Episode Transcript
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Speaker 1 (00:07):
Jingle jingle, Good morning, Lexington, your list the Welcome Home
Show by Guardian Savings Faint. My name's Larry Frays, got
Tim Adams in here with me this Saturday morning. We're
glad to have you tuned into us. They're based ready
and excited for a big Christmas week. We're glad you
tuned into us, and we want to tell you Mary Christmas.
We appreciate everybody that listens to us weekend and week out,
and hopefully we can educate you a little bit this
(00:29):
week on what's going on in the mortgage business and
kind of what we're doing around the community and so
on and so forth. Hope you enjoyed the show last
weekend with the guys from over there, the realtor community,
the Bluegrass relt Bluegrass Realtors, and that was a good time.
Speaker 2 (00:44):
But we're open today from nine to one.
Speaker 1 (00:46):
Phone numbers eight five, nine, eight, nine, nine one nine
three six South and Drives eight five nine two six.
Speaker 2 (00:51):
Three three three three five.
Speaker 1 (00:53):
So if you can hear so you can call us.
Be glad to talk to you about whatever your needs are.
The phone is ringing more even though the rates are
still hoving around six to seven five up to seven percent.
Speaker 2 (01:03):
Again, the Fed's.
Speaker 1 (01:05):
Come out and all the information coming out, which I
still don't know.
Speaker 2 (01:09):
What's what, Tim, what's your take on so far?
Speaker 1 (01:13):
Well, we saw a big decline in bonds all together,
so involved in those bonds as mortgage back securities. But
even though the FED fund rate or they drop the
Fed Fund rate, it doesn't correlate exactly with thirty year
fixed rate mortgages. And that's what some consumers get confused.
(01:34):
Oh well, they lowered the index orther. They'll come out
in the news this week and talking about the Fed's lowering.
What they're talking about lowering is the FED Fund rate,
which doesn't But anyway, I think something else that's weighing
heavily on the market is this potential government shut down
the budget. They can't get everybody on the same page.
(01:58):
As far as this budget, it sounds pretty complicated, Larry,
I'm not sure. I think the budget plan was fifteen
hundred pages, so that's obviously above my pay grader. And
that's why they brought in.
Speaker 2 (02:16):
People walk Elon Musk and Vavik Roswami to.
Speaker 1 (02:21):
Determine where our money should go, because I don't, you know,
how do we continue on this path with a thirty
six trillion dollars in deficit, and the interest on the
thirty six trillion is more than we spend on our
defense now and it's a big chunk of the pie
every month goes to interest well, you know, and that's
(02:46):
you know kind of you know, when the economy gets
shaky like this, everybody wonder who's pulling the strings and who's.
Speaker 2 (02:50):
Making what happened?
Speaker 1 (02:54):
You know, obviously it's the Federal Reserve, and the Federal
Reserve doesn't have an immediate impact on the bond market,
which did hates aren't rates and people as soon as
they start hearing the Feds do this or the Feds
do that, you know, it's you know, it's it should
trickle down eventually, but it's not an immediate impact. It'll
help on your home equi line of credit, maybe your
car loans or your you know, credit card debt or
(03:14):
something along those lines. But the information is just so muddy.
You know, we used to be able to predict, have
our finger on the pulse and take pride and having
an idea what was going off for economy, But the
information that we see today is so muddy. With this
ADP says this about jobs, BSI says this about jobs.
BLS says this about jobs, and there's no true to
(03:35):
it at all. And they used to come back and
amend it and you'd see a little bit of adjustment.
But you know, they BLS reported over a million jobs
that weren't really jobs, you know, and they did that
over a while, and we kind of thought something was
up because the math didn't add up.
Speaker 2 (03:49):
But they finally said.
Speaker 1 (03:49):
They were you know, overworked and understaffed and those numbers
were just not, you know, accurate, which we kind of
had an idea that now we know that. But you know,
there's still so much money out here, and once again
you're talking about the budget, how much money you know,
they you know what the deal is.
Speaker 2 (04:06):
If there's money left somewhere, spend it.
Speaker 1 (04:07):
If you haven't spent it, get all you can get
before by the end of the year, so that you
can keep the same amount next year in case you
need it. But hopefully, you know, there will be some
house cleaning and some stuff going on to where they'll
do you know, a little bit better judiciary duty of
monitoring our tax dollars that we pay into the program
to you know, make things flow that there's you know,
I heard something the other day there's still money going
(04:29):
to Afghanistan. You know, we don't even have any embassy
over there, right, you know, and it was to help
for comfort, to educate people on carpet weaving and stuff.
And I mean, I just don't I don't get it.
Speaker 2 (04:38):
You know.
Speaker 1 (04:38):
Fortunately, we may have some of our own people still
over there behind in Afghanistan and.
Speaker 2 (04:42):
We don't know.
Speaker 1 (04:43):
But the other thing they're looking at is they look
at spending, and uh, you know, we're going to see
what spending looks like after the holiday season's over. But
if I was up in Cincinnati earlier this week, my
friend was going up to the Louis Vaton store and
the Kennelwooden Mall to get a purse. And if that's
(05:04):
any indication, that was on a Thursday, and.
Speaker 2 (05:08):
It was a beehive, Larry, Yeah, but I guess that's normal.
Speaker 1 (05:13):
Maybe schools out up there, I don't know, but it
looked like there were no there was an abundance of
shoppers out right, And so that would lead to me
to believe that we'll see how spending comes in. That's
part of it. They're trying to control spending, slow down spending,
and bring down inflation, and they're not just they're not
(05:34):
seeing inflation where they want it. And that's two percent.
We're still out there and it may be hovering in
reality more towards three percent. And I haven't seen any
difference in the cost of a gallon of milk. We can,
as we all comically say, we can see the gas
lined out at the gas station down the street, and
(05:55):
I'm not sure what it is. I can't see it
for the tree ranch today, but want to two dollars
and eighty cents is the average costume to eighty nine
for gas. And these are commodities that the day to
day American relies on to get to what point A
to point B their jobs and wherever they have to travel.
Speaker 2 (06:17):
So they're just not seeing it yet.
Speaker 1 (06:20):
But they did lower the Fed Fund rate again, and
that's an index cut that really affects mainly the prime index,
and the prime index affects credit card debt, car loans,
other forms of credit, but not specifically mortgages. So we
saw the market move the other way. But that may
be more of this, you know, uncertainty about the budget approval.
(06:46):
I don't know, but that's what I see could be
causing mortgage race suddenly go up slightly. Larry, is that
there is that concern, but we ultimately think that the
first call Hotera will prove that they can bring inflation
in line, and they may decide to do another wave
(07:08):
of quantitative easy, which that's you know, that's the Federal
Reserve acquiring mortgage backed securities, and that's what can certainly
bring rates down, and certainly there's a there's a need
for lower rates out there. But as you just talk
about every week, we've got Kentucky housing. I'm not sure
how they were affected by this week's action, but we
(07:29):
were in the fives last way, a five point seventy five,
and I've taken several loans on that first time home
by our program's pretty good. The fees on it are
different than what we charge, and we don't service those loans,
so it's got tible insurance and some other fees. But
I've done the math for a couple of people here,
and you know, all the folk. Although the fees come
into place, it's not too hard to break even when
you're you know, one and a quarter percent interest rate
(07:49):
less on payment gives you more buying power and.
Speaker 2 (07:52):
You can get away with less downs.
Speaker 1 (07:53):
So you know, it's one of these loans that depending
on how long you're going to be in the home,
what your goals and plans are, could be beneficial to you.
And so far, so good with everybody that i've you know,
come across that's going to take advantage of it. And
you mentioned our meeting last week on the show with
some of the executives at the Bluegrass Reltors and how
important they are in this community. And waiting may not
(08:15):
be a good option, even if you have to take
seven percent right now, as he as Randy you know,
told us, the longer you wait, the more that house
is going to cost you because sale up, you know,
sales are still appreciating. So when you do the math
that that comes into the overall numbers. If your house
is appreciating eight percent of a year and you're paying down,
(08:37):
and and you know, you look over a period of time,
what you're gonna be able to do on a refinance
scenario sometime down the road or what have you, and
you don't you know, you're never going to refinance to
a higher rate most likely, So starting a five point
seventy five, how long you're really going to keep it,
How we'll benefit you, And that's really you know, you
take in all those things into consideration, not just what
you're paying out of pocket, but what are you investing
in with the payment. You know, in these houses in
(08:59):
central Kentucky, if you buy right, which you know most
of your realtors are going to let you, the appraisal's
going to verify what you're paying for it, you know,
and as long as you have a plan and a goal.
I mean, if you're moving closer to your family, if
you're moving closer to a school district, you can moving
closer to work. Whatever the need is, it's still not
a bad time to do it. Marry the home, date
the loan. You don't have to keep the loan forever.
You just got to be able to get in the
(09:20):
home at the price right now, and then when rates
come down, we can refinance it half. You're going to
pay out five or six thousand dollars in closing costs
for a KHC loan, you know, that's you know, if
the rates get below that, hopefully you've you know, made
your money back on savings. You know, if they get
down and you want to refinance it, because that fee
to get that is you know, it's kind of a
(09:41):
one size fits all going to everybody's gonna have mortgage
insurance on that loan it regardless of what you pay down.
So it's you know, you just really have to, you know,
play the look over all the numbers that are you know,
part of the program. Well, in this day and age,
that mantra rings so true. Marry the home, go ahead
and buy the home that you've dreamt of and you
(10:04):
have outgrown your current home. But your obstacle is interest rates.
That shouldn't be an obstacle.
Speaker 2 (10:10):
You know.
Speaker 1 (10:10):
Let's call us and let's walk through that. The numbers
of how much you stand to lose by not taking
advantage of the home prices now is what we're saying.
And it may be a good time to buy at
the end this season, and just don't discount the ability
(10:30):
to go ahead and buy now at seven Marry the home,
don't marry the loane. And we're hoping for lower rates
as we go along here and the economy will finally
improve to the point where they can where they feel
like they're comfortable lowering rates. Some mortgages, but it's all
dependent on still it goes back to that transitory. But
(10:53):
it still seems to me they're still basing their plan
of action on inflation, am I right?
