Episode Transcript
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Speaker 1 (00:06):
Florrying lesson tendre listen. Welcome home so by Guardian Savings
k Larry Frates, Kim Adams again this Saturday morning, coming
at you here in Hamburg. Phone numbers eight five nine,
eight nine nine one nine three six Southland driving the
corridor over there that pe numbers eighty five nine two
sixty three three three three five.
Speaker 2 (00:25):
Rates have been up and down this week. Bond Marcus
been a little crazy, all kinds of.
Speaker 1 (00:29):
Economic news out and all kinds of different things going on.
We just deal with it and keep rolling, don't with Tim.
Absolutely still a lot of uncertainty out there and amongst
the investors on Wall Street. So we're seeing kind of
that play out. Bonds were a little more popular on Friday,
(00:51):
and what that means, especially with the ten year Treasury,
that that kind of we follow the ten year Treasury
to give us a clue on where if mortgage rates
are going to kind of come down a little bit.
So when bond prices are healthy, that's good news for
mortgage rates, especially the tenure bond specifically. So we're still
(01:12):
you know six and seven eight, it's on a thirty
year and just so we're still going through an uncertain period.
But like we talk about, Larry, go ahead, married the home,
not the low. Yeah, date the loan. That's all you
gotta do. And you can, you know, if as low
as closing costs are and if people find it.
Speaker 2 (01:31):
Hard to believe, you know what, it was around eleven
hundred dollars in closing costs at the bank right now
and that's a praise on everything included to get one
put together with us. And but the fifteen year, you know,
we're down to six and eight twenty years, six and
a half and six point eight seven five on a
thirty and you know it's uh, you know, it's still
(01:53):
we're still qualifying people and people are still buying, you know,
and I'm glad because there's going to be more buyers
to compete against as these rates go lower and tim
It still amazes me we talk about this on a
regular basis of how many people.
Speaker 1 (02:10):
Are waiting for their rate to come down before they
do something.
Speaker 2 (02:15):
And at the whole time they're waiting what are property
values doing.
Speaker 1 (02:21):
Going over? Yep? So you know, where's the rubber meet
the road on that To get.
Speaker 2 (02:26):
People to understand it, you know, yeah, you can wait
for the rate to come down to you know, five
and a half or high fives or whatever, five whatever
you were trying to wait for. But that two hundred
and fifty thousand dollar house today is going to be
too eighty five by the time that happens. Possibly, But
you know, just a chance you take. But we get
you qualified and get you in something, and we don't
(02:49):
have any pre pain of penalties. I mean, we can
refinance and when the rates come down around eleven hundred bucks.
So you know, just I try to get people to
move forward. A lot of people do.
Speaker 1 (03:01):
And have and it's uh, you know.
Speaker 2 (03:05):
Just a learning experience for everybody involved always, but just
some people will take advantage of it. Right now, I'm long,
but we'll just keep on keeping on and see what
happens here. I was looking to see what we had
tim what we had in the pipeline right now in Lexington.
Speaker 1 (03:23):
So we have Lexington.
Speaker 2 (03:25):
We've got fourteen million locked in for loans this month.
Fourteen million, two hundred and ninety four thousand. You know
that's not bad. So it's you know, business is picking
up and looking good. We just keep on moving.
Speaker 1 (03:39):
Well, be looking at a closing disclosure right now alone
I'm closing next Wednesday, and I was curious, you know,
because we have had some slot different you know, differences
in our closing statement. But this is a this is
a refinance rting term. Total costs eight hundred and forty
five dollars plus inn eighty dollars recording fee for a
(04:01):
total of nine to twenty five. There you go. That's
the whole ball of ax ladies and gentlemen, or the
closing side of it. Now, in this case the borrow
where it is going to set up there to pay
their property taxes and homeowners insurance monthly. So there is
an additional expense from that. But when you get into
a refinance, then you'll get your ESCRO money the other
(04:23):
lenders holding after closing, So there's in that game after closing,
and then you defer out the first month payment. So
there you go. Now eight hundred and forty five dollars
and we just passed along true costs appraise a little
credit report, the title of the title work we have
to execute in recording fees for a total of nineteen
twenty five less than one thousand dollars.
Speaker 2 (04:45):
I knew that the cost of the credit reports went up.
Speaker 1 (04:48):
How much does that show on there now, Actually we're
showing that as the lender pay, So we're showing three
line items of lender PAGs three hundred and one, fifty
five and five fifty. That's what's the for you for
the appraisal fee, the credit report, and the flood shirt. Larry,
you pay a blanket fee up front of five hundred
(05:09):
dollars plus the applicable title search and then escor a
closing fee and this disbursement fee of thirty dollars. There's
where the eight forty five comes in. Five hundred and
upfront fees and then we need the lender pay five
hundred dollars or for you lender pay, so it really
(05:33):
should be eight forty five plus five hundred, but we're
going to go we're able because we service loans, we're
able to pay some of those closing costs for you.
They're called lender paid, so you don't have to pay them.
So nine hundred and twenty five dollars, and these folks
are going from eight and an eighth to six point
(05:56):
sixty to five. They locked in about a month ago
and we're closing next week and the savings are start
right away Larry. Yeah, absolutely, and that's why we say,
you know, marry the home, date the loan, and anybody
that has an interest rate of about seven percent, seven
(06:16):
in a quarter, hire needs to call us and something together.
At least get them a quote and see how much
we can save them. And the way these houses are appreciating.
And some of these people have mortgage insurance to him,
they might get out of it or have a you know,
if their equities increased, it may be less. Now, there's
so many different ways of saving money, but you don't
know if you don't call, and especially if you unfortunately
(06:39):
run up some credit card debt. And we all know
that credit card debt is an all time highness country.
So you know, I've been a little been a victim myself,
maybe living beyond my means iple pit Larry with the
use of a credit card, and I know it's twenty
nine percent, and it kind of gives me a headache
to think about it. And you might be in a
position where you can got a high interest rate on
(07:02):
your mortgage and you've got some credit card debt. Hey,
let's roll it all together and relieve you of that
high interest on those credit lines. Yeah, I grew and
it's just you know, give us a call eight five,
nine six. I talked about earlier this I guess it
was been. I guess it was late in the fall,
and I had a guy that you know, had a
majority of his debt, you know, in the three four
(07:25):
percent range. But we shut alone together saved him twenty
five or twenty six hundred bucks a month, you know,
paying off all of these credit cards and all of
these debt. And you know, he went from you know,
four to six and a half at the time of
the rate, and it made sense. I mean, he freed
up twenty six hundred bucks a month for him now
(07:46):
he just had one bill to pay versus you know,
six or seven. And he'd been, like about any.
Speaker 2 (07:51):
Other American, just you know, trying to get by with
the way everything changes on us as far as groceries
and food and fuel, and you know, and I'm with.
Speaker 1 (08:00):
You, Tim Heck. I put on some credit card debt myself,
taking care of medical bills, different stuff like that.
Speaker 2 (08:05):
Over you know, trying to get stuff done and just
trying to get things. And hell, I hate carrying credit
card debt.
Speaker 1 (08:12):
I'm you know, I'm.
Speaker 2 (08:13):
Working on getting it knocked down. I'm gonna get it
done here pretty quickly. But you know, it's people, it's
what's happened to a lot of people. Yes, their life happens,
I guess is what they say.
Speaker 1 (08:23):
Well, you know, don't mean you're not good people, but
sometimes we do get caught up in a spend cycle.
That's sp e n D anyway, it happens. And you know,
we are a society of truly buy now and pay later.
So that's just a you know, that's not the way
(08:45):
our grandfathers were, especially mine, although he did take out
loans on real estate, he would he paid cash for
everything else if he didn't have the money, he didn't
need it, you know what I mean. Yeah, And that's
you know a lot of people that didn't play it.
Speaker 2 (09:00):
But this economy jumped up and stayed you know high,
and the cost of everything was affair.
Speaker 1 (09:06):
For a lot of people. A lot of people live
in paycheck paycheck tim We know it, we realize it.
