Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Coodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senia Akishna, realtor with Mahara
and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (00:30):
Listen right here or find us on the Business Happy
Hour YouTube channel.
Speaker 1 (00:34):
Or follow us on Instagram at Frank the Bank Kodo. Now,
sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank the Bank and Senia.
Speaker 3 (00:47):
Senia and Frank the Bank at Break the Bank. Welcome
to the Business Happy Hour number one overall things business
and entrepreneurial. I am Frank the Bank Kodo hashtag Frank
the Bank Koto on Instagram whatever that means. Thank you
for joining the show in studio with my amazing co
host from Mehara and Associates. Ray's team the greatest team
(01:08):
in real estate. Ray Mahara and Associates, send me a Kisha,
how you doing that?
Speaker 4 (01:12):
I love that? And you love Ray. I like Riso
in your voice. Always just see I do too.
Speaker 3 (01:18):
He's the best. So, you know, I got to start
by telling you guys, it's going to be a great show.
We're going to talk about So we have not done
a show like this in it at least months. I mean,
it may have been a long time where Sen and
I are together in studio. No guests. We love our guests,
don't get me wrong. But this market is heating up
(01:38):
and things are changing not by the day, but by
the hour, and we thought it was really important to
put together a show that gave you, guys all the best.
We're going to talk some stories like we always do
in the first segment and talk about kind of what
we did get you know, get in get into the week.
Here we're going to talk. I'm gonna tell a little
story about Ray and why I think he's one of
(01:59):
the best partner in real estate. And I'm gonna tell
a little story about what the good partner does for you,
all Right, and I'm not gonna talk about bad partners.
I'm just gonna talk about good partners. And he did
something on Friday that I've been in this business twenty
five years and I cannot tell you how rare it
is that this man did this as a true partner,
(02:20):
and we're gonna talk about it the rest of the show.
For the first segment, we're doing stats, and he has
bringing some amazing stats. I can't wait because I got
in an argument with somebody literally an hour ago about
stats and I told them, I said, we do this
every week, like we actually look up the stats. She
does research for year over year, month over month. Because
somebody was telling me something negative about all this stuff
(02:41):
going down and I'm like, that's not really what the
data shows. Bill Clinton said that anyway. So we're gonna
talk stats. We'll talk about the real estate market when
we get into the second segment. We're going to talk
not just interest rates. We're gonna tell you where they are.
We're going to tell you where you should be looking
to find the actual lowest interest rates. We're gonna do
an actual real life example of a home buying process.
(03:04):
Sen's gonna I'm putting her on the spot, she's gonna
pull up a house. We're gonna pretend like you want
to buy this house. We're gonna pick something in the
you know, relatively inexpensive range, so you know everybody can
afford it. We're gonna talk about the payment. We're gonna
talk about the different loan programs and what that does
to the payment. We're gonna talk about how much does
it cost out of pocket when you start with Senia
and putting pay in your deposit and inspections all the
(03:26):
way through closing. What do you have to expect as
a client, as a buyer, a first time home buyer
or not. Then in the third segment, if we have
haven't wasted all that time, we're gonna talk a little
bit about private money lending, some creative products, some reverse
mortgage lending, some things that other banks and brokers don't do.
And then we're gonna talk In the end, we're gonna
(03:48):
wrap up more real estate. Senny and I might talk
about some opportunities that you guys have things that I don't.
I think legally we can't give addresses of something until
it's listed, but we can tease you and I'll give
you a little early radio show tease is there is
a piece of property in Odessa on three acres with
one acre high and dry, over three hundred feet on
(04:11):
the lake, okay, on Church Lake, potentially coming. Can I
say that, I hope I should, I hope I can.
Coming for sale maybe and Frank the bank and Senia
are gonna bring it to you guys today. We're not
gonna give you the address, but we're going to tell
you a little bit about it so that you can
get excited and you can call Senya and she can
get with the owner and show it to you, maybe
(04:32):
even before the rest of the world sees it. I
don't know. I don't want to break rules, but I'm
here to educate and we're gonna have a great show today. Sennya.
How's your day going.
Speaker 4 (04:40):
It's going great?
Speaker 3 (04:41):
Yeah, yeah. How's your weekend? What'd you do?
Speaker 4 (04:43):
Oh? Man, you know what, it's all blending in. I'm like,
it's going so fast. I really can't believe that. We're like,
you know, mid March.
Speaker 3 (04:50):
Oh my god, spring spring break is each week.
Speaker 4 (04:52):
Spring break is next week. That's really sneaking up on me. Yes, yeah,
And I am actually trying to plan me maybe a
little last minute trip for me and my daughter.
Speaker 3 (05:00):
Okay, what about Hobby.
Speaker 4 (05:03):
We're gonna leave them at home, the little one. The
two boys make two rambunctious for me.
Speaker 3 (05:08):
I bet you they planned something. I don't know.
Speaker 4 (05:10):
They can have their own. Oh you know what I did.
There's a did you know that? Right now? We've got
like the biggest bouncy house area in town. I heard
about it just through the grapevine.
Speaker 3 (05:20):
The world's largest bounce house.
Speaker 4 (05:22):
It's right, it's on West Shore. They just took off,
you know, part of the parking lot and there's this
It was pretty cool. It was hesitant to go there,
like the sun's beaming, you know. Oh, we had so
much fun.
Speaker 3 (05:33):
And like you did it too.
Speaker 4 (05:35):
Yeah, adults can go in there. I did the big slide.
That thing is so fun. What yeah, we just kept
that was the repeat one.
Speaker 3 (05:42):
So the whole family went.
Speaker 4 (05:43):
It was me, my sister, and my little one. I
told Stella she missed out because she was just busy
doing her own thing. But it was so much fun.
It's only there through the end of the month. Okay,
so we're gonna go again before they take it all down.
But no, I think things like that in Tampa, Like
there's just so much happening, and every year there's just
more and more of this kind of cool stuff.
Speaker 3 (06:04):
Yeah.
Speaker 4 (06:04):
So yeah, that was my highlight for the weekend.
Speaker 3 (06:07):
That's a good that's a good fun work out.
Speaker 4 (06:09):
Oh my god.
Speaker 3 (06:10):
Oh yeah, abs bodies show cor shoulders.
Speaker 4 (06:16):
Trying to just walk on those like trampolines. They give
you that little bounce.
Speaker 3 (06:19):
Yeah, bounce house is done.
Speaker 4 (06:20):
The bounce house is dope. You really you engage the
core and flatten right in there.
Speaker 3 (06:24):
So you know, we like to do shout outs. By
the way, guys, we're Senny and I are going on
spring break next week. I'm gonna go and do a
little skiing with the kids. That'll be fun. I'm actually
gonna bring my kids to Vegas for the first time,
which I went there when I was like thirteen fourteen,
and I just think it's the right age, Like they
can't gamble over or do anything bad, right, but just
to see it and to see this crazy city that's
made of money and all the lights and everything. So
(06:46):
we're gonna do something. I'm gonna bring it over with
the Grand Canyon.
Speaker 4 (06:48):
So hopefully Vegas is super fun and actually Ray. He
does that trip every year he brings a daughter.
Speaker 3 (06:53):
Yeah, that's awesome, I think. I mean, it's great food,
there's malls, there's shows, There's a lot of things you
can do with the kids there. It's not just for degeneration.
Speaker 4 (07:03):
Oh so there's so much to do totally. Actually, you
know what, I haven't made up my mind because I
was thinking New York. Yeah, but Vegas is another one
she hasn't been to and she's been asking about. So
we're just trying to check off, you know, how old
your daughter she's gonna be. She's almost twelve, Okay, so
kind of like birthday trip because we go, Oh you know,
I know, there is so much more to do. Like
I went to like the Michael Jackson Show, Like I
(07:24):
always loved doing the show.
Speaker 3 (07:25):
We were thinking about that one. Was it good?
Speaker 2 (07:27):
Yeah?
Speaker 4 (07:27):
I went to the impersonator one, and then we went
to the other one, like the so Lay one.
Speaker 2 (07:32):
Yeah.
Speaker 4 (07:32):
I did that one the time before.
Speaker 3 (07:34):
Was that one? Good?
Speaker 4 (07:34):
Super fun? Me and Rosa went to the one that's
the impersonator one.
Speaker 3 (07:38):
Yeah.
Speaker 4 (07:38):
I had so much fun.
Speaker 3 (07:39):
Yeah.
Speaker 4 (07:39):
Yeah, I mean you kind of get the whole energy
go and the vibe.
Speaker 3 (07:42):
That's all I want to give some advice, is we
we hadn't booked the tickets for Jackson yet because we're
My wife's like, I just don't know, it's Vegas. Let's
just kind of see what we want to do. And
I'm like, Okay, it's one of those days. You know.
It looks like we're going to dinner anyway, so that'd
be a lot of fun. So spring break, guys, we
are going to play this show again because we think
it's super important and the spring the busiest buying season
of the year. I think you guys need to hear
(08:03):
what's on this show. So your your dials are not
messed up. You're not You're not you know, stroking out
or anything. You are hearing the same show twice if
you're listening next week. And don't forget, we are on
three radio stations now right here on nine to seventy
w FLA every Sunday morning, and we're on Saturday mornings
on twelve fifty wh and Z another AM channel, and
one oh five point nine we're on FM guys, and
(08:25):
don't forget. You can also tune in as a podcast
on iHeartRadio. Go to the app and just find the
Business Happy Hour, And we've been putting this on YouTube
every week and we're live on Facebook and Instagram. So,
my god, do you realize we have like seven ways
for people to listen to the Business Happy Hour?
Speaker 4 (08:40):
That's amazing.
Speaker 3 (08:41):
It is it is, James, Does anybody else that you
work with as a producer have that many ways to
listen to the show? All the outlets? He said? He said, no,
that is impossible. Not even Rush Limbaugh had this much exposure.
I'm lying, but who knows, got Lee Man, We're just
having a lot of fun already. So I do need
to give a shout out. All right, you gave it.
Bounce out, shout out. You made me think about this. Guys,
(09:03):
if you've never this is only for guys. Sorry, sport clips,
sport cle You ever heard of sport club?
Speaker 4 (09:08):
Yeah? The haircut?
Speaker 3 (09:09):
Does your husband go there?
Speaker 4 (09:10):
I'm sure he has.
Speaker 3 (09:11):
So it's neat for guys like you go and get
your haircut and then they do something called the MVP
where they go and shampoo your hair and they put
a little hot towel and give you like a little
massage and then put some conditioner and it's usually, you know,
a nice little experience. You know somebody else washing your hair.
The lady who who did my haircut today? I think
your name was Amy in the Southampa Southdale Maybury Sports clips.