Speaker 2 (11:00):
Yeah?
Speaker 1 (11:01):
And it's you know, it's just really just you know
how it is. It's cyclical. A lot of the stuff
that goes on is cyclical when trying to figure out
the right time and to when to pull the trigger
and so on and so forth. But you know, I,
you know, the cost of the home today, that's two fifty.
If they're going to wait four months for the rate
to come down, it's going to be two sixty five
or two seventy.
Speaker 2 (11:19):
So where's the rubber meet th road?
Speaker 1 (11:20):
As Peter Sellers would say, a time to reap and
a time to sew. Yeah, And so it's really you know,
they're not making any more land. The home values are
going to continue to you know, increase in value. We
just need to be able to get people qualified, like
you say, call, let's get something put together.
Speaker 2 (11:38):
Let's make sure that we can make your vision happen.
Speaker 1 (11:40):
And if we need to redo or do something else,
then you know we'll bite our time. But once we
can get started with you then we can you know,
move forward from there. Make sure that we've got everything
in place, and when you're ready to, you know, make
that offer and make that thing happen.
Speaker 2 (11:57):
We've got everything.
Speaker 1 (11:58):
All we need is a contract maybe updated paced US
and bank statements and we're ready to roll. But a
pre approval letter. We can get those out. We know
what we're doing and we can get it out. So
you know, let's there's a there is a process to it,
but you be in front of the curve, you know,
get out and make sure that you know what you
qualify for. Today's right. If it goes down, it increases
your buying power. When it comes down long enough, we'll
(12:19):
refinance it. Marry the home date the loan, so we'll
go from there. Larry, Yeah, so anyhow, but hey, don't
forget you got the caps. Later on this afternoon, five
thirty versus Ohio State right here on six thirty. W
LAP pregame will be on around three. I reckon ten,
so I think we're going to take our first commercial break.
We're opening to day from nine to one. Numbers eight five, nine, eight, nine,
nine one nine three six South and drives eight five
(12:41):
nine two six three three three three five. So if
you can hear us, you can call us. We appreciate
you tuning in to us. You are a listen to
Welcome Home Show by Guardian Savings Bank on news Radio
six thirty w LAP here right back your back list
of the Welcome Home Show by Guardian Savings Bank, Tim
Adams Larry Frake's to hear this holiday weekend Christmas took
a few days a week all a time. Flies banks
(13:04):
open a day from nine to one. Phone numbers eight
five nine, eight nine nine one nine three six out
and drives eight five nine two six three three three
three five.
Speaker 2 (13:13):
So if you can hear us, you can call us.
Be glad to help you have.
Speaker 1 (13:16):
Her We can, Like I say, rates are back to
seven percent, So they've worn the high fives here or
what in September maybe, and now they've climbed all the
way back up. And the tenure year bond markets what
dictating it. So you know, if you have been preapproved
and you don't have anything yet, you might want to
check on that and see where you stand because of
the rate changes, and or you know now that if
(13:39):
you're higher than seven percent and you want to save.
Speaker 2 (13:41):
Some money going into twenty twenty five.
Speaker 1 (13:42):
If you're at seven and three quarters or eight percent
or something that you got a couple of years ago,
might not be a bad time to take a down
downward move. Okay, oh, Larry, I want to take a
moment away from our mortgage world. I did get a
link on Facebook this week that our local Fat County
Humane Society has sent up in a crisis for dog food.
They have over one hundred animals right now and they're
(14:05):
having trouble making ends meat to feed these pets. So
if you have a heart for pets, don't forget about
the Fat County Humane Society during this season. If you
have the grocery store and you see something on sales
and dog food or something, you want to get it
and take it to the Humane Society and let them
have it. But they made it easy. You know, it
struck me because I'm such a pet lover and you
(14:27):
can just hit PayPal, it takes a minute. Whatever you
can send is just very much appreciated. And I got
that from Rainbow title. You know, Amy's a big pet lover,
and the Humane Society asked if people would spread the word.
Speaker 2 (14:42):
So yeah, I'm going to help them out.
Speaker 1 (14:44):
Throw that out there that if you don't mind, can
you get on the website for the Fat County Humane
Society and maybe throw what you can their way. Yeah, yeah,
anything will help, and anything you can do we always appreciate.
We'll do our fair share of getting the word out
on things that will help other people.
Speaker 2 (15:01):
It's what we're here to do.
Speaker 1 (15:02):
It's right, we're here to do loans, but we do
more than that and do more community involvement.
Speaker 2 (15:06):
And we appreciate the opportunity.
Speaker 1 (15:08):
And buy a tree angel at Kroger to help the
Salvation Army and help.
Speaker 2 (15:11):
Feed a family this Christmas.
Speaker 1 (15:13):
So you can still tie it all over Larry, so
they're probably less less money to go around to all
the charities in need. This is what this season is
all about, is giving. And if you can give, God
bless you.
Speaker 2 (15:23):
Yeah.
Speaker 1 (15:23):
Well, we appreciate all the help anywhere that you can
give it. And whatever your heart you know, leads you
to taking a gift of toys to somebody and taking
something to bomb that food. I saw that too, that
the firefighters had names and they can provide toys for
this holiday season. So if I fit Humane Society, go
to the firefighters, take a couple of new wrap toys
(15:45):
over there and help a child light up their eyes
on Christmas morning with a toy.
Speaker 2 (15:50):
Yep.
Speaker 1 (15:51):
But we've got lots of helpers in this community and
you know what, Larry, We've seen it with our own eyes.
And Jenny Ramsey now at the Catholic Action Centers has
just been a larger than life figure in the landscape
of homelessness here in Lexington and she deserves all the
accolades that we can lay upon her. She hadn't asked
(16:11):
for any No, she doesn't want anything other than to
help the people and that she's been doing it for
a long time and knows what she's doing.
Speaker 2 (16:18):
There's no doubt about that.
Speaker 1 (16:19):
So more bankers, Yes, do we have a heart for
our community and the needs that are out there.
Speaker 2 (16:24):
Absolutely, well, that's what you get. Yeah.
Speaker 1 (16:26):
And then when you deal local by local and stay local,
you help with all that you can get online, fill
out an application and do what you want to do.
But you're not going to be able to you know,
you don't know who you're dealing with. And we've said
that for years. I mean in here on conventional financing,
we're going to service your loan. Something changes with your ascros.
You can call something you want to change homeowners insurance,
we can help you with all that.
Speaker 2 (16:44):
You know, we're here, we're going to service it. Now.
Speaker 1 (16:47):
That's, you know, not what everybody out here is going
to do. There's not very many people that do that
any longer. Tim I'd say, we're probably a small percentage
of it. But once you're in the family, you know
you're in the family. I mean, we're here for you.
And that's the unique part of guards in and what
we you know, pride ourselves in. And that's why our
closing costs are so cheap because we service the loans.
We don't have to charge a bunch of fees and
on the craziness up front on the conventional side to
(17:09):
you know, make a live in the paybacks truly in
the payback our government stuff, our KHC BA, FAHA, USDA,
those types of loans, those are you know, sold off
to a third party servicer. And the reason is is
because the way those loans are structured, the way they're underwritten,
it's just not something we want to keep the paper on.
But we have to do whatever fees that they require
(17:31):
to get those done. And of course those are passed
along to the borrows that they're different. But there's still
great loans. We do plenty of them, you know, we do.
We do a lot of them. F h A v akhc.
We do it all. You know, a great program to
take advantage of you. Just you know, it's it's a
pay to play. There's gonna be some different fees in it,
and that's okay. If you want to do conventional, that's
fine with us. It's easier and simpler in my opinion,
to try to put together, you know, tim, I mean,
(17:52):
the documentation and the preparation of the loan is so
much simpler, and we can make it happen. We just
keep everything moving forward. But we just you know, got
to be able to keep our eye on the target,
and that is that whatever rate you have now, you
don't have to keep foreving. A lot of people don't
realize that if you're higher than seven percent, give us
a call. If you're waiting for the rate to come
down to you know, six and a half or whatever,
(18:13):
you know, we're still going to be here.
Speaker 2 (18:14):
Keep that in mind.
Speaker 1 (18:15):
We hope everybody's going to have a merry Christmas and
has had the holiday season in their favors so far.
Banks open today from nine to one. Phone numbers eight five, nine, eight, nine,
nine one nine three six Southland Drives eight five nine
two six three three three three five. So if you
can hear us, you can call us. We're going to
be right back. You are listening to Welcome Home Show
by Guardian Savings Bank on news Radio six point thirty
Home of the Wall Cats w L eight.
Speaker 2 (18:37):
We'll be right back.
Speaker 1 (18:37):
You're back listening to Welcome Home Show by Guardian Savings Bank.
Larry Freks, Tim Adams in here this Saturday morning. We're
so glad to have you tuned in to us. We
hope everybody's having a great start to this holiday week,
a few days away from Christmas. We appreciate you tuning
in listening to us. First time you've ever heard us.
Guardian Savings Bank been here number one Leonard of Central
Kentucky for many years eighteen ninety five of got our
charter something along those lines. And uh, we have a
(18:59):
brank two branches here in Lexington, about fifteen branches over
all northern Kentucky and Ohio. And whereas sister company to
Union Savings Bank. Then you guys are familiar with them
out of Ohio, Indiana, Pennsylvania. They've got some branches out
through there, and we appreciate the opportunity to work for them.
(19:21):
We appreciate the opportunity to meet you through the business.
So if you're in flying to buy a house, you
want to get pre qualified. Be local, buy local, and
stay local. We service these loans on the conventional side.
We say it over and over and over. If you
want to deal with somebody that's in the local market,
gonna take care of your loan on the conventional side.
That's US eight five, nine six, give us a cast
as listen to the radio show. I want to get
(19:42):
pre qualified. I'm tired of rent and paying somebody else's bills.
Time for me to take ownership, especially if you're what
I call a sweat equity buyer, Larry you and some
of these houses are a little outdated, possibly and you
get a good fie on one if you've got the
ability to do some of the work yourself, or I mean,
that's an event set of renting and you can fix stuff.
