KCAA: The Mortgage Voice with Jeff Barton (Sun, 14 Jul, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sun, 14 Jul, 2024

Episode Transcript

(00:01):
Mortgage Voice with Jeff Barton, yourvoice in the mortgage industry. Each week
on this program, Jeff and hisguests share their expertise, personal antidotes,
and the latest industry news to keepyou in the loop. Now to provide
you with insights and help you navigatethe consistently changing world of real estate lending.
Here is your host for the MortgageVoice, Jeff Barton. Welcome back

(00:23):
everybody. I'm Jeff Barton, yourVoice in the mortgage Industry, and thank
you very much for tuning into theshow. We are here on a terrific
day in the middle of summer.Yes, it is summer, and I
know there's a lot of people runningaround with their kids or looking for some
place to live or rent in thefall time. This is what they call
the heightened sweet spot. In thespring buying season turneding into summer buying season.

(00:49):
There is a window by which Ithird or forty percent of the homes
in our area will get sold withinthis time frame. And it always becomes
the pressurized time frame for a sellerbecause the seller wants to sell now.
They don't want to say, Okay, this is what the market is.

(01:11):
You're gonna have to wait three sixmonths before it sells. No, they
want to sell now. And becausewe've had such a demand on housing in
southern California over the last oh picka year, four years, five years,
whatever it is, we've seen pricesrise, mortgage rates rise, and
inventory shrink. And because of that, sellers have an out you know,
moded look at the way it isin terms of how quickly their house is

(01:36):
going to sell. So if you'reone of these people, you've got kids,
you got a new job, yougot to move, and you're looking
around for a house, I reallyunderstand where you're coming from and how you
feel. Again, I'm Jeff Barton. This is the Mortgage Voice. If
you want to see and hear thisshow, you can go to YouTube Jeff
Barton. The Mortgage Voice is ourYouTube channel. If you want to hear

(01:57):
on Saturday and Sunday around in theIE, go to KSEAA dot com and
that is our radio station affiliate.We've been with them for all a long,
long time and they do a greatjob at promoting what we do for
you, which is bring you realtime information about what's going on in the
mortgage market and the hows and thewhys of the situation and where we are

(02:22):
and how we got there and howwe can get out of that now.
We also bring to the show alot of experts, experts in the field
of actual mortgages, actually a realestate agent, people who can say,
this is how I see it,this is my business today, and these
are the things I can do tohelp you understand what's going on. You
want to use me, you don'twant to use me, that's fine,

(02:44):
but they're gracious enough to come onthe show and share the information, whether
it's the interest rates and where they'vebeen stuck like a rock in midair on
a throwout. You can see sevenpercent as a persistent six to eight month
mortgage interest rate. Kind of wherewe've been and where we're going to continue

(03:05):
to be even though we see somemovement and I say some movement towards interest
rate cuts by the Fed. We'regoing to get into a bunch of this
stuff and we're going to talk aboutexactly what the Fed's next move is.
And we've seen some new information comeout the unemployment rate. We've seen inflation
data coming out later and by thetime of the airing of this show,

(03:29):
we will have inflation data. We'reprobably going to see slight decrease in the
inflation. We're going to see peoplegetting excited about the inflation being under control
and at the same time wanting theFed to cut interest rates. So tangentially,
mortgage interest rates follow as well.Now, in looking historically at where

(03:50):
we are in the interest rate climate, seven percent, I said, is
thirty year fix. I'll go throughthat way there. Six point seven six
is a thirty year fix. Alittle bit better. In the fifteen years
at five point nine eight, FAHAis at six point four to eight five
to one, ARM is at sixpoint five percent, and the VA loan
is at five point eight seven,the two years at four point six two

(04:10):
four, and the ten years atfour point two seven. Now we've had
that divergent in the two and theten, and how the two is obviously
worth more I'm sorry, Yes,is yielding more than the ten year and
has been for over two years.And why that may be significant now as
a pour ten to four coming recession. We have a number of different indicators

(04:31):
as the economy has cooled because ofthe interest rates that the Fed has higher
for longer, and people now aremore nervous about slowing economy turning into recessionary
mode, and you know that neverbodes well for anybody. So pick your
poison. You want high or atleast somewhat high inflation, or do you

(04:55):
want the economy that's somehow lessening interms of the power of what it is
for you and me to be ableto go out there and buy a house.
Unemployment, insurance, social Security,other things that are there as a
backstop. We haven't seen really increasesin any of these things in terms of

(05:16):
outlays for either the federal or thestate, in terms of how we're looking
at unemployment. So yes, allthese things are to be considered. Let's
go through a few things that Ihave on my list here today, rather
than just riffing off the top ofmy head. Sorry about that. Employment
adds two hundred and six thousand jobslast month. Now, that's right in

(05:38):
line with where they are in termsof the cooling of the labor market.
They Jerome Pile had a number ofdifferent things he's talked about. He's doing
some testimony and you might catch someof his testimony. You can either do
it on YouTube or look at someof your favorite financial channels and catch some
of the highlights. Two quotes.I want to give to you what Jerome

(05:59):
pop said, we now face twosided risks. Now what does that really
mean? Two sided risk? We'vehad inflationary risks, right obviously, and
now we have economy risks, meaningthat, okay, if inflation is under
control, but we've seen the economycool to a certain extent that we may
be sliding towards a negative growth,which, as everyone knows, a couple

(06:19):
of quarters in a row negative growth, you're in a recession. Are we
headed that way? So there aretwo sided risks. As long as we've
been higher for longer, inflation hashas come under control. Beginning of the
year not so much. But nowwe've seen inflation, as I say,
continue its downward trend, as ithas been after it reached its high of

(06:40):
about nine percent a couple of yearsago. But there is the danger that
that will lead us into recession.So the mandate for the Fed right is
low unemployment and growth with the economy. So are they achieving these things?
And that's where we are with JeromePowell. The second quote, what I
want to quote to you is quotelabor markets appear to be fully back in

(07:03):
balance. So if we're talking aboutemployment. Where are you, You're driving
around, you're listening to me,you're seeing on YouTube, wherever it is
that you get this information. How'syour job? How secure do you feel
where you're working. We see someof the employment numbers of the two hundred
and six thousand that were hired lastmonth, a lot of them in government.

