Episode Transcript
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Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're with you for another week
here on the Duncan Duo Real Estate Show, talking about
the Tampa Bay real estate market like we are every Sunday.
When we aren't on air, make sure to follow us
at the Duncan Duo Twitter, Instagram, YouTube, TikTok, Facebook, every
social media platform, always putting out relevant real estate information
and stuff going on in the market, whether it's up,
(00:21):
whether it's down, Where prices are, where sales are, where
interest rates are. And that is what we're going to
talk about a little bit today with Melissa Rodriguez. Melissa
is joining us for the first time on the show.
She's been a preferred loan officer in my business for
a while and just became the branch manager at Citywide
Home Mortgage, which I know you're really excited about. We're
(00:44):
excited to have her. She's done a great job. There
are exclusive lender on our real estate team and Melissa.
It's interesting because how the connection started was my girlfriend
who works for a new construction home builder. Prior to
that was working for a real state team. Because we
just decided, like you know, we're not gonna work, We're
(01:04):
we'll be in the same industry, but we're not gonna
like commingle that we're not going to be in the
same business together. And so she had told me, She's like,
there's this loan officer that I really like. She's really good.
And one of the things I love about Jess is
that she can read through people's bs like she's she like,
she is really good at like pointing out like good people,
(01:25):
Like she has an instant character bond and she's like
she's a good person, you know. And so so that's
how it started. And and you've done a good job
as an l O and and and then I got
the introduction to you, and then we had talked a
couple of times and and so so now here we
are today, and we've got this opportunity with Citywide Home
Mortgage where you know, who's owned by guaranteed rate, has
(01:48):
an incredible platform, and you're you know, the branch manager,
which is operating out of my building, and it just
it just kind of all came together right, it was.
It was a great synergy. And my team loves you.
You know, they're definitely bought in there. They're driving stuff
to you and and super competitive on rates and fees,
which I think is really valuable. But let's talk about
(02:09):
mortgage rates, because I think there's a lot of misconception
out there, right, Like people think, oh, the FED rate's
gonna come down, and then rates are just gonna pile downward.
Speaker 2 (02:17):
Right.
Speaker 1 (02:18):
It doesn't happen like that.
Speaker 2 (02:19):
So, first and foremost, thank you so much for having
me on. I'm excited to be here. So exactly like
you said, it's great to stay in touch with the
FED rates and watch your own pow, you know, like
his talks. He's going to be on in September. But
that doesn't mean that the mortgage rates are going to
come down, right.
Speaker 1 (02:38):
It's a it's a pendulum. Like so, for example, he
may announce there's a twenty five basis point cut, but
most of the market is already predicting that will happen,
and it's already pricing it in right, right, but rates
have already softened to the point where most of that
twenty five basis point for mortgage rates, Because what the
FED rate really is, it's the it's more of the
(02:58):
short term thing. The treasury yields and bonds are what
really dictate mortgages, and there is a trickle effect where
you know, if we continue down this path of lowering
the FED rate, where eventually you would expect that it
should all for all intents and purposes, pulled out mortgage rates.
But it's not a guaranteed lock. It's not a it's
not a guarantee. So so where it will immediately affect you,
(03:19):
it's probably like credit cards, lines of credit, you know,
those fluctuating things. It'll it'll pretty instantly hit there, but
it'll but certainly some of it gets priced in. Now,
if he did a fifty basis point cut, because that's
not expected, then you might see some really quick dropping
rates because the market wasn't expecting.
Speaker 2 (03:38):
Correct. It's just a good way to see how the
market is doing, how it's trending, and you would assume,
like you said, that the mortgage rates should follow.
Speaker 1 (03:46):
Yeah, and I think a lot of people you know
that watch it, don't quite understand that. And what we
have seen, you know, long term mortgage rates have hit
a ten month low, hovering in the mid sixes, you know,
kind of back and forth and they do fluxh wait,
and I want you, guys, I want you to talk
on that for a second because I think That's one
of the really nice parts about being in a broker model,
(04:06):
which is what we have with Citywide, is that you
have the ability to kind of forecast and see what's
going on with rates to help educate people on whether
they should or shouldn't lock depending on what's happening economically
that day. Right, Like, there's people all the time where
they're like, oh, you know, and you're like, oh, maybe
we should wait till tomorrow, because that them locking that
rate a day or two different before or after could
(04:30):
mean a substantial difference in our interest rate up or down,
up or down.
Speaker 2 (04:35):
Yeah, we really have to just watch it and communicate
with our clients and just educate them on how the
market's doing, how the rates are looking.
Speaker 1 (04:44):
And I think that that's one thing that I think Again,
the other thing about the broker model that I really like,
which is why you know, I was an advocate for
it in my business, is no different than insurance, mortgage,
a real estate brokerage. You know, you're you're you know
when you're not only offering a small segment of products, right,
(05:06):
you guys have an array of products, like like thousands
of different products available depending on down payment opportunity, whether
it's f h A VA conventional, whether it's us DA right,
which is one of the unsung heroes. Not a lot
of people know about it in our market because it's
a no money down mortgage. You can you know, there
are still no money down VA and USDA. You know
(05:31):
that that are some of the best mortgages out there,
simply because the race are still super competitive. But you
don't have to come out of you don't have to
come out of pocket.
Speaker 2 (05:39):
Right. We have options, definitely some amazing options to offer
our first time home buyers, repeat buyers. We're nationwide, so
we just have so many avenues that we can do ye.
Speaker 1 (05:49):
And that's that's the other thing, Like because we are
u you know, we are a company that moves people, right. Like,
so we'll have someone that's selling here and buying somewhere else,
and I think they're so used to like their mortgage
lender being like only oh, they can only help me locally.
While you are local, we can have you know, they're
selling in Tampa and they're going to buy in Arizona.
We can help them on the mortgage shit, you know,
(06:11):
going out to Arizona. Right, And and so there's a
lot of a lot less limitations on that. Other products
like like you know, jumbo, right, Jumbo is something that's
that's common in our marketplace that's available. There's you know,
different construction products. There's doctor loans, there's statements, you know,
bank statement loans for people like I have a personal
(06:33):
friend that did alone with you last year that was
basically a bank he was it was an asset loan.
You didn't have to go through as many hoops to
jump through because he was you know, pretty pretty solid.
Speaker 2 (06:43):
Right, no text returns, no pay stubs, just strictly bank statements, yep.
Speaker 1 (06:48):
And and so that that can definitely happen a lot
of creative things. I think one other thing on the
mortgage piece that that some people miss one is down payment.
There's this still this myth out there, misconception that you
have to have twenty percent down. And while there's a
lot of financial advisors and if you're a Dave Ramsey guy,
(07:08):
he's one of those guys that's you know, and look,
you know, I grew up kind of loving Dave Ramsey,
and then I got to a point where I was like, well,
this doesn't make sense. So a lot of this stuff does.
Some of it doesn't, but there is you know, there's
this belief that you got to have twenty percent down
and it's just not reality. No.
Speaker 2 (07:25):
Actually, I was just having that conversation with a client
yesterday and they were like, well, we have twenty percent down.
I'm like, well, do you want to put twenty percent down?
Because if you're even for conventional first time home buyer
is three percent down. Minimum for conventional and repeat is
a minimum of five percent.
Speaker 1 (07:42):
Right, So it's like you have the ability to take
that cash and do something else with it, or invest
in the property or do whatever. And again is it
you know, should some people put twenty percent down? I mean,
it's a personal choice. There are people that are just
it's ingrained in them and they feel like that's what
they need to do. But there are plenty of options
out there. We talked about the no down payment loans
(08:02):
which are VA and us d A f h A
is three three and a half percent, And there's even
conventional now that's that's competing with that. Yeah, three percent
conventional for.
Speaker 2 (08:12):
Primary resident right, first time home buyers.
Speaker 1 (08:15):
Right, and and so there's all these products that are
available and you know, one of my favorite loans. And look,
I'm I'm a son of a veteran. My brother is
a veteran like I'm, I'm a I'm an American patriot,
you know, go army, you know kind of guy. And
so my you know, one of my favorite loans is
(08:35):
the VA loan. And I think that and I'm sure
you've probably experienced this too, The VA loans incredible own product.
Not only is it no money down and you know
you can get that, you can get you can lump
in all the costs. It's it's it is an incredible
home product, right.
Speaker 2 (08:50):
And we just I love that too, and just being
right there by McDill Air Force Base. I love helping
the veterans. Like you said, it's no money down. A
lot of them are justabled, they don't pay property taxes.
We can help them all.
Speaker 1 (09:03):
Yeah, And I think that that's one of my favorite
loan products. And you know what, there's a stigma and
it frustrates me sometimes because there's a lot of real
estate agents that group in the VA with FAHA, Like
all if it's VA or FHA, we don't want to.
We don't because because sometimes the condition requirements can be
a little bit challenging, probably more so for FAHA. But
one of the unsung heroes for VA loans is the
(09:26):
ability is an easier ability to handle appraisal disputes, like,
for example, if a property doesn't appraise, you have the
ability to go back and forth instead of it just
being like, oh, it didn't appraise, right, and so so
I really love the VA loan product for that. And
I think in general, whenever I've been a listing agent
and I've got multiple people and it's really close and
(09:47):
or somebody that's VA, I'm actually leaning towards the VA
person in terms of my recommendation or in a property
that I own, simply because I like that extra ability
to overcome that obstacle on appraisal. But I also just
think it's the right thing to do. Like somebody fought
for our country. They they're you know that they sacrifice,
(10:07):
like you know, let's let's go here. But you know,
I'm sure you've dealt with this before when you've qualified
somebody on a VA loan and then and then you're
you know, the clients have a hard time getting offers
accepted because real estate agents aren't educated on the on
the pros and cons of loans, they just group the
government loans in.