(20:03):
I wish I could fix stuff, but I can't, and
I have to hire people to fix stuff. But that
comes with being home ownership. Well, you do have to
realize that as a homeowner, you don't call your landlord
anymore to fix things. Yeah, and that's why, you know,
home ownership isn't for everybody. But we're here to supply
a line of mortgage products that are you know, good
(20:25):
for the community and good for the bank obviously and
fair and we want to do that.
Speaker 2 (20:30):
But yeah, I mean it's being.
Speaker 1 (20:31):
A homeowner, y're you know, if it's two years old,
three years old, you're still gonna have to take care
of your house, make sure your downspouts are working properly,
and you know, everything's.
Speaker 2 (20:39):
Like I'm supposed to be. So it's not a one
size fit's all. I mean, you've got stuff to do,
but yeah, fix it.
Speaker 1 (20:45):
All kinds of different loan programs and it's just the
fixed ruppers are a little bit different because you know,
you've got.
Speaker 2 (20:52):
A subject to value and a setting it says is
value and that can change.
Speaker 1 (20:58):
But yeah, I tell you, the sleekest thing is with
our Bridge loan ten is where somebody gets that and
they've got enough equity to take cash on the house
their mind, and just exactly what you're talking about going
a little sprucing up and they move into it and
they had a little bit of cash, and then they
fix the house they moved out of, get it up
to pars so they can maximize the sale on it.
Speaker 2 (21:18):
And then they got it ready to sell.
Speaker 1 (21:19):
And then when they sell that off, come down, pay
down the bridge loan to where it fits the guidelines
and what their payment needs are, and you go on
from there. And we've done some loans like that where
you know, people have taken an extra forty five or
fifty grand, fixed the house up they move into, then
when they move out, fix the house they're moving out us.
Speaker 2 (21:34):
Meanwhile, the value continues to rise.
Speaker 1 (21:37):
Yes, they're not making any more land and the home
values continue to increase, and nationwide is going to be
a smaller number than what we might have here in
central Kentucky.
Speaker 2 (21:45):
But on average, I think that's what's.
Speaker 1 (21:47):
Seven or eight percent, some like that ten absolutely, I
mean you can't it's a broad brush. I mean, you
go down some parts of downtown Lexington and the you
know Henry Clay Home area, Ashland Park, and I mean
it's just unbelievable the square footage formula that now presents.
Speaker 2 (22:09):
Itself, because like we've talked about.
Speaker 1 (22:12):
You know last week. You know, the lots that they
sold back then were deeper, bigger, the lots. And one
of our buddies that used to live here heat built
one out there and you can.
Speaker 2 (22:23):
Barely get a lawn more down the side of ye.
Speaker 1 (22:26):
And so the landscape changed in the in that regard
that these builders are looking to use every inch h
for brick and mortar and some of those some of
these lots are infield projects in Lexington.
Speaker 2 (22:43):
The lots are very nice, very nice lots.
Speaker 1 (22:47):
And we've talked about that homeowner that that may be
on a fixed time and can't keep up with the repairs.
Speaker 2 (22:53):
What does that homeowner do? And that's where we've got
to come up with a solution. And this said and
only in Lexington's.
Speaker 1 (22:58):
Nationwide and there's that's kind of you know, part of
what our side gig is on raising money to help
people in those situations that need help neither their roof
fixed or they're poetry paired or something, you know, not
too extravagant, but we'll know, rand up some workers and
a little bit of money and some funds to try
to help people keep their property up to dates they
can get in and out of it and stay you know,
(23:18):
keep the neighborhood looking good.
Speaker 2 (23:20):
Right.
Speaker 1 (23:20):
But if we as we've said, we think that statistical
based on our aging population, uh, you know, people are
living longer, and when you're living on a fixed income,
you know, being a homeowner may not be your you know,
best option. But where are you going to go? You know,
And that's where we got there's where the in between
(23:40):
has to happen. And that's kind of you know, where
they you know, where the people in the community that
when you're dealing local can benefit. I mean like where
we were at last year with the Bluegrass Realtors, you know,
I mean the Real or Community Housing Foundation what of
you know, feather and the cap that they have and
they're helping people all the time. And the realtors that
are out here selling property and making a living or
(24:00):
donating back to help. You know, you're dealing with local,
you're buying local, and you're staying local, and.
Speaker 2 (24:05):
It kind of circles back around.
Speaker 1 (24:07):
And we take pride in that we get involved in
stuff that we believe in, we want to help with.
And there's a lot of people out here that you'll
never hear of that you would never think. But if
you know, if you really knew the backside, they're helping.
They're doing more than you know, just showing up at
their kids game or you know here or there. I mean,
they're you know, there's a lot going on behind the
scenes with people, and people don't they don't care to
(24:27):
be recognized or you know, that's not what that's not
what it's about. They're here just to help and you know,
make that make a difference without meaning anything bigger than them.
And that's what I like about a lot of people
we deal with for the same way. So it's good.
But you know, once again, yep, RACH at seven percent,
(24:48):
but you know, just you know, marry the home date,
the loan. If you want something, let us get you prequalified.
If you've been prequalified. When RACH are a little lower,
you need to give us a call and let us
reduce some numbers and.
Speaker 2 (24:59):
Revet it out. And I don't care who you've got
to preapproval letter on. We'll help you with it. You know,
we'll reevaluate.
Speaker 1 (25:04):
The information and we can use some of what you
probably turned in to help do that. But as far
as closing costs, we're probably going to have the cheapest
closing cost in town.
Speaker 2 (25:12):
We still have that.
Speaker 1 (25:13):
They're not as low as they once were, but we're
still should be the cheapest in town.
Speaker 2 (25:16):
With the way we ruled him. There's no way around that.
Speaker 1 (25:20):
And if you want to save some money, like I say,
be local, stay local and buy local.
Speaker 2 (25:23):
We're hey, let's let's do it. We're here for.
Speaker 1 (25:26):
You eight five nine eight nine nine nine three six
or south and drive over there eight five nine two
six three three three three five. If you can hear as,
you can call us. I mean, you've got Jamie Mortimer,
Aaron O'Brien, Jim McKenzie, Alex Malaney over at South and
over here, Alex Tingle, Lorie Hawkins, Rob McBride, Tim Adams, myself,
Kyle Madaris.
Speaker 2 (25:47):
You know, same crew. We haven't gone anywhere.
Speaker 1 (25:49):
Over sixty percent of the loan officers have left the
business over the last couple of years. Tim, that ran
five years ago.
Speaker 2 (25:54):
What about that?
Speaker 1 (25:56):
Well, it's abound to happen. With the drop off in volume.
You know, there's only so much business.
Speaker 2 (26:02):
To go around.
Speaker 1 (26:04):
And I know that there's a lot of realtors feel
in the same way. A lot less sales to go around.
It's just a trickle down here. So, uh, this is
going to turn around, like you said, it's all it's
a history will prove that markets are very cyclical, and
we're going through a unique cycle in the fact that
(26:26):
we're still, you know, basically in the throes of COVID recovery.
You know, in the scheme of things, some of the
inflationary issues are brought on by COVID and spending, government spending,
consumer spending, and until.
Speaker 2 (26:44):
We get that, until let's kind of figure it out.
Speaker 1 (26:46):
But on the other front, you see that, you know,
unemployment is low and there are jobs out there, and
but the large swath of Americans won't buy the fact
that this economy is great all right, and it's not
in my opinions, Lots still going on, a lot of
moving and shaking. The cost of gas, I mean, what
was it they did the numbers on last week, eggs
and something else, I mean, have gone up that substantially,
(27:07):
And people think that's funny. You think that's why the
election went why the election did well. There's more to
it than just that.
Speaker 2 (27:13):
But I mean, the cost of goods, the cost of foods.
Speaker 1 (27:15):
And everything are just you know, people are living paycheck
to paycheck yep, you know, and they've run up the
credit card debt and they're tapped into their home mach wee,
lines of credit, everything that they can.
Speaker 2 (27:23):
And so now they're how can I buy a home? Yeah?
And that's where you know.
Speaker 1 (27:28):
Fortunately, a lot of the people we've had, you know,
I've had recently've had down payment money saved.
Speaker 2 (27:32):
Up and are in you know, fairly decent shape. But
that's not the case all the time.
Speaker 1 (27:36):
And a lot of people don't know how good a
shake they're in and don't want to. They don't want
to ask, you know what I mean, don't ask ontell
the kind of thing they're like, Man, I'd like to
buy a house bount and if I can, we'll give
us a call. If we can't do it now, we'll
weigh out of ground. Plan doesn't mean you got to
do a loan with this, but we'll tell you got
to do this, this and this, and you should do
it with you know what, we can see at this
point by doing one, two, three, ABC whatever and get
(27:58):
them on that path to home ownership this spring or
this summer or whatever it takes. And I've done that
with many of people, many a person that will come
in later once we met those goals.
Speaker 2 (28:06):
And buy home. And the only thing that you and I.
Speaker 1 (28:09):
Can see happening is that the truth will come in
and the things will come out like we think they should.
And that's just our opinion. We really don't know the
numbers because we can't. Like I say, they're all muddy.
Rates should be starting to come down. I would think
over the next several months, we get through this inauguration
and get the aliens hidden, and you'll get focused on
what we're going on that smoking mirrors there. I don't
know what's going on out in the world, but there's
more to that than we know. Who knows what's going
(28:30):
to happen next, but you know, we just need to
find a way to find a way sometimes, you know
what I'm saying, Pinky, Well, hopefully they by the air
end of the show, they've come to a conclusion on
the spending bill and everything's everybody agrees on what's on
the table, so we'll see. Yeah, they that might in
fact help markets this week and to the end of
(28:53):
the year. And how many times have you heard that,
you know that fifteen hundred pages is what's in the
spending bills at what you said said something like that, that's
where they slip all let crazy stuff in there for
you know, you can't you don't have time to read
it all.
Speaker 2 (29:03):
And then when you sign it later on and.
Speaker 1 (29:05):
Get it through and hey, then all of a sudden
you go, oh my gosh, we just funded this for
the what. Yeah, you can't go wrong with owning property
if you're up to it. But there is up keep this,
like you said, there's maintenance, there's taxes, there's insurance, there's
all the things that you know come involved with it.