If you look at that their financial status was gauged
in a in a as in a your your gas tank,
a lot of people be running on empty. You know, Well,
let's look at the you know, we've been in inflationary
times now for many years when when the Feds, the
(09:28):
Treasury Secretary said at the time it was transitory. Well,
it's still transitory, and so we're still experiencing inflation. It's
gotten a little better, but you know, it's still problematic
if you gusked me. Yeah, now here's this is what
is funny to me. So we're six point eight seven
(09:49):
five on a thirty year fixed conventional loan. FAHA is
offering six and a quarter for three and a half
percent down the credit score six forty or better and
alone of above one hundred and ten thousand.
Speaker 2 (10:02):
So the FAHA is six and a quarters better than
a conventional rate right now. Now, the closing costs is
completely different. I mean, it's a whole different ball of
wax as far as that goes. But keep that in
mind too. We do FAHA B A, U, S, D A,
you know, and we do a good job at them.
We don't service them like we do the others, and
(10:25):
the closing costs are different because of that. And you
know that has to have title insurance. There's other stuff
in there involved. But you know, keep that in mind.
Speaker 1 (10:33):
If you want to consider doing an FAHA loan. You
don't have to be in that first time home buyer
to do that, but you know that's not a bad
program either. We can can you know, we've got several
different avenues that depending on the needs of the bar,
we're to try to facilitate a loan for them, especially
the DA program with all the outlining, mostly outlining lying
counties Jasmine Scott Bourbon Clark. You just have to go
(10:59):
into the website, plug in the address and it tells
us that that property is eligible for a one hundred
percent Fancy's.
Speaker 2 (11:07):
And that's a good alternative as well. Hey, we're gonna
take our first break of the day. We're gonna be
right back. The bank is open to day from nine
to one on numbers eight five, nine, eight, nine, nine
one nine three six South and Drive is eighty five
nine two.
Speaker 1 (11:19):
Six three three three three five. So if you can hear,
if you can call, if you want to get out
and do something this afternoon. You got UK Softball, UK
Baseball that's at four point thirty the season at two
fisted Wheel is downtown. Savannah Reeves is gonna be playing,
so we're gonna give her a little music on the
radio today.
Speaker 2 (11:34):
So you can see here what you might you might
enjoy tonight if you go see your lives.
Speaker 1 (11:39):
So we're gonna be right back you listen Welcome Home
Show by Guardian saves Mankton News Radio six thirty w
lap Gee back. Listen to Welcome Home Show by Guardian
Savings Bank Larry's Breaks, Tim Adams in here this Saturday morning.
Glad to have you tuned into us. Bank is open
a day from nine to one on numbers eighty five
nine eight nine nine one nine three six south and
(12:03):
drives eighty five nine two six three three three three five.
So if you can hear she can call us. Just
mention Savannah Reeves. She's gonna be down at two fisted
Willie's and Steven. It's a nice new venue downtown in
Lexington and uh pretty cool spot. She's a great singer
and great entertainer. Uh has a good falling. Can get
out and get a chance to see them at place
(12:23):
fills up and stays packed. So I will tell you that,
and that's that's that's what they have it for UK
softball and baseball to day at four point thirty at
home tomorrow at one.
Speaker 2 (12:33):
If you're going to get out and then uh, Tim,
I was gonna you've been helping me.
Speaker 1 (12:38):
I had to Uh. I've been getting some new furniture
and stuff around the house here and I got very
happy with the stuff I've got.
Speaker 2 (12:45):
And you've been with me. But we've been over to
warehouse seven six four over on Seventh Street and they
got a big blowout and going on today started about
an hour ago.
Speaker 1 (12:53):
So if you're looking for some new furniture, you want
to get some top.
Speaker 2 (12:57):
Name stuff, go over and check them out. But they
have they just buy over stock stuff and quality and
they just have two blowouts a month. They don't, you know,
stay open seven days a week, just to save the
overhead and the costs and and they passed.
Speaker 1 (13:12):
That along to you. But I got some nice stuff,
got a great deal on it, and uh I have
uh you know. I told Keith, the.
Speaker 2 (13:20):
Owner of I said, man, I got to tell some
people on the radio about maybe we'll get him to
to uh get on here one day. But his philosophy
on saving people money and the way he does stuff
pretty cool to him.
Speaker 1 (13:29):
You and I enjoyed talking with him.
Speaker 2 (13:31):
And you got a table and I got a couch
and a chair and some other things and I'm happy
with it. So it's pretty cool.
Speaker 1 (13:38):
But anyway we can, I call it elected Larry. You know,
he's got an eclectic collection of very unique some of
that very unique furniture. Uh you know, I shocked his
store when he was over on a New Circle Road
there across from Sam's. He had a retail location at
one time over there. So what he's done there seventh
(14:00):
three is totally is mind blowing. What he's renovated that
warehouse space and and he just acquires very unique furniture.
I'll just say that. Yeah, but it's but it's not
it's not add it's just he's on tables, he's got beds,
he's got couches, he's got artwork, and he's got some
you know, just some some cool stuff. But it's it's modern.
(14:22):
I mean that's yes, he's look at my house. Wash
started buying stuff and he's got it.
Speaker 2 (14:26):
He had a great vision for what I needed to do here.
I got a great deal on it. And it's solid,
it's heavy and a last forever. I don't think we
ever have to buy anything else. And I hope I
don't have to move this, you know, but uh, you
have keep that in mind, and what else you got?
What else were we gonna talk about. It's a big
week in Kentucky.
Speaker 1 (14:46):
It's Derby Derby Way, and so we had talked about
this last week that uh Derby E what I think
what took the place of the poor Man Derby Party
that used to be held over on Broadway that's moved
out the Bluegrass Stockyard And it's blue jeans, boots and
bulls and it's a Derby party and they're gonna get
(15:07):
going at five point thirty. They're gonna have live entertainment
throughout the evening. There are options to purchase food online,
but then the main attraction will be Boogie Gee and
the Titanics at nine o'clock. So come out and boogie
with Boogie. Yeah, it's they always put on a great
show there, George and them and Steve the drummer, you know,
(15:30):
he was a backup drummer for the Doors back in
the day and he's I think he's about wore out.
I've been a few miles myself there.
Speaker 2 (15:37):
Ain't know, but anyway, they'll they'll put on a good
show out there and anything there.
Speaker 1 (15:41):
But you can you can tell them, you know, it's
gonna be big, spacious area, No no problem. The parking's
easy out there. It's a great venue right there off
I seventy five. So I'm excited that what that's going
to bring to the Derby week. Get the party started
for Derby Day on Friday night at the Blue Vest
(16:03):
dock Yard. That's Blue Jeans and bowl. Were you taking
another break? You're listening to music today by Savannah Reeves.
She's done two fisted. Willie's the scene and we talked
about that a little bit. But we're oping today from
ninety one when there was eight five nine eight nine
nine one nine three six Southam Drives eight five nine
two six three three three three five. You can hear
if you can call us. You're listening to Welcome Home
(16:23):
Show by Guardian Savings Bank on News three six point thirty.
W Lap Cookie right back.
Speaker 2 (16:31):
Listen to Welcome Home Show about Guardian Savings Bank. Ben Adams,
Larry Freke's in here with you this Saturday morning.
Speaker 1 (16:36):
We're glad to have you tuned in to us. Hope
you're having a good weekend. Get a little bit of
rain on Friday and possibility today, but can you get
out and do your stuff?
Speaker 2 (16:45):
You know, just watch out for people. A lot going
on downtown to Stevening and like we're talking about Tim Fisted, Willis,
Savannah Reeves and a bunch of them. Got black top
rodeo over at Austin City. I'm just trying to uh
see who's where, but I know that those two things
are going on. The other a couple of spots I
like to get out and listen to live music. Check
(17:05):
out Twisted Cork if you like a little laid back
spot over there. They've got some couches and stuff to
sit around on, listen.
Speaker 1 (17:12):
To music, small place and the great service and good tunes.
So UK.
Speaker 2 (17:19):
Softballs play in Mississippi State today at four thirty. Got
a skinfielder Mississippi State that's.
Speaker 1 (17:25):
From Kentucky played down Somerset. She's a star this year
with them. It's her final year of play with them.
So if you get a chance to get out, Lexi Hole,
I think is gonna be in the lineup.
