August 20, 2025 • 32 mins
Today on The Jon Sanchez Show we’re going to help you answer the following question if you are looking to buy a primary or a rental. Should I buy now and refi later, or should I wait it out? We’ll weigh payments, inventory, and negotiating power with broker Cory Edge and mortgage pro Dwight Millard. Plus: buydowns, credits, and the smartest contract terms in today’s market, all at 3pm!”
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Transcript
Episode Transcript
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Speaker 1 (00:02):
Good Tuesday afternoon to you.
Speaker 2 (00:03):
Welcome to the John Sanchez Show on News Talk seven
to eighty k which it is a pleasure to be
with you and a pleasure to be with my co
host I round the horn. We shall go the White
Millard Highlands Mortgage. How are you, my friend, doing fantastic today?
Speaker 3 (00:15):
John?
Speaker 1 (00:15):
How are you very good? Very good? Mister Corey edge
edge reality, big c. That's a good word.
Speaker 4 (00:21):
Well, my market didn't go down today.
Speaker 1 (00:23):
Yeah, right, exactly exactly. Hey, but you had kind of it,
not that I know of, at least you had kind
of a scathing report by the Reno Gazette Journal about
our local housing market this morning. Did you see that?
Speaker 4 (00:33):
No, I didn't see that.
Speaker 1 (00:35):
Yeah, yeah, I'll.
Speaker 4 (00:36):
Pull that up. I see it.
Speaker 1 (00:38):
It was not it was not.
Speaker 2 (00:39):
Encouraging, but it was all the same data that we shared,
you know, what was that last Thursday or whenever it
was that we did the local report. So there was
kind of regurgitating a bit. But by the way they
put it, it's like, holy moly, I'd be scared to
death right now.
Speaker 4 (00:51):
Oh, you know, there's a lot of I'm sure you've
seen there's a lot of stories coming out of Las Vegas,
not only tourism, but housing way down, prices way down Inventorio.
Speaker 2 (00:58):
Do you think those are true? I see those on YouTube,
especially the tourism one, and I'm like, is this like
some fake a I think, but it doesn't sound like
according to you, you think those facts are true.
Speaker 4 (01:08):
Well, I mean I get it from I think there
was something in the Wall Street Journal and the public
like if you can believe what you read that is.
I don't really watch the videos and the rest of it,
but I will see.
Speaker 1 (01:18):
Yeah, yeah, only time weto All right, miss Millard, A
lot of today's program, my friend, is all going to
be about you. I hope you got a good night's
sleep and you're ready to go.
Speaker 3 (01:26):
I'm ready, always ready.
Speaker 2 (01:28):
Always ready. There you go. All right, let me tell
you what we do have lined up for you. Once again,
thanks so much for joining us. We do appreciate. We're
gonna recap today's stock market activity. A little bit of
a rough session today, especially if you have some tech
anything related to the Nasdaq.
Speaker 1 (01:40):
We had.
Speaker 2 (01:40):
We had a few problems there today and I'll give
you all the reasons behind the weakness and the Nasdaq
and the SMP and the reason I have a very
small gain in the doubt. We'll go through that, of course,
then we're going to get into our topic. So here's
the question that many of you are facing right now,
and that is this, should you buy now and refinance
later or should you wait it out right? Those are
(02:01):
really the two options that many people are looking at
in regards to going out and purchasing a home at
this point. So what we're going to do this afternoon
with Corey and Dwhite is we're going to weigh the payments,
We're gonna look at the inventory. We're gonna talk about
negotiating and what is involved with that right now with
Corey and then of course Dwight's going to chime in
on the financing side, because this is another area that
(02:21):
we've got to get really creative. Right now, we're going
to talk about buydowns, some credits, and of course the
smartest contract terms in today's market. So we've got a
lot of things, but the goal of today's show is
really simple. Rates are coming down, and you know what, guys,
let's see where the heck did I watch this? It
was on CNBC this morning. It was with Diane Olk. Oh,
Like they're real estate reporter and she was interviewing somebody
(02:43):
and it was like days vu we had just said this,
And what I'm talking about is the person or that
she was interviewing was getting into a discussion about, you know,
the rate buydowns, you know, and so on and so forth,
and what a challenging market it is for so many people.
