaker 3 (14:30):
Hey, you're listening to home Lunds Radio, that mortgage guy Don.
We're talking about mortgages. Really we will here we.

Speaker 2 (14:37):
Go tech com texting your questions to seven seven zero
three one joined the show. I am a mortgage expert,
answering questions here as I do every single Saturday for
the last one million years. Uh, texting a seven seven
zero three one. We are live. We're the most listened to,
the most most about, the most live show right here
on Real Radio on Saturday mornings, every single Saturday, except

(15:02):
for a couple you know, when we give ourselves a break.

Speaker 3 (15:04):
Every now and then, every now and then. So the
question on the table, yes, is this putting the property
in a trust and the children being part of the
trust avoid probate? And does that avoid the assessment of
taxes at the current value.

Speaker 2 (15:16):
So I'm going to preface this as I do any
kind of question like this. I'm not an attorney, so
get a legal opinion from your attorney when doing things
of your will and your trust and your probate and
all of that. But a trust can, if it's designed properly,
can with your children prevent it from going your property
having to go through probate. You can prevent your property

(15:39):
from you know, the house, from going to probate by
having a lady bird deed or dating the kids on
there beforehand. Also not in a trust, but there's a
different risk there, and the risk is that you might
lose the ability of not having to pay some capital
gains taxes if you just add them to the title.
Is something called a stepped up basis. So let's say

(16:00):
you inherit your grandfather's house, right and it's worth five
hundred thousand dollars, and he bought it for one hundred
thousand dollars back in the day. So if you inherit
that house and then sell it like you were on
the deed, then you might not be you might have
to pay taxes on that whole difference between what he
bought it for and what he sold it for. But

(16:21):
if you inherit it and it goes through probate or
through a trust. Then you can qualify for something called
a stepped up basis, which means that the initial value,
instead of it being what Grandpa bought it for, it's
the value at the time you inherited it. So that's
why you did that. All sound confusing, Yes, that's why
you need an attorney to sort it out. But you
can avoid attorney. Tell me you can avoid Yeah, the.

Speaker 3 (16:44):
Attorney says you need an attorney.

Speaker 2 (16:46):
You can avoid probate through a trust or by putting
people on the deed. But there can be tax implications
when it comes to the capital gains tax and a
stepped up basis, So talk to your attorney. Great question,
Thanks for texting it into seven seven zero three to one.

Speaker 3 (16:59):
Here's someone that says, I'm fifty seven. I approximately twenty
thousand dollars on my home. Wow, Congress, is it wise
to pay it off at this time?

Speaker 2 (17:06):
Why not? I mean, if you've got the funds.

Speaker 3 (17:07):
See, it depends on what your interest rate is and
how much you might be able to get. I'm sorry
to this question. Go ahead, get how much you're industrate.
It depends on if the how, if the money is
expensive money or I think of it as cheap money.
So if you have a really good rate on your
interest rate, if your industrate is like three or four,
you know, then think about what that what you will

(17:29):
do with that money if you put it somewhere else?
So would you gain more if you put it in
a high earning savings account like that you get four
and a half. And if you know, see I think
about the money, think about how that money serves you.
So if it's if it's a higher interest rate, then yeah,
pay that off. If it's low, maybe it serves you
to make money on that money a different way. That's

(17:49):
that is investing advice with m J.

Speaker 2 (17:51):
Yeah. Yeah, these are not the opinions of the host.

Speaker 1 (17:57):
Or not.

Speaker 2 (17:59):
No. I mean, if you down to twenty thousand left
on your thirty year mortgage, you're paying all interest anyway.

Speaker 3 (18:04):
Yeah, if you have like at some crazy rate, you know.

Speaker 2 (18:08):
Well, the thing is it's a twenty thousand dollars, So
if that's spread out over you know what's left. I
guess all answers are true. You know, look at if
it's I would say that I would probably pay it off.
Let me say that in my opinion is I would
probably pay it off if it wasn't my last twenty
thousand dollars, That's what I'm saying. You know, if you've
got four hundred thousand, then yeah, pay it off. If

(18:29):
you've got you know, twenty one thousand in the bank,
then I would say probably not. In an MJ's right,
you always can look and see if there's a better
you know, vehicle for for what you're paying. You know,
if you're making more putting money into an investment than
paying off that mortgage. So it all depends really on
your personal scenario. When people ask me these kind of questions,
you know, call me and talk to me on the phone,

(18:50):
I'm going to ask them a lot of questions about
their finances, where they are in life, what their plans are.
But you know, if you can mix them, you're fifty seven,
If you pay it off now or pay it off off,
you know, over the next three years till it's paid for,
you know, then it's probably going to be pretty close
to the same. And I would assume you're still working.
So that's another part of the equation. Are you retired,
do you still receive an income? You know, is there

(19:11):
income coming in? Do you have enough to last till
your ninety there's all kinds of questions to ask and ponder.
A great question. Thanks for texting that.

Speaker 3 (19:18):
I'm getting your mortgage down to twenty five grand.

Speaker 2 (19:21):
Twenty grand, I believe twenty five. Oh well you said
twenty on air. Well there you go. You're listening to
the Holmans radio show. You can text in your questions
to seven seven zero three to one, like these fine
folks have go ahead. I am ja.

Speaker 3 (19:34):
Joe from delan Is started painting the fuselage. Wow on
the forty seven Bonanza.

Speaker 2 (19:40):
That's amazing company.

Speaker 3 (19:42):
Good morning, Yeah Goojo, you're going to get that plane finished?

Speaker 2 (19:45):
What year? What was it?

Speaker 3 (19:47):
What Bonanza forty seven?

Speaker 4 (19:49):
Forty seven was a forty seven banana?

Speaker 3 (19:54):
Made a moment? A bomb, a bomb, a bom bit
of bom bom bomb.

Speaker 2 (19:58):
Yes, well there you go.

Speaker 4 (20:00):
How many horses power that that plane?

Speaker 3 (20:03):
Right?

Speaker 2 (20:04):
I would have no idea. It's a twin engine. I
believe Bonanza's are twin engine. Probably a lot of horses.

Speaker 3 (20:10):
You're making a joke about horses. Chris can't power a plane.

Speaker 5 (20:15):
Just asking about horse power.

Speaker 3 (20:17):
I get it.

Speaker 2 (20:19):
I'm here for it.

Speaker 3 (20:20):
Okay, here's someone who says, hi, you hotties. Oh there
you go.

Speaker 2 (20:24):
That's because it's hot outside, or because the webcam is
up because it's so hot.

Speaker 3 (20:29):
Here's Charles and Danielle have a question about getting a
mortgage for a first time home buyer. They've never owned
a house, but they don't have the greatest credit. I
was wondering, is there if there's a way, if you
have about ten thousand dollars to put down, if there's
something you could get in a decent area. So if
you don't have good credit, your first time owned home buyer,
but you got some money, does that help.

Speaker 2 (20:50):
Well, you're going to need money, you know, to for
a down payment on a house, regardless the minimum down payment.
If you get like a VA loan or a USDA loan,
you can do zero down, but all the other loans
are going to have a requirement for a down payment.
We've got one right now, a special down payment assistance
program that allows one percent. It's only it's not a

(21:11):
permanent program. It's a temporary program. So I don't know
when that's going to change, Maybe when they run out
of those funds that they've allocated. We've also still waiting
for the Hometown Heroes to come back.

