KCAA: The Mortgage Voice with Jeff Barton (Sat, 3 Aug, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 3 Aug, 2024

Episode Transcript

Speaker 1 (00:00):
Eeteen thirty two dot Org.

Speaker 2 (00:06):
You're listening to an encore presentation of this program KCAA
the Inland Topicspress Your.

Speaker 3 (00:13):
Voice in the Mortgage Industry. Each week on this program,
Jeff and his guests share their expertise, personal antidotes, and
the latest industry news to keep you in the loops
now to provide you with insights and help you navigate
the consistently changing world of real estate lending. Here is
your host for the Mortgage Voice, Jeff Barton.

Speaker 1 (00:32):
Welcome back everybody. I'm Jeff Bartn, your Voice in the
Mortgage Industry, and thank you very much for tuning into
the show. 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 running around with their
kids or looking for some place to live or rent
in the fall time. This is what they call the
heightened sweet spot. In the spring buying season turning into

(00:56):
summer buying season. There is a window by which I
third or forty percent of the homes in our area
will get sold within this timeframe, and it always becomes
the pressurized time frame for a seller because the seller
wants to sell now. They don't want to say, Okay,

(01:18):
this is where the market is, you're gonna have to
wait three six months before it sells. No, they want
to sell now. And because we've had such a demand
on housing in southern California over the last pick a year,
four years, five years, whatever it is, we've seen prices rise,
mortgage rates rise, and inventories shrink. And because of that,
sellers have an out, you know, moded look at the

(01:42):
way it is in terms of how quickly their house
is going to sell. So if you're one of these people,
you've got kids, you got a new job, you got
to move, and you're looking around for a house, I
really understand 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 this show, you can go

(02:02):
to YouTube Jeff Barton. The Mortgage Voice is our YouTube channel.
If you want to hear on Saturday and Sunday driving
around in the IE, 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
great job at promoting what we do for you, which
is bring you real time information about what's going on

(02:25):
in the mortgage market and the hows and the whys
of the situation and where we are and how we
got there and how we can get out of that now.
We also bring to the show a lot of experts,
experts in the field of actual mortgages, actually a real
estate agent, people who can say, this is how I
see it, this is my business today, and these are

(02:46):
the things I can do to help you understand what's
going on. You want to use me, you don't want
to use me, that's fine, but they're gracious enough to
come on the show and share the information, whether it's
the interest rates and where they've been stuck like a
rock in mid air on a throwout. You can see
seven percent as a persistent you six to eight month

(03:10):
mortgage interest rate. Kind of where we've been and where
we're going to continue to be, even though we see
some movement and I say some movement towards interest rate
cuts by the Fed. We're going to get into a
bunch of this stuff and we're going to talk about
exactly what the Fed's next move is. Uh And we've
seen some new information come out the unemployment rate. We've

(03:34):
seen inflation data coming out later, and by the time
of the airing of this show, we will have inflation data.
We're probably going to see slight decrease in the inflation.
We're going to see people getting excited about the inflation
being under control and at the same time wanting the
FED to cut interest rates. So tangentially, mortgage interest rates

(03:55):
follow as well. Now, in looking historically at where we
are in the interest rate climate, seven percent, I said,
is thirty year fix. I'll go through that way, Ye,
six point seven six is the thirty year fix a
little bit better? In the fifteen years at five point
nine to eight, FAHA is at six point four eight,
the five to one arm is at six point five percent,

(04:15):
and the VA loan is at five point eight seven,
the two years at four point six two four, and
the ten years at four point two seven. Now we've
had that divergent in the two and the ten 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

(04:36):
now as a pour ten to four coming recession. We
have a number of different indicators as the economy has
cooled because of the interest rates that the Fed has
higher for longer, and people now are more nervous about
slowing economy turning into recessionary mode, and you know that
never bodes well for anybody. So pick your poison. You

(04:59):
want high or at least somewhat high inflation, or do
you want the economy that somehow lessening in terms of
the power of what it is for you and me
to be able to go out there and buy a house. Unemployment, insurance,
social Security, other things that are there as a backstop.

(05:23):
We haven't seen really increases in any of these things
in terms of outlays for either the federal or the state,
in terms of how we're looking at unemployment. So yes,
all these things are to be considered. Let's go through
a few things that I have on my list here today,
rather than just riffing off the top of my head.
Sorry about that. Employment adds two hundred and six thousand

(05:44):
jobs last month. Now, that's right in line with where
they are in terms of the cooling of the labor market.
They Jerome Pile had a number of different things he's
talked about. He's doing some testimony and you may catch
some of his testimony. You can either do it on
YouTube tube or look at some of your favorite financial
channels and catch some of the highlights. Two quotes I

(06:06):
want to give to you what Jerome Paul said, we
now face two sided risks. Now, what does that really mean?
Two sided risks. We've had inflationary risks, right obviously, and
now we have economy risks, meaning that, okay, if inflation
is under control, but we've seen the economy cool to
a certain extent that we may be sliding towards a

(06:27):
negative growth, which, as everyone knows, a couple of quarters
in a row negative growth, you're in a recession. Are
we headed that way? So there are two sided risks.
As long as we've been higher for longer, inflation has
has come under control. Beginning of the year not so much.
But now we've seen inflation, as I say, continue its
downward trend as it has been after it reached its

(06:49):
high of about nine percent a couple of years ago.
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 Jerome Powell.
The second quote I want to quote to you is

(07:10):
quote labor markets appear to be fully back in balance.
So if we're talking about employment, 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's your job?
How secure do you feel where you're working. We see
some of the employment numbers of the two hundred and
six thousand that were hired last month, a lot of

(07:32):
them in government, and is that a good thing or
is that what we do when we're going into a recession?
Government ups there hiring and therefore tries to keep the
numbers of people unemployed as low as possible as we
go through whatever it is now. I'm not saying it's
a recession, but in terms of what they're talking about
employment wise, and the people who are hired and working

(07:56):
in these sectors, everybody's a little bit nervous. So that's
why when we talk about these things right now, is
this the best time to buy a house? There's several
different factors in terms of buying a houses. Everybody knows one,
you have to have the money to be able to
afford it. Two, there has to be availability of housing,
and there is still a lack of housing opportunity and

(08:19):
availability here in Soco. We talk throughout the year about
all the exodus of people that go from here to
other states, and there's such a big thing, Oh, it's this,
it's that, you know what it really is. People can't
afford a house. That's that's the bottom line of it.
If you could afford your house, you probably wouldn't leave
here because it's a weatherwise, it's a great place to live.

