Episode Transcript
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Speaker 1 (00:06):
No morning likes to don your list of Welcome home
kow by Guardian Savings Bank graiks Tim Adams in here
with you this Saturday morning. Glad to have you tuned
into US banks over to day from nine to one.
Phone numbers eight five, nine, eight nine nine one nine
three six South them Drive eight five nine.
Speaker 2 (00:21):
Two six three three three three five.
Speaker 1 (00:23):
So if you can hear what you can call us
be glad to talk to you about any of your
mortgage once or needs. Get your prequalified help. You consider
doing some refinancing. If you're getting ready to retire, you
want to get a good idea of what's going on
with your future plans on debt restructure, you need to
do some cash out refinance, consolidate some bills.
Speaker 2 (00:41):
That's what we're here to do.
Speaker 1 (00:42):
So Guardian Savings Banks stablished in eighteen ninety five, thank you.
They almost as old as you are over the US.
So yeah, older than the US open. So anyway, we
service our own loans as our claim to fame here
at Guardian Savings Bank. And what that means to you
as is that you're not going to get killed with
a bunch of closing costs and things that are unnecessary
(01:04):
our footprint in here, and the business model is to
service the loans that we do in house or conventionally,
which means you always pay guardian. We do FHA, USDA,
community Housing, first time home buyer programs of all sorts
VA and those loans we do not service and they
do require a little different closing costs because of it.
But on we have about three and a half billion
(01:25):
dollars in servicing I think now, Tim, and and you
know the paybacks truly in the payback that's how we
get away with our loan closing costs being as low
as they are and getting away with.
Speaker 2 (01:38):
That part of it. And our racer is.
Speaker 1 (01:39):
Competitive as anybody's I don't know, you know, we're going
to be as low as most, lower than some and
in the game with about everybody as far as rates go.
We're six and a half on a thirty right now,
five point seventy five on a fifteen and.
Speaker 2 (01:52):
Six for a twenty if I remember correctly.
Speaker 1 (01:55):
And it looks like, you know, hopefully there's some movement
going on out here, Tim, you and I keep a clothes.
Speaker 2 (02:00):
Sie on it.
Speaker 1 (02:00):
On Tuesday this week, the CPI was released and the
overall inflation numbers came in as at expectations, with the
monthly increase at plus point at plus zero point two
percent for July, with the rounding in places caused the
annual to remain at two point seven For the yearly average,
it says the core was slightly above expectations and zero
(02:21):
point three percent for this month, causing again with rounding,
a point zero point two increase from two point nine
to three point one in the annual average. There's been
a new head of the BLS appointed today.
Speaker 2 (02:33):
We'll see if the.
Speaker 1 (02:34):
New leadership will bring new thinking on the way the
BLS is doing their information gathering and reporting. Therefore, bonds
have been fluctuating, but in the narrow range of days.
So rates are you know, holding steady at this point ten,
I don't see any volatility. The new head of BLS,
which is a Bureau of Labor and Statistics, and you know,
I think that need needed to be changed because ten
they were off by about two million jobs according to
(02:57):
Well themselves a year ago. This past June, they were
off by million and a half, and they came out
and said that and said that they were overstaffed, are
understaffed and overworked, and they didn't really have all the numbers,
but nothing really jobs with the three or four different
sources they use for income numbers on employment, b it ADP,
BLS and some of the other factors. I mean, some
(03:18):
of these places are turning in employment numbers that are
way off from what the BLS is if they're hanging
their hat. The Feds are hanging their hat on the
BLS report and then come to find out after.
Speaker 2 (03:27):
Off by about two million jobs.
Speaker 1 (03:29):
So when they raise rates and try to fight inflation,
they do that to try to hinder the spending of
money in the hiring of people. They try to slow
down the growth of the economy. Right, So when all
those things come into play, which they have, and as
far as you and I've been studying this thing for
many years and try to keep a close eye on it,
keep our pulse on the heartbeat of the economy here
(03:52):
as far as rates go, so we can guide people
and try to, you know, make the best decisions possible
for them. You know, I'm not a big hedger on rates.
I mean, you take what you can get today, you know,
marry the home and date the loan type of deal,
because you can you know tell people all the time.
They're like, well, I don't want to you don't want
to buy a house, And of course I say, well good,
you know where you want to buy it all somewhere
(04:13):
here and you know, say Lexington, Well what's your price range?
You think, oh, we've been looking for you know, I
think we saw one the other day we liked it
was around two fifty. Well, good, let's let me get
your pre qualified. And what they say ten, Well, I
don't wait for the races.
Speaker 2 (04:23):
To come down.
Speaker 1 (04:24):
Really, I'm like, really, so the house is appreciating, you're
looking at it today for two fifty the rates don't
come down for three months, the house goes up to
two fifty eight in value. Or if the rates don't
come down to what you want for eighteen months and
the house goes to two seventy two in value, you've
lost twenty two thousand that you could have inequity possibly
and your you know, the rates are still you know,
(04:45):
by the time you wind up paying that versus the
rate drop, you know, where's the rubber meat the road.
And the lower the rates go, the more competition these
people are going to have to buy a home. And
you and I talk about that all the time. A
lot of people don't think about it. I mean, what's
your feeling on it.
Speaker 2 (04:59):
Well, it just happened to watch a.
Speaker 1 (05:02):
Special on with mister Bessant the Treasury, our current Treasury secretary,
and I think we are headed for a little shakeup
at the Federal Reserve. And uh, the tea leaves are
indicate that that's you know, they're obviously lame duck means
(05:23):
that they're losing their power. And I think that that's
where Jerome Powell is sitting at this point. There's a
streame amount of pressure from the banking industry, corporate banking industry,
UH to lower rate. And but they think, they think
based on what you're talking about, the CPI report that
(05:44):
just came out, which was glowing, that gives you know,
Bessett says, take it at point five.
Speaker 2 (05:51):
H Well this December, Well, this is the deal.
Speaker 1 (05:54):
They're not These people, the higher ups that are wanting
to rate change aren't doing it just because they feel
like we need a rate change. They're just saying, as
far as we know and the history of the Fed,
and they're making fit decision making. This is the longest
day Black brates go without making a change the longest
ever in history. All right, they want to talk about deflation. Oh,
this is just transitory and it's going to be deflation
all this other stuff. Ten and then so these people
(06:15):
aren't just saying, hey, we need lower rates. It's been
long enough. The numbers support a rate drop. And Jerome
Fauci was talking about, you know, the drome pow. He
was talking about, well, he's worried about what the tariffs
are going to do. You know, Well, they ain't never
been in the tea leaves before, you know, and obviously
(06:35):
they're not doing anything to be detrimental to our economy
and our income because everything is still moving forward. So
you know, I just don't want people to hear when
you say that though the banking people and all they
wanted to lower it, well, no, that the numbers say
that they probably should be considering it, and they haven't,
and they keep making excuses to why they have them.
Speaker 2 (06:53):
But this is the longest time in history.
Speaker 1 (06:54):
That we've had an increase, Like we've had to get
where it's at to seven and a quarter. And then
now you know, it's been how many months without having
a change. Generally it's twelve fifteen eighteen months, and it's
been longer than that. It's been seven quarter for how
long now? Yeah, but you know that's the question we
get asked most often. What do we think about the
(07:18):
future in the near term? Or mortgage interest rates? Drum
roll please? Well, well, I mean just like they you know,
before the numbers started coming out this wee week, they
said that, you know, what are the expectations and fortunately
remain the same, even to tick up a tenth of
an annual average. If you think about how hard is
(07:40):
it to think the Fed can control the pricing to
an agree that it expects to a zero point two percent.
The Fed thinks that they can control enough of what's
going on out here to have that minute of a
change in the.
Speaker 2 (07:52):
Numbers to make things happen.
Speaker 1 (07:55):
Just going down to half a percent, one and a
half percent to one point eight or the target for
the cpr PPI, God forbid, get a couple of months
of negative growth as they recession the feds worst nightmare
of deflation, so that you have to ride the edge
of the cliff.
Speaker 2 (08:07):
But without going over the edge.
Speaker 1 (08:08):
And they have to do this looking backwards one to
two months, and the data they get for one, find
it hard to believe they can't can cut such a
fine line. And that's just some information we get from,
you know, people on the inside saying this is such
a you know, zero point two percent for the size
of this economy. That's how fine of a line they're
trying to dictate these decisions on. And it's tough to
manicure that, you know, in a way from where they're
(08:30):
sitting to make it happen. And that's what people are
finally starting to say, Hey, you know, their expectations might
be realistic based on what we have, but now you
can't change the way that you're going to come up
with those numbers and make the changes. And you might
have said this for a long time, I mean, we
what do you think you still on the on board
with thinking that you know, the thirty year fixed. If
we get settled in around five percent at sometime in
the future, this probably would be a great number, and
(08:52):
then great, you know, it could be a little higher,
could be a little lower, but I think five. You know,
if we settled in around five at some point, which
when we were at three and a half, if everybody
kept saying we were going to go to five, and
we kept saying it ain't going to five yet, and
we were right for a long time. Then when it
finally he did get in when things started changing. You know,
obviously they went all the way up to seven and
uh pires as far as mortgage rates go, but we
(09:14):
were thinking then a thirty year fixed rate around five
percent would be a good fair price for what we
understand for the economy, with the.
Speaker 2 (09:22):
People that we know that are working, the people that can.
Speaker 1 (09:24):
Afford to buy a home, and home ownership isn't for everybody,
and we get that a lot of people have different
opinions on it, but you know, it's, uh, it's a
number that we've talked about for years, that five percent,
thirty year fixed you know, maybe somewhere around four on
a fifteen.
Speaker 2 (09:41):
I don't know how it's all that jan that's no.
Speaker 1 (09:44):
That's hopeful, hopeful, hopeful, wishful, thank you. But I think
if we can drop down to six, we're going to
start seeing some action on our you know, well, I
mean we should be seeing action right now.
Speaker 2 (09:57):
Six and a half.