(09:34):
That was the best haircut. I was like in a salon,
best haircut experience, best wash, shampoo, scout massage, like I
was like, I didn't want to leave. I mean, you're
lucky I was coming over here, Doe to the radio
show for you because I would have got like four haircuts.
This this lady did. And then she styles the hair
and she's like, I like to leave it natural on top,
so I'm not gonna brush too much, and I'm like.
Speaker 4 (09:56):
It looks very nice.
Speaker 2 (09:57):
By the way, thank you.
Speaker 4 (09:58):
I was gonna say, what's different about today?
Speaker 3 (10:00):
I let the lady do their and she worked for
she worked her magic. So I'll confirm the name and
I'll make sure I tell you guys in a couple
of weeks. But I think it was actually Brunette lady
in there South Tampa's port clips. You got to check
it out. Make sure you get the MVP. So, Sen,
we only have a minute forty five seconds. So here's
what we're gonna do. We're gonna do stats and all
the real estate starting in the second segment, because I
(10:21):
don't want to shut you down because I see your face.
I think it's good. I think it's good news. I
don't know she's violent. I don't know. I hope it's
good news. But we're gonna do our real estate statistics
when we come back. Then we'll go ahead and get
into some raids and followed by payment examples, cash to
close examples. Then we'll do a couple loan products, private money,
reverse mortgages, anything Sennia wants to ask a question about
as a real estate agent. And then we're gonna do
(10:43):
a little teaser. At the very end, you're gonna find
out about a property that might be going for sale
that you could get your hands on. And Sennia might
even have something she's gonna tell you that's for sale.
I'm putting her on the spot again, but I will
mention one more thing on Instagram, guys, Senny, I'm tell
you too. I just started some and brand new, so
everybody knows I post every day. I try to be
my self on the Instagram and do educational stuff. Somebody
(11:06):
said to me, he said, you know you are so motivational.
I watch you every every day, and I just want
to see what you're saying because you're so high energy
and whatever. I said, I actually watch some posts to
get motivation every morning that they're they're not appropriate to
play on the air, but I watched this one particular
link and it always pumps me up. So I said,
I'm going to start the Good Franken Morning's. Good Franken
(11:27):
Mornings started today on Tuesday, March What are we eleventh?
Every morning, I'm gonna do a positive message for you guys.
It's called the Good Franken Morning. It's not really gonna
have much to do with real estate or mortgage. I'm
just gonna pump you up, get you started for your day,
and hopefully put you in a great mood. So like
and share, and don't forget to watch the Business Happy Hour.
Like us, share us.
Speaker 4 (11:46):
Dampa real Estate dot pro.
Speaker 3 (11:47):
Do you have a real estate Dot bro?
Speaker 4 (11:49):
We had eight one three, seven five five reels?
Speaker 3 (11:53):
I tried seven five five reel. We'll be back in
just a minute. On the Business Happy Hour, stay tuned
all the.
Speaker 1 (11:58):
Best mortgage or real estate advice from Tampa Bay's top experts.
It's the Business Happy Hour with Frank, Debankkoto and Sennia.
Speaker 3 (12:07):
All right, Tampa Bay, welcome back to the Business Happy Hour.
I hope you guys enjoyed that little break. As promised,
it's going to be the greatest real estate show ever
created on the Business Happy Hour. We are going to
get right into it with Sennia Akishna from Mahara and Associates.
And by the way, if you have any real estate questions,
don't go to the website that I told you. Why
did you just call Sennia or go to the website
(12:27):
that she's going to give you right now.
Speaker 4 (12:29):
It's Tampa real Estate dot pro.
Speaker 3 (12:31):
Tampa real Estate dot pro. That is so easy, Tampa
real Estate dot Pro. And for me, guys, just go
to reverse guru dot com. It's my reverse mortgage page.
But you can contact me directly right there, and I'd
love to hear from you again. Reverse Guru dot com
or contact Frankdbank dot com is how you reach us. Sen.
I'm ready for stats. I want to know and listen.
I got an argument this morning on somebody about where
(12:53):
the market is going. And they're like, Florida is the
only state that everything's doing good in, and and and
Florida's even going down, and I'm like, well, I just
don't know about that.
Speaker 4 (13:02):
I don't know. I don't know where these people get
their numbers from. So for as you know, at the
end of the month is when I get my February numbers,
so we always, you know, get excited about new numbers.
But I went ahead and went to the national Associated
Realtor site for some national numbers for US.
Speaker 3 (13:17):
Oh, hopefully my person is listening from this morning, because
they were talking national.
Speaker 4 (13:22):
And even there, yeah, I mean, there's nothing that's you know,
doom and gloom. In January, nationally, the existing home sales
median price went up by four point eight percent, okay,
up four point a year over year. And then the
one that I really liked is the closed sales transactions, Okay,
(13:43):
because I know for us, you know, in our area
with the hurricanes like November, we were down, which came
right back.
Speaker 3 (13:50):
Up short and when.
Speaker 4 (13:52):
And nationally actually that number has been on the positive
side since October, so the majority of the year closed
sales were down. October went up a little bit November
six point six percent, and then in December we were
up nine point seven percent nationally. Nationally Oh my gosh.
Speaker 3 (14:12):
Now, okay, which here.
Speaker 4 (14:13):
Actually you remember my numbers were you know, in our area.
That's when we had, you know, some of those back
sales that didn't happen because of the hurricanes.
Speaker 3 (14:20):
Right, we were way up, yeah, like twenty something percent,
thirty percent.
Speaker 4 (14:24):
Yeah, and Penella's County was over thirty percent. But for
January we're still up two percent. But just traditionally, you know,
January things kind of you know, we're just waking up
and you know, things start picking up. So I'm sure
that number is going to be higher in February. But yeah,
I thought that was, you know, good to kind of see.
Like I'm looking at a graph right now, and it's like,
all right, it was down downtown and then you know
(14:46):
the last quarter closed sales transactions did start going up.
Speaker 3 (14:50):
I think that's very interesting, and I think that's what
people need to hear, is the market is not declining.
The person this morning swore to me that Florida was
the only state going up in anything, that everything else
was going down, and it's just like, gosh, guys, where
are you getting this information? It's not accurate and you
pulled this from.
Speaker 4 (15:08):
Where this is the national Association of Filtres.
Speaker 3 (15:11):
I mean there you guys go now. I mean I
would think.
Speaker 4 (15:13):
That that's a pretty good source, you know.
Speaker 3 (15:15):
I would hope. So I try to man, do we
have it? Did you do anything local for this time
or no?
Speaker 4 (15:20):
Well, I mean my local numbers, yeah, I mean it
doesn't hurt to repeat. You know, some people maybe weren't
listening last week.
Speaker 3 (15:25):
Yeah.
Speaker 4 (15:25):
So for January, let's see what's a what's a good
start or median sales price in January and Hillsborough County
was four hundred and fifteen thousand, Okay, Panela's four hundred
and thirty five thousand, Pasco three seventy six, nine fifty.
But even yeah, when you average those out, we are
actually just a little bit higher than the national median
(15:47):
sales price, which is just under four hundred thousand. So
I think we're in a really good spot. You know,
we're definitely still you know, affordable.
Speaker 3 (15:54):
Yeah, so you're telling me we're Yeah, I could live
in Florida for roughly fifteen thousand dollars more than the
middle of the Midwest.
Speaker 4 (16:00):
Yeah, but I mean when you're comparing yet to some
of those prices, you know, New York real estate California,
we're very affordable. But I think it's just you know,
we're not the cheapest anymore. And I think that's good
for just people investing in Florida.
Speaker 3 (16:14):
I totally agree. I mean, there is still a lot
of room to invest. Rent has come down a little bit,
you know, So I mean I think that maybe helps
out some people, but these home prices, that's still very affordable.
Four hundred and fifteen thousand. Yeah, So I think I
think when we do our rate comparison in our payment
comparison coming up probably in the next segment, I think
that's what we should use. Let's just use four hundred thousand.
(16:36):
What do you think as a purchase price. I think
that's kind of a good median number because it goes
across the whole country. All right, Sure, I think that
sounds good. What else do we anything else on stats
that you want to push to tell anybody about?
Speaker 4 (16:48):
No, I mean I'm excited to talk about just the
other stuff and just the state of the markets. I mean,
you know our numbers are behind.
Speaker 3 (16:54):
Yeah, So how do you I'm feeling. I mean we're
in almost mid March.
Speaker 4 (16:58):
I feel good, And I mean, yeah, if you want
to get into it. Now, I want to ask you
about interest rates.
Speaker 3 (17:03):
Okay, well that's for the big news.
Speaker 4 (17:05):
You know, it's in the last few days.
Speaker 3 (17:07):
So finally let me get my little mouse here. So
finally the news is talking interest rates. And here here's
how I kind of want to start this. And and
Sen Sen and I have not gone over this, so
this is very natural. So anything anything she says, I
don't know what she's about to say, but I will
tell you that the word is starting to come out
because you can see the stock market is not doing
(17:29):
great with some of the tariff news and things like that.
But you have heard Trump say interest rates multiple times,
and it is becoming a bit of a popular belief
right now that Trump is and don't take this the
wrong way, but intentionally sinking the economy because you need
the economy to go down to be able to make
(17:50):
the moves to get the inflation under control, and even
more importantly, to maybe encourage the FED to lower the
rates and to get them to get the the big
institutional buyers to lower the rates as well, because if
the economy is if he comes in and everything's booming,
then that's not going to allow for the rates to
go down, so it might be a little temporary pain,
(18:12):
But what does that really mean when they say the
economy goes down? What do you think it means to you? Like,
what do you think if they're saying, oh, you know,
things aren't doing good in the market, what does that
really mean? Stock market? Exactly? And that's and that's what
most people think of. So the vast majority of people
across our three hundred and whatever sixty million people in
this country are not invested in the stock market, much
(18:34):
less heavily invested in the stock market. So what's more
important to them? It's the price of groceries.
Speaker 4 (18:40):
Groceries, yes, I mean inflation.
Speaker 3 (18:42):
Right, it's inflation. And if you're going to buy a
house or a car, it's an interest rate. So in reality,
you've got all the you know, the news, all the
market's tank and it doesn't like what he's doing. Who
does it?
Speaker 2 (18:52):
Really?
Speaker 3 (18:52):
Yes, it affects me. I have stocks, you know, I've
got a decent portfolio of stocks. But I don't sit
in day trade. I don't care if I bought something
this year, I'm not selling it this year. I'm not
selling it next year. It might get sold when I retire,
it might go to my kids, who knows. But it
doesn't bother me. And I know some of you stock
guys out they are gonna say, oh, this is hurting
(19:13):
our income. Just remember the vast majority it is not affecting.