Speaker 2 (10:21):
They're just so scared, they're scared that they're you know,
they're going to tear aput apart the appraisal or the property.
And it's it's not like that.
Speaker 1 (10:28):
Is no, not at all. And so again Melissa has
done a ton of VA loans. We are literally right
outside the gates and McDill are first base. So if
you're listening, if you're if you're on base, if you're
a soldier, if you're a veteran, if you're a contractor,
you know, contractors typically most most military contractors were in
prior to becoming a contractor. And then some of those
(10:49):
also still do qualify for for VA. But so so again,
you can you can stop our office sixty three twenty
south til Maybury. Literally you drive by if you go
on base and use del Maybray, you're going my office
slice a day, So stop by. You can certainly get
some help with with qualifying with different loan products that
are available. And the one last thing I'll get to
(11:10):
before break is that now we have the uh, you know,
the Hometown Heroes program is back in a small way,
kind of touch on that a little bit on what
hometown Heroes is, who can qualify and what that what
that means.
Speaker 2 (11:22):
Okay, so it has changed a little bit this year.
Last year it was open to all full time Florida employees.
This year it's it's changed. So now it's true heroes.
Speaker 1 (11:34):
People that work for the government, correct medical, you know, police, police,
it's police officials, sort officials, right.
Speaker 2 (11:43):
Medical, and so teachers, the veterans can even do a
hometown hero as well. But so it's five percent of
the loan amount up to thirty five thousand dollars.
Speaker 1 (11:54):
Yep, which is pretty awesome, and that that gets basically
that that reduces there out of pocket by getting a grant.
Is that how it works? Is it? Remind me again
because I'm not sure the specifics on it.
Speaker 2 (12:05):
So it does have to be paid back if you
sell a refinance the house, but there's no interest collected.
There's no monthly mortgage payments.
Speaker 1 (12:15):
Okay, that's awesome. So it's basically just like an interest
free correct interest free loan to reduce down payment amount
for somebody to be able to help them, you know,
qualify and technically lower their payment without having to come
out of pocket the actual money.
Speaker 2 (12:30):
Correct so if you have let's say inn faha, that's
three and a half percent down, so you have the
difference of five percent, you could use it towards closing costs.
Speaker 1 (12:39):
That's pretty awesome. Yeah, And they did, like you said,
they did restrict it down. They did make it so heroes.
It's going to be, like she said, medical, military, police, teachers, firefighters, paramedics, military.
That's kind of a group of people, think of, you know,
kind of public servants, people that are, you know, kind
(12:59):
of going above and beyond to help. So that's not
to say that there aren't people out there in other
industries that are heroes. But Governor DeSantis in the state
of Florida decided to decide to kind of round this
out and say, these are our heroes, so well, I
want to be We're gonna be back. We're gonna continuous
conversation with Melissa. We're gonna give you her contact information
real quick. Melissa, what's your best cell phone number? Someone's
(13:20):
got a they can call her, text you pretty much anytime.
You're super responsive.
Speaker 2 (13:24):
So cell phone number is eight one three, seven, three
five nine three nine five again eight one three seven,
three five.
Speaker 1 (13:33):
Nine nine super easy to remember. And we'll we'll repeat
that again a couple times in the show, but you
can call her, text her. That's one thing I had
grant our commercial agent on. One of the most frustrating
things I think people have is when mortgage lenders, and
I heard a lot of commercial real state, they don't
answer the phone. Melissa will answer your phone. So sure,
we'll be back out for a quick break here on
the Duncan Duo Show. So we're back here on the
(13:53):
Duncan Duo Show talking about the Tampa Bay real estate market.
Melissa Rodriguez with Citywide Home Mortgage located in my building
in South Tampa, is our resident mortgage experts. She's gonna
come on the show every month. She's been a mortgage
partner of my company and a great loan officer. We're
excited about her being the branch manager in a branch
that's operating out of my building. And we talked in
(14:17):
the last segment again, this is Andrew Duncan the Duncan
Duo Show, LBT Realty. We talked in the last segment
about mortgage rates, different loan products, and there's been a
big push in Florida and in Texas specifically about the
potential abolishment of property taxes. And now I don't know
(14:37):
if it will end up truly happening, like completely abolish
all of them, but there is definitely gonna be some relief.
There is going to be DeSantis has already said it.
There is going to be something on during the next
cycle of elections where it needs I think a super majority,
I think sixty percent of Florida voters have to approve it.
(14:57):
And it's going to be some sort of about pishment. Now,
probably not abolishment in its entirety, maybe abolishment for homestead,
maybe abolishment for homestead up to a certain price. And
as we've learned through the years, the real estate market
ramps up and explodes when interest rates are low, right.
But what people don't understand is it's not really the
(15:19):
low interest rate that's loading up all those people. It's
the payment, right, you know. And so if the interest rate,
you know, didn't change that much, but the payment dropped
to where it was when interst rates were really low,
hypothetically we would suspect that that would probably explode our
real estate market.
Speaker 2 (15:38):
Well, in those property taxes, if we no longer have
or if they lower, then so many more people can
get qualified.
Speaker 1 (15:45):
Correct, And that's you know, when you look and you
hear about the potential of two or three FED rate
cuts and the potential for abolishment of property taxes. It's
why I'm such an advocate because I think there is
a really good chance of both of those things happening. Clearly,
the FED rate cuts are going to happen, and that'll
lead to some mortgage relief like we talked about in
(16:06):
the first segment, not percentage point per percentage point, not
an exact correlation, but definitely some relief and mortgage rates.
So if mortgage rates relieve some and property taxes go away,
that will put payments back in the similar place to
where they were when we were at three percentage rates
in the market was going crazy. And I think there's
(16:28):
a lot of buyers right now that they're making the
mistake of waiting and not acting now. And I think
a year and two from now they're going to really
regret it, because then the market's going to be back
to bidding wars. If our state abolishes property taxes, it
will have a COVID like effect in my opinion, because
during COVID, with this huge surge of population, and a
(16:50):
huge surge of I mean that was probably the busiest
you've ever been, busiest you've ever seen in your life.
Speaker 2 (16:55):
Right, Well, and honestly, yes, you're correct. But for personally,
for me, if I would have waited, I live in
cell Tampa and now I wouldn't be able to afford it,
you know. So I think every day that I bought,
when I bought, Yeah.
Speaker 1 (17:12):
And I think there are so many people that are
going to miss that mark and then price are going
to skyrocket. Yeah, Like they've softened, Prices have softened. Like
when I when I look at the statistics, our prices
today are lower than they were two and three years ago,
our average prices, and that's not even factoring in inflation
and higher rates, right, So it's it's it's you know,
prices have softened. They probably will soften a little bit more,
(17:36):
I think this year. But I think there is a
huge opportunity that people that try and time the market
and say, oh, I'm going to jump in then you know,
but if you wait to jump in, then that's when
everyone else is going to too. It's like, it's why
right now such a good buying opportunity?
Speaker 2 (17:49):
What are you really waiting for a core you know. Point, yeah,
a point like.
Speaker 1 (17:54):
You can change that very much, correct, Yeah, And most
of the lenders are really creative with the refinances and
so the But if the abolishment of taxes happened, I
believe we'll see pretty considerable appreciation. And the way I
look at that is now would be the time to
acquire the assets. Now would be the time to buy.
Now the time would be to buy extra investment properties,
because if those two things happen, it's going to drive
(18:17):
prices up. It's kind of like you know, if you ever,
if you ever trade stocks, you know, and you know
about information before it becomes public, you know, and then
when the information becomes public, the stock rallies. It's like
you knew it was going to rally. It's like you knew.
It's like I know, it's I know. The real estate market,
if those things happen, it's going to rally. And I
think all sides point to that. So there are consumers
(18:38):
out there that I think are waiting, and I think
there's even sellers that are staying in their house because
they're like, well, I got a three and a half
percent indust rate and I don't want to go out
and pay six or six and a half. So I'm
going to wait for it to come down. And you know,
they're selling to buy and they're moving up. And if
they're moving up, the premise is is when those things happen,
prices are going to rise. You know, I was talking
(19:00):
to a client last week and he said, well, Andrew,
I'll just wait for my you know, five hundred to
go up to six hundred because that's what I really
want from a house. And I was like, well, you're
buying a million, right, Like, what do you think is
going to happen in the million? Is sitting in a vacuum?
If prices rise on your five hundred on your million
is going to go up to it, right, your million
is going to go up be more, You're going to
lose money. And so people just think in a vacuum.
But I think that I think it will motivate some
(19:22):
sellers to move up. You know, either of those two
things happen. I think it'll it'll turn some activity, and
I think it'll it'll pull back population growth again. We'll
have people moving from New York, California and all those places,
which is what we experienced, like like and I mean,
I'll say this, like, having been this business for twenty years, man,
I probably spent the first fifteen years rarely ever seeing
(19:44):
a California license plate. I never saw California like never.
Now I see them like they're moving. Yeah, New York too.
Oh yeah, they're moving. They're moving. And I'm sure you've
dealt with that too. You're you're getting apps from people
that are moving from those other states. That will increase
exponentially if those two things happen. Yeah.
Speaker 2 (20:00):
Actually, I got a call yesterday the gentleman is moving
from Ohio he works remotely, buying a primary condo here
in clear Water.
Speaker 1 (20:09):
So yeah, that's awesome. Yeah, And I think again, the
population growth will continue, and I think there's a really
good chance of the property tax massive property tax relief,
and of course if that does happen, that will definitively
move the market. And I gotta statistically, if you look
at the percent of people that are either homeowners or
involved in a real estate industry, you know, it's not
(20:31):
as much of a political issue. It's it's a you know,
I think people voting on that specifically are going to
vote on their pocketbook. I can't see a lot of
homeowners saying yeah, I'd love to keep paying property right exactly.
