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 Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Senia Akishana, 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. Listen right here
or fight us on the Business Happy Hour YouTube channel,
or follow us on Instagram at Frank Debankkodo. 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 de Bank and Senia.
Speaker 3 (00:47):
All right, Tampa Bay? Are you ready? Are you ready
for a big, exciting radio show. I am, and now
Senia is. Because we are live on Instagram. We are
nine to seventy WFLA Sunday morning, Rise and Shine. Guys,
it is summer. It is here. I don't know about you,
but it is hot outside saying, what do you think
(01:07):
and you're wearing a jacket to day?
Speaker 4 (01:08):
It is so hot? I know, well because usually it's
cold in here, so you know, I come prepared, yes,
but yeah, no kidding, it is hot out there.
Speaker 3 (01:16):
They're saying. They're saying that today. And by the way,
today's Tuesday. If you're listening on Sunday, in case it's freezing,
probably not. They're saying, it's going to be feel like
triple digits. Today's triple digit man, dude, what are we
gonna do?
Speaker 4 (01:30):
Go to the beach.
Speaker 5 (01:31):
We go to the beach. That's it. It is the summer.
It is here.
Speaker 3 (01:34):
Kids, kids, kids, Mike, if you listen on Sunday, my
kids are out of school.
Speaker 5 (01:39):
What about your kids? When do your kids get out
of school?
Speaker 4 (01:41):
They got one more week?
Speaker 5 (01:42):
One more week, like next week, you got to go next.
Speaker 3 (01:44):
Isn't that kind of screwed up like you got because
they get memorial I'm sure the kids think so.
Speaker 4 (01:48):
Yeah, dude, believe is almost over.
Speaker 5 (01:50):
I'm well, let me ask you this. Do you, as
a mom, do you sleep in more in the summer?
Speaker 4 (01:57):
Well, I still got a little one that I think
we're going to be sending him to.
Speaker 5 (02:01):
And sending them off to somewhere.
Speaker 4 (02:04):
But no, we figure out you know, camps and all
that stuff.
Speaker 3 (02:07):
Yeah, I just I kind of like I like the
groove of getting up taking the kids to school.
Speaker 5 (02:13):
I take one one out of two.
Speaker 3 (02:15):
I'm a fifty percent and and I like it because
it kind of gets my day started. I have meetings
at seven thirty in the morning with people on the phone,
which is weird. Hey, by the way, friends, starting next week,
I'm not doing seven thirty in the morning meetings. I
got two months then I'm gonna I'll do like eight
thirty meetings, right, But I mean sleep is super important, especially.
Speaker 5 (02:35):
Now you're a member of X Force. Body. Congratulations, thank you,
thank you.
Speaker 4 (02:39):
Yeah, I was so Saturday missed Illy. But you know
I love her advice eight and a half hours a night,
which I do tray togad I love sleep. Yeah, so
now that it's encouraged, Hey, guys, you know I need
my eight and a half hours.
Speaker 3 (02:50):
Right, Well now you got you got like your your
trainer telling you this, So now you can go home
and like look at the family and be like, sorry,
I need my eight and a half hours per my trainer. Yeah,
but so do you can you get your eight and
a half hours?
Speaker 4 (03:02):
Some days, it really depends on the little one's schedule,
right if he wakes up in the middle of the night,
which does still sometimes happen.
Speaker 5 (03:08):
How old's a little one?
Speaker 4 (03:09):
Well, I call him to little one because my oldest
is twelve. He's almost three and a half.
Speaker 3 (03:13):
Oh that's pretty little, actually, that's yeah, yeah, man, those
are good years. You know. It's funny now, you know
when you figure out when those were good years when
they're gone, when the kids are thirteen and fifteen and
they know everything and they don't want to talk, like
it's like a thing like, am I gonna get talked
to today?
Speaker 5 (03:32):
Am I not going to get talked to today? I
don't know.
Speaker 3 (03:34):
Landon though, I'm gonna give a shout out to my
buddy land and he still talks to dad and we
still convert. But then again, I do have to drive
him to school. So maybe that's the only reason that
I get that at all.
Speaker 4 (03:44):
I think your cool dad. I think if you're a
cool dad or cool mom, hopefully that still, you know,
sticks around. But I'm gonna wait and see. I'm not
excited for the teens to hit with my oldest because
you just never know, especially with girls.
Speaker 3 (03:56):
Oh my little Lily Bear, love you Lily. I'm embarrassing.
Or look at all my boys over at Jesuit talking.
Speaker 5 (04:02):
That's right. You boys be good. Don't get in trouble
at lunch, that's right.
Speaker 3 (04:07):
Ev my buddy Everson Everson BUSHIMMI got a hat trick
in the semi final hockey game for Jesuit this year. Yeah, congrats,
is right. It was three beautiful goals. I think one
of the other guys got a hat trick as well.
And then it was kind of fun Jesuit played Jesuit.
These guys you see these comments. They Jesuit played Jesuit
(04:28):
in the finals on Sunday and it was really cool.
So guess who won Jesuit? Right, I have two teams.
I got an A and B. But this whole thing
about sleep, You adolescent kids need to be getting eight
hours of sleep. I see what you guys are trying
to do. You guys fooled me last week. Anyway, you guys,
we have a lot of lo likes and shares here
on our Instagram. That's what we're watching our comments on here.
(04:51):
But sleep is very important, right and they actually say,
you kids are gonna like this. The trainer was on
last week said that that you teenagers, circadium rhythms don't
start until eleven pm.
Speaker 5 (05:01):
You missed that last week.
Speaker 3 (05:03):
They say that's why these young and these teens want
to stay up so dang late, right, and and I
kills me because I want to go to bed, you know,
after them, not before them anyway, because you never know
what they're gonna do, especially the ones on this thing
right now, they're probably sneaking.
Speaker 5 (05:16):
Out and doing bad things. That's right.
Speaker 3 (05:19):
I'm gonna call the dean guy over there at the school.
But yeah, so they say they should do this, so
really they should. Their school should start later. It really should,
like scientifically, they should get their eight hours starting in
like eleven or twelve, and they should probably start like
a nine or ten, which would be great if we
could all get our work weeks to start then, yeah, right,
would that be nice?
Speaker 2 (05:36):
Sure?
Speaker 5 (05:36):
I don't know. Then you got to tell the little
one to not.
Speaker 3 (05:38):
Wake up in the middle in that oh if only? Yes,
that's right, little one, if you're not listening anyway, So
big win this week for Jesuit. Good job on winning
the Spring final finals in hockey. We are going to
talk some real estates will probably bore you guys here
in just a minute, but I tell you what, all
you kids, you need to go back home tonight and
be like, hey, mom and dad, you need to talk
(05:59):
to Frank the bank. We need a nice new house,
and Sennia will find you the nice new house.
Speaker 5 (06:04):
All you have to do is call eight one to three,
seven reel.
Speaker 3 (06:08):
Seven five reel. That's it, seven five to five reel.
Give Cenny a call and tell her you heard about
her on the radio. She'll find you a house and
I'll find you a mortgage. So on today's show, we
talked a little fun in the beginning today's show, we
are going to talk about equity lines versus refinancing. What's
the difference, what's better for you? We're going to talk
about the rates. Everybody's talking rates because last week the
(06:30):
Fed met and they didn't change rates.
Speaker 5 (06:33):
Right. Is that good? Is that bad? What's going to do?
Speaker 3 (06:35):
We're gonna talk a little bit about reverse mortgages because
you know I love them. It's near and dear to me.
We just did another one for somebody else that worked
out great. And then Sinio we've got some stuff we
got to chat about. You came in hot today and
you're like, man, Frank, there's a difference between good and
bad lenders. And to hear a real estate agent say that,
there's got to be a story behind this. So now
(06:57):
she's like, mmmmm, we're not gonna say names, right, we're
gonna tell you who the good the good lenders are.
We're just not going to tell you who the bad
lenders are because we're nice. But before we get into
all that sin stats, what do we got on stats stats?
Speaker 4 (07:13):
Well, let's see, I'm hopeful to have my April numbers. Oh,
next show, But let's go through our March numbers. And
last time we did the metro area. But I'll just
break it down for Hillsboro panelas in Pasco. All right,
so closed sales for March here every year in Hillsborough
County we were up eight point three percent, Panela's up
(07:33):
two point seven percent, and Pasco up two point six percent. Okay,
hills the Hillsborough was the big winner. Yes, Hillsboro usually, Yeah,
we do pretty good in Hillsboro.
Speaker 3 (07:43):
So that means eight point three percent more homes sold
in twenty twenty five March than sold in twenty twenty
four March. That's right, almost ten percent more home sold.
So there's more activity, more activity.
Speaker 4 (07:56):
Yes, we're definitely seeing that again with more inventory. So
for inventory numbers, we are thirty three point three percent
higher than we were last year in Hillsborough WHOA up
forty five point two percent, and Panelas and Pasco at
thirty two point one percent.
Speaker 5 (08:12):
Wow, I mean thirty percent.
Speaker 3 (08:15):
So that means that more people thirty percent of more
people have listed homes.
Speaker 4 (08:20):
We're getting more and more listings. That number is still
if you do the month supply right, so for Hillsborough
that still comes out to three point six four point
five months, and Panelas and three point seven in Pasco.
Speaker 3 (08:32):
All right, so this is where you and I we
kind of break down the reality of that.
Speaker 5 (08:37):
Right.
Speaker 3 (08:37):
You've always taught me that a healthy market is how
many months of supply.
Speaker 4 (08:42):
I mean back in the day they used to say six.
But I'm even waiting for it to get to five
because I do think we need more inventory. If things change,
you know, the market reacts quickly.
Speaker 5 (08:51):
Right, And what things could change.
Speaker 4 (08:54):
Well, the interest rates, I think you know we've all
been waiting for them. To you know, go down a
significant amount. But if it's not a significant amount, you know,
even a quarter of a point, we all see the
activity all of a sudden pick up because there are
still buyers on the sidelines. They're waiting for things to happen.
I mean, you know, things with the economy. People want
to be just more certain, you know, where things are.
(09:14):
But any little shift, I mean, the market sees it
right away.
Speaker 3 (09:18):
Right And speaking of will go talk rates real quick,
because the Fed did not lower the rates last week.
Speaker 5 (09:25):
And I'll be honest, right.
Speaker 3 (09:28):
The Fed lowering the rates has really nothing to do
with the thirty year fixed rate that Sinning is referring to.
Speaker 5 (09:34):
When we talk about mortgages.
Speaker 3 (09:35):
Most people have vast majority take out of thirty year
fixed mortgage. The FED rate is the equity line rate.
It's the one connected to credit cards and credit lines
and things like that. But when that goes down, it's
kind of a bigger economic indicator, right, Like, we're not
worried about inflation. We can lower rates, which will pump
more money into real estate. But what I want you
(09:57):
to be scared about, I'm going to scare you right now. Okay,
what Senia is saying is if we don't have enough
inventory and the rates drop, people are going to react
quickly to the rate drop. And then what happens, Senya,
if you only have you know, three months of inventory
and you all of a sudden get twice the buyers
(10:19):
the jump into the market, what's going to happen to
those houses and the listings and whatnot.
