KCAA: The Mortgage Voice with Jeff Barton (Sat, 8 Jun, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 8 Jun, 2024

Episode Transcript

(00:00):
I'm Chris Karragio, NBC News Radio, NBC News. I'm CACAA Loma Linda.
Sponsored by Teamsters Local nineteen thirty two, Protecting the Future of Working Families,
Teamsters nineteen thirty two dot org.You're listening to an encore presentation of

(00:21):
this program KCAA, The Inland TalkExpress Voice with Jeff Barton, your Voice
in the Mortgage Industry. Each weekon this program, Jeff and his guests
share their expertise, personal antidotes,and the latest industry news to keep you
and the loop now to provide youwith insights and help you navigate the consistently

(00:41):
changing world of real estate lending.Here is your host for the Mortgage Voice,
Jeff Barton. Welcome back, everybody. I'm Jeff Barton, your Voice
in the Mortgage Industry. Thanks verymuch for tuning into the show. This
week, as well as every otherweek, we come to you in the
Southland, in the Ie and theInland Empire. A lot of interesting news
going on in the Inland Empire HupmanMenifee, as well as in Victorville.

(01:03):
A couple of things that came acrossthe wire that I thought was very interesting.
I'd get to it a little bitlater in the show. I am
Jeff Barton. This is the MortgageVoice. If you want to see us,
you can go to CASEAA dot com. That is the radio station.
You can also hear us on thatradio station Saturday and Sundays, and we
come to you via YouTube as well. Jeff Barton the Mortgage Voice, that's

(01:25):
my particular show on YouTube. Ijust look the other day, hundreds of
people over a couple hundred people whoare regulars that come to the show each
and every week, not necessarily fromthe Ie, but from all over.
They like the perspective that we give, both as a national perspective on a
bunch of different economic topics as wellas what's happening local here in southern California,

(01:46):
specifically in the Inland Empire and thecities in that area. I want
to welcome you to the show andthanks very much. Once again. We
always try to bring information to youthat you can use, things that might
stand out to you in terms ofdecision making, whether it's the rates themselves,
whether it's some of the opportunities ofprograms that you hear from the guests

(02:07):
that come on the show. They'reall it's all good information. It's all
really what we're about and what wetry to do on a weekly basis.
Let's get right to it again.I'm Jeff Barton and this is the mortgage
voice. Let's get right to it. As I said, thirty year fixed
rate loan, it's seven point zeronine now it was about seven and a
half percent. It has come downsome. We've seen this bounce up and

(02:28):
down quite a bit over the lastsix months, probably like this through the
end of the summer. Why doI say that, because the economy itself
is in a bit of a bounceinflations up one month, it's down one
month. But really it is heldvery steady at about three three and a
half percent for the last year sixmonths to a year. Absolutely, And

(02:49):
because it's funny season, i e. The election for the President of the
United States, a lot of otherlocal elections coming up. Yeah, the
markets have determined that this is kindof where we are, where we're going
to stay until inflation comes way morein line with what the Fed sees is
a two percent inflation rate. We'renot going to see the Fed lower their
rate, and therefore, tangentially,the mortgage interstrates will also fall. Well,

(03:14):
that's what we talk about a lot. Why the interest rates are what
they are, the difference between theFED rate, the difference between the mortgage
interest rate. These are the thingswe talk about on the show every week,
and we kind of hammer that thatparticular part home because as a borrower,
you're out there right now and you'resaying, Hey, if I can
get a loan at six percent versusseven percent, it's gonna save me one

(03:34):
hundred dollars per hundred thousand dollars onthe loan per month, meaning that if
you have a five hundred thousand dollarsloan and it's eight percent versus seven percent,
it's going to cost you an extrahundred bucks, which is five hundred
dollars a five a five hundred thousanddollars loan on a monthly basis, and
over the year, that's six thousanddollars over thirty years. Well you can
add it up. That's a lotof money. And so anytime that we're

(03:57):
talking rates, how they get there, why they get there, really important
to listen up because you're the onethat's got to make the decision when you
pull the trigger. In the house. Now, most of the guests that
we have on the show i e. The account executives, the real estate
agents, the you know, allthe vendors. They make their living off
of view the buyer, the personthat comes in and buys the how home.
Why because they're selling you the house, or they're getting you the mortgage,

(04:20):
or they're fixing up the house,or they're appraising the house, or
they're doing the title work, orthey're doing the escort work. There are
so many industries that wrap around thesale that you want to have when you
get out there in the marketplace andbuy a house. So we are beholden
to you now, as everyone knows, the market's terrible, and we'll get
to that a little bit later inthe show. Let's see the fifteen year

(04:43):
six point five six percent, TheFAHA is at six point six two percent,
the jumbo is at seven point threefive percent, the VA loan is
at six point six four percent,the two years at four point eight,
the ten years at four point four. That spread between the two and the
tend about forty bases points there andabouts for the last three months. That

(05:03):
steady hold i e. Between thetwo and the ten tell you that we
are in a very you know,within a tight range a pretty stable market.
I mean, if we say thatbetween six and a half and seven
and a half percent rates are goingto be like that for the next year,
you could say, all right,that makes some sense. Well,

(05:24):
this is what the two and theten are telling you, and the prices
that we get on the bonds thatare sold en mass and by the way,
we sell a ton of US treasuriesas well as corporate bonds, as
well as all kinds of other bonds, and on a by the way,
access the Chinese government is selling foreignsovereign bonds in order to prop up their

(05:45):
real estate sector. Their economy isnot doing well, which is why you
see in my opinion, of course, the rattling of sabers between the Russians
and the Chinese and the anti USrhetoric because it keeps their domestic people satis.
It focuses the attention on somebody else. We do it here in the
US all the time. We startto talk about especially if an administration is

(06:09):
in trouble like this one, politically, they start talking about other things,
whether it's you know, free giveawaysor wars in other areas. If there's
an election coming up. Both sidesdo it, which is exactly what happens.
Let's distract the people from what's reallygoing on in their lives, and
let's face it, what's going onin their lives, the same thing's going

(06:30):
on in my life. I goto the gas pump, prices are up.
I mean, that's just they're up. And I read the other day
yesterday as a matter of fact,that we're again experience expecting slow down at
the refineries. Why is it alwaysa slow down at the refinery in the
summer. Why is that? Whyis it always maintenance in the summertime.
It just makes me absolutely insane.When we need the gas the most.