Speaker 3 (21:21):
That is another question.

Speaker 2 (21:22):
Yeah, and we'll jump on. I'll talk more about that
one in a minute. But so this question was about
first time home buyer and if ten thousand dollars would
be enough to.

Speaker 3 (21:31):
Get in a decent area so they're not just looking
for a house, they're looking for you know.

Speaker 2 (21:36):
Yeah, I don't know if ten thousand is going to
be enough to buy a house because you know, let's
say you go with the average FHA loan where you're
putting down three and a half percent. So if you
get a two hundred thousand dollars house, that's seven thousand
dollars needed there for the down payment, and then you're
still going to have the closing costs of about three percent,
which would be like another six thousands. You're about halfway,
you know, a little more than halfway to where you

(21:57):
would need to buy to be able to buy a
two hundred thousand dollars house. And then you can look
around and see if you can find two hundred thousand
dollar houses in the in the area. You know, the
neighborhood that you want to the neighborhoods you want to
be in, as far as the low credit score, you know,
the credit score for an FHA loan is five eighty.
If you only have three and a half to put

(22:18):
that's the minimum score you have to be a five eighty.
A lot of times people think their scores are lower
than they are. Really, the best way to find out
how you're ready and to get ready to buy, to
get pre approved and find out all the knowledge you
need to do, all the things to plan for and
so forth, would be you can go to my website
and hit the apply now button and do the pre
approval application process. We're going to do a soft credit pull.

(22:39):
We're going to gather your documents, We're going to talk
to you about your plans. We're going to look at
your assets, what assets you might be able to get
as a gift from a family. We'll check and see
if there's any down payment assistance, you're eligible for any
special programs, and then we'll come back and tell you.
So if the score is fine, then then we'll tell you.
If the score is not, we'll say, okay, here's a
plan to work on your score. Actually have a tool

(22:59):
through Facts and Experience that will look at your credit
report and let's say it's at a five forty and
we want to get it to a six hundred. It'll
give us a set of instructions of exactly what you
need to do to get your score up to six hundred.
It might take three months, it might take six months.
I've had it. I've had people that I worked with
for over two years before they finally bought their house.
So the best way, it's kind of like you know

(23:20):
the doctor. You got a pain in your in, your in,
your in, your hip, and you know, you go the
doctor and then the doctor will look at it and
say you're fine, shake it off, taking aspirin, you're ready
to buy a house. Or they'll say, ah, we got
to do this, we got to do that. This is
the treatment to get ready to buy the house. So
to speak. I'm mixing metaphors, but I think you know
what I mean.

Speaker 5 (23:36):
Doctor, I have a pain in my hip.

Speaker 2 (23:38):
Shu.

Speaker 3 (23:39):
You need to buy a house, okay, doctor, Ah, hope
you have your down payment ready?

Speaker 4 (23:49):
You just go and stubs out a cigarette, come in,
who's next?

Speaker 2 (23:56):
You get a house, You get a splint. There you go.
So you heard it here first okay, But really the
way if you're first time home buyer, and I love
working with first time home buyer's. A lot of places
are are brisk when first time you know they're short.
It takes a lot more time to work with the
first time home buyer. I do a lot of explaining.
I make sure they understand the process. I'll do in

(24:17):
person meetings when people want to and really make sure
they feel calm and comfortable about the whole you know
scenario brand new. Yeah, you never bought a house before,
and it's the biggest transaction of their lives for most
people when they're buying their first house, and it's a
it's a big deal. So I've set up this whole
way where people can go. Number one, find out if
they're ready to buy, and if they're not ready to buy,

(24:37):
We'll have a license loan officer counsel you on what
to do to get ready to buy and tell you
the exact steps and set up a plan. Set up
a three month plan, six month plan, next year plan,
and then you know we can help you realize that plan.
Great question, Thanks for texting that into seven seven zero
three to one. You are listening to the Home Loans
radio show with that mortgage guy Don What's what else

(25:00):
we got going the big contest ended for the Orlando Weekly.
We'll find out in a couple of weeks whether we
won the We were nominated for best Local Financial Institution
and Best Local Radio Voice. We'll find out if if
we want any of that, or if we just slowly
fade into obscurity. You're listening to the Homeowns Radio show.

(25:23):
We'll be right back after these messages.

Speaker 1 (25:26):
Hey, this is Ryan from the Monsters, and now back
to that mortgage guy Don on Real Radio.

Speaker 4 (25:32):
Unplug it, let it sit for thirty seconds, plug it
back in, try to restart it.

Speaker 5 (25:37):
If that doesn't work, I don't know what to tell you.

Speaker 4 (25:40):
You are listening to Home Loans Radio here Saturday morning
on Real Radio one or four point one on Fritz.
We got MJ and that mortgage guye gone. And if
you do have Instagram or you know TikTok, but I
recommend Instagram, follow that mortgage guy don at that mortgage
guy Don.

Speaker 2 (25:58):
That's right, follow me there. Check out all the things
you got the link directly to the website. You can
go in there. Right from the Instagram. You can go
in and listen to all of our past shows. You
can hear the Dulcet Tones. Of Fritz's voice on more
than three hundred episodes right there on the website that
you get to through the Instagram, and please give us

(26:20):
a follow there, and please and thank you for everybody.

Speaker 3 (26:23):
Who has Yeah, Charleston Chad saying Hi, Hey, Chad, how's Charleston. Charleston,
Chad and Charleston. The plans is, we're going to do nothing.

Speaker 2 (26:30):
It's too hot, right yeah, same here. We're expecting record heat.
They said, the feels like the temperature is supposed to
be in the high nineties, maybe one hundred in some areas.
But they're saying the thing that's gonna because of the
humidity and the blah blah blah, the lack of breeze
and the whatever, that the feels like temperatures are going

(26:51):
to be in the one tens or teens. So that's
pretty hot.

Speaker 3 (26:56):
Here's someone's asking in Australia, they're letting bitcoin be used
as colleteral for buying a house. How would that work
with the price of bitcoin constantly changing.

Speaker 2 (27:05):
Well, there's actually talk in the FHFA, which is a
body that governs Fannie May and Freddie Mack about allowing
bitcoin for down payments and closing costs on loans. It
hasn't really been factored or formulated, so I don't know
how they would do it. They'd probably it would probably
be based on the moment in time that you took

(27:26):
it out and turned it into something else. So I
don't know if they're talking about being able to pull
it out and you know, as you can now make
it converted into cash into your bank, or if they're
going to actually accept the bitcoin. It's all TBD. But
the head of the FHFA, Bill Poulty, has come out
publicly and so that that's something that they're looking into doing here.