Speaker 1 (09:58):
There's a lot of people that say seven percent or
hiring for nine hundred and forty eight dollars in closing
cost if you can't see the rubber meeting the road
on how quick it would take you to break even
for a half a percent rate drip, possibly get rid
of your mortgage insurance.
Speaker 2 (10:10):
I want to tell you a story.
Speaker 1 (10:11):
I had conversation with a guy this week here in town,
and he was just weighing out some options he's got
getting ready to get married, and they he has a
house he's been at four years. Four years to Tim
all right, so four years ago into Lexington, in this
particular part of town, he bought this house. He financed
a hundred and sixty two thousand on an FHA long
(10:33):
three and a half percent down. He had one hundred
and sixty two thousand dollars loan, and four years he's
paid it down to about one hundred and fifty. But
I just have to look up on Zillo once we
were having this conversation, and he doesn't have his house listed,
so this is just Zillo. What do you think his
house has increased in value for the last four years?
He had won sixty two and it's in a four
or five one one zip code idea one hundred and
(10:56):
twenty thousand dollars. Nice and I was like, Mike, you've
hit the You've you've hit the golden fringer. I said,
it's that's exactly. This is a great story. Come in,
get a home, get a good loan. Now he's at
three and a half percent on an FHA loan or
at six and a half on a thirty year fix.
He was thinking about trying to get rid of that
mortgage insurance. I said, we won't. There's no break even
(11:17):
point yet. You just got to stick with what you got,
keep paying.
Speaker 2 (11:20):
It like you are.
Speaker 1 (11:20):
And I'm glad to be able to see a good
story of success on home ownership, and that's what we
do at Guardian Savings make But that guy, he's like,
so what do you mean? Guys said, well, Zillo shows
me that your house is worth is two hundred and
eighty thousand, seven hundred or something. He paid one sixty
two for it, so you do the math. He got
(11:42):
one hundred.
Speaker 2 (11:42):
It was one hundred and fifty, so you can go
from there.
Speaker 1 (11:44):
But I mean, it's just that's an incredible amount of growth,
and there's a lot of people out of here like
that that are at seven percent, seven and a quarter,
seven and a half that have been in their house
for a year or two and at that rate, so
what's their house worth? Now? His on up twenty five
thousand a year for four years, and if theirs has
gone up the same in that same area or wherever.
(12:05):
And he's in not the oldest neighborhood in town, but
you know, an established neighborhood. Where's the rubber meather road on?
These people getting on the horn and saying, hey, if
this guy's at four or five eleven, he went from
one sixty to two eighty and some change.
Speaker 2 (12:18):
That's one hundred and twenty thousand dollars in four years.
Speaker 1 (12:20):
Where am I at in the last three years? You
know what I'm saying, So get your paperwork out, take
a look at it, and let us let us do
some homework. And it's like I told him, if it
doesn't make sense, we can't do anything anyway. But he
called and we reviewed it and had three and a
half percent. It's hard to pull off that and move forward.
But anyway, keep that in mind. We're six and a
half on a thirty six on twenty five, seven five
on fifteen. If you can hear what, you can call
us thanks over eight ninety one number is eighty five nine,
(12:43):
eight nine, nine one nine three six South and Drives
to eighty five nine two six three three three three five.
So your listen to Welcome Home Show by Guardian Savings
Bank Tim Larry will be right back you.
Speaker 2 (12:52):
Let's just on a welcome on news Radio six thirty
w LAP. I'll you're right back your back.
Speaker 1 (12:58):
Listen to Welcome Home Show by Guardian Savages Larry Tim
with you this Saturday morning. Glad to have you tuned
in to US banks open today from nine to one.
Phone numbers eighty five nine eight, ninety nine one nine
three six Southend Drives eight five nine two six three
three three three five So if.
Speaker 2 (13:12):
You can hear she can call us.
Speaker 1 (13:13):
Be glad to help you out purchases refinancing, if you're
getting ready to retire, downsize, do whatever, give us a call,
let us have some information, put something together for you.
Rates are currently six and a half on a thirty
six and an eighth or six percent on a twenty
five point seven, five on a fifteen and on the
five point seventy five. If we're doing that rate and
(13:33):
term refinance closing costs for five hundred bucks. If you
got a seven eighty credit score and what twenty percent
equity tim so five hundred dollars in closing costs on
a fifteen year fixed five point seven five for a
rate and term refinance. If you got twenty percent equity,
so you're not going to beat that. That covers the.
Speaker 2 (13:50):
Appraisal, the title work, loan closing, everything we need to
do to put your loan together.
Speaker 1 (13:55):
It does not cover the filing fees or an askro
establishment or prepaid interest which allows us to make your
due date the first of the month following your loan closing.
So you know, those are the three things. Credit are,
the filing fee, interest to set the due date, prepaid
interest in your ascros. If you decide to ascrow and
you don't have to ask row, you don't get a
rate break. If you're escrow in here, you don't get penalized.
(14:16):
If you don't escrow, you got the twenty percent equity,
it's your call. If you want to askcrow taxes only.
Speaker 2 (14:21):
You can do that. If you want to ask grow
insurance only, you can do that.
Speaker 1 (14:24):
Whatever, So please keep those in things, those things in
mind as we move forward and try to continue to
help you manage your money and increase your cash flow
if that's what your goal is, or if you're trying
to purchase something, you know, where's closing costs for twenty
percent down ninety eight a six seven eighty credit score? Ten.
(14:47):
I think that marin score with twenty five percent equity
and then a rate finance or purchase, we'll do the
closing costs for the same amount of.
Speaker 2 (14:57):
Money ninety eight. That's right.
Speaker 1 (14:59):
If you've got to seven eighty credit score. And we
use TransUnion, Equifax and Experience, and we use the middle
score on everyone, not the worst, not the best, but
they all should throw a hat on them anyway. And
I say this often. I see my credit score constantly.
Uh as a Discover customer. I'll have thekon on there,
(15:21):
I go click on what's your credit? You know, that's
that's very important to me to know what my score
is from somewhere because if there's any different, you know,
if there's anything screw going on, you're.
Speaker 2 (15:36):
Gonna be able to see it.
Speaker 1 (15:37):
If I look up there and I see my score
all of a sudden in what it was last month?
What the heck happened, I'm gonna be on the phone
with the bureaus to find out what's been reported. You
have all the rights to get access, so that's your information. Well,
there's three reporting services to the credit reporting services as
(15:59):
you said, experience in TransUnion and Equifax, and we use
the middle score, like I said, not the highest, not
the lowest.
Speaker 2 (16:05):
We use the middle and it.
Speaker 1 (16:05):
Could be any three of those reporting agencies that supplies
to the middle score. But those scores are derived from
the amount of credit you have, the amount of how
you paid your credit, how long you've been in the bureau,
how long these accounts have been opened and paid it
on time, how long you've been in a certain residents
residential mortgage credit reports and in depth look at your
credit history so that we can make a reasonable and
(16:27):
feasible decision on what it is that you're doing with
your money, and that tells us the risk involved. Now people,
I've had people say, well, I got an eight twenty
credit score, can I get a better interest rate in
at guarding tim and so what's your interro to that
you're getting the best straight out there? It's of us
great ye, So but no congratulations, yeah, I mean, and
(16:50):
not tell people that's a great thing. But we had
to set the bar somewhere, so we're not penalizing people
on break I mean, if you're the eight or seven eighty,
you're going to get six half on a thirty year fix.
What could happen is depending on your loan to value
and your credit score, is your your closing costs may change.
You could have delivery fees to get that rate, and
if you're doing a refinancial just use the equity and
(17:12):
your property to pay for them. But you know, say
that you're you know, only have twenty percent equity, there's
three eighths of a point that could be drived, you know,
But anyway, it's just you know, the credit reporting agencies
do a fair job of letting us know how you've
borrowed money, how often you borrow money, how much money
you borrow, how much you pay back at a time,
(17:32):
how much do you carry at a time, and what
the risk could be, and make it a new loan
to you. So you know, that's why those numbers are established.
And they try to put you in an algorithm of
people that are similar, that have similar habits, and that's
all they can go by is age, and they bracket
all these different things try to get these numbers to
be justified. But basically it's you got have reopen lines
(17:52):
of credit. You don't want to have any more than
sixty percent on balance of anything. If you do have
an account that you've had open for a long time
and you have a zero balance on it, don't close
it out because you'll lose that history.
Speaker 2 (18:02):
A lot of people do that.
Speaker 1 (18:03):
I'm just gonna close that account, you know, And there's
there's some method to the madness on making those types
of decisions. And the last thing you want to do
is is you know, close something down that's gonna take
my figure shiving you have. Yeah, I'm thirty right now.
Of course I've got it BoNT de peops with I
credit our company. But anyway, I went and paint it
down to zero, and I'm thinking about just canceling. Yeah,
(18:25):
I got enough open ones and it should be okay. Yeah,
well we're gonna take another break. You are listening to
Welcome Home show about Guardian Savings Bank. We're open to
day from nine to one. Numbers eighty five nine, eight
nine nine one nine three six South the Drives eighty
five nine two six three three three three five. So
if you can hear, if you can call us. We're
gonna be right back. You're listening to Welcome Home Show
by Guardian Savings Bank on news radio six thirty WLAV.
Speaker 2 (18:46):
We'll be right back.
Speaker 1 (18:47):
You're back listening Welcome Home Show by Guardian Savings Bank.
Larry Franks, Tim Manning's in here this Saturday morning. We're
glad to have your tuned in to us. One store
shout out Old Den for Humphrey down there, and Rick
when he's listening in to us this morning, he said,
throw him a shout out. We got several different people
sew you know, Sean Tester, one of our new radio
(19:08):
PSA announcement guys here for his Addiction and Recovery Center,
and some of those people. So pay attention to these ads.
Jim Woodram and all these people. They like to help
hang with us and sponsor us and appreciate you tuning
in to us. Old Marty Club and George Molten, all
these folks out here that like to listen to us,
and we like to reach out and expand the people
(19:31):
Hine and Wide, Tim and we try to reach them
on WLAP here they carry a lot of air waves
and get us out in front of a lot of people.