(08:43):
Just the lifestyle itself, the way California has a different
mentality about itself and how itself presents to the people
that live here. Now. You may not like taxes, you
may not like other certain things that the government does.
Heck I don't like them either. However, when it comes

(09:03):
to those statistics of people leaving California, it's really about
housing affordability, and we've had such a lack of it now. Conversely,
if you own a home, we always talk about it
your happiest heck and your happiest heck because your house
value has gone up forty percent in the last three years,
four years. That's amazing. You buy for millions now worth

(09:25):
a million four that's pretty good in terms of you know,
what your house is worth today and what you can
do with that particular equity in your home. We talk
about that. We'll talk about it again today. We'll talk
about helocks, we'll talk about seconds, we'll talk about redoing
your first if in fact, rates ever come down around
the six percent rate, if you have a five percent mortgage,

(09:48):
difference is one hundred bucks perth one hundred thousand. So
if it's a you know, three hundred thousand dollars house,
she's gonna pay another three hundred dollars in mortgage interest
in terms of getting equity out of your house and
being able to afford a six percent versus five percent mortgage. Anyway,
I'm Jeff Bartner, Voice in the Mortgage Industry. Really appreciate
you listening to the show, and we will be right back.

Speaker 3 (10:08):
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 melibocumding dot net.
Now back to the Mortgage Boys with your host, Jeff Barton.

Speaker 1 (10:24):
Welcome back everybody on Jeff Bartner Voice in the Mortgage
Industry and thank you very much for listening to the show.
As you listen to us each and every week, you
can catch us on the usual suspects. But also we
have a number of different podcasts that you might be
able to tag into, especially if you already have de'rely
have a list of those, please yes, I do, Jeff
Apple Podcast, Google Podcasts, Spotify, Spreaker, Stitcher, iHeartMedia, Odyssey, YouTube,

(10:49):
podclips dot io, and the Mortgage Voice dot Com. Mortgage
Voice dot com that's our website. Go there. You can
see and hear all the guests that come on the show,
and you can contact them directly. And podclips dot I'm
pitching them all the time. Great place to go to
get a central way that you can plug into all
your favorite podcasting wants and needs. And again podclips dot Io.

(11:11):
That's a good place to go. Okay, So we were
talking earlier in a segment about what's happening generally across
a lot of what's going on in the economy, of
what's going on in terms of inflation versus unemployment versus
where are we standing with the interest rates? A lot
of good things. Let's get right to some news to
use section. Okay, this is a quote, and you have

(11:32):
to guess who said 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
the rate of unemployment, which is currently not in the forecast.
That means, if in fact, we do get a surgeon unemployment,
we will definitely see the Fed drop interest rates. So

(11:54):
where are we and who said it? Lawrence Yun That's right.
Nobody would have guessed that. He's the chief economy for
the California Association of Realtors. We go to him pretty
much when we're in these transition periods, and right now
we're in one. We've seen inflation really cool. We've seen,
as Jerome Paul said, the labor market has really come
back into balance. That would mean that it's pre pandemic levels.

(12:18):
And in that particular time period, where were we What
were we doing before pandemic hit and all the unemployment
and then the reemployment and now we have a balancing out.
Another thing to indicate the balancing out. I don't know
if people remember, but I harped on what a cost
of lumber was in the pandemic and how it had

(12:40):
gotten so out of whack. It really is four hundred,
four hundred and fifty dollars within that range of a
thousand board feet. That's what lumber costs. So you're building
a house, you got to figure that in. So costs
during the recession for building a house really went out
of whack with what traditionally they were. They went up
to sixteen hundred feet per thousand board feet, sixteen hundred

(13:06):
dollars when it was four hundred dollars. So Mortgage News
Daily came out with their chart, and I just thought
it was interesting to look at of what the board
feet costs today. In February March of twenty twenty one,
sixteen hundred and forty dollars per thousand square foot of

(13:26):
board feet. Today four hundred and forty dollars per thousand
board feet. Now that's that's right in line with where
it was prior to and this is where it 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 it was during the pre pandemic level. So

(13:47):
this is pretty interesting, and I think there's a lot
of products out there that are going to be like that. There.
Let's see I have a chart here as well about
some of the things that cost less have come down
in prices to whereby we're looking and comparing them to
pre pandemic type of prices. Hotel prices have come down,

(14:08):
Rental costs for housing have really come down, and car
sales lower prices for them as well. This shows a
weakness in demand, which is why the actual economy, I mean,
the prices for these three things have come down, and
why we see things like you know, building materials for
housing has also come down. Where will we be in

(14:30):
six months a year really depends on what happens with
government spending, what happens with the inflationary nod Are we
going to go into one, are we're not going to
go into them? We're back to that again. And will
the FED reduce the cost of borrowing inner bank, which
in turn reduces the cost for mortgages, which of course

(14:51):
in turn unlocks all that equity which would really spur demand.
That's really where we're heading. I think, I don't know
if it'll be this year or next year, just really
depends if we have a change in writer at the
top of the presidential run. Here and we get don
Trump in again, Well, that will spur certain economic activity

(15:13):
because cutting taxes and cutting regulation that's always a Republican
way by which they can stimulate. If we get up
a more of a Biden swing into this thing, we
will get more government spending. Both of these guys are
not going to do a thing about the debt unless
we get into the military versus social spending kind of argument,