So I think when that ballot comes out, I think
they're going to hit that sixty percent. I mean, look
if if we'd almost hit sixty percent, or I think
(20:51):
it did. Actually I don't know, but like I think
home ownership is probably gonna hit it.
Speaker 2 (20:55):
You know.
Speaker 1 (20:56):
So anyway, we'll be back. We're continuous conversation after quick
break here on the can Do a show. So back
here on the Duncan Duo show, talking about the Tampa
Bay real estate Mark and Andrew Duncan with LPT Realty,
Melissa Rodriguez with city Wide Hole Mortgage. I'm gonna try
and remember the phone number. I'm kind of like rain
Man with numbers. Eight one three, seven three five, ninety three,
(21:16):
ninety five. That's it. That's it. Eight one, three, seven, three, five,
nine three nine five. I'm it's crazy. I'm crazy, weird
remembering like numbers. It's just I remember them. So so again,
you can call Melissa a text her if you've got
mortgage questions, if you want a second opinion. I think
there's so many people today that that need second opinions.
They'll they'll go online and they'll they'll get a quote
(21:37):
and they'll not realize, oh, I got this great rate,
but they're paying for it and points or or costs.
A second opinion is something I recommend to every single
customer out there. It doesn't hurt your credit like you
might think. It gets grouped in. How often does that
happen where you do look at someone's stuff and you're like,
I can crush this, like I can beat this.
Speaker 2 (21:57):
Probably ninety.
Speaker 1 (22:00):
Yes, son of our listeners right now, if you're getting
a mortgage quote, you have to talk to Melissa because
she believes she can beat what you're getting. Like And
that's the other benefit of a broker model because you
have some flexibility in terms of different banks and products
and your financial creativity to do different things to be
able to find the right deal for someone and Andrew.
Speaker 2 (22:22):
And if I can't, I am completely transparent. If I
cannot beat it, I'm going to say, listen, you're getting
a great deal. You need to stick with it.
Speaker 1 (22:29):
And that does happen too. We had one recently where
it was like they had some sort of credit union
that was giving them some special thing that you couldn't
you know. So it does happen, but it's rare because
most of the time they're they're overpaying somewhere, whether in
raid or costs. The other trick that I think is
common in mortgage, and I'm sure you've seen this too,
is that. And I even said this in the team meeting.
(22:50):
The very first house I bought, I was not in
real estate. I was not real estate educated. I was
doing something completely different and I did this. You know,
you get your good faith estimate from the lenders, and
I had two lenders, and I looked down. I just looked,
bottom line, what's the payment over here, payment's better over here,
I'm going over here. Where all they really did was
basically put lower tax and insurance numbers that they don't
(23:12):
have any control over made it look better, when in reality,
the principal and interest payment on that loan was worse
than the other one, and the other one was just
honest well about taxes.
Speaker 2 (23:21):
And actually that literally just happened yesterday. So we had
a client that we had already preapproved. The realtor told
him to check out their lender. They came over with
a twelve thousand dollars cash to close. You know, they
ended up going with them. Well, when we found out,
we said, hey, let us check it out. Well, once
(23:43):
they signed the loan, you know disclosures, it went from
twelve thousand to twenty thousand.
Speaker 1 (23:48):
Wow. Also, it's sad and switch really common in the
industry too, So so again, get a second opinion again.
Caller text Melissa at eight one three seven three five
nine three nine five. Caller text or she can look
at your you know, she can look at your good
faith estimate. But I think a lot of people make
that mistake, and I think a lot of lenders, especially
not local ones, will kind of juice that a little bit.
(24:10):
Because let's say some lender in Connecticut is doing a
loan in Florida and they don't know what our tax
insurance are, and they're like, oh, this is what we
do in Connecticut. We put a thousand here in a
thousand here, and then the person's like, oh, this payment
over here looks really good. But the principal and interest
is higher because the other lender, you know, you were
being honest about taxing insurance. So what you should compare
(24:31):
the only thing that you should compare when you're talking
to mortgage lenders is the principal and interest payment, don't
look at what they're putting for taxes and insurance because
they don't know that or they're inaccurate, Like they don't
know what your insurance is going to be, they don't
know what your comfort level is with you with your deductible,
they don't know how much content coveries you want, like
they're throwing a number in there that is fantasy land.
Speaker 2 (24:52):
Well, and I'll pull I'll go into the tax collector's website,
I'll show you the tax bill. I'll request a couple
insurance quotes for you to help you understand exactly what
your mortgage payment's going to be.
Speaker 1 (25:03):
Yeah. One, because people, I think again, people will pick
a lender based on the wrong thing. So so again
very common. Second opinion, you end up winning it because
you show them and you break it down for them
and you say, hey, look here's where you're missing out.
So again, if you if you're buying, if you're gonna
get a mortgage and soon refinances like they're not. We're
not seeing a lot of them yet, but there's going
(25:24):
to be a point where the Fed does do these
rate cuts where you know, at some point next year
where people will start to look at doing refinances, and
the same thing. There's there's some predatory stuff that's happened
on refinances before. It's like, oh, yeah, we'll get you
down to this rate, and then they they roll it in,
they roll a bunch of fees and costs in, and
then they eat up your equity and you think, oh,
I got this great payment to give away thirty grand
(25:46):
of equity, you know. So so refinances. The other thing
I think is interesting about refinances, even even today, they
are a loan products that have streamline refinances where it's
literally you're just going to lower your payment, like like
the I think VA does that right, doesn't be a yeah,
they do like a streamline where all they're really doing is,
(26:06):
you know, they're not coming out of pocket and they're
just lowering their payment based on the rate.
Speaker 2 (26:10):
Correct. So there's rate and term which is literally only
lowering your payment or cash out refinance yep.
Speaker 1 (26:16):
So both of those things are available again, you know,
just just you know, having your back here, I would
tell you that weight on that if you can, because
rates are probably going to come down a little bit
more Like if you have to do a refinance right now,
you know we can help, but we think there's a
little bit more relief coming within a few months. So
if you can make it happen to wait to do
(26:36):
either a cash out or refinance, it may be a
little bit better down the line. But I think next
year is going to be an enormous refin it. Yeah,
I think it's going to be an enormous refine market. So,
speaking of you know, kind of creative stories, one of
the things that a lot of customers make the mistake
of is changing jobs during the loan process. I have
(26:58):
to tell you, like, we've had that happen so many times.
So I didn't know, I thought I was qualified, and
I changed my job and then they're going to call.
It's they're going to get a call. The employer is
going to get called and they're going to say, oh,
guess what the past off they're not here anymore. How
many times is that blown up alone?
Speaker 2 (27:15):
Oh God, I don't even want to count. It makes
me sick.
Speaker 1 (27:18):
It's a lot, right, But someone can change jobs if
they're staying like same industry, they have an offer letter there,
there's there there are times where someone can and you
can still creatively help help get that long close.
Speaker 2 (27:29):
Problem is is when yes, we can definitely help them.
Speaker 1 (27:33):
Uh.
Speaker 2 (27:33):
The problem is when you go from a W two
employee to self employed, then that will just destroy it.
Speaker 1 (27:39):
Because you need a couple years, correct, you got to
have a couple of years of self employed. And unless
someone's got a lot of assets or you know, so
like like you said, a bank to other businesses or
their spouse can qualify. There are a lot of creative
things that that you can do. So so those are
things that happen the other the other ones that happened,
you know. And I was almost guilty of this with
(28:00):
my first house. I started doing really well and I
was working for a fortune five hundred company out of
Saint Pete. I was under contract to buy my first
house and I got this big bonus.
Speaker 2 (28:11):
Did you buy a car?
Speaker 1 (28:12):
I almost did. I said, I'm going to go buy
that new Mustang. I want that new Mustang. I want
a five point, I want that thing. And so I
was at the dealership, I got quotes, they ran credit.
I looked at it and I was going to think
on it overnight, and I talked to my agent the
next day and they're like, who, like, no, So how
many times does that happen? Somebody goes out either too
(28:35):
many furniture credit, yes, furniture is a common one, and
then it blows. Then it's like, well, guess what you're
putting that furniture in your apartment because you're not going
to qualify.
Speaker 2 (28:44):
Now, Oh my gosh, it's again. We just had it.
But it was a DSCR loan who was an investment loan,
so everything worked out. But they do monitor your credit
and if you get an inquiry, they're gonna ask you
about what is this. Well, this guy ended up going,
of course, to go and buy new furniture, which, like
I said, it was an investment home. So everything worked
(29:05):
out fine, But why are you doing that? Why?
Speaker 1 (29:08):
I think the best advice I have for people is,
you know your financial situation from the day that you qualify.
Your financial situation needs to kind of be unchanged correct.
So all the job changes and any other debt that
you take on, any other credit that you take on,
you've got to pay your bills right during that time.
And you've got to not incur new bills, you know,
(29:29):
So don't buying the new car, buying the buying the
appliance is a best buy on credit, you know, like
even any large expenditures could could hamper you know, like
even if you even if you didn't but you put
it on a credit card. Now your credit card balance
is a lot higher. It's like all of those things
you should run through your mortgage person, or you should
(29:50):
just do what you can to wait until you own
the house and clothes and then go do those things direct.
Speaker 2 (29:56):
Sometimes it does work out, you know, but just let
me know you have communication with your mortgage professional and
and they can they can definitely help you out through those.