(06:54):
And in California, we brew,we blend our own gas for the California
market, and each and every summer, that amount of gas is finite.
And because of that, the pricesgo up in California more than any other
state, because what we demand ofgas in California is different than what they

(07:14):
can demand of gas in Montana orOklahoma or Rhode Island for that matter,
and so as a result of that, we pay more. And as a
result of the refineries going offline orbeing maintenanced or whatever else, they call
it, we'll have less and lessof that gas that is eventually going to
push the gas prices even higher.So in a blue state like California,
does it even matter? Yes,of course it matters, because not only

(07:36):
is your vote, but you've gotto go and pay these prices. And
I think you know that has becomeone of those things whereby everybody who buys
gas in California just accepts it.I think it's terrible. It's a bone
of contention that I pick at allthe time. It just makes me absolutely
in sense. Not only that,but you go in and you buy a

(07:57):
bag of chips and it's five bucks. You know, I mean eating,
but not that much. I meanthe inflation on items that you buy every
day is what driving people insane.It's why the Michigan consumer index is down
again this month. People look atthe economy and they read what they read,
it's the same things I read.But then they again they go to

(08:18):
the nuisance items that causes them consternation. And I don't know what the word
aggravation, right, It aggravates metoo. So I recently, Yesterdy got
back from a trip. I wentto see my children. I have a
couple of kids in New York City. Yes, don't go there if you
want to save money, or ifyou don't want to really see what inflation

(08:39):
is doing in the major cities inthe US. It's unbelievable and it's crazy.
So out to dinner, six people, guess what six hundred bucks?
Six hundred dollars. Now, soI know some people out there going that's
what I pay for rent on amonthly. I know. The one bedroom
rent in the US, which hasbeen going up and did go up during
the pandemic, actually has come backdown quite a bit. The average is

(09:03):
about six to seven hundred dollars fora one bedroom or a studio in most
of the country. But in NewYork City, no, it's not like
that at all. It's more like, I don't know. My brother was
saying he could buy a studio apartmentin New York City for between four and
six hundred thousand. You think aboutthat for a second. The medium price
of homes in the Inland Empire isabout five hundred and fifty thousand. Okay,

(09:24):
So if you're looking at a placeto go, you could buy a
house and a piece of land inone area of the country which is still
expensive at fine hundred and fifty thousand. You can go and buy a shoe
box in New York City for thesame amount of money. It dues me
insane. I don't know why thatis, but these are the everyday items.
Shelter. You got to live somewhere, so either you're paying a lot

(09:45):
in mortgages or you're paying a lotin rent, you still got to live
somewhere. That's what irritates people.Food costs we didn't even get into it,
but they are astounding and out ofthis world in terms of when you
go. I bought three items yesterdaythirty four dollars. And it wasn't like
I was buying, you know,the most incredibly outrageous items every I think
it was a loaf of bread,I'm not gonna exaggerate it, a half

(10:07):
a pound turkey, and one otheritem thirty four dollars. I looked at
this person, I went, areyou insane? Who's gonna pay for this?
And of course I live in thecommunity. It can't afford it,
so nobody'd even I don't even thinkthey look at the thing. But I'm
cheap. I'm Yankee cheap. Grewup in New England. That's the way
it was there. You look atevery receipt, you make sure that everybody's,

(10:28):
you know, giving you what you'repaying for. But thirty four bucks
anyway, these are the things thatare on my mind, and I'm probably
on your mind too. It isJeff Barton. I am the Mortgage Voice,
and we'll be right back. You'relistening to the Mortgage Voice with Jeff
Barton. We'll be right back withmore and just a moment. For questions
or comments, send emails to infoat melibocumdings dot net. Now back to

(10:52):
the Mortgage Voice with your host,Jeff Barton. Welcome back, everybody.
I'm Jeff Barton, your voice inthe Mortgage in Streak got fired up a
little bit earlier in the show talkingabout inflation and the way things are even
for people who are in the placeand position in their lives. Look,
I'm seventy years old, so Ishould be able to afford certain things,

(11:13):
but the inflation is killing me anyway. Jeff Barton, the Mortgage Voice.
If you want to see us,hear us KSEA dot com or the radio
station Saturday and Sunday you can cometo it. We're also on a number
of different podcasts, Daryl, canyou have a list of those or do
you? I sure do Jeff worApple Podcasts, Google Podcast, Spotify,
Speaker, Stitcher, iHeartMedia on OdysseyYouTube, pod clips do I owe at

(11:35):
the Mortgage Voice dot com? Thankyou very much? Yes, podclips dot
Io I always plug them because Ilike them. They're nice people and the
people that I know that are investedin bringing to you great information on that
podcast. Podclips dot io is acentral location where you can get a lot
of different podcasts. I'm on that. I'm in the financial area. I
have a friend of mine, Gary, He's not get Yeah, it was

(11:58):
Gary on the show. No,he's not on podclups dot Io. I
don't think so. No, Ohwhy not? He should be? He
should be exactly Anyway, Josh isJosh brings you a health show. Had
some great guests on the other day. Uh. We also have a Mark
Oh, Mark Allen. That's whoit is, Mark Allen. Another great
podcaster, Mike. What's Mike's show? Mike Anderson is the Anderson Files,

(12:20):
right, and he's a financial advisor, right exactly. And the ad R
guys the Alternate Dispute Resolution people whoare they Len Levy, Glenn Levy.
Okay, so I just mentioned fourdifferent ones in the realm of things that
you want to listen to. Theseare the guys you want to turn it
on and tune it in anyway.Pod clips dot io go there, great
podcasting. I'm Jeff Parton. Thisis the Mortgage Voice and welcome back to

(12:43):
the show. Headline CPI in Aprildown point one percent three point five percent
to three point four percent year overyear. That's a good sign. It's
well within the limits of what theydetermined was normal or was what we're expecting.
You know, the FED when theytalk, and I'm sure that anybody
out there who listens falls asleep likemost people do when Jerome Powell speaks.