(27:48):
I don't know it's future. It's in the future, and
it has not been regulated yet, so we'll see. Great question.
Though it's on the horizon. You may be at some
point in the future able to buy homes or what
have you. With bitcoin, it can be problematic. You know.
The reason that a lot of people don't want it
to happen is because there's a thing called the Patriot Act,
where which was many years ago, after nine to eleven,

(28:10):
where they found out that foreign money what's coming into
the US in the form of buying real estate and
other investments, and bitcoin is pretty anonymous, so if you're
letting bitcoin come into the home buying purchase, you really
don't know where that money came from or what the
sources are. So that's the concern. I it'd be great
if everybody could just use the money, but then there's
also bad actors, you know, in other places that could

(28:32):
use that money, and that could be a way to
get it into the US. So that's the concern.

Speaker 3 (28:36):
In the back and forth of all that, here's someone says,
good morning. I try to listen every Saturday, and I've
learned a lot.

Speaker 2 (28:42):
Congratulations, mostly from MJ or.

Speaker 3 (28:45):
Mostly good question. Has there been any update on the
twenty twenty five home down here a program? Any idea
when it will be out and released?

Speaker 2 (28:55):
The budget was approved, but we don't really have any details.
I went to the way Sight again this morning. I
go most every day to check because they put up
bulletins to let you know what's happening. The same bulletin
is there from June eighteenth, so nothing has changed officially
since June eighteenth, at least they haven't told us. But
if the expect normally, it came out July first the

(29:16):
last four four years, so I'm expecting it's going to
come out soon. What they're putting together. They changed the
rules again. So the first year it came out, the
Hometown Heroes was only for veterans, for law enforcement, for medical,
for hospital, for teachers, municipal workers, civil workers, things like that.

(29:37):
And then the second year they changed it to be
any profession as long as it has a office in Florida.
And then the third year, same rules, and then I
think they saw that the money, the one hundred million
last year that was put into it on July first,
ran out before the end of August, So now I
think they that would be My idea of why they
moved it back to those specific professions was so that

(29:59):
it would last longer and it would help a specific
type of people that have a specific type of employment.
So I'm expecting it to come back soon, in the
next week two four weeks. But they have to make
up the new rules of what professions are acceptable, and
it's more difficult than you think. Like you, if you

(30:20):
work at a place that does eyeglasses, are you in
the medical field so to speak. So they come out
with a directory of all the exact professions that are
going to be allowed and included, and it's usually ten
to fifteen pages of different types of jobs that fall
under the approved thing. And I think that's probably what
they're putting together, is the rules and the parameters of it.

(30:41):
And when we get it, you'll be the first to know.
I'll talk about it here first, and you can also
keep an eye on my Instagram if you follow me
at Instagram at that mortgage guy down. I will post
it immediately when we have any future developments. And I
posted the last bulletin that the last one on there
is the last one that they put out weed.

Speaker 3 (30:57):
Man, Joe's checking in weed Man, run in a real
estate sale and Howie in the Hills.

Speaker 2 (31:04):
Oh very good. You like going to a state sales.

Speaker 3 (31:08):
I like looking at people's old stuff. But I feel
like I feel like sometimes when you go to the
state tale, you kind of like you kind of like
journey through someone's life. Oh yeah, you know, like you
walk in and you see like the things that they
did with their kid, and they've got some games like
from Out and then at the end it's like all
medical equipment and really sad. Like yes, it's like sometimes

(31:32):
I have to embrace myself for an estate sale because
I'm really I'm there for like old saucers, but like
there's stuff there that's you know, it's heavy. It's heavy.

Speaker 2 (31:42):
That's a thorough answer.

Speaker 5 (31:46):
Depressive, yes, yes, yes, yeah.

Speaker 3 (31:49):
And sometimes there's like a film on everything. You know.
Sometimes it's like, oh, these this was sad like at
the end, and then other times it's like m but
no matter what, it's always like, well, they had a
lot of stuff. Yeah.

Speaker 4 (32:00):
I like looking at the vinyls done, yeah.

Speaker 2 (32:06):
From the back up and now do you fritz for
something more delightful?

Speaker 6 (32:10):
Yeah.

Speaker 4 (32:11):
I like to see they have someone, you know, legacy
pieces of furniture or vinyl you know, and then you know,
just kind of.

Speaker 5 (32:17):
Look look at their you know, looking at you know
what things.

Speaker 4 (32:21):
They probably kept because of keepsakes and other things they
liked because you know it's dogs playing poker. Yeah, you know,
it's just like just their sense of humor.

Speaker 3 (32:30):
My favorite is costume jewelry. I like to look at
the jewelry the fun jey Like if I find something
like from the sixties or seventies, that makes me.

Speaker 2 (32:38):
If I go to an estates stale, I got right
to the garage I'm looking for, like, uh, you know, Uh,
I'm looking for like a drill press or yeah, I
don't a scythe or you know, some things that they
don't make anymore, old older tools. I like that, And yeah,
like vinyl and music stuff like that. If you can

(32:58):
find some fun stuff. But if I'm not doing something,
if I'm not busy and I see in the state sale,
I'm like, I'm gonna pull over and do a sixty
second walk through and see see what's going on in there.
Plus plus I like seeing what the houses look inside.

Speaker 3 (33:10):
Well, it depends on if it's Yeah, I like that,
just just the snoopy part.

Speaker 2 (33:14):
Yeah, yeah, No, Like I've never been in a house
in this neighborhood. You know, I work a lot in
real estate and neighbor in different places. Like okay, I've
never been to a house in this neighborhood, So I'll
go in there and check it out.

Speaker 3 (33:24):
Wow, I like it. It can be a little sad.

Speaker 2 (33:28):
You're highly empathetic humans.

Speaker 3 (33:31):
I can see say you can just see the whole trajectory,
like oh there's yeah, there's when the kids were there,
here's someone. If my house appraises for four to ten,
can I sell it for four seventy five.

Speaker 2 (33:43):
Sure.

Speaker 3 (33:44):
I mean, if you get a cash buyer, right, it's.

Speaker 2 (33:45):
A sucker barn every minute.

Speaker 3 (33:49):
I mean, I feel like you're super house proud. But
you know, maybe it'll wa wow.

Speaker 2 (33:52):
You can you can sell your house for whatever the
market will bear.

Speaker 3 (33:55):
Somebody I'll pay for it.

Speaker 2 (33:57):
If you don't get a buyer, then you are not
a seller. So you got there's two parts to that.
You got to have the buyer. But yeah, you could
sell it for more than what it appraises for. I
don't know why somebody would buy it, you know, unless
there's some sort of future upside that they that they see,
but or they just love it. I certainly saw a
couple of years ago during COVID when they had very
very few houses on the market because everybody was at

(34:18):
home and staying home for you know a while, where
a lot of people were We were having offers on homes, ten, fifteen,
twenty offers on homes, and each one would push the
value up a little more and a little more and
a little more. So these people would be getting contracts
on houses thirty forty thousand dollars more than what they
would approve praise for and they knew it, and they

(34:38):
were willing to pay the difference because they wanted that house.
So it just depends on the market. Right now, we're
firmly in a seller's I mean a buyer's market, meaning
things are more conducive for buyers to buy right now.
At that point, it's a seller's market because when you
are selling something that's rare or has you know, a
rarity on the market, well, then that's the seller's market.
Now we're having more houses on the market, they're staying

(34:58):
on the market six I'm sorry, three to six months.
We're seeing over sixty percent of transactions right now receiving
some sort of seller concession meaning they're fixing the roof
before you buy, or they're fixed in that water heater
that's too old to get insured, or they're redoing session yes,
or they're giving you money towards your closing costs. You

(35:20):
know you're getting okay, the seller is going to pay
five or ten thousand dollars of my closing costs. Last quarter,
the first quarter of twenty twenty five, it was only
forty four percent of the deal's had seller concessions. Second
quarter we're over sixty percent. So this tells me this
is one hundred percent right now. Buyer's market rates are
at the lowest they've been in two or three months,
so it is definitely a buyer's market right now. Expect

(35:42):
it to get a little more houses to start selling
a little faster because people want to sell them. And
the big summertime buying seeds is uh, yeah, it's the
summertime when kids are out of school because people that
have children want to move and get into those new
schools districts and get the kids set up in the
news schools before school starts.

