Episode Transcript
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Speaker 1 (00:05):
Come on, Elston, tell you listen to Welcome Home Show
by Guardian's Davis Bancom. Larry Freaks. Tim Adams back in
here with us this Saturday morning. We gave him last
Saturday off take care of some family business and we missing,
but old Richard Klanch stepped in and stepped up. So
we're glad to have you back. Think you hope everything's
all right down there in Summit set with all your
family belonging to dealings and businesses and all that stuff.
(00:25):
And Richard, we appreciate you stepping in. Banks open to
day from nine to one. Phone numbers eight five, nine,
eight nine, nine one nine three six phone number of
South and Drives eight five nine two six three three
three three five. So if you can hear, you can
call us. We appreciate you listening to us. Maybe a
little muggy this weekend, be a little rain and little
heats of what it's looking like toim. Yeah, that's gonna
(00:46):
get a little cooler this afternoon. Maybe on up the
ninety summertime. It is ain't a bad time to get
your mortgage out to a rate your pay we're at
six seven five on a thirty or fix six and
three eighths on a twenty five eight seven or five
seven five on a fifteen. We do a rate and
term refinance on a fifteen year fixed for you. It's
closing costs are just five hundred dollars, and that covers
(01:06):
everything we need to put your loan together, your title work,
your praisal, any of the stuff we need to do
paperwork wise, we'll be included in that five hundred dollars.
It's the way it works, tim you know. It'll get
two hundred and fifty dollars application fee. That's half the
five hundred, and then at the closing we get to
the other two fifty. It doesn't include a filing fee
for whatever county you're in or your estros and your escros.
(01:31):
You got enough act what do you don't have to
do it. But if you are going to escro, we'll
set up enough money for your taxes and insurance to
pay those bills when they come to If you're doing
six months, we're gonna collect enough to pay it six months.
If you have just paid them, we'll have to have
a little bit in there so when next year rolls around,
we've got enough to cover you. So it's not a
bad deal at all. And you know, just keep in
(01:52):
mind if you bought something over the last couple of
years here when rates have been in the sevens, we're
at six seven five. Our regular closing costs on they're
like a thirty or fixt nine and forty eight dollars.
So if we could get you out of mortgage insurance
and save you half a percentage, we can make some
hay on you having some money in your pocket, create
a little cash flow, Tim, wouldn't you say absolutely? And
(02:15):
especially if you're willing to recast or a refinance your
loan too a shorter term, that's when you're really hitting
it out of the park and building equity. It's all
a different plan for everybody. But call us and we
can go over the options you may have right now
to refinance. But I also want to throw out again
our what we call our blanket loan, and there's a
(02:37):
lot of confusion about the terminology. A blanket loan is
a way to bridge into a new home without selling
your current home, taking advantage of your taking advantage of
your equity. It depends on how much you know. We've
got to look at the situation based on the equity
position in your current primary. But I mean I've had
instances where my customers have have they don't have a
(02:58):
mortgage right now, their mortgage free. Like I told my customers,
I wouldn't have been able to move to this house,
the house that I live in, if it hadn't been
for the blanket concept bridge to bridge in that way,
because you acquire a lot of stuff. And so I
was just glad to have the flexibility and time to
(03:19):
move out of my previous home and get it on
the market. We did rent it for a while and
we eventually sold it and put it you know, I'll
put the the principal balance reduction with when I sold
that house and change the dynamic of how my loan
was playing out on a monthly basis. So that's where
the money is, Larry, is in your principal reduction, and
(03:42):
we're very good explaining it and offering options to lower
your principal reduction along the way. Uh, I mean increase
your principal reduction along the way, so and then less
interest for principle and so it's worth a phone call
to your options right now with the market the way
they are, especially for a fifteen year I think we're
(04:04):
still at five seven five on a fifteen year fix.
That's golden. But if you're thinking about buying something you
want to leverage in right now using our blanket, not
have to move out of your home right away, or
your contract would not be contingent upon you selling your
current home to buy this home. And like I said,
that's a luxury, Larry, absolutely, And what it is, like
(04:27):
you said, blanket bridge whatever, you're just taking advantage of
the equity in the home that you currently have without
having to sell it. So we have cross collateralized your
current home with the home you buy. You have one
payment on two places. You have a time span one
or two or three years. You can go three to
one and you can have it for three years. What
some people do a lot of people just do the
(04:49):
one year option and they get moved into their new house,
or they buy the new house, say and it needs
a little TLC. So they might go in and paint
a room, or putting down some hardwood flowor or fix
the bathroom or whatever it does they want to do.
And just like you said, time, they have time to
do all those things. So they get the new place
just like they want didn't they finally move me in,
get everything situated. But now they've got their old house,
(05:12):
they might want to fix this or fix that, or
paint this or neutralize that, and then you know, be
able to maximize the sale of it. Now, are be
careful of what you spend on fixing your current home up.
You may want to sell it more as and as
is and let your you know, and let them spend
the money to do what they specifically may want to do. Well,
(05:32):
I made that mistake. Well, yeah, I'll put in some
high end cabintry or countertops and really probably didn't net
me a lot of I probably lost money by doing so. Well.
I think you just have to neutralize and the main thing,
you know, but there's if there's things you got to fix,
you fix them, like you said. But you're not going
to want to go overboard and then have, you know,
(05:53):
spend ten grand to get three thousand dollars in your
sales price. But some people, you know, I was talking
to a lady recently about doing a bridge loan. She goes,
I've got five dogs, and she goes, I need to
you know, I'm gonna you know, it's gonna take some work.
You know, I mean, and any buyer that goes in
there going no, she's had five dogs of course, and
so you know, this would be an ideal loan for
(06:13):
she could get one bought and you know, have the
other one, you know, move into it and then get
this one undogged. Yeah, undogged and prepped to be more
ready for a buyer. But you know, people live, you know,
they have their pets, and I get it, but you know,
if you're there, you're They're just hard to hide because
they have sens and odors and the things that they
(06:35):
around the house. And I remember back when when my
house was on the market out here in my neighborhood,
and the pre the owner had been a smoke and
that was a big problem. And I think the first
people that bought it they ended up said we're not.
They got out of the contract because they couldn't remediate
(06:56):
the smell. They were still getting that cyrial U smell,
and so it they finally sold. But I get I
don't know what they had to do, but like all
said that, this lady needs time for remediation from from
whatever serve pro or well whoever's got to come in
and like you say, neutralized and clean out all the
(07:18):
airbents and stuff. But I mean as far as any
of the paint, you want everything to be, you know,
just a neutral color. And you want people to be
able to imagine their furniture, uh in your place and
and you know, keep it just neutral. I mean I've
seen some you know, we see all kinds of stuff
in the appraisals review, we review, and and people have personalized,
you know, items that they like to have be a
(07:39):
certain color, you know, like the UK blue or you
know they get you know, black or I mean just
some room that you know, it's hard for people to
imagine their stuff, and there're so as neutral as you
can get. It's always a good, good clue. And then
leaving a few things in there to stage it. What's
your good realtor help you take care of all that
leave this if you can move it over here, declutter
here and Robin Jones down and Richmond and you know
(08:00):
she does a good job with that with a stage
in the stuff. I always you know, respected her opinion.
I've seeing some stuff we've seen and work some magic
on houses that are over stuck with things, Like you say,
you accumulate stuff and good realtors can help you get
rid of all that. But a bridge and a blanket
loan are one and the same thing. You're just taking
advantage of the equity before you sell it. You get
(08:20):
a pre approval letter it says you're capable of buying
the home with using a blanket loan, and you take
it and give it to the person and sign your
contract and you go on. Then we get an appraisal
on both places and put the pieces of the puzzle together.
But you got one payment on two properties. And then
when you sell your current residence, you decide how much
you want to pay that balance down, and then we'll
(08:41):
put the numbers together, and as Tim tells you, we'll
do a recast and then we can put it in
on a fixed rate. If that's what we want to do.
A fixed rates aren't where we think they need to be,
then we might wait a minute, you know, we might
just let you ride out that twelve months and see
what happens. But a lot of people will bring in
the dough from the cell and then we do the
ray me fo Solaia and uh get everything put together?
(09:05):
How does that go to raid me false solo? He
does Team I don't know you're the singer. Oh femail
your raid drop of golden Sun. You know, you know. Anyway,
it's a it's a it's an attractives around. We do
a lot of them. And if you have a home
that you want to look at but you're not you know,
and I think it's really the safest thing to do
with the market. It's just a luxury now, there's no
(09:27):
no doubt about it. And if if you're able to
you know, and that's where a realtor it becomes so
valuable in that type of transaction, Larry uh And. And
they're not one hundred percent accurate, but they can they
can look at sales data, you know, for your current home,
and they can kind of give you some direction on
you know, how many days on the market you're going
(09:48):
to have to wait possibly to sell your current home.