(13:09):
As an aside, quickly, JeromePowell, he's got the VID that's right.
He contracted COVID a couple of daysago, finally got the word out
from their press people that he shouldbe okay. But so when he's gone,
who's mining the store? Well,there's you know, sixteen FED governors
and there's plenty of people there whothere's a vice chair and I forget that

(13:30):
person's name right at the moment,but regardless, how is it determined and
what is it that you look for. When the FED speaks, we're always
talking about inflation and why we're notlowering interest rates. The FED interest rate
is of course different than the mortgageinterest rates, but they work hand in
hand. It's kind of like soapand water to mess, right. I

(13:54):
mean, they're not necessarily the samething, but they go together. And
if you don't have one and youdon't have the other, yeah, you
can still clean it. But atthe same time, that's a terrible analogy.
Regardless, I don't care. Coreinflation four minus food minus energy is
at three point six percent. It'sthe lowest it's been in two years.
That's a big number, by theway, And as I was saying in

(14:15):
an earlier part of the show aboutfood costs and how it's just driving everybody
insane because everybody's got to buy food, and everybody goes to the grocery store,
and you notice things that go up, and they have been going up
really outrageously. So if in factwe see some movement, and as the
Fed said, we haven't even reallybegun to see the effects of high short

(14:37):
term interest rates on the economy.Now that is gonna make everybody insane because
we're paying you know, higher creditcard rates, higher mortgage I mean,
higher auto loans, and other aspectswhich are affected directly by the FED rate,
And so scratching your head, going, what do you mean it hasn't
affected the economy. Well, whatthey mean is it hasn't slowed down the

(14:58):
economy. We saw some it lastmonth, but again this week we've seen
fewer people file for first time unemploymentinsurance, and that is a sign that
the economy is still in pretty goodshape, still rocking and rolling along.
We did I did see some estimateson the Q two and where we're going
to have GDP, and it's likeit has been. I mean, we'll

(15:20):
have the Atlanta Fed be at threepoint three percent growth in the second quarter,
yet we'll have Bank of America atone percent. So that range of
one percent to three point three percentis where we think the economy will be.
And of course that's a huge difference. If it's at one percent,
we're going to say, oh mygosh, the house is falling. I
guess the rates that the Fed hasbeen charging and finally kicking in, we're

(15:41):
going to see a slowdown if it'sat three point three percent, we're going
to say, hey, you knowwhat, higher for longer. That's what
we're doing. We're going to seethe rates that the Fed has charged continue
to stay where they are, andwe're not going to get that boost by
lower interest rates from the Fed.So it really depends. We're in the
first month or the second quarter,and we just have to see where it
ends, or the second month ofthe second quarter. We're about halfway through.

(16:03):
We're at the fifteenth, sixteenth,seventeen, eighteenth of May, and
so yeah, we're about ready tohit a time in the real estate market
and in the mortgage industrate market wherethe summer buying season is either gonna happen
or it's not gonna happen. We'veseen some indications that more and more inventory
is coming to market. That's becausea lot of buyers have given up.

(16:26):
They just said, you know what, I'm throwing the towel in for right
now, until we see better registratesor lower real estate prices, I just
can't afford it anymore. And that'sthat's as true today as it is in
any market. Obviously, those constraintson any borrower, on any buyer are
gonna make them think twice about layingout twenty twenty five percent in order to
get the property that they want toget. Now in the inn Empire,

(16:49):
as I was mentioning earlier, thereare some signs that that particular part of
California is catching up with the restin terms of higher real estate prices.
We did see an overall growth inpopulation, which was kind of a surprise
in the Inland Empire, but asprices on the coast, and this is
a great indication for anybody who's lookingat long term effects of what's happening in

(17:11):
the economy in Southern California. Inthe Inland Empire, they are the last
to raise prices to current Southern Californiaprices i e. Either percentages or the
actual prices. Now, as Imentioned, five hundred and fifty thousand is
the medium price for a property inthe IE, and that's pretty high.
We also have seen in let mejust get that up here for a second.

(17:34):
MENEFEE added two thousand people to theirpopulation, and Victorville population is one
hundred and forty thousand. That's abig number right in La County in of
itself, that is a huge number. I mean it's in the San Bernardina
Riverside County area. Those are bignumbers. So given that we have seen
not only prices rise in most ofsouthern California, what we're seeing in the

(18:00):
inland Empires, prices have actually fallentwo and a half percent this year.
So there are some opportunities there thatyou can get into. Because the inventory
has risen and prices have fallen,and we're getting reduction in prices that are
listed to the tune of about thirtypercent. Maybe an opportunity for you to
get out there in the marketplace tosee what's happening. I know a lot

(18:21):
of people, as I said earlier, are bailing because they're just fed up.
Now, when that happens, youstop paying attention to the marketplace,
which is not a great idea.You have to have a nose, you
know what. Hire an agent.That's the best way to do it,
because that's what they're paid to do. Now. I know agents are pushy,
and of course that's the way theymake their living. Hasn't been great
for the last two years, eitherthe mortgage people or for the real estate

(18:41):
people, and with that real estatelawsuit finally behind everybody there is still some
concern as to how buyers agents aregoing to get paid. Once that's worked
out, you really need a professionalworking for you so that they can keep
their eye on the marketplace, notto just buy, but just to follow
the trends. Now, there areplenty real estate agents who would be willing
to do that right now, justto have the opportunity it's some future date

(19:06):
to represent you in the purchase ofa home. So get somebody on it,
get somebody to watch that, because, as I said earlier, most
buyers have just said, you knowwhat, enough is enough. I can't
afford the rate, can't afford theprices, and right now I guess I
just keep renting. We've seen rentscome down significantly, although in the IE,
surprisingly or not surprisingly because people aren'tbuying, rents have actually stabilized and

(19:29):
have maintained that momentum to price pressureon the upward side. So all of
that being what it is, itis a great idea to work with a
professional inur area to make sure thatyou're on top of what's happening when they
are opportunities available to you. Ijust described the IE and what's happening there
in the total population in the Olympire, I didn't get to that point.