(15:33):
which I don't know. You know, to me, when you're
bailing people out or you're helping people out with contracts
from the government, what's the difference if you're spending on
one versus another. I think one way to look at
it is that if we had a total reduction in spending,
that would be good long term. But is it good
for me who wants to buy a house tomorrow. No,
not really. I did see an article today it was

(15:56):
incredibly interesting saying that the people who are gonna pay
for the huge, huge, burgeoning, burgeoning, I hate that word,
but the huge debt that the government has thrown upon
us thirty three trillion dollars has gone up about twenty
trillion in the last fifteen years through the Gulf War War. Yeah,
the Gulf War Afghanistan war, the tax cuts, you know,

(16:20):
all these things have really added, like doubled the deficit.
But it's going to come down to baby boomers having
to pay. Now what does that mean? I don't know
what that means. The article didn't say, but my suspicion
is the taxes on inheritance, taxes on transferring wealth are
all going to go up, and this is how these

(16:41):
particular bills are going to get paid. I, for one,
I'm in that age range. I don't know exactly what
exactly that means for me. Does it mean my property
tax goes up now, because that's not federal, What it
means would mean a age bracket kind of increase. I
don't know, but I do know according to this article,
that's what it said. So take it for what it is.

(17:03):
Fifty four percent of home prices rise. Okay, so fifty
four percent is the number I said. Forty percent Since
twenty nineteen, the average home in the US has risen
in price fifty four percent. That's a lot. That's that's
that's not the million to a million four, that's a

(17:24):
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 a tax on unrealized debt, I mean
unrealized the increase in the value of your home. I
was thinking a couple of weeks ago, just about okay,
So if we took half of the increase that people

(17:47):
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.

Speaker 4 (17:57):
Uh.

Speaker 1 (17:57):
And I think buying down the debt for our kids
in great is probably the best thing we could do
in order to ensure the US has the economic legs
to be able to withstand whatever. You know, economic issues
come up, whether it's a war, whether it's weather. And
weather is killing us. By the way, I don't know
if anyone was watching Hurricane Barrel or the fires in

(18:19):
southern California. They are just burning really NonStop. And apparently
we have the fire department counting in my house the
other day and they were saying, look, it's not the
dryness per se, although that's bad. It's the wind. You
can't control the wind, and it's unbelievable. I know from
my own house, I can attest over the last two

(18:40):
or three years. When it blows, it's blown fifty sixty
miles an hour and you get caught up in some
kind of fire issue or the dryness and a spark.
That's what's pushing fires through not only here, but in Arizona, Utah.
A number of other states have experienced the same kind
of wildfire. We're lucky we got our insurance, and I
know we talked about the horribleness of having to cut

(19:03):
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 company and say, hey, look
we have this fire certificate from a third party country,
a company rather, and they've given us the ability to say, hey,
look we've done everything we can to prevent fire. Give
us our insurance, which they did. But from the insurance standpoint,

(19:24):
oh my gosh, can you imagine trying to predict the
loss that you're going to get every time there's a fire,
especially in southern California where the population is dense. I mean,
some areas of California there's nobody there, so let it burn, right.
But in a lot of areas where there's a lot
of brush. Yeah, that's a problem anyway. I'm Jeff Partner,
your voice in the mortgage industry. Really appreciate you listening

(19:46):
to the show, and we'll be right back.

Speaker 3 (19:49):
You're listening to the Mortgage Boys with Jeff Barton. We'll
be right back with more and just a moment for
questions or comments, send emails to info at Melibru Comping
dot net. Now back to the Mortgage Boys with your host,
Jeff Barton.

Speaker 1 (20:05):
Welcome back, everybody. I'm Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show
listening to us on a weekly We come to you
Saturday and Sunday, driving around all the things you do
in order to get those days done, whether it's you're
going to church or you're going to the hardware store,
you're just driving the kids around, find something to do.
We are on caseyaaam and FM signals. We're on the

(20:27):
Big Hill and we have a signal that carries all
over the place out to Palm Springs and western Los
Angeles County, south to Orange County and north Inio, but
Sam Bernardiner and Riverside Counties. That's our bread and butter,
and we like to bring to you each and every
week things that will help you decide whether you're going
to buy a house, whether you need to sell a house,

(20:47):
or whether you're just in the market or not in
the 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 to talk about it
is George Gonzales, and I'm lucky enough to have him
again today. He works over at south Land Mortgage. George,
how are you.

Speaker 2 (21:03):
Hey, Jeff, Thanks for having me on. I'm doing excellent.
How are you over there at the beach?

Speaker 1 (21:08):
You know, Oh, Nan, 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 to rub that in.

Speaker 5 (21:19):
Oh it's a slap in the face.

Speaker 1 (21:22):
I know, I know. I'm sorry, and that's not true.
I just said that because I knew it, all right. 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 terms of both inventory
and houses available, and how is the market out there
in the Ie.

Speaker 2 (21:41):
Well, those are those are awesome questions. So we can
start with the inventory out here in the Inland Empire,
you know, Ontario, Rench, Cucamonga, Fontana, rialto Sammernandino. All these
areas over here are okay, I mean it's there are
some there's more inventory, let's put it that way. Good,
there's more inventory. I've seen in the recent few price

(22:04):
reductions on properties. Okay, longer times to sell, which means
they're you know, more days on the market before as
you know, the last year two years, they were flying
off within fifteen twenty days, right sold. Now I think
we're up to somewhere averaging forty five to seventy five
days on the market, depending on you know, on the area.

Speaker 1 (22:25):
Sure. Sure, the hot areas out there are where to shorge.

Speaker 2 (22:30):
The hot areas are the northern part of Fontana area
and the northern part of Rancho Cucamonga area.

Speaker 1 (22:38):
Okay, and that's because the houses are great, and the
school system's great and all the infrastructure that you need
for you know that kind of price. What what are
the prices they're getting for those houses out there.