Speaker 1 (30:05):
Yeah, but those are some of the those are some
of the mortgage horror stories that that I've seen. We
had one and this was this was catastrophic. We had
a a husband and wife where they were qualified and
something happened medically to the husband and and he was
alive but incapacitated. So he there was debate about whether
(30:27):
he was going to be able to work and could
he be able to do this And you know, it
was a really sad story. But there's always these you know,
crazy curve balls in the mortgage world, and uh, they
and what's interesting is he recovered and like a year
later they bought but but they bought cash because it
got a really big insurance settlement. So but but nonetheless,
like those those things happen, it's it's you know, it's
(30:49):
just the challenge of the real estate mortgage industry sometimes
that I think a lot of people don't see that, uh,
that we deal with in in the day to day
what about So we talked about, you know, loan products.
We kind of talked about what's happened with rates and refi's,
and then kind of some some crazy stories jumbo loans.
(31:11):
There are some unique things I've seen happen in jumbo
loans recently that that I think, again, whether the person
is like a you know, very high net worth or
depending on the property that they're buying and how expensive
it is, there's some creative things that can happen in
jumbo mortgages because the banks, you know, the banks and
(31:33):
the mortgage companies see that the person is very high
in common it's a very high dollar amount, which means
very high compensation. So talk on that a little bit
on maybe creative things that you've seen happen when somebody's
buying a really expensive house and getting a mortgage.
Speaker 2 (31:48):
Well, so, for instance, we have doctors loans that we
can offer for you know, they often buy Dumbo, and
so doctor's loans we don't. We don't look at their
student loans. That can sometimes harm, you know.
Speaker 1 (32:02):
Or it can make challenge, Yeah, it can. It can
be challenging. And then because they've got a practice or
they've got equipment, and there's things that you look at
and say, okay, these kind of offset right, right, that's cool.
And then what about like from a from a rate perspective,
are Jumbo's competitive to where you're seeing conventional va FHA
or is it is it more expensive less expensive? Where
(32:25):
do rates come at with Jumbo?
Speaker 2 (32:27):
Typically, actually they are great rates. They're actually comparable to
conventional Okay cool.
Speaker 1 (32:34):
Yeah, so so sometimes people might think like I'm going
to buy a you know, three or four million dollar house,
I'm not going to qualify for the same kind of rate.
But it's it's really not true. It's not smart ru Yeah.
So so again, you're listening to the Dunkin Do a
real estate show when we are on air at the
Dunkin duo, Twitter, Instagram, YouTube, TikTok, Facebook, always putting that
relevant real estate information and if you've got mortgage questions
(32:57):
for Melissa, we obviously can always hand so answer your
real estate questions. But if you've got mortgage questions, maybe
a scenario you want to run by, maybe a second opinion,
maybe you're maybe you're qualifying right now and you're you're
concerned that maybe you're overpaying or your rate's too high.
You can hit her up at eight one three, seven, three,
five nine five. Again, that's eight one three, seven, three
(33:19):
five nine three nine five, and we'll be back wrapping
up our last segment. After a quick break here on
WFLA News, we're back here on the Duncan Duo Show.
Andrew Duncan with the Duncan Duo Team, LPT Real Team,
Melissa Rodriguez with Citywide Home Mortgage, our preferred exclusive mortgage
lender on the Duncan Duo Team, and we're gonna talk
about credit for a minute because this is something I
think a lot of people have a misconceptions about, and
(33:43):
we see it happen all the time where someone believes
their credit's fine and they go to qualified and they
find out there's an issue. They go to buy a
house and uh, they're they're they've already looked at the house,
they're already in love with the house, they're ready to go,
and then up, guess what, there's a problem. So I
know I'm an advocate for and I know you are too.
(34:04):
Before you look at houses, get with a mortgage person,
get your credit squared away.
Speaker 2 (34:08):
Well, just because you look at your credit karma and
it says seven hundred, it doesn't mean that when I
pull your credit it's going to be seven hundred. Correct,
So for sure, Always we can start off with a
soft poole if you'd like, but yes you have to
instead of going out and falling in love with the
property before even getting pre approved. Always get pre approved
(34:29):
first because the last thing you want is to say, Oops,
you know it's not a seven hundred, it's seven hundred.
Speaker 1 (34:35):
We can't buy this one now, you know, Like that's
that's the worst. Like the wife happy life, Yeah, we
know a lot. Like I've learned. One thing I've learned
through the years is when there's a husband and wife couple,
a lot of times it's the wife that's controlling that
that that part of things, and that's not a fun
conversation to say, Op, sorry, we can't buy this one, honey.
(34:56):
So do it ahead of time. And I think again,
from a credit person active. There are a lot of
things that can be done to prepare someone. So let's
say someone's out there and they know they've got a
low credit score. There are things where you guys can
look at the credit and say, Okay, here's what we
can do now, or here's what you need to do
in the future to get to a point where you
(35:16):
can qualify. Yeah.
Speaker 2 (35:17):
So it's called a rapid rescore. So what we do
is we review the credit, we pull credit review it,
and if we need to bump it up a little bit,
then we do the rapid rescore and it literally tells us, hey,
you need to either pay this completely off or pay
it down and your score will go up to this number.
So instead of a lot of people think, oh, I'm
(35:39):
just I'm gonna pay off all of my credit cards,
well you may not have to.
Speaker 1 (35:43):
Yeah. I think the other thing is, you know, if
you have collect if you have mistakes right or collections
that were mistakes or things around there, you dispute them
right right there. You can dispute them through all the
credit bureaus. There's an easy process to do that. You
can do it online. Some people advocate I've seen even
stuff online where they advocate doing it be a certified
mail so that you have like a record that you
one hundred percent disputed it. But there are ways where
(36:06):
you can look at things and say, look, that's not accurate,
that's not the right amount. There's template letters. AI can
help you with a lot of it amazingly today with
GROCK and chat GPT, you can literally say, write a
dispute letter for this amount, for this amount that they
say I owe and I don't know that much, And
sometimes that can be successful because they either they don't
respond in time, or it's a dollar amount and they're
(36:27):
not gonna mess with it, or it's been long enough
of a period of time that they know they're probably
not going to collect. So there's ways that you can
also dispute some things on your credit report to remove them.
But I think a lot of people make the mistake
too of paying things like that they shouldn't pay, Like,
for example, you know, we've had clients and even even
(36:48):
with you, for example, where they'd had a collection and
it was like, no, don't you shouldn't pay that, Let's
work another angle for that. So sometimes people would think, oh,
let me just pay all these collections off and that
could be a mistake too.
Speaker 2 (37:01):
So, like I said, even with the credit cards or collections,
or don't spend your money when you don't know one
hundred percent if you need to spend that money. So
let me look at it. Let me do a rapid
rescore and see where do we need that credit score
to be and what you know, what is a dollar
amount that needs to be used for that? Yeah?
Speaker 1 (37:21):
Yeah, and I think again, people make that mistake far
too often, even even you know, I had an agent
not long ago make that mistake themselves buying a personal
property like two years ago, and they were like, oh,
you know, I have this stuff that my husband did
and it's still on here and we went ahead and
paid it. It's like, oh, maybe you shouldn't have so.
Speaker 2 (37:37):
And when you pay and close, that hurts you even more. So,
do not close anything because that helps your credit history,
right right right?
Speaker 1 (37:44):
You pay a credit card and then close it, Like
a lot of people close their credit cards, Like we
had one not long ago where somebody only had like
two credit cards and one of them they'd had for
like twenty years and they finally were like, oh, I'm
so excited, you know. Dave Ramsey told me to pay
it off and close, and I paid it off and well,
guess what, you got no credit? Now you can't qualify,
you know, So see if Dave will give you a
(38:05):
credit card, you know he won't because he doesn't believe
in credit cards. But nonetheless, like that, that's a mistake
a lot of people make, so so don't expect that
you can become the credit expert. Again, AI is great
for a lot of things, but somebody that's been in
the trenches and has the experience on the mortgage side
can help you understand that. So if you've got credit issues,
you need some help on that stuff. Stronger credit score
(38:25):
basically means lower cost lower you know, lower interest rates,
lower payments, lower things across the board. So if there's
things that you can do during the mortgage process to
improve your credit score, it isn't just going to help
you on your mortgage. It's going to help you in
a lot of other areas too. So so yeah, definitely,
something that a lot of people misunderstand is that that
is something that's available that can be done that can
(38:46):
improve their ability to qualify. It's just they've got to
be proactive and it may take it's going to take
some extra effort, you know, like whether it's disputing stuff,
whether it's like you said, whether it's the going through
the process of having your credit hold in the rapid rescore.
There's there's some things that someone's gonna have to do,
you know, a little bit differently before they start the
process of looking at homes. If their score has some issues,
(39:09):
that's correct.
Speaker 2 (39:10):
And if you have let's say, student loans, we at
a zero if they're deferred and zero payment, the lender
has to put a payment in there. So it depends
on if you're going to FHA or conventional. But let
us look at that, because don't start, like you said,
don't be a professional. Let the professionals just look at it.
Just so that you're secured and you have a true preapproval.
Speaker 1 (39:32):
And yeah, and that brings me up another thing, especially
on the deferred If you go out and get furniture
at zero percent interest, I don't have any payments on it.
Yeah you do, right, we're going because during that mortgage
term of thirty years, you're gonna have to pay that
off or you're gonna have to make payments. They're gonna
have to calculate a payment for that. Even if your
payment isn't for a year, you got oh, I got
(39:52):
zero percent for twelve months. I don't have a payment.
I can afford it.
Speaker 2 (39:56):
I put one in there.
Speaker 1 (39:57):
You're getting your your payments going in there. So well.
It's been awesome having you on, Melissa. This will not
be the last time Melissa comes on talking mortgages on
the show again. You can call her for mortgage questions
eight one three, seven, three, five, nine three nine five
again eight one three, seven, three nine excuse me seven three, five,
nine three nine five and hit us up on all
(40:18):
of our socials at the Duncan Duo and have an
awesome Labor Day weekend, Tampa Bay.