And we're just just talking about credit. There's the end
of the last segment and just trying to make sure
people understand how that works and how important it is,
and the three open lines of credit we were talking about, Tim,
at minimum to maximize your score, have less than sixty
(19:53):
percent balance on your credit card at any time. Anything
that you close down that you've got a good history
on doesn't have an annual fee.
Speaker 2 (20:00):
But see keep it open and keep that history.
Speaker 1 (20:03):
And as you said, Tim, if you do have something
you're going to close depending on the number of open cards.
Say you have six things between you and your spouse
or whoever else. You got six things on your credit
bureau and you want to close one out and you
got five open. I think you'd be all right, just
like you said, you only got three things open and
you close one that it can you know, can can
hinder you a little bit. Just get hesitant. When I
(20:23):
close one out and I pay it down to zero,
I want to make sure I follow that for a
couple of months to make sure some some little something
I hadn't and I'll close out. If I did close
it out, I'm talking about it. Yeah, I'm gonna keep
checking it make sure they charge me a three dollars
close out fee or something.
Speaker 2 (20:43):
Yeah, that's a good idea. That's a good idea.
Speaker 1 (20:46):
I mean people, you know you's had a sight out
of mind and if you close it out and you've
had a bill tied to it, you don't want to
get in trouble on that bill, and you don't want
to have something show up, like you said, after you've
you thought that everything was turned in on it and
it wasn't overlap. It's been my experience that I do
have a card that I have not used in forever
and it's got a zero balance, but I never go online.
Speaker 2 (21:09):
And check it.
Speaker 1 (21:10):
But I've never getting any I've never had any negative
correspondence through my because it's an email tied to it.
So I'm assuming if you have one at a zero balance,
no payments are necessary unless you've got a credit card
that might have a one time yearly fee.
Speaker 2 (21:29):
And I won't have them credit cards.
Speaker 1 (21:32):
So I got one that I have checked for a
few months that it's sitting at a zero balance, So
I guess I need to check that that one as well,
make sure it hasn't been compromised in any way or
that's from that standpoint, Well, you know, the thing is
(21:52):
what I want people to realize that you're credited to
heart Beat, to your borrowing ability. And if you're young
enough to get this in your order, you're old enough
to know what we're talking about, that's even better. But
for younger people, you know, like, how do I get
my scores higher? And I've pulled credit and they don't
have high scores. They just don't have a whole lot
of credit yet they haven't done anything wrong. It's kind
of like your credits, like that first day of school,
(22:13):
everybody starts off with a hundred and then you kind
of work it down based on your participation, your test
scores and so on and so forth, and on the
credit file, it's the same way. Now, what I had
to do with my kids is I went out and
sign them up as authorized users on an account to
get them something in the.
Speaker 2 (22:27):
Bureau, so they have a history started.
Speaker 1 (22:30):
So if you have kids that are gonna be seniors
this year, maybe going to college next year, they're graduated
last year, they're trying to get started, you could put
them on and you know, help them by putting them
as an authorized user on one of your cards.
Speaker 2 (22:41):
If it's a new card, that's great.
Speaker 1 (22:43):
If it's an older card, you just don't want to
be something that would look like they've had credit since
every seven. So some of the schools that have programs
when were yougnon? Part of the curriculum is working. I
so work at Canes Chicken during his senior year, so
at high school in high school and was getting his
paid stuff where up his pay it was come electronically
into a checking account. So we had him on as
(23:05):
a joint user for a Discover card electron And that's
kind of what you want to do to help them.
And so now the girls, I mean they got their
own stuff, but you know, I had to get them started.
So if you're as a parent, wonder what you can
do to help your kids, how you help them and
what you may or may not be able to do
that's going to affect their scores. Is you can help them.
And if you call us eight five nine eight nine
nine nine three six and say, hey, you guys talking
(23:27):
about credit. I got a couple of questions for you.
Don't mean you have to do along with us or
what have you called? I'll tell you how it works.
I want to make sure that people like the guy
who's talking about the first part of the show been
an fah long four years ago, one hundred and sixty.
Speaker 2 (23:39):
Two thousand dollars long.
Speaker 1 (23:40):
Now he's down to one fifty and it's probably is
worth two hundred and eighty thousand some change. That's just
a one hundred and twenty thousand dollars swing in four years,
you know, so.
Speaker 2 (23:49):
Ain't too bad.
Speaker 1 (23:50):
Pinky thirty grand a year and equity being built up
and that's four five eleven zip code once again, and it.
Speaker 2 (23:55):
Was just a good story.
Speaker 1 (23:56):
He's three and a half percent calling, just doing some
checking and I was talking about you know, looked into it.
Speaker 2 (24:02):
It doesn't make sense.
Speaker 1 (24:03):
He's worried about the mortgage insurance that he has to
pound his FAHA loan and he'll always have it, and
there's going to be a time when he does refinance
and get out of that mortgage insurance that FAHA loan,
but now is not the time because it would cost
him more in a payment than what he's paying just
to keep riding with that three and a half and
go on with it. But it's just such a good
feel good story for me because we worked hard to
(24:24):
him to put the pieces of the pull together for
these people and get them in a good loan and
put them in in a place to be successful.
Speaker 2 (24:32):
And we can't pick.
Speaker 1 (24:34):
The propert or anything, but we can set him up
with the right loan, the right support system, and Guardian
has it all right here and for some wady to
get that type of return, I'm just just a fantastic
story in my opinion. And there's other people in Lexington
that have that very same success that they haven't recognized yet.
And they could be in a loan that is it
seven percent or seven and a quarter seven and a
(24:55):
half pand mortgage insurance and now they could get out
of it. They could get out of that mortgage insurance.
They could go from seven percent or higher down to
six and a half. And if they've got you know,
twenty percent equity ten or twenty five, closing costs for
nine hundred and forty eight bucks probably be a new
amount compared to what they paid others in closing costs
when they closed their loan. And they're already here, we
(25:18):
would already be reaching out to them about trying to
refinance them if we did them at seven or seven
in a quarter, So we.
Speaker 2 (25:23):
See some real doozies there.
Speaker 1 (25:25):
We see some real doozies, and we see some people
spending some dufust dollars because they'll go pay an extremely
high amount to get a loan and they remember those
closing costs, are like, man, I don't want to do
that again. That costs us a lot of money and
ten So they'll sit there and pay that seven and
a quarter seven and a half instead of listen to
what we're.
Speaker 2 (25:41):
Saying on the radio.
Speaker 1 (25:43):
It's not always a one hundred percent accurate, but it's
got to be pretty accurate or we'll be called out
on it. But if you want to consider refinancing, getting
rid of your mortgage insurance, and paying a lot less
than closing costs and headed down that road to saving
money on interest, you'll give us a call eight five
nine nine nine one nine three six. As for Tim
or Larry, we'd be glad to help you, and we'll
(26:04):
put a loan program together for you. If it doesn't
make sense and we're not going to do it anyway,
but if we can save you some money, you know,
and get you off of mortgage insurance and increase your
monthly cash flow, and Tim the best part about it is,
and we don't talk about it as often, we should.
Say they've been in the house three years, what term
can we put on half years? They've been in the
house three years, they've about thirty year mortgage, and we
can put it on twenty seven. Say they've been in
(26:25):
there two and a half years, we can put on
twenty seven and a half years. If you want to
keep your payment the same and liquidate your debt quicker,
we can say, okay, this is what your payment is.
With a new interest rate, we can take you down
to fourteen years and eight months or seventeen years and
two months or whatever, just depending you know, we can
we can put it on whatever. And that's another advantage
(26:46):
of dealing with Guardian Savings Bank. You don't have to
start back over at thirty. We'll put you in a
position to where you can feel comfortable and you increase
your cash flow, or we can keep your cash flow
the same and shorten the term on your home. And
that should you invest your money. And I certainly with
every payment you make, you're investing in your real estate
because part of that payment's going to principle. So what
(27:08):
we're talking about is principal acceleration.
Speaker 2 (27:13):
Yep.
Speaker 1 (27:13):
If we shorten the term and keep your payments the same,
that's exactly what's going to happen. You get a little
more knock up balance sound if you go move, if
you if you can handle a fifteen year payment, while
would you do it your income bracket was? You know,
you look at everybody's not the same. It's not cookie
cutter mentality, but it's it's where you want to make
(27:36):
your investment. Do you want to buy socks or do
you want to just keep investing into the principal balance.
Speaker 2 (27:43):
Of your mortgage? Right?
Speaker 1 (27:44):
And both of them are great investments, right, And there's
a great six. Like I said, the great success story
that we have is I was just talking about the
guy that was talking with this a week you know that.
Speaker 2 (27:53):
Was I was just he was just like, man, I
just want to check in.
Speaker 1 (27:56):
He said, I'm getting got engaged, we're getting ready to
get married. I'm just going through all my financials and
then he said, I noticed I had a change in
my mortgage payment. I just wanted to have you help
me verify what it was from. I wound up being
from a change in these homeowners insurance and his taxes. Obviously,
when his houses increased by one hundred and twenty thousand value,
there're gonna be some changes, and for the better on
the insurance because now he's properly insured. Most likely, I
(28:18):
didn't get a chance to look at the policy, but
he's going to get it send it to me hopefully,
and then the taxes, you know, I mean, they finally
caught on within that area. I'm sure he's not the
only one that had the tax increase, but that's really
what spurred it. And he said, i'd like to other
this mortgage insurance. I just don't know how to read this.
He said, I don't do it for a living, and
I said, well, that's what I'm here for and that's
what we do at Guardian. So we traded information and
(28:40):
it was just wound up being I told him. I said, man,
I'm glad we've had this conversation. It's a great story.
It's a feel good story for me to see the
success and there's other people out here like I just
can't say it enough. If you bought something in the
last three years, for two and a half or three years,
and you're seven percent or higher, you need to call
's eight five nine eight nine nine nine three six.