Speaker 2 (22:47):
So if you're looking let's say a standard three bedrooms,
two bath in Northern Ranch Cuckamonga's probably in the eight
and fifty thousand range to start. The North Fontana, which
has the same quality of the houses, maybe a little
bit newer, same sizes and all that good stuff. You're
looking somewhere in the range probably seven hundred thousand. Is

(23:09):
so about a set of fifty about one hundred hundred
fifty thousand differents after the freeway that the freeway divides
the values, right.

Speaker 1 (23:16):
Right, Okay, all right, So now we talk about the
real estate, the real estate inventory and why it's gone up,
and that the affordability index here in southern California is terrible.
What is the magic mix that we have enough houses
on the market where prices come down, yet at the
same time, when we have lower interest rates, we don't

(23:37):
see a rush back into the market pushing the prices
back up. Is there sort of a then diagram I
can send people to to figure this out.

Speaker 2 (23:46):
Well, the thing about it is, you know, 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's you know one or the other, right, yeah,
you know, and balance it out.

Speaker 5 (24:00):
A little bit.

Speaker 2 (24:01):
So at this point. The thing that I'm looking for,
is I'm telling my buyers is you know, I had
a few of them waiting for for such a long time,
and then finally I said, look, let's let's not wait anymore.
Let's just jump on something and get you somewhere in
something that you need now for your family, and you know,
later on on the line, hopefully when the rates come down,
we can drop your your payment, which will you know,

(24:24):
you'll still get the house you want, except you're just
paying a little more upfront for it, but you'll get
it back in the long run.

Speaker 1 (24:30):
And are you suggesting to people that they put more
of a down payment so that the payment between a
higher price house one you know they're paying with seven
percent mortgage or they're about thirty year fixed rate, or
are you just saying, look, let's just get in at
the cheapest amount and go for the longer term payment
like a forty.

Speaker 2 (24:49):
Year and again, well, those are the two options I
give them. It's case by case, right, you know, And
I just let them. I present them the payments in
comparison with each other, and you know, and they make
the decision on what's best for them. And so you know,
not every obviously not every scenario is perfect for the
next for the next person. So yeah, that's basically I do.

(25:12):
If they can afford it and they're comfortable, why are
they waiting and they have the money for the down payment,
there's no reason to wait. You know, you need to
buy a house. You 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 you know it's hard for people to
get that because of the last what we just went through,

(25:32):
all their families and friends bought them at three percent
and throwing it in their face, and so you know,
that's what's really really been the hiccup is the people
that got the low rate who are bragging, and the
people who feel left out don't know if it's time
or if they should wait their turn for three percent
rate again, which probably will never come.

Speaker 1 (25:50):
What is the hangover time on this three percent thing? Now,
we are almost two years away from having low interest
rates and we've certainly seen seven percent pretty consistently for
the past I don't know, twelve to eighteen months. When
do people forget and say, you know what, seven percent
I can afford that. Let's go get it right.

Speaker 2 (26:09):
And that's where I think we're about right now. Okay,
As a matter of fact, the chief bernanke today, I
think I heard him the online saying that they're asking
him what's going on. I said, you know, they said,
you see, we're well into inflation here, people are struggling
people of this. What are you guys waiting for? You
haven't lowered the interest rate? That was one of the

(26:30):
suggestions thrown at him, and he basically said, I'm not
going to talk about that. I'm not giving nobody no
needs of which way I'm going to lean it to.
So it was just basically, shut up, is what he
told them.

Speaker 1 (26:41):
Yeah, I saw some of that. Powell speaking Jerome Powell
speaking at the Senate Subcommittee or wherever he goes to
give his biannual meeting notice, and what's going on at
the Fed and how they're planning to I think what
we're going to see is probably September. That's what everybody's saying.

(27:01):
Seventy five percent, chance say, lower Fed interest rates and
this you and I both know the Fed interest rate
is not the mortgage interest rate, but they tend to
follow one another. If the FED rate goes down, mortgage
interest rates can probably go down too, so September and
so I don't know if 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

(27:21):
if your average person out there who's looking to buy
a house listens to that stuff. What are you telling them?

Speaker 2 (27:27):
Well, this, as a matter of fact, this last month,
you're the vouchers came out for the first round of
vouchers came out for the Dream for All programs.

Speaker 1 (27:35):
Oh, you're kidding. Did you know how many of your
people got one?

Speaker 2 (27:38):
I got out of eight applications, one of my clients
got one. Right, that's they're actually looking for a house
right now as we speak. They're gonna go see some
properties tonight with one of my agents. But yeah, so
you're gonna notice in the next thirty sixty ninety days
there should be more closings right now because they got
these vouchers out there for these people to use them.
So those might, you know, take it into for some

(28:00):
of the more coming upcoming sales that are about to happen.

Speaker 1 (28:03):
Okay, loan programs, give me a quick rundown of what
loan programs are you currently using. I know you talked
a little about the forty year, but what else are
you doing?

Speaker 2 (28:13):
Just the conventional thirty years are the most popular. Twenty
percent down, ten percent down, five percent down, you know,
whatever they can can come up with in their credit score,
you know. But there's no fancy loans out there, there's right,
you know, that's basically straight income docs. If you're self employed,
then you know, we can figure it out with twelve

(28:35):
months deposit bank statements to find some non QM financing.
Different there's other different ways for self employed, but if
you're employed with W two, the standard is going to
be either the FAHA the thirty years, or the conventional
thirty years or the VA thirty years because those are
the most popular loans.

Speaker 1 (28:52):
So if you're looking for a low down payment, it's FAHA.
And if you're looking for maybe you know, the best
rate possible, you're still going with the thirty year fixed,
just extending out the time you're going to pay it
from thirty to forty. That is correct, Okay, And where
are we on all that? What does a forty year
payment look like in terms of percentage wise? Are you
looking at like still six and a half to seven

(29:14):
percent on the forty.