(07:24):
And is that a good thing oris that what we do when we're
going into a recession? Government upsthere hiring and therefore tries to keep the
numbers of people unemployed as low aspossible as we go through whatever it is
now. I'm not saying it's arecession, but in terms of what they're
talking about employment wise, and thepeople who are hired and working in these

(07:46):
sectors, everybody's a little bit nervous. So that's why when we talk about
these things right now, Is thisthe best time to buy a house?
There's a several different factors in termsof buying houses. Everybody knows one,
you have to have the money tobe able to afford it. Two,
there has to be availability of housing, and there is still a lack of

(08:07):
housing opportunity and availability here in Socow. We talk throughout the year about all
the exodus of people that go fromhere to other states, and there's such
a big thing. Oh, it'sthis, it's that, you know what
it really is. People can't afforda house. That's the bottom line of
it. If you could afford yourhouse, you probably wouldn't leave here because

(08:28):
it's a weatherwise, it's a greatplace to live. Just the lifestyle itself,
the way California has a different mentalityabout itself and how itself presents to
the people that live here. Now. You may not like taxes, you
may not like other certain things thatthe government does. Heck, I don't

(08:50):
like them either. However, whenit comes to those statistics of people leaving
California, it's really about housing affordabilityand we've had to lack of it now.
Conversely, if you own a home, we always talk about it your
happiest heck and your happiest heck becauseyour house value has gone up forty percent

(09:11):
in the last three years, fouryears, that's amazing. You buy for
millions now worth a million four that'spretty good in terms of you know what
your house is worth today and whatyou can do with that particular equity in
your home. We talk about that. We'll talk about it again today.
We'll talk about he locks, we'lltalk about seconds, we'll talk about redoing

(09:31):
your first if in fact, ratesever come down around the six percent rate,
if you have a five percent mortgage, difference is one hundred bucks perth
one hundred thousand. So if it'sa you know, three hundred thousand dollars
house, she's gonna pay another threehundred dollars in mortgage interest in terms of
getting equity out of your house andbeing able to afford a six percent versus
five percent mortgage. Anyway, I'mJeff part and your voice in the mortgage

(09:54):
industry. Really appreciate you listening tothe show, and we will be right
back. You're listening The Mortgage Boyswith Jeff Barton. We'll be right back
with more and just a moment forquestions or comments, send emails to info
at melibocumding dot net. Now backto the Mortgage Boys with your host,
Jeff Barton. Welcome back everybody onJeff Bartner, your voice in the mortgage

(10:18):
industry, and thank you very muchfor listening to the show. As you
listen to us each and every week, you can catch us on the usual
suspects, but Also, we havea number of different podcasts that you might
be able to tag into, especiallyif you already have de'rely have a list
of those, please yes, Ido. Jeff It's Apple Podcast, Google
Podcasts, Spotify, Spreaker, Stitcher, iHeartMedia, Odyssey, YouTube, podclips

(10:39):
dot Io, and the Mortgage Voicedot Com. Mortgage Voice dot com that's
our website. Go there. Youcan see and hear all the guests that
come on the show and you cancontact them directly. And podclips dot Io
I'm pitching them all the time.Great place to go to get a central
way that you can plug into allyour favorite podcasting wants and again podclips dot

(11:01):
Isle. That's a good place togo. Okay, So we were talking
earlier in a segment about what's happeninggenerally across a lot of what's going on
in the economy, of what's goingon in terms of inflation versus unemployment versus
where are we standing with the interestrates, a lot of good things.
Let's get right to some news touse section. Okay, this is a

(11:22):
quote and you have to guess whosaid it. Unless there is a significant
surge in the rate of unemployment,which is currently not in the forecast unless
there is a significant surge in therate of unemployment, which is currently not
in the forecast. That means,if in fact, we do get a
surgeon unemployment, we will definitely seethe Fed drop interest rates. So where

(11:46):
are we? And who said it? Lawrence Yun That's right. Nobody would
have guessed that. He's the chiefeconomist for the California Association of Realtors.
We go to him pretty much whenwe're in these transition periods, and right
now we're in one. We've seeninflation really cool. We've seen, as
Jerome poul said, the labor markethas really come back into balance. That
would mean that it's pre pandemic levels. And in that particular time period,

(12:11):
where were we What were we doingbefore pandemic hit and all the unemployment and
then the reemployment and now we havea balancing out. Another thing to indicate
the balancing out. I don't knowif people remember, but I harped on
what a cost of lumber was inthe pandemic and how it had gotten so
out of whack it It really isfour hundred, four hundred and fifty dollars

(12:37):
within that range of one thousand boardfeet. That's what lumber costs. So
you're building a house, you gotto figure that in. So costs during
the recession for building a house reallywent out of whack with what traditionally they
were, and they went up tosixteen hundred feet per thousand board feet sixteen
hundred dollars when it was four hundreddollars. Mortgage News Daily came out with

(13:03):
their chart, and I just thoughtit was interesting to look at of what
the board feet costs today in FebruaryMarch of twenty twenty one, sixteen hundred
and forty dollars per thousand square footof board feet. Today four hundred and
forty dollars per thousand board feet.Now that's right in line with where it