This guy's accumulated in the four five one to one area,
(29:02):
you know, one hundred thousand, over one hundred thousand dollars
in equity in four years. And that's a little over
four years. But just you know, the typical and I
guess the high end on average in central Kentucky's what
an eight percent return on your investment, tim And he's
gotten you know, twenty five. And I guess if you
get in the right neighborhood at the right time, and
things starts building blowing up around you and change has happened.
Speaker 2 (29:24):
You know, sometimes it's the luck of the draw.
Speaker 1 (29:26):
But he's in a he's in a nice spot, and
that's what we want to help and we want to
see the success of Allsmark clients be able to do.
But you know, it was just a great conversation to have.
But I just can't reiterate. If you're listening to the
show and your kids, your grandkids, your nieces, nephews, brothers, sisters,
or anybody that you know has bought a house and
(29:46):
they're seven percent or higher, they need to give us
a call and see our closing costs. If you know,
under the right circumstances, as Tim said, with twenty five
percent equity and seven eighty credits, scoring a thirty or
fixed nine hundred and forty eight bucks. If you you know,
can and so afford to do a fifteen year fixed,
you know you're gonna do a rate and term refinance
to a fifteen year fixed, which is five point seventy
five the closing cost from only five hundred bucks. Tack
(30:08):
close or praise and everything we need to put your
loan together. We're still doing the same thing here, yea,
what can you hear me?
Speaker 2 (30:14):
Now? You know so? I mean, it's uh, it's just something.
Speaker 1 (30:17):
You give us a call eight five nine eight nine
nine one nine three six let us take a look
at it.
Speaker 2 (30:21):
That makes sense.
Speaker 1 (30:23):
And here I'll give you myself one number, text me
or I'll call you whatever. Eight five nine three two
one four three nine three. Just we talk over the phone.
I can give you some generalities, but until we get
an application, I can't be real specific. But you know
that's how I make a living most of the time. Anyway, Tim,
you're the same way, Jim woodrom everybody we walk working
off our cell phone eight five nine three two one
four three nine three. You just give me a shout,
(30:44):
I'll put something together for you and let us work
on it and make things happen. But the sooner the better.
And you know, for nine to forty eight you could
refinance a couple of times ten and not get hurt,
you know. And if we're shortening the term as well,
I mean, you know, we'll do whatever it takes. So anyhow,
we're gonna take another break. The bank is open to
(31:06):
day from nine to one. Phone numbers eight five, nine, eight, nine,
nine one, nine three six. That's here in Hamburg. Alex Tingle,
Lorie Hawkins, Tim Adams, myself, Larry Frakes, commoderis Rob McBride.
So Richard Klaunch is in here knocking them dead as well.
South and Drive eighty five nine two six three three
three three five. That's Jamie Mortimer, Aaron O'Brien, Alex Maloni
(31:26):
and Jim McKenzie, same old crue. Been here for a
minute doing this thing. You got some experience on your side.
If you give us a call, we're gonna be right
back your list. A Welcome Home show by Guardian Savings
Bank on News Radio Sixdyll Cats w LAP.
Speaker 2 (31:39):
They we'll be right back.
Speaker 1 (31:40):
You're back listening to Welcome Home Show by Guardian Savings Bank.
Larry Freanke's Tim Adams coming at you this Saturday morning.
We got another week in it's Tim, and then when
football season starts, so I think the very last Saturday
of the month here, we're not going to make the cut.
I think the football game is gonna whole priority. But
we'll be back next Saturday. So we hope you've enjoyed
the show. We've been doing this for a long time.
Speaker 2 (32:01):
Tim.
Speaker 1 (32:01):
We've got a lot of faithful listeners. We like hearing
from them. You mentioned last week. Maybe we'll just throw
it out here and see if we can get some
people to call and speak about their experience here at
guard and we ain't done that for a minute, and
see what people have to say. We'll take the good, bad,
and ugly. We do a pretty good job of what
we do and how we do it, and I'm proud
of that. We've had some changes in our costs and stuff,
but who has.
Speaker 2 (32:20):
It in this economy?
Speaker 1 (32:21):
You know, we're still the cheapest around our rach or
competitive six and a half on a thirty six and
six percent on twenty five seventy five on a fifteen
are home possible seven percent. You know that's not a
bad loan USDA. Faha, we got all those as well.
They're right in line. So if you have any need
for any of that type of financing, I mean, we've
(32:42):
got several different programs. We just need to be able to,
you know, share them with you and get the information
back and forth so that we can help make the
right decision on the loan that you need. And that's
that's what we're trying to get done. So on a
what is let's see, let's see what faha, thirty year
fixed him. So we're six and okay, this tells you
what's going on. So they're six and a half on
(33:04):
a thirty year, might be able to get six and
three eights depending on the day for faha, three and
a half percent down BA there at six and a half.
I had I should have. I was looking at these earlier,
and I didn't know what today's were going to be.
If there's a change or not, and there's not. So
mortgage limits you know, for one family house five twenty
four to two families, for duplex six seventy one, three
(33:27):
family eight eleven four family up to a million BA
mortgage limits or for one family home seven sixty six
HIM for duplex nine eighty one five three family one
minion one hundred and eighty six thousand for BA A
one hundred percent financing. If you get the DD two
fourteen that shows what you qualified for it and don't
wrong with that at all. That's pretty incredible in my opinion.
(33:50):
So just give us a call when we're here to
help you put it together. Our closing costs are going
to be right, you know, as cheap as you're gonna find.
That's because you're going to wind up panguard on most
of the loan v A, USDA, FHA, community housing, those
types of things, well, we won't service those for long.
We'll get rid of the so the closing costs are different.
But any of the conventional financing, our in house money,
we service them. So you're always going to pay guardians
(34:13):
and you can call just like I was talking earlier
about the guy calling, you can call it anytime and
we can, you know, look up any the information we
need to help you with your loan and any questions
you have. And that's kind of the fun part out
of him. They come back. They come back, you know,
and that's what we want. We want them to come back,
and we want to take care of it. Once you
get in the family, we're going to try to keep
(34:33):
you happy and keep you going. We don't want any
divorcing over anything crazy. Just want to keep taking care
of you. And we don't do boat loans, car loans,
or note loans. Tim and you quit doing that how
many years ago?
Speaker 2 (34:44):
We never did. Oh, we never did.
Speaker 1 (34:46):
Boat loans or car loans. So I'll usually refer those
up to them, maybe their credit but anyway, and they'll
pull your credit. And sometimes you go to car lot,
you get five inquiries to buy a.
Speaker 2 (35:02):
Car, you know, be be aware of all those that
can affect your scores well. But on mortgage.
Speaker 1 (35:08):
Shopping, if you're buying or your refinancing, you've got two
week window to get all of the credit reports you
want on that did it won't affect your score. That's
the guidelines set up out of credit report and agency.
A home is generally one of the biggest expenditures you're
ever going to have and one of the biggest loans
you're going to be.
Speaker 2 (35:24):
In tied and tied to or involved with.
Speaker 1 (35:27):
So they allow you the you know, the two week
window to be able to get you know, and visit
with as many people as you can without an effecting
your score. Then after that it becomes a little bit
of an issue because they don't know if you've opened
up a mortgage here, a mortgage there, and you know
you're buying more than one property and you get it
going on at the same time. And unfortunately there's these
scam artists out here, like do that stuff straw buy
and I guess is what it is.
Speaker 2 (35:48):
Whether they called it him or somebody have.
Speaker 1 (35:51):
You know, they were going through the same process on
three different properties and three different locations.
Speaker 2 (35:56):
And and.
Speaker 1 (35:58):
Uh, you know, so that's why they have that window
and that restricted time. But you know, we're gonna do
it if it makes sense. If it doesn't, we're gonna,
you know, at least have a plan for when it
does make sense for you in the near future. But
six and a half on a thirty six on a
twenty five, seven five on a fifteen, we'll make whatever
changes will help you make whatever changes you need. But
(36:18):
if you give us a call where we can take
a look, take you can call in, we can do
an application over the phone.
Speaker 2 (36:23):
Take about how long? Ten what ten minutes? About ten minutes,
you know, then.
Speaker 1 (36:27):
We'll gather some personal information once we get to that
point to be able to, you know, get all the
things we need in place so that you can move
forward with it. But you know, time, you know, if
we can save you some money. Now, if we can
get you anything above seven, give us a call, you
know where it's six and a half and marry the
home date the loan.
Speaker 2 (36:45):
That's all. I can't say it enough. You don't have to,
you know, do it.
Speaker 1 (36:48):
And for nine hundred and forty eight dollars in closing costs,
everything falls in right. It won't take long to break even.
People are still of the mindset got to have a
one percent rate drop to be able to consider, and
some of these people can get one percent. But if
you're only paying nine forty eight closing costs, there's it's
don't take long for the rubber to meet the road.
Tim if you're paying twelve or thirteen thousand dollars in
closing costs, which we've seen on a regular basis with
(37:10):
people the old what is it, they say, no out
of pocket, they're just going to burn up fifteen or
eighteen thousand dollars worth your equity so that they can
pay the bills.
Speaker 2 (37:19):
We're not doing that. We're going to do our.
Speaker 1 (37:21):
Best and best quote up first and up front so
that you know what you're getting into, and then we'll
put it together from there. But just an opportunity to
consider to be able to get something going on. This
costs as a list of timillary eight five nine, eight
nine nine one nine three six or like I say,
call me on myself on eight five nine three two
one four three nine three that's what Denny does. Then
(37:42):
call me up, Fracy, what's the rates today? I got
a bar yep, and go from there. So we hope
everybody has a good weekend. Got school starting back up.
Be careful if you're out and about, a lot of
movement going on, a lot more traffic, a lot of
kids out moving and shaking and uh high school football
and those types of things. So have a good rest
of the weekend. We'll be back next Saturday, and we
(38:05):
appreciate you tuning into us each week for Tim Adams.