Everything that we've talked about, the qualifications for the younger,
(03:04):
the first time or maybe the second time buyer, the
buydowns and how it's putting a crunch into many of
the home builders, and just you know, again a reiteration
of everything that we've been talking about. And again this
was on a national basis, and I thought it was
really interesting to see or hear that on a national
basis that we're you know, we're not in an island here, folks.
So we have a lot of times we're supported, of
(03:25):
course by the strength of California and Alsie market, but again,
the guys, this is a problem right across the board,
and Dwight, you know, they really got into about the
new homebuilder buydowns and and how it's difficult for you know,
someone just selling a home to compete against those buydowns.
So that's kind of what prompted me to create this
topic today. And we're like, you know, there's a lot
of things going on that people are facing at this point.
(03:47):
How do we help them put it all together to
help make that decision? And it really is obviously it's
both of your worlds there.
Speaker 5 (03:53):
Yeah, you're exactly right, John, You've taken everything we've talked
about for probably the last six eight months and put
it on one sand right. I mean, it's one sandwich
everything the borrower is faced with right now. It's extremely difficult.
And on top of that, John, you get people now
that are getting their wages cut, they're getting their hours cut,
and they're moving them to ten ninety nine's So I
(04:15):
mean really, yeah, you're just starting to see every business,
every ente is trying to get a little creative now
in trying to help, you know, circumvent you know, maybe
an off month or this. So there's just a lot
of different dynamics. It's you know, we talked about it.
It's nowhere near what eight oh nine was, but the
barrower's feeling some of the exact same pains of eight
(04:36):
and nine, where it's just a credit income challenging market
has been right.
Speaker 1 (04:42):
Right, right, Yeah, that's that's fascinating. I was not aware
about the ten ninety nine.
Speaker 2 (04:47):
So obviously employers want to put employees or what used
to be employees as independent contractors on a ten ninety nine.
That way, they're not paying medical benefits, they're not paying retirement,
they're not paying payroll taxes. They're right one check to them,
and then it's up to what used to be an
employee now an independent contractor to cover all of their.
Speaker 1 (05:04):
Personal overhead, basically in business overhead. So, yeah, that's interesting
that you're seeing it on your end. Wight Grey, have
you heard that it all any of your conversations.
Speaker 4 (05:12):
I haven't heard it from my clients, but I'm helping
a friend of mine go through a business acquisition right now,
and all the people that work for this particular business
are ten ninety nine, you know, employees, if you will,
which was kind of interesting to me. Part of me
thinks I never heard the aneywhere so I might be wrong,
But part of me kind of thinks with this administration
right now, it feels like those kind of rules get
(05:33):
a little relaxed. People have been fired. The irs isn't
supposed to have as many teeth anymore. And kind of
the eyes off the ball. So it doesn't surprise me
at all that businesses would think, well, if I can
get away with it, now is probably the time I
can try it.
Speaker 3 (05:47):
Right, Yeah, run to add to that real quick.
Speaker 5 (05:50):
To just add to that, you and I had a
conversation I don't know, a couple of weeks ago. The
student forgiveness or the student for parents program are over.
People are losing two hundred points on their credit scores
because they're not aware that their payment kicked in in January.
I've seen now four of them that they had seven
(06:11):
fifty seven forty credit scores and they didn't realize their
payment restarted, no notification, know anything. They got rolling ninety
day lates right now and they lost two hundred points
in their in their in their credit score seven fifty
to a five point fifty. John, they can't buy.
Speaker 1 (06:28):
What are those people telling you, Dwight?