(13:24):
was prior to and this is whereit is today. Now. We don't
see a reduction in that number,but we don't see it really inflationary way
above where it should be where itwas during the pre pandemic level. So
this is pretty interesting, and Ithink there's a lot of products out there
that are going to be like that. There. Let's see. I have

(13:45):
a chart here as well about someof the things that cost less and have
come down in prices to whereby we'relooking and comparing them to pre pandemic type
of prices. Hotel prices have comedown, Rental costs for housing have really
come down, and car sales lowerprices for them as well. This shows

(14:07):
a weakness in demand, which iswhy the actual economy, I mean,
the prices for these three things havecome down and why we see things like
you know, building materials for housinghas also come down. Where will we
be in six months a year reallydepends on what happens with government spending,
what happens with the inflationary nod Arewe going to go into one, are

(14:30):
we're not going to go into them? We're back to that again. And
will the FED reduce the cost ofborrowing inner bank, which in turn reduces
the cost for mortgages, which ofcourse in turn unlocks all that equity which
would really spur demand. That's reallywhere we're heading. I think, I
don't know if it'll be this yearor next year. Just really depends if

(14:54):
we have a change in writer atthe top of the presidential run here and
we at don Trump in again,well, that will spur certain economic activity
because cutting taxes and cutting regulation,that's always a Republican way by which they
can stimulate. If we get upa more of a Biden swing into this
thing, we will get more governmentspending. Both of these guys are not

(15:18):
going to do a thing about thedebt unless we get into the military versus
social spending kind of argument, whichI don't know. You know, to
me, when you're bailing people outor you're helping people out with contracts from
the government, what's the difference ifyou're spending on one versus another. I
think one way to look at itis that if we had a total reduction

(15:39):
in spending, that would be goodlong term. But is it good for
me who wants to buy a housetomorrow. No, not really. I
did see an article today it wasincredibly interesting saying that the people who are
going to pay for the huge,burgeoning, burgeoning I hate that word,
but the huge debt that the governmenthas thrown upon us thirty three trillion dollars

(16:00):
has gone up about twenty trillion inthe last fifteen years through the Gulf War
war. Yeah, the Gulf War, Afghanistan War, the tax cuts,
you know, all these things havereally added like doubled the deficit. But
it's gonna come down to baby boomershaving to pay. Now, what does
that mean? I don't know whatthat means. The article didn't say,

(16:22):
But my suspicion is the taxes oninheritance, taxes on transferring wealth are all
going to go up, and thisis how these particular bills are gonna get
paid. I, for one,I'm in that age range. I don't
know exactly what exactly that means forme. Does it mean my property tax
goes up? No, because that'snot federal. What it means would mean

(16:45):
a age bracket kind of increase.I don't know, but I do know
according to this article, that's whatit said. So take it for what
it is. Fifty four percent ofhome prices rise. Okay, so fifty
four percent is the number I saidforty percent Since twenty nineteen, the average
home in the US has risen inprice fifty four percent. That's a lot.

(17:11):
That's that's not the million to amillion four, that's a million to
a million five. That's incredible,million five forty As a matter of fact,
So those people out there like myself, maybe this is what the tax
is going to be. It's atax on unrealized debt, I mean unrealized
the increase in the value of yourhome. I was thinking a couple of

(17:32):
weeks ago, just about okay,So if we took half of the increase
that people have gotten in their homes, refinance our homes and paid it to
the government and attax, would that, in fact buy down the debt?
I think it would. Uh.And I think buying down the debt for
our kids and grandkids is probably thebest thing we could do in order to
ensure the US has the economic legsto be able to withstand whatever. You

(18:00):
know, economic issues come up,whether it's a war, whether it's weather.
And weather is killing us by theway, I don't know if anyone
was watching Hurricane Barrel or the firesin southern California. They are just burning
really NonStop. And apparently we havethe Fire Department country in my house the
other day and they were saying,look, it's not the dryness per se,

(18:21):
although that's bad. It's the wind. You can't control the wind,
and it's unbelievable. I know frommy own house. I can attest over
the last two or three years.When it blows, it's blown fifty sixty
miles an hour, and you getcaught up in some kind of fire issue
or the dryness and a spark that'swhat's pushing fires through not only here,

(18:42):
but in Arizona, Utah. Anumber of other states have experienced the same
kind of wildfire. We're lucky wegot our insurance, and I know we
talked about the horribleness of having tocut all our vegetation away from the house
and being able to, you know, get that fire certificate so that we
can bring it to our insurance companyand say, hey, look we have

(19:03):
this fire certificate from a third partycountry, a company rather, and they've
given us the ability to say,hey, look, we've done everything we
can to prevent fire. Give usour insurance, which they did. But
from the insurance standpoint, oh mygosh, can you imagine trying to predict
the loss that you're going to getevery time there's a fire, especially in
southern California where the population is dense. I mean, some areas of California

(19:26):
it there's nobody there, so letit burn, right, But in a
lot of areas where there's a lotof brush, yeah, that's a problem
anyway. I'm Jeff partner voice inthe mortgage industry. Really appreciate you listening
to the show and we'll be rightback. You're listening to the Mortgage Boys
with Jeff Barton. We'll be rightback with more in just a moment.
For questions or comments, send emailsto info at melaguponding dot net. Now

(19:51):
back to the Mortgage Boys with yourhost, Jeff Barton. Welcome back,
everybody. I'm Jeff Barton, yourvoice in the mortgage INDI. Thanks very
much for tuning into the show listeningto us on a weekly We come to
you Saturday and Sunday driving around allthe things you do in order to get
those days done, whether it's you'regoing to church or you're going to the
hardware store, you're just driving thekids around, find something to do.