Speaker 2 (40:22):
Thank you,
Happy Sunday, Tampa Bay. We're with you for another week
here on the Duncan Duo Real Estate Show, talking about
the Tampa Bay real estate market like we are every Sunday.
When we aren't on air, make sure to follow us
at the Duncan Duo Twitter, Instagram, YouTube, TikTok, Facebook, every
social media platform, always putting out relevant real estate information
and stuff going on in the market, whether it's up,
(00:21):
whether it's down, Where prices are, where sales are, where
interest rates are. And that is what we're going to
talk about a little bit today with Melissa Rodriguez. Melissa
is joining us for the first time on the show.
She's been a preferred loan officer in my business for
a while and just became the branch manager at Citywide
Home Mortgage, which I know you're really excited about. We're
(00:44):
excited to have her. She's done a great job. There
are exclusive lender on our real estate team and Melissa.
It's interesting because how the connection started was my girlfriend
who works for a new construction home builder. Prior to
that was working for a real state team. Because we
just decided, like you know, we're not gonna work, We're
(01:04):
we'll be in the same industry, but we're not gonna
like commingle that we're not going to be in the
same business together. And so she had told me, She's like,
there's this loan officer that I really like. She's really good.
And one of the things I love about Jess is
that she can read through people's bs like she's she like,
she is really good at like pointing out like good people,
(01:25):
Like she has an instant character bond and she's like
she's a good person, you know. And so so that's
how it started. And and you've done a good job
as an l O and and and then I got
the introduction to you, and then we had talked a
couple of times and and so so now here we
are today, and we've got this opportunity with Citywide Home
Mortgage where you know, who's owned by guaranteed rate, has
(01:48):
an incredible platform, and you're you know, the branch manager,
which is operating out of my building, and it just
it just kind of all came together right, it was.
It was a great synergy. And my team loves you.
You know, they're definitely bought in there. They're driving stuff
to you and and super competitive on rates and fees,
which I think is really valuable. But let's talk about
(02:09):
mortgage rates, because I think there's a lot of misconception
out there, right, Like people think, oh, the FED rate's
gonna come down, and then rates are just gonna pile downward.
Speaker 2 (02:17):
Right.
Speaker 1 (02:18):
It doesn't happen like that.
Speaker 2 (02:19):
So, first and foremost, thank you so much for having
me on. I'm excited to be here. So exactly like
you said, it's great to stay in touch with the
FED rates and watch your own pow, you know, like
his talks. He's going to be on in September. But
that doesn't mean that the mortgage rates are going to
come down, right.
Speaker 1 (02:38):
It's a it's a pendulum. Like so, for example, he
may announce there's a twenty five basis point cut, but
most of the market is already predicting that will happen,
and it's already pricing it in right, right, but rates
have already softened to the point where most of that
twenty five basis point for mortgage rates, Because what the
FED rate really is, it's the it's more of the
(02:58):
short term thing. The treasury yields and bonds are what
really dictate mortgages, and there is a trickle effect where
you know, if we continue down this path of lowering
the FED rate, where eventually you would expect that it
should all for all intents and purposes, pulled out mortgage rates.
But it's not a guaranteed lock. It's not a it's
not a guarantee. So so where it will immediately affect you,
(03:19):
it's probably like credit cards, lines of credit, you know,
those fluctuating things. It'll it'll pretty instantly hit there, but
it'll but certainly some of it gets priced in. Now,
if he did a fifty basis point cut, because that's
not expected, then you might see some really quick dropping
rates because the market wasn't expecting.
Speaker 2 (03:38):
Correct. It's just a good way to see how the
market is doing, how it's trending, and you would assume,
like you said, that the mortgage rates should follow.
Speaker 1 (03:46):
Yeah, and I think a lot of people you know
that watch it, don't quite understand that. And what we
have seen, you know, long term mortgage rates have hit
a ten month low, hovering in the mid sixes, you know,
kind of back and forth and they do fluxh wait,
and I want you, guys, I want you to talk
on that for a second because I think That's one
of the really nice parts about being in a broker model,
(04:06):
which is what we have with Citywide, is that you
have the ability to kind of forecast and see what's
going on with rates to help educate people on whether
they should or shouldn't lock depending on what's happening economically
that day. Right, Like, there's people all the time where
they're like, oh, you know, and you're like, oh, maybe
we should wait till tomorrow, because that them locking that
rate a day or two different before or after could
(04:30):
mean a substantial difference in our interest rate up or down,
up or down.
Speaker 2 (04:35):
Yeah, we really have to just watch it and communicate
with our clients and just educate them on how the
market's doing, how the rates are looking.
Speaker 1 (04:44):
And I think that that's one thing that I think Again,
the other thing about the broker model that I really like,
which is why you know, I was an advocate for
it in my business, is no different than insurance, mortgage,
a real estate brokerage. You know, you're you're you know
when you're not only offering a small segment of products, right,
(05:06):
you guys have an array of products, like like thousands
of different products available depending on down payment opportunity, whether
it's f h A VA conventional, whether it's us DA right,
which is one of the unsung heroes. Not a lot
of people know about it in our market because it's
a no money down mortgage. You can you know, there
are still no money down VA and USDA. You know
(05:31):
that that are some of the best mortgages out there,
simply because the race are still super competitive. But you
don't have to come out of you don't have to
come out of pocket.
Speaker 2 (05:39):
Right. We have options, definitely some amazing options to offer
our first time home buyers, repeat buyers. We're nationwide, so
we just have so many avenues that we can do ye.
Speaker 1 (05:49):
And that's that's the other thing, Like because we are
u you know, we are a company that moves people, right. Like,
so we'll have someone that's selling here and buying somewhere else,
and I think they're so used to like their mortgage
lender being like only oh, they can only help me locally.
While you are local, we can have you know, they're
selling in Tampa and they're going to buy in Arizona.
We can help them on the mortgage shit, you know,
(06:11):
going out to Arizona. Right, And and so there's a
lot of a lot less limitations on that. Other products
like like you know, jumbo, right, Jumbo is something that's
that's common in our marketplace that's available. There's you know,
different construction products. There's doctor loans, there's statements, you know,
bank statement loans for people like I have a personal
(06:33):
friend that did alone with you last year that was
basically a bank he was it was an asset loan.
You didn't have to go through as many hoops to
jump through because he was you know, pretty pretty solid.
Speaker 2 (06:43):
Right, no text returns, no pay stubs, just strictly bank statements, yep.
Speaker 1 (06:48):
And and so that that can definitely happen a lot
of creative things. I think one other thing on the
mortgage piece that that some people miss one is down payment.
There's this still this myth out there, misconception that you
have to have twenty percent down. And while there's a
lot of financial advisors and if you're a Dave Ramsey guy,
(07:08):
he's one of those guys that's you know, and look,
you know, I grew up kind of loving Dave Ramsey,
and then I got to a point where I was like, well,
this doesn't make sense. So a lot of this stuff does.
Some of it doesn't, but there is you know, there's
this belief that you got to have twenty percent down
and it's just not reality. No.
Speaker 2 (07:25):
Actually, I was just having that conversation with a client
yesterday and they were like, well, we have twenty percent down.
I'm like, well, do you want to put twenty percent down?
Because if you're even for conventional first time home buyer
is three percent down. Minimum for conventional and repeat is
a minimum of five percent.
Speaker 1 (07:42):
Right, So it's like you have the ability to take
that cash and do something else with it, or invest
in the property or do whatever. And again is it
you know, should some people put twenty percent down? I mean,
it's a personal choice. There are people that are just
it's ingrained in them and they feel like that's what
they need to do. But there are plenty of options
out there. We talked about the no down payment loans
(08:02):
which are VA and us d A f h A
is three three and a half percent, And there's even
conventional now that's that's competing with that. Yeah, three percent
conventional for.
Speaker 2 (08:12):
Primary resident right, first time home buyers.
Speaker 1 (08:15):
Right, and and so there's all these products that are
available and you know, one of my favorite loans. And look,
I'm I'm a son of a veteran. My brother is
a veteran like I'm, I'm a I'm an American patriot,
you know, go army, you know kind of guy. And
so my you know, one of my favorite loans is
(08:35):
the VA loan. And I think that and I'm sure
you've probably experienced this too, The VA loans incredible own product.
Not only is it no money down and you know
you can get that, you can get you can lump
in all the costs. It's it's it is an incredible
home product, right.
Speaker 2 (08:50):
And we just I love that too, and just being
right there by McDill Air Force Base. I love helping
the veterans. Like you said, it's no money down. A
lot of them are justabled, they don't pay property taxes.
We can help them all.
Speaker 1 (09:03):
Yeah, And I think that that's one of my favorite
loan products. And you know what, there's a stigma and
it frustrates me sometimes because there's a lot of real
estate agents that group in the VA with FAHA, Like
all if it's VA or FHA, we don't want to.
We don't because because sometimes the condition requirements can be
a little bit challenging, probably more so for FAHA. But
one of the unsung heroes for VA loans is the
(09:26):
ability is an easier ability to handle appraisal disputes, like,
for example, if a property doesn't appraise, you have the
ability to go back and forth instead of it just
being like, oh, it didn't appraise, right, and so so
I really love the VA loan product for that. And
I think in general, whenever I've been a listing agent
and I've got multiple people and it's really close and
(09:47):
or somebody that's VA, I'm actually leaning towards the VA
person in terms of my recommendation or in a property
that I own, simply because I like that extra ability
to overcome that obstacle on appraisal. But I also just
think it's the right thing to do. Like somebody fought
for our country. They they're you know that they sacrifice,
(10:07):
like you know, let's let's go here. But you know,
I'm sure you've dealt with this before when you've qualified
somebody on a VA loan and then and then you're
you know, the clients have a hard time getting offers
accepted because real estate agents aren't educated on the on
the pros and cons of loans, they just group the
government loans in.