Speaker 2 (06:29):
I think you brought this up a couple of weeks ago,
or maybe it was one of our private conversations. Yeah,
the one borrow just absolutely in shock. Obviously any of
us would be right if you get two hundred potswapped
off your credit score.
Speaker 5 (06:38):
Yeah, I mean they're very upset that they didn't see
this was blind. It's not that they deny that they
didn't owe a student loan, but you know, there was
so much confusion during the pandemic, right during COVID, Remember
they froze all of the student loans. Then Biden came
out and you know, every loan, every other loan, every
third loan was forgiven. I don't know, and then all
of a sudden they kicked back in January. And these
(07:01):
people didn't even know that. And again I'm not taking
any response movay from them, but there's a way.
Speaker 3 (07:05):
We didn't even know.
Speaker 5 (07:06):
Had I not been remotely looking at buying a house,
I wouldn't even have known this was on my credit
right now?
Speaker 1 (07:12):
Right? What amazing? Amazing.
Speaker 2 (07:15):
Yeah, that's a tough one and that takes a long
time to rebuild that also, Yeah, you feel for that.
All right, Well, we got a lot of things to
talk about in our uh in our topic this afternoon
again buying now refilator or wait, we're gonna un through
the numbers with you here momentarily. Let me tell you
what happened in the stock market today. You know, there's
really no other way to say it.
Speaker 1 (07:32):
Was.
Speaker 2 (07:32):
It was a bit of a sloppy session today. Things
were pretty good. In the pre market session. We had
some blowout earnings numbers from Home Depot, Caterpillar got a
big upgrade. These are real heavily weighted stocks. In the Dow,
things look really good. Matter of fact, we hit a
intra day all time high on the Dow. It was
in two hundred and seven, but we closed up forty
foury nine to twenty two with just a ten point game.
(07:52):
So what we saw happen was the technology side. And
this is what we've been warning about. You can wake
up one day and all of a sudden, the darlings
of Wall Street, the tech names, the Navidias, the Amazons,
the microsofts, et cetera. Traders, the algorithms, or whoever you
want to blame, go, yeah, you know what, they're over
valued or there's this reason or that reason that it's wrong.
And that's exactly what we experienced today. It was really
(08:14):
a diverging market. It was, you know, almost evenly split.
You know, almost fifteen up, fifteen down. I'm just glancing
at the list, looks like maybe seventeen or so we're up.
But you know, you were led by home Depot twelve
dollars and forty four cent gain or I was thinking
of you and that report came out, you know, once again, okay,
earnings numbers for the top line and the bottom line,
but not the best guidance going forward. But the street
kind of brushed that aside. You know, what are you
(08:37):
hearing from your clients right now? Corey in regards to
remodels home depots saying, look at a lot of people
are going for the reasons we're going to talk about.
I can't move, so yeah, I'm going to go spend
some money remodeling. But at the same time, back to
Dowyte's point, I don't know if I got a job,
I don't know a lot of uncertainty in my personal finances.
So can I really go drop, you know whatever, five grand,
(08:57):
ten grand for some things to remodel my.
Speaker 4 (08:59):
Home, and that more of the people I know are
the contractors side of it. And I'll say the contractors
I know contractors and Dwight knows too. Anywhere from a
house remodels up to very large stuff for municipalities. They're
all busy. I don't know that they're as busy as
they were in the recent past. They're not stacked up,
but they all have work into the near futures. But
as what I mentioned, it's you still got to get
(09:19):
your hands on some cash somewhere, especially if you're worried
about jobs. So we'll see how long that goes.
Speaker 2 (09:24):
Day are you seem a new request people come to
you wanting to cash out, to do remodels, things like that.
Speaker 3 (09:29):
You're starting to get some buzz about it.
Speaker 5 (09:31):
Not too much again, and we're back to that, you know,
the the home equity line. Still, you know, we're still
playing that sandbox because they don't want to give up
on these great races. We started to get some momentum,
as you know, we talked about it last week and
the week before, and I kind of petered out on
that little momentum on the rates. So people are still
not really ready to go give up their first So
(09:51):
it's still back to the home equity arena.