(20:15):
We are on casey aaam and FMsignals. We're on the Big Hill and
we have a signal that carries allover the place out to Palm Springs and
western Los Angeles County, south toOrange County and north Aenio but Sam Bernardiner
and Riverside Counties. That's our breadand butter, and we like to bring
to you each and every week thingsthat will help you decide whether you're going

(20:36):
to buy a house, whether youneed to sell a house or whether you're
just in the market or not inthe market. There's certainly a lot of
signs one way or the other.But I'm not the expert on this area.
The guy I bring on usually totalk about it is George Gonzales,
and I'm lucky enough to have himagain today. He works over at south
Land Mortgage. George, how areyou, hey, Jeff? Thanks for
having me on. I'm doing excellent. How are you over there at the

(20:57):
beach? You know, man,you had to throw that out there.
You know, the beach is nice, except sometimes it's a little cold,
to be honest, you'd like torub that in. Oh it's a slap
in the face. I know,I know. I'm sorry, and that's
not true. I just said thatbecause I knew it, all right.

(21:18):
So, speaking of hot now,we've gone through the spring buying season,
which, according to you know,several sources, was kind of a bust.
Where are we right now in termsof both inventory and houses available,
and how is the market out therein the ie? Well those are those
are awesome questions. So we canstart with the inventory out here in the
Inland Empire, you know, Ontario, Rench Cucamonga, Fontana rialto Samernadino.

(21:44):
All these areas over here are okay, I mean it's there, there are
some there's more inventory, let's putit that way. God, there's more
inventory. I've seen in the recenta few price reductions on properties. Okay,
longer times to sell, which meansthere, you know, more days
on the market. Before as youknow, the last year, two years,

(22:04):
they were flying off within fifteen twentydays, right sold. Now I
think we're up to somewhere averaging fortyfive to seventy five days on the market,
depending on you know, on thearea. Sure, sure, So
the hot areas out there are waretoo shorte The hot areas are the northern
part of Fontana area and the northernpart of Rancho Cucamonga area. Okay,

(22:29):
And that's because the houses are great, and the school system's great and all
the infrastructure that you need for youknow that kind of price. What what
are the prices they're getting for thosehouses out there. So if you're looking,
let's say, a standard three bedrooms, two bath in northern Ranch Cucamonga's
probably in the eight hundred and fiftythousand range to start. The North Fontana,
which has the same quality of thehouses, maybe a little bit newer,

(22:52):
same sizes and all that good stuff. You're looking somewhere in the range
probably seven hundred thousand, so abouta set at fifty about one hundred,
one hundred and fifty thousand differents afterthe freeway that the freeway divides the values,
right right, Okay, all right, So now we talk about the
real estate, the real estate inventoryand why it's gone up, and that

(23:14):
the affordability index here in southern Californiais terrible. What is the magic mix
that we have enough houses on themarket where prices come down, yet at
the same time, when we havelower interest rates, we don't see a
rush back into the market pushing theprices back up. Is there sort of
a then diagram I can send peopleto to figure this out. Well,

(23:37):
the thing about it is, youknow, this is the first time in
history, as we all know,where interest rates are high as well as
housing prices are high. Typically it'syou know one or the other, right,
yeah, you know, and balanceit out a little bit. So
at this point, the thing thatI'm looking for is I'm telling my buyers
is you know, had a fewof them waiting for for such a long

(23:59):
time. And then finally I said, look, let's let's not wait anymore.
Let's just jump on something and getyou somewhere in something that you need
now for your family, and youknow, later on on the line,
hopefully when the rates come down,we can drop your your payment, which
will you know, you'll still getthe house you want, except you're just
paying a little more upfront for it, but you'll get it back in the
long run. And are you suggestingto people that they put more of a

(24:25):
down payment so that the payment betweena higher price house one you know they're
paying with seven percent mortgage or they'reabout thirty year fixed rate, or are
you just saying, look, let'sjust get in at the cheapest amount and
go for the longer term payment likea forty year And again, well,
those are the two options I givethem. It's case by case, you
know, and I just let them. I present them the payments in comparison

(24:49):
with each other, and you know, and they make the decision on what's
best for them. And so youknow, not every obviously not every scenario
is perfect for the next for thenext person. Since so yeah, that's
that's basically I do. If theycan afford it and they're comfortable. Why
are they waiting? They have themoney for the down payment, there's no
reason to wait. You know,you need to buy a house. You

(25:11):
need somewhere to live. Right.It's not like a car, it's not
like you know, a TV.This is something that you know you're going
to be living in. And youknow it's hard for people to get that
because of the last what we justwent through, all their families and friends
bought them at three percent and throwingit in their face, and so you
know, that's what's really really beenthe hiccup is the people that got the

(25:32):
low rate who are bragging, andthe people who feel left out don't know
if it's time or if they shouldwait their turn for three percent rate again,
which probably will never come. Whatis the hangover time on this three
percent thing? Now? We arealmost two years away from having low interest
rates, and we've certainly seen sevenpercent pretty consistently for the past I don't

(25:52):
know, twelve to eighteen months.When do people forget and say, you
know what, seven percent I canafford that, Let's go get it right.
And that's where I think we're aboutright now. Okay, as a
matter of Fact the chief Bernanke today. I think I heard him on the
online saying that they're asking him what'sgoing on. I said, you know,
they said, you see, we'rewell into inflation here, people are

(26:15):
struggling people of this. What areyou guys waiting for? You haven't lowered
the interest rate? That was oneof the suggestions thrown at him, and
he basically said, I'm not goingto talk about that. I'm not giving
nobody no needs of which way I'mgoing to lean it to. So it
was just basically, shut up,is what he told them. Yeah,
I saw some of that. Powellspeaking, Jerome Powell speaking at the Senate