The thing about doing the blanket, Larry, you get an
appraisal on your current home that helps you determine of
the value. Having an appraisal, ine hand, is a very
important tool for your agent to list your house right
and the appraisal, the appraiser's job is to go from
you know, three or four five houses that are somewhere
(10:10):
in age, size, style, and location and trying to compare
apples to apples. They're not trying to compare log homes
to brick homes. They're not trying to compare two stories
to single stories. They're not trying to compare five acres
one acre. They're trying to find same square footage, same
type of design, same bedroom count. And uh, you know,
there are differences in houses and in neighborhoods. That one
(10:31):
last week where somebody said, well, the house down the
street sold for more than mine, and it doesn't have
the bad the basement finished off. Well, come to find
out the basement was finished off, right, you know when
we got the you know, and it was used for
come you know, there were just some information that they,
you know, in their own mind, thought was out there
that justified the value that wasn't there. We got it
worked out. It wasn't a bad deal. Was a great
deal for everybody in a nice house. But I mean
(10:52):
it's just you know, they thought the neighbors that day
thing their house as long as they live there, Well
they sure had. You know, most buyers know the difference.
But an appraiser is not an inspector. Your perspective, if
you're putting your house on the market, your perspective, buyer,
we always am very strongly encouraged to do an inspection
and the appraisal, right, But that's usually at the buyer's expense. Yeah,
(11:14):
the inspection, but in this case of the blanket, you're
basically getting an appraisal as part of that deal, right,
So you don't have to share that information. It's confidential
because your buyer will have to eventually get an appraisal
of their own, depending on which lender they choose. Right
on a newer hole, I don't know how much I'd
spend on an inspection, and if you're familiar with the builder,
(11:35):
but there's anything that's getting ten twelve years old, I'd
get an inspection, and I you know, I've got some
good inspectors around here that I would use. It's about
five hundred bucks, but they the bones are important to you.
But you also want to know how long that air
didition's going to last. Is there a leak around the
water heater, how hot does the water get, how cold
does the cold air blow? You know, does the furnace work?
I mean they go through all of it. I mean
(11:57):
my one guy, I could tell you last time you
had an intruder in the space fourteen years ago. There's
a raccoon in the in the attic, you know, I
mean he I mean, he's detailed. He's gonna tell you
everything about the place. And it's five hundred bucks. But
you're gonna know what. You know what you got to
contend with, right, and that's you know, if you're making
an investment like that, that's what you want to do.
So all of those things come into play. We don't
require home inspection. That's your discretion. Tim disappointing out that
(12:19):
an appraiser is not an inspector. It's just helping us
to determine the fair market value of finding homes that
are similar in age, size, style and location. Get two appraisals,
one on the place you own, one the one you
want to buy. Put those two numbers together and tells
us how much we can lend you on a bridge loan.
So it's our blanket long whatever you want to call it.
But they're handy. I mean, you got one for nine
fifty this week, so I mean hopefully it'll mean like
(12:41):
there you can put everything in place and go from there.
But then we're gonna take our first break. The bank's
open to day from nine to one. Phone numbers eight five, nine,
eight nine, nine one nine three six South then drives
eighty five nine two sixty three three three three five.
You can hear, she can call us. You are listening
to Welcome Home Show by Guardian Safety's Bank on news
Radio News Radio six thirty. You lap, that's good. We'll
(13:02):
be right back your bank. List of Welcome Home Show
by Guardy of Saving the Bank, Tim Adams, Larry Frake
send here the Saturday morning, glad to have you tuned
into us. Paink is open the bay from nine to one.
Phone numbers eight five, nine, eight nine nine one, nine
three six South and rides eight five nine two six
three three three three five. So if you can hear,
you can call us here in Hamburg. And you always
(13:23):
reached Tim Rye, Alex tingle Coy Maderes, Lorie Hawkins, Rob McBride,
be glad to help any of you at any time,
Lorie Hawkins. Everybody's right here going working and working our
tails off. Actually, so just give us a call. Say
you're listening to Welcome Home Show. We've been talking about
those bridge loans a little bit, and they're a great
plan and a great tool to use. Keep that in mind.
If you want to call and talk about it or
(13:45):
meet up and talk about it, we can show you
how those numbers work and how they can benefit you.
Talking to a guy earlier this week, tim that he
thought he might just get a home equity line of
credit and have a you know, go pay cash for
the new place with his home equery line of credit
and then he'll have a pain live on the line
of credit and until he sells his house, and then
he would lickup what they did. That's not a bad plan, eio.
(14:05):
There's two main ways that we discuss on purchasing your
new home with no contingency, and that's all we're talking about.
If you need some guidance on how to make that happen,
give us a call. Let's look at your situation. Everybody's different.
Your equity positions fix volumes about what kind of flexibility
you will have. In some cases, you can't sign a
(14:27):
contract with a no contingency. It just depends on the
barwer and their credentials and the equity position are the
main things we look at when you're trying to execute
a contract with no contingency to sell your current home
at the Because how many deals do we do, Larry,
where we close on their current primary in the morning
and they bother and they close on the new home
(14:49):
in the afternoon. Well, that's the ideal situation. We've done hundreds.
But in this in today's economy, Tim, and I think
you pointed out recently, thirty three percent little homes on
the market now and thirty percent less builder starting them.
So the market's changing, you know, And it's taken a
long time for that to be the case. So houses
are on the market longer, and I think that people
are gonna find that the negotiation is going to become
(15:11):
a little bit more in the buyer's favor versus the
sellers because of that. But there's a lot of people
that aren't going to move anywhere when they got two
eight seven five on a fifteen year fixed, you know
what I mean, They're they're staying put. I mean there.
I talked to my buddy Todd Mason the other day
and he was like, well, he said, you know, WHENDO
wants to move. I keep saying, honey, this is almost free.
(15:31):
You know, we're at two eight seven five, So he's
he's getting maybe getting put him inn in ground pool.
You know, I said, well, stay yeah and just enjoy it.
And they do have a nice house. He's exactly right.
If that's the typical mindset of people that have that rate.
You know, I'm at three and a half. Y're somewhere
in the same thing. And of course we're both on
adjustables and there's some changes coming, but you know, we'll
(15:52):
see what's gonna happen with it. And I've been lucky
enough with all of these, you know, rates that I've
not gotten been caught at a time when they jumped
up and went up higher. You know, I've always been
pretty steady. I think my lifetime of my home ownership,
which is I should have my mom. I'm getting there,
but my second house paid for. But my average interest
(16:12):
rate in my life and at at sixty years old
and home ownership for thirty five of it, you know,
about four percent pay tacking the ultra lower rates of
COVID over the life of you owning a home, your
average has to be somewhere around four percent. And in
my opinion, and as long as I've been doing this
and looking and watching and seeing what's going on. I
think that's where we should settle in. At some point
(16:34):
in the economy could go lower, it could be a
little bit higher, but I think it should be around five,
and it would be fair, be a good cost, and
based on the economic numbers that we've grown up on
and tried to understand for years. Everybody kept saying when
we were selling rates at two and a half or three,
that they would be going to five, be going to five,
be going to fight. They went I know, six seven years,
kept saying they were going to go to five. Now
(16:55):
we got all the way up to seven over a
bunch of information we don't know's accurate or not with
the Bureau of libor statistics and the jobs and all
that stuff. And come to find out that you know,
overestimating the number of people employed by about a million
and a half or however many. You know, the numbers
just don't add up obviously what they've told us about.
You know, their total decision was based on inflation. And
(17:15):
we've got I think we're there, and they still won't
make a move. So they're finding any reason they can
give to keep rates where they are. And I don't
understand it, but like I said, that's a that's a
profit center for the federal government. They're the governing banker
of the United States, and that wheels a big power,
and they just don't see the need even though you
(17:36):
see the signs, like I said, the inventories. There's more
inventory out there now than it was last year. So
you have to wonder where they're where, where they're you know,
where their mentality is concerning interest rates. But it'll see
it's gonna be interesting to see where we go because
obviously this administration ran on a platform of lower mortgage
interest rates and they can't control it. Like you said,
(17:59):
he's trying to get the federal he's orved to do something,
but all the numbers are indicators. Are the three they
should be doing something, and that's why he's done fool
with them. They're not elected, they're appointed, and they're just
you know, got a different philosophy all of a sudden,
how they're gonna do stuff. But it's costing us on
a debt, you know, and so I've got to get something.
Something's got to add up and make sense eventually. But
you don't play the game for fifty years, seventy years
(18:20):
and then all of a sudden. Okay, we're gonna hold on.
Those numbers are not gonna be relevant right now. We're
just gonna do it. But it's not it's not because
of the good of the country. It's to make a
point against the country's leadership or something in my opinion.
But anyway, we're gonna take another break. Banks over today
from nine to one on overs eighty five, nine, eight
nine nine one nine three six South and drives eighty
five nine two six three three three three five. You
(18:42):
can hear if you can call us. If you're listening
to the Welcome Home Show today by Guardian Savings Bank
on News Radio six thirty. That's w LAP. We'll be
right back. You're back. Listened to Wilson Home Show by
Guardian Savings Bank. Larry Franks, Tim Adams in here this
Saturday morning. We're glad to have you tuned into US.