Speaker 3 (09:54):
Still back to the home equity Yeah.
Speaker 1 (09:56):
Okay, very good.
Speaker 2 (09:57):
All right, we come back and when to hit some
of the movers some of the week that we experienced
like with Meta and Google, Amazon, et cetera.
Speaker 1 (10:02):
Hit that real quick.
Speaker 2 (10:03):
Navidia and Dwight it's going to tell us what we
did on the mortgage side of things today, and then
we're going to get into our topic by now REFI
later or do you just started?
Speaker 1 (10:11):
Order Christen snow in the right now traffic center.
Speaker 2 (10:13):
Welcome back to the John Sanchez Show on News dook
seven to eighty koh with Corey Edge Edge Reality and
Dwhite Millard of Highland's Mortgage. All right, once again, here's
how we finished up ten point gain on the dow.
So but it was a wild ride. I don't think
it was quiet by any stretch of the imagination. We're
up and down all over the board today. But yeah,
finished with a very small gain of forty four thousand,
nine twenty two level. Once again, we had an intra
day record of forty five thousand, two hundred and seven AZZEC,
(10:36):
though never really recovered, finished at the loads of the
session down three point fifteen, a one point four to
six percent loss to close the twenty one thousand, three
fourteen and the sp given up thirty eight points er
point five nine percent to a close a six thousand,
four hundred and eleven all right. On the commodity side,
the eight cent decline on oil prices. That was a
finished there of sixty one dollars and a forty cent
(10:58):
and then we turned things over to the goal prices
and nineteen dollars and thirty cent lost there three thousand
and three fifty eight ninety and on the bond market
down four basis points. On the tenure to a close
there a four point three percent. Mister Millard had the
heck did we do on thirty year mortgages today?
Speaker 3 (11:11):
Well, we're stuck in this rut or this mud right now. John.
Speaker 5 (11:13):
We're at six point six zero accordion Mortgage News daily.
That's up a few ticks from basically last week we
were I think six and six point five eight or something.
Your fifteen years still under six five point nine to six,
and then your governments are six point one to a.
Speaker 3 (11:29):
Though.
Speaker 5 (11:30):
You know, we're just in this pattern, I mean, and
it's what draws the people out. But then there's not
a whole lot of movement beyond that, right, I mean,
you know, we're starting to see it. All the outlets,
all the media was talking about rates coming down and
people go out, and then all of a sudden they
just kind of stopped.
Speaker 2 (11:44):
Yep, I want to go back to what I was
saying about that that interview that was done on CNBC
this morning with the real estate person. I forget what
company he was with, but he brought up exactly what
you were saying. I think it was Thursday, you and
I and Corey we're talking about this where the public
right now is waiting on the fence, you know, using
that term of sitting on the because they think, obviously,
in September we're gonna get a rate cut. So if
the Fed cuts rates a quarter percent, then you're gonna
(12:06):
see mortgage rates cut a quarter percent. And he obviously said,
just like us, Look the bond market, it was. It
was like days a voo, exactly what we said on Thursday.
The bond market, folks, remember, is a forward looking indicator.
The bond market is much smarter than the stock market.
Right the bond market is already priced in a quarter
percent cut from the Fed on in September, and they've
probably already priced in the probability of another rate cut,
(12:28):
say in October or December. So Dwight, I want you
one more time, because I don't want anybody And that's
why we're talking about this topic by now. Refile later
a wait. I don't want anybody to miss out on
their dream home or whatever opportunity they see for themselves,
thinking that you're going to see rates drop a quarter
percent when we get the Fed interest rate decision and
its September. One more time to I tell the audience
(12:50):
how they are not correlated.
Speaker 5 (12:52):
Yeah, I mean so to your point, I mean, you know,
the Fed are moving the you know, federal fund rate,
which is what banks charge each other overnight or Feds
charged to banks over night funds. The bond traders manage
the Fannie Mae, the Jennie May, you know, the market.