(26:38):
Subcommittee or wherever he goes to givehis biannual meeting notice and what's going on
at the Fed and how they're planningto I think what we're going to see
is probably September. That's what everybody'ssaying. Seventy five percent chance they lower
Fed interest rates. And you andI both know the FED interest rate is
not the mortgage interest rate, butthey tend to follow one another. If

(27:00):
the FED rate goes down, mortgageinterest rates can probably go down too.
So September and so I don't knowif that is what people here out there
in the world. I mean,I watch it because I watch Bloomberg every
day, But I don't know ifyour average person out there who's looking to
buy a house listens to that stuff. What are you telling them? Well
this, as a matter of fact, this last month, the vouchers came

(27:22):
out for the first round of voucherscame out for the Dream for All programs.
Oh, you're kidding. Did youknow how many of your people got
one? I got out of eightapplications, one of my clients got one.
Great. They're actually looking for ahouse right now as we speak.
They're going to go see some propertiestonight with one of my agents. But
yeah, so you're gonna notice inthe next thirty sixty ninety days there should

(27:45):
be more closings right now because theygot these vouchers out there for these people
to use them. So those might, you know, take in an account
for some of the more coming upcomingsales that are about to happen. Okay,
loan programs, give me a quickrundown of what loan programs are you
currently using. I know you talkeda little about the forty year, but
what else are you doing? Justthe conventional thirty years are the most popular.

(28:06):
Twenty percent down, ten percent down, five percent down, you know,
whatever they can can come up within their credit score, you know.
But there's no fancy loans out there, there's right, you know,
that's basically straight income docs. Ifyou're self employed, then you know,
we can figure it out with twelvemonths deposit bank statements to find some non

(28:27):
QM financing. Different there's other differentways for self employed, but if you're
employed with W two, the standardis going to be either the FAHA the
thirty years, or the conventional thirtyyears or the VA thirty years, because
those are the most popular loans.So if you're looking for a low down
payment, it's FAHA. And ifyou're looking for maybe you know, the

(28:48):
best rate possible, you're still goingwith a thirty year fix. You're just
extending out the time you're going topay it from thirty to forty that's correct,
okay, And where are we onall that? What is a forty
year payment look like in terms ofpercentage wise? Are you looking at like
still six and a half to sevenpercent on the forty year that's the thirty
to forty I believe I haven't pricedwent out lately because there's only a few

(29:11):
banks that are doing that right,that's true, and so I haven't priced
went out in the recent but they'rea little bit higher, a little bit
probably in the mid sevens. Isee. Okay, hey, listen,
we're up against it. That's aquick ten minutes. I love having you
on. You got a lot ofgood information, perfect person to give a
call. If you could let peopleknow how they can get in touch with
you, that'd be great. Yeah. My direct number is area code nine

(29:33):
O nine nine zero zero nine fivesix' five excellent. George, thanks
very much for coming on. Alwaysappreciated. Thanks, Jeff, appreciated too,
Thank you very much. That's GeorgeGonzales from Southland Mortgage. I'm Jeff
Martin, your voice in the mortgageindustry. Be right back. You're listening
to the Mortgage Voice with Jeff Barton. We'll be right back with more and

(29:56):
just a moment. For questions orcomments, send emails to info at Melibocumbings
dot net. Now back to theMortgage Boys with your host Jeff Barton.
Welcome back, everybody. I'm Jeffbart And your voice in the mortgage industry.
Thanks very much for tuning into theshow, for listening to us.
Each and every week we bring toyou some information that's going to help you

(30:18):
in your decision making process. Iknow we're getting to the middle of the
summer. I know spring buying seasonis over. I know that you probably
want a house, but you wantto wait until September when the FED might
drop rates. Yes, I know, however, there is always a good
time to buy, and every dayis another day that you have an opportunity
to go out and find something youreally like in the marketplace, find a

(30:40):
great lender, and find somebody tobe able to help you guide you through
this process. And when rates drop, you can always go back and refinance.
I know that's a staid and trueexplanation of much as you do in
the marketplace, but it is true. I mean, the opportunities are still
out there. We will see inventoriesgrow and we will see mortgage interest rates

(31:02):
fall. This is what's going tohappen. Now, when it happens,
I don't know. I'm not theprognosticator, but I do have somebody on
the phone right now who may havesome answers. Jennifer Martinez from Sierra Pacific
Mortgage joins us. Now, Jennifer, how are you? I am doing
well, Jeff, how are you? I'm pretty good? Well. You
heard that bloated in introduction. Wheredo you think we are right now in

(31:26):
this cycle? I mean, Idon't know. You probably caught a lot
of Jerome Poll's explanation on the hilltoday. So what do you think?
I mean, I do think thatthings are going to get better, right,
you know, I have seen productionpick up, so that's an awesome
thing. Yeah, So you know, I think that probably the worst is

(31:48):
behind us, right, and sowe're looking towards brighter day, hopefully sooner
than later. Right X and no, I agree it, And I think
the optimism is good. I mean, we in the mortgage business have been
hammered the past three years, andknowing that business is going to get better
when interest rates drop, we alwayslook towards the unemployment numbers and those have

(32:09):
not been great. I mean they'vebeen rising unemployment, but employment numbers are
coming down. These are the kindof things that we say, Okay,
we're happy that mortgage intro drates aregoing to be lowered, but some people
are going to be out of ajob. So what are we looking at
in terms of product from Sierra thatwe might be able to say can handle
both of those possible outcomes. Well, so you know, the California Housing

(32:32):
Authority rolled out the dream for all. Yep, they finally have issued the
vouchers. So I think that youknow, with the sixteen hundred vouchers,
you know we're going to see alot of first time home buyers get into
homes. You know, the sayingyou date the right, you marry the
house. I think that's absolutely true. I don't think that people should be
sitting around waiting for these rates todrop. I mean, if you can

(32:54):
afford the mortgage payment at the higherinterest rate, I mean I would definitely
get out there and you know,get into homes because once those rates drop,
it's going to be a feeding frenzyagain. So right, definitely have
an opportunity to get into a house, I would jump at it, and
then you know, refinance later downthe line when rates do drop down.