So I think it's a good play, whether he's doing
it on purpose or not. I don't think we need
to read into this news and say that the economy's
crashing or it's going to hurt you, because what does
it really do. It's going to lower the price of goods, right,
I mean, I don't know. Listeners, feel free to chime in,
(19:34):
what what do you think it's going to be?
Speaker 4 (19:36):
Speaking at the lower interest rates? So this is where
you know, I think maybe the general public raven me.
I'm not you know, in loans, yeah, because it wasn't
a federal rate cut.
Speaker 3 (19:45):
Yes, right, there was not, right.
Speaker 4 (19:47):
So I mean the little bit, you know of the
drop that's now making the you know, headline news like
how did that come about? Can you kind of explain?
Speaker 3 (19:55):
Yeah, as soon as we get back, because we have
to take a break, thank god, Ja, I just told me.
So as we get back, we're going to talk about interest.
Speaker 1 (20:00):
Rates and welcome to our Business Happy Hour radio show
with your host, Frank Debank Coodo, the owner of Lincoln
Lending Group right here in Tampa Bay for twenty three years,
joined by his incredible co host, Senia Akishna, realtor with
Mahara and Associates.
Speaker 2 (20:15):
Tampa's top real estate company.
Speaker 1 (20:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:30):
Listen right here or fight.
Speaker 1 (20:32):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Thebankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts.
Speaker 2 (20:44):
Here's Frank de Bank and Senia.
Speaker 3 (20:47):
All right, Tampa, welcome back to the Business Happy Hour.
As promised, we're talking about interest rates and how does
it affect you as a consumer when you're out there
shopping for a home. We just talked about the market.
Sorry I got the music still on. We just talked
about the market for a few minutes and Sennya. You
asked a question which.
Speaker 4 (21:07):
Was, well, it wasn't a federal rate cut that caused
this interest rate drop?
Speaker 3 (21:12):
Right, No, it was not. It was not a federal
interest rate cut. It was just overall status of the economy. Remember,
things like wars, uncertainty in the stock market, inflation, things
like this can lead to interest rates dropping. And there's
a big difference in the FED rate and the thirty
year fixed rate. The FED rate is the thing if
you have a whole equity line of credit, that's generally
(21:33):
what your rate is based on, which right now is
at seven and a half percent, and I do think
it's going to lower a couple more times this year.
I think we're going to see it under seven for
sure by the end of the year. So that means
if you have a whole equal a line of credit
or any type of car loan that was based on
the prime rate, that's going down. But what's more important
to people are the thirty year fixed rates. So what
I like to do is I like to go to
the Google machine and I just typed it in the
(21:55):
pretty little computer here in front of me, and I
typed in thirty fixed mortgage rate Today, the very first
thing that pops up is the AI overview, which don't
trust that for everything. I'll tell you that right now
got me in trouble. It says the national thirty year
fixed refinance interest rate right now is six point six
y nine percent. The national purchase mortgage rate is six
(22:15):
point seven two percent. So if you're a consumer, that's
what you think you have to get right now. They're
not being very specific. They're not telling you fha va conventional.
This is likely a conventional interest rate, a fanny may
interest rate. If they are showing six point seven two,
I can guarantee we are probably locking five point nine
(22:35):
to nine. What is the difference. We are a wholesale
brokerage business and correspondent lender. We are not just the
banker style the retail banks. Okay, So the big question
for everybody, though, is what does that really mean to
your payment? Right? Since sim was gonna ask the question,
I asked it to myself. So I'm gonna pull out
an amortization calculator and we're going to use a four
(22:56):
hundred thousand dollars purchase and let's pretend like the gentleman
and has five percent down. So easy math guys, five
thousand for every hundred thousand, that's twenty thousand dollars down payment.
So that would give a loan amount of uh, I'm
losing my mind today, three hundred and eighty thousand, said
he was like, I know the answer, three hundred and
(23:17):
eighty thousand loan amount, all right, and we're gonna put
a thirty year term here. We're gonna put the rate
at what get what the Google machine says, We'll put
it at six point seventy two, and that would give
you a principal and interest payment of two thousand, four
hundred fifty seven dollars. Okay, two four hundred and fifty
seven dollars, and that is at six point seven to two.
(23:40):
What happens if you get the exact same loan, but
you get an interest rate let's say five point ninety nine, Well,
that drops you down to two thousand, two hundred seventy
five dollars, so almost a two hundred dollars difference.
Speaker 4 (23:56):
And I mean, that's that's a lot for people right now.
Speaker 3 (23:59):
Yeah, that's a lot of money. And you're not even
having to pay points for that, so it makes a difference.
So you, guys, first things, you can see is how
does the interest rate affect you? Right now, I want
to take this a step further because right now we're
just talking conventional mortgage rates. Let's buy that same four
hundred thousand dollars house, but let's do an FAH loan. Okay,
(24:20):
FAHA loans because both are going to have mortgage insurance.
If you're not putting twenty percent down, you have PMI
mortgage insurance on both. But right now, we're just going
to focus on the principal and interest payment because that's
what we can illustrate to you guys. What would be
different based on interest rates, your full payment with mortgage insurance,
taxes and insurance and all that obviously is going to
be different. But that's what Senny and I are going
to do for you. If you're interested, Remember you you
(24:42):
can get with Senia at Tampa real Estate dot pro.
There you go Tampa real Estate dot pro. Or you
can call her at.
Speaker 4 (24:49):
Eight one three seven five five reel.
Speaker 3 (24:51):
Seven five to five reel. Or you can just go
to contact Frankdbank dot com to request some information from me.
That's Contactfrankdbank dot com. So let's now go FAHA and
V I want to see. Let me see if the
Google machine will actually give me the VA rate on
the AI. Let's see VA rate today. Oh man, this
is this is impressive. This is the first time, Sennya,
(25:14):
this is the first time I have seen the rates
under six percent on Google. So this is exciting for
the market, right. I think that's why you're getting more
calls right now. I think it is the spring buying.
Speaker 4 (25:23):
That's why. Yeah, So yeah, tell us about the truth
because yeah, it's definitely it's so crazy that it has
such a quick effect on the market. And I mean, yeah,
whether it's a fed rate cut, I mean when you
see headlines of just mortgage rates going down, we can
feel it.
Speaker 3 (25:38):
Yeah, and when you when you hear if the president
says it, I promise, Sinny, and I feel it. So
why is that important to you? By the way, as
a buyer, it's important. Even if you're not playing on
buying today, you need to because we keep saying what's
about to happen.
Speaker 4 (25:52):
I mean obviously even just with you know, just a
little change like that, when we feel that buyer activity,
I mean they're buyers that get off the sidelines. Hey,
this is just that little push that I needed. I mean,
if they, you know, go on that trend, you know
what's going to happen. There's going to be more and
more buyers. You're going to be competing for the home
that you want. And you don't want that, No, you
(26:14):
don't want You want to go when there's less pressure.
You know, you've got you know, homes to pick from,
and you don't want to be in these bidding wars.
Speaker 3 (26:21):
Bidding war, she used that big bad word. Bidding war
happens when there's not enough supply for the demand. And
like Senny and I were talking about, when those rates drop,
which they have, That's what we're trying to get across
to you guys, is they already have and people are
starting to pick up on it. And again, this is
the first time I've seen this on Google in the
longest time. Now people know they're going to jump into
(26:43):
the market and there's not enough sellers. Yes, I know
you've heard. You've been telling me that there are more sellers,
there's more inventory now, right, it's.
Speaker 4 (26:50):
Growing, but I mean it's still it's not to a
pace where say, you know, rates went down even further
and all of a sudden, you know, all these buyers
came out of the woodwork. There's not an a inventory
to be able to, you know, have a level market.
Speaker 3 (27:03):
No, there's not. And what that means again is supplying demand.
It means highest and best. It means multiple offer situations,
which means you need to buy now before the rest do. Now,
let's get back to the rates. Remember we did the
four hundred thousand dollars purchase on the conventional loan. Now
we're going to do it on a lower rate. And
I'm very proud by the way of Google for doing this,
(27:23):
because I thought they were going to show like six
and a half. So our rate today is five point
two five. The Google machine says five nine nine five
point seventy five. So let's use their higher because you
know the other one's just a teaser. Anyway, Let's put
in five nine nine that would give you for a
veteran with no mortgage insurance, by the way, that give
you a payment at five nine nine of twenty two
(27:46):
seventy five. That's twenty two seventy five principle and interest.
And if I could give that person five point two five,
that drops it down to two thousand, ninety eight dollars
again about the same about one hundred and seventy five
dollars one hundred and seventy seven dollars per month. You're
(28:06):
gonna save for doing nothing but finding the right lender.
Speaker 4 (28:10):
Yeah, And you know what. The other thing I want
to say too is if you got maybe preproved sometime
last year mm hmm, you're like, oh man, you know
payment's not good, go ahead and reach back out to Frank,
say hey, rerun the numbers for me, and you know,
see where you're sitting at now, Because even that little
bit of a difference, it makes a big difference sometimes
in the monthly mortgage payment. And that's really what everybody
(28:30):
cares about. They do, you know more, is hey, what's
my monthly payment?
Speaker 3 (28:34):
Usually the two top things that consumers tell us when
they start a process is they're concerned about their payment
okay rate. Half the time they don't even say rate
because the rate is payment right. They also, besides the payment,
they're concerned with how much they qualify for. And I
want to bring this up because not every lender is
created equally. A quick example, if you're a veteran and
(28:58):
you go to Veterans United or USAA, one of these
companies and they tell you you're qualified for three hundred
and fifty thousand. They're going to tell you that because
there's something called debt ratio, right, you have a maximum
amount of mortgage payment you're allowed based on your current income.
So what is different. For example, at Lincoln Lending Group,
we follow the VA rules to the t and we
(29:18):
do not have a maximum debt ratio for veterans. So
that same veteran with the same credit score and the
same job and the same everything could potentially qualify for
four hundred and fifty thousand dollars. And we just did
this six months ago, so I know it works, right,
So it's you got to know if you need a
second opinion. Sidney was saying, let's rerun the numbers or
(29:38):
call us. If you've already been preapproved somewhere else, go
to contact Frankibank dot com and we'll rerun numbers for
you to see if you can get a better payment.
But at the same time, you may qualify for more.
And remember when your rate is lower, if you were
already qualified for a house with a payment that's two
hundred dollars more, that means you qualify for more house
let's do some math.
Speaker 4 (29:58):
And that's listen, that's so important. Like I had like
an agent reach out to me last year on one
of my listings and they were like, hey, you know,
it would be really low ball offer because this is
all that they could qualify for. And when she told
me their amount, I'm like, you can't get anything for that. No,
And that was my advice to her because they were
a veteran and I think it was just one of
the big you know banks by USA, and that's the
(30:21):
route that they ended up going because you can get
a lot more for Yeah. I guess if you go
with somebody like Frank, Frank is going to get you
approved for more.