So you know, it doesn't mean and that's what everybody thinks.
They lowered a quarter. Hey, mortgage rates are going down
a quarter. It's absolutely false. But everybody has that narrative, John,
(13:14):
everybody has that narrative unless you're listening to this show.
You know good and well, that doesn't We've seen the
Fes lower rates, and what do you think the mortgage
rates have done. They've gone up, so yeah, so there
is absolutely zero correlation. So to wait to wait for
something that you just don't know is gonna happen or
when it's gonna happen, and then if that does happen,
(13:35):
that your mortgage rates go down, it's a double whammy.
I mean, I don't I just don't know. I mean,
I'm you know, I'm gonna air to the side if
you need to buy today and restructure later.
Speaker 1 (13:44):
You know. That's that was his advice too. Yeah, it was.
Speaker 2 (13:46):
It was like you heard everything you'd said, yep, exactly,
all right, okay, so now we're up to date on
the mortgage side of things real quickly. Some of the
big movers today, like I said, Tech ruled over today.
This is what pressure of the market obviously on the
naszac side and kept the lid on the down side.
In the video, No Reason down six dollars and thirty
seven cents, three and a half percent loss. Broadcom down
three and a half percent, ten dollars and eighty five cents.
(14:06):
Microsoft seven dollars and thirty three cent loss, down one
point four to two. Apple small declined there thirty three cent.
Intel is one of the big winners after soft Bank
last night made a big announcement that they're going to
put about two billion dollars into the company. Now, remember
this is on top of the US government wanted to
kind of use our new sovereign wealth fund to take
a stake that we still don't know is going to
happen into Intel. So Intel's in the cross sayers are
(14:28):
a lot of companies. But nice move on the stock
today six point ninety seven percent gain up a buck
sixty five to twenty five thirty one. We also saw
pressure and Metap eighty nine cent loss two point zero
seven percent to seven fifty one forty eight who was
down a dollar eighty Tesla down five dollars and eighty
five cent, Amazon down three dollars and forty eight cents.
You get the picture. So what do you do now?
One day is not enough what we have to watch?
Could this be the beginning of a tech selloff? If
(14:49):
it is, it's time to start thinking about your defensive action,
which in your defensive playbook for your portfolio. Tomorrow we
could come in and it could be a different world.
So one day, you never want to adjust defensively when
text to sell off, But you have to sit up
in your seat right now and pay very close attention.
If we get two or three days, that's when we
could potentially have some problems. I mean, this market is
absolutely right for a five to ten percent correction just
(15:12):
because valuations are stretched, just because we just keep, as
Dwight says, setting what Dwight another record? Yeah that's right exactly.
So I told you, I've been telling you for weeks.
I get very nervous. Jason gets very nervous, Corey, Dwight, Well,
get very nervous when this market is that, these all
time highs day after day after day. Again, that cannot
continue forever. You got to take a breather. So you
(15:33):
just want to mention this. I don't like what I
saw today, but again, one day is not the beginning
of anything.
Speaker 1 (15:38):
But again, this is the old adage.
Speaker 2 (15:41):
It's the shot across the bow of the boat, and
you just want to sit up and pay a little
bit of attention. Good time to check your allocation in
your four one K, your your brokerage accounts, et cetera.
Be on the phone with your financial advisor if you're
not confident that he or she has you well diversified. Again,
all part of the defensive playbook that you should have
ready to go to any point. Corey, anything you want
to add to that before we go to break.
Speaker 4 (16:00):
I was just in watching some of this today. They're
either my take on it was there either getting nervous
for what could happen on Friday, or if they can
jackson Hole with Chairman Powell, or if they can get
through that and still feel like you're going to see
right cuts in September. As you mentioned, this whole thing
could be unwound back to all time highs Friday afternoon
or Monday morning. So absolutely, that's what it felt like
(16:21):
to me.