Speaker 2 (17:40):
I don't know why she wouldn't be, but a great player,
a great kid, been inspirational to a lot of people.
Then you've got UK versus South Carolina just in the
baseball field right in the stay neighborhood there at four
thirty on Saturday and one o'clock on Sunday, and the
girls are four thirty today and one o'clock tomorrow, so
(18:01):
get out.
Speaker 1 (18:01):
And see them if you can.
Speaker 2 (18:02):
Beautiful facilities, great time fan trainling. Nothing wrong with that
at all. But Tim and I talked a little bit
about what's going on in the economy here, and the
bomb market's been fluctuating up and down. And everybody knows
what's going on in the news if you're watching at all,
with terraffs and all these different things going on, and
there's always a knee jerk reaction to any body time
(18:24):
anybody says.
Speaker 1 (18:25):
Something I don't. I don't know why people don't sort
it out. Somebody's got to. They're paying attention.
Speaker 2 (18:31):
They'd be making some money with the way this stuff
fluctuate up and down. Calls and puts would be good
if you could figure it out. But anyhow, just we'll
try to keep you updated on it. But works six eight, seven,
five on a thirty down to six and eighth on
a fifteen. But the bond market ten. You take a
look at it and see if it look like it's
trending in our favor. I think it has been it
(18:53):
jumped up, but it's kind of working it itself out.
Speaker 1 (18:57):
I know you watch it very closely, Yes, sir, we
saw a little a little bit of action on Friday,
and that's positive traction and tenure bonds or there you
know when what's incorporated in the tenure bond our mortgage
backed securities. And that's what we're talking about Guardian Savings Bank,
(19:21):
we're talking about Freddy Mac and their role in all
this is to manage these mortgages that or they're providing
the capital that we use to purchase your loan. And
then when you talk about selling your loan, that means
that a lender has sold the servicing of the loan.
(19:42):
So that's what we don't do. We don't sell the servicing.
We maintain the servicing. And so when we do a
loan and that goes into Freddymac system, that's profit for
the country number one. And there are investors that will
you know, that use mortgage backed securities as an investment.
(20:06):
So when you have investors that want to invest in
ten year treasuries or mortgage backed securities, that's good news.
Or mortgage rates.
Speaker 2 (20:17):
Absolutely and it's by us servicing these loans. That is
why our closing costure are as low as they are, because.
Speaker 1 (20:24):
The payback is truly in the payback.
Speaker 2 (20:26):
Glorgial's numbers again on that Refinancie just put together for
some bay ten nine hundred and some dollars, including an
eighty dollars recording fee, is this is what it cost them.
Speaker 1 (20:35):
Refinanced was a rate and term one cash out just
so transferring a loan that they had at eight point
one two five, we charged five hundred dollars flat fee.
We charged a twenty dollars title search, a two ninety
five title and closing fee, and a thirty dollars disbursement
fee to get your thumbs to your current lender to
(20:58):
pay it off. Then which charge eighty dollars to record
your mortgage. So the total expense as far as the
technical term of closing costs and that includes appraisal, title
and what we just what I just discussed is eight
hundred and forty five dollars. The bank pays the appraisal,
the credit report, and a floodshirt. That's about five hundred
(21:20):
dollars worth the services that we pay by being a
loan servicing agent. For Freddie Mac. You won't see lenders
title insurance on our closing costs structure. So then we
add an eighty dollars fee to record your new mortgage
at the courthouse, bringing that total to a grand total
of nine to twenty five.
Speaker 2 (21:41):
What yeah, And that's why we say, you know, marry
the home and date the loan. But ten, just mentioning
title insurance gets me thinking. A lot of people don't
realize what title insurance is. And title insurance is a
protecting insurance policy that a lender generally charges wheat because
we service the loan and we have an insured closing letter,
(22:03):
and we have our closers that do our stuff for us,
and we're willing to pass along the savings of no
title insurance and one of the few companies in the
country that are allowed to do this. But anyway, title
insurance only protects the lender for errors that could happen
in your title worker loan closing.
Speaker 1 (22:19):
It don't do anything to the You got to pay
for it for the lender picking an agent that they
have to buy insurance on to guarantee the work. And
you know, we we've talked about it before.
Speaker 2 (22:31):
Some of these houses that you know, in these older
parts of town, they have sold three or four times.
There's been title work done on them every time if
anything was going to show up, but already would have anyway.
So it's a cash cown for a lot of these people.
And people don't understand it, and I know people make
a living selling it. We just don't have to use it,
and you know, we do on our government loans because
it's required you know, FHA, USDA and all those and
(22:52):
that's why those closing costs are different. And we're going
to sell the servicing to that, so whoever buys it
wants to make sure they're covered. But on the conventional side.
Speaker 1 (23:00):
Of things, what we got free and a half billion
dollars in servicing tim and been servicing loans for as
long as they you know, own the bank.
Speaker 2 (23:08):
And you know, nobody can recall wherever, you know, having
acclaim with any title insurance issues, you know, and some.
Speaker 1 (23:16):
Realtors don't even understand that. But title insurance doesn't protect
the borrower. It just protects the lender from airs. But
the title company could have over you know, made during
the process, and we don't do it. We don't charge it.
That's the savings to the people, and that's advantage. You know,
be local by local and stay local. That's what you're
gonna do with Guardian Savings Bank and TIM I don't.
(23:39):
I've had a couple of calls this week with people,
you know, having changes in their escroal balances, wondering why,
and it basically because their homeowners insurance change. But you know,
they call me.
Speaker 2 (23:50):
Or they call you, or they call Lowie or Alex
or Jamie and we can help them sort this stuff out.
I mean, we're gonna we don't have access to everything,
but we can get the information to you.
Speaker 1 (24:01):
And we're gonna we're.
Speaker 2 (24:02):
Going to service your loan on the conventional side or
our in house loans, and we're gonna be a phone
call away if you need something.
Speaker 1 (24:07):
And sometimes I have.
Speaker 2 (24:08):
To refer people to servicing. You know, Hey, call this number,
they're going to ask you for your loan number, get
this question, They're going to help you. If you don't
get an answer that you need or want, call me
back and go a different route. But I don't ever
get a call back people like that, you know, And
of course that's what's made us what we are.
Speaker 1 (24:28):
I mean, we we service these loans.
Speaker 2 (24:31):
People pay Guardians every month, you know, and we're very
lucky to be where we're at and do.
Speaker 1 (24:37):
What we do. But you know, it's kind of unique.
I guess. I don't know if anybody else that doesn't
like that, do you? No, I'm not. That's when when
I first found out about Guardian in two thousand and eight,
I didn't whenever I what, what in the world is
this is? It? Can can this be true? Talking about
(25:00):
is the closing costs? I mean, we just we should
blow your competition out of the water when it comes
to a rate and term refinance for nine hundred and
twenty five dollars in total closing costs. It's not that's
what it costs you. It costs US fifteen hundred per se.
Speaker 3 (25:18):
But we were able to pay some of your costs.
Even with that blow of a cost, we're still able
to pay some of the.
Speaker 1 (25:29):
Services that you're required to have to get up your
loan done. I like to say that our payback is
truly in the payback. We don't have to make all
the money up front. That's most lenders out here got
to have fees, and you know, all this stuff that
you're paying for because they're going to sell the loan.
They're not going to make any.
Speaker 2 (25:46):
Ours is in the servicing is how Guardian goes along.
And a lot of people out here originating loans are going.
Speaker 1 (25:52):
To sell them.
Speaker 2 (25:52):
You're gonna wind up paying somebody in Delaware or call
off whatever, you know, wherever the servicing winds up. But
they've got to make all their money off you, either
out of your equity or out of your pock expenses
to you know, get by. And we just the paybacks
and the payback, so we pass all those savings along
to the borrowers. And that's what you know. The claim
to fame is for some of our fee our closing costs.
Speaker 1 (26:15):
Have changed since we've been here over the last seventeen
or eighteen years. But we went sixteen years without any
changes at all, to fifty for a refine, five hundred
for a purchase, and that's what it was. But because
of the way things are changing the e commy last
couple of years, we've had to make some adjustments and
dislike anybody else. So but you know, we have a
(26:36):
great retention of clients. You know, they'll come back to us.