It's not a set of forget it type of a thing.
But it's a great investment. So you've got to buy right.
You got to be able to manipulate and manipulate the
(29:25):
market when you get a chance refinance, take care of yourself,
you know, And then you know, first thing is is
buying right. Find a good realtor, which we know several
of them, some of them advertiser on the show and
some of them don't. But you know, what's an opportunity
for you to take advantage of. There's in winter time,
not a whole lot going on anyway, When rates were really,
really low, it didn't make any different. We were busy
(29:45):
twenty four to seven and every day of the year.
Now it's kind of back to the wintertime. Everything kind
of slows down and people were kind of settling in
for the holidays.
Speaker 2 (29:52):
Of course, economy is a little tough.
Speaker 1 (29:54):
People don't know what to do and it seems like
it's back to the old, good old days now on
the cyclic cool time of business.
Speaker 2 (30:00):
But man, I'm blessed to have what I have.
Speaker 1 (30:02):
I appreciate anybody that's calling and working with Guardian Savings,
Bank of Me or any of the loan officers tends
the same way. You know, we wouldn't be here if
it wasn't for you been here long enough, and we've
got a good enough reputation and do a good enough
business that you know, we should be one of the
top three calls in Lexington for anybody. And if anybody
that's you know, not familiar with what we do, just
give us a call. I mean, we'll tell you we
service our loans. That's the trick. You're gonna pay Guardian,
(30:23):
all right, I mean, so I don't have to charge
you four five thousand dollars in origination fees. The paybacks
truly in the payback and a lot of people do
not understand that we're not a broker. We're not going
to sell your loan out to someplace. Eventually on government loans,
we will, but other than that, we're gonna have you.
We're going to take care of you. You're going to
be in our business plan, our portfolio, part of our family.
Speaker 2 (30:43):
We need you. We got to keep growing. So anyhow,
we hope that you can see the vision.
Speaker 1 (30:48):
That we're trying to portray here reguarding and give us
an opportunity to help you with your process. And we
don't do boat loans, note loans, nothing like that, real
estate only. But we do have checking and savings and
CDs and you can check on those things things as well.
We have very competitive pricing on those things. So we're
gonna take one more break before we wind it down.
You are listening to the Welcome Home Show by Guardian
Savings Bank. We're opening a day from nine to one.
(31:09):
Fun numbers eight five, nine, eight, nine, nine one nine
three six South and drives eight five nine two six
three three three three five, So if you can hear.
Speaker 2 (31:17):
Us, you can call us.
Speaker 1 (31:18):
You are listening to Welcome Home Show by Guardian Savings
Bank on news Radio six thirty w LAP. You'll be
right back back. Listen to Welcome Home Show by Guardian
Savings Bank, Tim Adams, Larry Frank's in here. Merry Christmas, everybody.
Hope you're enjoying the show. Hope you're having a good weekend.
Thanks for tuning in. Don't forget three o'clock somewhere thereabouts.
You're gonna get the pregame show for tonight's basketball matchup
(31:41):
between UK and Ohio State. Pre games at three o'clock.
Game time be right around five thirty. I guess Tim
something along those lines, and so hopefully you'll have everybody
together watching that this afternoon, having a good time. Just
be safe if you're out and about uber no drinking
and driving, take care of yourself.
Speaker 2 (31:57):
We hope that everybody can get by and have a week.
Speaker 1 (32:00):
The bank will be closed half a day Tuesday, all
day Wednesday, back open on Thursday and Friday. You ready
for Christmas time? You got all your stuff, taking care
of it as well as I can be.
Speaker 2 (32:09):
Yeah, me too.
Speaker 1 (32:09):
I'm gonna try to get by with what we got
and get on with what we have. So try to
make ends meet with it. But what do you think
about the basketball team so far? I'm pretty happy with
you know, what I'm seeing and the way they're playing
and got a long season, and the more I listen
to it and watch it, it looks like the SEC
is going to be beating the crap out of each
other to see who's gonna win the division. But we
(32:31):
got like six or seven teams in the top ten.
Pretty impressive what the SEC's got going for it this year.
Football playoffs are getting getting wound up and going on,
and we'll be in day two of the football playoffs today.
They started last night. Of course, we don't know any
results yet, but it's a whole new format. We haven't
seen it before, so that'll be interesting to see how
(32:53):
the playoffs plays out. Yeah, it'll be a good time
to see how shakes down. So anyway, what do you
see next year for the for the future of the
business team. I mean, you can't we can't put our
finger on it. But this year was not anything that
we we figured rates would be in the five somewhere
by now, a lot lower than what they are based
(33:13):
on what we knew, and that didn't happen. And of
course we thought that they everybody said they should be
five a long time before they were for years when
we kept saying, well, you where where we need to
be and they didn't.
Speaker 2 (33:23):
Go to five.
Speaker 1 (33:23):
Everybody we should be at five, you know, And you know,
we got to keep builders working. What are builders going
to do? What are realtors going to do? What are
mortgage backers going to do? If we don't turn this
boat around a little bit. But uh, it's hard for
me to say when that's going to happen, and the
government don't seem to know when that's going to happen.
Speaker 2 (33:42):
And of course the Federal Reserve is the Central.
Speaker 1 (33:44):
Bank, and there that their intention was to be an
independent banking entity for banks to rely on for capital
when they need it and for bars when they needed
But just we have a lot of reluctance on bars
that have low rates that don't want to you know,
I just I don't know the answers. But how going
(34:05):
to keep builders building if we can't sell homes? I
think we're unique in this area. We've never seen the
hardship in some other parts of the country. Oh, I agree,
I think Central Kentucky last time things got tough the
realtors and never by handled their business and kept us,
you know, everything in line as far as values and
so on and so forth.
Speaker 2 (34:22):
And I don't think we'll fill out of it.
Speaker 1 (34:25):
I think we're not in We're not immune or insulated completely,
but there's you know, hopefully we'll get everything turned around
where you know, things are, you know, and I think
five percent is going to be a fair place to
settle in the future. I don't think sevens it, you know,
it may be five and a half. I don't know,
but for some reason, five has been the number. We've
always said that and felt that, but you know, we should,
(34:45):
you know, have an open mind change that maybe we
don't see it are going to hold precedence over what
we think, you know, when we said, well, yeah, I.
Speaker 2 (34:53):
Guess you're right, you know.
Speaker 1 (34:54):
But still it's one of these things where you can
marry the home and date the loan. If you get
out and buy something now, you don't have to keep
it for And there's people that don't realize that. And
that's really what we want to do, is just make
sure people know you don't have to keep what you've got.
If you've got eight percent and you can go to
seven right now, save a couple of months worth the payments.
Speaker 2 (35:09):
Call me.
Speaker 1 (35:09):
We know we have loan ulcers in our organization that
you know, the cater to high end clients.
Speaker 2 (35:14):
And these high end clients aren't batting an eye at
doing seven percent for a year. No, no, not at all.
Speaker 1 (35:20):
And they know money, yep, and so they're not They've
done well in.
Speaker 2 (35:24):
Their own portfolios.
Speaker 1 (35:25):
And whoever they're listening to, soy is, go ahead and
take that now, you know, back to marry the home
and don't marry the loan. They're not marrying the loan.
They're they're getting into the home and then seeing what happened.
You know, appreciation is going to happen. They might be
expecting funds down the road where they or they might
have another home they're going to sell or whatever, and
(35:46):
then they're going to refinance.
Speaker 2 (35:47):
At that time.
Speaker 1 (35:48):
But I think that those those buyers truly believe about
what we try to, what our opinions are, and that
there will be a correction.
Speaker 2 (35:59):
It's going to be it's going.
Speaker 1 (35:59):
To be well well received not only by builders, realtors,
mortgage bankers, but buyers.
Speaker 2 (36:08):
We've got to keep building. Larry yep, we do to
meet up with demand. And this isn't you know, and
I've heard it anytime.
Speaker 1 (36:13):
This ain't the highest rate we've ever seen, and you know,
but I mean, it's just the values are so much
more now that when rates were high. I mean, it's
going to tell people all the time I paid nineteen
percent nineteen eighty yep, tra houses.
Speaker 2 (36:23):
Worth thirty six thousand.
Speaker 1 (36:24):
But talking to those experts last week, when they say
we've got a three month supply, we really need a
six month supply, I can't tell you how to get there,
and I don't know if they can tell us how
to get there yet, but it's something we have to.
It's just like you said, where there's going to have
to be more multi family dwellings possibly to achieve that objective,
I'm not sure, but we need more supply, that's a given. Yeah,
(36:48):
what's the average time on the market right now, like
ninety something?
Speaker 2 (36:52):
I haick it up. It's forty five fifty days or something.
I haven't looked at.
Speaker 1 (36:55):
It particularly that close, but I mean it's getting you know,
it's still a competitive market.
Speaker 2 (37:01):
Let's just put it that way.
Speaker 1 (37:02):
So if you get a chance, if you find the
house you want, get out and give it a look.
Let us get your pre qualified with the rate what
they are. If they go down obviously increases you're buying power.
But we'll help you get where you got to go.
Like once again, we don't do boat loans or note
loans or anything. We do first and second mortgages in here.
But you know we're here to help you put something together.
It's going to make sense, so keep that in mind.
We appreciate you turning into tuning into us today and
(37:23):
listening to us. So we hope everybody has a merry
Christmas and a happy new Year. We should be back
next Saturday. We'll do the show again, but we hope
everybody has a good, safe week. You get everything you want,
Everybody gets what they have and enjoys it, and everybody
just safe. That's the main thing. And call somebody and
tell them hello. Give somebody a smile that you don't know,
make their day. So you've been listening to Welcome Home
show up today from.
Speaker 2 (37:44):
Nine to one.
Speaker 1 (37:45):
The bank is eight five nine eight nine nine nine
three six. If you can hear, you can call us.