(19:51):
It had gone up sixty seven peopleover the last year. So of all
the places in California where people areleaving, actually people are coming to the
ie is on the coast. Theprice has got too high, then people
start moving in. When you seeprices dip like this, it's more of
a reflection of what's the overall economy, whether it's unemployment, whether it's inflation,
whether it's other factors. And Ican't think of another factor right now,

(20:15):
but I'm sure there's tons of themout there. If you're in that
marketplace and you are looking around,keep looking. Like I said, I
think there will be opportunities, greatermore opportunities later in the summer. I
don't think right now at the beginningof the summer there are as many as
there will be. We've seen,yes, population go up, but real
estate prices come down, and thosetwo things combined means that at some point

(20:37):
we're going to have a demand issue, meaning that there'll be more demand entering
the marketplace. Isn't there yet,Get somebody to work on it. Make
sure that you're on top of thesituation. On Jeff Bartin this is the
Mortgage Voice, and we'll be rightback. You're listening to the Mortgage Voice
with Jeff Barton. We'll be rightback with more and just a moment.
For questions or comments, send emailsto info at melibocumdings dot net. Now

(21:02):
back to the Mortgage Voice with yourhost, Jeff Barton. Welcome back everybody
on Jeff Barton, your voice inthe mortgage industry. Thanks very much for
tuning into the show, for listeningto us on a weekly basis. We
come to you in many different ways. We have podcasts, we have the
radio station CASEAA, and we're alsoon YouTube. Our what is it?
Our website is called the Mortgage Voicedot com. I went there the other

(21:25):
day. There are great people onthat website, guests that come on the
show. We put on the websiteways for you to get in touch with
them, either by telephone or emailperhaps, and obviously you can listen to
their excerpts from the show. Allof these things are available to you in
many different formats. In today's world, you have to deliver the information the

(21:45):
way or wherever the people are usedto be. When I was a kid,
that you had to come to theinformation now the information has to come
to you. I think it's abetter way, but all these ways are
available for you the Mortgage Voice dotCom. I'm Jeff Barton. This is
the Mortgage Voice. Thanks for listeningto the show. Okay, So we
get into what's happening locally here insouthern California, these portions of the show.

(22:06):
And I always like it best becauseI get to talk to friends and
people who've been in the business along time. Professionals are way better at
it than I am. Connie Hernandez, who is a long time regular to
the show and has graciously accepted theinvitation to come back again today, and
I appreciate it, she joins us. Now, Connie, how are you.
I'm so fine. Thank you forasking. Jeff always happy to be

(22:27):
on the show. Excellent, Thankyou very much. Okay, So we're
in the latter half of the springtimehere. What happened to the spring buying
season. Well, you know,we're still dealing with a lot of buyers
and still having a difficult time findingthe right properties, and we're still competing
for properties. We've had quite afew listings in the first quarter, and

(22:52):
most of our listenings were multiple offersand they sold with I would say,
I would say out of maybe twelvelistings that we had that were in basically
working on them within the probably threedays at the very most, we have
already quite a few offers. Therewas only one which was kind of in

(23:15):
Hisperia, which obviously is a littlebit out of our area. But that
took a little bit longer, andit seems that one fell out of Escro
twice. But we put it backin an Estro probably within two weeks and
closed probably three weeks after that.But I'm still seeing a lot of buyers.
It's just properties. There's just notenough inventory. Yeah, you know,

(23:38):
it's so funny because I read howCalifornia has really increased their particular inventory,
and certainly that means San Bernardina,Riverside Counties, La County, Orange
County, all these southern California haveincreased their number of listenings. But not
that much, right, I guess. I guess it's still pretty scarce out
there to find something in a pricerange that you can afford. Not enough,

(24:02):
right, not enough? Because Ido have a substantial amount of prequels,
then I'm still waiting for properties forthose buyers. And you know,
I think a lot of our buyersthat were kind of just kind of have
put the brakes on a little bitright, realize that, you know,
this is reality, and the onlyalternative is if they can and they can

(24:23):
afford to buy right now. They'rebuying in the expectation that the rates will
drop and they'll be able to rafilater. Yeah, I think that's a
good strategy. I don't know ifI would bank on it, but certainly,
you know, in this climate wherewe're waiting for inflation to get under
control. According to what the FEDsays, when they drop, the mortgage
indust rates will tangentially drop as well. That's my opinion. I'm watching the

(24:45):
two in the ten and there's stillforty basis points apart. So the mortgage
world seems pretty set on between youknow, six point seventy five and seven
point twenty five percent at least overthe short term for the next two or
three months. Could we believe andyou know, despite the fact that we
were told the rates should drop bynow, they I haven't done that.