Bank is open today from nine to one. Phone numbers
(19:04):
eight five, nine, eight, nine, nine one nine three six
South then drives eight five nine two six three three
three three five. You can catch Jamie Mortimer, Aaron O'Brien,
Alex Malan, you're Jim McKenzie over maybele the branch managers.
She'll take care of you if you need anything. We
do have full service banking and we'll talk about that
a whole lot, checking savings, CDs, UH book passbook savings accounts,
(19:25):
and you know, we are regular banks. And we talked
about mortgages and that's all we talked about on here. Now.
We don't do boat loans, car loans, or note loans.
We do first and second mortgages only, yep. And we
do all types of property. We do houses, duplexes, triplexes,
eight plexes, new construction, uh, some commercial stuff. We do
(19:46):
builder loans. We have a builder product where if you're
want to open up a line of credits with us
for some spec homes, we had that. Uh. You know,
we do. We've got a whole plethora of of mortgage
related lending, but we don't do anything other than that,
and that kind of throws people off, but it keeps
it simple for us. We do one thing and we
do really really good at it. My opinion on the
five year at five point seventy five, if you're doing
(20:08):
a rate and term refinance and closing costs for only
five hundred bucks and that covers everything to put your
loan together other than Scrow's and a filing fee, so
that's it doesn't take too long to break even, tim
when you're only paying five hundred dollars to do the
closing cost. And we talked about this a lot, and
we've talked about with Richard about the phrase that you
hear from these people online. No out of pocket? What
(20:31):
no out of pocket? So yeah, no, you don't have
any money out of pocket, but you might lose a
lot of money in equity because we've gone back and
come over with the closing costs of some of these things,
and twelve thirteen thousand dollars for loan closing, well, you
shouldn't be paying anything out of pocket or five hundred
dollars for loan closing for the better rate. Anyway, what
do you think you should choose? But least call and
shop around, take a look and see what's available to you.
(20:53):
But anyway, economic news is going to be coming up
next week and hopefully you know there's been a lot
of rumlin and grumblin about President Trump want to get
rid of FED altogether. They've been around since nineteen thirteen,
by the same time they started collecting federal taxes. And
you know that's a tough road to hoe. But I
mean they're just you know, having ups and downs, and
tim's a thing they're bringing in things to the decision
making on these rates and the way they're handled that
(21:13):
we're not familiar with. This next week, the information coming
out to decide what they're going to do about the
economy is durable good orders. Well actually they did come
out and then they reported dropping nine percent from the
previous month, but last month was controlled by a huge
airline order. But anyway, Monday gives one more breather day.
Then hold on as the onslaught starts on Tuesday. Next Tuesday,
(21:34):
let's see what we have jobs week, So both ADP
and the BLS will report. The Fed's first estimate of
quarter two GDP will be released, which will be important
after the final reading of the Q one showed it.
The detraction PCE inflation report will release on Thursday. Oh yeah,
and the Fed Median is Tuesday and Wednesday, And that's
(21:55):
just the major reports to come out today. Bonds are flat,
with NBS worst one basis point tenure even on the day.
Rates are steady and maybe drifting a little worse on
the hedge on next week. So here you go. No
way on what's going to happen. Rates are gonna drift
up on us a little bit here on the bond market,
the ten yere bond market is what dictates these rates.
But all indicators were in the very first month of
(22:17):
June that the tariffs had not had any effect on
inflation in any way, shape or form. They can't say it.
They can't because there was zero. So we'll see what
July numbers wind up coming in and see if it again.
But that's what Jerome Fauci was talking about, having a
problem with lowering the rate because he didn't know what
teriffs were going to do. So we'll see how that
(22:37):
shakes down. But anyhow, and now you've got political season
coming along as well. I've got, you know, several people,
somebody's be running for Mitch McConnell's seats, someone's gonna be
running Fanny Barr's seat. And I was looking at some
of the candidates there and I'm kind of a fan
of Dean and Gordon who's been on the Banking and
Insurance Commission, and I'm gonna, you know, I'm gonnavite any
of the people running for these offices that they want to,
(23:00):
you know, we can get them on and visit with
them a little bit. But I'm gonna see if I
can invite her on talk a little bit about finance
and stuff and see if we can get down and
have a sit down session with her, because Tim, there's
some stuff in these in these delivery fees and different
things out here that I'm still unaware of what's going
on with them, but it's costing people money every time
they buy a reefin ants. And at one point we
had an idea where they were all going, but I've
(23:23):
kind of lost track. I was hoping Thosese would get
into it. I mean, wouldn't you like to know what
every time you, as a homeowner, if you want to
reefinance your house, you have to pay an extra fee.
When you the owner, you're already paying taxes, you got
to pay to get you know, everything done, and then
the government's taking a fee out every time that you
do you use money. It is what it is, as
my mother says, So they're getting us at every turn.
(23:45):
Larry and I know that at one point the delivery
fees were to pay back the government from bailing out
Fanny and Freddy and then they were put into the
Obama health Care plan to pay for health care where
we were gonna have to pay if we didn't have insurance. Remember,
they're going to find us if we didn't have insurance.
And then now and that changed over. Now they're supposed
to be going for something else. I thought it was
to help create funds for the filling in the gap
(24:07):
for the people that couldn't afford homes. But I don't
know them. We've lost track. I mean, these fees are predicted,
it is, and if you don't have a seven eighty
credit score, I mean, those are the guidelines set forth
by Freddie Mack, and that's our you know, that's who
we march by. But I also look at it on
the other hand, as you know, it is a money
making entity for the federal government, and we don't have
(24:30):
many profit making entities per se in the federal government.
So it's hard for me to sit here as a
tax parents. And we're charging too much for loans because
we use the criteria of a seven eighties credit score
and twenty five percent equity on the on. That's how
(24:50):
we price our loans. That's the best pricing is if
you've got twenty five percent down, or you have twenty
five percent equity and a seven eighty credit score, you're
going to get the best rate and the lowest closing cost.
If you have less than a seven eighty score, you're
gonna get the same rate as someone with the seven
eighty score. You're just paying points because of that, and
(25:14):
we know how messed there. But the credit report system
in itself is sometimes misleading. And uh, it shouldn't be total.
That shouldn't be your total shouldn't be judged completely by
a credit score. But you pay the points, but the
rate doesn't change. When people are not talking about buying points,
they would say, okay, I'm right by you one point.
I'm not going to be signed climb on a bit.
(25:35):
It's origination fees. And these origination fees are what you're
talking about. Well, they're called delivery fees, they're called points,
they're called it depends on what you're using the fees for. Uh,
but yeah, it's true, correct that the should we look
at the fees that we're charging for some one with
less than a seven eighty credit score, Maybe we need
(25:55):
to lower the bar on that front. True, I mean
it's seventy five percent between seventy five and eighty percent.
So if you pay twenty five percent down your gold
and there's nothing at seven eighty. But if you happen
to have a six sixty or six seventy nine credit score,
you're gonna pay a quarter of a point, you know,
but yourrate's not gonna change. It's just a feegoing somewhere.
And that's what I want to sort out. See what
(26:17):
it's for, and oh, good luck with that. How it's helping. Well,
we're gonna ask the questions and see exactly I mean,
you and I you know, we're not afraid to dig
around and see what's what. A dog will only chase
the car so long before it by at the time,
that's right, And when he bites that tire, if he
gets his two stuck, he gonna get beat to death.
But they'll keep on chasing. And then when they go
(26:39):
catch it, they don't know what they're gonna do any
but you know they're always gonna have a creative answer
to your question. Well, we're gonna what now, Well, can
you believe it? Yeah? So anyway, yeah, but anyway, there's
economic news coming away. We'll see what happens. We're still
seven and a half on the prime, and uh, I
don't know. People are you know, people are okay with it.
I mean there's mean you got to wait and see
(27:01):
what happens. If there's a house that you want, let's
put the loan together. We can always refinance, you know,
marry the home and date the loan. That's what we've
been saying. And we'd love for you to do business
locally by here, stay here, and stay here by here,
and you know, operate from a local perspective always, and
that's what we want. And don't have to be calling Delaware,
(27:24):
California or someplace to find out about the service in
your own You can come right into the branch on
Hamburg and sit down right across the desk from Pinky
and ask him everything about your ask bro everything about
your insurance, everything about your taxes, prepaid interest. He has
all the answers. Ain't that right to him? That's correct?
And you can sit right there at the office and
go over it. And sometimes if you don't know the
right answer, he'll make something up and we'll sort it
(27:45):
out later. We've had that half the time or two,
but now he does a good job finding the right answers,
and that's all we can expect. But we be local
by local and stay local, you know, I mean a
lot of competition out here. We're glad they're here. But
if you want to stall a community bank that services
their own loans, give us a call. If you won't
see stack us up against somebody, we may not have
(28:07):
to pull your credit to determine what we can do
for you, but we may. Well, that's right, because credit
scores are out there. I mean, I know I'll get
one through Discover every month, and it's a different algorithm, yes,
but it gives you some clue. And you need to
check your credit because if something bad has happened, it
(28:27):
will be reflected in a lower credit score, and so
you need to take proactive measures to protect your credit score. Right,
And you can typically get them now through these credit
card companies for free. So that they're different than a
residential they are, they are, but we can go on
that until we can put an asterisk on our loan
(28:47):
estimate and say this is what it would be with
your score is seven eighty. When we pull your credit,
we will know for sure, right, So don't let every
lender pull your credit for say, we'll be glad to
give you a quote if you'll give us a solid
estimate of your credit score, which you should know is
a bona fide consumer right, and it's one of the
(29:10):
first things we're going to ask is what do you
think your credit score is? They say, why just have
my credit pulled over it, you know, community trust and
you say, okay, what they tell you, and that will
give us an idea. But if you're looking, you know
it comes in your discover card, we'll take it into consideration.