Merry Christmas everybody. We'll be back next Saturday for Tim Adams,
I'm Larry Fake. You've been listening to Welcome Home Show
by Guardian The Savings Bank on news Radio
Speaker 2 (37:57):
Six thirty WLAP at Christmas
Jingle jingle, Good morning, Lexington, your list the Welcome Home
Show by Guardian Savings Faint. My name's Larry Frays, got
Tim Adams in here with me this Saturday morning. We're
glad to have you tuned into us. They're based ready
and excited for a big Christmas week. We're glad you
tuned into us, and we want to tell you Mary Christmas.
We appreciate everybody that listens to us weekend and week out,
and hopefully we can educate you a little bit this
(00:29):
week on what's going on in the mortgage business and
kind of what we're doing around the community and so
on and so forth. Hope you enjoyed the show last
weekend with the guys from over there, the realtor community,
the Bluegrass relt Bluegrass Realtors, and that was a good time.
Speaker 2 (00:44):
But we're open today from nine to one.
Speaker 1 (00:46):
Phone numbers eight five, nine, eight, nine, nine one nine
three six South and Drives eight five nine two six.
Speaker 2 (00:51):
Three three three three five.
Speaker 1 (00:53):
So if you can hear so you can call us.
Be glad to talk to you about whatever your needs are.
The phone is ringing more even though the rates are
still hoving around six to seven five up to seven percent.
Speaker 2 (01:03):
Again, the Fed's.
Speaker 1 (01:05):
Come out and all the information coming out, which I
still don't know.
Speaker 2 (01:09):
What's what, Tim, what's your take on so far?
Speaker 1 (01:13):
Well, we saw a big decline in bonds all together,
so involved in those bonds as mortgage back securities. But
even though the FED fund rate or they drop the
Fed Fund rate, it doesn't correlate exactly with thirty year
fixed rate mortgages. And that's what some consumers get confused.
(01:34):
Oh well, they lowered the index orther. They'll come out
in the news this week and talking about the Fed's lowering.
What they're talking about lowering is the FED Fund rate,
which doesn't But anyway, I think something else that's weighing
heavily on the market is this potential government shut down
the budget. They can't get everybody on the same page.
(01:58):
As far as this budget, it sounds pretty complicated, Larry,
I'm not sure. I think the budget plan was fifteen
hundred pages, so that's obviously above my pay grader. And
that's why they brought in.
Speaker 2 (02:16):
People walk Elon Musk and Vavik Roswami to.
Speaker 1 (02:21):
Determine where our money should go, because I don't, you know,
how do we continue on this path with a thirty
six trillion dollars in deficit, and the interest on the
thirty six trillion is more than we spend on our
defense now and it's a big chunk of the pie
every month goes to interest well, you know, and that's
(02:46):
you know kind of you know, when the economy gets
shaky like this, everybody wonder who's pulling the strings and who's.
Speaker 2 (02:50):
Making what happened?
Speaker 1 (02:54):
You know, obviously it's the Federal Reserve, and the Federal
Reserve doesn't have an immediate impact on the bond market,
which did hates aren't rates and people as soon as
they start hearing the Feds do this or the Feds
do that, you know, it's you know, it's it should
trickle down eventually, but it's not an immediate impact. It'll
help on your home equi line of credit, maybe your
car loans or your you know, credit card debt or
(03:14):
something along those lines. But the information is just so muddy.
You know, we used to be able to predict, have
our finger on the pulse and take pride and having
an idea what was going off for economy, But the
information that we see today is so muddy. With this
ADP says this about jobs, BSI says this about jobs.
BLS says this about jobs, and there's no true to
(03:35):
it at all. And they used to come back and
amend it and you'd see a little bit of adjustment.
But you know, they BLS reported over a million jobs
that weren't really jobs, you know, and they did that
over a while, and we kind of thought something was
up because the math didn't add up.
Speaker 2 (03:49):
But they finally said.
Speaker 1 (03:49):
They were you know, overworked and understaffed and those numbers
were just not, you know, accurate, which we kind of
had an idea that now we know that. But you know,
there's still so much money out here, and once again
you're talking about the budget, how much money you know,
they you know what the deal is.
Speaker 2 (04:06):
If there's money left somewhere, spend it.
Speaker 1 (04:07):
If you haven't spent it, get all you can get
before by the end of the year, so that you
can keep the same amount next year in case you
need it. But hopefully, you know, there will be some
house cleaning and some stuff going on to where they'll
do you know, a little bit better judiciary duty of
monitoring our tax dollars that we pay into the program
to you know, make things flow that there's you know,
I heard something the other day there's still money going
(04:29):
to Afghanistan. You know, we don't even have any embassy
over there, right, you know, and it was to help
for comfort, to educate people on carpet weaving and stuff.
And I mean, I just don't I don't get it.
Speaker 2 (04:38):
You know.
Speaker 1 (04:38):
Fortunately, we may have some of our own people still
over there behind in Afghanistan and.
Speaker 2 (04:42):
We don't know.
Speaker 1 (04:43):
But the other thing they're looking at is they look
at spending, and uh, you know, we're going to see
what spending looks like after the holiday season's over. But
if I was up in Cincinnati earlier this week, my
friend was going up to the Louis Vaton store and
the Kennelwooden Mall to get a purse. And if that's
(05:04):
any indication, that was on a Thursday, and.
Speaker 2 (05:08):
It was a beehive, Larry, Yeah, but I guess that's normal.
Speaker 1 (05:13):
Maybe schools out up there, I don't know, but it
looked like there were no there was an abundance of
shoppers out right, And so that would lead to me
to believe that we'll see how spending comes in. That's
part of it. They're trying to control spending, slow down spending,
and bring down inflation, and they're not just they're not
(05:34):
seeing inflation where they want it. And that's two percent.
We're still out there and it may be hovering in
reality more towards three percent. And I haven't seen any
difference in the cost of a gallon of milk. We can,
as we all comically say, we can see the gas
lined out at the gas station down the street, and
(05:55):
I'm not sure what it is. I can't see it
for the tree ranch today, but want to two dollars
and eighty cents is the average costume to eighty nine
for gas. And these are commodities that the day to
day American relies on to get to what point A
to point B their jobs and wherever they have to travel.
Speaker 2 (06:17):
So they're just not seeing it yet.
Speaker 1 (06:20):
But they did lower the Fed Fund rate again, and
that's an index cut that really affects mainly the prime index,
and the prime index affects credit card debt, car loans,
other forms of credit, but not specifically mortgages. So we
saw the market move the other way. But that may
be more of this, you know, uncertainty about the budget approval.
(06:46):
I don't know, but that's what I see could be
causing mortgage race suddenly go up slightly. Larry, is that
there is that concern, but we ultimately think that the
first call Hotera will prove that they can bring inflation
in line, and they may decide to do another wave
(07:08):
of quantitative easy, which that's you know, that's the Federal
Reserve acquiring mortgage backed securities, and that's what can certainly
bring rates down, and certainly there's a there's a need
for lower rates out there. But as you just talk
about every week, we've got Kentucky housing. I'm not sure
how they were affected by this week's action, but we
(07:29):
were in the fives last way, a five point seventy five,
and I've taken several loans on that first time home
by our program's pretty good. The fees on it are
different than what we charge, and we don't service those loans,
so it's got tible insurance and some other fees. But
I've done the math for a couple of people here,
and you know, all the folk. Although the fees come
into place, it's not too hard to break even when
you're you know, one and a quarter percent interest rate
(07:49):
less on payment gives you more buying power and.
Speaker 2 (07:52):
You can get away with less downs.
Speaker 1 (07:53):
So you know, it's one of these loans that depending
on how long you're going to be in the home,
what your goals and plans are, could be beneficial to you.
And so far, so good with everybody that i've you know,
come across that's going to take advantage of it. And
you mentioned our meeting last week on the show with
some of the executives at the Bluegrass Reltors and how
important they are in this community. And waiting may not
(08:15):
be a good option, even if you have to take
seven percent right now, as he as Randy you know,
told us, the longer you wait, the more that house
is going to cost you because sale up, you know,
sales are still appreciating. So when you do the math
that that comes into the overall numbers. If your house
is appreciating eight percent of a year and you're paying down,
(08:37):
and and you know, you look over a period of time,
what you're gonna be able to do on a refinance
scenario sometime down the road or what have you, and
you don't you know, you're never going to refinance to
a higher rate most likely, So starting a five point
seventy five, how long you're really going to keep it,
How we'll benefit you, And that's really you know, you
take in all those things into consideration, not just what
you're paying out of pocket, but what are you investing
in with the payment. You know, in these houses in
(08:59):
central Kentucky, if you buy right, which you know most
of your realtors are going to let you, the appraisal's
going to verify what you're paying for it, you know,
and as long as you have a plan and a goal.
I mean, if you're moving closer to your family, if
you're moving closer to a school district, you can moving
closer to work. Whatever the need is, it's still not
a bad time to do it. Marry the home, date
the loan. You don't have to keep the loan forever.
You just got to be able to get in the
(09:20):
home at the price right now, and then when rates
come down, we can refinance it half. You're going to
pay out five or six thousand dollars in closing costs
for a KHC loan, you know, that's you know, if
the rates get below that, hopefully you've you know, made
your money back on savings. You know, if they get
down and you want to refinance it, because that fee
to get that is you know, it's kind of a
(09:41):
one size fits all going to everybody's gonna have mortgage
insurance on that loan it regardless of what you pay down.
So it's you know, you just really have to, you know,
play the look over all the numbers that are you know,
part of the program. Well, in this day and age,
that mantra rings so true. Marry the home, go ahead
and buy the home that you've dreamt of and you
(10:04):
have outgrown your current home. But your obstacle is interest rates.
That shouldn't be an obstacle.
Speaker 2 (10:10):
You know.
Speaker 1 (10:10):
Let's call us and let's walk through that. The numbers
of how much you stand to lose by not taking
advantage of the home prices now is what we're saying.
And it may be a good time to buy at
the end this season, and just don't discount the ability
(10:30):
to go ahead and buy now at seven Marry the home,
don't marry the loane. And we're hoping for lower rates
as we go along here and the economy will finally
improve to the point where they can where they feel
like they're comfortable lowering rates. Some mortgages, but it's all
dependent on still it goes back to that transitory. But
(10:53):
it still seems to me they're still basing their plan
of action on inflation, am I right?