Speaker 3 (36:04):
So if someone's buying it for four to ten, if
you if your buyer is buying it for four to ten,
they have to qualify.

Speaker 2 (36:12):
Yeah, so if they're' if they're trying to do financing
mortgage buyers, Yeah, we can't base the We base it
on the appraised value or the purchase price, whichever comes
in lower. So if we're doing an eighty percent loan
for somebody and it's going to be then it's going
to be eighty percent of that four ten, not eighty
percent of that four seventy five. They'd have to come

(36:32):
up with the rest themselves in cash. Great question. Thanks,
for texting that into seven seven zero three one. We'll
be right back after these messages.

Speaker 3 (36:40):
Hey, it's Sabrina from the news junkie.

Speaker 4 (36:42):
Do you have a question for that mortgage guide on
Text him at seven seven zero three one.

Speaker 5 (36:46):
No, back to home Loans radio on real radio.

Speaker 3 (36:51):
That's right, that's right. You have a question, send it
in a seven seven zero three one, Like all these
fine folks have, tell us what you're doing out there,
because you know, I like to know. Question time, what
do you look for in the state sales?

Speaker 5 (37:05):
There you go, I have a question.

Speaker 2 (37:07):
I'm not in a state sale expert. I'm a mortgage expert,
but you can ask anything. MJ is an expert on everything,
and Fritz knows everything else. Disagree, But well, your Fritz
on the Fritz on the street, your Fritz the trivia man,
you know all the secret answers.

Speaker 3 (37:22):
Yeah, Fritz and I I think have some things in
common that we know a lot of things. We know
a little about a lot.

Speaker 4 (37:28):
There you go, I don't know about that.

Speaker 3 (37:31):
Well, you know a lot about a lot too.

Speaker 5 (37:33):
I don't know.

Speaker 4 (37:35):
It's a small smidgeon in the history of the world.
It's really it's really nothing, but it's fun to challenge yourself.

Speaker 3 (37:43):
Do you learn all those trivia answers while you're doing trivia?
I mean, does it just sink into your brain?

Speaker 5 (37:48):
Probably not?

Speaker 3 (37:49):
I bet it does. I bet you. Have you ever
done trivia lately?

Speaker 2 (37:53):
No?

Speaker 3 (37:54):
We should go do trivia and see how smart you
are from doing trivia.

Speaker 2 (37:57):
Fritz does trivia every week.

Speaker 3 (37:58):
I know, but I mean as a game a person playing.

Speaker 2 (38:00):
Oh you mean, not as the host, but I was
an attendee.

Speaker 3 (38:03):
I bet he has soaked up all of those trivia answers.
So I bet he, you know, be a I.

Speaker 2 (38:08):
Want him on my team.

Speaker 3 (38:09):
Yeah, I want a ringer.

Speaker 2 (38:12):
Are you still doing that on Tuesday nights? Oh? Yeah?
And people tell people where they can find you and win.

Speaker 4 (38:16):
That's at Cavos Barn Kitchen in Thornton Park, downtown Orlando,
seven thirty pm each Tuesday. It goes like seven thirty
to nine thirty. Someone actually, a regular at Tuesday night
came and said, we went to trivia on I think
they said it was like a Monday or something, and
they said, I was like, yeah, how was it?

Speaker 5 (38:38):
It was so hard? And I got what we're I
was like, oh, that's not good.

Speaker 4 (38:44):
I was like, you know, what were some of the
questions and an easy question that she remembered was very
challenging to me, and you had to get all five
answers right of this one question.

Speaker 2 (38:54):
It's like, it's nothing like that, So it's like advanced trivia.

Speaker 5 (38:58):
Yeah, And like I was like, was there like an
easy round? And she just no, I felt like an idiot.
No one wants to feel like an idiot.

Speaker 2 (39:07):
And that's isn't that.

Speaker 3 (39:08):
Why we all anyone goes to trivia say I want
to feel smile?

Speaker 2 (39:11):
Yeah, they said, and that's why we're back at your
dumb dumb trivia.

Speaker 5 (39:16):
Dum each Tuesday night.

Speaker 3 (39:19):
Can we do colors and animal shapes.

Speaker 2 (39:24):
For five thousand points? What color is my tie?

Speaker 3 (39:28):
Sorry?

Speaker 5 (39:29):
And question for it? Just it's the color blue. It's
the entire screen is blue. And I got question four.

Speaker 3 (39:35):
What is that?

Speaker 4 (39:36):
Just Just tell me what that color is? That's right,
I like, just write it.

Speaker 5 (39:40):
Spelling doesn't count.

Speaker 2 (39:43):
It could be b l e u. It could be
b l.

Speaker 4 (39:46):
U Yeah, I'm even spelling it for him. Of course,
the correct answer is blue b l u e. But
you know you can spell it with two o's if
you want to question five.

Speaker 3 (39:54):
But that's a whole different where moving. Oh, so you
make up all the questions, do you, Jeff.

Speaker 4 (40:00):
No, I I find them on different but aggregate. Yeah,
and then I make them. I try to get them
from like easier to harder.

Speaker 3 (40:08):
I see.

Speaker 4 (40:09):
But then I have bonus rounds where you know, if
you know music, you're gonna pick up a bunch of points.

Speaker 5 (40:13):
So it's like it's a fun time.

Speaker 3 (40:15):
And how do you combat the idea. I'm wondering if
the hard if the hard the hard trivia is because
they're worried about people googling it. I mean, you just
it's just on your honor, right.

Speaker 4 (40:25):
I mean you can't stop people from cheating. I mean,
looking the world, do you ever call them out? I
mean I don't have the energy or time to walk
around and make sure, like you.

Speaker 5 (40:35):
And also I'm not a snitch.

Speaker 2 (40:37):
What people people will don't worry their competitors.

Speaker 3 (40:43):
The team is cheating, which just seems rude.

Speaker 2 (40:46):
If you see one people all over in the corner,
all looking at their phones, maybe then yeah. Also, Carlo
is also home to the U my favorite cheese steak
in town.

Speaker 5 (40:58):
And the French engine soupy.

Speaker 3 (41:00):
I like the Rachel Sandwich like that.