Speaker 4 (10:24):
I mean there's probably going to be multiple offers on them, right,
and multiple offers only one buyer gets it. So you know,
if you're not in the mix with the best offer
to get it, there's a good likelihood you'll miss out.
Speaker 3 (10:34):
So what normally happens to the price of the home
when there's multiple offers, Like I've got my house listed,
let's say for five hundred thousand, and I don't really
have any buyers.
Speaker 4 (10:43):
I mean, if the competition, you know, decreases, then that
give sellers you know, a way to hey, I can
get more money because I don't have the competition.
Speaker 3 (10:50):
Right, So guys, listen to the math that we're kind
of doing in a roundabout way. If you have less
less options and the house you want is there, and
then the rate and now it's the rate that you
want it's not just you. There's hundreds of people looking
at these and what she's talking about is highest and
best offers. All of a sudden, Senny of the agent's
(11:11):
gonna say, well, we got ten offers, give us your
highest and best offer, which means every're gonna go what
raise it?
Speaker 2 (11:17):
Right?
Speaker 3 (11:17):
Yep, and then it's very likely that house sells for more. Senia,
what happens if a guy in a neighborhood sells his
house for more than the next neighbor, what's the next
listing do?
Speaker 4 (11:28):
Well, they're going to want to get more than the
neighbor that's sold.
Speaker 3 (11:31):
Right, That's what's gonna happen. So we just taught you
the reality of math. Right, when rates go down get
we'll talk about this more in the next segment. We
have to take a quick break, but when we talk
about we'll talk about what are the rates? You know,
what's gonna happen in the future. Senya has a crystal ball.
She brought it from Moscow and we're gonna we're gonna
rub it and see if anything gives us any advice
on real estate. You gotta stay tuned to the business
(11:52):
Happy Are with sinnya Akisha from Maharan Associates and Yours
truly Frank the bank codo on Instagram.
Speaker 5 (11:58):
Find me over there, like and share, Find the business Happen.
Bear'll be back in just the.
Speaker 1 (12:01):
Mortgage from Tampa Bay's top experts. It's the Business Happy
Hour with Frank, Debangkoto and Sennia.
Speaker 3 (12:10):
All right, welcome back to the Business Happy Are your
number one show for all things business and entrepreneurial. Before
the break, Sennia from mahar And Associates was bringing some stats.
I know she has some more stats. We're going to
talk about today is an all real estate show. It's
all real estate, mortgage rates, market, everything you need to
know about what's.
Speaker 5 (12:28):
Going on going into the summer.
Speaker 3 (12:30):
Because I don't know if you've walked outside, but it
is hotter than hades out there. Do you have any
of that shiny black plastic on your car near your
door handles?
Speaker 2 (12:39):
Yes?
Speaker 5 (12:40):
Does it get hot?
Speaker 4 (12:41):
You know what? I finally, I've had the solar cover
from my windshields for a while. I finally decided to
put it up because it has been getting hot, getting
on my head.
Speaker 3 (12:49):
It makes a difference, it really does, putting those things up.
But you know, I used to make fun of people.
But you got to get the one that has like
a like a bikini on it or something. But I'm
telling you this, this whatever the heck Tesla makes their
door handles out of. It's this black shiny, I don't know, metal, plastic,
whatever it is. Dude, it is so hot it will
burn your freaking finger when you touch it. And it
(13:12):
pisses me off because they go get in my car
and I'm like ow, and then I get in a
hot car.
Speaker 5 (13:16):
Really, there's actually a cool setting.
Speaker 3 (13:17):
I got to give a shout out to Cruise Jones nineteen.
Cruse Jones over here on the Instagram. He wanted a
shout out. He said, phs are amazing. He said, that's
when he gets his best homework done during detention.
Speaker 5 (13:32):
That's right. No, don't get detention. That's bad.
Speaker 3 (13:35):
Get back on real estate. Go, don't forget to go
tell your parents, mister Cruz, tell your parents they need
a mortgage, and Senya will find him a house.
Speaker 5 (13:43):
That's what we're gonna do. Tell them tonight.
Speaker 3 (13:44):
Tell them to call Frank thebank, go to contact frankdbank
dot com.
Speaker 5 (13:47):
That's what we do.
Speaker 3 (13:49):
So back to this, so we just explained to everybody
what happened. So if there's less inventory, which is you
know where we are now, we're at fifty percent of
what the quote unquote normal market is, and then these
rates drop. Like, guys, let me explain to you. If
the FED rate had dropped rates last week, they kept
them the same, but had they dropped them, even though
it has nothing to do with the thirty for the
(14:09):
thirty or fixed mortgage rate, people would have been rushing
out to buy houses.
Speaker 5 (14:14):
Because of them.
Speaker 3 (14:14):
Say, well, write it down, But the truth is yesterday
rates actually went up a lot.
Speaker 4 (14:19):
Even before the FED meeting. So I mean, I think
the general can says that we hear about the cell
you know, FED meeting, but yes, like they don't have
the direct effect on mortgage interest rates. But didn't lenders
drop rates a little bit before that meeting and anticipation
of they did the potential decrease.
Speaker 5 (14:34):
They absolutely did, And a lot of us thought it
was going to go down.
Speaker 3 (14:37):
We thought it was going to be maybe an eighth
of a point they're going to drop them. All I
can say is it's gonna happen. It's not a matter
of if it's a matter of win and The question is,
are you, as a buyer prepared. I know Sinny is
going to say the same thing as me. This is
the time to buy. There is less inventory, there is
not as much competition. There's not as many buyers out
(15:00):
there who are willing to pay the shorter rate for
a short period of time. Right, So you got to
get out there now and buy. You got to marry
the house and date the rate. Marry the house and
date the freaking rate.
Speaker 5 (15:16):
What does that mean?
Speaker 3 (15:16):
You can refinance the rate. But if you go to
buy with Sinya in six months when the rates go
down and then the house is what twenty thousand more,
you can't get that money back.
Speaker 4 (15:27):
That's right. No, But speaking of inventory, we're still we
have so much more inventory than we did a couple
of years ago. So for buyers, it is just it's
nicer to be on the market when there are options.
Speaker 5 (15:37):
There are I see him popping up all the time. Now,
go look at.
Speaker 4 (15:40):
The options, y, go online, call call, you get your
pre approval and just start exploring it.
Speaker 5 (15:45):
Yeah that listen. You can talk to Cinia first. You
can go to eight one, three, seven, five y five reel.
Speaker 3 (15:51):
You can call her right now. Seven five to five reel.
You can text her, not you boys. You can text
her and you can say, hey, let's school.
Speaker 5 (16:00):
Look at some homes.
Speaker 3 (16:01):
Get excited. Let her show you what's out there. Maybe
that's the problem. Maybe you don't realize that there's stuff
out there for you. Maybe you need to have her
set you up on it. What do you guys call
it a search? Like a a drip campaign?
Speaker 5 (16:11):
Right?
Speaker 4 (16:11):
Sure, yeah, we set up a search. You get automatic
you know, emails and you know what, just browse, start
browsing those, right, you know. At least then you can
get a feel for the market. You know, Okay, I
kind of like this. It's in my price range that
I think, you know, I could qualify for. But the
bigger point is, if you decide to do this, when
everything else aligns, you could find yourself in a pickle again, right,
(16:33):
a pickle A pickle, that's right, you know, because then
you know, if you're against the multiple offers, No, buyers
like to deal with those. No, it is not fun
to be in bidding war with other buyers, you know,
for the one listing that you know everybody loves.
Speaker 3 (16:46):
You know, you don't always bothered me about those and
maybe you can set the record straight is there's probably
some not you, but there's probably some dishonest agents out there,
and there's probably some people are like, yeah, we got
like six offers, you know, me a higher one. And
the thing is like, you get emotionally attached and you're like, God,
this is the house I want.
Speaker 5 (17:05):
All of a sudden, your kids are like, that's my bedroom, Daddy.
My daughter, eh, pull that on me. She wants us
to move to this other house.
Speaker 3 (17:12):
I'm like no, But you know, they don't understand finances
and what makes sense and what doesn't, but they do
get people get emotionally attached, and then you're going to
be in this situation where you got to make your
family happy. I'm telling you do it now. Like she
said before, there's competition. Let's talk real quick. We'll stay
on the rates for a second. We'll talk he lock
(17:33):
versus regular rates. So I just told you a second
ago the FED didn't lower the rates. Had they lowered
the rates, let's say they dropped him by a quarter.
The current FED rate right now is at seven point
five percent. So that means if you have an equity
line in your house or you want one, your starting rate.
Your base rate is usually going to be no less
than seven and a half percent. However, if the FED
had dropped the rates by a quarter of a percent
(17:54):
and you have an equity line right now in your house,
your rate went down by a quarter automatically, so your
payment goes down.
Speaker 5 (18:01):
So that's a good thing. Right.
Speaker 3 (18:03):
Let's say you want an equity line on your house
and people say to me all the time, why should
I take an equity liigne instead of a refinance?
Speaker 5 (18:10):
Do you know? Would you know what the.
Speaker 3 (18:11):
Difference is in a regular refi and an equity align
That's why you're here.
Speaker 5 (18:14):
I love it, guys. By the way, we don't rehearse this.
Speaker 3 (18:19):
So the difference in an equiligne and a regular refile
is on a regular refile, you have to pay off
your existing first mortgage, so it's lumped into one mortgage.
You're getting rid of two and you're going to one,
or you're just taking cash out on one.
Speaker 5 (18:31):
But here's the problem.
Speaker 3 (18:32):
A lot of you have rates in the fours in
the threes, right, and you don't want to get rid
of that, and I don't blame you, So how do
you get to the money to consolidate debt. How do
you get to the money to buy something else? To
do an investment, to buy another house? We can talk
about that too, buying before you sell. How do you
do it? You take an equity liign, which is nothing
but a second mortgage. It does not affect your first
(18:52):
mortgage interestraight, and you can get rates in the high
sevens low eights on an interest only payment, which means
your payment's way lower. A matter of fact, I'll run
a payment for you real quick. We got sixty seconds.
I'm going to help you guys out and tell you
what does that really mean. Let's say you borrow one
hundred thousand dollars on an equiligne, and let's say you
get eight percent for your interest rate. Your minimum payment
(19:14):
on that interest only is going to be six hundred
and sixty six. Ooh devil, six sixty six per month.
I'll make it six sixty five for you. Don't worry,
but we'll do six sixty five a month. That's going
to be your payment on one hundred thousand dollars. That's
not bad, right. What can you do with one hundred
grand if it only costs you six sixty six? Go
buy a Ferrari really truly, we don't care what you do.
(19:36):
You can take the money and buy another house with sending,
or you could buy an investment.
Speaker 5 (19:39):
You could buy a.
Speaker 3 (19:40):
Ferrari, probably a used one, or put a nice down
payment down on a new one. But there's a lot
of things you can do with that. You can consolidate debt.
Let's say you got credit card debt that's costing you
fifteen hundred a month. You could pay it off one
hundred thousand of it and it all only costs you
six sixty.
Speaker 5 (19:54):
Five a month. So food for thought. We'll be back
in the Business Happy Hoar in just a minute. We're
going to talk tariffs and good lenders, bad lenders.
Speaker 1 (20:00):
Stay tuned, Welcome to the Business Happy Hour radio show
with your host, Frank Thebankkodo, 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.