I'm Larry Frakes. You've been listened to Welcome Home Show
by Guardian Savings Bank on News Radio six thirty w
lp se back next Saturday,
No morning likes to don your list of Welcome home
kow by Guardian Savings Bank graiks Tim Adams in here
with you this Saturday morning. Glad to have you tuned
into US banks over to day from nine to one.
Phone numbers eight five, nine, eight nine nine one nine
three six South them Drive eight five nine.
Speaker 2 (00:21):
Two six three three three three five.
Speaker 1 (00:23):
So if you can hear what you can call us
be glad to talk to you about any of your
mortgage once or needs. Get your prequalified help. You consider
doing some refinancing. If you're getting ready to retire, you
want to get a good idea of what's going on
with your future plans on debt restructure, you need to
do some cash out refinance, consolidate some bills.
Speaker 2 (00:41):
That's what we're here to do.
Speaker 1 (00:42):
So Guardian Savings Banks stablished in eighteen ninety five, thank you.
They almost as old as you are over the US.
So yeah, older than the US open. So anyway, we
service our own loans as our claim to fame here
at Guardian Savings Bank. And what that means to you
as is that you're not going to get killed with
a bunch of closing costs and things that are unnecessary
(01:04):
our footprint in here, and the business model is to
service the loans that we do in house or conventionally,
which means you always pay guardian. We do FHA, USDA,
community Housing, first time home buyer programs of all sorts
VA and those loans we do not service and they
do require a little different closing costs because of it.
But on we have about three and a half billion
(01:25):
dollars in servicing I think now, Tim, and and you
know the paybacks truly in the payback that's how we
get away with our loan closing costs being as low
as they are and getting away with.
Speaker 2 (01:38):
That part of it. And our racer is.
Speaker 1 (01:39):
Competitive as anybody's I don't know, you know, we're going
to be as low as most, lower than some and
in the game with about everybody as far as rates go.
We're six and a half on a thirty right now,
five point seventy five on a fifteen and.
Speaker 2 (01:52):
Six for a twenty if I remember correctly.
Speaker 1 (01:55):
And it looks like, you know, hopefully there's some movement
going on out here, Tim, you and I keep a clothes.
Speaker 2 (02:00):
Sie on it.
Speaker 1 (02:00):
On Tuesday this week, the CPI was released and the
overall inflation numbers came in as at expectations, with the
monthly increase at plus point at plus zero point two
percent for July, with the rounding in places caused the
annual to remain at two point seven For the yearly average,
it says the core was slightly above expectations and zero
(02:21):
point three percent for this month, causing again with rounding,
a point zero point two increase from two point nine
to three point one in the annual average. There's been
a new head of the BLS appointed today.
Speaker 2 (02:33):
We'll see if the.
Speaker 1 (02:34):
New leadership will bring new thinking on the way the
BLS is doing their information gathering and reporting. Therefore, bonds
have been fluctuating, but in the narrow range of days.
So rates are you know, holding steady at this point ten,
I don't see any volatility. The new head of BLS,
which is a Bureau of Labor and Statistics, and you know,
I think that need needed to be changed because ten
they were off by about two million jobs according to
(02:57):
Well themselves a year ago. This past June, they were
off by million and a half, and they came out
and said that and said that they were overstaffed, are
understaffed and overworked, and they didn't really have all the numbers,
but nothing really jobs with the three or four different
sources they use for income numbers on employment, b it ADP,
BLS and some of the other factors. I mean, some
(03:18):
of these places are turning in employment numbers that are
way off from what the BLS is if they're hanging
their hat. The Feds are hanging their hat on the
BLS report and then come to find out after.
Speaker 2 (03:27):
Off by about two million jobs.
Speaker 1 (03:29):
So when they raise rates and try to fight inflation,
they do that to try to hinder the spending of
money in the hiring of people. They try to slow
down the growth of the economy. Right, So when all
those things come into play, which they have, and as
far as you and I've been studying this thing for
many years and try to keep a close eye on it,
keep our pulse on the heartbeat of the economy here
(03:52):
as far as rates go, so we can guide people
and try to, you know, make the best decisions possible
for them. You know, I'm not a big hedger on rates.
I mean, you take what you can get today, you know,
marry the home and date the loan type of deal,
because you can you know tell people all the time.
They're like, well, I don't want to you don't want
to buy a house, And of course I say, well good,
you know where you want to buy it all somewhere
(04:13):
here and you know, say Lexington, Well what's your price range?
You think, oh, we've been looking for you know, I
think we saw one the other day we liked it
was around two fifty. Well, good, let's let me get
your pre qualified. And what they say ten, Well, I
don't wait for the races.
Speaker 2 (04:23):
To come down.
Speaker 1 (04:24):
Really, I'm like, really, so the house is appreciating, you're
looking at it today for two fifty the rates don't
come down for three months, the house goes up to
two fifty eight in value. Or if the rates don't
come down to what you want for eighteen months and
the house goes to two seventy two in value, you've
lost twenty two thousand that you could have inequity possibly
and your you know, the rates are still you know,
(04:45):
by the time you wind up paying that versus the
rate drop, you know, where's the rubber meat the road.
And the lower the rates go, the more competition these
people are going to have to buy a home. And
you and I talk about that all the time. A
lot of people don't think about it. I mean, what's
your feeling on it.
Speaker 2 (04:59):
Well, it just happened to watch a.
Speaker 1 (05:02):
Special on with mister Bessant the Treasury, our current Treasury secretary,
and I think we are headed for a little shakeup
at the Federal Reserve. And uh, the tea leaves are
indicate that that's you know, they're obviously lame duck means
(05:23):
that they're losing their power. And I think that that's
where Jerome Powell is sitting at this point. There's a
streame amount of pressure from the banking industry, corporate banking industry,
UH to lower rate. And but they think, they think
based on what you're talking about, the CPI report that
(05:44):
just came out, which was glowing, that gives you know,
Bessett says, take it at point five.
Speaker 2 (05:51):
H Well this December, Well, this is the deal.
Speaker 1 (05:54):
They're not These people, the higher ups that are wanting
to rate change aren't doing it just because they feel
like we need a rate change. They're just saying, as
far as we know and the history of the Fed,
and they're making fit decision making. This is the longest
day Black brates go without making a change the longest
ever in history. All right, they want to talk about deflation. Oh,
this is just transitory and it's going to be deflation
all this other stuff. Ten and then so these people
(06:15):
aren't just saying, hey, we need lower rates. It's been
long enough. The numbers support a rate drop. And Jerome
Fauci was talking about, you know, the drome pow. He
was talking about, well, he's worried about what the tariffs
are going to do. You know, Well, they ain't never
been in the tea leaves before, you know, and obviously
(06:35):
they're not doing anything to be detrimental to our economy
and our income because everything is still moving forward. So
you know, I just don't want people to hear when
you say that though the banking people and all they
wanted to lower it, well, no, that the numbers say
that they probably should be considering it, and they haven't,
and they keep making excuses to why they have them.
Speaker 2 (06:53):
But this is the longest time in history.
Speaker 1 (06:54):
That we've had an increase, Like we've had to get
where it's at to seven and a quarter. And then
now you know, it's been how many months without having
a change. Generally it's twelve fifteen eighteen months, and it's
been longer than that. It's been seven quarter for how
long now? Yeah, but you know that's the question we
get asked most often. What do we think about the
(07:18):
future in the near term? Or mortgage interest rates? Drum
roll please? Well, well, I mean just like they you know,
before the numbers started coming out this wee week, they
said that, you know, what are the expectations and fortunately
remain the same, even to tick up a tenth of
an annual average. If you think about how hard is
(07:40):
it to think the Fed can control the pricing to
an agree that it expects to a zero point two percent.
The Fed thinks that they can control enough of what's
going on out here to have that minute of a
change in the.
Speaker 2 (07:52):
Numbers to make things happen.
Speaker 1 (07:55):
Just going down to half a percent, one and a
half percent to one point eight or the target for
the cpr PPI, God forbid, get a couple of months
of negative growth as they recession the feds worst nightmare
of deflation, so that you have to ride the edge
of the cliff.
Speaker 2 (08:07):
But without going over the edge.
Speaker 1 (08:08):
And they have to do this looking backwards one to
two months, and the data they get for one, find
it hard to believe they can't can cut such a
fine line. And that's just some information we get from,
you know, people on the inside saying this is such
a you know, zero point two percent for the size
of this economy. That's how fine of a line they're
trying to dictate these decisions on. And it's tough to
manicure that, you know, in a way from where they're
(08:30):
sitting to make it happen. And that's what people are
finally starting to say, Hey, you know, their expectations might
be realistic based on what we have, but now you
can't change the way that you're going to come up
with those numbers and make the changes. And you might
have said this for a long time, I mean, we
what do you think you still on the on board
with thinking that you know, the thirty year fixed. If
we get settled in around five percent at sometime in
the future, this probably would be a great number, and
(08:52):
then great, you know, it could be a little higher,
could be a little lower, but I think five. You know,
if we settled in around five at some point, which
when we were at three and a half, if everybody
kept saying we were going to go to five, and
we kept saying it ain't going to five yet, and
we were right for a long time. Then when it
finally he did get in when things started changing. You know,
obviously they went all the way up to seven and
uh pires as far as mortgage rates go, but we
(09:14):
were thinking then a thirty year fixed rate around five
percent would be a good fair price for what we
understand for the economy, with the.
Speaker 2 (09:22):
People that we know that are working, the people that can.
Speaker 1 (09:24):
Afford to buy a home, and home ownership isn't for everybody,
and we get that a lot of people have different
opinions on it, but you know, it's, uh, it's a
number that we've talked about for years, that five percent,
thirty year fixed you know, maybe somewhere around four on
a fifteen.
Speaker 2 (09:41):
I don't know how it's all that jan that's no.
Speaker 1 (09:44):
That's hopeful, hopeful, hopeful, wishful, thank you. But I think
if we can drop down to six, we're going to
start seeing some action on our you know, well, I
mean we should be seeing action right now.
Speaker 2 (09:57):
Six and a half.