(33:17):
Now, we got a ton ofequity in most properties, right, I
mean I have in my house.I'm sure that you have in your house.
Most people who own a home arevery happy because they've seen you know,
obviously their equity rise by about fiftypercent in the last five years.
What are you telling people who wantto tap into that but not mess around
with their three percent mortgage? Imean some of them, you know,

(33:40):
do the line of credit, right, get a home equity line of credit
and you know, try to payoff your you know, because credit card
dad is at the maximum it's beenin like twenty years. Yep. So
I think that if you can tapinto that equity, then do so.
I mean, in all honesty,if you look at what you're credit card
payments are compared to, you know, maybe a little bit higher of an

(34:06):
interest rate, and yeah, youare going to have to get rid of
that three percent, but you're alsogoing to get out get rid of the
thirty three percent interest rate for yourcredit card debt. So you've got to
look at that, and maybe itmakes sense, you know, if you
can't do a home equity line ofcredit, just get rid of all that
credit card debt. So I agree, I agree with that one hundred percent.

(34:29):
I mean, you know, thecredit card debt has been choking on
us for some time, and howdo you wean people off from spending money?
I mean, that's the real issue. Here, not that they shouldn't
spend money on a house, butshould you spend money on I don't know,
some frivolous items that maybe not rightnow? I mean this is one
hundred percent yeah, I mean it'sso if you can get rid of those

(34:50):
payments, I mean, it maybe worth getting into like a six and
a half interest rate on your firstmortgage. Right. So it's and sometimes
like they have to use their creditcards because inflation is still high. Yeah,
so they're using it to go buygrocery. You know, that's double
than what they were paying two yearsago for grocery. So, I mean
it's kind of a double edged sword, right, But if you have that

(35:14):
equity, I mean I would probablymaybe contemplate getting, you know, refinancing
your house, tapping into that equityand getting rid of some of those debts
that you don't necessarily need. Iagree. I think debt is killing us,
and I think the federal debt iskilling us more. And at some
point somebody is going to say stopor we're going to have an implosion,
and the things that are worth somethingnow aren't going to be worth the same

(35:36):
things. And these are a problem. However, specifically today what are give
me an example a couple of theprograms that you have over at Sierra to
be able to you know, helppeople either first time home buyers or in
you know, thirty year fixed rate. What are you all offering. What's
the best programs? Well, So, I mean, I we just rolled

(35:57):
out with this W two wager neuricExpress. It basically it's a streamline it's
a streamline loan, so we basicallythere's a couple buttons that you can pressent
our system and we will pull afinicity report which basically pulls the like an

(36:17):
income verification as well as an assetverification. I'm underwriting those loans in twenty
four hours, you know. It'sa one two touch type of loan to
where we're getting them closed, youknow, in less than twenty one days.
And for purposes, I mean,that's what I'm getting a lot of
is a twenty one day close.So it definitely streamlines the process. I

(36:39):
mean, we do faha, right, we do manual underwrites with faha.
So let's say you've got not sogreat credit, you know, we could
definitely work with you with certain guidelinesand get you into those homes, you

(36:59):
know, We also have we rolledout with thanks statement programs, a twelve
month and a twenty four month program, as well as a DSCR, which
is the debt service really for theyou know, the investment properties. Right
My investment pricing and second home pricingis off the charts, it's on fire.

(37:20):
So I'm doing a lot of that, doing a lot of purchase purchases
for investors. Okay, that's good. No, let's just sit down on
that for a second. Give usan overall really specific picture as to your
investment type purchases that you're saying.Is it the rate on fire or is

(37:42):
just the availability of funds or easeof transaction? What is it? I
mean, it's the rate in allhonesty, it's pricing better than actually a
primary residence right now. And that'sunbelievable. That's great. Yes, and
so you know, and it's astreamline process. So there are things that
you know you can do. Yes, you you know, we're putting the

(38:07):
down but you know, for peoplethat want to build up their portfolio,
it's a great product to get intowhen you're you know, getting a loan
for seven in and eight, yeah, opposed to seven and a half when
you're purchasing a primary residence. Soit's definitely if you have the money and
you want to build your portfolio,it's a great product. It's it's almost

(38:31):
mind boggling. I'm thinking, well, why would the bank do that?
So I'm trying to think of questionsto ask you about you know. Okay,
so you have this ability to beable to offer a cheaper rate on
a second home. Is that becausethe second homes have more value? Or
if we have a downturn in therecession, these will get unloaded quickly so
you don't have them on your books. What are you thinking at in terms

(38:52):
of you know, the reason whythat would be. I think Wall Street
has an appetite for them. Okay, that's so I definitely feel like,
you know, that's a huge partof it. And you know, second
homes are usually the ones that getoffloaded first right up posting your primary or

(39:14):
an investment property right right, Soyou know, it's a great product.
It's a great way to build wealth. I agree one hundred percent. And
I also like the fact that youknow the rates are so attractive. You
know, if you're in the businessand this is what you do, absolutely
you'd look at this because otherwise yougo in non QM. You know,

(39:35):
all these investors that are paying anywherefrom eight to twelve percent in terms of
a yearly just to get into aninvestment property. Now you've got something now
that's a second home, so you'renot looking at it necessarily as an investment,
but that's probably what you're selling thesepeople to. Well, so the
second home order an investment probably,So that's like pricing is yes, it's