Speaker 3 (30:31):
I am, in fact, I'm over here trying to do
the math for you guys, because I promised real math today.
Here's the difference in the payment. So if you if
you simply get the same loan with a three quarters
a point lower interest rate, yes, you can save one
hundred and seventy five dollars in your payment. But let's
say you're okay with the payment, you just want more money.
You actually would increase your spending power by almost forty
(30:56):
thousand dollars at least thirty five thousand, So maybe sending
had a house you were looking at there was, you know,
four hundred, but but you know the one you really
want is four thirty five. You're approved. That's how that works,
so that the lender you work with in the interest
rate and the program is going to make a huge
difference in what you can buy, not just in your payment,
(31:18):
not just in your rate, but also in what you
can afford to purchase. What about people getting off the fence?
What else should we tell them? We got thirty seconds
any other advice for what they should do right now?
I mean it's time to go, right.
Speaker 4 (31:29):
I mean, the ones that aren't off the fence should
get off.
Speaker 3 (31:32):
It, thank you. I mean that's it.
Speaker 4 (31:34):
I mean it's mid March. This is when the market
does start heating up. Yes, just traditionally, but I mean, yeah,
f rates you know, are a little bit lower. We're
already feeling it. Sellers are getting you know with okay, well,
if we've got more buyers, you know, maybe this is
the time for me to put my house on the market.
Speaker 3 (31:49):
And that's it.
Speaker 4 (31:51):
Get out there, get your pre approval and start looking.
Speaker 3 (31:53):
We're going to end the segment with Mary the house
date the rate. You can always refinance, but you can't
get the money back when you overpay for a house.
Speaker 4 (31:59):
I actually have been consumer's telling me that. Now, that
line like, it's our favorite line.
Speaker 3 (32:03):
Now, finally we're gonna go on a break, go out
and marry the house, date the ray. We'll be back
in just a minute.
Speaker 1 (32:07):
Let's get back to the Business Happy Hour radio show
with your host Frank the bank Koto, owner of Lincoln
Lending Group, and his co host Sennia Akishana Riltar with
Mahara and associates.
Speaker 3 (32:19):
Guys, don't forget. You can find us all over social media.
We're all over YouTube, Instagram, Facebook, like and share. Send
us out there. Help Senni and I build our client base. Senna,
as you know, I'm over twenty thousand people.
Speaker 4 (32:30):
Now, wow, look at you.
Speaker 3 (32:32):
I know, like, can somebody start paying? Don't they just
start paying me or something like? Do they start to
set right? I know, right something, pay pay Senya at
least even if you don't pay me, like send her
like six bucks or something. Right. She's like, Okay, I
don't know, I do all that stuff. I don't know
how it works if you get paid. But I do
enjoy doing it. Don't forget to check out the Good
Frank in Morning every morning on Instagram and Facebook. You're
(32:52):
gonna get the Good Frank and Morning address. So we've
done some some payments here. I promise to talk about
a couple of products. But before we get into to that,
what else do you think the consumers need to know?
How should we go into like closing costs?
Speaker 4 (33:04):
Well, I do want to say, in the kind of
market that we're in now, like I just had a
you know, I talked to somebody over the weekend, Please
listen to your agent. For one, make sure you pick
the right agent, whether you're selling or buying. It is
definitely important, especially now when the market is you know,
has its challenges. Pick the right agent. And then second,
(33:24):
listen to your agent, especially for pricing. Yes, so I
just trust it's key. And it's really sad when you
talk to the people that don't listen to their agent
from the get go, and then two months goes by,
oh man, and then they have these regrets. So I
just needed to get that out there.
Speaker 3 (33:43):
Do you ever find that a lot of people they
don't they don't get the first house they offer on
because they kind of haven't learned to listen to the
agent or learn to trust the advice.
Speaker 4 (33:52):
And well and that too, and especially now the market
is heating up in a bit right you know, Yes,
it is still a market where you can negotiate, but
make sure your agent, you know, is doing a thorough
job for you, Like for me, you find a place
that you want. Before you and I even talk numbers,
the first thing I do is I'm going to call
that listing agent. I'm going to get as much information
(34:13):
as possible. Hey, how's it going? And I see you've
been in the market for forty five days? How's the
sellar rejected any offers? You kind of you need to
get a feel for the current situation. You know, maybe
they say, hey, yeah, we actually had a couple of
low balls that they you know, they're just not negotiating.
You get a feel for it. Yeah, you know, But
I think that's important because if you don't do that
first step right and do the negotiation starting out in
(34:34):
the right way, there's a good chance you can ruin,
you know, your probability of getting that house, because that
other buyer is going to come along the next day
and the seller is not really going to want to
deal with you.
Speaker 3 (34:44):
That is some amazing advice. And I think so many
agents don't want to tell you that they don't want
they feel bad. They're like, oh, I don't want to
tell people they have to listen, and they're gonna be
upset with me. Listen, listen to your agent, take their advice,
and it will say gave you time, effort, deposits, money, inspections,
all kinds of things. And let's flip this around while
(35:08):
while we're talking about listening to people, let's talk about
talking to people. Let's talk about telling us everything, because
we can't help you if we don't know the whole story.
Sinia needs to know your motivation. Why are you wanting
to buy here? What are you doing? Maybe she's showing
you houses in the wrong neighborhood because she didn't realize
that you have a couple of young rugrats that need
(35:29):
a good elementary school, or you need to be by
a park or something like that. With the same token,
you need to tell your lender everything, all right? And
what do I mean by that? I mean everything?
Speaker 4 (35:42):
And it's so funny you say that with buyers And
James was just asking me about like Zillo or you know,
do I do it on realtor? Yeah, they give us
the criteria, here's what I want, and then the properties
are sending us. You know that they found on Zilla.
I'm like, well, that's not what we discussed. We are
so much more effect when we know exactly what you're
looking for. So be upfront. You know we're in a
(36:05):
partnership and this is an important partnership. This is a
very big purchase for you. So yes, please be honest,
and we can be most effective and you know, ultimately
reach the best outcome when everybody's honest.
Speaker 3 (36:17):
Yes, and I will tell you this. There is nothing
you're going to tell Senia or myself that is going
to hurt you. Nothing is going to hurt you. A
matter of fact, it hurts worse when you withhold information.
So I want you to think about us. I want
you to think about Frank the Bank, and Lincoln Lennen
and all of my guys, even Senya. We are your attorneys.
You have attorney client privilege with us. You can tell
(36:37):
us anything. And guess who the judge is the underwriter, right,
we have to decide what do we tell this underwriter
to get you approved? No, We're not going to commit fraud,
but there is nothing wrong with leaving out information or
presenting information in a certain manner to achieve your goal.
(36:58):
Why do you think attorneys get paid so much money? Right?
So trust us? Where are your attorneys? Tell her everything?
Tell us everything, and then we can work the most
effective for you and we can guarantee you get to
the closing table. So let's talk real quick. I did
promise a couple of things, and then we'll go back
to some numbers and interrupt me if there's anything we're
missing here. Private money, we do do private money. I
(37:20):
am a private money lender that is a real private
money lender. If you have something, we do have some
funds available. I don't do this very often on the radio,
but there is some money available. So if you need
private money, it could be for any reason. If you
think you need private money, you probably need private money.
Just call or text me. Go to contact frankdbank dot
com or text me directly. I'm all over social media.
I've got my cell phone number seven six five twelve
(37:42):
thirty nine. Tell me your situation. Eight out of ten
times we can find you a different loan that has
better terms. But if we need private money, we have
that private hard money for you available for all your needs.
And then reverse mortgages. I'm not going to go into
it right now because we really just want to focus
on the market. I want to give you some closing
cost data, so I will say reverse mortgages are amazing.
Go to reverse guru dot com. If you're over fifty five,
(38:03):
you very well could have no mortgage payment for the
rest of your life, and you have more equity right
now than you probably have ever had in your home.
So reverse mortgage you will not lose your home. You
have the chance to keep it, live there for the
rest of your life and still leave it to your kids.
Go to reverse guru dot com. I got a lot
out there. Pay my white So let's talk real quick.
So what happens. What's the first thing? We've got a
minute and a half. What's the first thing When somebody
(38:24):
finds the property with you that they want to buy,
what do they have to do? What's the first dollars
out of their pocket?
Speaker 4 (38:31):
I mean, if they want to go ahead and make
that offer, then you always write in an earnest money deposit.
Speaker 3 (38:36):
And typically let's talk about this four hundred thousand dollars transaction?
How much would you recommend they need to put on
for a deposit on four.
Speaker 4 (38:41):
Hundred our area, about one percent is standard, I know,
like in Miami, three percent is standard for them. So
if you get anybody coming from Miami, they're, you.
Speaker 3 (38:48):
Know, they're like, that's a deal.
Speaker 4 (38:50):
But the usually the more the better because you know,
your deposit that's you know, just showing good faith and
a seller is going to feel better with a higher deposit.
Speaker 3 (38:58):
Okay, so one percent, so four hundred thousand. Then what
do they have to spend money on? What's the next
thing they spend money?
Speaker 4 (39:03):
The next thing is going to be your inspection home inspection,
how home inspections, depending on the size of the house,
depending on you know, how thorough and like what extras
you get. But let's say five to seven hundred bucks.
All right, we'll go see your inspection.
Speaker 3 (39:14):
Okay, right now, I'm out of pocket forty six hundred.
What's the next thing I have to pay for?
Speaker 4 (39:19):
And then it's probably going to be your appraisal, which
you tell me what's the going rate for appraisal?
Speaker 3 (39:24):
Shah, It's good, listen, we did not rehearse this appraisals
about six hundred bucks. And now you're up to fifty
two hundred. I've got thirty five seconds. You're up to
fifty two hundred. Then let's say you're a veteran, you
have no money down. Boom, you're done. Let's go into undwriting.
We're going to close you. We might even get some
of that four thousand dollars back for you if you're
a veteran. If you're an FHA buyer, or let's say
the conventional buyer, and you put five percent down, you
(39:46):
now still need to bring sixteen thousand plus the twelve
hundred you've already been in a pocket, so you're probably
out of pocket seventeen to two additional money. After you
do your four thousand dollars down for a conventional deal,
we'll run all the numbers you need specifically. It's been
a great show.
Speaker 4 (40:01):
Oh that's it. Okay, it's been great. Thank you so much.
Thanks for tuning in, guys.
Speaker 3 (40:06):
Thank you. We hope you helped you. Guys. Reach out
to us if you need it, and have a great
week and listen again next week.