But we're going to pull residential mortgage or credit report
and it could be better, it could be worse. Most
of the time it seems to be better, you know.
When we do want to pull TransUnion, Equifax, and Experience,
(29:32):
and we're going to use the middle of those three.
We're fair in our assessment because those are all three
different systems that we analyze. So that's why it's a
full credit inquiry. So you want to be careful about
how often you have that done over a period of time.
Now you got a two week window from the first
mortgage credit report that you told to let as many
of them as you want to see it but if
(29:53):
you're good and you get three good good offers, which
we suggest that you have three quotes when you're trying
to put the thing together so that you have enough
to go on. And if you don't have anybody in
mind to call, I'll give you two other people that
I like to do business with. And if I lose
business to them, I't worried about it. But they're good lenders,
and they have good pricing, and they take care of
their people. And we don't win all deals, probably just
(30:15):
about ninety eight percent of them, you know, But I
will send you to somebody that's that's going to be
fair and competitive and have the integrity to do a
good loan and not rip you off in your equity
and take advantage of you. And that's all you want.
And that's what being part of a bank, a good
bank is, is putting all those pieces together so that
we can help each other and everybody, you know, progress
(30:36):
along in life. Like you say, ten the way to
be debt free, baby, that's right, or it's a mantras
to live by. And of course your mortgage is a
financial investment and you've got to treat it as such.
Let's you know, let's talk you through it. You might
be able to do something better right now than what
you're doing as far as building equity, and that's through
(30:59):
your monthly payment. The part of your payment that's going
to principle. That's the power of principal reduction. Now, the
shorter the term to the higher the payment with the
quicker the payoff. That's one thing I want to you know,
keep that in mind to you. Five point seventy five
on a fifteen sounds great, but you're cutting the term
to pay in half, so the payment's quite different. So anyhow,
(31:19):
we're gonna take another break. Banks open the day from
nine to one for numbers eight five, nine, eight nine,
nine one nine three six South and drives eighty five
nine two six three three three three five. So if
you can hear, she can call us. You are listening
to the Welcome Home Show by Guardian Savings Bank. People
be right back. You're listen to us on News Radio
six thirty. W lap back. Listen to the Welcome Home
(31:41):
Show by Guardy Savings Banks, Larry's Freight and Tim Madams
Here this Saturday morning. We hope to staying cool boy.
How the boys there? Larry Banks open to day from
nine to one one numbers eighty five, nine, eight, nine, nine,
one nine three six South and drives eighty five nine
two six, three three three three five. Get hold Aeron O'Brien,
Jamie Mortimer, Alex Malane, Jim McKenzie over there and here
(32:01):
at Hamburg eight five nine, eight nine, nine one nine
three six. Get a hold of Tim Ryan, Lorie, Alex,
Alex Tingle, Rob mcgride, commideres, be glad to have you.
We've got a branch open in Louisville Overy. You call
John or John over there, and I don't know who
all's on the board, dip. I know John of Owl
and John Cornett are there, so Jay and Jay. But
(32:22):
the same deal, same servicing, same everything. If you're in
that area, you know, if you get online, call us
at this local number eight five nine, eight nine, nine
one nine three six. If you've dealt with this before
looking yourself phone, find your loan officer called the local branch.
If you call that number and you're gonna get hiped
up with somebody up north and we may never see
you again. Still gonna good to good deal, but please
stay in touch with us. Be local bylocal and stay
(32:44):
local guardian wants your business obviously, and we want your business,
but we'd like to be the one to earn the business,
keep the business, and take care of your business. So
take care of your business. That's right, eight five nine
eight nine nine nine three sick. What else is going on? Tim?
What's a good joke you heard this week? I haven't
heard one this week? Oh you kidding? I'm gonna go
back to the weather forecasts and hilariouses. There's a forty
(33:04):
percent chance of rain today, I say twenty five, So
we'll see who whins next week in what area it's like? Okay,
Likeston area, right, I mean that covers you know, the
listening area. Now, I lost my job at the rs
hues plan. I couldn't concentrate. I hear you, I got you.
I knew you had to go it in there somewhere.
You've been hanging out around the right people to learn them,
(33:25):
I speculate. So anyhow, but a whole lot going around
on taking around town this weekend. But again, listen to
some good local music and support them. Get down to
two fisted Willies, Austin City, Coptails cocktails too. A lot
of places around town or if you can get out
and hear some good tunes over got the Signature Club,
get some music. You know, there's so much music and
(33:47):
so much talent around here. I don't know what's going
on down Renfro Valley. I know thirty eight specialists come around.
I don't know if they've been and gone or whatever.
But now you can find something. It's gonna be hot.
Just make sure you stay cool, take care of your yard,
your pets, and yoursel, stay highly rated, and stay ready
to go. But I think it's gonna get a little
rain this weekend. I say Sunday is a better chance
(34:08):
for it. So today, you know, forty percent chance, but
who knows, maybe not at all, Tomorrow eighty percent chance,
and who knows not at all. Just depends on which
way the wind blows. We are in Kentucky. But if
it rains in my house, I want to be dancing
in the rain. You know, if you're on seventy five
Highway headed south, you know, the traffic's been a mess,
so everybody's getting off on the side roads. But they
(34:30):
have a pretty simple thing that they do in these
construction projects, has called merging. And if you'll stay and
use all lanes and then zipper in at the end
instead of you get the Cairns and the Rodney's out
here that want to drive down and block everybody from
getting to the end of the merge lane down Tennessee
where they're working on forty where it washed out ten
It says use the merge lane until it ends. They
(34:52):
have the line flashing, so people will stand that lane
and get all wet as far as they can't have
a seven miles deep of traffic. So I'm getting sick
of that. I'm getting the line to merge and then
somebody wants a car because all goes around me. Yeah, yeah,
wages in. That's a flast minute. That's what's supposed to happen.
It's called the zipper effect. You get in, you stay
in that merge lane, you just clip in, and you
just clip in. But you got people wanting to jump
(35:13):
over seven lanes back and then cut you off if
you want to try to get down there. News that
like it's supposed to be, and it's just a as
you're driving hazard and you've got traffic back to kid
got killed now Madison, Madison County. The other day, very
same people do not know how to merge. They got
people on a mountain trip jump out in front of
people so they can't get to the end of the lane.
Stay out of the left lane if you're not passing somebody.
But now that it's going to be like this at
(35:34):
Tel October, Pinky, I'm probably gonna be on my boat
and standing on the hall on this traffic stuff because
it's going to be a stinker. Boy. Be careful when
you're out here, drive and pay attention to be courteous,
to understand the rules, to say the least, get out
and do what you're gonna do this weekend. Just be
safe on how you're getting around and be courteous of
all those around you. This traffic update brought you by Pinkies,
(35:54):
Loans and Snooke ones six point seven five on a
thirty or fix, six and three eight's on a twenty
year fixed, five point seventy five on a fifteen year fix.
The fifteen year fixed on a rate and term reefinants
is five hundred dollars in closing costs. The other closing
costs without any delivery fees at nine hundred and forty
eight dollars. If you can find a better deal in town,
and around Lexington. Please let us know we're gonna have
(36:16):
a hard time, but we'd like tor in your business.
Give us a call at the local number eight five nine,
eight nine nine one nine three six. Want to fall
a shout out to Carolyn over Triple A helping me
with my insurance business. And didn't know I was gonna
be talking to somebody local on an all the eight
hundred number. But she says she gets out and lists
don't have a radio in her house, but she's in
(36:36):
the car. She's listening to us on WLAP, my buddy
Denny and old Jeremy Rigney and a bunch of them
on the radio, tuning us in Pinky. And then they
give us a grating thought. We did a good job
last week when we had Sean Tester on here and
his new business with rehab and working with the wolves
and all that, and we'll get him back. And then
I've got a girl that we hasten recently written a
(36:57):
book about the loss of her child and has has
really done well. She's not gonna take it on the
chin sitting down. She's gonna make something good out of it.
So I'm excited to have her on maybe we'll get
her next week, but we appreciate you tuning into us
this week and we do hap you have a good one.
Give us a call if we can help you with
your mortgage needs. Eight five nine eight nine nine three six.
You have been listening to a Welcome Home show by
(37:18):
Guardian Savings Bank. We're opening today from nine to one.