They know what we do, how we do it and
they're happy with us. And we appreciate that.
Speaker 2 (26:42):
And people that are listening to show that our clients,
we appreciate it, we need it, and most of them
will refer people to us, you know, call ten or
call there and and.
Speaker 1 (26:53):
And these people will become our family. You know. We
talk about more of the loans with some people because
they'll call it, Hey, I'm thinking about doing this, or
I'm going to maybe buy that or whatever. You know.
Some people call want to get a car loan, which
we don't do, you know, and but you know they
think of us, and we do mortgages. And that's it.
Speaker 2 (27:12):
No boat loans, note loans, car loans, nothing mortgages.
Speaker 1 (27:17):
Only.
Speaker 2 (27:17):
We want to do one thing and be good at it,
and I think we really are. But those closing costs
speak for themselves. And if I'm going to save you
money or.
Speaker 1 (27:24):
Keep you from having to get a bunch of your
equity up to get something done, you know, that's just
not the way we roll.
Speaker 2 (27:31):
We're going to put it together and make it happen.
I think you'll be super happy with it. Just give
us a chance.
Speaker 1 (27:35):
And you know what, Kim, you do the same thing.
You referm to get other quotes, Go get other quotes,
know what you need to go and then come back
and somebody's got us beat, which doesn't happen very often.
So be it, hey, but don't fall for the no
out of pocket great point.
Speaker 2 (27:49):
No out of pocket, no out of pocket. And some
people could let us look at it, and I say, well,
what's your loan balance?
Speaker 1 (27:55):
Well, I owe three twenty five. I said, well, they're
just sell them to stay right here, said your borrow
and you know three forty two or whatever. However much
I've seen some high closing costs and they just know
out of pocket, but they're chewing up ten or twelve
thousand dollars in equity to enclosing costs. Just crazy. Yeah,
it's crazy. Be local, by local, stay local. That's what
(28:15):
we want with it. Hey, we're gonna take another break.
Speaker 2 (28:18):
You are listening to Welcome Home Show by Guardian Saves
Bank open it at from nine to one on numbers
eighty five, nine, eight nine, nine one nine three six
Outland drives eight five nine two six three three three
three five. You can hear, you can call us. You're
listening Welcome.
Speaker 1 (28:33):
Home Show by Guardian Savings Bank on news Radio six
point thirty. Oh here Conjugu Wildcat. When Hey, you're listening
music by Savanneries, We'll be right back. You're back listening
to Welcome Home Show by Guardian Saves Bank, Larry Breaks,
Tim Adams in here. Appreciate you tuning in to us.
Hope you're having a good weekend. Hope you had a
good easter and had a good week, had some diesel
(28:55):
weather most of the week rang a little bit friding,
and see what's gonna happen today? But Uh's over from
nine to one from numbers eighty five nine eight nine
nine one nine three six south from drives eight five
nine two six three three three three five. So if
you can hear, she can call us uh bond Marcus.
Looking like it's getting a little bit better headed into
the end of the week here, Tim. So we'll see
(29:17):
what happens Monday. But you know, hopefully it'll keep trickling down.
The ten year treasury is what dictates these mortgage rates.
A lot of people don't understand that. We talk about
it all the time, so we keep an eye on it,
keep it going, and so we can try to have
an idea what's that.
Speaker 2 (29:34):
I mean, I ain't had a whole lot of success
tim because it's so volatile, but we try.
Speaker 1 (29:39):
To monitor it well. We're hopeful that we will see
smarly with mortgage rates even if the you know, as
we've discussed, the Federals ark and that can change the
landscape if they truly wanted to. They're just not willing
to right now. As we've discussed, the placing is still there.
You know, it's a big obstacle to them, the lower
(30:00):
mortgage rates. I don't quite understand that philosophy, but you
know what I've said, and we talked about all the
time on the side, But you know, the plan they
gave us so much money during the pandemic. They just
don't know where it's at, what's going on. But there's
still a lot of spending going on even thing, even
though things are.
Speaker 2 (30:14):
As high as they are, and that's what they're trying
to curb. But you know, hopefully they'll get to it.
But still, you know, closing costs are good. You can
afford to buy something now, you don't have to keep
the loan forever. You can refinance, and we just went
over the cost for a refinance with you know the
right credentials and no delivery fees. So and we'll see
more of those loans that are costing nine hundred and
(30:35):
some dollars in closing costs as we go along.
Speaker 1 (30:39):
Just who's going to take advantage of it. You took
somebody from eight and eight to six how five and
they're saving about two hundred and seventy dollars a month. Now,
let me ask you this, Tim, And I'm just going
to just just to point out something that we do
at Guardian. How long did they have that eight and
an eighth on their in their mortgage? Well? I think
(31:01):
it was at least a couple of years. Maybe I'd
have to know that.
Speaker 2 (31:05):
So you took it down to six sixty two fine,
and you could have put it on twenty eight years.
Speaker 1 (31:12):
You could have put it.
Speaker 2 (31:13):
You could have kept their payment the same and took
it down to twenty three years and two months if
you wanted to.
Speaker 1 (31:17):
That's what we can do a Guardian. They don't have
to start back over thirty. They probably are with you,
But a lot of people don't realize we can do
that either. Right, But here's the dealery. I never bought
that up. I never fine tuned it like that with
them because this was a referral from a financial advisor,
(31:38):
and in his eyes, he wants the lowest payment going
out of their dead log because he wants to manage
more of their assets. I understand. And what really caught
their attention was the ability to bring in ten thousand
lumps on principal reduction. And we recast that note. And
(32:00):
that's why the financial advisor, you know that knows how
we do it, sent them down here so they can
they will be able to trendmist whatever, leaving more money
in their portfolio. That's the way I looked at their situation,
uh in this so uh, that's going to be a
great tool for them to use and the great tool
(32:21):
that they can discuss with their financial advisor on when
the squeeze their portfolio for ten thousand dollars and that
you're just moving investment from one pool of money to
the other, Larry, because that's what your home is, an
investment and.
Speaker 2 (32:35):
That's a great, you know, great topic. We need to
you know, make sure you know, obviously the financial advisor
understands it. He's you know, knows that what we're doing
is is going to be right and good for them.
And and then we have a lot of people that
refer people in here. Just for that Mark Cobain, who's
a great, you know, financial advisor in town and has
you know, he he gets it. Your guy gets it,
(32:58):
and we get a lot of referrals like that. They
know that closing costs are going to be fair.
Speaker 1 (33:01):
They know that they can we can recast alone if
they're paying at least ten thousand down and a recast
is just a principal balance reduction and we recalculate the payment.
You keep the same amorateurization schedule costs one hundred bucks.
We'll go file some new PaperWorks so somebody knows what
happened and on the record keeping. But you know, and
it helps people with their cash flow to their balanced drops,
(33:24):
their payment drops. They can pay whatever they want. We
don't have any pre payment penalties. But that's a cool thing,
that recast. Yep, well, total, let's your financial advisor tell
you when to be mortgage free. It's debated online every
day free and that's the pens on your everybody's different. Yep.
Suddenly we can cater we can cater to it in
(33:46):
the time we set the amortization schedule twenty eight years
and two months, twenty three years and eight months, you know,
twelve years and two months if you're going to retire.
But anyway, hey, we appreciate your listen to us today,
UKs off Ball four point thirty today, UK Baseball four
thirty today at home Tomorrow they're on at once saman
of Reeves are two fisted Willies this Friday, Keim, are
(34:06):
you talking about the Bluegrass Stockyards? Is a big event
out there. If you're looking for furniture. There's a big
blowout going on today over at Warehouse seven sixty four
and they'll get some great deals on some cool stuff
over there if you're looking. We appreciate Keith over there
and he's a good guy. We wanted to shout him out.
But we hope you have a good weekend.
Speaker 2 (34:25):
We'll be back next weekend with our Derby picks. You've
been listening to Welcome Home Show by Guardian Saving's.
Speaker 1 (34:30):
Make with Tim Larry Breaks this morning. We appreciate you.
We'll be back next Saturday. Phone numbers eighty five, nine, eight,
nine six. You've been listening to us on News Radio
six thirty. W lad have a great weekend.