Speaker 2 (11:00):
Yeah?
Speaker 1 (11:01):
And it's you know, it's just really just you know
how it is. It's cyclical. A lot of the stuff
that goes on is cyclical when trying to figure out
the right time and to when to pull the trigger
and so on and so forth. But you know, I,
you know, the cost of the home today, that's two fifty.
If they're going to wait four months for the rate
to come down, it's going to be two sixty five
or two seventy.
Speaker 2 (11:19):
So where's the rubber meet th road?
Speaker 1 (11:20):
As Peter Sellers would say, a time to reap and
a time to sew. Yeah, And so it's really you know,
they're not making any more land. The home values are
going to continue to you know, increase in value. We
just need to be able to get people qualified, like
you say, call, let's get something put together.
Speaker 2 (11:38):
Let's make sure that we can make your vision happen.
Speaker 1 (11:40):
And if we need to redo or do something else,
then you know we'll bite our time. But once we
can get started with you then we can you know,
move forward from there. Make sure that we've got everything
in place, and when you're ready to, you know, make
that offer and make that thing happen.
Speaker 2 (11:57):
We've got everything.
Speaker 1 (11:58):
All we need is a contract maybe updated paced US
and bank statements and we're ready to roll. But a
pre approval letter. We can get those out. We know
what we're doing and we can get it out. So
you know, let's there's a there is a process to it,
but you be in front of the curve, you know,
get out and make sure that you know what you
qualify for. Today's right. If it goes down, it increases
your buying power. When it comes down long enough, we'll
(12:19):
refinance it. Marry the home date the loan, so we'll
go from there. Larry, Yeah, so anyhow, but hey, don't
forget you got the caps. Later on this afternoon, five
thirty versus Ohio State right here on six thirty. W
LAP pregame will be on around three. I reckon ten,
so I think we're going to take our first commercial break.
We're opening to day from nine to one. Numbers eight five, nine, eight, nine,
nine one nine three six South and drives eight five
(12:41):
nine two six three three three three five. So if
you can hear us, you can call us. We appreciate
you tuning in to us. You are a listen to
Welcome Home Show by Guardian Savings Bank on news Radio
six thirty w LAP here right back your back list
of the Welcome Home Show by Guardian Savings Bank, Tim
Adams Larry Frake's to hear this holiday weekend Christmas took
a few days a week all a time. Flies banks
(13:04):
open a day from nine to one. Phone numbers eight
five nine, eight nine nine one nine three six out
and drives eight five nine two six three three three
three five.
Speaker 2 (13:13):
So if you can hear us, you can call us.
Be glad to help you have.
Speaker 1 (13:16):
Her We can, Like I say, rates are back to
seven percent, So they've worn the high fives here or
what in September maybe, and now they've climbed all the
way back up. And the tenure year bond markets what
dictating it. So you know, if you have been preapproved
and you don't have anything yet, you might want to
check on that and see where you stand because of
the rate changes, and or you know now that if
(13:39):
you're higher than seven percent and you want to save.
Speaker 2 (13:41):
Some money going into twenty twenty five.
Speaker 1 (13:42):
If you're at seven and three quarters or eight percent
or something that you got a couple of years ago,
might not be a bad time to take a down
downward move. Okay, oh, Larry, I want to take a
moment away from our mortgage world. I did get a
link on Facebook this week that our local Fat County
Humane Society has sent up in a crisis for dog food.
They have over one hundred animals right now and they're
(14:05):
having trouble making ends meat to feed these pets. So
if you have a heart for pets, don't forget about
the Fat County Humane Society during this season. If you
have the grocery store and you see something on sales
and dog food or something, you want to get it
and take it to the Humane Society and let them
have it. But they made it easy. You know, it
struck me because I'm such a pet lover and you
(14:27):
can just hit PayPal, it takes a minute. Whatever you
can send is just very much appreciated. And I got
that from Rainbow title. You know, Amy's a big pet lover,
and the Humane Society asked if people would spread the word.
Speaker 2 (14:42):
So yeah, I'm going to help them out.
Speaker 1 (14:44):
Throw that out there that if you don't mind, can
you get on the website for the Fat County Humane
Society and maybe throw what you can their way. Yeah, yeah,
anything will help, and anything you can do we always appreciate.
We'll do our fair share of getting the word out
on things that will help other people.
Speaker 2 (15:01):
It's what we're here to do.
Speaker 1 (15:02):
It's right, we're here to do loans, but we do
more than that and do more community involvement.
Speaker 2 (15:06):
And we appreciate the opportunity.
Speaker 1 (15:08):
And buy a tree angel at Kroger to help the
Salvation Army and help.
Speaker 2 (15:11):
Feed a family this Christmas.
Speaker 1 (15:13):
So you can still tie it all over Larry, so
they're probably less less money to go around to all
the charities in need. This is what this season is
all about, is giving. And if you can give, God
bless you.
Speaker 2 (15:23):
Yeah.
Speaker 1 (15:23):
Well, we appreciate all the help anywhere that you can
give it. And whatever your heart you know, leads you
to taking a gift of toys to somebody and taking
something to bomb that food. I saw that too, that
the firefighters had names and they can provide toys for
this holiday season. So if I fit Humane Society, go
to the firefighters, take a couple of new wrap toys
(15:45):
over there and help a child light up their eyes
on Christmas morning with a toy.
Speaker 2 (15:50):
Yep.
Speaker 1 (15:51):
But we've got lots of helpers in this community and
you know what, Larry, We've seen it with our own eyes.
And Jenny Ramsey now at the Catholic Action Centers has
just been a larger than life figure in the landscape
of homelessness here in Lexington and she deserves all the
accolades that we can lay upon her. She hadn't asked
(16:11):
for any No, she doesn't want anything other than to
help the people and that she's been doing it for
a long time and knows what she's doing.
Speaker 2 (16:18):
There's no doubt about that.
Speaker 1 (16:19):
So more bankers, Yes, do we have a heart for
our community and the needs that are out there.
Speaker 2 (16:24):
Absolutely, well, that's what you get. Yeah.
Speaker 1 (16:26):
And then when you deal local by local and stay local,
you help with all that you can get online, fill
out an application and do what you want to do.
But you're not going to be able to you know,
you don't know who you're dealing with. And we've said
that for years. I mean in here on conventional financing,
we're going to service your loan. Something changes with your ascros.
You can call something you want to change homeowners insurance,
we can help you with all that.
Speaker 2 (16:44):
You know, we're here, we're going to service it. Now.
Speaker 1 (16:47):
That's, you know, not what everybody out here is going
to do. There's not very many people that do that
any longer. Tim I'd say, we're probably a small percentage
of it. But once you're in the family, you know
you're in the family. I mean, we're here for you.
And that's the unique part of guards in and what
we you know, pride ourselves in. And that's why our
closing costs are so cheap because we service the loans.
We don't have to charge a bunch of fees and
on the craziness up front on the conventional side to
(17:09):
you know, make a live in the paybacks truly in
the payback our government stuff, our KHC BA, FAHA, USDA,
those types of loans, those are you know, sold off
to a third party servicer. And the reason is is
because the way those loans are structured, the way they're underwritten,
it's just not something we want to keep the paper on.
But we have to do whatever fees that they require
(17:31):
to get those done. And of course those are passed
along to the borrows that they're different. But there's still
great loans. We do plenty of them, you know, we do.
We do a lot of them. F h A v akhc.
We do it all. You know, a great program to
take advantage of you. Just you know, it's it's a
pay to play. There's gonna be some different fees in it,
and that's okay. If you want to do conventional, that's
fine with us. It's easier and simpler in my opinion,
to try to put together, you know, tim, I mean,
(17:52):
the documentation and the preparation of the loan is so
much simpler, and we can make it happen. We just
keep everything moving forward. But we just you know, got
to be able to keep our eye on the target,
and that is that whatever rate you have now, you
don't have to keep foreving. A lot of people don't
realize that if you're higher than seven percent, give us
a call. If you're waiting for the rate to come
down to you know, six and a half or whatever,
(18:13):
you know, we're still going to be here.
Speaker 2 (18:14):
Keep that in mind.
Speaker 1 (18:15):
We hope everybody's going to have a merry Christmas and
has had the holiday season in their favors so far.
Banks open today from nine to one. Phone numbers eight five, nine, eight, nine,
nine one nine three six Southland Drives eight five nine
two six three three three three five. So if you
can hear us, you can call us. We're going to
be right back. You are listening to Welcome Home Show
by Guardian Savings Bank on news Radio six point thirty
Home of the Wall Cats w L eight.
Speaker 2 (18:37):
We'll be right back.
Speaker 1 (18:37):
You're back listening to Welcome Home Show by Guardian Savings Bank.
Larry Freks, Tim Adams in here this Saturday morning. We're
so glad to have you tuned in to us. We
hope everybody's having a great start to this holiday week,
a few days away from Christmas. We appreciate you tuning
in listening to us. First time you've ever heard us.
Guardian Savings Bank been here number one Leonard of Central
Kentucky for many years eighteen ninety five of got our
charter something along those lines. And uh, we have a
(18:59):
brank two branches here in Lexington, about fifteen branches over
all northern Kentucky and Ohio. And whereas sister company to
Union Savings Bank. Then you guys are familiar with them
out of Ohio, Indiana, Pennsylvania. They've got some branches out
through there, and we appreciate the opportunity to work for them.
(19:21):
We appreciate the opportunity to meet you through the business.
So if you're in flying to buy a house, you
want to get pre qualified. Be local, buy local, and
stay local. We service these loans on the conventional side.
We say it over and over and over. If you
want to deal with somebody that's in the local market,
gonna take care of your loan on the conventional side.
That's US eight five, nine six, give us a cast
as listen to the radio show. I want to get
(19:42):
pre qualified. I'm tired of rent and paying somebody else's bills.
Time for me to take ownership, especially if you're what
I call a sweat equity buyer, Larry you and some
of these houses are a little outdated, possibly and you
get a good fie on one if you've got the
ability to do some of the work yourself, or I mean,
that's an event set of renting and you can fix stuff.