Speaker 2 (16:22):
You bring up an excellent point, Corey. As always, and
so folks, we have the Jackson Hole Symposium. This is
a gathering of economists, supposedly, but it's a who's who, right,
Every CEO probably in America is going to be there
and anybody who is somebody's probably going to be there
this and it's been a few years. Powell has never
done this, right, Corey, I don't remember. Pal's never shocked
the market. We of course had Burnanky, I think was
the last one that kind of surprised the world.
Speaker 4 (16:43):
Remember Pale two or three years ago when he said
there will be paying and then he started raising rates.
Speaker 1 (16:47):
Oh you're k you're right, Marcus.
Speaker 2 (16:49):
That was on that Yeah, that was twenty probably twenty
twenty two, twenty twenty one. Yeah, right in there. You're right, yep.
So this is what Corey is saying. It's a great point.
Market Pee's very close attention. Uh was speaking Friday morning,
I think at seven o'clock our time. The problem is
they never let the cameras in there, so you never
know what he's saying. History again, like I said, BERNANKI
(17:10):
used to be really famous for dropping some bombs at
Jackson hole Powell one time in his ten years.
Speaker 1 (17:15):
We will see.
Speaker 2 (17:16):
But again, this could be just another reason that people
are a little hesitant pulling a little money off the table.
They don't want to be caught flat footed if Powell
does say something to spook the markets on Friday.
Speaker 1 (17:26):
But you know, again, way too soon to tell on
that one. But those are this, you know, some of
the things. Again, they're posing a bit of headway. All right,
when we come back, I can't wait.
Speaker 2 (17:32):
Let's get into our topic by now REFI later or
do we just wait to have the boys give us
their advice on that. But first let's get the advice
from mister Ryan Netter and news traffic and whether hey right,
welcome back to the John Sanchez Show on News Talk.
Say Ky whitch I try. Do not change your dial, Aftter.
This program is over, so you do get to listen
to mister Netter. What an incredible show this man has
(17:52):
once again, a ten point game on the now today
lost three fifteen on the Nasdack and a decline of
thirty eight on the sp of course, joined by coreage
of Agraelity don't wipe all of Highlands mortgage. All right, boys,
let's get into our topic. Buy now, REFI later or
do we wait? So here are the points I want
to go over with you, guys, I'm going to start
with you. Let's start talking about we'll call it the
payment math, right, permanent rate versus two to one buy
(18:16):
down versus seller's credit points, et cetera. So bench of
jargon that a lot of people don't understand. The bottom
line is there are alternatives, right, So let's kind of
look at this permanent rate, meaning you know, the fix
rate that you just went over, versus the two to
one buy down you touched on this a few weeks ago,
and I think I wanted to bring this to the
table again because a lot of people are not aware
of how that works.
Speaker 1 (18:36):
So cover that real quickly.
Speaker 5 (18:37):
Yeah, So the buy down the two to one, and
there's actually a three to two to one as well, John,
But a two to one. What you're basically doing is
you're buying down two percentage points the first year from
what the market is, one percentage point from the second
year from what the market is. So, for example, let's
say your rate today is six and a half, you
would buy down to four and a half your first
(18:58):
year five and a half, six and a half. It's
a fantastic I call it a gimmick. I haven't been
a super big fan of them. But in the anticipation
that people have about maybe the Feds lowering the rates
twelve months, eighteen, whatever it is, they could then likely
maybe then convert out of that buy down into and
over the counter rate cheapers. The buydowns are and I'm
(19:21):
telling you right now, the builders are pushing them like crazy.
This is the only way to get people's payments.
Speaker 1 (19:26):
So you broke up builders what the builders are.
Speaker 3 (19:28):
Paying this like crazy because it's the only.
Speaker 1 (19:30):
Way to get the.
Speaker 3 (19:33):
Builders are paying this.
Speaker 2 (19:35):
John, Okay, why are you not a big fan. I'm
sensing a bit of sarcasm.
Speaker 4 (19:38):
Why.