Speaker 1 (09:58):
There's a lot of people that say seven percent or
hiring for nine hundred and forty eight dollars in closing
cost if you can't see the rubber meeting the road
on how quick it would take you to break even
for a half a percent rate drip, possibly get rid
of your mortgage insurance.
Speaker 2 (10:10):
I want to tell you a story.
Speaker 1 (10:11):
I had conversation with a guy this week here in town,
and he was just weighing out some options he's got
getting ready to get married, and they he has a
house he's been at four years. Four years to Tim
all right, so four years ago into Lexington, in this
particular part of town, he bought this house. He financed
a hundred and sixty two thousand on an FHA long
(10:33):
three and a half percent down. He had one hundred
and sixty two thousand dollars loan, and four years he's
paid it down to about one hundred and fifty. But
I just have to look up on Zillo once we
were having this conversation, and he doesn't have his house listed,
so this is just Zillo. What do you think his
house has increased in value for the last four years?
He had won sixty two and it's in a four
or five one one zip code idea one hundred and
(10:56):
twenty thousand dollars. Nice and I was like, Mike, you've
hit the You've you've hit the golden fringer. I said,
it's that's exactly. This is a great story. Come in,
get a home, get a good loan. Now he's at
three and a half percent on an FHA loan or
at six and a half on a thirty year fix.
He was thinking about trying to get rid of that
mortgage insurance. I said, we won't. There's no break even
(11:17):
point yet. You just got to stick with what you got,
keep paying.
Speaker 2 (11:20):
It like you are.
Speaker 1 (11:20):
And I'm glad to be able to see a good
story of success on home ownership, and that's what we
do at Guardian Savings make But that guy, he's like,
so what do you mean? Guys said, well, Zillo shows
me that your house is worth is two hundred and
eighty thousand, seven hundred or something. He paid one sixty
two for it, so you do the math. He got
(11:42):
one hundred.
Speaker 2 (11:42):
It was one hundred and fifty, so you can go
from there.
Speaker 1 (11:44):
But I mean, it's just that's an incredible amount of growth,
and there's a lot of people out of here like
that that are at seven percent, seven and a quarter,
seven and a half that have been in their house
for a year or two and at that rate, so
what's their house worth? Now? His on up twenty five
thousand a year for four years, and if theirs has
gone up the same in that same area or wherever.
(12:05):
And he's in not the oldest neighborhood in town, but
you know, an established neighborhood. Where's the rubber meather road on?
These people getting on the horn and saying, hey, if
this guy's at four or five eleven, he went from
one sixty to two eighty and some change.
Speaker 2 (12:18):
That's one hundred and twenty thousand dollars in four years.
Speaker 1 (12:20):
Where am I at in the last three years? You
know what I'm saying, So get your paperwork out, take
a look at it, and let us let us do
some homework. And it's like I told him, if it
doesn't make sense, we can't do anything anyway. But he
called and we reviewed it and had three and a
half percent. It's hard to pull off that and move forward.
But anyway, keep that in mind. We're six and a
half on a thirty six on twenty five, seven five
on fifteen. If you can hear what, you can call
us thanks over eight ninety one number is eighty five nine,
(12:43):
eight nine, nine one nine three six South and Drives
to eighty five nine two six three three three three five.
So your listen to Welcome Home Show by Guardian Savings
Bank Tim Larry will be right back you.
Speaker 2 (12:52):
Let's just on a welcome on news Radio six thirty
w LAP. I'll you're right back your back.
Speaker 1 (12:58):
Listen to Welcome Home Show by Guardian Savages Larry Tim
with you this Saturday morning. Glad to have you tuned
in to US banks open today from nine to one.
Phone numbers eighty five nine eight, ninety nine one nine
three six Southend Drives eight five nine two six three
three three three five So if.
Speaker 2 (13:12):
You can hear she can call us.
Speaker 1 (13:13):
Be glad to help you out purchases refinancing, if you're
getting ready to retire, downsize, do whatever, give us a call,
let us have some information, put something together for you.
Rates are currently six and a half on a thirty
six and an eighth or six percent on a twenty
five point seven, five on a fifteen and on the
five point seventy five. If we're doing that rate and
(13:33):
term refinance closing costs for five hundred bucks. If you
got a seven eighty credit score and what twenty percent
equity tim so five hundred dollars in closing costs on
a fifteen year fixed five point seven five for a
rate and term refinance. If you got twenty percent equity,
so you're not going to beat that. That covers the.
Speaker 2 (13:50):
Appraisal, the title work, loan closing, everything we need to
do to put your loan together.
Speaker 1 (13:55):
It does not cover the filing fees or an askro
establishment or prepaid interest which allows us to make your
due date the first of the month following your loan closing.
So you know, those are the three things. Credit are,
the filing fee, interest to set the due date, prepaid
interest in your ascros. If you decide to ascrow and
you don't have to ask row, you don't get a
rate break. If you're escrow in here, you don't get penalized.
(14:16):
If you don't escrow, you got the twenty percent equity,
it's your call. If you want to askcrow taxes only.
Speaker 2 (14:21):
You can do that. If you want to ask grow
insurance only, you can do that.
Speaker 1 (14:24):
Whatever, So please keep those in things, those things in
mind as we move forward and try to continue to
help you manage your money and increase your cash flow
if that's what your goal is, or if you're trying
to purchase something, you know, where's closing costs for twenty
percent down ninety eight a six seven eighty credit score? Ten.
(14:47):
I think that marin score with twenty five percent equity
and then a rate finance or purchase, we'll do the
closing costs for the same amount of.
Speaker 2 (14:57):
Money ninety eight. That's right.
Speaker 1 (14:59):
If you've got to seven eighty credit score. And we
use TransUnion, Equifax and Experience, and we use the middle
score on everyone, not the worst, not the best, but
they all should throw a hat on them anyway. And
I say this often. I see my credit score constantly.
Uh as a Discover customer. I'll have thekon on there,
(15:21):
I go click on what's your credit? You know, that's
that's very important to me to know what my score
is from somewhere because if there's any different, you know,
if there's anything screw going on, you're.
Speaker 2 (15:36):
Gonna be able to see it.
Speaker 1 (15:37):
If I look up there and I see my score
all of a sudden in what it was last month?
What the heck happened, I'm gonna be on the phone
with the bureaus to find out what's been reported. You
have all the rights to get access, so that's your information. Well,
there's three reporting services to the credit reporting services as
(15:59):
you said, experience in TransUnion and Equifax, and we use
the middle score, like I said, not the highest, not
the lowest.
Speaker 2 (16:05):
We use the middle and it.
Speaker 1 (16:05):
Could be any three of those reporting agencies that supplies
to the middle score. But those scores are derived from
the amount of credit you have, the amount of how
you paid your credit, how long you've been in the bureau,
how long these accounts have been opened and paid it
on time, how long you've been in a certain residents
residential mortgage credit reports and in depth look at your
credit history so that we can make a reasonable and
(16:27):
feasible decision on what it is that you're doing with
your money, and that tells us the risk involved. Now people,
I've had people say, well, I got an eight twenty
credit score, can I get a better interest rate in
at guarding tim and so what's your interro to that
you're getting the best straight out there? It's of us
great ye, So but no congratulations, yeah, I mean, and
(16:50):
not tell people that's a great thing. But we had
to set the bar somewhere, so we're not penalizing people
on break I mean, if you're the eight or seven eighty,
you're going to get six half on a thirty year fix.
What could happen is depending on your loan to value
and your credit score, is your your closing costs may change.
You could have delivery fees to get that rate, and
if you're doing a refinancial just use the equity and
(17:12):
your property to pay for them. But you know, say
that you're you know, only have twenty percent equity, there's
three eighths of a point that could be drived, you know,
But anyway, it's just you know, the credit reporting agencies
do a fair job of letting us know how you've
borrowed money, how often you borrow money, how much money
you borrow, how much you pay back at a time,
(17:32):
how much do you carry at a time, and what
the risk could be, and make it a new loan
to you. So you know, that's why those numbers are established.
And they try to put you in an algorithm of
people that are similar, that have similar habits, and that's
all they can go by is age, and they bracket
all these different things try to get these numbers to
be justified. But basically it's you got have reopen lines
(17:52):
of credit. You don't want to have any more than
sixty percent on balance of anything. If you do have
an account that you've had open for a long time
and you have a zero balance on it, don't close
it out because you'll lose that history.
Speaker 2 (18:02):
A lot of people do that.
Speaker 1 (18:03):
I'm just gonna close that account, you know, And there's
there's some method to the madness on making those types
of decisions. And the last thing you want to do
is is you know, close something down that's gonna take
my figure shiving you have. Yeah, I'm thirty right now.
Of course I've got it BoNT de peops with I
credit our company. But anyway, I went and paint it
down to zero, and I'm thinking about just canceling. Yeah,
(18:25):
I got enough open ones and it should be okay. Yeah,
well we're gonna take another break. You are listening to
Welcome Home show about Guardian Savings Bank. We're open to
day from nine to one. Numbers eighty five nine, eight
nine nine one nine three six South the Drives eighty
five nine two six three three three three five. So
if you can hear, if you can call us. We're
gonna be right back. You're listening to Welcome Home Show
by Guardian Savings Bank on news radio six thirty WLAV.
Speaker 2 (18:46):
We'll be right back.
Speaker 1 (18:47):
You're back listening Welcome Home Show by Guardian Savings Bank.
Larry Franks, Tim Manning's in here this Saturday morning. We're
glad to have your tuned in to us. One store
shout out Old Den for Humphrey down there, and Rick
when he's listening in to us this morning, he said,
throw him a shout out. We got several different people
sew you know, Sean Tester, one of our new radio
(19:08):
PSA announcement guys here for his Addiction and Recovery Center,
and some of those people. So pay attention to these ads.
Jim Woodram and all these people. They like to help
hang with us and sponsor us and appreciate you tuning
in to us. Old Marty Club and George Molten, all
these folks out here that like to listen to us,
and we like to reach out and expand the people
(19:31):
Hine and Wide, Tim and we try to reach them
on WLAP here they carry a lot of air waves
and get us out in front of a lot of people.