Speaker 2 (10:21):
They're just so scared, they're scared that they're you know,
they're going to tear aput apart the appraisal or the property.
And it's it's not like that.
Speaker 1 (10:28):
Is no, not at all. And so again Melissa has
done a ton of VA loans. We are literally right
outside the gates and McDill are first base. So if
you're listening, if you're if you're on base, if you're
a soldier, if you're a veteran, if you're a contractor,
you know, contractors typically most most military contractors were in
prior to becoming a contractor. And then some of those
(10:49):
also still do qualify for for VA. But so so again,
you can you can stop our office sixty three twenty
south til Maybury. Literally you drive by if you go
on base and use del Maybray, you're going my office
slice a day, So stop by. You can certainly get
some help with with qualifying with different loan products that
are available. And the one last thing I'll get to
(11:10):
before break is that now we have the uh, you know,
the Hometown Heroes program is back in a small way,
kind of touch on that a little bit on what
hometown Heroes is, who can qualify and what that what
that means.
Speaker 2 (11:22):
Okay, so it has changed a little bit this year.
Last year it was open to all full time Florida employees.
This year it's it's changed. So now it's true heroes.
Speaker 1 (11:34):
People that work for the government, correct medical, you know, police, police,
it's police officials, sort officials, right.
Speaker 2 (11:43):
Medical, and so teachers, the veterans can even do a
hometown hero as well. But so it's five percent of
the loan amount up to thirty five thousand dollars.
Speaker 1 (11:54):
Yep, which is pretty awesome, and that that gets basically
that that reduces there out of pocket by getting a grant.
Is that how it works? Is it? Remind me again
because I'm not sure the specifics on it.
Speaker 2 (12:05):
So it does have to be paid back if you
sell a refinance the house, but there's no interest collected.
There's no monthly mortgage payments.
Speaker 1 (12:15):
Okay, that's awesome. So it's basically just like an interest
free correct interest free loan to reduce down payment amount
for somebody to be able to help them, you know,
qualify and technically lower their payment without having to come
out of pocket the actual money.
Speaker 2 (12:30):
Correct so if you have let's say inn faha, that's
three and a half percent down, so you have the
difference of five percent, you could use it towards closing costs.
Speaker 1 (12:39):
That's pretty awesome. Yeah, And they did, like you said,
they did restrict it down. They did make it so heroes.
It's going to be, like she said, medical, military, police, teachers, firefighters, paramedics, military.
That's kind of a group of people, think of, you know,
kind of public servants, people that are, you know, kind
(12:59):
of going above and beyond to help. So that's not
to say that there aren't people out there in other
industries that are heroes. But Governor DeSantis in the state
of Florida decided to decide to kind of round this
out and say, these are our heroes, so well, I
want to be We're gonna be back. We're gonna continuous
conversation with Melissa. We're gonna give you her contact information
real quick. Melissa, what's your best cell phone number? Someone's
(13:20):
got a they can call her, text you pretty much anytime.
You're super responsive.
Speaker 2 (13:24):
So cell phone number is eight one three, seven, three
five nine three nine five again eight one three seven,
three five.
Speaker 1 (13:33):
Nine nine super easy to remember. And we'll we'll repeat
that again a couple times in the show, but you
can call her, text her. That's one thing I had
grant our commercial agent on. One of the most frustrating
things I think people have is when mortgage lenders, and
I heard a lot of commercial real state, they don't
answer the phone. Melissa will answer your phone. So sure,
we'll be back out for a quick break here on
the Duncan Duo Show. So we're back here on the
(13:53):
Duncan Duo Show talking about the Tampa Bay real estate market.
Melissa Rodriguez with Citywide Home Mortgage located in my building
in South Tampa, is our resident mortgage experts. She's gonna
come on the show every month. She's been a mortgage
partner of my company and a great loan officer. We're
excited about her being the branch manager in a branch
that's operating out of my building. And we talked in
(14:17):
the last segment again, this is Andrew Duncan the Duncan
Duo Show, LBT Realty. We talked in the last segment
about mortgage rates, different loan products, and there's been a
big push in Florida and in Texas specifically about the
potential abolishment of property taxes. And now I don't know
(14:37):
if it will end up truly happening, like completely abolish
all of them, but there is definitely gonna be some relief.
There is going to be DeSantis has already said it.
There is going to be something on during the next
cycle of elections where it needs I think a super majority,
I think sixty percent of Florida voters have to approve it.
(14:57):
And it's going to be some sort of about pishment. Now,
probably not abolishment in its entirety, maybe abolishment for homestead,
maybe abolishment for homestead up to a certain price. And
as we've learned through the years, the real estate market
ramps up and explodes when interest rates are low, right.
But what people don't understand is it's not really the
(15:19):
low interest rate that's loading up all those people. It's
the payment, right, you know. And so if the interest rate,
you know, didn't change that much, but the payment dropped
to where it was when interst rates were really low,
hypothetically we would suspect that that would probably explode our
real estate market.
Speaker 2 (15:38):
Well, in those property taxes, if we no longer have
or if they lower, then so many more people can
get qualified.
Speaker 1 (15:45):
Correct, And that's you know, when you look and you
hear about the potential of two or three FED rate
cuts and the potential for abolishment of property taxes. It's
why I'm such an advocate because I think there is
a really good chance of both of those things happening. Clearly,
the FED rate cuts are going to happen, and that'll
lead to some mortgage relief like we talked about in
(16:06):
the first segment, not percentage point per percentage point, not
an exact correlation, but definitely some relief and mortgage rates.
So if mortgage rates relieve some and property taxes go away,
that will put payments back in the similar place to
where they were when we were at three percentage rates
in the market was going crazy. And I think there's
(16:28):
a lot of buyers right now that they're making the
mistake of waiting and not acting now. And I think
a year and two from now they're going to really
regret it, because then the market's going to be back
to bidding wars. If our state abolishes property taxes, it
will have a COVID like effect in my opinion, because
during COVID, with this huge surge of population, and a
(16:50):
huge surge of I mean that was probably the busiest
you've ever been, busiest you've ever seen in your life.
Speaker 2 (16:55):
Right, Well, and honestly, yes, you're correct. But for personally,
for me, if I would have waited, I live in
cell Tampa and now I wouldn't be able to afford it,
you know. So I think every day that I bought,
when I bought, Yeah.
Speaker 1 (17:12):
And I think there are so many people that are
going to miss that mark and then price are going
to skyrocket. Yeah, Like they've softened, Prices have softened. Like
when I when I look at the statistics, our prices
today are lower than they were two and three years ago,
our average prices, and that's not even factoring in inflation
and higher rates, right, So it's it's it's you know,
prices have softened. They probably will soften a little bit more,
(17:36):
I think this year. But I think there is a
huge opportunity that people that try and time the market
and say, oh, I'm going to jump in then you know,
but if you wait to jump in, then that's when
everyone else is going to too. It's like, it's why
right now such a good buying opportunity?
Speaker 2 (17:49):
What are you really waiting for a core you know. Point, yeah,
a point like.
Speaker 1 (17:54):
You can change that very much, correct, Yeah, And most
of the lenders are really creative with the refinances and
so the But if the abolishment of taxes happened, I
believe we'll see pretty considerable appreciation. And the way I
look at that is now would be the time to
acquire the assets. Now would be the time to buy.
Now the time would be to buy extra investment properties,
because if those two things happen, it's going to drive
(18:17):
prices up. It's kind of like you know, if you ever,
if you ever trade stocks, you know, and you know
about information before it becomes public, you know, and then
when the information becomes public, the stock rallies. It's like
you knew it was going to rally. It's like you knew.
It's like I know, it's I know. The real estate market,
if those things happen, it's going to rally. And I
think all sides point to that. So there are consumers
(18:38):
out there that I think are waiting, and I think
there's even sellers that are staying in their house because
they're like, well, I got a three and a half
percent indust rate and I don't want to go out
and pay six or six and a half. So I'm
going to wait for it to come down. And you know,
they're selling to buy and they're moving up. And if
they're moving up, the premise is is when those things happen,
prices are going to rise. You know, I was talking
(19:00):
to a client last week and he said, well, Andrew,
I'll just wait for my you know, five hundred to
go up to six hundred because that's what I really
want from a house. And I was like, well, you're
buying a million, right, Like, what do you think is
going to happen in the million? Is sitting in a vacuum?
If prices rise on your five hundred on your million
is going to go up to it, right, your million
is going to go up be more, You're going to
lose money. And so people just think in a vacuum.
But I think that I think it will motivate some
(19:22):
sellers to move up. You know, either of those two
things happen. I think it'll it'll turn some activity, and
I think it'll it'll pull back population growth again. We'll
have people moving from New York, California and all those places,
which is what we experienced, like like and I mean,
I'll say this, like, having been this business for twenty years, man,
I probably spent the first fifteen years rarely ever seeing
(19:44):
a California license plate. I never saw California like never.
Now I see them like they're moving. Yeah, New York too.
Oh yeah, they're moving. They're moving. And I'm sure you've
dealt with that too. You're you're getting apps from people
that are moving from those other states. That will increase
exponentially if those two things happen. Yeah.
Speaker 2 (20:00):
Actually, I got a call yesterday the gentleman is moving
from Ohio he works remotely, buying a primary condo here
in clear Water.
Speaker 1 (20:09):
So yeah, that's awesome. Yeah, And I think again, the
population growth will continue, and I think there's a really
good chance of the property tax massive property tax relief,
and of course if that does happen, that will definitively
move the market. And I gotta statistically, if you look
at the percent of people that are either homeowners or
involved in a real estate industry, you know, it's not
(20:31):
as much of a political issue. It's it's a you know,
I think people voting on that specifically are going to
vote on their pocketbook. I can't see a lot of
homeowners saying yeah, I'd love to keep paying property right exactly.