We'll be back next Saturday from ten to eleven. And
you've been listening to the Welcome Show by Guardian Savings
Bank on news Radio six thirty. Pull of the Loldcats
w Lap be back next week
Come on, Elston, tell you listen to Welcome Home Show
by Guardian's Davis Bancom. Larry Freaks. Tim Adams back in
here with us this Saturday morning. We gave him last
Saturday off take care of some family business and we missing,
but old Richard Klanch stepped in and stepped up. So
we're glad to have you back. Think you hope everything's
all right down there in Summit set with all your
family belonging to dealings and businesses and all that stuff.
(00:25):
And Richard, we appreciate you stepping in. Banks open to
day from nine to one. Phone numbers eight five, nine,
eight nine, nine one nine three six phone number of
South and Drives eight five nine two six three three
three three five. So if you can hear, you can
call us. We appreciate you listening to us. Maybe a
little muggy this weekend, be a little rain and little
heats of what it's looking like toim. Yeah, that's gonna
(00:46):
get a little cooler this afternoon. Maybe on up the
ninety summertime. It is ain't a bad time to get
your mortgage out to a rate your pay we're at
six seven five on a thirty or fix six and
three eighths on a twenty five eight seven or five
seven five on a fifteen. We do a rate and
term refinance on a fifteen year fixed for you. It's
closing costs are just five hundred dollars, and that covers
(01:06):
everything we need to put your loan together, your title work,
your praisal, any of the stuff we need to do
paperwork wise, we'll be included in that five hundred dollars.
It's the way it works, tim you know. It'll get
two hundred and fifty dollars application fee. That's half the
five hundred, and then at the closing we get to
the other two fifty. It doesn't include a filing fee
for whatever county you're in or your estros and your escros.
(01:31):
You got enough act what do you don't have to
do it. But if you are going to escro, we'll
set up enough money for your taxes and insurance to
pay those bills when they come to If you're doing
six months, we're gonna collect enough to pay it six months.
If you have just paid them, we'll have to have
a little bit in there so when next year rolls around,
we've got enough to cover you. So it's not a
bad deal at all. And you know, just keep in
(01:52):
mind if you bought something over the last couple of
years here when rates have been in the sevens, we're
at six seven five. Our regular closing costs on they're
like a thirty or fixt nine and forty eight dollars.
So if we could get you out of mortgage insurance
and save you half a percentage, we can make some
hay on you having some money in your pocket, create
a little cash flow, Tim, wouldn't you say absolutely? And
(02:15):
especially if you're willing to recast or a refinance your
loan too a shorter term, that's when you're really hitting
it out of the park and building equity. It's all
a different plan for everybody. But call us and we
can go over the options you may have right now
to refinance. But I also want to throw out again
our what we call our blanket loan, and there's a
(02:37):
lot of confusion about the terminology. A blanket loan is
a way to bridge into a new home without selling
your current home, taking advantage of your taking advantage of
your equity. It depends on how much you know. We've
got to look at the situation based on the equity
position in your current primary. But I mean I've had
instances where my customers have have they don't have a
(02:58):
mortgage right now, their mortgage free. Like I told my customers,
I wouldn't have been able to move to this house,
the house that I live in, if it hadn't been
for the blanket concept bridge to bridge in that way,
because you acquire a lot of stuff. And so I
was just glad to have the flexibility and time to
(03:19):
move out of my previous home and get it on
the market. We did rent it for a while and
we eventually sold it and put it you know, I'll
put the the principal balance reduction with when I sold
that house and change the dynamic of how my loan
was playing out on a monthly basis. So that's where
the money is, Larry, is in your principal reduction, and
(03:42):
we're very good explaining it and offering options to lower
your principal reduction along the way. Uh, I mean increase
your principal reduction along the way, so and then less
interest for principle and so it's worth a phone call
to your options right now with the market the way
they are, especially for a fifteen year I think we're
(04:04):
still at five seven five on a fifteen year fix.
That's golden. But if you're thinking about buying something you
want to leverage in right now using our blanket, not
have to move out of your home right away, or
your contract would not be contingent upon you selling your
current home to buy this home. And like I said,
that's a luxury, Larry, absolutely, And what it is, like
(04:27):
you said, blanket bridge whatever, you're just taking advantage of
the equity in the home that you currently have without
having to sell it. So we have cross collateralized your
current home with the home you buy. You have one
payment on two places. You have a time span one
or two or three years. You can go three to
one and you can have it for three years. What
some people do a lot of people just do the
(04:49):
one year option and they get moved into their new house,
or they buy the new house, say and it needs
a little TLC. So they might go in and paint
a room, or putting down some hardwood flowor or fix
the bathroom or whatever it does they want to do.
And just like you said, time, they have time to
do all those things. So they get the new place
just like they want didn't they finally move me in,
get everything situated. But now they've got their old house,
(05:12):
they might want to fix this or fix that, or
paint this or neutralize that, and then you know, be
able to maximize the sale of it. Now, are be
careful of what you spend on fixing your current home up.
You may want to sell it more as and as
is and let your you know, and let them spend
the money to do what they specifically may want to do. Well,
(05:32):
I made that mistake. Well, yeah, I'll put in some
high end cabintry or countertops and really probably didn't net
me a lot of I probably lost money by doing so. Well.
I think you just have to neutralize and the main thing,
you know, but there's if there's things you got to fix,
you fix them, like you said. But you're not going
to want to go overboard and then have, you know,
(05:53):
spend ten grand to get three thousand dollars in your
sales price. But some people, you know, I was talking
to a lady recently about doing a bridge loan. She goes,
I've got five dogs, and she goes, I need to
you know, I'm gonna you know, it's gonna take some work.
You know, I mean, and any buyer that goes in
there going no, she's had five dogs of course, and
so you know, this would be an ideal loan for
(06:13):
she could get one bought and you know, have the
other one, you know, move into it and then get
this one undogged. Yeah, undogged and prepped to be more
ready for a buyer. But you know, people live, you know,
they have their pets, and I get it, but you know,
if you're there, you're They're just hard to hide because
they have sens and odors and the things that they
(06:35):
around the house. And I remember back when when my
house was on the market out here in my neighborhood,
and the pre the owner had been a smoke and
that was a big problem. And I think the first
people that bought it they ended up said we're not.
They got out of the contract because they couldn't remediate
(06:56):
the smell. They were still getting that cyrial U smell,
and so it they finally sold. But I get I
don't know what they had to do, but like all
said that, this lady needs time for remediation from from
whatever serve pro or well whoever's got to come in
and like you say, neutralized and clean out all the
(07:18):
airbents and stuff. But I mean as far as any
of the paint, you want everything to be, you know,
just a neutral color. And you want people to be
able to imagine their furniture, uh in your place and
and you know, keep it just neutral. I mean I've
seen some you know, we see all kinds of stuff
in the appraisals review, we review, and and people have personalized,
you know, items that they like to have be a
(07:39):
certain color, you know, like the UK blue or you
know they get you know, black or I mean just
some room that you know, it's hard for people to
imagine their stuff, and there're so as neutral as you
can get. It's always a good, good clue. And then
leaving a few things in there to stage it. What's
your good realtor help you take care of all that
leave this if you can move it over here, declutter
here and Robin Jones down and Richmond and you know
(08:00):
she does a good job with that with a stage
in the stuff. I always you know, respected her opinion.
I've seeing some stuff we've seen and work some magic
on houses that are over stuck with things, Like you say,
you accumulate stuff and good realtors can help you get
rid of all that. But a bridge and a blanket
loan are one and the same thing. You're just taking
advantage of the equity before you sell it. You get
(08:20):
a pre approval letter it says you're capable of buying
the home with using a blanket loan, and you take
it and give it to the person and sign your
contract and you go on. Then we get an appraisal
on both places and put the pieces of the puzzle together.
But you got one payment on two properties. And then
when you sell your current residence, you decide how much
you want to pay that balance down, and then we'll
(08:41):
put the numbers together, and as Tim tells you, we'll
do a recast and then we can put it in
on a fixed rate. If that's what we want to do.
A fixed rates aren't where we think they need to be,
then we might wait a minute, you know, we might
just let you ride out that twelve months and see
what happens. But a lot of people will bring in
the dough from the cell and then we do the
ray me fo Solaia and uh get everything put together?
(09:05):
How does that go to raid me false solo? He
does Team I don't know you're the singer. Oh femail
your raid drop of golden Sun. You know, you know. Anyway,
it's a it's a it's an attractives around. We do
a lot of them. And if you have a home
that you want to look at but you're not you know,
and I think it's really the safest thing to do
with the market. It's just a luxury now, there's no
(09:27):
no doubt about it. And if if you're able to
you know, and that's where a realtor it becomes so
valuable in that type of transaction, Larry uh And. And
they're not one hundred percent accurate, but they can they
can look at sales data, you know, for your current home,
and they can kind of give you some direction on
you know, how many days on the market you're going
(09:48):
to have to wait possibly to sell your current home.