(25:07):
Sure, No, they always tellyou that and then they charge a double.
It's kind of like you know,at the grocery store. No,
no, for when the supply chainscome back, everything will get cheaper.
Well, it didn't get cheap.Not no, it never got cheaper.
It just remains sky high. Buyersconcerns. What are they mainly? Is
it just that they get tired oflooking and they just give up or what

(25:30):
is it? I think that forthe most part right now, what I'm
seeing, at least in my area, the biggest concern is the insurance,
right you know, the payments obviouslyare always you know, concerned that.
We have plenty of DPA programs rightnow, although I haven't really had to
close to many of those, butright now, insurance seems to be the

(25:52):
challenge in certain areas. I mean, if you can get insurance, it
can be pricey. Now that's interestingthat you say that if you can if
you can't get insurance, you can'tget a loan, isn't that right?
Well, if you can't get totraditional insurance, there's always California Fair Plan,
right, Okay, that even CaliforniaFair Plan has had its challenges and

(26:15):
wanting to actually ensure properties, whichI've always you know, thirty years of
being in the business, California FairPlan was to me the go to if
everything else failed, and it wasmore like they had to help you.
But they've actually had some situations wherethey've declined to ensure properties. Right now,

(26:36):
there has to be a legislative answerto this here in California, and
I don't hear peep from anybody inSacramento, and it just it's like it's
the elephant in the room. Nobodywants to talk about it. If I
can't insure my property, the propertyis worth nothing. As I have been
in my property for thirty years,seen some great inflation there and really appreciate

(26:59):
the that I've got equity in it. But if I can't get insurance,
there is no equity. There isno worth because nobody's going to buy a
house that they can ensure, andthat really sets the market. No,
we had one situation where we actuallywere able to get insurance after several attempts,
and believe it or not, probablytwo days before closing they sent a

(27:22):
letter saying that they were not goingto insure it after that. Oh man,
So we had to go with CaliforniaFair Plan on that one, even
though the bar were obviously was nothappy about that. Well, no,
I mean they're stuck between a rockand a hard place. And you know
who they're going to blame. They'regoing to blame the real estate agent.
Of course, who else they blame. It's always the lender's fault. Yeah,
well the rights exactly right. Imean, somehow you screwed it up

(27:47):
and you're like, wait a second, I don't do insurance. Yeah exactly,
the water heater breaks and it's ourfault. I know. Okay,
So on the lending side, whatare some of the programs that you're using,
are you Menpa, Although you haven'tdone so many, you said,
what are some of the popular programsyou've been using for some of these borrowers.
I've actually closed quite a few,which was not really my area of

(28:10):
expertise up until last year. Itenborrowers. You know, there's a really
amazing program out there for the itinborrower, as long as they're self employed.
They are actually offering like this threethree and a half percent down program
for an it self employed borrower.Of course, it has great credit and

(28:32):
stable income, but for the mostpart, I mean I've been able to
close a couple of itin borrows thather own restaurants or one of them owned
the cleaning clothing cleaning service, andthey you know, substantial income. So
those we're fairly easy for me toclose, especially because again it's not really

(28:56):
my area of expertise, but definitelya new market for myself which I'm hoping
to explore this year. Now,the IT market. These are people who
are looking to get a loan offtheir business. Is that what it is?
No, this is a home loan. In the past, I kind
of kind of stayed away from thatbecause they always required really large down payments.

(29:19):
They're just sent down and you hadto have great credit and you had
to have great reserves, and yourracials were really low. But a lot
of that has become a little bitmore lenient, where the racials are now
more reasonable. You know, you'retalking about forty three forty five versus before
they were in the high like thirtyseven thirty six. So with that being

(29:42):
said, I honestly this is probablythe first year I've ever seen an iten
barer as long as your self employeethat could purchase with such a low down
payment. Now w two iten Borersare still the best program out there is
still a temper sent down, whichis not bad because in the past,

(30:03):
it was always minimum of twenty percentdown. Okay, so that's an interesting
loan product. Connie, we're upagainst it here. You want to shout
out a way by which people mightbe able to get in touch with you,
either these products or representing in ahome. I mean, we're doing
it all right now, so letpeople know. Thank you so much,
Jeff, and as you can reachus at six two six four two two

(30:26):
zero one seven. That is mydirect number. Our office number is six
two six nine eight two four onenine. We are in the city of
Covina, one oh one North CitrusAnd again this is Connie Hernandez. I'm
happy to answer any questions you mayhave. I do specialize with reverse mortgages

(30:47):
and now getting the real becoming anexpert only. Its excellent. Connie,
thank you very much once again forcoming on the show. Always love having
having you on. Thank you,Jeff, thank you too. That's Hernandez
from PMA. I'm Jeff Barton,your voice in the mortgage industry, and
we'll be right back. You're listeningto the Mortgage Boys with Jeff Barton.

(31:07):
We'll be right back with more andjust a moment for questions or comments.
Send emails to info at Melagrup Fundingsdot net. Now back to the Mortgage
Boys with your host Jeff Barton.Welcome back, everybody. I'm Jeff Barton,
your voice in the mortgage industry.Thanks very much for tuning into the
show, for listening to us ona weekly as we bring to you the

(31:29):
news to use as well as otherinformation that can help you in your decision
making process. This summer obviously summersright around the corner where at the end
of the spring buying season in theIE, but certainly in southern California,
and a lot of what's happening aroundthe country is the same. Right price
is going up, not enough inventory, mortgage rates going up. How am

(31:49):
I to afford a house? Howcan I get into one? What's the
best planned forward? And of coursethat all depends on you. You are
the person who's gonna set the agendaby you know, what kind of loan
do you want? I mean,do you want the best and lowest?
Where you have to be a certaintype of borrower. If you can't fit
into that box, you got tobe a different kind of borrower and all

(32:12):
of those things, you know,you got to have an experienced person to
help you to be able to,you know, usher you into the loan
product that not only you can usetoday, but refinance tomorrow. And there's
no better person than that than CharlesGiscom who joins us from United Security Financial.
Charles, how are you. I'mdoing great, Jeff, thanks for
having me today. Thank you verymuch, thanks for coming on the show.