Florrying lesson tendre listen. Welcome home so by Guardian Savings
k Larry Frates, Kim Adams again this Saturday morning, coming
at you here in Hamburg. Phone numbers eight five nine,
eight nine nine one nine three six Southland driving the
corridor over there that pe numbers eighty five nine two
sixty three three three three five.
Speaker 2 (00:25):
Rates have been up and down this week. Bond Marcus
been a little crazy, all kinds of.
Speaker 1 (00:29):
Economic news out and all kinds of different things going on.
We just deal with it and keep rolling, don't with Tim.
Absolutely still a lot of uncertainty out there and amongst
the investors on Wall Street. So we're seeing kind of
that play out. Bonds were a little more popular on Friday,
(00:51):
and what that means, especially with the ten year Treasury,
that that kind of we follow the ten year Treasury
to give us a clue on where if mortgage rates
are going to kind of come down a little bit.
So when bond prices are healthy, that's good news for
mortgage rates, especially the tenure bond specifically. So we're still
(01:12):
you know six and seven eight, it's on a thirty
year and just so we're still going through an uncertain period.
But like we talk about, Larry, go ahead, married the home,
not the low. Yeah, date the loan. That's all you
gotta do. And you can, you know, if as low
as closing costs are and if people find it.
Speaker 2 (01:31):
Hard to believe, you know what, it was around eleven
hundred dollars in closing costs at the bank right now
and that's a praise on everything included to get one
put together with us. And but the fifteen year, you know,
we're down to six and eight twenty years, six and
a half and six point eight seven five on a
thirty and you know it's uh, you know, it's still
(01:53):
we're still qualifying people and people are still buying, you know,
and I'm glad because there's going to be more buyers
to compete against as these rates go lower and tim
It still amazes me we talk about this on a
regular basis of how many people.
Speaker 1 (02:10):
Are waiting for their rate to come down before they
do something.
Speaker 2 (02:15):
And at the whole time they're waiting what are property
values doing.
Speaker 1 (02:21):
Going over? Yep? So you know, where's the rubber meet
the road on that To get.
Speaker 2 (02:26):
People to understand it, you know, yeah, you can wait
for the rate to come down to you know, five
and a half or high fives or whatever, five whatever
you were trying to wait for. But that two hundred
and fifty thousand dollar house today is going to be
too eighty five by the time that happens. Possibly, But
you know, just a chance you take. But we get
you qualified and get you in something, and we don't
(02:49):
have any pre pain of penalties. I mean, we can
refinance and when the rates come down around eleven hundred bucks.
So you know, just I try to get people to
move forward. A lot of people do.
Speaker 1 (03:01):
And have and it's uh, you know.
Speaker 2 (03:05):
Just a learning experience for everybody involved always, but just
some people will take advantage of it. Right now, I'm long,
but we'll just keep on keeping on and see what
happens here. I was looking to see what we had
tim what we had in the pipeline right now in Lexington.
Speaker 1 (03:23):
So we have Lexington.
Speaker 2 (03:25):
We've got fourteen million locked in for loans this month.
Fourteen million, two hundred and ninety four thousand. You know
that's not bad. So it's you know, business is picking
up and looking good. We just keep on moving.
Speaker 1 (03:39):
Well, be looking at a closing disclosure right now alone
I'm closing next Wednesday, and I was curious, you know,
because we have had some slot different you know, differences
in our closing statement. But this is a this is
a refinance rting term. Total costs eight hundred and forty
five dollars plus inn eighty dollars recording fee for a
(04:01):
total of nine to twenty five. There you go. That's
the whole ball of ax ladies and gentlemen, or the
closing side of it. Now, in this case the borrow
where it is going to set up there to pay
their property taxes and homeowners insurance monthly. So there is
an additional expense from that. But when you get into
a refinance, then you'll get your ESCRO money the other
(04:23):
lenders holding after closing, So there's in that game after closing,
and then you defer out the first month payment. So
there you go. Now eight hundred and forty five dollars
and we just passed along true costs appraise a little
credit report, the title of the title work we have
to execute in recording fees for a total of nineteen
twenty five less than one thousand dollars.
Speaker 2 (04:45):
I knew that the cost of the credit reports went up.
Speaker 1 (04:48):
How much does that show on there now, Actually we're
showing that as the lender pay, So we're showing three
line items of lender PAGs three hundred and one, fifty
five and five fifty. That's what's the for you for
the appraisal fee, the credit report, and the flood shirt. Larry,
you pay a blanket fee up front of five hundred
(05:09):
dollars plus the applicable title search and then escor a
closing fee and this disbursement fee of thirty dollars. There's
where the eight forty five comes in. Five hundred and
upfront fees and then we need the lender pay five
hundred dollars or for you lender pay, so it really
(05:33):
should be eight forty five plus five hundred, but we're
going to go we're able because we service loans, we're
able to pay some of those closing costs for you.
They're called lender paid, so you don't have to pay them.
So nine hundred and twenty five dollars, and these folks
are going from eight and an eighth to six point
(05:56):
sixty to five. They locked in about a month ago
and we're closing next week and the savings are start
right away Larry. Yeah, absolutely, and that's why we say,
you know, marry the home, date the loan, and anybody
that has an interest rate of about seven percent, seven
(06:16):
in a quarter, hire needs to call us and something together.
At least get them a quote and see how much
we can save them. And the way these houses are appreciating.
And some of these people have mortgage insurance to him,
they might get out of it or have a you know,
if their equities increased, it may be less. Now, there's
so many different ways of saving money, but you don't
know if you don't call, and especially if you unfortunately
(06:39):
run up some credit card debt. And we all know
that credit card debt is an all time highness country.
So you know, I've been a little been a victim myself,
maybe living beyond my means iple pit Larry with the
use of a credit card, and I know it's twenty
nine percent, and it kind of gives me a headache
to think about it. And you might be in a
position where you can got a high interest rate on
(07:02):
your mortgage and you've got some credit card debt. Hey,
let's roll it all together and relieve you of that
high interest on those credit lines. Yeah, I grew and
it's just you know, give us a call eight five,
nine six. I talked about earlier this I guess it
was been. I guess it was late in the fall,
and I had a guy that you know, had a
majority of his debt, you know, in the three four
(07:25):
percent range. But we shut alone together saved him twenty
five or twenty six hundred bucks a month, you know,
paying off all of these credit cards and all of
these debt. And you know, he went from you know,
four to six and a half at the time of
the rate, and it made sense. I mean, he freed
up twenty six hundred bucks a month for him now
(07:46):
he just had one bill to pay versus you know,
six or seven. And he'd been, like about any.
Speaker 2 (07:51):
Other American, just you know, trying to get by with
the way everything changes on us as far as groceries
and food and fuel, and you know, and I'm with.
Speaker 1 (08:00):
You, Tim Heck. I put on some credit card debt myself,
taking care of medical bills, different stuff like that.
Speaker 2 (08:05):
Over you know, trying to get stuff done and just
trying to get things. And hell, I hate carrying credit
card debt.
Speaker 1 (08:12):
I'm you know, I'm.
Speaker 2 (08:13):
Working on getting it knocked down. I'm gonna get it
done here pretty quickly. But you know, it's people, it's
what's happened to a lot of people. Yes, their life happens,
I guess is what they say.
Speaker 1 (08:23):
Well, you know, don't mean you're not good people, but
sometimes we do get caught up in a spend cycle.
That's sp e n D anyway, it happens. And you know,
we are a society of truly buy now and pay later.
So that's just a you know, that's not the way
(08:45):
our grandfathers were, especially mine, although he did take out
loans on real estate, he would he paid cash for
everything else if he didn't have the money, he didn't
need it, you know what I mean. Yeah, And that's
you know a lot of people that didn't play it.
Speaker 2 (09:00):
But this economy jumped up and stayed you know high,
and the cost of everything was affair.
Speaker 1 (09:06):
For a lot of people. A lot of people live
in paycheck paycheck tim We know it, we realize it.