And we're just just talking about credit. There's the end
of the last segment and just trying to make sure
people understand how that works and how important it is,
and the three open lines of credit we were talking about, Tim,
at minimum to maximize your score, have less than sixty
(19:53):
percent balance on your credit card at any time. Anything
that you close down that you've got a good history
on doesn't have an annual fee.
Speaker 2 (20:00):
But see keep it open and keep that history.
Speaker 1 (20:03):
And as you said, Tim, if you do have something
you're going to close depending on the number of open cards.
Say you have six things between you and your spouse
or whoever else. You got six things on your credit
bureau and you want to close one out and you
got five open. I think you'd be all right, just
like you said, you only got three things open and
you close one that it can you know, can can
hinder you a little bit. Just get hesitant. When I
(20:23):
close one out and I pay it down to zero,
I want to make sure I follow that for a
couple of months to make sure some some little something
I hadn't and I'll close out. If I did close
it out, I'm talking about it. Yeah, I'm gonna keep
checking it make sure they charge me a three dollars
close out fee or something.
Speaker 2 (20:43):
Yeah, that's a good idea. That's a good idea.
Speaker 1 (20:46):
I mean people, you know you's had a sight out
of mind and if you close it out and you've
had a bill tied to it, you don't want to
get in trouble on that bill, and you don't want
to have something show up, like you said, after you've
you thought that everything was turned in on it and
it wasn't overlap. It's been my experience that I do
have a card that I have not used in forever
and it's got a zero balance, but I never go online.
Speaker 2 (21:09):
And check it.
Speaker 1 (21:10):
But I've never getting any I've never had any negative
correspondence through my because it's an email tied to it.
So I'm assuming if you have one at a zero balance,
no payments are necessary unless you've got a credit card
that might have a one time yearly fee.
Speaker 2 (21:29):
And I won't have them credit cards.
Speaker 1 (21:32):
So I got one that I have checked for a
few months that it's sitting at a zero balance, So
I guess I need to check that that one as well,
make sure it hasn't been compromised in any way or
that's from that standpoint, Well, you know, the thing is
(21:52):
what I want people to realize that you're credited to
heart Beat, to your borrowing ability. And if you're young
enough to get this in your order, you're old enough
to know what we're talking about, that's even better. But
for younger people, you know, like, how do I get
my scores higher? And I've pulled credit and they don't
have high scores. They just don't have a whole lot
of credit yet they haven't done anything wrong. It's kind
of like your credits, like that first day of school,
(22:13):
everybody starts off with a hundred and then you kind
of work it down based on your participation, your test
scores and so on and so forth, and on the
credit file, it's the same way. Now, what I had
to do with my kids is I went out and
sign them up as authorized users on an account to
get them something in the.
Speaker 2 (22:27):
Bureau, so they have a history started.
Speaker 1 (22:30):
So if you have kids that are gonna be seniors
this year, maybe going to college next year, they're graduated
last year, they're trying to get started, you could put
them on and you know, help them by putting them
as an authorized user on one of your cards.
Speaker 2 (22:41):
If it's a new card, that's great.
Speaker 1 (22:43):
If it's an older card, you just don't want to
be something that would look like they've had credit since
every seven. So some of the schools that have programs
when were yougnon? Part of the curriculum is working. I
so work at Canes Chicken during his senior year, so
at high school in high school and was getting his
paid stuff where up his pay it was come electronically
into a checking account. So we had him on as
(23:05):
a joint user for a Discover card electron And that's
kind of what you want to do to help them.
And so now the girls, I mean they got their
own stuff, but you know, I had to get them started.
So if you're as a parent, wonder what you can
do to help your kids, how you help them and
what you may or may not be able to do
that's going to affect their scores. Is you can help them.
And if you call us eight five nine eight nine
nine nine three six and say, hey, you guys talking
(23:27):
about credit. I got a couple of questions for you.
Don't mean you have to do along with us or
what have you called? I'll tell you how it works.
I want to make sure that people like the guy
who's talking about the first part of the show been
an fah long four years ago, one hundred and sixty.
Speaker 2 (23:39):
Two thousand dollars long.
Speaker 1 (23:40):
Now he's down to one fifty and it's probably is
worth two hundred and eighty thousand some change. That's just
a one hundred and twenty thousand dollars swing in four years,
you know, so.
Speaker 2 (23:49):
Ain't too bad.
Speaker 1 (23:50):
Pinky thirty grand a year and equity being built up
and that's four five eleven zip code once again, and it.
Speaker 2 (23:55):
Was just a good story.
Speaker 1 (23:56):
He's three and a half percent calling, just doing some
checking and I was talking about you know, looked into it.
Speaker 2 (24:02):
It doesn't make sense.
Speaker 1 (24:03):
He's worried about the mortgage insurance that he has to
pound his FAHA loan and he'll always have it, and
there's going to be a time when he does refinance
and get out of that mortgage insurance that FAHA loan,
but now is not the time because it would cost
him more in a payment than what he's paying just
to keep riding with that three and a half and
go on with it. But it's just such a good
feel good story for me because we worked hard to
(24:24):
him to put the pieces of the pull together for
these people and get them in a good loan and
put them in in a place to be successful.
Speaker 2 (24:32):
And we can't pick.
Speaker 1 (24:34):
The propert or anything, but we can set him up
with the right loan, the right support system, and Guardian
has it all right here and for some wady to
get that type of return, I'm just just a fantastic
story in my opinion. And there's other people in Lexington
that have that very same success that they haven't recognized yet.
And they could be in a loan that is it
seven percent or seven and a quarter seven and a
(24:55):
half pand mortgage insurance and now they could get out
of it. They could get out of that mortgage insurance.
They could go from seven percent or higher down to
six and a half. And if they've got you know,
twenty percent equity ten or twenty five, closing costs for
nine hundred and forty eight bucks probably be a new
amount compared to what they paid others in closing costs
when they closed their loan. And they're already here, we
(25:18):
would already be reaching out to them about trying to
refinance them if we did them at seven or seven
in a quarter, So we.
Speaker 2 (25:23):
See some real doozies there.
Speaker 1 (25:25):
We see some real doozies, and we see some people
spending some dufust dollars because they'll go pay an extremely
high amount to get a loan and they remember those
closing costs, are like, man, I don't want to do
that again. That costs us a lot of money and
ten So they'll sit there and pay that seven and
a quarter seven and a half instead of listen to
what we're.
Speaker 2 (25:41):
Saying on the radio.
Speaker 1 (25:43):
It's not always a one hundred percent accurate, but it's
got to be pretty accurate or we'll be called out
on it. But if you want to consider refinancing, getting
rid of your mortgage insurance, and paying a lot less
than closing costs and headed down that road to saving
money on interest, you'll give us a call eight five
nine nine nine one nine three six. As for Tim
or Larry, we'd be glad to help you, and we'll
(26:04):
put a loan program together for you. If it doesn't
make sense and we're not going to do it anyway,
but if we can save you some money, you know,
and get you off of mortgage insurance and increase your
monthly cash flow, and Tim the best part about it is,
and we don't talk about it as often, we should.
Say they've been in the house three years, what term
can we put on half years? They've been in the
house three years, they've about thirty year mortgage, and we
can put it on twenty seven. Say they've been in
(26:25):
there two and a half years, we can put on
twenty seven and a half years. If you want to
keep your payment the same and liquidate your debt quicker,
we can say, okay, this is what your payment is.
With a new interest rate, we can take you down
to fourteen years and eight months or seventeen years and
two months or whatever, just depending you know, we can
we can put it on whatever. And that's another advantage
(26:46):
of dealing with Guardian Savings Bank. You don't have to
start back over at thirty. We'll put you in a
position to where you can feel comfortable and you increase
your cash flow, or we can keep your cash flow
the same and shorten the term on your home. And
that should you invest your money. And I certainly with
every payment you make, you're investing in your real estate
because part of that payment's going to principle. So what
(27:08):
we're talking about is principal acceleration.
Speaker 2 (27:13):
Yep.
Speaker 1 (27:13):
If we shorten the term and keep your payments the same,
that's exactly what's going to happen. You get a little
more knock up balance sound if you go move, if
you if you can handle a fifteen year payment, while
would you do it your income bracket was? You know,
you look at everybody's not the same. It's not cookie
cutter mentality, but it's it's where you want to make
(27:36):
your investment. Do you want to buy socks or do
you want to just keep investing into the principal balance.
Speaker 2 (27:43):
Of your mortgage? Right?
Speaker 1 (27:44):
And both of them are great investments, right, And there's
a great six. Like I said, the great success story
that we have is I was just talking about the
guy that was talking with this a week you know that.
Speaker 2 (27:53):
Was I was just he was just like, man, I
just want to check in.
Speaker 1 (27:56):
He said, I'm getting got engaged, we're getting ready to
get married. I'm just going through all my financials and
then he said, I noticed I had a change in
my mortgage payment. I just wanted to have you help
me verify what it was from. I wound up being
from a change in these homeowners insurance and his taxes. Obviously,
when his houses increased by one hundred and twenty thousand value,
there're gonna be some changes, and for the better on
the insurance because now he's properly insured. Most likely, I
(28:18):
didn't get a chance to look at the policy, but
he's going to get it send it to me hopefully,
and then the taxes, you know, I mean, they finally
caught on within that area. I'm sure he's not the
only one that had the tax increase, but that's really
what spurred it. And he said, i'd like to other
this mortgage insurance. I just don't know how to read this.
He said, I don't do it for a living, and
I said, well, that's what I'm here for and that's
what we do at Guardian. So we traded information and
(28:40):
it was just wound up being I told him. I said, man,
I'm glad we've had this conversation. It's a great story.
It's a feel good story for me to see the
success and there's other people out here like I just
can't say it enough. If you bought something in the
last three years, for two and a half or three years,
and you're seven percent or higher, you need to call
's eight five nine eight nine nine nine three six.