(32:32):
Okay, so here we are,as I described, we're about ready
to get into the summer months whereheats up. We see low inventory,
we see a lot of things.I mean, you know, we've been
talking ad infinitum about this for thepast six months. Rates are up,
inventories down, prices her up onhouses. How do we get people into
them? The non QM world isa world with which we know a lot

(32:53):
about helping borrowers who don't necessarily fitinto that normal credit box. Tell me
a little bit about your business andwhat's happening now with your borrowers, you
know what, Jeff. Absolutely somemonths things are picking up. Like Jeff
said, inventory down, interest ratesgoing up still, opportunity prices is you

(33:15):
know, values and price sell homestill steady. So it's still a great
market to get into. A lotof times I tell people, you know,
you can't be the traditional mortgage interestrate, but all interest rates are
high right now. I think we'relooking at a thirty year fix about seven
and a half yep, seven pointsix jeffs. We're looking at a fifteen
year at about six point seven five, six point seven three. So interest

(33:36):
rates are high across the board ingeneral. It's that at this moment,
and at this time when I alwaystell individuals, the interest rates are not
going to be too much different fromthe other alternative financing options that you have
from traditional loans. So if youcan take advantage of those things, especially
if you don't have the traditional financialstructure, you know, two years of

(33:58):
employment, that way, the taxreturns, W two's, paycheck stubs and
bank statements, non QM loan isalways a great alternative loan to get into,
and more and more people are doingnon QM loans to the point where
non QUM loans are now coming becomingso competitive with traditional lending. But I'm
quite sure that the traditional markets geta little scared. They don't be scared,

(34:20):
but I just mean they're going torun. There's an option next to
every traditional loan that you can getinto the non QM that makes it a
lot easier. They provide some characteristicsthat are not known for traditional mortgage.
For example, whether it's eighty fiveeighty five ninety ninety LTV, there's no

(34:40):
mortgage insurance, so you never haveto pay the additional mortgage insurance. Which
is great from a qualifying standpoint isyou don't have to have tax returns,
bank statements, and paycheck stubs toqualify for that particular loan. Obviously you
have to show you have the abilityto repay in an ability to put the
down pay, but as far asqualifying those financial documents meaning bank statements or

(35:04):
a profit and loss take the placeof the tax returns. It's a great
alternative to traditional financing for individuals whodon't want to show or who can't show
the typical traditional financial instructure. Andbasically, you know you're going to light
up a lot of people's ears andeyes and they're going to say, oh
wow, maybe I can go getthat loan. But let's talk a little

(35:25):
bit about specifics. Credit score forthese types of loans. Down payment for
these types of loans, As yousaid, down payment can vary anywhere from
eighty OLO WIP and nine LTV giveus an idea of loan program and these
two questions with credit score and themount down. Absolutely So it used to

(35:46):
be non qms will offer you thatalternative financing, but they wanted more downpayment
and your credit score still had tobe fairly high or above average. Well,
Jeff, not today. Actually,what's happening right now out is that
you know, with a six totwenty credit score, six hundred score,
you can get into an eighty percentLTV eighty five percent LTV loan. But

(36:07):
Jeff, if your credit score isa six't eighty to a seven twenty,
you can put five percent down almostlike a traditional government loan now and
with your twelve months bank statements canqualify for a ninety five percent loan.
There are some programs out there,and it's just because the private investors that
are purchasing these loans are feeling morecomfortable now because these are in the market

(36:30):
and heavily looked at as truly alternativeor competitive loans, especially for the particular
market we're right now, So you'relooking at a six hundred to six to
twenty credit score can still get youin. Obviously, the higher the credit
score the better tier you in,which which opens up the better rate for
you. But you still can getinto that particular loan and get that done.

(36:50):
And as far as down payments isconcerned, you can go from anywhere
from twenty percent down Jeff, allthe way up to five percent down with
better credit. Okay, these loansare traditional thirty years? Are they advertised
less than that with a balloon atthe end. How does that work too?
Well? Yeah, they actually takeon the form of a traditional mortgage.
There's thirty year fixed loans, allright. You can also do some

(37:13):
interest only in that in some ofthese programs, but mostly it's going to
be just like your traditional loans,a thirty year fixed. Some of them
have arms. The beautiful thing aboutthis loan is actually when the interest rates
are higher on these loans, becauseyou're providing less documentation, they also have
the ability to flex and give youa forty year term as as opposed to

(37:34):
a thirty year term to offset thehigher interest rates that are going to come
along with this type of loan.Now, traditionally in the US people hold
on hold on to their mortgages aboutseven to ten years something like that,
right, Yes, So when you'retrying when you're talking to your clients and
you're saying, okay, So thisis what usually happens. This is how

(37:55):
an average borrower is. And withinthis window of whatever it is, we're
going to be able to either getyou a lower interest rate or a different
product, or you're going to getout of the products entirely by selling the
house. That's part of the equationtoo, right, It's always that way,
Jeff, because right now, noone wants a high interest rate.
So we're looking at short term goalsand long term goals is what is our

(38:16):
benefit at the end of this Usuallywhat I tell clients is right now,
in this climate, in this market, no one wants the interest rate that
they're getting Newly. If you haveother individuals that have been in interest rates
or refinancing, they may not wantto move, they might want to look
at a helock. But a newindividual getting into this market, you have
to explain to them the short termand long term. The short term is

(38:38):
all the interest rates are high,So let's get you in a loans that
maybe thirty or forty years, whichcan stretch out the amortization to give you
a lower payment. But that isjust forced entry to get into this.
Now, our long term goal shouldbe with no pre payment penalty. We
can refinance this loan when the interestrates correct themselves, and then you can

(39:00):
I'll get into that thirty year fixed, low interest rate loan that everybody has
been looking for and had two yearsor more. No. No, I
follow that and I like that.Insurance. There's been a lot of talk
here in southern California, maybe outwhere you're currently residing or where you're doing
business. I know you did alot on the East coast, whether it's
Florida, North Carolina. There's alot of hurricanes there. There's a lot

(39:22):
of fires and earthquakes out here.Insurance companies are dropping a lot of people.
How are you dealing with that?And if you had any problems with
that? You know what I haven'thad. But people in California and Florida,
you know, more of a concernin those places where it's heavily tornado
or hurricanes, different things that occur. Haven't had it at this side in

(39:44):
Charlotte. But guess what, everybodyshould be alert because what's happening now is
that with the temperature change, ifyou believe in it or not and what's
been happening anywhere can get hit.So I'm quite sure everybody should just make
sure you keep your ear to thestreet and you're looking at insurance companies because
a lot of them may be droppingoff the game and gets very expensive when