Speaker 2 (20:16):
Associates, Tampa's top real estate company.
Speaker 1 (20:19):
Together they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:24):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:27):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:32):
Listen right here or fight us on the Business Happy
Hour YouTube channel.
Speaker 1 (20:36):
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 (20:46):
Here's Frank de Bank and Senia.
Speaker 3 (20:49):
All right, Tampa Bay, welcome back to the Business Happy Hours.
Pretty rare that Sinny and I get to just do
a real estate show together, so we thought we'll just
tell some stories.
Speaker 5 (20:57):
We'll talk about the raid.
Speaker 3 (20:58):
So hopefully you're well educated now on equity lines versus refinances. Remember,
on an equity line, you do not mess with your
first mortgage. So that is the key to the equity
line where Ryan and I are starting to do some
commercials on that. You got to go to Contactfrankdbank dot com.
That's the fastest way to reach out to me. Contact
frankdbank dot com. All my social media, by the way,
has my direct cell phone on it. Everybody calls me
(21:19):
crazy for that. I literally got called out again, like okay,
I believe you put your cell phone I'm like, I
can't believe I want people to call my cell phone
right So anyway eight one three seven six five twelve
thirty nine, guys eight one three seven six five twelve
thirty nine. A little shout out to Thomas Gamber skipping class.
I know what you're doing anyway, Uh, Senia, Well.
Speaker 4 (21:38):
You know what on the helocks. But I just want
to make sure because I've got you right here. I
don't have to call the number. I just want to
make sure. So you could use the money to buy, say,
an investment property.
Speaker 3 (21:48):
Absolutely, okay, you cannot only okay. So let's just make
it clear because that that is I know consumers ask
these questions, helock. It is your money, it is your equity,
it is tax free. It goes in your bank account,
and we don't care what you do with it.
Speaker 5 (22:05):
It's yours.
Speaker 4 (22:05):
Don't buy the ferrari, get the investment property.
Speaker 3 (22:08):
Get the investment property to then buy the ferrari with
the money you make from the look at us, it's
like we're given investment advice. You can buy a new
primary residence with it. So let's say this is a
great conversation before we go into the good bad lender story.
Speaker 5 (22:24):
Here's a real good one for you.
Speaker 3 (22:25):
So you let's pretend like you've got a seller, right,
and you're selling his house, and let's just say for
easy math, he owes two hundred thousand on his house
and you're selling it for five hundred thousand, So you
have three hundred thousand dollars of.
Speaker 5 (22:38):
Equity in that house. Well, your seller find most sellers,
by the way, are buyers, right, because they're selling to
buy something else. Your seller is going to buy this
six hundred thousand dollars house, and he would love to
use the money from the sale of his house to
buy the other one. So he doesn't have the mortgages
much right, but he can't. He hasn't sold it yet.
Speaker 3 (22:59):
But this house can on the market and he really
wants it, and his daughter wants that bedroom. What does
he do. Well, there's a couple of things you can do. One,
you can take out a home equi align of credit,
just like Sannya said, to use to buy that home.
But if you do that, there's a hurdle. We have
to count that mortgage payment against you. If it's one
hundred grand, we already figured it out. It's six sixty
five a month. That has to go in your debt ratio.
(23:19):
You have to qualify with that. It prevents people sometimes.
Another problem is when you're buying before you sell. Remember
you still owe two hundred thousand on that mortgage. You
got a mortgage payment probably a couple thousand a month
on that, So now we're talking twenty six hundred dollars
a month. We got to count in your debts. So
it becomes hard. A. You don't have the access to
the money right away unless you do the equity line.
(23:40):
B you have it in your debt ratio, so you
might not qualify incomes link and lending groups buy before
you Sell program.
Speaker 5 (23:47):
Have we ever talked about this?
Speaker 2 (23:48):
You know?
Speaker 4 (23:48):
Way, Yes, I'm glad you bring that up, though, Yeah
tell me.
Speaker 3 (23:50):
Okay, okay, okay, all right, as long as she likes it.
So by before you sell is very simple. We solve
both of those problems. I'm gonna tell you less than
sixty seconds. We solve both of those problems in one shot.
We are going to give you the money up to
eighty percent. Seventy five is safe. We'll say we're gona
give you seventy five percent of the value of your
house to use to buy another house. So let's say
(24:12):
seventy five percent of the of four hundred thousand make
it easy, is three hundred GRM, and you owe two
hundred guess what you have access to one hundred thousand dollars.
We're gonna give you the money on an interest free,
payment free loan, interest free, payment free, no closing costs,
and we're not going to count a payment against you
on that equity line because there's no payment due. Here's
(24:34):
where it gets even better. We're not going to count
your old house payment against you and your debt ratio either.
So we just solved all the problems. We gave you
the money to buy the new house that Cinya found
you before you sold. We don't count in your debt ratio,
so you qualified. We don't count the old house payment
in your debt ratio, so you qualify. What's the catch.
Our partner company is going to ask for two point
(24:56):
twenty five percent fee on the sale of that house eventually,
and they're going to give you six months to sell it.
I think you can sell the house in six months, Senya.
Speaker 5 (25:03):
What do you think?
Speaker 4 (25:04):
I definitely think so, and I mean that sounds like
a pretty good deal to me, So that would be
the way to go versus the helock.
Speaker 5 (25:11):
Right now, can you do the helock? Yes?
Speaker 3 (25:13):
You know, is there a benefit to it? Maybe a
little bit because you're not paying the two point twenty
five percent fee, but you're making a payment on it
and you're paying closing cost on it. And by the way,
you can't get an equity ligne on the listed house.
A lot of people don't know this, So if you
already listed your house with Sendya, you can't go take
an equity line on it because no lender wants to
give you a mortgage that they know is going to
(25:33):
get paid off as soon as you sell your house. Right,
They're not in the business I'm handing your money to
go buy another house. They want to make interest on
the money.
Speaker 4 (25:39):
So that so say I do want to just you know,
use it to consolidates some debt or maybe summer modeling project,
new kitchen, whatever. How does the process work? I know
with reefise, you know you got to do the appraisal
and the formal closing. What's it like with helocks? Same
type of deal?
Speaker 3 (25:55):
Very similar, okay, very similar as any other mortgage we
do have what's what's called digital equity line where you
literally like link your bank account, link your link your
your your your IRS account, things like that, and it's
like all quickly digitally verified and we can close those
in like five days. So they can be easier. There's
still closing costs. It's still a mortgage, there's still a transaction.
(26:16):
You're still going still signing paperwork. It can be a
little easier, but you still should expect to go through
a similar process. Okay, Right, but the key is you
got to consolidating debt. You just got to make sure
it's worth it. And I think it's really worth it,
to be honest. I mean, I'm not if you look
at your debt and let's say you're really over leveraged
and you have one hundred thousand dollars in debt, Like,
(26:37):
what do you think one hundred thousand in debt costs somebody?
Speaker 5 (26:39):
It's got to be at least a few thousand.
Speaker 3 (26:41):
A month, right, I Mean I don't like credit card debt,
but I'm sure it's that much. Well, I just told
you can make that one hundred grand down to six
sixty five, Like what would that do for you?
Speaker 5 (26:51):
Right?
Speaker 3 (26:51):
Maybe you want to stay in your house, maybe you
want to remodel. Take fifty grand and pay off your
date debt, pay the other fifty and remodel your house.
Speaker 5 (26:58):
That's a way to go, you know.
Speaker 3 (27:00):
Anyway point being is this is a very personal situation.
It has to do with your personal finances and your
personal equity. So go to contact Frank thebank dot com,
reach out to me or text me directly to find
out how this would affect you personally, and then we'll
put you in touch with sending us so she can
find the house. And if you already are listed, don't forget.
You can access that equity on an interest free, payment
(27:20):
free loan to buy that other house whenever you want,
with no obligation.
Speaker 5 (27:25):
All right, now I get to ask.
Speaker 3 (27:27):
You some questions, right, I know I talk so much
here we go good versus bad lender. You came in
here all hot and you're like, man, there's a situation.
Speaker 4 (27:36):
Going on, and there's a situation and it's not resolved yet, Frank.
So hopefully I will end up as a good story.
But if not, you know, definitely the red flags. But
I mean already for me and I think most agents
know it is so important the buyers work with a
great lender, right, what's important to me and a great
lender for one communication? Okay, so this is kind of
(27:59):
my big fault with this current lender that we're having
their missing deadlines, can't get a hold of them. You know,
I've got sellers packed up ready to go, and we
just don't know is this going to close? Is this
not going to close? And I mean, it's not a
situation you want to be in. Buyer does it want
to be in that situation? Either they've got a place
to move into, they got to be moved out of
their place, and it's just a big limbo.
Speaker 3 (28:22):
So I want to ask you a question here is
if you say, you know, there's a big difference in
lenders and one of the big things for you is communication.
What is what would you consider perfect communication from a lender?
How often do you need to hear from the lender
once you're in contract, you know, the buyers in underwriting.
Tell me, in your own words, what do you want
to hear or see from that lender?
Speaker 5 (28:43):
And how often I.
Speaker 4 (28:44):
Mean ideally say our you know, typical contracts are you know,
thirty to forty five days contract to close. I would
like for you guys to reach out, at least on
a weekly basis, just say, hey, this is where we're at,
this is where we're waiting on. Things are good. Just
that reassurance, you know, it goes a long way, right right,
you know, as a listing and I want to be
able to tell my seller, hey, everything is good. You
can relax because you know we've all had those deals
(29:05):
that you know, maybe fall apart right at the end.
You know, sellers all boxed up and you know, on
their way to the new place and things don't happen.
It's it's good to have.
Speaker 3 (29:13):
The reassurance, right and then and then there's a surprise,
and then it becomes what we call a fire. Right
everybody starts freaking out. So what if the lender doesn't
really what if they don't have an update, what if
nothing's changed in that week? What's your feeling?
Speaker 5 (29:27):
Still get a call?
Speaker 4 (29:28):
Still get a call, let me know, hey, you know
we're still waiting on this. I mean, it just helps
everybody feel.
Speaker 5 (29:34):
Better, right right.
Speaker 3 (29:35):
And let's talk about relationships. How important is it for
you to feel comfortable and to have a relationship with
the person on the buyer side with the broker.
Speaker 4 (29:45):
I mean, it's it's important, but I mean, obviously there's
so many real estate agents, you know, different brokerages. It's
nice to work with an agent on the other side
that also knows how to you know, monitor the deal.
That's our biggest job. It's not just getting the house sold,
it's monitoring the whole process, right, monitoring the deadlines, making
sure that hey, if we're up on a deadline and
it's not being met, you got to negotiate the extension
(30:06):
ahead of time. Got you know, lots of things happening.
Speaker 3 (30:09):
Any other advice for originators who are out there, you know,
who are listening listening to a highly reputable real estate
agent telling you about communication.
Speaker 5 (30:17):
What else could they be doing?
Speaker 4 (30:20):
I mean, that's that's the biggest part of it.
Speaker 5 (30:22):
A weekly update, a weekly.
Speaker 4 (30:24):
Update, because right now, I will tell you that on
any other listing that I have, if I've got the
same pre approval letter from this lender, I'm going to
think twice and I will highly encourage that person. Hey,
first they're going to have to get preapproved with my
preferred lender. Right at least then we know if there's
that backup plan, because right now it's too late for
us to change, although that may have to happen because
(30:46):
my people are ready to sell.