Speaker 2 (19:39):
I mean, if you can if you go from six
and a half to four and a half with two
points down?
Speaker 1 (19:44):
Where's the math? Where does it make sense?
Speaker 5 (19:46):
Well, I mean it makes sense because it gives you.
But if it doesn't, so the people that did the
two to one buydown two years ago are now at
a higher rate than what they started at because the
buydown didn't work.
Speaker 3 (19:57):
You see what I'm saying.
Speaker 5 (19:58):
That's why there's a little bit of the sour taste
because some of these two to one bydowns are coming
do now, Okay, but if we're.
Speaker 2 (20:04):
Going to cycle where race are projected to come down
over the next couple of years, can I like it?
Speaker 1 (20:09):
I mean we're in a different then, I like it. Yeah,
I was gonna okay, that's what I was waiting for
you because because two years ago we were in the
opposite environment. Back to what Corey said twenty twenty two
is when the FED started raising rates. You know, here
we are a little over two years later, and yeah, different, different, This.
Speaker 3 (20:22):
Is the single biggest So yeah, this is.
Speaker 2 (20:25):
Okay, okay, is this helping people qualify? Because now you're
are you qualifying them at again six and a half percent?
Are you qualifying them at four and a half percent
of the lower payment?
Speaker 5 (20:33):
Do.
Speaker 1 (20:34):
You got to qualify him at the six and a half.
Speaker 5 (20:36):
So yeah, in the old days, used to be able
to qualify at the start rate. Right now you got
to qualify at the fully indexed rate. And the problem
with that, John is is most cases you got to
step up your your final rate a little bit from
what the going rate is because it's expensive to do
the buydown. So you know, let's just say rates are
six and a half, you go to six and three quarters,
(20:56):
you buy down to four and three quarters. So but
you have to qualify at the fully indexed rate, So
it doesn't do you any good from a qualifying stamp.
Speaker 2 (21:04):
Corey, Corey, can you give me a seller's concession? I
know we'll talk about those, but just a question that
popped in my mind. Can you give me a seller
concession to give me that two points to do the
buydown for Dwight?
Speaker 4 (21:13):
Yeah, So there's every program and Dwight knows it better
than I do. Every program has a maxi amount seller concession,
and I think some of them go up to five
or six percent if you can get that out of somebody.
So there's usually enough money to pay there the offers.
I did a property last week, we had multiple offers.
It was in an area where buyers usually need help,
and so every offer had a concession in there. And
(21:36):
what I was totally least from the agents is they
were all going to use it to buy the rate down.
The other side of that two one buydown, which there
was a couple of articles on it, and then I
haven't heard too much lately, is as Dwight mentioned, not
only did the two to one buy down from two
years ago not work because now the rate you're getting
now is higher than what you could have had, but
these people are coming out of it now, they're pressed
(21:56):
for affordability and the value of the house if you're lucky.
Is this same A lot of times it's down and so.
Speaker 1 (22:02):
You it's creating as in the debacle, Yes.
Speaker 4 (22:06):
A very many version, but there are some people feeling.
Speaker 1 (22:09):
Okay, and so along that same point, Yeah, I would.
Speaker 5 (22:12):
Just say universally speaking, a two to one buy down
is about two and a quarter points cost by down.
So that to Corey's point when you got to resets, Yeah,
so it's a it's a it's a pretty decent cost
to buy it down.
Speaker 1 (22:26):
So put that in dollars and cents for those that
don't understand what you just said.
Speaker 5 (22:30):
So, if you're looking at, you know, a four hundred
thousand dollars uh loan amount, it's ten grand. Two and
a half points is ten grand? You know you're paying
ten grand to buy that rate down?
Speaker 2 (22:44):
Do I care if Corey's But do I care if
Corey's my great agent he just got me that ten
grand on the concession?
Speaker 3 (22:49):
Absolutely not.
Speaker 5 (22:50):
You would never pay the buydown on your own if
you're the buyer, because all you're doing is pre paying
the same.