So I think when that ballot comes out, I think
they're going to hit that sixty percent. I mean, look
if if we'd almost hit sixty percent, or I think
(20:51):
it did. Actually I don't know, but like I think
home ownership is probably gonna hit it.
Speaker 2 (20:55):
You know.
Speaker 1 (20:56):
So anyway, we'll be back. We're continuous conversation after quick
break here on the can Do a show. So back
here on the Duncan Duo show, talking about the Tampa
Bay real estate Mark and Andrew Duncan with LPT Realty,
Melissa Rodriguez with city Wide Hole Mortgage. I'm gonna try
and remember the phone number. I'm kind of like rain
Man with numbers. Eight one three, seven three five, ninety three,
(21:16):
ninety five. That's it. That's it. Eight one, three, seven, three, five,
nine three nine five. I'm it's crazy. I'm crazy, weird
remembering like numbers. It's just I remember them. So so again,
you can call Melissa a text her if you've got
mortgage questions, if you want a second opinion. I think
there's so many people today that that need second opinions.
They'll they'll go online and they'll they'll get a quote
(21:37):
and they'll not realize, oh, I got this great rate,
but they're paying for it and points or or costs.
A second opinion is something I recommend to every single
customer out there. It doesn't hurt your credit like you
might think. It gets grouped in. How often does that
happen where you do look at someone's stuff and you're like,
I can crush this, like I can beat this.
Speaker 2 (21:57):
Probably ninety.
Speaker 1 (22:00):
Yes, son of our listeners right now, if you're getting
a mortgage quote, you have to talk to Melissa because
she believes she can beat what you're getting. Like And
that's the other benefit of a broker model because you
have some flexibility in terms of different banks and products
and your financial creativity to do different things to be
able to find the right deal for someone and Andrew.
Speaker 2 (22:22):
And if I can't, I am completely transparent. If I
cannot beat it, I'm going to say, listen, you're getting
a great deal. You need to stick with it.
Speaker 1 (22:29):
And that does happen too. We had one recently where
it was like they had some sort of credit union
that was giving them some special thing that you couldn't
you know. So it does happen, but it's rare because
most of the time they're they're overpaying somewhere, whether in
raid or costs. The other trick that I think is
common in mortgage, and I'm sure you've seen this too,
is that. And I even said this in the team meeting.
(22:50):
The very first house I bought, I was not in
real estate. I was not real estate educated. I was
doing something completely different and I did this. You know,
you get your good faith estimate from the lenders, and
I had two lenders, and I looked down. I just looked,
bottom line, what's the payment over here, payment's better over here,
I'm going over here. Where all they really did was
basically put lower tax and insurance numbers that they don't
(23:12):
have any control over made it look better, when in reality,
the principal and interest payment on that loan was worse
than the other one, and the other one was just
honest well about taxes.
Speaker 2 (23:21):
And actually that literally just happened yesterday. So we had
a client that we had already preapproved. The realtor told
him to check out their lender. They came over with
a twelve thousand dollars cash to close. You know, they
ended up going with them. Well, when we found out,
we said, hey, let us check it out. Well, once
(23:43):
they signed the loan, you know disclosures, it went from
twelve thousand to twenty thousand.
Speaker 1 (23:48):
Wow. Also, it's sad and switch really common in the
industry too, So so again, get a second opinion again.
Caller text Melissa at eight one three seven three five
nine three nine five. Caller text or she can look
at your you know, she can look at your good
faith estimate. But I think a lot of people make
that mistake, and I think a lot of lenders, especially
not local ones, will kind of juice that a little bit.
(24:10):
Because let's say some lender in Connecticut is doing a
loan in Florida and they don't know what our tax
insurance are, and they're like, oh, this is what we
do in Connecticut. We put a thousand here in a
thousand here, and then the person's like, oh, this payment
over here looks really good. But the principal and interest
is higher because the other lender, you know, you were
being honest about taxing insurance. So what you should compare
(24:31):
the only thing that you should compare when you're talking
to mortgage lenders is the principal and interest payment, don't
look at what they're putting for taxes and insurance because
they don't know that or they're inaccurate, Like they don't
know what your insurance is going to be, they don't
know what your comfort level is with you with your deductible,
they don't know how much content coveries you want, like
they're throwing a number in there that is fantasy land.
Speaker 2 (24:52):
Well, and I'll pull I'll go into the tax collector's website,
I'll show you the tax bill. I'll request a couple
insurance quotes for you to help you understand exactly what
your mortgage payment's going to be.
Speaker 1 (25:03):
Yeah. One, because people, I think again, people will pick
a lender based on the wrong thing. So so again
very common. Second opinion, you end up winning it because
you show them and you break it down for them
and you say, hey, look here's where you're missing out.
So again, if you if you're buying, if you're gonna
get a mortgage and soon refinances like they're not. We're
not seeing a lot of them yet, but there's going
(25:24):
to be a point where the Fed does do these
rate cuts where you know, at some point next year
where people will start to look at doing refinances, and
the same thing. There's there's some predatory stuff that's happened
on refinances before. It's like, oh, yeah, we'll get you
down to this rate, and then they they roll it in,
they roll a bunch of fees and costs in, and
then they eat up your equity and you think, oh,
I got this great payment to give away thirty grand
(25:46):
of equity, you know. So so refinances. The other thing
I think is interesting about refinances, even even today, they
are a loan products that have streamline refinances where it's
literally you're just going to lower your payment, like like
the I think VA does that right, doesn't be a yeah,
they do like a streamline where all they're really doing is,
(26:06):
you know, they're not coming out of pocket and they're
just lowering their payment based on the rate.
Speaker 2 (26:10):
Correct. So there's rate and term which is literally only
lowering your payment or cash out refinance yep.
Speaker 1 (26:16):
So both of those things are available again, you know,
just just you know, having your back here, I would
tell you that weight on that if you can, because
rates are probably going to come down a little bit
more Like if you have to do a refinance right now,
you know we can help, but we think there's a
little bit more relief coming within a few months. So
if you can make it happen to wait to do
(26:36):
either a cash out or refinance, it may be a
little bit better down the line. But I think next
year is going to be an enormous refin it. Yeah,
I think it's going to be an enormous refine market. So,
speaking of you know, kind of creative stories, one of
the things that a lot of customers make the mistake
of is changing jobs during the loan process. I have
(26:58):
to tell you, like, we've had that happen so many times.
So I didn't know, I thought I was qualified, and
I changed my job and then they're going to call.
It's they're going to get a call. The employer is
going to get called and they're going to say, oh,
guess what the past off they're not here anymore. How
many times is that blown up alone?
Speaker 2 (27:15):
Oh God, I don't even want to count. It makes
me sick.
Speaker 1 (27:18):
It's a lot, right, But someone can change jobs if
they're staying like same industry, they have an offer letter there,
there's there there are times where someone can and you
can still creatively help help get that long close.
Speaker 2 (27:29):
Problem is is when yes, we can definitely help them.
Speaker 1 (27:33):
Uh.
Speaker 2 (27:33):
The problem is when you go from a W two
employee to self employed, then that will just destroy it.
Speaker 1 (27:39):
Because you need a couple years, correct, you got to
have a couple of years of self employed. And unless
someone's got a lot of assets or you know, so
like like you said, a bank to other businesses or
their spouse can qualify. There are a lot of creative
things that that you can do. So so those are
things that happen the other the other ones that happened,
you know. And I was almost guilty of this with
(28:00):
my first house. I started doing really well and I
was working for a fortune five hundred company out of
Saint Pete. I was under contract to buy my first
house and I got this big bonus.
Speaker 2 (28:11):
Did you buy a car?
Speaker 1 (28:12):
I almost did. I said, I'm going to go buy
that new Mustang. I want that new Mustang. I want
a five point, I want that thing. And so I
was at the dealership, I got quotes, they ran credit.
I looked at it and I was going to think
on it overnight, and I talked to my agent the
next day and they're like, who, like, no, So how
many times does that happen? Somebody goes out either too
(28:35):
many furniture credit, yes, furniture is a common one, and
then it blows. Then it's like, well, guess what you're
putting that furniture in your apartment because you're not going
to qualify.
Speaker 2 (28:44):
Now, Oh my gosh, it's again. We just had it.
But it was a DSCR loan who was an investment loan,
so everything worked out. But they do monitor your credit
and if you get an inquiry, they're gonna ask you
about what is this. Well, this guy ended up going,
of course, to go and buy new furniture, which, like
I said, it was an investment home. So everything worked
(29:05):
out fine, But why are you doing that? Why?
Speaker 1 (29:08):
I think the best advice I have for people is,
you know your financial situation from the day that you qualify.
Your financial situation needs to kind of be unchanged correct.
So all the job changes and any other debt that
you take on, any other credit that you take on,
you've got to pay your bills right during that time.
And you've got to not incur new bills, you know,
(29:29):
So don't buying the new car, buying the buying the
appliance is a best buy on credit, you know, like
even any large expenditures could could hamper you know, like
even if you even if you didn't but you put
it on a credit card. Now your credit card balance
is a lot higher. It's like all of those things
you should run through your mortgage person, or you should
(29:50):
just do what you can to wait until you own
the house and clothes and then go do those things direct.
Speaker 2 (29:56):
Sometimes it does work out, you know, but just let
me know you have communication with your mortgage professional and
and they can they can definitely help you out through those.