Speaker 5 (30:48):
And so that's that's a whole thing.
Speaker 3 (30:51):
You say, preferred lender, And a lot of times I
think consumers when they hear that, they think, oh, you know,
she's getting a kickback from this guy or shots her
buddy from high school or something like that. By the way,
Senny and I do know kickbacks or anything. Together, I
ask her to come on here to be my co host,
to provide value to you guys. So because we're both
in real estate, it only makes sense. So we're not
trading money or anything. But I think it's super important
(31:14):
for you to have a relationship with someone you can trust.
Because Sinnia knows that if there's something a she knows
we're going to communicate, right. But she also knows if
something's wrong, she can trust me to be honest with
her and tell her or my team to tell her.
Speaker 5 (31:27):
And I think that's where.
Speaker 3 (31:28):
If you don't have the relationship, these guys can kind
of hide behind animonoity or whatever that we're in.
Speaker 5 (31:36):
Anonymity, they can hide.
Speaker 3 (31:37):
Behind be an anonymous and you don't know who you
are and that you know, that's why I was kind
of pushing through.
Speaker 4 (31:42):
It's definitely a trust thing. I mean, I guess there
are consumers that think, oh, you know, there's something in
it for her. No, what's in it for me is
that I can feel confident that you guys will get
it closed. You know, if there are issues that are
going to get resolved. I mean, and worst case scenario,
at least I'll be able to reach you. Maybe there
is some big fire, but I need to be able
to hear it from you.
Speaker 5 (32:01):
And on that note, you're going to reach us.
Speaker 3 (32:02):
In one second, after we take a break, we'll be
back on the Business Happy Are with more great real
estate advice.
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.
Speaker 2 (32:16):
Realtor with Mahara and associates.
Speaker 3 (32:19):
All right, back to the Business Happy Hour, number one
show for all things business and entrepreneurial. And today Senny
and I are talking real estate. It's rare that we
just have the show all by ourselves. We've touched on
equity lines, We've talked about fed rates, we've talked a
little bit about good versus bad lenders. Is kind of
pressing Sini about communication because I think that that's really
important and it seems to me that that's what you
(32:40):
were saying. Sen is like, it's it's communication and that's
what the problem is with the existing lender. Are you
kind of like loft left in the dark a little bit?
Speaker 4 (32:48):
Yes, me and the buyer's agent.
Speaker 5 (32:50):
You and the buyer's agent, And.
Speaker 4 (32:51):
That's definitely not good. You know, so they're not communicating
with me, you know, talk to your buyer's.
Speaker 3 (32:57):
Agent, right, But so so it's even scarier if you
called buyer's agent and you're like, hey, I've heard of anything,
They're like, no.
Speaker 5 (33:04):
Oh, that's a problem. So here's the thing. At this point,
you don't even know if there is a problem.
Speaker 4 (33:08):
Right, I mean hopefully not where I'm hopeful that it'll close.
But worst case scenario, I guess if we have to,
you know, salvage the deal and go to another lender,
how does it work with faha appraisals. I know they
stick around, you know, on the property, But does that
mean that if say they needed to switch lenders, would
you be able to use that or would the home
have to be reappraised?
Speaker 3 (33:29):
Absolutely positively, Yes, you can use it, okay, and I'll
take it a step further, and an appraisal on an
FAHA or VA loan must be transferred if the matter
of fact, to the point where if the other lender
is slow, if your client request, because it's your client
that has to request, they have to email the lender
(33:49):
in writing and say I want my appraisal transfer to
this company, and then they give the information and then
we coordinate with the other company to do with the
official transfer in the portal. If they say it and
they don't transfer that in like twenty four to forty
eight hours, they can get in a lot of trouble, right,
and then we can threaten and say listen, we're going
to notify FHA or VA. Those are forced to be
transferred because they follow the home for three to six
(34:11):
months depending on the program. Right, conventional non QM, everything else,
they can all be transferred. If a lender says they
can't transfer an appraisal, they are lying to you and
they're trying to hold up a deal. And the reason
you asked that is because that's probably the main thing
that would delay switching from one lender to the other.
So legally you can't close alone from the initial disclosures until.
Speaker 5 (34:32):
The seventh day. Right. That just has to be our
like our new federal laws.
Speaker 1 (34:35):
Right.
Speaker 3 (34:35):
So if that loan got transferred to Lincoln Lending Group,
let's say on Friday, and let's say tomorrow, and we
disclose tomorrow, we'd have the appraisal transferred by Friday or Monday.
We could close by next Friday. Okay, so it's that quick. Now,
obviously your client has to give us all their documents
and everything, and I'm sure the other lenders, if they're
not communicating now, they're not going to be quick on
handing the documents over.
Speaker 5 (34:56):
But we can do it.
Speaker 3 (34:57):
And we've done that before. And I'm not saying that's
a lot of time. That's not the best option. So
you know, I would always talk to the client and
you know, help them figure it out, tell them what
to say to the other lender, you know, give them
some tips, and then you know, if they get to
a point where you know, the agents decide it's time
to jump, then that's what we do.
Speaker 4 (35:13):
Okay. Good, good to know. So that makes me feel better,
just in case wish us luck.
Speaker 3 (35:19):
Yeah, I wish you luck, and I hope it closes.
If not, Frank, the bank's going to get that one close.
But it's very important to have relationships. And the same
thing with us is as bankers, we get the chance
to refer out to real estate agents and trust me,
there is a short list of real estate agents. And
it's the same things and is we want people who communicate,
and I want people who are an advocate for us.
(35:40):
I want them to say, listen, you said it earlier. Trust,
Trust my partner, trust this person. It works so much
better when we're in communication with each other and when
we can be honest with each other and nothing's hidden.
Speaker 5 (35:51):
So anything else we should touch on good versus bad
right now?
Speaker 4 (35:56):
No, I think that was my big yeah, you know,
my big raw for this week.
Speaker 2 (36:01):
Yeah.
Speaker 3 (36:01):
So next week, Senny is gonna be running the show
by herself. Most likely she might have a guest or
a co host in here.
Speaker 5 (36:07):
We don't know yet.
Speaker 3 (36:09):
But I'm gonna be on a cruise ship with the
family over there on that utopia.
Speaker 4 (36:13):
I was wondering. Okay, so that's the plan.
Speaker 3 (36:16):
Little little summer start of the summer Vaca with another family.
It's gonna be a lot of fun. Now, I will
tell you give advice to you guys. Cruises for kids
over twelve is a really good vacation because you don't
see them for like Florida's No we make them go
to dinner, but they have kids clubs. They got their
(36:37):
sale and sign pass. They can get food, they can
get drink, they're non alcoholic. They can get whatever they want.
And they just love it because they get this freedom
that they don't get normally. Like I go to a
foreign country, I'm not letting my kid run around, right.
But no, cruises are great if you've never been on one,
I highly recommend.
Speaker 5 (36:52):
That's me.
Speaker 4 (36:53):
Oh my gosh, I know I've never been on one,
and I want to go so bad. Maybe this will
be the summer.
Speaker 1 (36:58):
I know.
Speaker 4 (37:00):
But you always talk about and rags on a lot
of cruises too. But they've got one coming up. And
you know, you guys are a fun family.
Speaker 5 (37:06):
Yes, we try to be right.
Speaker 3 (37:08):
You hear that, kids, we're fun. Oh my gosh, she
called me cool dad earlier. I mean, I don't know
if you guys can comment on this. I don't think
Sometimes my kids think I'm cool Dad. I think that
they think I'm embarrassing dad.
Speaker 5 (37:20):
I don't know. What are you boys?
Speaker 2 (37:21):
Do?
Speaker 4 (37:21):
You guys have a fine line there.
Speaker 3 (37:23):
It's a viline. Embarrassing dad or cool Dad. That's the
question we're gonna have to ask you kids later. Oh
my gosh, I'm gonna miss you guys. You guys are
gonna have to wake up and from your daily slumber
in the summer and get on the business happy.
Speaker 5 (37:35):
I just thought about it.
Speaker 3 (37:36):
They're not going to be watching on Instagram all these
high schoolers who love our show.
Speaker 5 (37:40):
Somehow, I must be cool dad.
Speaker 3 (37:42):
Anyway, So let's we've got a couple of minutes left.
We talked about buy before you sell. I know I
always say I'm gonna talk about reverse mortgages. Is there
anything else.
Speaker 5 (37:50):
You want to hit before I talk about something else?
Speaker 4 (37:53):
No, that's okay. Let's talk about reverse mortgages.
Speaker 5 (37:55):
All right?
Speaker 3 (37:56):
So reverse mortgages. Actually, I'll start with this before I
do it. I'll do thirty second on this rates. Where
the rate's going to go? Everybody's talking. I just had
a chance to fly up to Michigan. We watched Bill Belichick.
Pretty boring, I gotta say, For a Speaker, Sorry, Bill
and Barry Habib Berry. Habib is one of the smartest
guys in mortgages for the last thirty years.
Speaker 5 (38:15):
He absolutely believes.
Speaker 3 (38:17):
In what our government is doing right now. He is
not a political guy, but he believes we're making the
right moves. And he has met with the FED chairman.
He's met with a lot of the economists here in
the country, and he said they are all on the
same page about rates going down and allowing the real
estate market to help spur the economy. They're just a
little scared of inflation right now, and I think they're
(38:37):
getting out of that. So with that said, he predicts
that the rates will likely be one percent lower. Some
say the fourth quarter, he says sooner. He thinks third quarter.
He claims that everything is already kind of baked in.
Like you made a comment how they lowered the rates
before the FED meeting. That's called baking in. It's like
when a company says, like Tesla is going to release
(38:58):
earnings right and the star goes crazy the couple days before.
That's because they're anticipating the news. There's no just things
in secrets anymore in this world. Okay, So that's what
it means when they say baked in. So if you're
on the fence, Senny and I definitely encourage you get
off now because when rates drop, prices are going up.
So get into that and then we'll talk reverse mortgages
(39:18):
for thirty seconds. Hey, if you're over sixty two to
a reverse mortgage, no, in all seriousness. If you are
in foreclosure, you got bad credit, but you have equity
in your home. Remember it's your equity tax free. Go
to reverse guru dot com. That's reverse guru dot com.
Check us out. I have all kinds of videos that
will teach you everything you need to know about reverse mortgages.
That's reverse guru dot com. Over sixty two doesn't matter
(39:41):
if you are in foreclosure, if you have bad credit,
if you want to access your equity, pay off your mortgage,
have no payment for the rest of your life, and
never lose your home.
Speaker 5 (39:48):
Reverse gurguru dot com. I'll personally take care of you. Sinny.
It's been a great show.
Speaker 4 (39:52):
It's been awesome, and I love that prediction, so fingers crossed,
that's right.
Speaker 3 (39:55):
Prediction is the house prices are going up. When the
rates go down, what are you going to do?
Speaker 5 (40:00):
That's it.
Speaker 3 (40:01):
Have a great show everybody. Next week, watch out for Sennia.
I don't know who her co host is. Take good
care of her, guys, be nice to her, and it'll
be a great show. We'll see you next week.