Speaker 2 (41:07):
It's good you're listening to the Home Loans radio show
with that Mortgage Guide Don. You can text your questions
into seven to seven zero three to one. You can
also go to the website that Mortgage Guide don dot
com or follow us at that Mortgage Guide Don on
Instagram for all the latest updates and mortgage news.

Speaker 3 (41:21):
So here's someone who says, so, I want to buy
a house, but my credit is not good, but my
income is good and my father's credit is good. Can
I buy a house with my father's credit and my income.

Speaker 2 (41:32):
That is an excellent question, But no, you can't do
it that way.

Speaker 3 (41:37):
If well, what if they're going to live with their father, Well, if.

Speaker 2 (41:40):
You have, if your credit is high enough to be
on the mortgage, it has to be a let's say,
for an FHA loan, your credit score has to be
at least five eighty. Doesn't matter. With dad's score it
could be an eight ninety nine, but yours has to
be at least a five to eighty for you both
to be on the loan. So in order to use
your income, you have to be on the loan. You
can't have another person on the loan. Using your income.

(42:01):
You can have a coast signer come onto your loan
using their income, which is what you know a non
occupying co signer or co borrower. That's done all the time.
That's where someone's buying a home and the dad or
mom or whoever goes on and co signs on the loan.
But if you both want, if you want to use
the income from the first party, they also have to

(42:21):
be on the loan. That's if you're doing like a
conforming Fanny May Official loan or a Freddie Mac loan.
There may be some other options through what you know,
different types of bank loans that we have available, so
every scenario is different. I really always tell people encourage
them to do the pre approval. And the other thing
is your score may not be as bad as you think,
and you may be able to get a mortgage at

(42:43):
a score worse than you think, like you can get
you can get a mortgage with a five hundred score
if you have ten percent to put down. So maybe
your score is not as bad as you think, and
you could go on there, you know, on your own
and give it a try. But you can find out
very easily by going to my website, hitting the pre
approval button, starting that process, and we'll tell you if
you're ready now, I will tell you at least i'd

(43:04):
say probably at least five out of ten people that
come to me as first time home buyers or as
home buyers that tell me their score is too low
to buy, at least half the time, it's not actually
too low to buy. They just think it is because
people don't realize you can go down as low as
five hundred and still buy a home if you have
a big down payment.

Speaker 3 (43:22):
And they might be looking at their score through their
credit card company or something, and that's not the same
that you look at yeah.

Speaker 2 (43:27):
Credit Karma or through your Discover card whatever. It's not
going to be the same as what we get from
a mortgage credit poll. We have to do a tri
merge through Equifax, Experience and TransUnion. There's maybe some news
on that front. FHFA has approved a new credit bureau
called the Vantage Score, and we don't know how it's
all going to shake out yet, but they're saying that
they're going to need to introduce this other score to

(43:49):
give the Fiico model some competition. So that's interesting. Well,
I don't know when that will be implemented, but we're
being told that it's definitely going to happen. With a
Fanny May and Freddie Mac to the Home Loans Radio Show.
We're gonna take a quick break. We'll be right back
at the top of the hour. Came hey, hey, hey, hey,

(44:29):
hey hey hey, welcome back to the Home Loans Radio
Show with that mortgage guy. Don uh you're listening to
us right here live on Real Radio one of four
point one. Tell everybody, I know, I know, I happen
to know what that song is because you sent it
over to me a couple of days. Agocky and uh,
tell the folks. Tell the folks about that new song.

(44:51):
That's the first time it's ever been played on air, right.

Speaker 4 (44:53):
That's right, Yeah, it's not even out yet, comes out
next Friday. That's called My Heart Can't Remember to Forget,
because Darcy and I were trying to remember the new
Dwight Yoakam song with post Malone and we're like, what
is it. It's like, I can't remember to forget, my
heart can't remember to Forget, and she's like, that's close,
but it's not it. I got that's a good song
title that I wrote it because I didn't couldn't remember

(45:17):
the Dwight Yoakam song.

Speaker 2 (45:18):
I actually, after I listened to the song, I texted
you back that that that lyric my heart can't remember
to forget I'll always love you. That's just a great lyric.
And I also saw.

Speaker 5 (45:28):
That credit Truth Baby, three chords in the Truth.

Speaker 2 (45:32):
There you go. I also saw a credit on the
album on on the Music of Gary Riccardi.

Speaker 4 (45:40):
Yeah, yeah, that's Darcy's dad. He plays like a Keith
Richard's rhythm solo piece. I guess throughout the entire thing
on that one.

Speaker 5 (45:49):
That's really cool. And then what's.

Speaker 2 (45:51):
That who's on banjo?

Speaker 5 (45:53):
That's me?

Speaker 2 (45:54):
Yeah, I knew it. And now on harmonica that's me.
And on vocals, yeah that's you too, that's me and
Darson'll see Yeah, yeah, awesome. Well, tell people about the
new album when it's coming out, what it's called, where
they can find it, how they can look it up
when it's time.

Speaker 4 (46:11):
The new album is called Stars Up, Lights Down. It's
by the real Fritz. That's the third solo album in
three years. Because I'm cooking, cooking now baby, and then
it's like Americana Country to celebrate the twentieth release of
my first album, which was the Exuberance of Peach Tree
that came out in two thousand and five. So this
one is like kind of getting back to the roots,

(46:32):
like the Heathens days.

Speaker 5 (46:34):
A lot of people don't know. I was in an.

Speaker 4 (46:36):
Americana band called the Heathens and we toured when I
was twenty one, and so it's just, you know, getting
back to the roots. And I think it's a great
collection of songs. I'm really happy about it, and it
comes out next Friday, the twenty fifth. Also, Sabrina co
wrote one of the.

Speaker 2 (46:51):
Songs, Sabrina Ombra Yeah, which one the fifth.

Speaker 4 (46:55):
Track, yep, Pump the Brick, So that's a really good
one too. It's also got my well, I don't want
to give too much away, but a lot of a
lot of guest stars and a lot of really really
pretty harmonies from Darcy Richardi.

Speaker 3 (47:08):
I love you, Darcy Well everybody loves yes.

Speaker 2 (47:14):
Indeed, you can follow Jeff Fritz at No Underscore Regrets
Underscore at Coyote on Instagram and all the updates and
news about the new album will be uh posted there right.

Speaker 5 (47:27):
Yeah, I'll probably just post new album out who dis.

Speaker 2 (47:30):
There you go. Welcome back to the Home Loans radio
show with that mortgage guy Don and I always I
want to as always, I want to thank you for
playing your original music, even its world debut on air
right here on Real Radio one to four point one.
You didn't know you're going to get that on a
music on a music show, a mortgage show on Saturday morning.

Speaker 5 (47:48):
Surprise me too.

Speaker 4 (47:49):
I was like, oh, yeah, I can play that. And
then you're like, you know, I mean if you feel
comfortable with it. I'm like, well, it's coming out next Friday.
I mean I need to get comfortable with it, so
let's play it.

Speaker 2 (47:58):
It sounds passed, it sounds beautiful, man, great job.

Speaker 3 (48:00):
Thank you. I've got some questions to get through.

Speaker 2 (48:03):
You can text in your questions to seven zero three
to one. Like these fine folks did anything happening to
do with mortgages, home loans, real estate business loans? Let's
do it.