(40:07):
you're having these hurricanes in different places, especially where you normally would that happen.
Yeah, it has been a big, big problem out here, especially
where the fires are, you know, in my local area, but certainly
in San Brandiana Riverside counties. There'sa lot of insurance issues questions, and
so shopping around may become a problembecause a lot of people are getting out

(40:27):
of the business. Absolutely, It'sjust so when you get the solid the
big boys usually are going to bethe ones that are going to the last
longest if stay around obviously the longest. So if you want to look at
those companies, we have a lotof companies falling out, a lot of
companies laying individuals, often just notproviding insurance, I mean, and it's
because of the fear of the insurancecompanies to cancel or op you out or

(40:52):
not to renew your coverage because there'sexcessive amount of claims happening in different places
and all over the place. Seeplaces that are used to having an insurance
claim, they can deal with it, but now you're getting it all across
the country right coming very difficult forthese people to bank those So you may
have some difficulty in some places herein Charlotte, not the difficulty. Insurance

(41:13):
is kind of easy and still is. But like Jeff said, California,
Florida, all the different places likethat that are having hurricanes and tornadoes and
that happen more frequently and often,it can be tough. Okay, well,
we've run out of time. Thanksfor that information. I appreciate it.
If you could let people know howthey can get in touch with you.

(41:34):
Terrific loan officer who works all overthe US commercial as well as residential,
Charles Giscombe, Chuck, give themto your number, will absolutely.
You can reach me at seven twofive five seven seven eight seven sixty one
at seven two five five seven seveneight seven sixty one, or you can
email me at c Gisco at USFWholesale dot net. Excellent. Thank you

(41:55):
very much, Charles, appreciate youcoming on the show. Jeff, Thanks
for all always. Yes, Charlesgiscom from United Security Financial On Jeff Barton,
your Voice in the Mortgage Industry.We'll be right back. You're listening
to the Mortgage Voice with Jeff Barton. We'll be right back with more and
just a moment for questions or comments, send emails to info at meliboufunding dot

(42:17):
net. Now back to the MortgageVoice with your host, Jeff Barton.
Welcome back, everybody. I'm JeffBarton, your Voice in the Mortgage Industry.
Thanks very much for tuning into theshow. We are always here available
for you. If you want toget in touch with us, go to
the website. It is the MortgageVoice dot com. You can contact me

(42:37):
through there. Also, if youwanted to see the show as well as
here the show, you can goto YouTube Jeff Barton the Mortgage Voice on
YouTube and you can certainly get intouch with me that way. We have
a number of different people who jointhat group each and every week. I
really appreciate the YouTube listeners, youknow, it's funny in this segmented market
where we get audience from all kindsof different places, whether it's traditional radio,

(43:00):
you know, driving around in yourcar or listening at home, or
whether it's online, or whether it'syou know, by listening to podcast radio.
It's just really interesting stuff. Andbecause I'm new to it, I
was. I was in line theother day and I was fiddling with technology,
which is difficult for people who aremy age. It just is.

(43:22):
I mean, it is and itisn't right, but it's I prefer picking
up the telephone, talking to someoneand having it taken care of. That's
the old way that that was thetechnology of my era. So I turned
to these two young guys and theywere in line same as I was.
I said, you know, Ihate technology, and one of the guys
said, you know what, Ilike technology because we grew up with it.
And isn't that the truth. Imean, there will be some new

(43:45):
thing that happens after they've reached theirmaturity level, which is you know,
for a guy, I have noidea, but for most people it's twenty
five thirty years old. But therewill be something new that they will find
difficult to adapt to. And Ithink adapting to the real estate market,
or adapting to what's happening in themortgage market is really about acceptance. It's

(44:07):
like, this is it, thisis where we are, this is what
I got to do to get intothe game. Whether you think shelter is
too high priced, whether you thinkhome prices or rental prices are too high
priced, it is really about youneed these things. You got to get
into the game. You got toaccept what it is and try to work
the best you can. Now,if you're on a limited budget, I

(44:27):
get it. I've worked two jobsin my lifetime as well. I'm still
working adult at my age at seventyyears old. So if you think that
the people giving you advice, atleast on this show don't know what you're
going through or how you can affordthings, we really do. And I
think that's one of the basis isby which we try to provide information so

(44:47):
that you can make the best decisionspossible when you're buying or selling real estate.
I mean, whether it's in yourmortgage, or whether it's in the
real estate well it's in the peopleyou work with, or whether it's in
the amount of money you got toput down on the house. All of
this is information we deal with,either with the guests we bring on or
the different segments that I bring tothe show. From the information that I
gather over a vast amount of yearsin the business as well as you know

(45:09):
what's happening today, whether it's somebodythat said something that might affect mortgage interest
rates, I eat your own polesaid something I e. Some fed board
governor, or some disaster that happens, a big fire, a big earthquake,
a big flood. All of thesethings affect decisions that you make and
being able to discuss them openly.For instance, we talked about the insurance

(45:31):
earlier on the show. We talkedabout the availability of housing. Earlier in
the show, we talked about howthe Inland Empire, House, Amburn and
Riverside counties are growing in population,but it's perhaps not, you know,
reflected in the way the home priceis going on, because we've seen home
prices out there go down about twoand a half percent and in the first

(45:52):
quarter of this year. Okay,let's get some news to use in this
particular section. We have about afew it's left in the show. I
talked a little about the headline CPI. I think that's interesting. I put
down here, is it corporate greedor is it not corporate greed? And
we talk I've talked about it onthe show. I think it's corporate greed,

(46:13):
a lot of it. I didsee two different specials on TV,
both purporting to be the truth.And this is the problem with the way
media is delivered today. It reallydepends on where you watch it, who
you watch, and how you getthat information. I get my information primarily
through reading it, and I readit through a number of different websites,
which of course has their own manipulationprocess. But if you are a video