Speaker 4 (40:08):
Thanks guys. Bye,
Welcome to the Business Happy Hour radio show with your host,
Frank Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Senia Akishana, 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. Listen right here
or fight us on the Business Happy Hour YouTube channel,
or follow us on Instagram at Frank Debankkodo. 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 de Bank and Senia.
Speaker 3 (00:47):
All right, Tampa Bay? Are you ready? Are you ready
for a big, exciting radio show. I am, and now
Senia is. Because we are live on Instagram. We are
nine to seventy WFLA Sunday morning, Rise and Shine. Guys,
it is summer. It is here. I don't know about you,
but it is hot outside saying, what do you think
(01:07):
and you're wearing a jacket to day?
Speaker 4 (01:08):
It is so hot? I know, well because usually it's
cold in here, so you know, I come prepared, yes,
but yeah, no kidding, it is hot out there.
Speaker 3 (01:16):
They're saying. They're saying that today. And by the way,
today's Tuesday. If you're listening on Sunday, in case it's freezing,
probably not. They're saying, it's going to be feel like
triple digits. Today's triple digit man, dude, what are we
gonna do?
Speaker 4 (01:30):
Go to the beach.
Speaker 5 (01:31):
We go to the beach. That's it. It is the summer.
It is here.
Speaker 3 (01:34):
Kids, kids, kids, Mike, if you listen on Sunday, my
kids are out of school.
Speaker 5 (01:39):
What about your kids? When do your kids get out
of school?
Speaker 4 (01:41):
They got one more week?
Speaker 5 (01:42):
One more week, like next week, you got to go next.
Speaker 3 (01:44):
Isn't that kind of screwed up like you got because
they get memorial I'm sure the kids think so.
Speaker 4 (01:48):
Yeah, dude, believe is almost over.
Speaker 5 (01:50):
I'm well, let me ask you this. Do you, as
a mom, do you sleep in more in the summer?
Speaker 4 (01:57):
Well, I still got a little one that I think
we're going to be sending him to.
Speaker 5 (02:01):
And sending them off to somewhere.
Speaker 4 (02:04):
But no, we figure out you know, camps and all
that stuff.
Speaker 3 (02:07):
Yeah, I just I kind of like I like the
groove of getting up taking the kids to school.
Speaker 5 (02:13):
I take one one out of two.
Speaker 3 (02:15):
I'm a fifty percent and and I like it because
it kind of gets my day started. I have meetings
at seven thirty in the morning with people on the phone,
which is weird. Hey, by the way, friends, starting next week,
I'm not doing seven thirty in the morning meetings. I
got two months then I'm gonna I'll do like eight
thirty meetings, right, But I mean sleep is super important, especially.
Speaker 5 (02:35):
Now you're a member of X Force. Body. Congratulations, thank you,
thank you.
Speaker 4 (02:39):
Yeah, I was so Saturday missed Illy. But you know
I love her advice eight and a half hours a night,
which I do tray togad I love sleep. Yeah, so
now that it's encouraged, Hey, guys, you know I need
my eight and a half hours.
Speaker 3 (02:50):
Right, Well now you got you got like your your
trainer telling you this, So now you can go home
and like look at the family and be like, sorry,
I need my eight and a half hours per my trainer. Yeah,
but so do you can you get your eight and
a half hours?
Speaker 4 (03:02):
Some days, it really depends on the little one's schedule,
right if he wakes up in the middle of the night,
which does still sometimes happen.
Speaker 5 (03:08):
How old's a little one?
Speaker 4 (03:09):
Well, I call him to little one because my oldest
is twelve. He's almost three and a half.
Speaker 3 (03:13):
Oh that's pretty little, actually, that's yeah, yeah, man, those
are good years. You know. It's funny now, you know
when you figure out when those were good years when
they're gone, when the kids are thirteen and fifteen and
they know everything and they don't want to talk, like
it's like a thing like, am I gonna get talked
to today?
Speaker 5 (03:32):
Am I not going to get talked to today? I
don't know.
Speaker 3 (03:34):
Landon though, I'm gonna give a shout out to my
buddy land and he still talks to dad and we
still convert. But then again, I do have to drive
him to school. So maybe that's the only reason that
I get that at all.
Speaker 4 (03:44):
I think your cool dad. I think if you're a
cool dad or cool mom, hopefully that still, you know,
sticks around. But I'm gonna wait and see. I'm not
excited for the teens to hit with my oldest because
you just never know, especially with girls.
Speaker 3 (03:56):
Oh my little Lily Bear, love you Lily. I'm embarrassing.
Or look at all my boys over at Jesuit talking.
Speaker 5 (04:02):
That's right. You boys be good. Don't get in trouble
at lunch, that's right.
Speaker 3 (04:07):
Ev my buddy Everson Everson BUSHIMMI got a hat trick
in the semi final hockey game for Jesuit this year. Yeah, congrats,
is right. It was three beautiful goals. I think one
of the other guys got a hat trick as well.
And then it was kind of fun Jesuit played Jesuit.
These guys you see these comments. They Jesuit played Jesuit
(04:28):
in the finals on Sunday and it was really cool.
So guess who won Jesuit? Right, I have two teams.
I got an A and B. But this whole thing
about sleep, You adolescent kids need to be getting eight
hours of sleep. I see what you guys are trying
to do. You guys fooled me last week. Anyway, you guys,
we have a lot of lo likes and shares here
on our Instagram. That's what we're watching our comments on here.
(04:51):
But sleep is very important, right and they actually say,
you kids are gonna like this. The trainer was on
last week said that that you teenagers, circadium rhythms don't
start until eleven pm.
Speaker 5 (05:01):
You missed that last week.
Speaker 3 (05:03):
They say that's why these young and these teens want
to stay up so dang late, right, and and I
kills me because I want to go to bed, you know,
after them, not before them anyway, because you never know
what they're gonna do, especially the ones on this thing
right now, they're probably sneaking.
Speaker 5 (05:16):
Out and doing bad things. That's right.
Speaker 3 (05:19):
I'm gonna call the dean guy over there at the school.
But yeah, so they say they should do this, so
really they should. Their school should start later. It really should,
like scientifically, they should get their eight hours starting in
like eleven or twelve, and they should probably start like
a nine or ten, which would be great if we
could all get our work weeks to start then, yeah, right,
would that be nice?
Speaker 2 (05:36):
Sure?
Speaker 5 (05:36):
I don't know. Then you got to tell the little
one to not.
Speaker 3 (05:38):
Wake up in the middle in that oh if only? Yes,
that's right, little one, if you're not listening anyway, So
big win this week for Jesuit. Good job on winning
the Spring final finals in hockey. We are going to
talk some real estates will probably bore you guys here
in just a minute, but I tell you what, all
you kids, you need to go back home tonight and
be like, hey, mom and dad, you need to talk
(05:59):
to Frank the bank. We need a nice new house,
and Sennia will find you the nice new house.
Speaker 5 (06:04):
All you have to do is call eight one to three,
seven reel.
Speaker 3 (06:08):
Seven five reel. That's it, seven five to five reel.
Give Cenny a call and tell her you heard about
her on the radio. She'll find you a house and
I'll find you a mortgage. So on today's show, we
talked a little fun in the beginning today's show, we
are going to talk about equity lines versus refinancing. What's
the difference, what's better for you? We're going to talk
about the rates. Everybody's talking rates because last week the
(06:30):
Fed met and they didn't change rates.
Speaker 5 (06:33):
Right. Is that good? Is that bad? What's going to do?
Speaker 3 (06:35):
We're gonna talk a little bit about reverse mortgages because
you know I love them. It's near and dear to me.
We just did another one for somebody else that worked
out great. And then Sinio we've got some stuff we
got to chat about. You came in hot today and
you're like, man, Frank, there's a difference between good and
bad lenders. And to hear a real estate agent say that,
there's got to be a story behind this. So now
(06:57):
she's like, mmmmm, we're not gonna say names, right, we're
gonna tell you who the good the good lenders are.
We're just not going to tell you who the bad
lenders are because we're nice. But before we get into
all that sin stats, what do we got on stats stats?
Speaker 4 (07:13):
Well, let's see, I'm hopeful to have my April numbers. Oh,
next show, But let's go through our March numbers. And
last time we did the metro area. But I'll just
break it down for Hillsboro panelas in Pasco. All right,
so closed sales for March here every year in Hillsborough
County we were up eight point three percent, Panela's up
(07:33):
two point seven percent, and Pasco up two point six percent. Okay,
hills the Hillsborough was the big winner. Yes, Hillsboro usually, Yeah,
we do pretty good in Hillsboro.
Speaker 3 (07:43):
So that means eight point three percent more homes sold
in twenty twenty five March than sold in twenty twenty
four March. That's right, almost ten percent more home sold.
So there's more activity, more activity.
Speaker 4 (07:56):
Yes, we're definitely seeing that again with more inventory. So
for inventory numbers, we are thirty three point three percent
higher than we were last year in Hillsborough WHOA up
forty five point two percent, and Panelas and Pasco at
thirty two point one percent.
Speaker 5 (08:12):
Wow, I mean thirty percent.
Speaker 3 (08:15):
So that means that more people thirty percent of more
people have listed homes.
Speaker 4 (08:20):
We're getting more and more listings. That number is still
if you do the month supply right, so for Hillsborough
that still comes out to three point six four point
five months, and Panelas and three point seven in Pasco.
Speaker 3 (08:32):
All right, so this is where you and I we
kind of break down the reality of that.
Speaker 5 (08:37):
Right.
Speaker 3 (08:37):
You've always taught me that a healthy market is how
many months of supply.
Speaker 4 (08:42):
I mean back in the day they used to say six.
But I'm even waiting for it to get to five
because I do think we need more inventory. If things change,
you know, the market reacts quickly.
Speaker 5 (08:51):
Right, And what things could change.
Speaker 4 (08:54):
Well, the interest rates, I think you know we've all
been waiting for them. To you know, go down a
significant amount. But if it's not a significant amount, you know,
even a quarter of a point, we all see the
activity all of a sudden pick up because there are
still buyers on the sidelines. They're waiting for things to happen.
I mean, you know, things with the economy. People want
to be just more certain, you know, where things are.
(09:14):
But any little shift, I mean, the market sees it
right away.
Speaker 3 (09:18):
Right And speaking of will go talk rates real quick,
because the Fed did not lower the rates last week.
Speaker 5 (09:25):
And I'll be honest, right.
Speaker 3 (09:28):
The Fed lowering the rates has really nothing to do
with the thirty year fixed rate that Sinning is referring to.
Speaker 5 (09:34):
When we talk about mortgages.
Speaker 3 (09:35):
Most people have vast majority take out of thirty year
fixed mortgage. The FED rate is the equity line rate.
It's the one connected to credit cards and credit lines
and things like that. But when that goes down, it's
kind of a bigger economic indicator, right, Like, we're not
worried about inflation. We can lower rates, which will pump
more money into real estate. But what I want you
(09:57):
to be scared about, I'm going to scare you right now. Okay,
what Senia is saying is if we don't have enough
inventory and the rates drop, people are going to react
quickly to the rate drop. And then what happens, Senya,
if you only have you know, three months of inventory
and you all of a sudden get twice the buyers
(10:19):
the jump into the market, what's going to happen to
those houses and the listings and whatnot.