(39:55):
just it's I mean, I've broughtin probably a dozen this week, right
right, I'm sure purchases with thisproduct, so I mean, yeah,
there's definitely deals being done. Soabsolutely well, they should give you a
call. You want to shout outa way by which people can get in
touch with you, that'd be great. Yeah, absolutely So you can either

(40:19):
reach out to me via email atJennifer dot Martinez at ss Sam Pias and
Paul msmmaryciasncat dot com, or giveme a call at six one nine five
zero two zero three seven seven.Excellent. Well, thank you very much.
If we've come to the end ofour little talk here, and I
really appreciate that's a lot of goodinformation. Thank you. Well, I

(40:43):
appreciate you. Jess. It's alwaysa pleasure always. Thank you very much,
Jennifer, we'll talk soon. Okay, you have a great day you
too. That's Jennifer Martinez from SierraPacific Mortgage. I'm Jeff Parton, your
voice in the mortgage industry. We'llbe right back. You're listening to the
Mortgage Boys, Jeff Barton. We'llbe right back with more and just a
moment. For questions or comments,send emails to info at melbu funding dot

(41:07):
net. Now back to the MortgageBoys with your host, Jeff Barton.
Welcome back, everybody. I'm JeffMartin, your voice in the mortgage industry.
Thanks very much for tuning into theshow. Each week we come to
you, we bring you this informationthat we hope you act on. Sometimes
it's a wait and hold, sometimesit's a you gotta do it right now.

(41:28):
We are in and a time periodbetween the spring buying season in the
middle of the summer where people gottago, gotta do it now, and
people who can wait are going towait to see if September is the time
when the Fed drops interest rates andhopefully the mortgage interest rates will follow.
I've got the best person he comesto the show all the time. Charles

(41:49):
Giscomb joins us again from the UnitedSecurity Financial to give us some answers as
to really what direction you might beable to go, what kind of loan
products are out there? Charles,how are you? I'm doing good,
Jeff, thanks for having me again, my friend. Thank you, buddy,
I appreciate it. And where arewe in this market? It's so
confusing. I watched Jerome Powell givetestimony. I watch people bark at him

(42:10):
for two hours. I'm like,I still don't really know what he's doing.
How we're going to get there inorder to satisfy so much demand and
yet so little product, as wellas mortgage interest rates, which are scaring
a lot of people out of Californiaand maybe some other parts of the country
as well. Give us your overviewas to what's happening. That'd be great,

(42:31):
absolutely well. You know, theinterest rate today probably about seven point
four on a thirty year, yepsix seven on a fifteen year, so
you know, they're still steadenly wherethey are. They haven't moved too much.
They'll fluctuate up and down, youknow, to increasing twelve basis points
over the last seven days. ButJeff, guess what. The one thing

(42:53):
that that doesn't matter with that isthat due to limited supply, the home
prices hold there's value. So thereality of it is is with that happening,
the values are still there, whichalways means for Jeff and I when
we're talking to everybody out there,get in the game. There's still value

(43:14):
in the game. You still canmake money. You're not losing money.
Obviously, our rational head says,we don't service upside down debt, but
you're not going to because the market'shold insteady And so for traditional lending right
now, there are no really greatinterest rates or great interest rates that we

(43:35):
were used to two years ago.There's no more lows twos and threes and
fours and five and sixes barely,but we are still back to where we
work. You still can get intothe game. And even if a traditional
rate is not attritional mortgage is notwhere your structure is, there are many
other alternative loan programs that can helpyou get into this game, still help

(43:58):
you have an opportunity to make somemoney, or at least to get into
a steady investment so that when thingsdo correct themselves, you will be able
to make money and you won't losemoney. So these cycles and where we
are now, we're not really quitesure. But Powell said today he said,
hey, look, we are ina normal employment cycle, meaning that

(44:22):
we are pre pandemic. Normal employmentcycle meaning that you're going to get numbers
that are either going to indicate theeconomy is growing because more jobs are coming
into the market, or that theunemployment rate goes up which means less jobs.
And that really affects how we lookat a borrower, whether they got
a job obviously right, But inthe realm of investment properties, what are

(44:45):
we looking at different than a traditionalloan in a thirty year fixed rate from
Fanny may Well. You know what, although the economy, Jeff has proven
itself to be more resis and thenexpected despite what everyone else is saying and
the uncertainties I feel like the investmentmarket and getting into it won Jeff have

(45:12):
mentioned, is probably a better involvedcompared to the traditional way. There are
a lot of investment property programs,fixing slip programs, you know, holds
in rent DSCR loans. These areall loans that individuals can get into without
providing the full traditional mortgage structure inboth right, That's what I'm getting at,

(45:35):
right exactly, and that means andthat means two years of tax returns
or W two's I mean sixty daysof bank statements, which is two months,
I mean thirty days of paycheck stepswhich means four weeks to or bi
weekly or so basically, when youhave that, when when you're required to
have that, that is a traditionalloan. What Jeff is referring to is
the ability to get into the investmentmarket if you have a capital that will

(46:00):
allow you to use less documentation andin most cases what they call it is
a no doc. I know peopleare not you know, used the no
docks were very a long time ago. There was a no doc lowne and
everyone was using it and then itwent away. Well now they're back.
They're called stated stated loans, andthey're called no doc loans, and real
quick, I'll tell you they don'trequire W two's paycheck stubs, tax returns.