(20:03):
I wish I could fix stuff, but I can't, and
I have to hire people to fix stuff. But that
comes with being home ownership. Well, you do have to
realize that as a homeowner, you don't call your landlord
anymore to fix things. Yeah, and that's why, you know,
home ownership isn't for everybody. But we're here to supply
a line of mortgage products that are you know, good
(20:25):
for the community and good for the bank obviously and
fair and we want to do that.
Speaker 2 (20:30):
But yeah, I mean it's being.
Speaker 1 (20:31):
A homeowner, y're you know, if it's two years old,
three years old, you're still gonna have to take care
of your house, make sure your downspouts are working properly,
and you know, everything's.
Speaker 2 (20:39):
Like I'm supposed to be. So it's not a one
size fit's all. I mean, you've got stuff to do,
but yeah, fix it.
Speaker 1 (20:45):
All kinds of different loan programs and it's just the
fixed ruppers are a little bit different because you know,
you've got.
Speaker 2 (20:52):
A subject to value and a setting it says is
value and that can change.
Speaker 1 (20:58):
But yeah, I tell you, the sleekest thing is with
our Bridge loan ten is where somebody gets that and
they've got enough equity to take cash on the house
their mind, and just exactly what you're talking about going
a little sprucing up and they move into it and
they had a little bit of cash, and then they
fix the house they moved out of, get it up
to pars so they can maximize the sale on it.
Speaker 2 (21:18):
And then they got it ready to sell.
Speaker 1 (21:19):
And then when they sell that off, come down, pay
down the bridge loan to where it fits the guidelines
and what their payment needs are, and you go on
from there. And we've done some loans like that where
you know, people have taken an extra forty five or
fifty grand, fixed the house up they move into, then
when they move out, fix the house they're moving out us.
Speaker 2 (21:34):
Meanwhile, the value continues to rise.
Speaker 1 (21:37):
Yes, they're not making any more land and the home
values continue to increase, and nationwide is going to be
a smaller number than what we might have here in
central Kentucky.
Speaker 2 (21:45):
But on average, I think that's what's.
Speaker 1 (21:47):
Seven or eight percent, some like that ten absolutely, I
mean you can't it's a broad brush. I mean, you
go down some parts of downtown Lexington and the you
know Henry Clay Home area, Ashland Park, and I mean
it's just unbelievable the square footage formula that now presents.
Speaker 2 (22:09):
Itself, because like we've talked about.
Speaker 1 (22:12):
You know last week. You know, the lots that they
sold back then were deeper, bigger, the lots. And one
of our buddies that used to live here heat built
one out there and you can.
Speaker 2 (22:23):
Barely get a lawn more down the side of ye.
Speaker 1 (22:26):
And so the landscape changed in the in that regard
that these builders are looking to use every inch h
for brick and mortar and some of those some of
these lots are infield projects in Lexington.
Speaker 2 (22:43):
The lots are very nice, very nice lots.
Speaker 1 (22:47):
And we've talked about that homeowner that that may be
on a fixed time and can't keep up with the repairs.
Speaker 2 (22:53):
What does that homeowner do? And that's where we've got
to come up with a solution. And this said and
only in Lexington's.
Speaker 1 (22:58):
Nationwide and there's that's kind of you know, part of
what our side gig is on raising money to help
people in those situations that need help neither their roof
fixed or they're poetry paired or something, you know, not
too extravagant, but we'll know, rand up some workers and
a little bit of money and some funds to try
to help people keep their property up to dates they
can get in and out of it and stay you know,
(23:18):
keep the neighborhood looking good.
Speaker 2 (23:20):
Right.
Speaker 1 (23:20):
But if we as we've said, we think that statistical
based on our aging population, uh, you know, people are
living longer, and when you're living on a fixed income,
you know, being a homeowner may not be your you know,
best option. But where are you going to go? You know,
And that's where we got there's where the in between
(23:40):
has to happen. And that's kind of you know, where
they you know, where the people in the community that
when you're dealing local can benefit. I mean like where
we were at last year with the Bluegrass Realtors, you know,
I mean the Real or Community Housing Foundation what of
you know, feather and the cap that they have and
they're helping people all the time. And the realtors that
are out here selling property and making a living or
(24:00):
donating back to help. You know, you're dealing with local,
you're buying local, and you're staying local, and.
Speaker 2 (24:05):
It kind of circles back around.
Speaker 1 (24:07):
And we take pride in that we get involved in
stuff that we believe in, we want to help with.
And there's a lot of people out here that you'll
never hear of that you would never think. But if
you know, if you really knew the backside, they're helping.
They're doing more than you know, just showing up at
their kids game or you know here or there. I mean,
they're you know, there's a lot going on behind the
scenes with people, and people don't they don't care to
(24:27):
be recognized or you know, that's not what that's not
what it's about. They're here just to help and you know,
make that make a difference without meaning anything bigger than them.
And that's what I like about a lot of people
we deal with for the same way. So it's good.
But you know, once again, yep, RACH at seven percent,
(24:48):
but you know, just you know, marry the home date,
the loan. If you want something, let us get you prequalified.
If you've been prequalified. When RACH are a little lower,
you need to give us a call and let us
reduce some numbers and.
Speaker 2 (24:59):
Revet it out. And I don't care who you've got
to preapproval letter on. We'll help you with it. You know,
we'll reevaluate.
Speaker 1 (25:04):
The information and we can use some of what you
probably turned in to help do that. But as far
as closing costs, we're probably going to have the cheapest
closing cost in town.
Speaker 2 (25:12):
We still have that.
Speaker 1 (25:13):
They're not as low as they once were, but we're
still should be the cheapest in town.
Speaker 2 (25:16):
With the way we ruled him. There's no way around that.
Speaker 1 (25:20):
And if you want to save some money, like I say,
be local, stay local and buy local.
Speaker 2 (25:23):
We're hey, let's let's do it. We're here for.
Speaker 1 (25:26):
You eight five nine eight nine nine nine three six
or south and drive over there eight five nine two
six three three three three five. If you can hear as,
you can call us. I mean, you've got Jamie Mortimer,
Aaron O'Brien, Jim McKenzie, Alex Malaney over at South and
over here, Alex Tingle, Lorie Hawkins, Rob McBride, Tim Adams, myself,
Kyle Madaris.
Speaker 2 (25:47):
You know, same crew. We haven't gone anywhere.
Speaker 1 (25:49):
Over sixty percent of the loan officers have left the
business over the last couple of years. Tim, that ran
five years ago.
Speaker 2 (25:54):
What about that?
Speaker 1 (25:56):
Well, it's abound to happen. With the drop off in volume.
You know, there's only so much business.
Speaker 2 (26:02):
To go around.
Speaker 1 (26:04):
And I know that there's a lot of realtors feel
in the same way. A lot less sales to go around.
It's just a trickle down here. So, uh, this is
going to turn around, like you said, it's all it's
a history will prove that markets are very cyclical, and
we're going through a unique cycle in the fact that
(26:26):
we're still, you know, basically in the throes of COVID recovery.
You know, in the scheme of things, some of the
inflationary issues are brought on by COVID and spending, government spending,
consumer spending, and until.
Speaker 2 (26:44):
We get that, until let's kind of figure it out.
Speaker 1 (26:46):
But on the other front, you see that, you know,
unemployment is low and there are jobs out there, and
but the large swath of Americans won't buy the fact
that this economy is great all right, and it's not
in my opinions, Lots still going on, a lot of
moving and shaking. The cost of gas, I mean, what
was it they did the numbers on last week, eggs
and something else, I mean, have gone up that substantially,
(27:07):
And people think that's funny. You think that's why the
election went why the election did well. There's more to
it than just that.
Speaker 2 (27:13):
But I mean, the cost of goods, the cost of foods.
Speaker 1 (27:15):
And everything are just you know, people are living paycheck
to paycheck yep, you know, and they've run up the
credit card debt and they're tapped into their home mach wee,
lines of credit, everything that they can.
Speaker 2 (27:23):
And so now they're how can I buy a home? Yeah?
And that's where you know.
Speaker 1 (27:28):
Fortunately, a lot of the people we've had, you know,
I've had recently've had down payment money saved.
Speaker 2 (27:32):
Up and are in you know, fairly decent shape. But
that's not the case all the time.
Speaker 1 (27:36):
And a lot of people don't know how good a
shake they're in and don't want to. They don't want
to ask, you know what I mean, don't ask ontell
the kind of thing they're like, Man, I'd like to
buy a house bount and if I can, we'll give
us a call. If we can't do it now, we'll
weigh out of ground. Plan doesn't mean you got to
do a loan with this, but we'll tell you got
to do this, this and this, and you should do
it with you know what, we can see at this
point by doing one, two, three, ABC whatever and get
(27:58):
them on that path to home ownership this spring or
this summer or whatever it takes. And I've done that
with many of people, many a person that will come
in later once we met those goals.
Speaker 2 (28:06):
And buy home. And the only thing that you and I.
Speaker 1 (28:09):
Can see happening is that the truth will come in
and the things will come out like we think they should.
And that's just our opinion. We really don't know the
numbers because we can't. Like I say, they're all muddy.
Rates should be starting to come down. I would think
over the next several months, we get through this inauguration
and get the aliens hidden, and you'll get focused on
what we're going on that smoking mirrors there. I don't
know what's going on out in the world, but there's
more to that than we know. Who knows what's going
(28:30):
to happen next, but you know, we just need to
find a way to find a way sometimes, you know
what I'm saying, Pinky, Well, hopefully they by the air
end of the show, they've come to a conclusion on
the spending bill and everything's everybody agrees on what's on
the table, so we'll see. Yeah, they that might in
fact help markets this week and to the end of
(28:53):
the year. And how many times have you heard that,
you know that fifteen hundred pages is what's in the
spending bills at what you said said something like that, that's
where they slip all let crazy stuff in there for
you know, you can't you don't have time to read
it all.
Speaker 2 (29:03):
And then when you sign it later on and.
Speaker 1 (29:05):
Get it through and hey, then all of a sudden
you go, oh my gosh, we just funded this for
the what. Yeah, you can't go wrong with owning property
if you're up to it. But there is up keep this,
like you said, there's maintenance, there's taxes, there's insurance, there's
all the things that you know come involved with it.