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Coodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senia Akishna, realtor with Mahara
and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (00:30):
Listen right here or find us on the Business Happy
Hour YouTube channel.
Speaker 1 (00:34):
Or follow us on Instagram at Frank the Bank Kodo. Now,
sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank the Bank and Senia.
Speaker 3 (00:47):
Senia and Frank the Bank at Break the Bank. Welcome
to the Business Happy Hour number one overall things business
and entrepreneurial. I am Frank the Bank Kodo hashtag Frank
the Bank Koto on Instagram whatever that means. Thank you
for joining the show in studio with my amazing co
host from Mehara and Associates. Ray's team the greatest team
(01:08):
in real estate. Ray Mahara and Associates, send me a Kisha,
how you doing that?
Speaker 4 (01:12):
I love that? And you love Ray. I like Riso
in your voice. Always just see I do too.
Speaker 3 (01:18):
He's the best. So, you know, I got to start
by telling you guys, it's going to be a great show.
We're going to talk about So we have not done
a show like this in it at least months. I mean,
it may have been a long time where Sen and
I are together in studio. No guests. We love our guests,
don't get me wrong. But this market is heating up
(01:38):
and things are changing not by the day, but by
the hour, and we thought it was really important to
put together a show that gave you, guys all the best.
We're going to talk some stories like we always do
in the first segment and talk about kind of what
we did get you know, get in get into the week.
Here we're going to talk. I'm gonna tell a little
story about Ray and why I think he's one of
(01:59):
the best partner in real estate. And I'm gonna tell
a little story about what the good partner does for you,
all Right, and I'm not gonna talk about bad partners.
I'm just gonna talk about good partners. And he did
something on Friday that I've been in this business twenty
five years and I cannot tell you how rare it
is that this man did this as a true partner,
(02:20):
and we're gonna talk about it the rest of the show.
For the first segment, we're doing stats, and he has
bringing some amazing stats. I can't wait because I got
in an argument with somebody literally an hour ago about
stats and I told them, I said, we do this
every week, like we actually look up the stats. She
does research for year over year, month over month. Because
somebody was telling me something negative about all this stuff
(02:41):
going down and I'm like, that's not really what the
data shows. Bill Clinton said that anyway. So we're gonna
talk stats. We'll talk about the real estate market when
we get into the second segment. We're going to talk
not just interest rates. We're gonna tell you where they are.
We're going to tell you where you should be looking
to find the actual lowest interest rates. We're gonna do
an actual real life example of a home buying process.
(03:04):
Sen's gonna I'm putting her on the spot, she's gonna
pull up a house. We're gonna pretend like you want
to buy this house. We're gonna pick something in the
you know, relatively inexpensive range, so you know everybody can
afford it. We're gonna talk about the payment. We're gonna
talk about the different loan programs and what that does
to the payment. We're gonna talk about how much does
it cost out of pocket when you start with Senia
and putting pay in your deposit and inspections all the
(03:26):
way through closing. What do you have to expect as
a client, as a buyer, a first time home buyer
or not. Then in the third segment, if we have
haven't wasted all that time, we're gonna talk a little
bit about private money lending, some creative products, some reverse
mortgage lending, some things that other banks and brokers don't do.
And then we're gonna talk In the end, we're gonna
(03:48):
wrap up more real estate. Senny and I might talk
about some opportunities that you guys have things that I don't.
I think legally we can't give addresses of something until
it's listed, but we can tease you and I'll give
you a little early radio show tease is there is
a piece of property in Odessa on three acres with
one acre high and dry, over three hundred feet on
(04:11):
the lake, okay, on Church Lake, potentially coming. Can I
say that, I hope I should, I hope I can.
Coming for sale maybe and Frank the bank and Senia
are gonna bring it to you guys today. We're not
gonna give you the address, but we're going to tell
you a little bit about it so that you can
get excited and you can call Senya and she can
get with the owner and show it to you, maybe
(04:32):
even before the rest of the world sees it. I
don't know. I don't want to break rules, but I'm
here to educate and we're gonna have a great show today. Sennya.
How's your day going.
Speaker 4 (04:40):
It's going great?
Speaker 3 (04:41):
Yeah, yeah. How's your weekend? What'd you do?
Speaker 4 (04:43):
Oh? Man, you know what, it's all blending in. I'm like,
it's going so fast. I really can't believe that. We're like,
you know, mid March.
Speaker 3 (04:50):
Oh my god, spring spring break is each week.
Speaker 4 (04:52):
Spring break is next week. That's really sneaking up on me. Yes, yeah,
And I am actually trying to plan me maybe a
little last minute trip for me and my daughter.
Speaker 3 (05:00):
Okay, what about Hobby.
Speaker 4 (05:03):
We're gonna leave them at home, the little one. The
two boys make two rambunctious for me.
Speaker 3 (05:08):
I bet you they planned something. I don't know.
Speaker 4 (05:10):
They can have their own. Oh you know what I did.
There's a did you know that? Right now? We've got
like the biggest bouncy house area in town. I heard
about it just through the grapevine.
Speaker 3 (05:20):
The world's largest bounce house.
Speaker 4 (05:22):
It's right, it's on West Shore. They just took off,
you know, part of the parking lot and there's this
It was pretty cool. It was hesitant to go there,
like the sun's beaming, you know. Oh, we had so
much fun.
Speaker 3 (05:33):
And like you did it too.
Speaker 4 (05:35):
Yeah, adults can go in there. I did the big slide.
That thing is so fun. What yeah, we just kept
that was the repeat one.
Speaker 3 (05:42):
So the whole family went.
Speaker 4 (05:43):
It was me, my sister, and my little one. I
told Stella she missed out because she was just busy
doing her own thing. But it was so much fun.
It's only there through the end of the month. Okay,
so we're gonna go again before they take it all down.
But no, I think things like that in Tampa, Like
there's just so much happening, and every year there's just
more and more of this kind of cool stuff.
Speaker 3 (06:04):
Yeah.
Speaker 4 (06:04):
So yeah, that was my highlight for the weekend.
Speaker 3 (06:07):
That's a good that's a good fun work out.
Speaker 4 (06:09):
Oh my god.
Speaker 3 (06:10):
Oh yeah, abs bodies show cor shoulders.
Speaker 4 (06:16):
Trying to just walk on those like trampolines. They give
you that little bounce.
Speaker 3 (06:19):
Yeah, bounce house is done.
Speaker 4 (06:20):
The bounce house is dope. You really you engage the
core and flatten right in there.
Speaker 3 (06:24):
So you know, we like to do shout outs. By
the way, guys, we're Senny and I are going on
spring break next week. I'm gonna go and do a
little skiing with the kids. That'll be fun. I'm actually
gonna bring my kids to Vegas for the first time,
which I went there when I was like thirteen fourteen,
and I just think it's the right age, Like they
can't gamble over or do anything bad, right, but just
to see it and to see this crazy city that's
made of money and all the lights and everything. So
(06:46):
we're gonna do something. I'm gonna bring it over with
the Grand Canyon.
Speaker 4 (06:48):
So hopefully Vegas is super fun and actually Ray. He
does that trip every year he brings a daughter.
Speaker 3 (06:53):
Yeah, that's awesome, I think. I mean, it's great food,
there's malls, there's shows, There's a lot of things you
can do with the kids there. It's not just for degeneration.
Speaker 4 (07:03):
Oh so there's so much to do totally. Actually, you
know what, I haven't made up my mind because I
was thinking New York. Yeah, but Vegas is another one
she hasn't been to and she's been asking about. So
we're just trying to check off, you know, how old
your daughter she's gonna be. She's almost twelve, Okay, so
kind of like birthday trip because we go, Oh you know,
I know, there is so much more to do. Like
I went to like the Michael Jackson Show, Like I
(07:24):
always loved doing the show.
Speaker 3 (07:25):
We were thinking about that one. Was it good?
Speaker 2 (07:27):
Yeah?
Speaker 4 (07:27):
I went to the impersonator one, and then we went
to the other one, like the so Lay one.
Speaker 2 (07:32):
Yeah.
Speaker 4 (07:32):
I did that one the time before.
Speaker 3 (07:34):
Was that one? Good?
Speaker 4 (07:34):
Super fun? Me and Rosa went to the one that's
the impersonator one.
Speaker 3 (07:38):
Yeah.
Speaker 4 (07:38):
I had so much fun.
Speaker 3 (07:39):
Yeah.
Speaker 4 (07:39):
Yeah, I mean you kind of get the whole energy
go and the vibe.
Speaker 3 (07:42):
That's all I want to give some advice, is we
we hadn't booked the tickets for Jackson yet because we're
My wife's like, I just don't know, it's Vegas. Let's
just kind of see what we want to do. And
I'm like, Okay, it's one of those days. You know.
It looks like we're going to dinner anyway, so that'd
be a lot of fun. So spring break, guys, we
are going to play this show again because we think
it's super important and the spring the busiest buying season
of the year. I think you guys need to hear
(08:03):
what's on this show. So your your dials are not
messed up. You're not You're not you know, stroking out
or anything. You are hearing the same show twice if
you're listening next week. And don't forget, we are on
three radio stations now right here on nine to seventy
w FLA every Sunday morning, and we're on Saturday mornings
on twelve fifty wh and Z another AM channel, and
one oh five point nine we're on FM guys, and
(08:25):
don't forget. You can also tune in as a podcast
on iHeartRadio. Go to the app and just find the
Business Happy Hour, And we've been putting this on YouTube
every week and we're live on Facebook and Instagram. So,
my god, do you realize we have like seven ways
for people to listen to the Business Happy Hour?
Speaker 4 (08:40):
That's amazing.
Speaker 3 (08:41):
It is it is, James, Does anybody else that you
work with as a producer have that many ways to
listen to the show? All the outlets? He said? He said, no,
that is impossible. Not even Rush Limbaugh had this much exposure.
I'm lying, but who knows, got Lee Man, We're just
having a lot of fun already. So I do need
to give a shout out. All right, you gave it.
Bounce out, shout out. You made me think about this. Guys,
(09:03):
if you've never this is only for guys. Sorry, sport clips,
sport cle You ever heard of sport club?
Speaker 4 (09:08):
Yeah? The haircut?
Speaker 3 (09:09):
Does your husband go there?
Speaker 4 (09:10):
I'm sure he has.
Speaker 3 (09:11):
So it's neat for guys like you go and get
your haircut and then they do something called the MVP
where they go and shampoo your hair and they put
a little hot towel and give you like a little
massage and then put some conditioner and it's usually, you know,
a nice little experience. You know somebody else washing your hair.
The lady who who did my haircut today? I think
your name was Amy in the Southampa Southdale Maybury Sports clips.