If you look at that their financial status was gauged
in a in a as in a your your gas tank,
a lot of people be running on empty. You know, Well,
let's look at the you know, we've been in inflationary
times now for many years when when the Feds, the
(09:28):
Treasury Secretary said at the time it was transitory. Well,
it's still transitory, and so we're still experiencing inflation. It's
gotten a little better, but you know, it's still problematic
if you gusked me. Yeah, now here's this is what
is funny to me. So we're six point eight seven
(09:49):
five on a thirty year fixed conventional loan. FAHA is
offering six and a quarter for three and a half
percent down the credit score six forty or better and
alone of above one hundred and ten thousand.
Speaker 2 (10:02):
So the FAHA is six and a quarters better than
a conventional rate right now. Now, the closing costs is
completely different. I mean, it's a whole different ball of
wax as far as that goes. But keep that in
mind too. We do FAHA B A, U, S, D A,
you know, and we do a good job at them.
We don't service them like we do the others, and
(10:25):
the closing costs are different because of that. And you
know that has to have title insurance. There's other stuff
in there involved. But you know, keep that in mind.
Speaker 1 (10:33):
If you want to consider doing an FAHA loan. You
don't have to be in that first time home buyer
to do that, but you know that's not a bad
program either. We can can you know, we've got several
different avenues that depending on the needs of the bar,
we're to try to facilitate a loan for them, especially
the DA program with all the outlining, mostly outlining lying
counties Jasmine Scott Bourbon Clark. You just have to go
(10:59):
into the website, plug in the address and it tells
us that that property is eligible for a one hundred
percent Fancy's.
Speaker 2 (11:07):
And that's a good alternative as well. Hey, we're gonna
take our first break of the day. We're gonna be
right back. The bank is open to day from nine
to one on numbers eight five, nine, eight, nine, nine
one nine three six South and Drive is eighty five
nine two.
Speaker 1 (11:19):
Six three three three three five. So if you can hear,
if you can call, if you want to get out
and do something this afternoon. You got UK Softball, UK
Baseball that's at four point thirty the season at two
fisted Wheel is downtown. Savannah Reeves is gonna be playing,
so we're gonna give her a little music on the
radio today.
Speaker 2 (11:34):
So you can see here what you might you might
enjoy tonight if you go see your lives.
Speaker 1 (11:39):
So we're gonna be right back you listen Welcome Home
Show by Guardian saves Mankton News Radio six thirty w
lap Gee back. Listen to Welcome Home Show by Guardian
Savings Bank Larry's Breaks, Tim Adams in here this Saturday morning.
Glad to have you tuned into us. Bank is open
a day from nine to one on numbers eighty five
nine eight nine nine one nine three six south and
(12:03):
drives eighty five nine two six three three three three five.
So if you can hear she can call us. Just
mention Savannah Reeves. She's gonna be down at two fisted
Willie's and Steven. It's a nice new venue downtown in
Lexington and uh pretty cool spot. She's a great singer
and great entertainer. Uh has a good falling. Can get
out and get a chance to see them at place
(12:23):
fills up and stays packed. So I will tell you that,
and that's that's that's what they have it for UK
softball and baseball to day at four point thirty at
home tomorrow at one.
Speaker 2 (12:33):
If you're going to get out and then uh, Tim,
I was gonna you've been helping me.
Speaker 1 (12:38):
I had to Uh. I've been getting some new furniture
and stuff around the house here and I got very
happy with the stuff I've got.
Speaker 2 (12:45):
And you've been with me. But we've been over to
warehouse seven six four over on Seventh Street and they
got a big blowout and going on today started about
an hour ago.
Speaker 1 (12:53):
So if you're looking for some new furniture, you want
to get some top.
Speaker 2 (12:57):
Name stuff, go over and check them out. But they
have they just buy over stock stuff and quality and
they just have two blowouts a month. They don't, you know,
stay open seven days a week, just to save the
overhead and the costs and and they passed.
Speaker 1 (13:12):
That along to you. But I got some nice stuff,
got a great deal on it, and uh I have
uh you know. I told Keith, the.
Speaker 2 (13:20):
Owner of I said, man, I got to tell some
people on the radio about maybe we'll get him to
to uh get on here one day. But his philosophy
on saving people money and the way he does stuff
pretty cool to him.
Speaker 1 (13:29):
You and I enjoyed talking with him.
Speaker 2 (13:31):
And you got a table and I got a couch
and a chair and some other things and I'm happy
with it. So it's pretty cool.
Speaker 1 (13:38):
But anyway we can, I call it elected Larry. You know,
he's got an eclectic collection of very unique some of
that very unique furniture. Uh you know, I shocked his
store when he was over on a New Circle Road
there across from Sam's. He had a retail location at
one time over there. So what he's done there seventh
(14:00):
three is totally is mind blowing. What he's renovated that
warehouse space and and he just acquires very unique furniture.
I'll just say that. Yeah, but it's but it's not
it's not add it's just he's on tables, he's got beds,
he's got couches, he's got artwork, and he's got some
you know, just some some cool stuff. But it's it's modern.
(14:22):
I mean that's yes, he's look at my house. Wash
started buying stuff and he's got it.
Speaker 2 (14:26):
He had a great vision for what I needed to do here.
I got a great deal on it. And it's solid,
it's heavy and a last forever. I don't think we
ever have to buy anything else. And I hope I
don't have to move this, you know, but uh, you
have keep that in mind, and what else you got?
What else were we gonna talk about. It's a big
week in Kentucky.
Speaker 1 (14:46):
It's Derby Derby Way, and so we had talked about
this last week that uh Derby E what I think
what took the place of the poor Man Derby Party
that used to be held over on Broadway that's moved
out the Bluegrass Stockyard And it's blue jeans, boots and
bulls and it's a Derby party and they're gonna get
(15:07):
going at five point thirty. They're gonna have live entertainment
throughout the evening. There are options to purchase food online,
but then the main attraction will be Boogie Gee and
the Titanics at nine o'clock. So come out and boogie
with Boogie. Yeah, it's they always put on a great
show there, George and them and Steve the drummer, you know,
(15:30):
he was a backup drummer for the Doors back in
the day and he's I think he's about wore out.
I've been a few miles myself there.
Speaker 2 (15:37):
Ain't know, but anyway, they'll they'll put on a good
show out there and anything there.
Speaker 1 (15:41):
But you can you can tell them, you know, it's
gonna be big, spacious area, No no problem. The parking's
easy out there. It's a great venue right there off
I seventy five. So I'm excited that what that's going
to bring to the Derby week. Get the party started
for Derby Day on Friday night at the Blue Vest
(16:03):
dock Yard. That's Blue Jeans and bowl. Were you taking
another break? You're listening to music today by Savannah Reeves.
She's done two fisted. Willie's the scene and we talked
about that a little bit. But we're oping today from
ninety one when there was eight five nine eight nine
nine one nine three six Southam Drives eight five nine
two six three three three three five. You can hear
if you can call us. You're listening to Welcome Home
(16:23):
Show by Guardian Savings Bank on News three six point thirty.
W Lap Cookie right back.
Speaker 2 (16:31):
Listen to Welcome Home Show about Guardian Savings Bank. Ben Adams,
Larry Freke's in here with you this Saturday morning.
Speaker 1 (16:36):
We're glad to have you tuned in to us. Hope
you're having a good weekend. Get a little bit of
rain on Friday and possibility today, but can you get
out and do your stuff?
Speaker 2 (16:45):
You know, just watch out for people. A lot going
on downtown to Stevening and like we're talking about Tim Fisted, Willis,
Savannah Reeves and a bunch of them. Got black top
rodeo over at Austin City. I'm just trying to uh
see who's where, but I know that those two things
are going on. The other a couple of spots I
like to get out and listen to live music. Check
(17:05):
out Twisted Cork if you like a little laid back
spot over there. They've got some couches and stuff to
sit around on, listen.
Speaker 1 (17:12):
To music, small place and the great service and good tunes.
So UK.
Speaker 2 (17:19):
Softballs play in Mississippi State today at four thirty. Got
a skinfielder Mississippi State that's.
Speaker 1 (17:25):
From Kentucky played down Somerset. She's a star this year
with them. It's her final year of play with them.
So if you get a chance to get out, Lexi Hole,
I think is gonna be in the lineup.