Speaker 3 (48:12):
I have a house, we owe one hundred and eighty
two thousand on it and the payment is twenty four
hundred a month. It's worth six hundred thousand dollars. My
roof needs to be replaced, and I want to fix
my kitchen. Cabinets and replace a shower that is leaking
through the wall time.

Speaker 2 (48:24):
Oh boy, that's no good.

Speaker 3 (48:25):
We're retired and we live on a couple of small
teaching pensions and social security. We're very worried about using
our limited savings to do the repairs, but we've been
turned down for an equiline due to our debt ratios.
We have heard about a reverse mortgage. We're both seventy
five year My question is do you recomen years old?
I like it my way. My question is do you

(48:47):
recommend them in our scenario? Any help would be appreciated.
Thank you, love of the show.

Speaker 2 (48:53):
So to seventy five year So yeah, to recap, there's
seventy five they're retired, teacher, pensions, security, and the roof
is needs to be replacedly, it's problematic when you're when
you're showered leaking through your tiles. That's like you only
see a little problem on your side. There could be
a big problem brewing on the other side with you know,

(49:16):
the dreaded black mold and those kind of things, which
if you get that you can have a real problem
with your insurance. But yeah, I think a reverse mortgage
would actually be Now, if you tried an equity line
and weren't approved for it, that's probably really the reverse
is going to be your best option, and I think
a really good one. You have plenty of equity and

(49:37):
it will allow you to what they say their payment
was twenty four hundred a month. Yeah, so you won't
have to pay well, you won't have to pay the
principle and interest part of that. You still pay your
taxes and insurance. So instead of paying twenty four hundred
you might be paying five or six hundred a month
for you know, your taxes and insurance. You also have
to pay for your HOA. And you can get cash out.
You can get a big lump sum of cash out
from your equity on a reverse mortgage. You can get

(49:58):
a monthly amount like if your if your income's not
covering the monthly bills, you could get like a thousand
a month, you know, as income to yourself from a
reverse mortgage, or you know, however the numbers work out,
you could also take the take the money and just
leave it in the the equity line that's part of
the reverse mortgage, and it earns interest that way. So
there's a lot of ways to do it, but I

(50:20):
think definitely it's a good option to explore. We can
find out more. You go to the website, that Mortgage Guide.
Don there's a form on the website. You just fill
that out. It's like a one page questionnaire. I don't
need to pull a credit report or anything like that.
And then we'll chat see what your goals are and
then get you some numbers and if it looks good
to you, then then you can go forward with it. It
takes about three weeks four weeks to get it to
funded and closed. It doesn't really, it doesn't. It doesn't

(50:43):
count on your credit score at all either. On a
reverse mortgage, yeah, it really. It looks more at the
equity and the property and your age because a reverse mortgage,
like on a forward mortgage, you're paying down your principle
and interest every month. On a reverse mortgage, instead of
you making that monthly payment, it gets added to the
mortgage balance. But the mortgage balance can never go higher
than ninety five percent of the appraised value, so it's

(51:06):
you can never be upside down in a reverse mortgage.
It provides so not only for these folks would it
fix their issues. They probably have an extra two grand
a month in their pocket, just from from the you know,
not having to pay their forward mortgage payment anymore.

Speaker 5 (51:19):
Imagine all the microphones you could buy every month, right right?

Speaker 2 (51:23):
Or estate sale items.

Speaker 5 (51:25):
Yeah, final state.

Speaker 2 (51:26):
Sales the place to go if you ever need one
crutch on one crutch, there's always one in the garage.

Speaker 3 (51:35):
It starts with a crutch. Then there's sometimes too, there's
a walker, there's a whelt it's terrible.

Speaker 2 (51:41):
Bring it on down to sad town, MDA.

Speaker 4 (51:44):
The bathroom, rifle through the pill cabin a little bit.
All right, Now, I'm just washing my hands, washing my hands.

Speaker 2 (51:48):
Mom, how much for this bottle of Thom's It's already open. Well,
I'm going to bring up the mood. Guess what time
it is?

Speaker 6 (51:58):
M round.

Speaker 2 (52:01):
It's time for the compare quote of the week. That's
what I meant, running like a finely oiled machine today.

Speaker 5 (52:15):
You don't know.

Speaker 2 (52:17):
What do I know? All right? We got a good
one this week. We haven't had too many of these.
A client sent me a message asking me if they
could compare their quote for an SBA loan, and this
is a compare quote of the wheat section. What that
means is I started something a couple of years ago
on my website a compare quote feature where you can
go and upload a quote and I'll tell you if
it's any good or not. The reason I did that

(52:39):
was because I found out that lets via a study,
that less than twenty percent of people were getting a
second quote when they got a mortgage quote, and the
reason was because it was too hard. So I believe
people should get a second quote, so I created the
compare quote to make it super easy to do. So
all you have to do is upload your quote. I'll
tell you if it's any good. These folks had called
asking me if they could do that on a business
loan on an SBA, which we also do. I was like, absolutely,

(53:02):
you can do a compare quote on a reverse, on
a heelock. I had a helock compare quote yesterday. You
can do it on a forward mortgage, a VA mortgage,
any kind of loan that you can do out there,
you can compare it and I'll tell you if it's
any good because we offer everything. They so it was
a business loan that was to buy an existing business,
not a business with real estate, just the intellectual property

(53:24):
of a business. They were being offered at an adjustable rate.
The purchase price was one point seven million, So this
is a big, big deal. They were being offered a
rate from their bank at eleven point twenty five. We
were able to offer the same exact SBA loan, but
our rates with the bank that we got them connected
with was nine point five so two percent difference. But

(53:46):
when you're talking about a one point seven million dollar deal,
that's a lot of change. It saved them over that
moves saved them over three thousand dollars a month in
their payment a month a month in a pure interest
you got.

Speaker 3 (53:57):
To sell a lot of widgets to make three thousand dollars.

Speaker 2 (54:00):
One thousand dollars now goes to the bottom line every
month instead of going into interest on the SBA loan.
The closing costs where the same exact closing costs save
them three thousand dollars a month. That puts three hundred
and sixty thousand dollars more on the bottom line of
their business over a ten year period. That's a big deal.
And they took thirty seconds to do a compare quote

(54:21):
on an SBA loan, and I you know, I don't
can't really get any more detail than that. But it's
worth it. It's worth picking up the phone, it's worth checking,
it's worth doing that second quote. And I try and
make it so easy at that mortgage guy don dot com.
And yes it goes for business loans SBA loans, because
business loans deserve some love. Compare your quote and rise above.

(54:43):
I dropped their rate and calm their fears. Save three
hundred k and ten short years. I sharpened their rate
with my pencil so fine, set all that interest to
their bottom line. Three grand a month they get to keep.
Compare with don don't miss the jeep play at Maestro.

Speaker 5 (55:06):
Nice.

Speaker 2 (55:07):
All right, I'm trying to do a new vehicle. I
did you know, did don't miss the boat?

Speaker 3 (55:10):
Uh huh okay.

Speaker 2 (55:11):
Compare your quote, Uh, don't miss the jeep last week?
I did. Don't miss the bus.