(09:34):
That was the best haircut. I was like in a salon,
best haircut experience, best wash, shampoo, scout massage, like I
was like, I didn't want to leave. I mean, you're
lucky I was coming over here, Doe to the radio
show for you because I would have got like four haircuts.
This this lady did. And then she styles the hair
and she's like, I like to leave it natural on top,
so I'm not gonna brush too much, and I'm like.
Speaker 4 (09:56):
It looks very nice.
Speaker 2 (09:57):
By the way, thank you.
Speaker 4 (09:58):
I was gonna say, what's different about today?
Speaker 3 (10:00):
I let the lady do their and she worked for
she worked her magic. So I'll confirm the name and
I'll make sure I tell you guys in a couple
of weeks. But I think it was actually Brunette lady
in there South Tampa's port clips. You got to check
it out. Make sure you get the MVP. So, Sen,
we only have a minute forty five seconds. So here's
what we're gonna do. We're gonna do stats and all
the real estate starting in the second segment, because I
(10:21):
don't want to shut you down because I see your face.
I think it's good. I think it's good news. I
don't know she's violent. I don't know. I hope it's
good news. But we're gonna do our real estate statistics
when we come back. Then we'll go ahead and get
into some raids and followed by payment examples, cash to
close examples. Then we'll do a couple loan products, private money,
reverse mortgages, anything Sennia wants to ask a question about
as a real estate agent. And then we're gonna do
(10:43):
a little teaser. At the very end, you're gonna find
out about a property that might be going for sale
that you could get your hands on. And Sennia might
even have something she's gonna tell you that's for sale.
I'm putting her on the spot again, but I will
mention one more thing on Instagram, guys, Senny, I'm tell
you too. I just started some and brand new, so
everybody knows I post every day. I try to be
my self on the Instagram and do educational stuff. Somebody
(11:06):
said to me, he said, you know you are so motivational.
I watch you every every day, and I just want
to see what you're saying because you're so high energy
and whatever. I said, I actually watch some posts to
get motivation every morning that they're they're not appropriate to
play on the air, but I watched this one particular
link and it always pumps me up. So I said,
I'm going to start the Good Franken Morning's. Good Franken
(11:27):
Mornings started today on Tuesday, March What are we eleventh?
Every morning, I'm gonna do a positive message for you guys.
It's called the Good Franken Morning. It's not really gonna
have much to do with real estate or mortgage. I'm
just gonna pump you up, get you started for your day,
and hopefully put you in a great mood. So like
and share, and don't forget to watch the Business Happy Hour.
Like us, share us.
Speaker 4 (11:46):
Dampa real Estate dot pro.
Speaker 3 (11:47):
Do you have a real estate Dot bro?
Speaker 4 (11:49):
We had eight one three, seven five five reels?
Speaker 3 (11:53):
I tried seven five five reel. We'll be back in
just a minute. On the Business Happy Hour, stay tuned
all the.
Speaker 1 (11:58):
Best mortgage or real estate advice from Tampa Bay's top experts.
It's the Business Happy Hour with Frank, Debankkoto and Sennia.
Speaker 3 (12:07):
All right, Tampa Bay, welcome back to the Business Happy Hour.
I hope you guys enjoyed that little break. As promised,
it's going to be the greatest real estate show ever
created on the Business Happy Hour. We are going to
get right into it with Sennia Akishna from Mahara and Associates.
And by the way, if you have any real estate questions,
don't go to the website that I told you. Why
did you just call Sennia or go to the website
(12:27):
that she's going to give you right now.
Speaker 4 (12:29):
It's Tampa real Estate dot pro.
Speaker 3 (12:31):
Tampa real Estate dot pro. That is so easy, Tampa
real Estate dot Pro. And for me, guys, just go
to reverse guru dot com. It's my reverse mortgage page.
But you can contact me directly right there, and I'd
love to hear from you again. Reverse Guru dot com
or contact Frankdbank dot com is how you reach us. Sen.
I'm ready for stats. I want to know and listen.
I got an argument this morning on somebody about where
(12:53):
the market is going. And they're like, Florida is the
only state that everything's doing good in, and and and
Florida's even going down, and I'm like, well, I just
don't know about that.
Speaker 4 (13:02):
I don't know. I don't know where these people get
their numbers from. So for as you know, at the
end of the month is when I get my February numbers,
so we always, you know, get excited about new numbers.
But I went ahead and went to the national Associated
Realtor site for some national numbers for US.
Speaker 3 (13:17):
Oh, hopefully my person is listening from this morning, because
they were talking national.
Speaker 4 (13:22):
And even there, yeah, I mean, there's nothing that's you know,
doom and gloom. In January, nationally, the existing home sales
median price went up by four point eight percent, okay,
up four point a year over year. And then the
one that I really liked is the closed sales transactions, Okay,
(13:43):
because I know for us, you know, in our area
with the hurricanes like November, we were down, which came
right back.
Speaker 3 (13:50):
Up short and when.
Speaker 4 (13:52):
And nationally actually that number has been on the positive
side since October, so the majority of the year closed
sales were down. October went up a little bit November
six point six percent, and then in December we were
up nine point seven percent nationally. Nationally Oh my gosh.
Speaker 3 (14:12):
Now, okay, which here.
Speaker 4 (14:13):
Actually you remember my numbers were you know, in our area.
That's when we had, you know, some of those back
sales that didn't happen because of the hurricanes.
Speaker 3 (14:20):
Right, we were way up, yeah, like twenty something percent,
thirty percent.
Speaker 4 (14:24):
Yeah, and Penella's County was over thirty percent. But for
January we're still up two percent. But just traditionally, you know,
January things kind of you know, we're just waking up
and you know, things start picking up. So I'm sure
that number is going to be higher in February. But yeah,
I thought that was, you know, good to kind of see.
Like I'm looking at a graph right now, and it's like,
all right, it was down downtown and then you know
(14:46):
the last quarter closed sales transactions did start going up.
Speaker 3 (14:50):
I think that's very interesting, and I think that's what
people need to hear, is the market is not declining.
The person this morning swore to me that Florida was
the only state going up in anything, that everything else
was going down, and it's just like, gosh, guys, where
are you getting this information? It's not accurate and you
pulled this from.
Speaker 4 (15:08):
Where this is the national Association of Filtres.
Speaker 3 (15:11):
I mean there you guys go now. I mean I
would think.
Speaker 4 (15:13):
That that's a pretty good source, you know.
Speaker 3 (15:15):
I would hope. So I try to man, do we
have it? Did you do anything local for this time
or no?
Speaker 4 (15:20):
Well, I mean my local numbers, yeah, I mean it
doesn't hurt to repeat. You know, some people maybe weren't
listening last week.
Speaker 3 (15:25):
Yeah.
Speaker 4 (15:25):
So for January, let's see what's a what's a good
start or median sales price in January and Hillsborough County
was four hundred and fifteen thousand, Okay, Panela's four hundred
and thirty five thousand, Pasco three seventy six, nine fifty.
But even yeah, when you average those out, we are
actually just a little bit higher than the national median
(15:47):
sales price, which is just under four hundred thousand. So
I think we're in a really good spot. You know,
we're definitely still you know, affordable.
Speaker 3 (15:54):
Yeah, so you're telling me we're Yeah, I could live
in Florida for roughly fifteen thousand dollars more than the
middle of the Midwest.
Speaker 4 (16:00):
Yeah, but I mean when you're comparing yet to some
of those prices, you know, New York real estate California,
we're very affordable. But I think it's just you know,
we're not the cheapest anymore. And I think that's good
for just people investing in Florida.
Speaker 3 (16:14):
I totally agree. I mean, there is still a lot
of room to invest. Rent has come down a little bit,
you know, So I mean I think that maybe helps
out some people, but these home prices, that's still very affordable.
Four hundred and fifteen thousand. Yeah, So I think I
think when we do our rate comparison in our payment
comparison coming up probably in the next segment, I think
that's what we should use. Let's just use four hundred thousand.
(16:36):
What do you think as a purchase price. I think
that's kind of a good median number because it goes
across the whole country. All right, Sure, I think that
sounds good. What else do we anything else on stats
that you want to push to tell anybody about?
Speaker 4 (16:48):
No, I mean I'm excited to talk about just the
other stuff and just the state of the markets. I mean,
you know our numbers are behind.
Speaker 3 (16:54):
Yeah, So how do you I'm feeling. I mean we're
in almost mid March.
Speaker 4 (16:58):
I feel good, And I mean, yeah, if you want
to get into it. Now, I want to ask you
about interest rates.
Speaker 3 (17:03):
Okay, well that's for the big news.
Speaker 4 (17:05):
You know, it's in the last few days.
Speaker 3 (17:07):
So finally let me get my little mouse here. So
finally the news is talking interest rates. And here here's
how I kind of want to start this. And and
Sen Sen and I have not gone over this, so
this is very natural. So anything anything she says, I
don't know what she's about to say, but I will
tell you that the word is starting to come out
because you can see the stock market is not doing
(17:29):
great with some of the tariff news and things like that.
But you have heard Trump say interest rates multiple times,
and it is becoming a bit of a popular belief
right now that Trump is and don't take this the
wrong way, but intentionally sinking the economy because you need
the economy to go down to be able to make
(17:50):
the moves to get the inflation under control, and even
more importantly, to maybe encourage the FED to lower the
rates and to get them to get the the big
institutional buyers to lower the rates as well, because if
the economy is if he comes in and everything's booming,
then that's not going to allow for the rates to
go down, so it might be a little temporary pain,
(18:12):
But what does that really mean when they say the
economy goes down? What do you think it means to you? Like,
what do you think if they're saying, oh, you know,
things aren't doing good in the market, what does that
really mean? Stock market? Exactly? And that's and that's what
most people think of. So the vast majority of people
across our three hundred and whatever sixty million people in
this country are not invested in the stock market, much
(18:34):
less heavily invested in the stock market. So what's more
important to them? It's the price of groceries.
Speaker 4 (18:40):
Groceries, yes, I mean inflation.
Speaker 3 (18:42):
Right, it's inflation. And if you're going to buy a
house or a car, it's an interest rate. So in reality,
you've got all the you know, the news, all the
market's tank and it doesn't like what he's doing. Who
does it?
Speaker 2 (18:52):
Really?
Speaker 3 (18:52):
Yes, it affects me. I have stocks, you know, I've
got a decent portfolio of stocks. But I don't sit
in day trade. I don't care if I bought something
this year, I'm not selling it this year. I'm not
selling it next year. It might get sold when I retire,
it might go to my kids, who knows. But it
doesn't bother me. And I know some of you stock
guys out they are gonna say, oh, this is hurting
(19:13):
our income. Just remember the vast majority it is not affecting.