Speaker 4 (10:24):
I mean there's probably going to be multiple offers on them, right,
and multiple offers only one buyer gets it. So you know,
if you're not in the mix with the best offer
to get it, there's a good likelihood you'll miss out.
Speaker 3 (10:34):
So what normally happens to the price of the home
when there's multiple offers, Like I've got my house listed,
let's say for five hundred thousand, and I don't really
have any buyers.
Speaker 4 (10:43):
I mean, if the competition, you know, decreases, then that
give sellers you know, a way to hey, I can
get more money because I don't have the competition.
Speaker 3 (10:50):
Right, So guys, listen to the math that we're kind
of doing in a roundabout way. If you have less
less options and the house you want is there, and
then the rate and now it's the rate that you
want it's not just you. There's hundreds of people looking
at these and what she's talking about is highest and
best offers. All of a sudden, Senny of the agent's
(11:11):
gonna say, well, we got ten offers, give us your
highest and best offer, which means every're gonna go what
raise it?
Speaker 2 (11:17):
Right?
Speaker 3 (11:17):
Yep, and then it's very likely that house sells for more. Senia,
what happens if a guy in a neighborhood sells his
house for more than the next neighbor, what's the next
listing do?
Speaker 4 (11:28):
Well, they're going to want to get more than the
neighbor that's sold.
Speaker 3 (11:31):
Right, That's what's gonna happen. So we just taught you
the reality of math. Right, when rates go down get
we'll talk about this more in the next segment. We
have to take a quick break, but when we talk
about we'll talk about what are the rates? You know,
what's gonna happen in the future. Senya has a crystal ball.
She brought it from Moscow and we're gonna we're gonna
rub it and see if anything gives us any advice
on real estate. You gotta stay tuned to the business
(11:52):
Happy Are with sinnya Akisha from Maharan Associates and Yours
truly Frank the bank codo on Instagram.
Speaker 5 (11:58):
Find me over there, like and share, Find the business Happen.
Bear'll be back in just the.
Speaker 1 (12:01):
Mortgage from Tampa Bay's top experts. It's the Business Happy
Hour with Frank, Debangkoto and Sennia.
Speaker 3 (12:10):
All right, welcome back to the Business Happy Are your
number one show for all things business and entrepreneurial. Before
the break, Sennia from mahar And Associates was bringing some stats.
I know she has some more stats. We're going to
talk about today is an all real estate show. It's
all real estate, mortgage rates, market, everything you need to
know about what's.
Speaker 5 (12:28):
Going on going into the summer.
Speaker 3 (12:30):
Because I don't know if you've walked outside, but it
is hotter than hades out there. Do you have any
of that shiny black plastic on your car near your
door handles?
Speaker 2 (12:39):
Yes?
Speaker 5 (12:40):
Does it get hot?
Speaker 4 (12:41):
You know what? I finally, I've had the solar cover
from my windshields for a while. I finally decided to
put it up because it has been getting hot, getting
on my head.
Speaker 3 (12:49):
It makes a difference, it really does, putting those things up.
But you know, I used to make fun of people.
But you got to get the one that has like
a like a bikini on it or something. But I'm
telling you this, this whatever the heck Tesla makes their
door handles out of. It's this black shiny, I don't know, metal, plastic,
whatever it is. Dude, it is so hot it will
burn your freaking finger when you touch it. And it
(13:12):
pisses me off because they go get in my car
and I'm like ow, and then I get in a
hot car.
Speaker 5 (13:16):
Really, there's actually a cool setting.
Speaker 3 (13:17):
I got to give a shout out to Cruise Jones nineteen.
Cruse Jones over here on the Instagram. He wanted a
shout out. He said, phs are amazing. He said, that's
when he gets his best homework done during detention.
Speaker 5 (13:32):
That's right. No, don't get detention. That's bad.
Speaker 3 (13:35):
Get back on real estate. Go, don't forget to go
tell your parents, mister Cruz, tell your parents they need
a mortgage, and Senya will find him a house.
Speaker 5 (13:43):
That's what we're gonna do. Tell them tonight.
Speaker 3 (13:44):
Tell them to call Frank thebank, go to contact frankdbank
dot com.
Speaker 5 (13:47):
That's what we do.
Speaker 3 (13:49):
So back to this, so we just explained to everybody
what happened. So if there's less inventory, which is you
know where we are now, we're at fifty percent of
what the quote unquote normal market is, and then these
rates drop. Like, guys, let me explain to you. If
the FED rate had dropped rates last week, they kept
them the same, but had they dropped them, even though
it has nothing to do with the thirty for the
(14:09):
thirty or fixed mortgage rate, people would have been rushing
out to buy houses.
Speaker 5 (14:14):
Because of them.
Speaker 3 (14:14):
Say, well, write it down, But the truth is yesterday
rates actually went up a lot.
Speaker 4 (14:19):
Even before the FED meeting. So I mean, I think
the general can says that we hear about the cell
you know, FED meeting, but yes, like they don't have
the direct effect on mortgage interest rates. But didn't lenders
drop rates a little bit before that meeting and anticipation
of they did the potential decrease.
Speaker 5 (14:34):
They absolutely did, And a lot of us thought it
was going to go down.
Speaker 3 (14:37):
We thought it was going to be maybe an eighth
of a point they're going to drop them. All I
can say is it's gonna happen. It's not a matter
of if it's a matter of win and The question is,
are you, as a buyer prepared. I know Sinny is
going to say the same thing as me. This is
the time to buy. There is less inventory, there is
not as much competition. There's not as many buyers out
(15:00):
there who are willing to pay the shorter rate for
a short period of time. Right, So you got to
get out there now and buy. You got to marry
the house and date the rate. Marry the house and
date the freaking rate.
Speaker 5 (15:16):
What does that mean?
Speaker 3 (15:16):
You can refinance the rate. But if you go to
buy with Sinya in six months when the rates go
down and then the house is what twenty thousand more,
you can't get that money back.
Speaker 4 (15:27):
That's right. No, But speaking of inventory, we're still we
have so much more inventory than we did a couple
of years ago. So for buyers, it is just it's
nicer to be on the market when there are options.
Speaker 5 (15:37):
There are I see him popping up all the time. Now,
go look at.
Speaker 4 (15:40):
The options, y, go online, call call, you get your
pre approval and just start exploring it.
Speaker 5 (15:45):
Yeah that listen. You can talk to Cinia first. You
can go to eight one, three, seven, five y five reel.
Speaker 3 (15:51):
You can call her right now. Seven five to five reel.
You can text her, not you boys. You can text
her and you can say, hey, let's school.
Speaker 5 (16:00):
Look at some homes.
Speaker 3 (16:01):
Get excited. Let her show you what's out there. Maybe
that's the problem. Maybe you don't realize that there's stuff
out there for you. Maybe you need to have her
set you up on it. What do you guys call
it a search? Like a a drip campaign?
Speaker 5 (16:11):
Right?
Speaker 4 (16:11):
Sure, yeah, we set up a search. You get automatic
you know, emails and you know what, just browse, start
browsing those, right, you know. At least then you can
get a feel for the market. You know, Okay, I
kind of like this. It's in my price range that
I think, you know, I could qualify for. But the
bigger point is, if you decide to do this, when
everything else aligns, you could find yourself in a pickle again, right,
(16:33):
a pickle A pickle, that's right, you know, because then
you know, if you're against the multiple offers, No, buyers
like to deal with those. No, it is not fun
to be in bidding war with other buyers, you know,
for the one listing that you know everybody loves.
Speaker 3 (16:46):
You know, you don't always bothered me about those and
maybe you can set the record straight is there's probably
some not you, but there's probably some dishonest agents out there,
and there's probably some people are like, yeah, we got
like six offers, you know, me a higher one. And
the thing is like, you get emotionally attached and you're like, God,
this is the house I want.
Speaker 5 (17:05):
All of a sudden, your kids are like, that's my bedroom, Daddy.
My daughter, eh, pull that on me. She wants us
to move to this other house.
Speaker 3 (17:12):
I'm like no, But you know, they don't understand finances
and what makes sense and what doesn't, but they do
get people get emotionally attached, and then you're going to
be in this situation where you got to make your
family happy. I'm telling you do it now. Like she
said before, there's competition. Let's talk real quick. We'll stay
on the rates for a second. We'll talk he lock
(17:33):
versus regular rates. So I just told you a second
ago the FED didn't lower the rates. Had they lowered
the rates, let's say they dropped him by a quarter.
The current FED rate right now is at seven point
five percent. So that means if you have an equity
line in your house or you want one, your starting rate.
Your base rate is usually going to be no less
than seven and a half percent. However, if the FED
had dropped the rates by a quarter of a percent
(17:54):
and you have an equity line right now in your house,
your rate went down by a quarter automatically, so your
payment goes down.
Speaker 5 (18:01):
So that's a good thing. Right.
Speaker 3 (18:03):
Let's say you want an equity line on your house
and people say to me all the time, why should
I take an equity liigne instead of a refinance?
Speaker 5 (18:10):
Do you know? Would you know what the.
Speaker 3 (18:11):
Difference is in a regular refi and an equity align
That's why you're here.
Speaker 5 (18:14):
I love it, guys. By the way, we don't rehearse this.
Speaker 3 (18:19):
So the difference in an equiligne and a regular refile
is on a regular refile, you have to pay off
your existing first mortgage, so it's lumped into one mortgage.
You're getting rid of two and you're going to one,
or you're just taking cash out on one.
Speaker 5 (18:31):
But here's the problem.
Speaker 3 (18:32):
A lot of you have rates in the fours in
the threes, right, and you don't want to get rid
of that, and I don't blame you, So how do
you get to the money to consolidate debt. How do
you get to the money to buy something else? To
do an investment, to buy another house? We can talk
about that too, buying before you sell. How do you
do it? You take an equity liign, which is nothing
but a second mortgage. It does not affect your first
(18:52):
mortgage interestraight, and you can get rates in the high
sevens low eights on an interest only payment, which means
your payment's way lower. A matter of fact, I'll run
a payment for you real quick. We got sixty seconds.
I'm going to help you guys out and tell you
what does that really mean. Let's say you borrow one
hundred thousand dollars on an equiligne, and let's say you
get eight percent for your interest rate. Your minimum payment
(19:14):
on that interest only is going to be six hundred
and sixty six. Ooh devil, six sixty six per month.
I'll make it six sixty five for you. Don't worry,
but we'll do six sixty five a month. That's going
to be your payment on one hundred thousand dollars. That's
not bad, right. What can you do with one hundred
grand if it only costs you six sixty six? Go
buy a Ferrari really truly, we don't care what you do.
(19:36):
You can take the money and buy another house with sending,
or you could buy an investment.
Speaker 5 (19:39):
You could buy a.
Speaker 3 (19:40):
Ferrari, probably a used one, or put a nice down
payment down on a new one. But there's a lot
of things you can do with that. You can consolidate debt.
Let's say you got credit card debt that's costing you
fifteen hundred a month. You could pay it off one
hundred thousand of it and it all only costs you
six sixty.
Speaker 5 (19:54):
Five a month. So food for thought. We'll be back
in the Business Happy Hoar in just a minute. We're
going to talk tariffs and good lenders, bad lenders.
Speaker 1 (20:00):
Stay tuned, Welcome to the Business Happy Hour radio show
with your host, Frank Thebankkodo, 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.