Speaker 2 (29:15):
Year that's the thirty to forty I believe I haven't
priced went out lately because there's only a few banks
that are doing that, right, that's true, and so I
haven't priced went out in the recent but they're a
little bit higher, a little bit probably in the mid sevens.

Speaker 1 (29:29):
I see. Okay, hey, listen, we're up against it. That's
a quick ten minutes. I love having you on. You
got a lot of good information, perfect person to give
a call. If you could let people know how they
can get in touch with you, that'd be great. Yeah.

Speaker 2 (29:41):
My direct number is area code nine O nine nine
zero zero nine five six ' five excellent.

Speaker 1 (29:48):
George, thanks very much for coming on. Always appreciated.

Speaker 2 (29:51):
Thanks. Jeff appreciated too.

Speaker 1 (29:53):
Thank you very much. That's George Gonzales from Southland Mortgage.
I'm Jeff bart and your voice in the mortgage industry.
Be right back.

Speaker 3 (30:00):
You're listening to the Mortgage Boys with Jeff Barton. We'll
be right back with more and just a moment. For
questions or comments, send emails to info at melibocumdings dot net.
Now back to The Mortgage Boys with your host Jeff Barton.

Speaker 1 (30:17):
Welcome back everybody on Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show,
for listening to us. Each and every week we bring
to you some information that's going to help you in
your decision making process. I know we're getting to the
middle of the summer. I know spring buying season is over.
I know that you probably want a house, but you
want to wait until September when the FED might drop rates. Yes,

(30:39):
I know, however, there is always a good time to buy,
and every day is another day that you have an
opportunity to go out and find something you really like
in the marketplace, find a great lender, and find somebody
to be 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 state and true explanation is what

(31:02):
you do in the marketplace, but it is true. I mean,
the opportunities are still out there. We will see inventories
grow and we will see mortgage interest rates fall. This
is what's going to happen. Now, when it happens, I
don't know. I'm not the prognosticator, But I do have
somebody on the phone right now who may have some answers.
Jennifer Martinez from Sierra Pacific Mortgage joins us. Now, Jennifer,

(31:25):
how are you?

Speaker 4 (31:27):
I am doing well, Jeff, how are you?

Speaker 1 (31:29):
I'm pretty good? Well. You heard that bloated in introduction.
Where do you think we are right now in this cycle?
I mean, I don't know. You probably caught a lot
of Jerome Poll's explanation on the hill today. So what
do you think?

Speaker 4 (31:44):
I mean, I do think that things are going to
get better, right, you know, I have seen production pick up,
so that's an awesome thing.

Speaker 5 (31:53):
Yeah.

Speaker 4 (31:54):
So you know, I think that probably the worst is
behind us, right, and so looking towards brighter days, hopefully
sooner than later.

Speaker 1 (32:03):
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, and knowing
that business is going to get better when interest rates drop.
We always look towards the unemployment numbers and those have
not been great. I mean they've been rising unemployment, but
employment numbers are coming down. These are the kind of

(32:24):
things that we say, Okay, We're happy that mortgage intro
dates are going to be lowered, but some people are
going to be out of a job. So what are
we looking at in terms of product from Sierra that
we might be able to say can handle both of
those possible outcomes.

Speaker 4 (32:40):
Well, so you know, the California Housing Authority rolled out
the dream for all. Yep, they finally have issued the vouchers.
So I think that you know, with the sixteen hundred vouchers,
you know we're going to see a lot of first
time home buyers get into homes. You know, the saying
you date the ray, you marry the house. I think
that's absolutely true. I don't thinks that people should be

(33:01):
sitting around waiting for these rates to drop. I mean,
if you can afford the mortgage payment at the higher
interest 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 seating frenzy again. So right,
definitely have an opportunity to get into a house, I
would jump at it and then you know, refinance later

(33:24):
down the line when rates do drop down.

Speaker 1 (33:27):
Now, we got a ton of equity 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 are very happy because they've seen, you know, obviously
their equity rise by about fifty percent in the last
five years. What are you telling people who want to
tap into that but not mess around with their three
percent mortgage?

Speaker 4 (33:47):
I mean some of them, you know, do the line
of credit, get a home equity line of credit, and
you know, try to pay off your you know, because
credit card debt is at the maximum it's been in
like twenty years, yep. So I think that if you
can tap into that equity, then do so. I mean,
in all honesty, if you look at what your credit

(34:09):
card payments are compared to you know, maybe a little
bit higher of an interest rate, and yeah, you are
going to have to get rid of that three percent,
but you're also going to get get rid of the
thirty three percent interest rate for your credit card debt.
So you've got to look at that, and maybe it
makes sense, you know, if you can't do a home

(34:31):
equity line of credit, just get rid of all that
credit card debt.

Speaker 1 (34:35):
So I agree, I agree with that one hundred percent.
I mean, you know, the credit card debt has been
choking on us for some time. And how do 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, but should you spend money on I don't know,
some frivolous items that maybe not right now.

Speaker 4 (34:54):
I mean this is one hundred percent yeah, I mean
it's so if you can get rid of those, I mean,
it may be worth getting into like a six and
a half interest rate on your first mortgage.

Speaker 1 (35:05):
Right.

Speaker 4 (35:07):
So it's and sometimes like they have to use their
credit cards because inflation is still high. Yeah, so they're
using it to go buy grocery. You know, that's double
than what they were paying two years ago for grocery.
So I mean it's kind of a double edged sword. Right,
But if you have that equity, I mean I would
probably maybe contemplate getting, you know, refinancing your house, tapping

(35:29):
into that equity and getting rid of some of those
debts that you don't necessarily need.

Speaker 1 (35:34):
I agree. I think debt is killing us, and I
think the federal debt is killing us more. And at
some point somebody is going to say stop or we're
going to have an implosion and the things that are
worth something now aren't going to be worth the same things.
And these are a problem. However, specifically today, what are
give me an example, a couple of programs that you
have over at Sierra to be able to you know,

(35:55):
help people either first time home buyers or in you know,
thirty year five rate. What are you all offering? What's
the best programs?