So I think it's a good play, whether he's doing
it on purpose or not. I don't think we need
to read into this news and say that the economy's
crashing or it's going to hurt you, because what does
it really do. It's going to lower the price of goods, right,
I mean, I don't know. Listeners, feel free to chime in,
(19:34):
what what do you think it's going to be?
Speaker 4 (19:36):
Speaking at the lower interest rates? So this is where
you know, I think maybe the general public raven me.
I'm not you know, in loans, yeah, because it wasn't
a federal rate cut.
Speaker 3 (19:45):
Yes, right, there was not, right.
Speaker 4 (19:47):
So I mean the little bit, you know of the
drop that's now making the you know, headline news like
how did that come about? Can you kind of explain?
Speaker 3 (19:55):
Yeah, as soon as we get back, because we have
to take a break, thank god, Ja, I just told me.
So as we get back, we're going to talk about interest.
Speaker 1 (20:00):
Rates and welcome to our Business Happy Hour radio show
with your host, Frank Debank Coodo, the owner of Lincoln
Lending Group right here in Tampa Bay for twenty three years,
joined by his incredible co host, Senia Akishna, realtor with
Mahara and Associates.
Speaker 2 (20:15):
Tampa's top real estate company.
Speaker 1 (20:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:30):
Listen right here or fight.
Speaker 1 (20:32):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Thebankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts.
Speaker 2 (20:44):
Here's Frank de Bank and Senia.
Speaker 3 (20:47):
All right, Tampa, welcome back to the Business Happy Hour.
As promised, we're talking about interest rates and how does
it affect you as a consumer when you're out there
shopping for a home. We just talked about the market.
Sorry I got the music still on. We just talked
about the market for a few minutes and Sennya. You
asked a question which.
Speaker 4 (21:07):
Was, well, it wasn't a federal rate cut that caused
this interest rate drop?
Speaker 3 (21:12):
Right, No, it was not. It was not a federal
interest rate cut. It was just overall status of the economy. Remember,
things like wars, uncertainty in the stock market, inflation, things
like this can lead to interest rates dropping. And there's
a big difference in the FED rate and the thirty
year fixed rate. The FED rate is the thing if
you have a whole equity line of credit, that's generally
(21:33):
what your rate is based on, which right now is
at seven and a half percent, and I do think
it's going to lower a couple more times this year.
I think we're going to see it under seven for
sure by the end of the year. So that means
if you have a whole equal a line of credit
or any type of car loan that was based on
the prime rate, that's going down. But what's more important
to people are the thirty year fixed rates. So what
I like to do is I like to go to
the Google machine and I just typed it in the
(21:55):
pretty little computer here in front of me, and I
typed in thirty fixed mortgage rate Today, the very first
thing that pops up is the AI overview, which don't
trust that for everything. I'll tell you that right now
got me in trouble. It says the national thirty year
fixed refinance interest rate right now is six point six
y nine percent. The national purchase mortgage rate is six
(22:15):
point seven two percent. So if you're a consumer, that's
what you think you have to get right now. They're
not being very specific. They're not telling you fha va conventional.
This is likely a conventional interest rate, a fanny may
interest rate. If they are showing six point seven two,
I can guarantee we are probably locking five point nine
(22:35):
to nine. What is the difference. We are a wholesale
brokerage business and correspondent lender. We are not just the
banker style the retail banks. Okay, So the big question
for everybody, though, is what does that really mean to
your payment? Right? Since sim was gonna ask the question,
I asked it to myself. So I'm gonna pull out
an amortization calculator and we're going to use a four
(22:56):
hundred thousand dollars purchase and let's pretend like the gentleman
and has five percent down. So easy math guys, five
thousand for every hundred thousand, that's twenty thousand dollars down payment.
So that would give a loan amount of uh, I'm
losing my mind today, three hundred and eighty thousand, said
he was like, I know the answer, three hundred and
(23:17):
eighty thousand loan amount, all right, and we're gonna put
a thirty year term here. We're gonna put the rate
at what get what the Google machine says, We'll put
it at six point seventy two, and that would give
you a principal and interest payment of two thousand, four
hundred fifty seven dollars. Okay, two four hundred and fifty
seven dollars, and that is at six point seven to two.
(23:40):
What happens if you get the exact same loan, but
you get an interest rate let's say five point ninety nine, Well,
that drops you down to two thousand, two hundred seventy
five dollars, so almost a two hundred dollars difference.
Speaker 4 (23:56):
And I mean, that's that's a lot for people right now.
Speaker 3 (23:59):
Yeah, that's a lot of money. And you're not even
having to pay points for that, so it makes a difference.
So you, guys, first things, you can see is how
does the interest rate affect you? Right now, I want
to take this a step further because right now we're
just talking conventional mortgage rates. Let's buy that same four
hundred thousand dollars house, but let's do an FAH loan. Okay,
(24:20):
FAHA loans because both are going to have mortgage insurance.
If you're not putting twenty percent down, you have PMI
mortgage insurance on both. But right now, we're just going
to focus on the principal and interest payment because that's
what we can illustrate to you guys. What would be
different based on interest rates, your full payment with mortgage insurance,
taxes and insurance and all that obviously is going to
be different. But that's what Senny and I are going
to do for you. If you're interested, Remember you you
(24:42):
can get with Senia at Tampa real Estate dot pro.
There you go Tampa real Estate dot pro. Or you
can call her at.
Speaker 4 (24:49):
Eight one three seven five five reel.
Speaker 3 (24:51):
Seven five to five reel. Or you can just go
to contact Frankdbank dot com to request some information from me.
That's Contactfrankdbank dot com. So let's now go FAHA and
V I want to see. Let me see if the
Google machine will actually give me the VA rate on
the AI. Let's see VA rate today. Oh man, this
is this is impressive. This is the first time, Sennya,
(25:14):
this is the first time I have seen the rates
under six percent on Google. So this is exciting for
the market, right. I think that's why you're getting more
calls right now. I think it is the spring buying.
Speaker 4 (25:23):
That's why. Yeah, So yeah, tell us about the truth
because yeah, it's definitely it's so crazy that it has
such a quick effect on the market. And I mean, yeah,
whether it's a fed rate cut, I mean when you
see headlines of just mortgage rates going down, we can
feel it.
Speaker 3 (25:38):
Yeah, and when you when you hear if the president
says it, I promise, Sinny, and I feel it. So
why is that important to you? By the way, as
a buyer, it's important. Even if you're not playing on
buying today, you need to because we keep saying what's
about to happen.
Speaker 4 (25:52):
I mean obviously even just with you know, just a
little change like that, when we feel that buyer activity,
I mean they're buyers that get off the sidelines. Hey,
this is just that little push that I needed. I mean,
if they, you know, go on that trend, you know
what's going to happen. There's going to be more and
more buyers. You're going to be competing for the home
that you want. And you don't want that, No, you
(26:14):
don't want You want to go when there's less pressure.
You know, you've got you know, homes to pick from,
and you don't want to be in these bidding wars.
Speaker 3 (26:21):
Bidding war, she used that big bad word. Bidding war
happens when there's not enough supply for the demand. And
like Senny and I were talking about, when those rates drop,
which they have, That's what we're trying to get across
to you guys, is they already have and people are
starting to pick up on it. And again, this is
the first time I've seen this on Google in the
longest time. Now people know they're going to jump into
(26:43):
the market and there's not enough sellers. Yes, I know
you've heard. You've been telling me that there are more sellers,
there's more inventory now, right, it's.
Speaker 4 (26:50):
Growing, but I mean it's still it's not to a
pace where say, you know, rates went down even further
and all of a sudden, you know, all these buyers
came out of the woodwork. There's not an a inventory
to be able to, you know, have a level market.
Speaker 3 (27:03):
No, there's not. And what that means again is supplying demand.
It means highest and best. It means multiple offer situations,
which means you need to buy now before the rest do. Now,
let's get back to the rates. Remember we did the
four hundred thousand dollars purchase on the conventional loan. Now
we're going to do it on a lower rate. And
I'm very proud by the way of Google for doing this,
(27:23):
because I thought they were going to show like six
and a half. So our rate today is five point
two five. The Google machine says five nine nine five
point seventy five. So let's use their higher because you
know the other one's just a teaser. Anyway, Let's put
in five nine nine that would give you for a
veteran with no mortgage insurance, by the way, that give
you a payment at five nine nine of twenty two
(27:46):
seventy five. That's twenty two seventy five principle and interest.
And if I could give that person five point two five,
that drops it down to two thousand, ninety eight dollars
again about the same about one hundred and seventy five
dollars one hundred and seventy seven dollars per month. You're
(28:06):
gonna save for doing nothing but finding the right lender.
Speaker 4 (28:10):
Yeah, And you know what. The other thing I want
to say too is if you got maybe preproved sometime
last year mm hmm, you're like, oh man, you know
payment's not good, go ahead and reach back out to Frank,
say hey, rerun the numbers for me, and you know,
see where you're sitting at now, Because even that little
bit of a difference, it makes a big difference sometimes
in the monthly mortgage payment. And that's really what everybody
(28:30):
cares about. They do, you know more, is hey, what's
my monthly payment?
Speaker 3 (28:34):
Usually the two top things that consumers tell us when
they start a process is they're concerned about their payment
okay rate. Half the time they don't even say rate
because the rate is payment right. They also, besides the payment,
they're concerned with how much they qualify for. And I
want to bring this up because not every lender is
created equally. A quick example, if you're a veteran and
(28:58):
you go to Veterans United or USAA, one of these
companies and they tell you you're qualified for three hundred
and fifty thousand. They're going to tell you that because
there's something called debt ratio, right, you have a maximum
amount of mortgage payment you're allowed based on your current income.
So what is different. For example, at Lincoln Lending Group,
we follow the VA rules to the t and we
(29:18):
do not have a maximum debt ratio for veterans. So
that same veteran with the same credit score and the
same job and the same everything could potentially qualify for
four hundred and fifty thousand dollars. And we just did
this six months ago, so I know it works, right,
So it's you got to know if you need a
second opinion. Sidney was saying, let's rerun the numbers or
(29:38):
call us. If you've already been preapproved somewhere else, go
to contact Frankibank dot com and we'll rerun numbers for
you to see if you can get a better payment.
But at the same time, you may qualify for more.
And remember when your rate is lower, if you were
already qualified for a house with a payment that's two
hundred dollars more, that means you qualify for more house
let's do some math.
Speaker 4 (29:58):
And that's listen, that's so important. Like I had like
an agent reach out to me last year on one
of my listings and they were like, hey, you know,
it would be really low ball offer because this is
all that they could qualify for. And when she told
me their amount, I'm like, you can't get anything for that. No,
And that was my advice to her because they were
a veteran and I think it was just one of
the big you know banks by USA, and that's the
(30:21):
route that they ended up going because you can get
a lot more for Yeah. I guess if you go
with somebody like Frank, Frank is going to get you
approved for more.