Speaker 2 (17:40):
I don't know why she wouldn't be, but a great player,
a great kid, been inspirational to a lot of people.
Then you've got UK versus South Carolina just in the
baseball field right in the stay neighborhood there at four
thirty on Saturday and one o'clock on Sunday, and the
girls are four thirty today and one o'clock tomorrow, so
(18:01):
get out.
Speaker 1 (18:01):
And see them if you can.
Speaker 2 (18:02):
Beautiful facilities, great time fan trainling. Nothing wrong with that
at all. But Tim and I talked a little bit
about what's going on in the economy here, and the
bomb market's been fluctuating up and down. And everybody knows
what's going on in the news if you're watching at all,
with terraffs and all these different things going on, and
there's always a knee jerk reaction to any body time
(18:24):
anybody says.
Speaker 1 (18:25):
Something I don't. I don't know why people don't sort
it out. Somebody's got to. They're paying attention.
Speaker 2 (18:31):
They'd be making some money with the way this stuff
fluctuate up and down. Calls and puts would be good
if you could figure it out. But anyhow, just we'll
try to keep you updated on it. But works six eight, seven,
five on a thirty down to six and eighth on
a fifteen. But the bond market ten. You take a
look at it and see if it look like it's
trending in our favor. I think it has been it
(18:53):
jumped up, but it's kind of working it itself out.
Speaker 1 (18:57):
I know you watch it very closely, Yes, sir, we
saw a little a little bit of action on Friday,
and that's positive traction and tenure bonds or there you
know when what's incorporated in the tenure bond our mortgage
backed securities. And that's what we're talking about Guardian Savings Bank,
(19:21):
we're talking about Freddy Mac and their role in all
this is to manage these mortgages that or they're providing
the capital that we use to purchase your loan. And
then when you talk about selling your loan, that means
that a lender has sold the servicing of the loan.
(19:42):
So that's what we don't do. We don't sell the servicing.
We maintain the servicing. And so when we do a
loan and that goes into Freddymac system, that's profit for
the country number one. And there are investors that will
you know, that use mortgage backed securities as an investment.
(20:06):
So when you have investors that want to invest in
ten year treasuries or mortgage backed securities, that's good news.
Or mortgage rates.
Speaker 2 (20:17):
Absolutely and it's by us servicing these loans. That is
why our closing costure are as low as they are, because.
Speaker 1 (20:24):
The payback is truly in the payback.
Speaker 2 (20:26):
Glorgial's numbers again on that Refinancie just put together for
some bay ten nine hundred and some dollars, including an
eighty dollars recording fee, is this is what it cost them.
Speaker 1 (20:35):
Refinanced was a rate and term one cash out just
so transferring a loan that they had at eight point
one two five, we charged five hundred dollars flat fee.
We charged a twenty dollars title search, a two ninety
five title and closing fee, and a thirty dollars disbursement
fee to get your thumbs to your current lender to
(20:58):
pay it off. Then which charge eighty dollars to record
your mortgage. So the total expense as far as the
technical term of closing costs and that includes appraisal, title
and what we just what I just discussed is eight
hundred and forty five dollars. The bank pays the appraisal,
the credit report, and a floodshirt. That's about five hundred
(21:20):
dollars worth the services that we pay by being a
loan servicing agent. For Freddie Mac. You won't see lenders
title insurance on our closing costs structure. So then we
add an eighty dollars fee to record your new mortgage
at the courthouse, bringing that total to a grand total
of nine to twenty five.
Speaker 2 (21:41):
What yeah, And that's why we say, you know, marry
the home and date the loan. But ten, just mentioning
title insurance gets me thinking. A lot of people don't
realize what title insurance is. And title insurance is a
protecting insurance policy that a lender generally charges wheat because
we service the loan and we have an insured closing letter,
(22:03):
and we have our closers that do our stuff for us,
and we're willing to pass along the savings of no
title insurance and one of the few companies in the
country that are allowed to do this. But anyway, title
insurance only protects the lender for errors that could happen
in your title worker loan closing.
Speaker 1 (22:19):
It don't do anything to the You got to pay
for it for the lender picking an agent that they
have to buy insurance on to guarantee the work. And
you know, we we've talked about it before.
Speaker 2 (22:31):
Some of these houses that you know, in these older
parts of town, they have sold three or four times.
There's been title work done on them every time if
anything was going to show up, but already would have anyway.
So it's a cash cown for a lot of these people.
And people don't understand it, and I know people make
a living selling it. We just don't have to use it,
and you know, we do on our government loans because
it's required you know, FHA, USDA and all those and
(22:52):
that's why those closing costs are different. And we're going
to sell the servicing to that, so whoever buys it
wants to make sure they're covered. But on the conventional side.
Speaker 1 (23:00):
Of things, what we got free and a half billion
dollars in servicing tim and been servicing loans for as
long as they you know, own the bank.
Speaker 2 (23:08):
And you know, nobody can recall wherever, you know, having
acclaim with any title insurance issues, you know, and some.
Speaker 1 (23:16):
Realtors don't even understand that. But title insurance doesn't protect
the borrower. It just protects the lender from airs. But
the title company could have over you know, made during
the process, and we don't do it. We don't charge it.
That's the savings to the people, and that's advantage. You know,
be local by local and stay local. That's what you're
gonna do with Guardian Savings Bank and TIM I don't.
(23:39):
I've had a couple of calls this week with people,
you know, having changes in their escroal balances, wondering why,
and it basically because their homeowners insurance change. But you know,
they call me.
Speaker 2 (23:50):
Or they call you, or they call Lowie or Alex
or Jamie and we can help them sort this stuff out.
I mean, we're gonna we don't have access to everything,
but we can get the information to you.
Speaker 1 (24:01):
And we're gonna we're.
Speaker 2 (24:02):
Going to service your loan on the conventional side or
our in house loans, and we're gonna be a phone
call away if you need something.
Speaker 1 (24:07):
And sometimes I have.
Speaker 2 (24:08):
To refer people to servicing. You know, Hey, call this number,
they're going to ask you for your loan number, get
this question, They're going to help you. If you don't
get an answer that you need or want, call me
back and go a different route. But I don't ever
get a call back people like that, you know, And
of course that's what's made us what we are.
Speaker 1 (24:28):
I mean, we we service these loans.
Speaker 2 (24:31):
People pay Guardians every month, you know, and we're very
lucky to be where we're at and do.
Speaker 1 (24:37):
What we do. But you know, it's kind of unique.
I guess. I don't know if anybody else that doesn't
like that, do you? No, I'm not. That's when when
I first found out about Guardian in two thousand and eight,
I didn't whenever I what, what in the world is
this is? It? Can can this be true? Talking about
(25:00):
is the closing costs? I mean, we just we should
blow your competition out of the water when it comes
to a rate and term refinance for nine hundred and
twenty five dollars in total closing costs. It's not that's
what it costs you. It costs US fifteen hundred per se.
Speaker 3 (25:18):
But we were able to pay some of your costs.
Even with that blow of a cost, we're still able
to pay some of the.
Speaker 1 (25:29):
Services that you're required to have to get up your
loan done. I like to say that our payback is
truly in the payback. We don't have to make all
the money up front. That's most lenders out here got
to have fees, and you know, all this stuff that
you're paying for because they're going to sell the loan.
They're not going to make any.
Speaker 2 (25:46):
Ours is in the servicing is how Guardian goes along.
And a lot of people out here originating loans are going.
Speaker 1 (25:52):
To sell them.
Speaker 2 (25:52):
You're gonna wind up paying somebody in Delaware or call
off whatever, you know, wherever the servicing winds up. But
they've got to make all their money off you, either
out of your equity or out of your pock expenses
to you know, get by. And we just the paybacks
and the payback, so we pass all those savings along
to the borrowers. And that's what you know. The claim
to fame is for some of our fee our closing costs.
Speaker 1 (26:15):
Have changed since we've been here over the last seventeen
or eighteen years. But we went sixteen years without any
changes at all, to fifty for a refine, five hundred
for a purchase, and that's what it was. But because
of the way things are changing the e commy last
couple of years, we've had to make some adjustments and
dislike anybody else. So but you know, we have a
(26:36):
great retention of clients. You know, they'll come back to us.