(46:22):
They're only require that you show themoney that you have in the bank
as a down payment or reserves.And it doesn't matter if the money is
a seasoned or not. You canutilize those funds even if they've got into
your account the day before. Aslong as they come from you, your
business account and your personal account,you're allowed to utilize those funds as your

(46:42):
down payment and reserves. The otherthing is you can close in an entity
name. What the entity name whatwe mean is an LLC or a corporation,
whether it's anes corp or a Ccorp, or even a trust.
As long as it's not in arevocable trust, you can close in it
and a revocal trust. The benefitsof these is to create protection for yourself.

(47:04):
It also acts as as the guaranteefor are on the loan, so
now your bills come in those entitynames. The biggest and the biggest value
added service to a loan like thisis that these mortgages and liabilities don't show
up on your personal name. Whereyou can do that at I don't know,
but we can do it here,Jeff. And the beautiful thing is

(47:27):
we would love to provide some ofthose things to individuals. What kind of
a down payment and credit score youneed on a loan like that. Surprisingly,
obviously there are some programs that onthese programs that will start anywhere from
sixty five percent LTV, which isthirty five down, seventy five, twenty
five down on up. There aresome of these programs that we can get
you into an investment property or fixingflip with ten percent down, same type

(47:52):
of loans. So there are manydifferent loan products out there depending on where
you are. Now, Jeff said, it's the it's important for the credit
scores for these, Okay, Sobut the minimum credit score that we can
work in I'm gonna say this,and I know the phones are gonna go
crazy, Jess, but we canget into some of these loans dependent on
the LTV with a five eighty fyclescore. Okay, So five eighty non

(48:17):
QM, you must have what thirtyfive percent down? Is that the way
they'll do it? Well in thisloan you can have, yeah, thirty
five percent or thirty percent down,okay. And if you have a fycal
score above six fifty, it's twentyfive percent down. Yeah, well that's
really good. And and I'm sureif you have a seven seven forty in

(48:37):
that range, you get even lessdown. You get less down, you
get a better interest rate, andyou have more options. So all of
this is designed to really help peoplewith you know, obviously challenges or they're
looking at maybe not a traditional typeloan, but something to get into,
sink their teeth into, and withthe different options that they have, it

(48:58):
becomes an attractive, proper, prettyan attractive loan for them to get into.
Absolutely, Jeff, it's an attractiveloan. And it's also built for
individuals once again that don't have traditionalfinancial structure or our traditional job. Someone
that's home every day working for themselves. It's more importantly to keep their money
as opposed to you know, it'snot what you make, it's what you

(49:21):
keep. And in a lot ofcases, you know, if you're not
providing your tax returns and different stuff, the entrepreneurs look for these type of
loans so they don't have to providethat because I'll tell you, if you're
an entrepreneur, most times you're writingeverything off and so your income on tax
return statements don't look as high,even though you may be doing very well
for yourself. But guess what willalways look good your bank statements, whether

(49:43):
they're commercial or personal, whether they'rean LLC or personal, your bank statements
show the real deposits that's coming through. And that's a beautiful thing because as
long as you can show the ATRwhich we always talk about here, which
is the ability to repay right.If you can show that if there's a
loan for you out there, andthis is a great loan that an individual
who doesn't have the traditional struct financialstructure can get into a loan, a

(50:07):
lot of people feel like it's worththe down payment to have the path of
least resistance to get involved with thismarket still and still having these properties have
value and not losing or being upsidedown. Listen, we got about a
minute left on the refinance of aloan like this, especially if it's in
an LLC. Any issues would thatcome up later if somebody wants to get

(50:28):
out of the loan they're in andmaybe get a lower interest rate on a
similar type loan and say less thana year, any issues with that,
No, there is really no issues. The one thing about it is a
lot of lenders that were utilized theywill have a pre payment penalty because they'll
have a lot of fees. Theydon't have a lot of fees up front,
so they're looking to you to stayin that loan longer so that the
interest payments that they make are themoney that they make. The beautiful thing

(50:50):
is they give you the option tobuy the pre payment penalty down to twelve
months or less, and so thatway you're in this property. You use
it as a strategy to get intoa property, but within twelve months or
less, you can refinance into atraditional loan or another loan that may have
a better interest rate when the interestrates correct themselves. So this is another
great strategy for individuals to get intoloans from a strategic standpoint on a short

(51:14):
term strategy, and then in thelonger term strategy, when the interest rates
do correct themselves, you can refinanceinto a traditional loan. Well, you
can finance into another loans similar tothis with a lower interest rate. It's
all there for you. All youhave to do is reach out and make
sure that you get an informed aloan of exactly like yourself. And speaking

(51:35):
of that, could you shout outa way by which people might be able
to get in touch with you,that'd be great. I sure will,
absolutely, Jeff. You can reachme at seven two five five seven seven
eight seven six one again at seventwo five five seven seven eight seven sixty
one, or you can reach meat c gets goom at USF Wholesale dot
net. Charles, thanks very muchonce again coming on doing a great job.
Appreciate it. Thank you Jeff forhaving me always. Thank you very

(51:59):
much. Charles gets going from UnitedSecurity Financial One, Jeff part and your
voice in the mortgage industry, andwe'll see you next time. You're listening
to the Mortgage Boys with Jeff Barton. For more on today's topic, visit
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(56:08):
Radio. I'm Rob Martier. FormerPresident Trump will not delay his trip to
the Republican National Convention after all.This morning on Truth Social Trump said he
planned to arrive a couple of daysafter the start of the event, but
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(56:29):
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(57:12):
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face the Nation, the Arkansas Republicanshifted attention to the upcoming Republican National Convention.
I think we have to move onwith this campaign despite this horrific shooting.
The parties do have very different ideas. President Biden and President Trump have
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(59:08):
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(59:31):
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(59:51):
NICKI Haley will be speaking at theRepublican National Convention. Fox News says
Haley accepted the invitation to speak Tuesdaynight in Milwaukee. Rob Bartier, NBC
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