(46:37):
watcher, whether you watch it onYouTube, whether you watch it on regular
television, or whether you watch iton your laptop or your desktop computers.
And traditional newspapers, I don't know. There's very few people who are younger
than me that even know what anewspaper is, let alone read one on
a daily basis. My wife readsNew York Times, I read the La
Times, you know, things likethat. So however you get your inform

(47:00):
is going to slant how you seea particular thing. So, in this
particular aspect of okay, is itcorporate greed causing inflation or is it just
the natural course of events because weflooded the market with money. I think
it's a combination. Although at thispoint, after all this time and after
the actual federal money had stopped beinggiven out two years ago, almost I

(47:22):
think right now. The one programI saw was a special that talked about
no, this is how we're goingto prove it's not corporate greed. It's
just the natural flow of events afteran event like what we had in COVID.
Then I saw another program on adifferent channel, in a different way
that it was delivered to me.It is corporate greed, and here's why.
So, as I said, inmany things that we talk about on

(47:45):
this show, we try to givean analysis based on some of the information.
Now the information is limited. Ican't be everywhere all at once.
I did love that movie. Wasthe name of that movie. Everything Everywhere,
All at Once. I was great. Won the Academy Award two years
ago. It was about how thedifferent choices you make in your life can
affect exactly where you are in yourparticular universe or your particular world. Right,

(48:08):
So, if you buy that housetoday in twenty years, how has
it affected your life. If youdon't buy that house today in twenty years,
how has it affected your life.It's an interesting mix of choice and
then observation and then dealing with theperspective of that particular decision as you progress
down and make different decisions based onthe decision you just made. So my

(48:30):
opinion is housing is gold. Ifyou're in the market now, we're going
to see a recession at some point. We're going to see house values depressed.
At some point two thousand and eight, after that crash in the mortgage
industry that almost wrecked the entire worldeconomy, house prices in the Inland Empire

(48:50):
we all know what happened, andwent down seventy five percent in some areas
seventy five percent. It took tilltwenty and twelve, twenty and thirteen to
those houses to be back out fromunderwater, underwater meaning old more than the
house is worth. Well, whereare you now? If you hold on?
You're looking at that decision to holdon rather than sell, or hold
on rather than give back to thebank as a pretty good decision. You're

(49:12):
almost paid off your house probably you'reprobably at least twenty twenty five years into
it, and now you're looking atretirement and a paid off house and increase
in the value of that house probablyone hundred percent, maybe even more.
So. That decision is actually apretty good decision. But we did see
that happen in two thousand and eight, we will probably see something similar,
maybe not down sixty seventy five percent, but certainly down twenty five thirty percent.

(49:37):
But again, real estate is thenumber one way why which most people
buy, which most people make moneyor pass on a legacy. I remember
when I was a kid. Nowagain this is the get off my lawn
guide talking, But so when Iwas a kid, our house costs five
thousand dollars and at that time,and I don't know why I was interested

(49:58):
in that time, maybe because mymom as a real estate agent. However,
at that time, if you boughta house, you could almost guarantee
that it would be worth less whenyou sold it or you got rid of
it twenty five thirty years later.It was just the way it was.
It wasn't the demand and the houseprice and the economics and everything that's happening
since that time. Today, ofcourse, if you hold on a house

(50:21):
for twenty five thirty years, youcan guarantee that those houses will go to
the matrix. You can see themanywhere. Just dial up house prices in
southern California last thirty years and you'llsee the graph and it'll show you the
dips and the doodles, but it'llshow a steady increase in value. And
that increase in value is security inthe bank. Now. As we talked

(50:43):
about in this show, and we'vetalked about it recently, because it's more
of a recent phenomenon than a historicalphenomenon, insurance is a big deal that
has to get solved. If youare a mind or in politically inclined,
i'd contact the people who make thosekind of decisions, whether it's locally,
nationally, or in the state house. These are the people that have to

(51:04):
solve this problem of insurance. Whetherit's California Fair Plan, which is the
fire insurance that you get if youcan't get regular fire insurance. But as
our guests was saying earlier in theshow, even the California Fairplane is reducing
the number of people on its roles. I don't know what those people are
doing in terms of fire insurance.Because if you can't get fire insurance,
your house is worth nothing. Theseare always concerns, but getting involved is

(51:29):
they weigh the way to get thelegislature on board. It's the homeowners here
in California that really are the backboneof what we have. It's the stability
in the state. It's the stabilityin the yearly tax that we pay for
property tax, whether it's in thecounty or the local municipalities. All of

(51:52):
these people are really dependent on thatvalue. Well, if you don't have
insurance, you don't pay anything becauseyour house is worth nothing. So get
on it. Call your locals andlet them know. I'm Jeff bart and
your voice in the mortgage industry.Appreciate you listening to the show, and
we'll see you next time you're listeningto the Mortgage Voice with Jeff Barton.

(52:12):
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the four, ranging in ages fromtwenty two to forty, were rescued in
a daytime raid Saturday in central Gaza. One Israeli security official was killed in
the raid. Health officials in Gazasay at least one hundred and fifty civilians

(58:42):
were killed in gun battles. Officialsin Walton County, Florida, closed off
public access to beach waters after aseries of shark attacks. Three people,
including a forty five year old woman, were seriously injured in separate incidents at
two different beaches yesterday afternoon. Meantime, on the same day, in the
water off of Oahu in Hawaii,a swimmer was being treated for injuries after

(59:04):
an apparent encounter with a shark.An astronaut who was one of the first
three people to orbit the Moon hasdied at the age of ninety. Family
members say William Anders died Friday afterhis small plane that he was piloting crashed
off the coast of Washington State.Anders was a member of the Apollowate Crew
and took the famous Earthrise photo innineteen sixty eight. His small plane went

(59:25):
down in the water north of Seattle. I'm Chris Karagio, NBC News Radio,
NBC News on KCAA Lomolada, sponsoredby Teamsters Local nineteen thirty two,
Protecting the Future of Working Families Teamstersnineteen thirty two dot org. You're listening

(59:47):
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