Speaker 3 (55:16):
We're doing we're doing a thing, doing a transportation theme.

Speaker 2 (55:20):
Things that you could maybe should be on that you
didn't get on in time.

Speaker 3 (55:23):
Do miss the canoe.

Speaker 2 (55:25):
I'm writing that down.

Speaker 3 (55:26):
Don't miss the get get on the raft.

Speaker 2 (55:28):
I've been trying for days to figure out a rhyme
for kayak, but nothing that I can say in polite society.

Speaker 6 (55:36):
Uh.

Speaker 3 (55:37):
Here's someone who said they just ran a five k
round lake. You olin got some mortgage knowledge at the
same time, and heat stroke. And they also said love
this show and especially glad to still hear Jeff.

Speaker 2 (55:49):
Yeah, yeah yeah.

Speaker 3 (55:50):
And Russell from Groveland also said, no question, just happy
to hear Fritz on the air. Schedule doesn't usually line up.

Speaker 2 (55:56):
Love you, Bud, Hey, that's a love I told you
that thirty year contract was a good idea. Fritz, Right,
it'll be twenty fifty five, We'll still be here.

Speaker 4 (56:08):
I can't pay it off by you know, making an
extra principal payment.

Speaker 5 (56:11):
Every year, but that's okay. Well in ty would I
want to right?

Speaker 2 (56:17):
No? Why?

Speaker 3 (56:18):
Why?

Speaker 5 (56:18):
Why?

Speaker 3 (56:19):
Why?

Speaker 5 (56:20):
Why?

Speaker 2 (56:21):
There you go?

Speaker 3 (56:22):
Well in Titusville is also saying I'll be inside by noon.
Love your show, Hi, Fritz, Hell.

Speaker 2 (56:28):
Yeah, it's gonna be hot. If you haven't heard yet,
it's a record heat this today and tomorrow with a small,
very small chance of rain, so high nineties and heat
indexes up into the one tens possibly, So be careful
out there. Make sure you drink lots of water.

Speaker 4 (56:45):
You know what I think I'm gonna do. I'm gonna
drink lots of water. That's good advice, solid, but you're
not my therapist. I'm gonna do some bad stuff too.
I'm gonna go pick up some apparel, sprits, and I'm
gonna do a back and forth.

Speaker 2 (56:58):
All right, all right, that sounds like a good idea.
What's a back and forth?

Speaker 5 (57:01):
Just you know, getting drunk, getting hydrated?

Speaker 3 (57:03):
Okay, got it your boat and I'm going to mow
the lawn.

Speaker 5 (57:06):
So it's really gonna be a slippery slope.

Speaker 3 (57:07):
Careful on that one.

Speaker 5 (57:08):
I'll be texting you the whole time. Don't worry, don't.

Speaker 3 (57:11):
Don't, don't, don't slide on, you know, make sure you're
you're got your faculties while you're handling heavy equipment.

Speaker 5 (57:17):
Well, make sure have you ever thought about geese?

Speaker 2 (57:20):
Yeast geese? Geese? Make sure you know you can if
you're mowing the lawn. Make sure you don't have shoes on,
because that helps you stay cooler. You know, if you're
not wearing Susan shots shoes.

Speaker 5 (57:34):
And socks, can't you chop off your toes?

Speaker 3 (57:37):
I was joking, okay, because that seemed like bad.

Speaker 2 (57:40):
Advice, not real advice.

Speaker 3 (57:42):
If you're listening, you need yes, of.

Speaker 2 (57:44):
Course, don't mow anything without boots, without hard shoes.

Speaker 3 (57:49):
What are you thinking about their fritz and geese?

Speaker 5 (57:52):
Oh, I mean they're fascinating.

Speaker 2 (57:54):
Have I ever thought about them? Yes, I have. I
saw a whole show about people in a light aircraft
that with the geese.

Speaker 5 (58:00):
Oh yeah, oh you're a flyway home.

Speaker 3 (58:03):
Yeah, fly away home.

Speaker 2 (58:04):
That's about the most thought of geese.

Speaker 5 (58:05):
They're just like ducks, but they're massively larger, that's what
I hear.

Speaker 4 (58:10):
More to five times bigger than ducks, like even three
times the size of turkeys.

Speaker 5 (58:15):
I don't get it.

Speaker 3 (58:17):
I mean it's pretty cute when their babies they're called
the gaslin. Sure. Oh, here's somebody. Here's somebody says, here's
one thing I learned. Listen to you guys. I'm in
a good situation. Some of these people have problems. Yep.
So you know everyone listens for a different reason.

Speaker 2 (58:30):
Feeling bad about yourself. Listen to the Home Loans radio
show for just fifteen minutes each Saturday.

Speaker 3 (58:36):
Here's the one that says, just don't miss the jeep.
Let don take a peep.

Speaker 2 (58:39):
Uh, that's that's how we do it. Yeah, I should
get crowdsourced rhyming going on it should be fun. If
you got a reasonable rhyme for kayak. Let me know
you're listening to Home Loans Radio show. We're going to
take a quick break and be back for the final
segment of today.

Speaker 5 (58:54):
What about buyback?

Speaker 1 (58:55):
Do you have a question for that mortgage guy Don?
Text us at seven seven zero. You want now back
to Home Loans Radio on Reel Radio.

Speaker 4 (59:04):
That's right, it's Saturday and unfortunately the very last segment here.

Speaker 5 (59:10):
On Home Loans Radio. Oh but that's okay because we
live forever on social media.

Speaker 4 (59:16):
Just followed on Instagram at that mortgage guy Don, and
you can also follow me if you would like. No
underscore regrets, underscore Coyote MJ is just at MJ.

Speaker 5 (59:30):
It's the shortest tag ever.

Speaker 3 (59:32):
Good luck with that.

Speaker 2 (59:33):
Stick your head out the window, holler at at MJ.
She'll get it shot. Get the message. Yes, and thank
you for those of you who have followed me on
Instagram at that mortgage guide on there. The Instagram's taken
off since the since the since the remodel, since the refresh.

Speaker 3 (59:50):
It now no I.

Speaker 2 (59:52):
A few months ago I started doing some fresh reels
and some cool content and it's pretty cool. Check it
out at that mortgage guide don give to follow Uh,
followers are going up like one hundred or two hundred
a week. I don't even know what's happening. Nice, Yeah,
it's it's out of control. Now it's exponential. Soon I'm
gonna be rubbing elbows with Kim Cardew be famous.

Speaker 3 (01:00:12):
Yeah, you're gonna get some of them product things where
you people pay it to do stuff.

Speaker 2 (01:00:16):
Oh, that sounds risky, like, but you see.

Speaker 3 (01:00:20):
That mortgage guy down like eating weird chips like these
are delicious. I don't know how that works.

Speaker 2 (01:00:25):
I think the chances of that are super weld.

Speaker 3 (01:00:28):
Here's some folks who are helping you out.

Speaker 2 (01:00:31):
Oh on the rhyme, yeah, I said, if you have
a rhyme for kayak, let me know.

Speaker 3 (01:00:35):
I've been working on them. I don't miss the plane,
avoid mortgage pain, don't miss the jeep, don't take let
don take a peep? Do you want Yeah? Do you
understand the black jump in the second? Look?