Speaker 4 (36:04):
Well, so, I mean, I we just rolled out with
this W two Wagner Express. Basically it's a streamline it's
a streamline loan. So we basically there's a couple buttons
that you can press in our system, and we will
pull a finicity report, okay, which basically pulls the like

(36:27):
an income verification as well as an asset verification. I'm
underwriting those loans in twenty four hours, you know. It's
a one two touch type of loan to where we're
getting them closed, you know, 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 mean, we do faha, right,

(36:53):
we do manual underwrites with faha. So let's say you've
got not so great credit. You know, we could definitely
work with you with certain guidelines and get you into
those homes. You know, we also have we rolled out
with thanks statement programs, a twelve month and a twenty

(37:14):
four month program, as well as a DSCR, which is
the debt service relief for the you know, the investment properties.
Right My investment pricing and second home pricing is off
the charts, it's on fire. So I'm doing a lot
of that, doing a lot of purchase purchases for investors.

Speaker 1 (37:37):
Okay, that's good. Now let's just sit down on that
for a second to give us an overall really specific
picture as to your investment type purchases that you're saying.
Is it the rate on fire or is just availability
of funds or ease of transaction? What is it?

Speaker 4 (37:55):
I mean, it's the rate okay, in all honesty, it's
pricing better than actually a primary residents right now.

Speaker 1 (38:01):
And that's unbelievable. That's great.

Speaker 4 (38:03):
Yes, and so you know, and it's a streamline process.
So there are things that you.

Speaker 5 (38:10):
Know you can do.

Speaker 4 (38:11):
Yes, you you know, we're putting the percent down, but
you know, for people that want to build up their portfolio,
it's a great product to get into when you're you know,
getting a loan for seven in an eight, yeah, opposed
to seven and a half when you're purchasing a primary residence.

(38:32):
So it's definitely if you have the money and you
want to build your portfolio, it's a great product.

Speaker 1 (38:40):
It's it's almost mind boggling. I'm thinking, well, why would
the bank do that? So I'm trying to think of
questions to ask you about. You know, Okay, so you
have this ability to be able to offer a cheaper
rate on a second home. Is that because the second
homes have more value? Or if we have a downturn
in the recession, thesely get unloaded quickly. So do have
them on your books? What are you thinking at in

(39:02):
terms of you know, the reason why that would be?

Speaker 4 (39:05):
I think Wall Street has an appetite for them.

Speaker 1 (39:08):
Okay, that's right.

Speaker 4 (39:09):
So I definitely feel like, you know, that's a huge
part of it. And you know, second homes are usually
the ones that get offloaded first right up posting your
primary or an investment property right right. So you know,
it's a great product. It's a great way to build wealth.

Speaker 1 (39:33):
I agree one hundred percent. And I also like the
fact that you know, the rates are so attractive. Well,
you know, if you're in the business and this is
what you do, absolutely you'd look at this because otherwise
you go in non QM. You know, all these investors
that are paying anywhere from eight to twelve percent in
terms of a yearly just to get into an investment property.
Now you've got something now that's a second home, so

(39:54):
you're not looking at it necessarily as an investment, but
that's probably what you're selling these people to.

Speaker 4 (40:00):
Well, so the second home order investment probably, So that's
pricing is yes, it's just it's I mean I've brought
in probably a dozen this week, right right, I'm sure
purchases with this product, so I mean, yeah, there's definitely
deals being done.

Speaker 1 (40:19):
So absolutely, well, they should give you a call you
want to shout out a way by which people can
get in touch with you, that'd be great.

Speaker 4 (40:26):
Yeah, absolutely, So you can either reach out to me
via email at Jennifer dot Martinez at ss Sam Pias
and Paul and mis and marycasncat dot com or give
me a call at six one nine five zero two
zero three seven seven.

Speaker 1 (40:45):
Excellent. Well, thank you very much. If we've come to
the end of our little talk here, and I really
appreciate that's a lot of good information. Thank you well.

Speaker 4 (40:52):
I appreciate you, Jess.

Speaker 1 (40:54):
It's always a pleasure always. Thank you very much. Jennifer,
we'll talk soon.

Speaker 4 (40:58):
Okay, you have a great day too.

Speaker 1 (41:00):
That's Jennifer Martinez from Sierra Pacific Mortgage. I'm Jeff Barton,
your voice in the mortgage industry. We'll be right back.

Speaker 3 (41:06):
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 Melibu Fundings
dot net. Now back to the Mortgage Boys with your host,
Jeff Barton.

Speaker 1 (41:22):
Welcome back, everybody. I'm Jeff Bartin, your voice in the
mortgage industry. Thanks very much for tuning into the show.
Each week we come to you, we bring you this
information that we hope you act on. Sometimes it's a
wait and hold, sometimes it's a you gotta do it
right now. We are in and a time period between
the spring buying season in the middle of the summer

(41:43):
where people gotta go gotta do it now, and people
who can wait are gonna wait to see if September
is the time when the Fed drops interest rates and
hopefully mortgage interest rates will follow. I've got the best person.
He comes to the show all the time. Charles Giscomb
joins us again United Security Financial to give us some
answers as to really what direction you might be able

(42:04):
to go, what kind of loan products are out there? Charles?
How are you?

Speaker 5 (42:07):
I'm doing good, Jeff, thanks for having me again, my friend.

Speaker 1 (42:10):
Thank you, buddy, I appreciate it. And where are we
in this market? It's so confusing. I'm watching Jerome Powell
give testimony, I watch people bark at him for two hours.
I'm like, I still don't really know what he's doing.
How we're going to get there in order to satisfy
so much demand and yet so little product, as well

(42:30):
as mortgage interest rates, which are scaring a lot of
people out of California and maybe some other parts of
the country as well. Give us your overview as to
what's happening.