It's not a set of forget it type of a thing.
But it's a great investment. So you've got to buy right.
You got to be able to manipulate and manipulate the
(29:25):
market when you get a chance refinance, take care of yourself,
you know, And then you know, first thing is is
buying right. Find a good realtor, which we know several
of them, some of them advertiser on the show and
some of them don't. But you know, what's an opportunity
for you to take advantage of. There's in winter time,
not a whole lot going on anyway, When rates were really,
really low, it didn't make any different. We were busy
(29:45):
twenty four to seven and every day of the year.
Now it's kind of back to the wintertime. Everything kind
of slows down and people were kind of settling in
for the holidays.
Speaker 2 (29:52):
Of course, economy is a little tough.
Speaker 1 (29:54):
People don't know what to do and it seems like
it's back to the old, good old days now on
the cyclic cool time of business.
Speaker 2 (30:00):
But man, I'm blessed to have what I have.
Speaker 1 (30:02):
I appreciate anybody that's calling and working with Guardian Savings,
Bank of Me or any of the loan officers tends
the same way. You know, we wouldn't be here if
it wasn't for you been here long enough, and we've
got a good enough reputation and do a good enough
business that you know, we should be one of the
top three calls in Lexington for anybody. And if anybody
that's you know, not familiar with what we do, just
give us a call. I mean, we'll tell you we
service our loans. That's the trick. You're gonna pay Guardian,
(30:23):
all right, I mean, so I don't have to charge
you four five thousand dollars in origination fees. The paybacks
truly in the payback and a lot of people do
not understand that we're not a broker. We're not going
to sell your loan out to someplace. Eventually on government loans,
we will, but other than that, we're gonna have you.
We're going to take care of you. You're going to
be in our business plan, our portfolio, part of our family.
Speaker 2 (30:43):
We need you. We got to keep growing. So anyhow,
we hope that you can see the vision.
Speaker 1 (30:48):
That we're trying to portray here reguarding and give us
an opportunity to help you with your process. And we
don't do boat loans, note loans, nothing like that, real
estate only. But we do have checking and savings and
CDs and you can check on those things things as well.
We have very competitive pricing on those things. So we're
gonna take one more break before we wind it down.
You are listening to the Welcome Home Show by Guardian
Savings Bank. We're opening a day from nine to one.
(31:09):
Fun numbers eight five, nine, eight, nine, nine one nine
three six South and drives eight five nine two six
three three three three five, So if you can hear.
Speaker 2 (31:17):
Us, you can call us.
Speaker 1 (31:18):
You are listening to Welcome Home Show by Guardian Savings
Bank on news Radio six thirty w LAP. You'll be
right back back. Listen to Welcome Home Show by Guardian
Savings Bank, Tim Adams, Larry Frank's in here. Merry Christmas, everybody.
Hope you're enjoying the show. Hope you're having a good weekend.
Thanks for tuning in. Don't forget three o'clock somewhere thereabouts.
You're gonna get the pregame show for tonight's basketball matchup
(31:41):
between UK and Ohio State. Pre games at three o'clock.
Game time be right around five thirty. I guess Tim
something along those lines, and so hopefully you'll have everybody
together watching that this afternoon, having a good time. Just
be safe if you're out and about uber no drinking
and driving, take care of yourself.
Speaker 2 (31:57):
We hope that everybody can get by and have a week.
Speaker 1 (32:00):
The bank will be closed half a day Tuesday, all
day Wednesday, back open on Thursday and Friday. You ready
for Christmas time? You got all your stuff, taking care
of it as well as I can be.
Speaker 2 (32:09):
Yeah, me too.
Speaker 1 (32:09):
I'm gonna try to get by with what we got
and get on with what we have. So try to
make ends meet with it. But what do you think
about the basketball team so far? I'm pretty happy with
you know, what I'm seeing and the way they're playing
and got a long season, and the more I listen
to it and watch it, it looks like the SEC
is going to be beating the crap out of each
other to see who's gonna win the division. But we
(32:31):
got like six or seven teams in the top ten.
Pretty impressive what the SEC's got going for it this year.
Football playoffs are getting getting wound up and going on,
and we'll be in day two of the football playoffs today.
They started last night. Of course, we don't know any
results yet, but it's a whole new format. We haven't
seen it before, so that'll be interesting to see how
(32:53):
the playoffs plays out. Yeah, it'll be a good time
to see how shakes down. So anyway, what do you
see next year for the for the future of the
business team. I mean, you can't we can't put our
finger on it. But this year was not anything that
we we figured rates would be in the five somewhere
by now, a lot lower than what they are based
(33:13):
on what we knew, and that didn't happen. And of
course we thought that they everybody said they should be
five a long time before they were for years when
we kept saying, well, you where where we need to
be and they didn't.
Speaker 2 (33:23):
Go to five.
Speaker 1 (33:23):
Everybody we should be at five, you know, And you know,
we got to keep builders working. What are builders going
to do? What are realtors going to do? What are
mortgage backers going to do? If we don't turn this
boat around a little bit. But uh, it's hard for
me to say when that's going to happen, and the
government don't seem to know when that's going to happen.
Speaker 2 (33:42):
And of course the Federal Reserve is the Central.
Speaker 1 (33:44):
Bank, and there that their intention was to be an
independent banking entity for banks to rely on for capital
when they need it and for bars when they needed
But just we have a lot of reluctance on bars
that have low rates that don't want to you know,
I just I don't know the answers. But how going
(34:05):
to keep builders building if we can't sell homes? I
think we're unique in this area. We've never seen the
hardship in some other parts of the country. Oh, I agree,
I think Central Kentucky last time things got tough the
realtors and never by handled their business and kept us,
you know, everything in line as far as values and
so on and so forth.
Speaker 2 (34:22):
And I don't think we'll fill out of it.
Speaker 1 (34:25):
I think we're not in We're not immune or insulated completely,
but there's you know, hopefully we'll get everything turned around
where you know, things are, you know, and I think
five percent is going to be a fair place to
settle in the future. I don't think sevens it, you know,
it may be five and a half. I don't know,
but for some reason, five has been the number. We've
always said that and felt that, but you know, we should,
(34:45):
you know, have an open mind change that maybe we
don't see it are going to hold precedence over what
we think, you know, when we said, well, yeah, I.
Speaker 2 (34:53):
Guess you're right, you know.
Speaker 1 (34:54):
But still it's one of these things where you can
marry the home and date the loan. If you get
out and buy something now, you don't have to keep
it for And there's people that don't realize that. And
that's really what we want to do, is just make
sure people know you don't have to keep what you've got.
If you've got eight percent and you can go to
seven right now, save a couple of months worth the payments.
Speaker 2 (35:09):
Call me.
Speaker 1 (35:09):
We know we have loan ulcers in our organization that
you know, the cater to high end clients.
Speaker 2 (35:14):
And these high end clients aren't batting an eye at
doing seven percent for a year. No, no, not at all.
Speaker 1 (35:20):
And they know money, yep, and so they're not They've
done well in.
Speaker 2 (35:24):
Their own portfolios.
Speaker 1 (35:25):
And whoever they're listening to, soy is, go ahead and
take that now, you know, back to marry the home
and don't marry the loan. They're not marrying the loan.
They're they're getting into the home and then seeing what happened.
You know, appreciation is going to happen. They might be
expecting funds down the road where they or they might
have another home they're going to sell or whatever, and
(35:46):
then they're going to refinance.
Speaker 2 (35:47):
At that time.
Speaker 1 (35:48):
But I think that those those buyers truly believe about
what we try to, what our opinions are, and that
there will be a correction.
Speaker 2 (35:59):
It's going to be it's going.
Speaker 1 (35:59):
To be well well received not only by builders, realtors,
mortgage bankers, but buyers.
Speaker 2 (36:08):
We've got to keep building. Larry yep, we do to
meet up with demand. And this isn't you know, and
I've heard it anytime.
Speaker 1 (36:13):
This ain't the highest rate we've ever seen, and you know,
but I mean, it's just the values are so much
more now that when rates were high. I mean, it's
going to tell people all the time I paid nineteen
percent nineteen eighty yep, tra houses.
Speaker 2 (36:23):
Worth thirty six thousand.
Speaker 1 (36:24):
But talking to those experts last week, when they say
we've got a three month supply, we really need a
six month supply, I can't tell you how to get there,
and I don't know if they can tell us how
to get there yet, but it's something we have to.
It's just like you said, where there's going to have
to be more multi family dwellings possibly to achieve that objective,
I'm not sure, but we need more supply, that's a given. Yeah,
(36:48):
what's the average time on the market right now, like
ninety something?
Speaker 2 (36:52):
I haick it up. It's forty five fifty days or something.
I haven't looked at.
Speaker 1 (36:55):
It particularly that close, but I mean it's getting you know,
it's still a competitive market.
Speaker 2 (37:01):
Let's just put it that way.
Speaker 1 (37:02):
So if you get a chance, if you find the
house you want, get out and give it a look.
Let us get your pre qualified with the rate what
they are. If they go down obviously increases you're buying power.
But we'll help you get where you got to go.
Like once again, we don't do boat loans or note
loans or anything. We do first and second mortgages in here.
But you know we're here to help you put something together.
It's going to make sense, so keep that in mind.
We appreciate you turning into tuning into us today and
(37:23):
listening to us. So we hope everybody has a merry
Christmas and a happy new Year. We should be back
next Saturday. We'll do the show again, but we hope
everybody has a good, safe week. You get everything you want,
Everybody gets what they have and enjoys it, and everybody
just safe. That's the main thing. And call somebody and
tell them hello. Give somebody a smile that you don't know,
make their day. So you've been listening to Welcome Home
show up today from.
Speaker 2 (37:44):
Nine to one.
Speaker 1 (37:45):
The bank is eight five nine eight nine nine nine
three six. If you can hear, you can call us.
Merry Christmas everybody. We'll be back next Saturday for Tim Adams,
I'm Larry Fake. You've been listening to Welcome Home Show
by Guardian The Savings Bank on news Radio
Speaker 2 (37:57):
Six thirty WLAP at Christmas
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