Speaker 2 (20:16):
Associates, Tampa's top real estate company.
Speaker 1 (20:19):
Together they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:24):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:27):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:32):
Listen right here or fight us on the Business Happy
Hour YouTube channel.
Speaker 1 (20:36):
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 (20:46):
Here's Frank de Bank and Senia.
Speaker 3 (20:49):
All right, Tampa Bay, welcome back to the Business Happy Hours.
Pretty rare that Sinny and I get to just do
a real estate show together, so we thought we'll just
tell some stories.
Speaker 5 (20:57):
We'll talk about the raid.
Speaker 3 (20:58):
So hopefully you're well educated now on equity lines versus refinances. Remember,
on an equity line, you do not mess with your
first mortgage. So that is the key to the equity
line where Ryan and I are starting to do some
commercials on that. You got to go to Contactfrankdbank dot com.
That's the fastest way to reach out to me. Contact
frankdbank dot com. All my social media, by the way,
has my direct cell phone on it. Everybody calls me
(21:19):
crazy for that. I literally got called out again, like okay,
I believe you put your cell phone I'm like, I
can't believe I want people to call my cell phone
right So anyway eight one three seven six five twelve
thirty nine, guys eight one three seven six five twelve
thirty nine. A little shout out to Thomas Gamber skipping class.
I know what you're doing anyway, Uh, Senia, Well.
Speaker 4 (21:38):
You know what on the helocks. But I just want
to make sure because I've got you right here. I
don't have to call the number. I just want to
make sure. So you could use the money to buy, say,
an investment property.
Speaker 3 (21:48):
Absolutely, okay, you cannot only okay. So let's just make
it clear because that that is I know consumers ask
these questions, helock. It is your money, it is your equity,
it is tax free. It goes in your bank account,
and we don't care what you do with it.
Speaker 5 (22:05):
It's yours.
Speaker 4 (22:05):
Don't buy the ferrari, get the investment property.
Speaker 3 (22:08):
Get the investment property to then buy the ferrari with
the money you make from the look at us, it's
like we're given investment advice. You can buy a new
primary residence with it. So let's say this is a
great conversation before we go into the good bad lender story.
Speaker 5 (22:24):
Here's a real good one for you.
Speaker 3 (22:25):
So you let's pretend like you've got a seller, right,
and you're selling his house, and let's just say for
easy math, he owes two hundred thousand on his house
and you're selling it for five hundred thousand, So you
have three hundred thousand dollars of.
Speaker 5 (22:38):
Equity in that house. Well, your seller find most sellers,
by the way, are buyers, right, because they're selling to
buy something else. Your seller is going to buy this
six hundred thousand dollars house, and he would love to
use the money from the sale of his house to
buy the other one. So he doesn't have the mortgages
much right, but he can't. He hasn't sold it yet.
Speaker 3 (22:59):
But this house can on the market and he really
wants it, and his daughter wants that bedroom. What does
he do. Well, there's a couple of things you can do. One,
you can take out a home equi align of credit,
just like Sannya said, to use to buy that home.
But if you do that, there's a hurdle. We have
to count that mortgage payment against you. If it's one
hundred grand, we already figured it out. It's six sixty
five a month. That has to go in your debt ratio.
(23:19):
You have to qualify with that. It prevents people sometimes.
Another problem is when you're buying before you sell. Remember
you still owe two hundred thousand on that mortgage. You
got a mortgage payment probably a couple thousand a month
on that, So now we're talking twenty six hundred dollars
a month. We got to count in your debts. So
it becomes hard. A. You don't have the access to
the money right away unless you do the equity line.
(23:40):
B you have it in your debt ratio, so you
might not qualify incomes link and lending groups buy before
you Sell program.
Speaker 5 (23:47):
Have we ever talked about this?
Speaker 2 (23:48):
You know?
Speaker 4 (23:48):
Way, Yes, I'm glad you bring that up, though, Yeah
tell me.
Speaker 3 (23:50):
Okay, okay, okay, all right, as long as she likes it.
So by before you sell is very simple. We solve
both of those problems. I'm gonna tell you less than
sixty seconds. We solve both of those problems in one shot.
We are going to give you the money up to
eighty percent. Seventy five is safe. We'll say we're gona
give you seventy five percent of the value of your
house to use to buy another house. So let's say
(24:12):
seventy five percent of the of four hundred thousand make
it easy, is three hundred GRM, and you owe two
hundred guess what you have access to one hundred thousand dollars.
We're gonna give you the money on an interest free,
payment free loan, interest free, payment free, no closing costs,
and we're not going to count a payment against you
on that equity line because there's no payment due. Here's
(24:34):
where it gets even better. We're not going to count
your old house payment against you and your debt ratio either.
So we just solved all the problems. We gave you
the money to buy the new house that Cinya found
you before you sold. We don't count in your debt ratio,
so you qualified. We don't count the old house payment
in your debt ratio, so you qualify. What's the catch.
Our partner company is going to ask for two point
(24:56):
twenty five percent fee on the sale of that house eventually,
and they're going to give you six months to sell it.
I think you can sell the house in six months, Senya.
Speaker 5 (25:03):
What do you think?
Speaker 4 (25:04):
I definitely think so, and I mean that sounds like
a pretty good deal to me, So that would be
the way to go versus the helock.
Speaker 5 (25:11):
Right now, can you do the helock? Yes?
Speaker 3 (25:13):
You know, is there a benefit to it? Maybe a
little bit because you're not paying the two point twenty
five percent fee, but you're making a payment on it
and you're paying closing cost on it. And by the way,
you can't get an equity ligne on the listed house.
A lot of people don't know this, So if you
already listed your house with Sendya, you can't go take
an equity line on it because no lender wants to
give you a mortgage that they know is going to
(25:33):
get paid off as soon as you sell your house. Right,
They're not in the business I'm handing your money to
go buy another house. They want to make interest on
the money.
Speaker 4 (25:39):
So that so say I do want to just you know,
use it to consolidates some debt or maybe summer modeling project,
new kitchen, whatever. How does the process work? I know
with reefise, you know you got to do the appraisal
and the formal closing. What's it like with helocks? Same
type of deal?
Speaker 3 (25:55):
Very similar, okay, very similar as any other mortgage we
do have what's what's called digital equity line where you
literally like link your bank account, link your link your
your your your IRS account, things like that, and it's
like all quickly digitally verified and we can close those
in like five days. So they can be easier. There's
still closing costs. It's still a mortgage, there's still a transaction.
(26:16):
You're still going still signing paperwork. It can be a
little easier, but you still should expect to go through
a similar process. Okay, Right, but the key is you
got to consolidating debt. You just got to make sure
it's worth it. And I think it's really worth it,
to be honest. I mean, I'm not if you look
at your debt and let's say you're really over leveraged
and you have one hundred thousand dollars in debt, Like,
(26:37):
what do you think one hundred thousand in debt costs somebody?
Speaker 5 (26:39):
It's got to be at least a few thousand.
Speaker 3 (26:41):
A month, right, I Mean I don't like credit card debt,
but I'm sure it's that much. Well, I just told
you can make that one hundred grand down to six
sixty five, Like what would that do for you?
Speaker 5 (26:51):
Right?
Speaker 3 (26:51):
Maybe you want to stay in your house, maybe you
want to remodel. Take fifty grand and pay off your
date debt, pay the other fifty and remodel your house.
Speaker 5 (26:58):
That's a way to go, you know.
Speaker 3 (27:00):
Anyway point being is this is a very personal situation.
It has to do with your personal finances and your
personal equity. So go to contact Frank thebank dot com,
reach out to me or text me directly to find
out how this would affect you personally, and then we'll
put you in touch with sending us so she can
find the house. And if you already are listed, don't forget.
You can access that equity on an interest free, payment
(27:20):
free loan to buy that other house whenever you want,
with no obligation.
Speaker 5 (27:25):
All right, now I get to ask.
Speaker 3 (27:27):
You some questions, right, I know I talk so much
here we go good versus bad lender. You came in
here all hot and you're like, man, there's a situation.
Speaker 4 (27:36):
Going on, and there's a situation and it's not resolved yet, Frank.
So hopefully I will end up as a good story.
But if not, you know, definitely the red flags. But
I mean already for me and I think most agents
know it is so important the buyers work with a
great lender, right, what's important to me and a great
lender for one communication? Okay, so this is kind of
(27:59):
my big fault with this current lender that we're having
their missing deadlines, can't get a hold of them. You know,
I've got sellers packed up ready to go, and we
just don't know is this going to close? Is this
not going to close? And I mean, it's not a
situation you want to be in. Buyer does it want
to be in that situation? Either they've got a place
to move into, they got to be moved out of
their place, and it's just a big limbo.
Speaker 3 (28:22):
So I want to ask you a question here is
if you say, you know, there's a big difference in
lenders and one of the big things for you is communication.
What is what would you consider perfect communication from a lender?
How often do you need to hear from the lender
once you're in contract, you know, the buyers in underwriting.
Tell me, in your own words, what do you want
to hear or see from that lender?
Speaker 5 (28:43):
And how often I.
Speaker 4 (28:44):
Mean ideally say our you know, typical contracts are you know,
thirty to forty five days contract to close. I would
like for you guys to reach out, at least on
a weekly basis, just say, hey, this is where we're at,
this is where we're waiting on. Things are good. Just
that reassurance, you know, it goes a long way, right right,
you know, as a listing and I want to be
able to tell my seller, hey, everything is good. You
can relax because you know we've all had those deals
(29:05):
that you know, maybe fall apart right at the end.
You know, sellers all boxed up and you know, on
their way to the new place and things don't happen.
It's it's good to have.
Speaker 3 (29:13):
The reassurance, right and then and then there's a surprise,
and then it becomes what we call a fire. Right
everybody starts freaking out. So what if the lender doesn't
really what if they don't have an update, what if
nothing's changed in that week? What's your feeling?
Speaker 5 (29:27):
Still get a call?
Speaker 4 (29:28):
Still get a call, let me know, hey, you know
we're still waiting on this. I mean, it just helps
everybody feel.
Speaker 5 (29:34):
Better, right right.
Speaker 3 (29:35):
And let's talk about relationships. How important is it for
you to feel comfortable and to have a relationship with
the person on the buyer side with the broker.
Speaker 4 (29:45):
I mean, it's it's important, but I mean, obviously there's
so many real estate agents, you know, different brokerages. It's
nice to work with an agent on the other side
that also knows how to you know, monitor the deal.
That's our biggest job. It's not just getting the house sold,
it's monitoring the whole process, right, monitoring the deadlines, making
sure that hey, if we're up on a deadline and
it's not being met, you got to negotiate the extension
(30:06):
ahead of time. Got you know, lots of things happening.
Speaker 3 (30:09):
Any other advice for originators who are out there, you know,
who are listening listening to a highly reputable real estate
agent telling you about communication.
Speaker 5 (30:17):
What else could they be doing?
Speaker 4 (30:20):
I mean, that's that's the biggest part of it.
Speaker 5 (30:22):
A weekly update, a weekly.
Speaker 4 (30:24):
Update, because right now, I will tell you that on
any other listing that I have, if I've got the
same pre approval letter from this lender, I'm going to
think twice and I will highly encourage that person. Hey,
first they're going to have to get preapproved with my
preferred lender. Right at least then we know if there's
that backup plan, because right now it's too late for
us to change, although that may have to happen because
(30:46):
my people are ready to sell.