Speaker 5 (42:39):
That'd be great, absolutely well. You know, an interest rate
today probably about seven point for on a thirty year, yep,
six seven on a fifteen year, so you know, they're
still steadily where they are. They haven't moved too much,
they'll fluctuate up and down, you know, to increasing twelve

(42:59):
basis points of the last seven days. But Jeff, guess what.
The one thing that that doesn't matter with that is
that due to limited supply, the home prices hold. There's values.
So the reality of it is is with that happening,
the values are still there, which always means for Jeff
and I when we're talking to everybody out there, get

(43:21):
in the game. There's still value in the game. You
still can make money. You're not losing money. Obviously, our
our rational head says, we don't service upside down debt,
but you're not going to because the markets hold insteads.
And so for traditional lending right now, there are no
really great interest rates or great interest rates that we

(43:43):
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 into the game. And even if a
traditional rate is not attritional mortgage is not, we're your
structure is. There are many other alternative loan programs that

(44:04):
can help you get into this game, still help you
have an opportunity to make some money or at least
to get into a steady investment so that when things
you correct themselves, you will be able to make money
and you won't lose money.

Speaker 1 (44:18):
So these cycles and where we are now, we're not
really quite sure. But Powell said today, he said, hey, look,
we are in a normal employment cycle, meaning that we
are pre pandemic. Normal employment cycle meaning that you're going
to get numbers that are either going to indicate the
economy is growing because more jobs are coming into the market,

(44:42):
or that the unemployment rate goes up which means less jobs.
And that really affects how we look at a borrower,
whether they got a job, obviously right, But in the
realm of investment properties, what are we looking at different
than a traditional loan in a thirty year fixed rate
from Fanning May Well, you know what.

Speaker 5 (45:04):
Although the economy, Jeff has proven itself to be more
resilient than expected despite what everyone else is saying and
the uncertainties, I feel like the investment market and getting
into it won Jeff have mentioned, is probably a better
involved compared to the traditional way. There are a lot

(45:26):
of investment property programs, fixing slipp programs, you know, hold
in rent DSCR loans. These are all loans that individuals
can get into without providing the full traditional mortgage structure
in both.

Speaker 1 (45:42):
Right, that's what I'm getting at, right exactly.

Speaker 5 (45:44):
And that means and that means two years of tax
returns or W two's I mean sixty days of bank statements,
which is two months, I mean thirty days of paycheck
steps which means four weeks to or bi weekly or
so basically, when you have that, when when you're require
to have that, that is a traditional loan. What Jeff
is referring to is the ability to get into the

(46:05):
investment market if you have a capital that will allow
you to use less documentation and in most cases what
they call it is a no doc. I know people
are not you know, used the no docs were a
long time ago. There was a no dock low and
everyone was using it and then it went away. Well
now they're back. They're called stated stated loans, and they're

(46:25):
called no dock loans, and real quick, I'll tell you
they don't require W two's paycheck stubs, tax returns. They
only require that you show the money 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 can utilize those funds even if they've got into
your account the day before. As long as they come

(46:45):
from you, your business account and your personal account, you're
allowed to utilize those funds as your down payment and reserves.
The other thing is you can close in an entity name.
What an entity name? What we mean is an LLC
or a corporation, whether it's an es corp or a
C corp, or even a trust. As long as it's
not in a revocable trust. You can close in a

(47:08):
revocable trust. The benefits of these is to create protection
for yourself. It also acts as as the guarantee are
on the loan, so now your bills come in those
entity names. The biggest and the biggest value added service
to a loan like this is that these mortgages and
liabilities don't show up on your personal name. Where you

(47:31):
can do that, I don't know, but we can do
it here, Jess. And the beautiful thing is we would
love to provide some of those things to individuals.

Speaker 1 (47:39):
What kind of a down payment and credit score you
need on a loan like that?

Speaker 5 (47:43):
Surprisingly, obviously there are some programs that on these programs
that will start anywhere from sixty five percent LTV, which
is thirty five down, seventy five, twenty five down on up.
There are some of these programs that we can get
you into an investment property or fixing flip with ten
percent down, same type of loans. So there are many

(48:04):
different loan products out there depending on where you are now,
Jeff said it. That's the it's important for the credit
scores for these, Okay. So, but the minimum credit score
that we can work in and I'm gonna say this,
and I know the phones are gonna go crazy, Jeff,
but we can get into some of these loans dependent
on the LTV with a five eighty Fycle score.

Speaker 1 (48:25):
Okay, so five to eighty non QM, you must have
what thirty five percent down? Is that the way they'll
do it?

Speaker 5 (48:32):
Well in this loan you can have, yeah, thirty five
percent or thirty percent down, okay. And if you have
a fycle score above six fifty, it's twenty five percent down.

Speaker 1 (48:42):
Yeah. Well, that's really good. And I'm sure if you
have a seven seven forty in that range, you get
even less.

Speaker 5 (48:48):
Down, you get left down, you get a better interest rate.
And you have more options.

Speaker 1 (48:53):
So all of this is designed to really help people
with you know, obviously challenges or they're looking at maybe
not a traditional type loan, but something to get into,
sink their teeth into, and with the different options that
they have, it becomes an attractive property, an attractive loan
for them to get into.

Speaker 5 (49:13):
Absolutely, Jeff, it's an attractive loan. And it's also built
for individuals once again that don't have traditional financial structure
or our traditional job. Someone that's hold every day working
for themselves, it's more importantly to keep their money as
opposed to you know, it's not what you make, it's
what you keep. And in a lot of cases, you know,
if you're not providing your tax returns and different stuff,

(49:35):
the entrepreneurs look for these type of loans so they
don't have to provide that because I'll tell you, if
you're an entrepreneur, most times you're writing everything 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 I guess will always look good. Your bank statements,
whether they're a commercial or personal, whether they're an LLC

(49:56):
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 ATR which 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, and this is a great loan that an
individual who doesn't have the traditional struct financial structure can
get into a loan, a lot of people feel like

(50:17):
it's worth the down payment to have the path the
least resistance to get involved with this market still and
still having these properties have value and not losing or
being upside down.