The thing about doing the blanket, Larry, you get an
appraisal on your current home that helps you determine of
the value. Having an appraisal, ine hand, is a very
important tool for your agent to list your house right
and the appraisal, the appraiser's job is to go from
you know, three or four five houses that are somewhere
(10:10):
in age, size, style, and location and trying to compare
apples to apples. They're not trying to compare log homes
to brick homes. They're not trying to compare two stories
to single stories. They're not trying to compare five acres
one acre. They're trying to find same square footage, same
type of design, same bedroom count. And uh, you know,
there are differences in houses and in neighborhoods. That one
(10:31):
last week where somebody said, well, the house down the
street sold for more than mine, and it doesn't have
the bad the basement finished off. Well, come to find
out the basement was finished off, right, you know when
we got the you know, and it was used for
come you know, there were just some information that they,
you know, in their own mind, thought was out there
that justified the value that wasn't there. We got it
worked out. It wasn't a bad deal. Was a great
deal for everybody in a nice house. But I mean
(10:52):
it's just you know, they thought the neighbors that day
thing their house as long as they live there, Well
they sure had. You know, most buyers know the difference.
But an appraiser is not an inspector. Your perspective, if
you're putting your house on the market, your perspective, buyer,
we always am very strongly encouraged to do an inspection
and the appraisal, right, But that's usually at the buyer's expense. Yeah,
(11:14):
the inspection, but in this case of the blanket, you're
basically getting an appraisal as part of that deal, right,
So you don't have to share that information. It's confidential
because your buyer will have to eventually get an appraisal
of their own, depending on which lender they choose. Right
on a newer hole, I don't know how much I'd
spend on an inspection, and if you're familiar with the builder,
(11:35):
but there's anything that's getting ten twelve years old, I'd
get an inspection, and I you know, I've got some
good inspectors around here that I would use. It's about
five hundred bucks, but they the bones are important to you.
But you also want to know how long that air
didition's going to last. Is there a leak around the
water heater, how hot does the water get, how cold
does the cold air blow? You know, does the furnace work?
I mean they go through all of it. I mean
(11:57):
my one guy, I could tell you last time you
had an intruder in the space fourteen years ago. There's
a raccoon in the in the attic, you know, I
mean he I mean, he's detailed. He's gonna tell you
everything about the place. And it's five hundred bucks. But
you're gonna know what. You know what you got to
contend with, right, and that's you know, if you're making
an investment like that, that's what you want to do.
So all of those things come into play. We don't
require home inspection. That's your discretion. Tim disappointing out that
(12:19):
an appraiser is not an inspector. It's just helping us
to determine the fair market value of finding homes that
are similar in age, size, style and location. Get two appraisals,
one on the place you own, one the one you
want to buy. Put those two numbers together and tells
us how much we can lend you on a bridge loan.
So it's our blanket long whatever you want to call it.
But they're handy. I mean, you got one for nine
fifty this week, so I mean hopefully it'll mean like
(12:41):
there you can put everything in place and go from there.
But then we're gonna take our first break. The bank's
open to day from nine to one. Phone numbers eight five, nine,
eight nine, nine one nine three six South then drives
eighty five nine two sixty three three three three five.
You can hear, she can call us. You are listening
to Welcome Home Show by Guardian Safety's Bank on news
Radio News Radio six thirty. You lap, that's good. We'll
(13:02):
be right back your bank. List of Welcome Home Show
by Guardy of Saving the Bank, Tim Adams, Larry Frake
send here the Saturday morning, glad to have you tuned
into us. Paink is open the bay from nine to one.
Phone numbers eight five, nine, eight nine nine one, nine
three six South and rides eight five nine two six
three three three three five. So if you can hear,
you can call us here in Hamburg. And you always
(13:23):
reached Tim Rye, Alex tingle Coy Maderes, Lorie Hawkins, Rob McBride,
be glad to help any of you at any time,
Lorie Hawkins. Everybody's right here going working and working our
tails off. Actually, so just give us a call. Say
you're listening to Welcome Home Show. We've been talking about
those bridge loans a little bit, and they're a great
plan and a great tool to use. Keep that in mind.
If you want to call and talk about it or
(13:45):
meet up and talk about it, we can show you
how those numbers work and how they can benefit you.
Talking to a guy earlier this week, tim that he
thought he might just get a home equity line of
credit and have a you know, go pay cash for
the new place with his home equery line of credit
and then he'll have a pain live on the line
of credit and until he sells his house, and then
he would lickup what they did. That's not a bad plan, eio.
(14:05):
There's two main ways that we discuss on purchasing your
new home with no contingency, and that's all we're talking about.
If you need some guidance on how to make that happen,
give us a call. Let's look at your situation. Everybody's different.
Your equity positions fix volumes about what kind of flexibility
you will have. In some cases, you can't sign a
(14:27):
contract with a no contingency. It just depends on the
barwer and their credentials and the equity position are the
main things we look at when you're trying to execute
a contract with no contingency to sell your current home
at the Because how many deals do we do, Larry,
where we close on their current primary in the morning
and they bother and they close on the new home
(14:49):
in the afternoon. Well, that's the ideal situation. We've done hundreds.
But in this in today's economy, Tim, and I think
you pointed out recently, thirty three percent little homes on
the market now and thirty percent less builder starting them.
So the market's changing, you know, And it's taken a
long time for that to be the case. So houses
are on the market longer, and I think that people
are gonna find that the negotiation is going to become
(15:11):
a little bit more in the buyer's favor versus the
sellers because of that. But there's a lot of people
that aren't going to move anywhere when they got two
eight seven five on a fifteen year fixed, you know
what I mean, They're they're staying put. I mean there.
I talked to my buddy Todd Mason the other day
and he was like, well, he said, you know, WHENDO
wants to move. I keep saying, honey, this is almost free.
(15:31):
You know, we're at two eight seven five, So he's
he's getting maybe getting put him inn in ground pool.
You know, I said, well, stay yeah and just enjoy it.
And they do have a nice house. He's exactly right.
If that's the typical mindset of people that have that rate.
You know, I'm at three and a half. Y're somewhere
in the same thing. And of course we're both on
adjustables and there's some changes coming, but you know, we'll
(15:52):
see what's gonna happen with it. And I've been lucky
enough with all of these, you know, rates that I've
not gotten been caught at a time when they jumped
up and went up higher. You know, I've always been
pretty steady. I think my lifetime of my home ownership,
which is I should have my mom. I'm getting there,
but my second house paid for. But my average interest
(16:12):
rate in my life and at at sixty years old
and home ownership for thirty five of it, you know,
about four percent pay tacking the ultra lower rates of
COVID over the life of you owning a home, your
average has to be somewhere around four percent. And in
my opinion, and as long as I've been doing this
and looking and watching and seeing what's going on. I
think that's where we should settle in. At some point
(16:34):
in the economy could go lower, it could be a
little bit higher, but I think it should be around five,
and it would be fair, be a good cost, and
based on the economic numbers that we've grown up on
and tried to understand for years. Everybody kept saying when
we were selling rates at two and a half or three,
that they would be going to five, be going to five,
be going to fight. They went I know, six seven years,
kept saying they were going to go to five. Now
(16:55):
we got all the way up to seven over a
bunch of information we don't know's accurate or not with
the Bureau of libor statistics and the jobs and all
that stuff. And come to find out that you know,
overestimating the number of people employed by about a million
and a half or however many. You know, the numbers
just don't add up obviously what they've told us about.
You know, their total decision was based on inflation. And
(17:15):
we've got I think we're there, and they still won't
make a move. So they're finding any reason they can
give to keep rates where they are. And I don't
understand it, but like I said, that's a that's a
profit center for the federal government. They're the governing banker
of the United States, and that wheels a big power,
and they just don't see the need even though you
(17:36):
see the signs, like I said, the inventories. There's more
inventory out there now than it was last year. So
you have to wonder where they're where, where they're you know,
where their mentality is concerning interest rates. But it'll see
it's gonna be interesting to see where we go because
obviously this administration ran on a platform of lower mortgage
interest rates and they can't control it. Like you said,
(17:59):
he's trying to get the federal he's orved to do something,
but all the numbers are indicators. Are the three they
should be doing something, and that's why he's done fool
with them. They're not elected, they're appointed, and they're just
you know, got a different philosophy all of a sudden,
how they're gonna do stuff. But it's costing us on
a debt, you know, and so I've got to get something.
Something's got to add up and make sense eventually. But
you don't play the game for fifty years, seventy years
(18:20):
and then all of a sudden. Okay, we're gonna hold on.
Those numbers are not gonna be relevant right now. We're
just gonna do it. But it's not it's not because
of the good of the country. It's to make a
point against the country's leadership or something in my opinion.
But anyway, we're gonna take another break. Banks over today
from nine to one on overs eighty five, nine, eight
nine nine one nine three six South and drives eighty
five nine two six three three three three five. You
(18:42):
can hear if you can call us. If you're listening
to the Welcome Home Show today by Guardian Savings Bank
on News Radio six thirty. That's w LAP. We'll be
right back. You're back. Listened to Wilson Home Show by
Guardian Savings Bank. Larry Franks, Tim Adams in here this
Saturday morning. We're glad to have you tuned into US.