They know what we do, how we do it and
they're happy with us. And we appreciate that.
Speaker 2 (26:42):
And people that are listening to show that our clients,
we appreciate it, we need it, and most of them
will refer people to us, you know, call ten or
call there and and.
Speaker 1 (26:53):
And these people will become our family. You know. We
talk about more of the loans with some people because
they'll call it, Hey, I'm thinking about doing this, or
I'm going to maybe buy that or whatever. You know.
Some people call want to get a car loan, which
we don't do, you know, and but you know they
think of us, and we do mortgages. And that's it.
Speaker 2 (27:12):
No boat loans, note loans, car loans, nothing mortgages.
Speaker 1 (27:17):
Only.
Speaker 2 (27:17):
We want to do one thing and be good at it,
and I think we really are. But those closing costs
speak for themselves. And if I'm going to save you
money or.
Speaker 1 (27:24):
Keep you from having to get a bunch of your
equity up to get something done, you know, that's just
not the way we roll.
Speaker 2 (27:31):
We're going to put it together and make it happen.
I think you'll be super happy with it. Just give
us a chance.
Speaker 1 (27:35):
And you know what, Kim, you do the same thing.
You referm to get other quotes, Go get other quotes,
know what you need to go and then come back
and somebody's got us beat, which doesn't happen very often.
So be it, hey, but don't fall for the no
out of pocket great point.
Speaker 2 (27:49):
No out of pocket, no out of pocket. And some
people could let us look at it, and I say, well,
what's your loan balance?
Speaker 1 (27:55):
Well, I owe three twenty five. I said, well, they're
just sell them to stay right here, said your borrow
and you know three forty two or whatever. However much
I've seen some high closing costs and they just know
out of pocket, but they're chewing up ten or twelve
thousand dollars in equity to enclosing costs. Just crazy. Yeah,
it's crazy. Be local, by local, stay local. That's what
(28:15):
we want with it. Hey, we're gonna take another break.
Speaker 2 (28:18):
You are listening to Welcome Home Show by Guardian Saves
Bank open it at from nine to one on numbers
eighty five, nine, eight nine, nine one nine three six
Outland drives eight five nine two six three three three
three five. You can hear, you can call us. You're
listening Welcome.
Speaker 1 (28:33):
Home Show by Guardian Savings Bank on news Radio six
point thirty. Oh here Conjugu Wildcat. When Hey, you're listening
music by Savanneries, We'll be right back. You're back listening
to Welcome Home Show by Guardian Saves Bank, Larry Breaks,
Tim Adams in here. Appreciate you tuning in to us.
Hope you're having a good weekend. Hope you had a
good easter and had a good week, had some diesel
(28:55):
weather most of the week rang a little bit friding,
and see what's gonna happen today? But Uh's over from
nine to one from numbers eighty five nine eight nine
nine one nine three six south from drives eight five
nine two six three three three three five. So if
you can hear, she can call us uh bond Marcus.
Looking like it's getting a little bit better headed into
the end of the week here, Tim. So we'll see
(29:17):
what happens Monday. But you know, hopefully it'll keep trickling down.
The ten year treasury is what dictates these mortgage rates.
A lot of people don't understand that. We talk about
it all the time, so we keep an eye on it,
keep it going, and so we can try to have
an idea what's that.
Speaker 2 (29:34):
I mean, I ain't had a whole lot of success
tim because it's so volatile, but we try.
Speaker 1 (29:39):
To monitor it well. We're hopeful that we will see
smarly with mortgage rates even if the you know, as
we've discussed, the Federals ark and that can change the
landscape if they truly wanted to. They're just not willing
to right now. As we've discussed, the placing is still there.
You know, it's a big obstacle to them, the lower
(30:00):
mortgage rates. I don't quite understand that philosophy, but you
know what I've said, and we talked about all the
time on the side, But you know, the plan they
gave us so much money during the pandemic. They just
don't know where it's at, what's going on. But there's
still a lot of spending going on even thing, even
though things are.
Speaker 2 (30:14):
As high as they are, and that's what they're trying
to curb. But you know, hopefully they'll get to it.
But still, you know, closing costs are good. You can
afford to buy something now, you don't have to keep
the loan forever. You can refinance, and we just went
over the cost for a refinance with you know the
right credentials and no delivery fees. So and we'll see
more of those loans that are costing nine hundred and
(30:35):
some dollars in closing costs as we go along.
Speaker 1 (30:39):
Just who's going to take advantage of it. You took
somebody from eight and eight to six how five and
they're saving about two hundred and seventy dollars a month. Now,
let me ask you this, Tim, And I'm just going
to just just to point out something that we do
at Guardian. How long did they have that eight and
an eighth on their in their mortgage? Well? I think
(31:01):
it was at least a couple of years. Maybe I'd
have to know that.
Speaker 2 (31:05):
So you took it down to six sixty two fine,
and you could have put it on twenty eight years.
Speaker 1 (31:12):
You could have put it.
Speaker 2 (31:13):
You could have kept their payment the same and took
it down to twenty three years and two months if
you wanted to.
Speaker 1 (31:17):
That's what we can do a Guardian. They don't have
to start back over thirty. They probably are with you,
But a lot of people don't realize we can do
that either. Right, But here's the dealery. I never bought
that up. I never fine tuned it like that with
them because this was a referral from a financial advisor,
(31:38):
and in his eyes, he wants the lowest payment going
out of their dead log because he wants to manage
more of their assets. I understand. And what really caught
their attention was the ability to bring in ten thousand
lumps on principal reduction. And we recast that note. And
(32:00):
that's why the financial advisor, you know that knows how
we do it, sent them down here so they can
they will be able to trendmist whatever, leaving more money
in their portfolio. That's the way I looked at their situation,
uh in this so uh, that's going to be a
great tool for them to use and the great tool
(32:21):
that they can discuss with their financial advisor on when
the squeeze their portfolio for ten thousand dollars and that
you're just moving investment from one pool of money to
the other, Larry, because that's what your home is, an
investment and.
Speaker 2 (32:35):
That's a great, you know, great topic. We need to
you know, make sure you know, obviously the financial advisor
understands it. He's you know, knows that what we're doing
is is going to be right and good for them.
And and then we have a lot of people that
refer people in here. Just for that Mark Cobain, who's
a great, you know, financial advisor in town and has
you know, he he gets it. Your guy gets it,
(32:58):
and we get a lot of referrals like that. They
know that closing costs are going to be fair.
Speaker 1 (33:01):
They know that they can we can recast alone if
they're paying at least ten thousand down and a recast
is just a principal balance reduction and we recalculate the payment.
You keep the same amorateurization schedule costs one hundred bucks.
We'll go file some new PaperWorks so somebody knows what
happened and on the record keeping. But you know, and
it helps people with their cash flow to their balanced drops,
(33:24):
their payment drops. They can pay whatever they want. We
don't have any pre payment penalties. But that's a cool thing,
that recast. Yep, well, total, let's your financial advisor tell
you when to be mortgage free. It's debated online every
day free and that's the pens on your everybody's different. Yep.
Suddenly we can cater we can cater to it in
(33:46):
the time we set the amortization schedule twenty eight years
and two months, twenty three years and eight months, you know,
twelve years and two months if you're going to retire.
But anyway, hey, we appreciate your listen to us today,
UKs off Ball four point thirty today, UK Baseball four
thirty today at home Tomorrow they're on at once saman
of Reeves are two fisted Willies this Friday, Keim, are
(34:06):
you talking about the Bluegrass Stockyards? Is a big event
out there. If you're looking for furniture. There's a big
blowout going on today over at Warehouse seven sixty four
and they'll get some great deals on some cool stuff
over there if you're looking. We appreciate Keith over there
and he's a good guy. We wanted to shout him out.
But we hope you have a good weekend.
Speaker 2 (34:25):
We'll be back next weekend with our Derby picks. You've
been listening to Welcome Home Show by Guardian Saving's.
Speaker 1 (34:30):
Make with Tim Larry Breaks this morning. We appreciate you.
We'll be back next Saturday. Phone numbers eighty five, nine, eight,
nine six. You've been listening to us on News Radio
six thirty. W lad have a great weekend.
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