Speaker 1 (50:27):
Listen, we got about a minute left on the refinance
of a loan like this, especially if it's in an LLC.
Any issues would that come up later if somebody wants
to get out of the loan they're in and maybe
get a lower interest rate on a similar type loan
and say less than a year, any issues with.

Speaker 5 (50:44):
That, No, there is really no issues. The one thing
about it is a lot of lenders that were utilized
they will have a prepayment penalty because they'll have a
lot of fees. They don't have a lot of fees
up front, so they're looking for you to stay in
that loan longer so that the interest payments that they
make are the money that they make. The beautiful thing
is they give you the option to buy the prepayment
penalty down to twelve months or less, and so that

(51:05):
way you're in this property. You use it as a
strategy to get into a property, but within twelve months
or less, you can refinance into a traditional loan or
another loan that may have a better interest rate when
the interest rates correct themselves. So this is another great
strategy for individuals to get into loans from a strategic
standpoint on a short term strategy, and then in the

(51:25):
longer term strategy, when the interest rates do correct themselves,
you can refinance into a traditional loan. Well, you can
refinance into another loans similar to this with a lower
interest rate. It's all there for you. All you have
to do is reach out and make sure that you
get an informed.

Speaker 1 (51:40):
Loan less exactly like yourself. And speaking of that, could
you shout out a way by which people might be
able to get in touch with you. That'd be great.

Speaker 5 (51:48):
I sure will absolutely, Jeff, you can reach me at
seven two five five, seven, seven eight seven sixty one
again at seven two five five seven seven eight seven
sixty one, or you can reach me at see gets
gom a USF wholesale dot net.

Speaker 1 (52:02):
Charles, thanks very much once again coming on doing a
great job. Appreciate it.

Speaker 5 (52:06):
Thank you Jeff for having me always.

Speaker 1 (52:08):
Thank you very much. S Charles gistscoing from United Security
Financial on Jeff partin your voice in the mortgage industry
and we'll see you next time.

Speaker 3 (52:15):
You're listening to The Mortgage Voice with Jeff Barton for
more on today's topic, or visit www dot ameliblefunding dot net.
Thank you Inland Empire for listening to KCAA Radio.

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Speaker 10 (55:32):
What would you do if you had a broken bone,
you'd go to the doctor and use your insurance, right, Well,
what would you do if you have a serious problem
with drugs and alcohol? Most people do nothing until it's
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and sober with the assistance of a place like the

(55:52):
Detox and Treatment Helpline. Many times addiction treatment is fully covered.
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(56:15):
You've got insurance you can use for your addiction problem.
And with the family medical evac it's completely confidential. Call
now eight hundred three nine eight seven four one four.
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Speaker 8 (56:32):
Hi.

Speaker 11 (56:32):
I'm Lanni Swoodwo and I'm back on KCAA ten fifty
AM and Express one oh six point five FM every
Tuesday at eight pm. My show is Beyond Common Sense.
It's Lanny Sense featuring me Lanny Swardlowe, kcaa's resident gay,
Jewish liberal, pot smoking Race mixing left handed atheist, an evangelical, fundamentalist,

(56:57):
Christian nationalist, worst nightmare with subjects that no one else
will touch in quite the same way. Every Tuesday at
apm on Express one oh six point five FM, the
Legacy ten fifty AM, and live streaming on Kcaradio dot com.

Speaker 12 (57:14):
KCAA Radio has openings for one hour talk shows. If
you want to host a radio show, now is the time.
Make kca your flangship station. Our rates are affordable and
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(57:38):
radio plus the internet, contact our CEO at two eight
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(58:01):
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Speaker 1 (58:15):
NBC News Radio.

Speaker 13 (58:16):
I'm Chris Garagio. Vice President Kamala Harris is in the
final stages of picking a running mate. Six candidates are
said to be on her shortlist, including Governor Josh Shapiro
of Pennsylvania Andy Basher of Kentucky. Harris is expected to
announce her decision Tuesday evening, when she kicks off a
campaign tour of battleground states in Philadelphia. Former President Trump
wants to debate Vice President Harris on Fox News. He
made the announcement on Truth Social saying he's set it

(58:39):
up for September fourth in Pennsylvania, moderated by Brett Baer
and Martha McCallum. The former president said he would no
longer take part in a previously scheduled debate that he
agreed upon on September tenth on ABC because President Biden
dropped out. However, Vice President Harris tweeted today that she
plans to show up on September tenth and hope to
see Trump there. Three Kans release from Russia in a

(59:01):
prisoner swapper getting checkups at Brook Army Medical Center in
San Antonio. Their undergoing medical evaluations that include post isolation support.
Wall Street General reporter Evan Gerskovich, former Marine Paul Whalen,
and a radio journalist arrived back in the US late
Thursday at Joint Base Andrews in Maryland. The three were
greeted by their families and both President Biden and Vice
President Harris. At least fifteen Palestinians are dead after an

(59:23):
Israeli airstrike on a school in Gaza. Lisa cartn is Moore.

Speaker 14 (59:27):
Palestinian officials say the school hit Saturday will sheltering displaced
refugees in Gaza City, while Israel claims the site was
being used by Hamas. Gozen officials have denied similar claims
made about other Israeli airstrikes in the past. Hours before,
the Israeli military said its forces killed nine reported militants
in the West Bank. This comes as ceasefire negotiations are

(59:50):
on shaky ground as Iran threatens to retaliate against Israel
for the assassination of a Hamas leader.

Speaker 13 (59:57):
Katie Ladeki is rewriting the US women's record books. The
swimmer dominated the eight hundred meter freestyle today in Paris,
winning her ninth overall gold medal, which is more than
any other US woman in Olympic history.