Speaker 5 (01:00:50):
Kayak? M okay, right, okay, they.

Speaker 3 (01:00:55):
Rhyme black and kayak and that out. Yeah, you can
figure that out. In Germany, here's someone to ask, why
did you want to sponsor Ryan Holmes?

Speaker 2 (01:01:05):
Well, Why wouldn't you Why did I want to sponsor
Ryan Holmes lovely because I don't even understand the question.

Speaker 3 (01:01:13):
Yeah, what an awesome How.

Speaker 2 (01:01:16):
Could I not? We have a symbiotic relationship. Ryan out
his comedy show. By the way, thanks for bringing that up.
I saw the comedy show last week. MJ and I
went on field trip. It was really fantastic, great show.
The comedians that he curated were all super duper funny
and Ryan killed it tons of new material. Loved it.
It was really a good show. Good job, buddy. If

(01:01:37):
you're listening to guess what time it is.

Speaker 3 (01:01:40):
M Joy time for the speed time for.

Speaker 2 (01:01:43):
The speed round. That's when. That's when MJ's gonna ask
me a bunch of the questions we haven't gotten to
yet today, and I'm going to try and answer him.
If I don't get to yours, it doesn't mean that
I didn't want to. We just ran out of time.
So we go to the website or to Instagram at
that mortgage guy, don and send me a message. I'll
answer it outside of the show. Hit it, MJ.

Speaker 3 (01:02:03):
All right, what's the best way to check one's credit score?

Speaker 2 (01:02:08):
Best way to check one's credit score? I guess that's
my next question would be, you know for what, like
why what are you trying to figure out? You can
find your credits. Yeah, if you have a credit card,
a lot of times they'll tell you what your credit
score is. There's things like credit Karma. If you're signed
up with the Experience or one of the credit bureaus,
you can usually go on there. You can get a
free annual report report from any of the credit bureaus,

(01:02:30):
but it doesn't show your score. It'll show you everything
that's on there. And if you're if you're looking to
do a mortgage and you want to find out if
you're pre approved, you just go to the website and
we'll do a soft credit report and we can share
that with you and give you the answer that way.
So there's a number of ways. It just depends on
really what you're trying to do.

Speaker 3 (01:02:48):
Can you have two active VA loans?

Speaker 2 (01:02:52):
Yes, it's a little on the rare side. VA Veterans
Veterans Administration loan for veterans. Normally you can only have one.
Like if you have one in Orlando and you want
to buy another house in Orlando, but keep that one
and get a new VA loan, You're not going to
be able to do it. It has to be. It's
the idea of being able to have a second one
is if you're transferred. So like if you're stationed in

(01:03:14):
California and you buy a house and then they move
you to Idaho, well then they'll let you get a
second VA mortgage in that scenario, as long as you
have enough eligibility, because there's a certain amount of eligibility
depending on how much money you have out there borrowed,
so you can. In some cases, I've seen someone with
three VA mortgages. They had to know house in California,
then they were transferred to the Northeast, and then they

(01:03:35):
after they were out of the service, they came back
to Florida and we were able to help them get
a VA mortgage in Florida. So if you're moving or transferred,
or your job's transferring you or something like that, then yes,
you can get a second VA loan as long as
you can qualify.

Speaker 3 (01:03:48):
Good morning, I still have a loan on my house.
I'm sixty eight, my daughter and sand lib with me.
Is there a way I can add them to my
title or deed while I still have a loan.

Speaker 2 (01:03:56):
You can add anyone to your deed at any time.
To be careful when adding your kids to the deed
that if they inherit the property that way, they may
have an issue with having to pay more capital gains tax.
So you want to explore that, meaning look up a
stepped up basis for capital gains. If you google that,
you'll get a little more info.

Speaker 3 (01:04:16):
Can I find out if I'm eligible for the hometown
here a thing before I start shopping for a house?

Speaker 2 (01:04:21):
Yeah, you can. You can do the pre approval. That's
how we do it, and not only for the hometown here,
as we look at every single down payment assistance program
and first time home buyer program we do when you
go in to do your pre approval on the website.
So Hometown Hero is not out yet, it's imminent, I think.
But they did change the rules back to the original rules,
which is that it's only going to be for veterans
and frontline workers, teachers, city workers, medical, that kind of thing.

(01:04:45):
This time last year, it was for every profession that
had an office in Florida. They've they've tightened it up some.

Speaker 3 (01:04:49):
My wife is fifty five, I'm eighty.

Speaker 2 (01:04:52):
Congratulations.

Speaker 3 (01:04:53):
Interesting, I would like to I would like to hear
a reverse mortgage. Is that possible to have her on
the alone reverse mortgage?

Speaker 2 (01:05:02):
Normally you have to be sixty two. We have a
couple of programs that will allow this scenario where one
spouse you have to be exactly fifty five. Coincidentally, if
you're over sixty two and your spouse is fifty five,
we do have a reverse mortgage program where we can
do that. If you're interested, go to the website and
fill out the reverse mortgage questionnaire form. It literally takes

(01:05:24):
thirty seconds. It's just info about the house, what your
mortgage balances are. We don't even need you know, it's
not contingent on credit score. Just go there and fill
that out. It comes right into my email and then
we'll go from there and get your quote. There's no hassle,
no obligation. We just send you the numbers. If you
like them, great, If not, great, Got a riddle for you, yep, riddle.

Speaker 5 (01:05:42):
Time Ready, going down?

Speaker 2 (01:05:44):
Down?

Speaker 5 (01:05:44):
Going down?

Speaker 2 (01:05:45):
You're going down?

Speaker 5 (01:05:46):
No, I said it first, you're going down.

Speaker 2 (01:05:49):
I said it last.

Speaker 3 (01:05:50):
I'm orange and I wear orange. I wear a green hat, tigger,
and I sound a lot like a parrot, carrot.

Speaker 4 (01:06:01):
This is a riddle, wadat car carrots carrot.

Speaker 3 (01:06:10):
You were still asking questions and uh Fritz had the answer.

Speaker 2 (01:06:13):
I didn't know you were done. I didn't hear a
question mark. I was waiting for the second half of
the riddle.

Speaker 3 (01:06:20):
There was.

Speaker 2 (01:06:21):
Oh, Fritz, you did.

Speaker 3 (01:06:22):
It again, and we did sound like a parrot.

Speaker 2 (01:06:28):
Alright, a carrot? Well done, am Joe.

Speaker 3 (01:06:32):
Well you did it well, folks.

Speaker 2 (01:06:34):
You did it. You got something. What are you gonna
pay us out of here with today?

Speaker 5 (01:06:37):
Fritz Florida slang, nice Florida slang.

Speaker 2 (01:06:40):
All right, folks, Joel, you did it. You wiled away
another ninety minutes of your Saturday morning, wisely staying indoors
because it's going to be inside. Uh, thank you for
joining us. We'll see you next week. Play us out
of here, Fritz.

Speaker 6 (01:07:00):
Bad bag.

Speaker 3 (01:07:08):
He excity.

Speaker 1 (01:07:15):
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.