This guy's accumulated in the four five one to one area,
(29:02):
you know, one hundred thousand, over one hundred thousand dollars
in equity in four years. And that's a little over
four years. But just you know, the typical and I
guess the high end on average in central Kentucky's what
an eight percent return on your investment, tim And he's
gotten you know, twenty five. And I guess if you
get in the right neighborhood at the right time, and
things starts building blowing up around you and change has happened.
Speaker 2 (29:24):
You know, sometimes it's the luck of the draw.
Speaker 1 (29:26):
But he's in a he's in a nice spot, and
that's what we want to help and we want to
see the success of Allsmark clients be able to do.
But you know, it was just a great conversation to have.
But I just can't reiterate. If you're listening to the
show and your kids, your grandkids, your nieces, nephews, brothers, sisters,
or anybody that you know has bought a house and
(29:46):
they're seven percent or higher, they need to give us
a call and see our closing costs. If you know,
under the right circumstances, as Tim said, with twenty five
percent equity and seven eighty credits, scoring a thirty or
fixed nine hundred and forty eight bucks. If you you know,
can and so afford to do a fifteen year fixed,
you know you're gonna do a rate and term refinance
to a fifteen year fixed, which is five point seventy
five the closing cost from only five hundred bucks. Tack
(30:08):
close or praise and everything we need to put your
loan together. We're still doing the same thing here, yea,
what can you hear me?
Speaker 2 (30:14):
Now? You know so? I mean, it's uh, it's just something.
Speaker 1 (30:17):
You give us a call eight five nine eight nine
nine one nine three six let us take a look
at it.
Speaker 2 (30:21):
That makes sense.
Speaker 1 (30:23):
And here I'll give you myself one number, text me
or I'll call you whatever. Eight five nine three two
one four three nine three. Just we talk over the phone.
I can give you some generalities, but until we get
an application, I can't be real specific. But you know
that's how I make a living most of the time. Anyway, Tim,
you're the same way, Jim woodrom everybody we walk working
off our cell phone eight five nine three two one
four three nine three. You just give me a shout,
(30:44):
I'll put something together for you and let us work
on it and make things happen. But the sooner the better.
And you know, for nine to forty eight you could
refinance a couple of times ten and not get hurt,
you know. And if we're shortening the term as well,
I mean, you know, we'll do whatever it takes. So anyhow,
we're gonna take another break. The bank is open to
(31:06):
day from nine to one. Phone numbers eight five, nine, eight, nine,
nine one, nine three six. That's here in Hamburg. Alex Tingle,
Lorie Hawkins, Tim Adams, myself, Larry Frakes, commoderis Rob McBride.
So Richard Klaunch is in here knocking them dead as well.
South and Drive eighty five nine two six three three
three three five. That's Jamie Mortimer, Aaron O'Brien, Alex Maloni
(31:26):
and Jim McKenzie, same old crue. Been here for a
minute doing this thing. You got some experience on your side.
If you give us a call, we're gonna be right
back your list. A Welcome Home show by Guardian Savings
Bank on News Radio Sixdyll Cats w LAP.
Speaker 2 (31:39):
They we'll be right back.
Speaker 1 (31:40):
You're back listening to Welcome Home Show by Guardian Savings Bank.
Larry Freanke's Tim Adams coming at you this Saturday morning.
We got another week in it's Tim, and then when
football season starts, so I think the very last Saturday
of the month here, we're not going to make the cut.
I think the football game is gonna whole priority. But
we'll be back next Saturday. So we hope you've enjoyed
the show. We've been doing this for a long time.
Speaker 2 (32:01):
Tim.
Speaker 1 (32:01):
We've got a lot of faithful listeners. We like hearing
from them. You mentioned last week. Maybe we'll just throw
it out here and see if we can get some
people to call and speak about their experience here at
guard and we ain't done that for a minute, and
see what people have to say. We'll take the good, bad,
and ugly. We do a pretty good job of what
we do and how we do it, and I'm proud
of that. We've had some changes in our costs and stuff,
but who has.
Speaker 2 (32:20):
It in this economy?
Speaker 1 (32:21):
You know, we're still the cheapest around our rach or
competitive six and a half on a thirty six and
six percent on twenty five seventy five on a fifteen
are home possible seven percent. You know that's not a
bad loan USDA. Faha, we got all those as well.
They're right in line. So if you have any need
for any of that type of financing, I mean, we've
(32:42):
got several different programs. We just need to be able to,
you know, share them with you and get the information
back and forth so that we can help make the
right decision on the loan that you need. And that's
that's what we're trying to get done. So on a
what is let's see, let's see what faha, thirty year
fixed him. So we're six and okay, this tells you
what's going on. So they're six and a half on
(33:04):
a thirty year, might be able to get six and
three eights depending on the day for faha, three and
a half percent down BA there at six and a half.
I had I should have. I was looking at these earlier,
and I didn't know what today's were going to be.
If there's a change or not, and there's not. So
mortgage limits you know, for one family house five twenty
four to two families, for duplex six seventy one, three
(33:27):
family eight eleven four family up to a million BA
mortgage limits or for one family home seven sixty six
HIM for duplex nine eighty one five three family one
minion one hundred and eighty six thousand for BA A
one hundred percent financing. If you get the DD two
fourteen that shows what you qualified for it and don't
wrong with that at all. That's pretty incredible in my opinion.
(33:50):
So just give us a call when we're here to
help you put it together. Our closing costs are going
to be right, you know, as cheap as you're gonna find.
That's because you're going to wind up panguard on most
of the loan v A, USDA, FHA, community housing, those
types of things, well, we won't service those for long.
We'll get rid of the so the closing costs are different.
But any of the conventional financing, our in house money,
we service them. So you're always going to pay guardians
(34:13):
and you can call just like I was talking earlier
about the guy calling, you can call it anytime and
we can, you know, look up any the information we
need to help you with your loan and any questions
you have. And that's kind of the fun part out
of him. They come back. They come back, you know,
and that's what we want. We want them to come back,
and we want to take care of it. Once you
get in the family, we're going to try to keep
(34:33):
you happy and keep you going. We don't want any
divorcing over anything crazy. Just want to keep taking care
of you. And we don't do boat loans, car loans,
or note loans. Tim and you quit doing that how
many years ago?
Speaker 2 (34:44):
We never did. Oh, we never did.
Speaker 1 (34:46):
Boat loans or car loans. So I'll usually refer those
up to them, maybe their credit but anyway, and they'll
pull your credit. And sometimes you go to car lot,
you get five inquiries to buy a.
Speaker 2 (35:02):
Car, you know, be be aware of all those that
can affect your scores well. But on mortgage.
Speaker 1 (35:08):
Shopping, if you're buying or your refinancing, you've got two
week window to get all of the credit reports you
want on that did it won't affect your score. That's
the guidelines set up out of credit report and agency.
A home is generally one of the biggest expenditures you're
ever going to have and one of the biggest loans
you're going to be.
Speaker 2 (35:24):
In tied and tied to or involved with.
Speaker 1 (35:27):
So they allow you the you know, the two week
window to be able to get you know, and visit
with as many people as you can without an effecting
your score. Then after that it becomes a little bit
of an issue because they don't know if you've opened
up a mortgage here, a mortgage there, and you know
you're buying more than one property and you get it
going on at the same time. And unfortunately there's these
scam artists out here, like do that stuff straw buy
and I guess is what it is.
Speaker 2 (35:48):
Whether they called it him or somebody have.
Speaker 1 (35:51):
You know, they were going through the same process on
three different properties and three different locations.
Speaker 2 (35:56):
And and.
Speaker 1 (35:58):
Uh, you know, so that's why they have that window
and that restricted time. But you know, we're gonna do
it if it makes sense. If it doesn't, we're gonna,
you know, at least have a plan for when it
does make sense for you in the near future. But
six and a half on a thirty six on a
twenty five, seven five on a fifteen, we'll make whatever
changes will help you make whatever changes you need. But
(36:18):
if you give us a call where we can take
a look, take you can call in, we can do
an application over the phone.
Speaker 2 (36:23):
Take about how long? Ten what ten minutes? About ten minutes,
you know, then.
Speaker 1 (36:27):
We'll gather some personal information once we get to that
point to be able to, you know, get all the
things we need in place so that you can move
forward with it. But you know, time, you know, if
we can save you some money. Now, if we can
get you anything above seven, give us a call, you
know where it's six and a half and marry the
home date the loan.
Speaker 2 (36:45):
That's all. I can't say it enough. You don't have to,
you know, do it.
Speaker 1 (36:48):
And for nine hundred and forty eight dollars in closing costs,
everything falls in right. It won't take long to break even.
People are still of the mindset got to have a
one percent rate drop to be able to consider, and
some of these people can get one percent. But if
you're only paying nine forty eight closing costs, there's it's
don't take long for the rubber to meet the road.
Tim if you're paying twelve or thirteen thousand dollars in
closing costs, which we've seen on a regular basis with
(37:10):
people the old what is it, they say, no out
of pocket, they're just going to burn up fifteen or
eighteen thousand dollars worth your equity so that they can
pay the bills.
Speaker 2 (37:19):
We're not doing that. We're going to do our.
Speaker 1 (37:21):
Best and best quote up first and up front so
that you know what you're getting into, and then we'll
put it together from there. But just an opportunity to
consider to be able to get something going on. This
costs as a list of timillary eight five nine, eight
nine nine one nine three six or like I say,
call me on myself on eight five nine three two
one four three nine three that's what Denny does. Then
(37:42):
call me up, Fracy, what's the rates today? I got
a bar yep, and go from there. So we hope
everybody has a good weekend. Got school starting back up.
Be careful if you're out and about, a lot of
movement going on, a lot more traffic, a lot of
kids out moving and shaking and uh high school football
and those types of things. So have a good rest
of the weekend. We'll be back next Saturday, and we
(38:05):
appreciate you tuning into us each week for Tim Adams.
I'm Larry Frakes. You've been listened to Welcome Home Show
by Guardian Savings Bank on News Radio six thirty w
lp se back next Saturday,
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