Speaker 5 (30:48):
And so that's that's a whole thing.
Speaker 3 (30:51):
You say, preferred lender, And a lot of times I
think consumers when they hear that, they think, oh, you know,
she's getting a kickback from this guy or shots her
buddy from high school or something like that. By the way,
Senny and I do know kickbacks or anything. Together, I
ask her to come on here to be my co host,
to provide value to you guys. So because we're both
in real estate, it only makes sense. So we're not
trading money or anything. But I think it's super important
(31:14):
for you to have a relationship with someone you can trust.
Because Sinnia knows that if there's something a she knows
we're going to communicate, right. But she also knows if
something's wrong, she can trust me to be honest with
her and tell her or my team to tell her.
Speaker 5 (31:27):
And I think that's where.
Speaker 3 (31:28):
If you don't have the relationship, these guys can kind
of hide behind animonoity or whatever that we're in.
Speaker 5 (31:36):
Anonymity, they can hide.
Speaker 3 (31:37):
Behind be an anonymous and you don't know who you
are and that you know, that's why I was kind
of pushing through.
Speaker 4 (31:42):
It's definitely a trust thing. I mean, I guess there
are consumers that think, oh, you know, there's something in
it for her. No, what's in it for me is
that I can feel confident that you guys will get
it closed. You know, if there are issues that are
going to get resolved. I mean, and worst case scenario,
at least I'll be able to reach you. Maybe there
is some big fire, but I need to be able
to hear it from you.
Speaker 5 (32:01):
And on that note, you're going to reach us.
Speaker 3 (32:02):
In one second, after we take a break, we'll be
back on the Business Happy Are with more great real
estate advice.
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.
Speaker 2 (32:16):
Realtor with Mahara and associates.
Speaker 3 (32:19):
All right, back to the Business Happy Hour, number one
show for all things business and entrepreneurial. And today Senny
and I are talking real estate. It's rare that we
just have the show all by ourselves. We've touched on
equity lines, We've talked about fed rates, we've talked a
little bit about good versus bad lenders. Is kind of
pressing Sini about communication because I think that that's really
important and it seems to me that that's what you
(32:40):
were saying. Sen is like, it's it's communication and that's
what the problem is with the existing lender. Are you
kind of like loft left in the dark a little bit?
Speaker 4 (32:48):
Yes, me and the buyer's agent.
Speaker 5 (32:50):
You and the buyer's agent, And.
Speaker 4 (32:51):
That's definitely not good. You know, so they're not communicating
with me, you know, talk to your buyer's.
Speaker 3 (32:57):
Agent, right, But so so it's even scarier if you
called buyer's agent and you're like, hey, I've heard of anything,
They're like, no.
Speaker 5 (33:04):
Oh, that's a problem. So here's the thing. At this point,
you don't even know if there is a problem.
Speaker 4 (33:08):
Right, I mean hopefully not where I'm hopeful that it'll close.
But worst case scenario, I guess if we have to,
you know, salvage the deal and go to another lender,
how does it work with faha appraisals. I know they
stick around, you know, on the property, But does that
mean that if say they needed to switch lenders, would
you be able to use that or would the home
have to be reappraised?
Speaker 3 (33:29):
Absolutely positively, Yes, you can use it, okay, and I'll
take it a step further, and an appraisal on an
FAHA or VA loan must be transferred if the matter
of fact, to the point where if the other lender
is slow, if your client request, because it's your client
that has to request, they have to email the lender
(33:49):
in writing and say I want my appraisal transfer to
this company, and then they give the information and then
we coordinate with the other company to do with the
official transfer in the portal. If they say it and
they don't transfer that in like twenty four to forty
eight hours, they can get in a lot of trouble, right,
and then we can threaten and say listen, we're going
to notify FHA or VA. Those are forced to be
transferred because they follow the home for three to six
(34:11):
months depending on the program. Right, conventional non QM, everything else,
they can all be transferred. If a lender says they
can't transfer an appraisal, they are lying to you and
they're trying to hold up a deal. And the reason
you asked that is because that's probably the main thing
that would delay switching from one lender to the other.
So legally you can't close alone from the initial disclosures until.
Speaker 5 (34:32):
The seventh day. Right. That just has to be our
like our new federal laws.
Speaker 1 (34:35):
Right.
Speaker 3 (34:35):
So if that loan got transferred to Lincoln Lending Group,
let's say on Friday, and let's say tomorrow, and we
disclose tomorrow, we'd have the appraisal transferred by Friday or Monday.
We could close by next Friday. Okay, so it's that quick. Now,
obviously your client has to give us all their documents
and everything, and I'm sure the other lenders, if they're
not communicating now, they're not going to be quick on
handing the documents over.
Speaker 5 (34:56):
But we can do it.
Speaker 3 (34:57):
And we've done that before. And I'm not saying that's
a lot of time. That's not the best option. So
you know, I would always talk to the client and
you know, help them figure it out, tell them what
to say to the other lender, you know, give them
some tips, and then you know, if they get to
a point where you know, the agents decide it's time
to jump, then that's what we do.
Speaker 4 (35:13):
Okay. Good, good to know. So that makes me feel better,
just in case wish us luck.
Speaker 3 (35:19):
Yeah, I wish you luck, and I hope it closes.
If not, Frank, the bank's going to get that one close.
But it's very important to have relationships. And the same
thing with us is as bankers, we get the chance
to refer out to real estate agents and trust me,
there is a short list of real estate agents. And
it's the same things and is we want people who communicate,
and I want people who are an advocate for us.
(35:40):
I want them to say, listen, you said it earlier. Trust,
Trust my partner, trust this person. It works so much
better when we're in communication with each other and when
we can be honest with each other and nothing's hidden.
Speaker 5 (35:51):
So anything else we should touch on good versus bad
right now?
Speaker 4 (35:56):
No, I think that was my big yeah, you know,
my big raw for this week.
Speaker 2 (36:01):
Yeah.
Speaker 3 (36:01):
So next week, Senny is gonna be running the show
by herself. Most likely she might have a guest or
a co host in here.
Speaker 5 (36:07):
We don't know yet.
Speaker 3 (36:09):
But I'm gonna be on a cruise ship with the
family over there on that utopia.
Speaker 4 (36:13):
I was wondering. Okay, so that's the plan.
Speaker 3 (36:16):
Little little summer start of the summer Vaca with another family.
It's gonna be a lot of fun. Now, I will
tell you give advice to you guys. Cruises for kids
over twelve is a really good vacation because you don't
see them for like Florida's No we make them go
to dinner, but they have kids clubs. They got their
(36:37):
sale and sign pass. They can get food, they can
get drink, they're non alcoholic. They can get whatever they want.
And they just love it because they get this freedom
that they don't get normally. Like I go to a
foreign country, I'm not letting my kid run around, right.
But no, cruises are great if you've never been on one,
I highly recommend.
Speaker 5 (36:52):
That's me.
Speaker 4 (36:53):
Oh my gosh, I know I've never been on one,
and I want to go so bad. Maybe this will
be the summer.
Speaker 1 (36:58):
I know.
Speaker 4 (37:00):
But you always talk about and rags on a lot
of cruises too. But they've got one coming up. And
you know, you guys are a fun family.
Speaker 5 (37:06):
Yes, we try to be right.
Speaker 3 (37:08):
You hear that, kids, we're fun. Oh my gosh, she
called me cool dad earlier. I mean, I don't know
if you guys can comment on this. I don't think
Sometimes my kids think I'm cool Dad. I think that
they think I'm embarrassing dad.
Speaker 5 (37:20):
I don't know. What are you boys?
Speaker 2 (37:21):
Do?
Speaker 4 (37:21):
You guys have a fine line there.
Speaker 3 (37:23):
It's a viline. Embarrassing dad or cool Dad. That's the
question we're gonna have to ask you kids later. Oh
my gosh, I'm gonna miss you guys. You guys are
gonna have to wake up and from your daily slumber
in the summer and get on the business happy.
Speaker 5 (37:35):
I just thought about it.
Speaker 3 (37:36):
They're not going to be watching on Instagram all these
high schoolers who love our show.
Speaker 5 (37:40):
Somehow, I must be cool dad.
Speaker 3 (37:42):
Anyway, So let's we've got a couple of minutes left.
We talked about buy before you sell. I know I
always say I'm gonna talk about reverse mortgages. Is there
anything else.
Speaker 5 (37:50):
You want to hit before I talk about something else?
Speaker 4 (37:53):
No, that's okay. Let's talk about reverse mortgages.
Speaker 5 (37:55):
All right?
Speaker 3 (37:56):
So reverse mortgages. Actually, I'll start with this before I
do it. I'll do thirty second on this rates. Where
the rate's going to go? Everybody's talking. I just had
a chance to fly up to Michigan. We watched Bill Belichick.
Pretty boring, I gotta say, For a Speaker, Sorry, Bill
and Barry Habib Berry. Habib is one of the smartest
guys in mortgages for the last thirty years.
Speaker 5 (38:15):
He absolutely believes.
Speaker 3 (38:17):
In what our government is doing right now. He is
not a political guy, but he believes we're making the
right moves. And he has met with the FED chairman.
He's met with a lot of the economists here in
the country, and he said they are all on the
same page about rates going down and allowing the real
estate market to help spur the economy. They're just a
little scared of inflation right now, and I think they're
(38:37):
getting out of that. So with that said, he predicts
that the rates will likely be one percent lower. Some
say the fourth quarter, he says sooner. He thinks third quarter.
He claims that everything is already kind of baked in.
Like you made a comment how they lowered the rates
before the FED meeting. That's called baking in. It's like
when a company says, like Tesla is going to release
(38:58):
earnings right and the star goes crazy the couple days before.
That's because they're anticipating the news. There's no just things
in secrets anymore in this world. Okay, So that's what
it means when they say baked in. So if you're
on the fence, Senny and I definitely encourage you get
off now because when rates drop, prices are going up.
So get into that and then we'll talk reverse mortgages
(39:18):
for thirty seconds. Hey, if you're over sixty two to
a reverse mortgage, no, in all seriousness. If you are
in foreclosure, you got bad credit, but you have equity
in your home. Remember it's your equity tax free. Go
to reverse guru dot com. That's reverse guru dot com.
Check us out. I have all kinds of videos that
will teach you everything you need to know about reverse mortgages.
That's reverse guru dot com. Over sixty two doesn't matter
(39:41):
if you are in foreclosure, if you have bad credit,
if you want to access your equity, pay off your mortgage,
have no payment for the rest of your life, and
never lose your home.
Speaker 5 (39:48):
Reverse gurguru dot com. I'll personally take care of you. Sinny.
It's been a great show.
Speaker 4 (39:52):
It's been awesome, and I love that prediction, so fingers crossed,
that's right.
Speaker 3 (39:55):
Prediction is the house prices are going up. When the
rates go down, what are you going to do?
Speaker 5 (40:00):
That's it.
Speaker 3 (40:01):
Have a great show everybody. Next week, watch out for Sennia.
I don't know who her co host is. Take good
care of her, guys, be nice to her, and it'll
be a great show. We'll see you next week.
Speaker 4 (40:08):
Thanks guys. Bye,
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