Speaker 1 (30:05):
Yeah, but those are some of the those are some
of the mortgage horror stories that that I've seen. We
had one and this was this was catastrophic. We had
a a husband and wife where they were qualified and
something happened medically to the husband and and he was
alive but incapacitated. So he there was debate about whether
(30:27):
he was going to be able to work and could
he be able to do this And you know, it
was a really sad story. But there's always these you know,
crazy curve balls in the mortgage world, and uh, they
and what's interesting is he recovered and like a year
later they bought but but they bought cash because it
got a really big insurance settlement. So but but nonetheless,
like those those things happen, it's it's you know, it's
(30:49):
just the challenge of the real estate mortgage industry sometimes
that I think a lot of people don't see that, uh,
that we deal with in in the day to day
what about So we talked about, you know, loan products.
We kind of talked about what's happened with rates and refi's,
and then kind of some some crazy stories jumbo loans.
(31:11):
There are some unique things I've seen happen in jumbo
loans recently that that I think, again, whether the person
is like a you know, very high net worth or
depending on the property that they're buying and how expensive
it is, there's some creative things that can happen in
jumbo mortgages because the banks, you know, the banks and
(31:33):
the mortgage companies see that the person is very high
in common it's a very high dollar amount, which means
very high compensation. So talk on that a little bit
on maybe creative things that you've seen happen when somebody's
buying a really expensive house and getting a mortgage.
Speaker 2 (31:48):
Well, so, for instance, we have doctors loans that we
can offer for you know, they often buy Dumbo, and
so doctor's loans we don't. We don't look at their
student loans. That can sometimes harm, you know.
Speaker 1 (32:02):
Or it can make challenge, Yeah, it can. It can
be challenging. And then because they've got a practice or
they've got equipment, and there's things that you look at
and say, okay, these kind of offset right, right, that's cool.
And then what about like from a from a rate perspective,
are Jumbo's competitive to where you're seeing conventional va FHA
or is it is it more expensive less expensive? Where
(32:25):
do rates come at with Jumbo?
Speaker 2 (32:27):
Typically, actually they are great rates. They're actually comparable to
conventional Okay cool.
Speaker 1 (32:34):
Yeah, so so sometimes people might think like I'm going
to buy a you know, three or four million dollar house,
I'm not going to qualify for the same kind of rate.
But it's it's really not true. It's not smart ru Yeah.
So so again, you're listening to the Dunkin Do a
real estate show when we are on air at the
Dunkin duo, Twitter, Instagram, YouTube, TikTok, Facebook, always putting that
relevant real estate information and if you've got mortgage questions
(32:57):
for Melissa, we obviously can always hand so answer your
real estate questions. But if you've got mortgage questions, maybe
a scenario you want to run by, maybe a second opinion,
maybe you're maybe you're qualifying right now and you're you're
concerned that maybe you're overpaying or your rate's too high.
You can hit her up at eight one three, seven, three,
five nine five. Again, that's eight one three, seven, three
(33:19):
five nine three nine five, and we'll be back wrapping
up our last segment. After a quick break here on
WFLA News, we're back here on the Duncan Duo Show.
Andrew Duncan with the Duncan Duo Team, LPT Real Team,
Melissa Rodriguez with Citywide Home Mortgage, our preferred exclusive mortgage
lender on the Duncan Duo Team, and we're gonna talk
about credit for a minute because this is something I
think a lot of people have a misconceptions about, and
(33:43):
we see it happen all the time where someone believes
their credit's fine and they go to qualified and they
find out there's an issue. They go to buy a
house and uh, they're they're they've already looked at the house,
they're already in love with the house, they're ready to go,
and then up, guess what, there's a problem. So I
know I'm an advocate for and I know you are too.
(34:04):
Before you look at houses, get with a mortgage person,
get your credit squared away.
Speaker 2 (34:08):
Well, just because you look at your credit karma and
it says seven hundred, it doesn't mean that when I
pull your credit it's going to be seven hundred. Correct,
So for sure, Always we can start off with a
soft poole if you'd like, but yes you have to
instead of going out and falling in love with the
property before even getting pre approved. Always get pre approved
(34:29):
first because the last thing you want is to say, Oops,
you know it's not a seven hundred, it's seven hundred.
Speaker 1 (34:35):
We can't buy this one now, you know, Like that's
that's the worst. Like the wife happy life, Yeah, we
know a lot. Like I've learned. One thing I've learned
through the years is when there's a husband and wife couple,
a lot of times it's the wife that's controlling that
that that part of things, and that's not a fun
conversation to say, Op, sorry, we can't buy this one, honey.
(34:56):
So do it ahead of time. And I think again,
from a credit person active. There are a lot of
things that can be done to prepare someone. So let's
say someone's out there and they know they've got a
low credit score. There are things where you guys can
look at the credit and say, Okay, here's what we
can do now, or here's what you need to do
in the future to get to a point where you
(35:16):
can qualify. Yeah.
Speaker 2 (35:17):
So it's called a rapid rescore. So what we do
is we review the credit, we pull credit review it,
and if we need to bump it up a little bit,
then we do the rapid rescore and it literally tells us, hey,
you need to either pay this completely off or pay
it down and your score will go up to this number.
So instead of a lot of people think, oh, I'm
(35:39):
just I'm gonna pay off all of my credit cards,
well you may not have to.
Speaker 1 (35:43):
Yeah. I think the other thing is, you know, if
you have collect if you have mistakes right or collections
that were mistakes or things around there, you dispute them
right right there. You can dispute them through all the
credit bureaus. There's an easy process to do that. You
can do it online. Some people advocate I've seen even
stuff online where they advocate doing it be a certified
mail so that you have like a record that you
one hundred percent disputed it. But there are ways where
(36:06):
you can look at things and say, look, that's not accurate,
that's not the right amount. There's template letters. AI can
help you with a lot of it amazingly today with
GROCK and chat GPT, you can literally say, write a
dispute letter for this amount, for this amount that they
say I owe and I don't know that much, And
sometimes that can be successful because they either they don't
respond in time, or it's a dollar amount and they're
(36:27):
not gonna mess with it, or it's been long enough
of a period of time that they know they're probably
not going to collect. So there's ways that you can
also dispute some things on your credit report to remove them.
But I think a lot of people make the mistake
too of paying things like that they shouldn't pay, Like,
for example, you know, we've had clients and even even
(36:48):
with you, for example, where they'd had a collection and
it was like, no, don't you shouldn't pay that, Let's
work another angle for that. So sometimes people would think, oh,
let me just pay all these collections off and that
could be a mistake too.
Speaker 2 (37:01):
So, like I said, even with the credit cards or collections,
or don't spend your money when you don't know one
hundred percent if you need to spend that money. So
let me look at it. Let me do a rapid
rescore and see where do we need that credit score
to be and what you know, what is a dollar
amount that needs to be used for that? Yeah?
Speaker 1 (37:21):
Yeah, and I think again, people make that mistake far
too often, even even you know, I had an agent
not long ago make that mistake themselves buying a personal
property like two years ago, and they were like, oh,
you know, I have this stuff that my husband did
and it's still on here and we went ahead and
paid it. It's like, oh, maybe you shouldn't have so.
Speaker 2 (37:37):
And when you pay and close, that hurts you even more. So,
do not close anything because that helps your credit history,
right right right?
Speaker 1 (37:44):
You pay a credit card and then close it, Like
a lot of people close their credit cards, Like we
had one not long ago where somebody only had like
two credit cards and one of them they'd had for
like twenty years and they finally were like, oh, I'm
so excited, you know. Dave Ramsey told me to pay
it off and close, and I paid it off and well,
guess what, you got no credit? Now you can't qualify,
you know, So see if Dave will give you a
(38:05):
credit card, you know he won't because he doesn't believe
in credit cards. But nonetheless, like that, that's a mistake
a lot of people make, so so don't expect that
you can become the credit expert. Again, AI is great
for a lot of things, but somebody that's been in
the trenches and has the experience on the mortgage side
can help you understand that. So if you've got credit issues,
you need some help on that stuff. Stronger credit score
(38:25):
basically means lower cost lower you know, lower interest rates,
lower payments, lower things across the board. So if there's
things that you can do during the mortgage process to
improve your credit score, it isn't just going to help
you on your mortgage. It's going to help you in
a lot of other areas too. So so yeah, definitely,
something that a lot of people misunderstand is that that
is something that's available that can be done that can
(38:46):
improve their ability to qualify. It's just they've got to
be proactive and it may take it's going to take
some extra effort, you know, like whether it's disputing stuff,
whether it's like you said, whether it's the going through
the process of having your credit hold in the rapid rescore.
There's there's some things that someone's gonna have to do,
you know, a little bit differently before they start the
process of looking at homes. If their score has some issues,
(39:09):
that's correct.
Speaker 2 (39:10):
And if you have let's say, student loans, we at
a zero if they're deferred and zero payment, the lender
has to put a payment in there. So it depends
on if you're going to FHA or conventional. But let
us look at that, because don't start, like you said,
don't be a professional. Let the professionals just look at it.
Just so that you're secured and you have a true preapproval.
Speaker 1 (39:32):
And yeah, and that brings me up another thing, especially
on the deferred If you go out and get furniture
at zero percent interest, I don't have any payments on it.
Yeah you do, right, we're going because during that mortgage
term of thirty years, you're gonna have to pay that
off or you're gonna have to make payments. They're gonna
have to calculate a payment for that. Even if your
payment isn't for a year, you got oh, I got
(39:52):
zero percent for twelve months. I don't have a payment.
I can afford it.
Speaker 2 (39:56):
I put one in there.
Speaker 1 (39:57):
You're getting your your payments going in there. So well.
It's been awesome having you on, Melissa. This will not
be the last time Melissa comes on talking mortgages on
the show again. You can call her for mortgage questions
eight one three, seven, three, five, nine three nine five
again eight one three, seven, three nine excuse me seven three, five,
nine three nine five and hit us up on all
(40:18):
of our socials at the Duncan Duo and have an
awesome Labor Day weekend, Tampa Bay.
Speaker 2 (40:22):
Thank you,
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