Speaker 3 (30:31):
I am, in fact, I'm over here trying to do
the math for you guys, because I promised real math today.
Here's the difference in the payment. So if you if
you simply get the same loan with a three quarters
a point lower interest rate, yes, you can save one
hundred and seventy five dollars in your payment. But let's
say you're okay with the payment, you just want more money.
You actually would increase your spending power by almost forty
(30:56):
thousand dollars at least thirty five thousand, So maybe sending
had a house you were looking at there was, you know,
four hundred, but but you know the one you really
want is four thirty five. You're approved. That's how that works,
so that the lender you work with in the interest
rate and the program is going to make a huge
difference in what you can buy, not just in your payment,
(31:18):
not just in your rate, but also in what you
can afford to purchase. What about people getting off the fence?
What else should we tell them? We got thirty seconds
any other advice for what they should do right now?
I mean it's time to go, right.
Speaker 4 (31:29):
I mean, the ones that aren't off the fence should
get off.
Speaker 3 (31:32):
It, thank you. I mean that's it.
Speaker 4 (31:34):
I mean it's mid March. This is when the market
does start heating up. Yes, just traditionally, but I mean, yeah,
f rates you know, are a little bit lower. We're
already feeling it. Sellers are getting you know with okay, well,
if we've got more buyers, you know, maybe this is
the time for me to put my house on the market.
Speaker 3 (31:49):
And that's it.
Speaker 4 (31:51):
Get out there, get your pre approval and start looking.
Speaker 3 (31:53):
We're going to end the segment with Mary the house
date the rate. You can always refinance, but you can't
get the money back when you overpay for a house.
Speaker 4 (31:59):
I actually have been consumer's telling me that. Now, that
line like, it's our favorite line.
Speaker 3 (32:03):
Now, finally we're gonna go on a break, go out
and marry the house, date the ray. We'll be back
in just a minute.
Speaker 1 (32:07):
Let's get back to the Business Happy Hour radio show
with your host Frank the bank Koto, owner of Lincoln
Lending Group, and his co host Sennia Akishana Riltar with
Mahara and associates.
Speaker 3 (32:19):
Guys, don't forget. You can find us all over social media.
We're all over YouTube, Instagram, Facebook, like and share. Send
us out there. Help Senni and I build our client base. Senna,
as you know, I'm over twenty thousand people.
Speaker 4 (32:30):
Now, wow, look at you.
Speaker 3 (32:32):
I know, like, can somebody start paying? Don't they just
start paying me or something like? Do they start to
set right? I know, right something, pay pay Senya at
least even if you don't pay me, like send her
like six bucks or something. Right. She's like, Okay, I
don't know, I do all that stuff. I don't know
how it works if you get paid. But I do
enjoy doing it. Don't forget to check out the Good
Frank in Morning every morning on Instagram and Facebook. You're
(32:52):
gonna get the Good Frank and Morning address. So we've
done some some payments here. I promise to talk about
a couple of products. But before we get into to that,
what else do you think the consumers need to know?
How should we go into like closing costs?
Speaker 4 (33:04):
Well, I do want to say, in the kind of
market that we're in now, like I just had a
you know, I talked to somebody over the weekend, Please
listen to your agent. For one, make sure you pick
the right agent, whether you're selling or buying. It is
definitely important, especially now when the market is you know,
has its challenges. Pick the right agent. And then second,
(33:24):
listen to your agent, especially for pricing. Yes, so I
just trust it's key. And it's really sad when you
talk to the people that don't listen to their agent
from the get go, and then two months goes by,
oh man, and then they have these regrets. So I
just needed to get that out there.
Speaker 3 (33:43):
Do you ever find that a lot of people they
don't they don't get the first house they offer on
because they kind of haven't learned to listen to the
agent or learn to trust the advice.
Speaker 4 (33:52):
And well and that too, and especially now the market
is heating up in a bit right you know, Yes,
it is still a market where you can negotiate, but
make sure your agent, you know, is doing a thorough
job for you, Like for me, you find a place
that you want. Before you and I even talk numbers,
the first thing I do is I'm going to call
that listing agent. I'm going to get as much information
(34:13):
as possible. Hey, how's it going? And I see you've
been in the market for forty five days? How's the
sellar rejected any offers? You kind of you need to
get a feel for the current situation. You know, maybe
they say, hey, yeah, we actually had a couple of
low balls that they you know, they're just not negotiating.
You get a feel for it. Yeah, you know, But
I think that's important because if you don't do that
first step right and do the negotiation starting out in
(34:34):
the right way, there's a good chance you can ruin,
you know, your probability of getting that house, because that
other buyer is going to come along the next day
and the seller is not really going to want to
deal with you.
Speaker 3 (34:44):
That is some amazing advice. And I think so many
agents don't want to tell you that they don't want
they feel bad. They're like, oh, I don't want to
tell people they have to listen, and they're gonna be
upset with me. Listen, listen to your agent, take their advice,
and it will say gave you time, effort, deposits, money, inspections,
all kinds of things. And let's flip this around while
(35:08):
while we're talking about listening to people, let's talk about
talking to people. Let's talk about telling us everything, because
we can't help you if we don't know the whole story.
Sinia needs to know your motivation. Why are you wanting
to buy here? What are you doing? Maybe she's showing
you houses in the wrong neighborhood because she didn't realize
that you have a couple of young rugrats that need
(35:29):
a good elementary school, or you need to be by
a park or something like that. With the same token,
you need to tell your lender everything, all right? And
what do I mean by that? I mean everything?
Speaker 4 (35:42):
And it's so funny you say that with buyers And
James was just asking me about like Zillo or you know,
do I do it on realtor? Yeah, they give us
the criteria, here's what I want, and then the properties
are sending us. You know that they found on Zilla.
I'm like, well, that's not what we discussed. We are
so much more effect when we know exactly what you're
looking for. So be upfront. You know we're in a
(36:05):
partnership and this is an important partnership. This is a
very big purchase for you. So yes, please be honest,
and we can be most effective and you know, ultimately
reach the best outcome when everybody's honest.
Speaker 3 (36:17):
Yes, and I will tell you this. There is nothing
you're going to tell Senia or myself that is going
to hurt you. Nothing is going to hurt you. A
matter of fact, it hurts worse when you withhold information.
So I want you to think about us. I want
you to think about Frank the Bank, and Lincoln Lennen
and all of my guys, even Senya. We are your attorneys.
You have attorney client privilege with us. You can tell
(36:37):
us anything. And guess who the judge is the underwriter, right,
we have to decide what do we tell this underwriter
to get you approved? No, We're not going to commit fraud,
but there is nothing wrong with leaving out information or
presenting information in a certain manner to achieve your goal.
(36:58):
Why do you think attorneys get paid so much money? Right?
So trust us? Where are your attorneys? Tell her everything?
Tell us everything, and then we can work the most
effective for you and we can guarantee you get to
the closing table. So let's talk real quick. I did
promise a couple of things, and then we'll go back
to some numbers and interrupt me if there's anything we're
missing here. Private money, we do do private money. I
(37:20):
am a private money lender that is a real private
money lender. If you have something, we do have some
funds available. I don't do this very often on the radio,
but there is some money available. So if you need
private money, it could be for any reason. If you
think you need private money, you probably need private money.
Just call or text me. Go to contact frankdbank dot
com or text me directly. I'm all over social media.
I've got my cell phone number seven six five twelve
(37:42):
thirty nine. Tell me your situation. Eight out of ten
times we can find you a different loan that has
better terms. But if we need private money, we have
that private hard money for you available for all your needs.
And then reverse mortgages. I'm not going to go into
it right now because we really just want to focus
on the market. I want to give you some closing
cost data, so I will say reverse mortgages are amazing.
Go to reverse guru dot com. If you're over fifty five,
(38:03):
you very well could have no mortgage payment for the
rest of your life, and you have more equity right
now than you probably have ever had in your home.
So reverse mortgage you will not lose your home. You
have the chance to keep it, live there for the
rest of your life and still leave it to your kids.
Go to reverse guru dot com. I got a lot
out there. Pay my white So let's talk real quick.
So what happens. What's the first thing? We've got a
minute and a half. What's the first thing When somebody
(38:24):
finds the property with you that they want to buy,
what do they have to do? What's the first dollars
out of their pocket?
Speaker 4 (38:31):
I mean, if they want to go ahead and make
that offer, then you always write in an earnest money deposit.
Speaker 3 (38:36):
And typically let's talk about this four hundred thousand dollars transaction?
How much would you recommend they need to put on
for a deposit on four.
Speaker 4 (38:41):
Hundred our area, about one percent is standard, I know,
like in Miami, three percent is standard for them. So
if you get anybody coming from Miami, they're, you.
Speaker 3 (38:48):
Know, they're like, that's a deal.
Speaker 4 (38:50):
But the usually the more the better because you know,
your deposit that's you know, just showing good faith and
a seller is going to feel better with a higher deposit.
Speaker 3 (38:58):
Okay, so one percent, so four hundred thousand. Then what
do they have to spend money on? What's the next
thing they spend money?
Speaker 4 (39:03):
The next thing is going to be your inspection home inspection,
how home inspections, depending on the size of the house,
depending on you know, how thorough and like what extras
you get. But let's say five to seven hundred bucks.
All right, we'll go see your inspection.
Speaker 3 (39:14):
Okay, right now, I'm out of pocket forty six hundred.
What's the next thing I have to pay for?
Speaker 4 (39:19):
And then it's probably going to be your appraisal, which
you tell me what's the going rate for appraisal?
Speaker 3 (39:24):
Shah, It's good, listen, we did not rehearse this appraisals
about six hundred bucks. And now you're up to fifty
two hundred. I've got thirty five seconds. You're up to
fifty two hundred. Then let's say you're a veteran, you
have no money down. Boom, you're done. Let's go into undwriting.
We're going to close you. We might even get some
of that four thousand dollars back for you if you're
a veteran. If you're an FHA buyer, or let's say
the conventional buyer, and you put five percent down, you
(39:46):
now still need to bring sixteen thousand plus the twelve
hundred you've already been in a pocket, so you're probably
out of pocket seventeen to two additional money. After you
do your four thousand dollars down for a conventional deal,
we'll run all the numbers you need specifically. It's been
a great show.
Speaker 4 (40:01):
Oh that's it. Okay, it's been great. Thank you so much.
Thanks for tuning in, guys.
Speaker 3 (40:06):
Thank you. We hope you helped you. Guys. Reach out
to us if you need it, and have a great
week and listen again next week.
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