Bank is open today from nine to one. Phone numbers
(19:04):
eight five, nine, eight, nine, nine one nine three six
South then drives eight five nine two six three three
three three five. You can catch Jamie Mortimer, Aaron O'Brien,
Alex Malan, you're Jim McKenzie over maybele the branch managers.
She'll take care of you if you need anything. We
do have full service banking and we'll talk about that
a whole lot, checking savings, CDs, UH book passbook savings accounts,
(19:25):
and you know, we are regular banks. And we talked
about mortgages and that's all we talked about on here. Now.
We don't do boat loans, car loans, or note loans.
We do first and second mortgages only, yep. And we
do all types of property. We do houses, duplexes, triplexes,
eight plexes, new construction, uh, some commercial stuff. We do
(19:46):
builder loans. We have a builder product where if you're
want to open up a line of credits with us
for some spec homes, we had that. Uh. You know,
we do. We've got a whole plethora of of mortgage
related lending, but we don't do anything other than that,
and that kind of throws people off, but it keeps
it simple for us. We do one thing and we
do really really good at it. My opinion on the
five year at five point seventy five, if you're doing
(20:08):
a rate and term refinance and closing costs for only
five hundred bucks and that covers everything to put your
loan together other than Scrow's and a filing fee, so
that's it doesn't take too long to break even, tim
when you're only paying five hundred dollars to do the
closing cost. And we talked about this a lot, and
we've talked about with Richard about the phrase that you
hear from these people online. No out of pocket? What
(20:31):
no out of pocket? So yeah, no, you don't have
any money out of pocket, but you might lose a
lot of money in equity because we've gone back and
come over with the closing costs of some of these things,
and twelve thirteen thousand dollars for loan closing, well, you
shouldn't be paying anything out of pocket or five hundred
dollars for loan closing for the better rate. Anyway, what
do you think you should choose? But least call and
shop around, take a look and see what's available to you.
(20:53):
But anyway, economic news is going to be coming up
next week and hopefully you know there's been a lot
of rumlin and grumblin about President Trump want to get
rid of FED altogether. They've been around since nineteen thirteen,
by the same time they started collecting federal taxes. And
you know that's a tough road to hoe. But I
mean they're just you know, having ups and downs, and
tim's a thing they're bringing in things to the decision
making on these rates and the way they're handled that
(21:13):
we're not familiar with. This next week, the information coming
out to decide what they're going to do about the
economy is durable good orders. Well actually they did come
out and then they reported dropping nine percent from the
previous month, but last month was controlled by a huge
airline order. But anyway, Monday gives one more breather day.
Then hold on as the onslaught starts on Tuesday. Next Tuesday,
(21:34):
let's see what we have jobs week, So both ADP
and the BLS will report. The Fed's first estimate of
quarter two GDP will be released, which will be important
after the final reading of the Q one showed it.
The detraction PCE inflation report will release on Thursday. Oh yeah,
and the Fed Median is Tuesday and Wednesday, And that's
(21:55):
just the major reports to come out today. Bonds are flat,
with NBS worst one basis point tenure even on the day.
Rates are steady and maybe drifting a little worse on
the hedge on next week. So here you go. No
way on what's going to happen. Rates are gonna drift
up on us a little bit here on the bond market,
the ten yere bond market is what dictates these rates.
But all indicators were in the very first month of
(22:17):
June that the tariffs had not had any effect on
inflation in any way, shape or form. They can't say it.
They can't because there was zero. So we'll see what
July numbers wind up coming in and see if it again.
But that's what Jerome Fauci was talking about, having a
problem with lowering the rate because he didn't know what
teriffs were going to do. So we'll see how that
(22:37):
shakes down. But anyhow, and now you've got political season
coming along as well. I've got, you know, several people,
somebody's be running for Mitch McConnell's seats, someone's gonna be
running Fanny Barr's seat. And I was looking at some
of the candidates there and I'm kind of a fan
of Dean and Gordon who's been on the Banking and
Insurance Commission, and I'm gonna, you know, I'm gonnavite any
of the people running for these offices that they want to,
(23:00):
you know, we can get them on and visit with
them a little bit. But I'm gonna see if I
can invite her on talk a little bit about finance
and stuff and see if we can get down and
have a sit down session with her, because Tim, there's
some stuff in these in these delivery fees and different
things out here that I'm still unaware of what's going
on with them, but it's costing people money every time
they buy a reefin ants. And at one point we
had an idea where they were all going, but I've
(23:23):
kind of lost track. I was hoping Thosese would get
into it. I mean, wouldn't you like to know what
every time you, as a homeowner, if you want to
reefinance your house, you have to pay an extra fee.
When you the owner, you're already paying taxes, you got
to pay to get you know, everything done, and then
the government's taking a fee out every time that you
do you use money. It is what it is, as
my mother says, So they're getting us at every turn.
(23:45):
Larry and I know that at one point the delivery
fees were to pay back the government from bailing out
Fanny and Freddy and then they were put into the
Obama health Care plan to pay for health care where
we were gonna have to pay if we didn't have insurance. Remember,
they're going to find us if we didn't have insurance.
And then now and that changed over. Now they're supposed
to be going for something else. I thought it was
to help create funds for the filling in the gap
(24:07):
for the people that couldn't afford homes. But I don't
know them. We've lost track. I mean, these fees are predicted,
it is, and if you don't have a seven eighty
credit score, I mean, those are the guidelines set forth
by Freddie Mack, and that's our you know, that's who
we march by. But I also look at it on
the other hand, as you know, it is a money
making entity for the federal government, and we don't have
(24:30):
many profit making entities per se in the federal government.
So it's hard for me to sit here as a
tax parents. And we're charging too much for loans because
we use the criteria of a seven eighties credit score
and twenty five percent equity on the on. That's how
(24:50):
we price our loans. That's the best pricing is if
you've got twenty five percent down, or you have twenty
five percent equity and a seven eighty credit score, you're
going to get the best rate and the lowest closing cost.
If you have less than a seven eighty score, you're
gonna get the same rate as someone with the seven
eighty score. You're just paying points because of that, and
(25:14):
we know how messed there. But the credit report system
in itself is sometimes misleading. And uh, it shouldn't be total.
That shouldn't be your total shouldn't be judged completely by
a credit score. But you pay the points, but the
rate doesn't change. When people are not talking about buying points,
they would say, okay, I'm right by you one point.
I'm not going to be signed climb on a bit.
(25:35):
It's origination fees. And these origination fees are what you're
talking about. Well, they're called delivery fees, they're called points,
they're called it depends on what you're using the fees for. Uh,
but yeah, it's true, correct that the should we look
at the fees that we're charging for some one with
less than a seven eighty credit score, Maybe we need
(25:55):
to lower the bar on that front. True, I mean
it's seventy five percent between seventy five and eighty percent.
So if you pay twenty five percent down your gold
and there's nothing at seven eighty. But if you happen
to have a six sixty or six seventy nine credit score,
you're gonna pay a quarter of a point, you know,
but yourrate's not gonna change. It's just a feegoing somewhere.
And that's what I want to sort out. See what
(26:17):
it's for, and oh, good luck with that. How it's helping. Well,
we're gonna ask the questions and see exactly I mean,
you and I you know, we're not afraid to dig
around and see what's what. A dog will only chase
the car so long before it by at the time,
that's right, And when he bites that tire, if he
gets his two stuck, he gonna get beat to death.
But they'll keep on chasing. And then when they go
(26:39):
catch it, they don't know what they're gonna do any
but you know they're always gonna have a creative answer
to your question. Well, we're gonna what now, Well, can
you believe it? Yeah? So anyway, yeah, but anyway, there's
economic news coming away. We'll see what happens. We're still
seven and a half on the prime, and uh, I
don't know. People are you know, people are okay with it.
I mean there's mean you got to wait and see
(27:01):
what happens. If there's a house that you want, let's
put the loan together. We can always refinance, you know,
marry the home and date the loan. That's what we've
been saying. And we'd love for you to do business
locally by here, stay here, and stay here by here,
and you know, operate from a local perspective always, and
that's what we want. And don't have to be calling Delaware,
(27:24):
California or someplace to find out about the service in
your own You can come right into the branch on
Hamburg and sit down right across the desk from Pinky
and ask him everything about your ask bro everything about
your insurance, everything about your taxes, prepaid interest. He has
all the answers. Ain't that right to him? That's correct?
And you can sit right there at the office and
go over it. And sometimes if you don't know the
right answer, he'll make something up and we'll sort it
(27:45):
out later. We've had that half the time or two,
but now he does a good job finding the right answers,
and that's all we can expect. But we be local
by local and stay local, you know, I mean a
lot of competition out here. We're glad they're here. But
if you want to stall a community bank that services
their own loans, give us a call. If you won't
see stack us up against somebody, we may not have
(28:07):
to pull your credit to determine what we can do
for you, but we may. Well, that's right, because credit
scores are out there. I mean, I know I'll get
one through Discover every month, and it's a different algorithm, yes,
but it gives you some clue. And you need to
check your credit because if something bad has happened, it
(28:27):
will be reflected in a lower credit score, and so
you need to take proactive measures to protect your credit score. Right,
And you can typically get them now through these credit
card companies for free. So that they're different than a
residential they are, they are, but we can go on
that until we can put an asterisk on our loan
(28:47):
estimate and say this is what it would be with
your score is seven eighty. When we pull your credit,
we will know for sure, right, So don't let every
lender pull your credit for say, we'll be glad to
give you a quote if you'll give us a solid
estimate of your credit score, which you should know is
a bona fide consumer right, and it's one of the
(29:10):
first things we're going to ask is what do you
think your credit score is? They say, why just have
my credit pulled over it, you know, community trust and
you say, okay, what they tell you, and that will
give us an idea. But if you're looking, you know
it comes in your discover card, we'll take it into consideration.
But we're going to pull residential mortgage or credit report
and it could be better, it could be worse. Most
of the time it seems to be better, you know.
When we do want to pull TransUnion, Equifax, and Experience,
(29:32):
and we're going to use the middle of those three.
We're fair in our assessment because those are all three
different systems that we analyze. So that's why it's a
full credit inquiry. So you want to be careful about
how often you have that done over a period of time.
Now you got a two week window from the first
mortgage credit report that you told to let as many
of them as you want to see it but if
(29:53):
you're good and you get three good good offers, which
we suggest that you have three quotes when you're trying
to put the thing together so that you have enough
to go on. And if you don't have anybody in
mind to call, I'll give you two other people that
I like to do business with. And if I lose
business to them, I't worried about it. But they're good lenders,
and they have good pricing, and they take care of
their people. And we don't win all deals, probably just
(30:15):
about ninety eight percent of them, you know, But I
will send you to somebody that's that's going to be
fair and competitive and have the integrity to do a
good loan and not rip you off in your equity
and take advantage of you. And that's all you want.
And that's what being part of a bank, a good
bank is, is putting all those pieces together so that
we can help each other and everybody, you know, progress
(30:36):
along in life. Like you say, ten the way to
be debt free, baby, that's right, or it's a mantras
to live by. And of course your mortgage is a
financial investment and you've got to treat it as such.
Let's you know, let's talk you through it. You might
be able to do something better right now than what
you're doing as far as building equity, and that's through
(30:59):
your monthly payment. The part of your payment that's going
to principle. That's the power of principal reduction. Now, the
shorter the term to the higher the payment with the
quicker the payoff. That's one thing I want to you know,
keep that in mind to you. Five point seventy five
on a fifteen sounds great, but you're cutting the term
to pay in half, so the payment's quite different. So anyhow,
(31:19):
we're gonna take another break. Banks open the day from
nine to one for numbers eight five, nine, eight nine,
nine one nine three six South and drives eighty five
nine two six three three three three five. So if
you can hear, she can call us. You are listening
to the Welcome Home Show by Guardian Savings Bank. People
be right back. You're listen to us on News Radio
six thirty. W lap back. Listen to the Welcome Home
(31:41):
Show by Guardy Savings Banks, Larry's Freight and Tim Madams
Here this Saturday morning. We hope to staying cool boy.
How the boys there? Larry Banks open to day from
nine to one one numbers eighty five, nine, eight, nine, nine,
one nine three six South and drives eighty five nine
two six, three three three three five. Get hold Aeron O'Brien,
Jamie Mortimer, Alex Malane, Jim McKenzie over there and here
(32:01):
at Hamburg eight five nine, eight nine, nine one nine
three six. Get a hold of Tim Ryan, Lorie, Alex,
Alex Tingle, Rob mcgride, commideres, be glad to have you.
We've got a branch open in Louisville Overy. You call
John or John over there, and I don't know who
all's on the board, dip. I know John of Owl
and John Cornett are there, so Jay and Jay. But
(32:22):
the same deal, same servicing, same everything. If you're in
that area, you know, if you get online, call us
at this local number eight five nine, eight nine, nine
one nine three six. If you've dealt with this before
looking yourself phone, find your loan officer called the local branch.
If you call that number and you're gonna get hiped
up with somebody up north and we may never see
you again. Still gonna good to good deal, but please
stay in touch with us. Be local bylocal and stay
(32:44):
local guardian wants your business obviously, and we want your business,
but we'd like to be the one to earn the business,
keep the business, and take care of your business. So
take care of your business. That's right, eight five nine
eight nine nine nine three sick. What else is going on? Tim?
What's a good joke you heard this week? I haven't
heard one this week? Oh you kidding? I'm gonna go
back to the weather forecasts and hilariouses. There's a forty
(33:04):
percent chance of rain today, I say twenty five, So
we'll see who whins next week in what area it's like? Okay,
Likeston area, right, I mean that covers you know, the
listening area. Now, I lost my job at the rs
hues plan. I couldn't concentrate. I hear you, I got you.
I knew you had to go it in there somewhere.
You've been hanging out around the right people to learn them,
(33:25):
I speculate. So anyhow, but a whole lot going around
on taking around town this weekend. But again, listen to
some good local music and support them. Get down to
two fisted Willies, Austin City, Coptails cocktails too. A lot
of places around town or if you can get out
and hear some good tunes over got the Signature Club,
get some music. You know, there's so much music and
(33:47):
so much talent around here. I don't know what's going
on down Renfro Valley. I know thirty eight specialists come around.
I don't know if they've been and gone or whatever.
But now you can find something. It's gonna be hot.
Just make sure you stay cool, take care of your yard,
your pets, and yoursel, stay highly rated, and stay ready
to go. But I think it's gonna get a little
rain this weekend. I say Sunday is a better chance
(34:08):
for it. So today, you know, forty percent chance, but
who knows, maybe not at all, Tomorrow eighty percent chance,
and who knows not at all. Just depends on which
way the wind blows. We are in Kentucky. But if
it rains in my house, I want to be dancing
in the rain. You know, if you're on seventy five
Highway headed south, you know, the traffic's been a mess,
so everybody's getting off on the side roads. But they
(34:30):
have a pretty simple thing that they do in these
construction projects, has called merging. And if you'll stay and
use all lanes and then zipper in at the end
instead of you get the Cairns and the Rodney's out
here that want to drive down and block everybody from
getting to the end of the merge lane down Tennessee
where they're working on forty where it washed out ten
It says use the merge lane until it ends. They
(34:52):
have the line flashing, so people will stand that lane
and get all wet as far as they can't have
a seven miles deep of traffic. So I'm getting sick
of that. I'm getting the line to merge and then
somebody wants a car because all goes around me. Yeah, yeah,
wages in. That's a flast minute. That's what's supposed to happen.
It's called the zipper effect. You get in, you stay
in that merge lane, you just clip in, and you
just clip in. But you got people wanting to jump
(35:13):
over seven lanes back and then cut you off if
you want to try to get down there. News that
like it's supposed to be, and it's just a as
you're driving hazard and you've got traffic back to kid
got killed now Madison, Madison County. The other day, very
same people do not know how to merge. They got
people on a mountain trip jump out in front of
people so they can't get to the end of the lane.
Stay out of the left lane if you're not passing somebody.
But now that it's going to be like this at
(35:34):
Tel October, Pinky, I'm probably gonna be on my boat
and standing on the hall on this traffic stuff because
it's going to be a stinker. Boy. Be careful when
you're out here, drive and pay attention to be courteous,
to understand the rules, to say the least, get out
and do what you're gonna do this weekend. Just be
safe on how you're getting around and be courteous of
all those around you. This traffic update brought you by Pinkies,
(35:54):
Loans and Snooke ones six point seven five on a
thirty or fix, six and three eight's on a twenty
year fixed, five point seventy five on a fifteen year fix.
The fifteen year fixed on a rate and term reefinants
is five hundred dollars in closing costs. The other closing
costs without any delivery fees at nine hundred and forty
eight dollars. If you can find a better deal in town,
and around Lexington. Please let us know we're gonna have
(36:16):
a hard time, but we'd like tor in your business.
Give us a call at the local number eight five nine,
eight nine nine one nine three six. Want to fall
a shout out to Carolyn over Triple A helping me
with my insurance business. And didn't know I was gonna
be talking to somebody local on an all the eight
hundred number. But she says she gets out and lists
don't have a radio in her house, but she's in
(36:36):
the car. She's listening to us on WLAP, my buddy
Denny and old Jeremy Rigney and a bunch of them
on the radio, tuning us in Pinky. And then they
give us a grating thought. We did a good job
last week when we had Sean Tester on here and
his new business with rehab and working with the wolves
and all that, and we'll get him back. And then
I've got a girl that we hasten recently written a
(36:57):
book about the loss of her child and has has
really done well. She's not gonna take it on the
chin sitting down. She's gonna make something good out of it.
So I'm excited to have her on maybe we'll get
her next week, but we appreciate you tuning into us
this week and we do hap you have a good one.
Give us a call if we can help you with
your mortgage needs. Eight five nine eight nine nine three six.
You have been listening to a Welcome Home show by
(37:18):
Guardian Savings Bank. We're opening today from nine to one.
We'll be back next Saturday from ten to eleven. And
you've been listening to the Welcome Show by Guardian Savings
Bank on news Radio six thirty. Pull of the Loldcats
w Lap be back next week
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