Speaker 1 (22:56):
Okay, never pay it.
Speaker 5 (22:58):
If you're the buyer, do not pay your by down.
You're better off doing something different.
Speaker 2 (23:02):
There you go, there you go. Okay, yeah, we're talking.
All right. Now let's go to our second point. We
use this a lot. You marry the house, you date
the rate right. When does this not work?
Speaker 1 (23:13):
To right?
Speaker 2 (23:14):
When does that scenario that we use over and over
on this show, when does that not work?
Speaker 5 (23:17):
I think if it's short term, you know, I mean
if the house is short term. But I mean if
you're looking at Corey's always said this, if you need
housing and you need a roof over your head, eventually
the race will you know, I mean, there'll be an
opportunity for you to, let's say, you know, reconsider refinancing
or pulling some cash out or doing something. So the
(23:38):
rates are always moving more than they've ever moved John Now.
I mean, you know in the old days they took forever,
but they move so fluid right now that there's always
an opportunity somewhere. But if you're a short term you
may not be able to wait that out.
Speaker 1 (23:52):
Okay, all right, court eything you want to add to
that would.
Speaker 4 (23:54):
Just say, in the life of a house, in the
life of a loan, I mean Dwite spot on that
you need housing, you need a roof over your head,
You're going to go through refinances and payoffs, and now
I need an equity line because my kids need to
go to call like all these things. So I'm not
necessarily against the Mary the house state the right depending
on life circumstances. My biggest thing is the first, at
(24:16):
the first outset, when you buy it, make sure you
can afford it and that it's locked. And then it
doesn't matter what happens because you know you can already
afford it, right right exactly.
Speaker 2 (24:25):
You know some of the guys that it just came
to mind, core As you were saying that, you know,
thinking back to when we were all first time buyers,
right and it was a it was a dream that
you know millions right now have and they're so frustrated
because again affordability and so on and so forth, that
they can't get that first home. And thinking back again
first time that I got into real estate, and I
know you guys have shared your stories. Then well I'm
(24:45):
going to sound old. Then I was like, I'm going
to do whatever it takes to get into the house.
I don't care if I'm paying. And I did I
think twelve percent interest on my first home? I think
you do. You guys have said the same thing. And
look where we are today, right rates are half that
and god willing, most of us have made pretty good
money in real estate over the years, and so on
and so forth. Why are we using that that excuse anymore?
Speaker 1 (25:06):
Dwight?
Speaker 2 (25:06):
Why are we not telling these people? And Corey, you
know what, I don't care what it takes. You go
fancy two one by Dawn Sellar concession. You know it,
no matter what, get into a home.
Speaker 1 (25:15):
Why is that? Why is no one saying that anymore?
I don't start with you.
Speaker 5 (25:18):
Cory, and I are saying, right when somebody, when I
feel like there's a strong enough desire, they'll do anything.
You're right, John, you just got to kill the appetite.
And there are those out there. I'll do anything. I'll
go get another job, I'll do whatever I've got to
do to go.
Speaker 3 (25:33):
Raise some money.
Speaker 5 (25:35):
I'll ask my aunt, my uncle, and so those are
the ones we really want to coach and get them
in court.
Speaker 4 (25:41):
I still and I don't ever push people that way.
But just going back to me, I think I bought
my first out. So I did my loan in nineteen
ninety eight. Interest rate was seven and a half or
eight percent. My payment was eleven hundred dollars. Now that
house is probably worth five hundred thousand dollars. That payment's
going to be four or five grant. I don't know.
I mean, I'm sure ages have gone up, but they
haven't gone up as much to me when I look
(26:03):
back and just think about it, like it's much easier
said than done, because could anybody shell out an extra
thousand bucks? Sure?
Speaker 2 (26:09):
I mean, I don't know. Now you're sound and old,
so I'm gonna, I'm gonna. I'm gonna respectfully disagree with you, because, again,
just for those that may be new to the show,
I'm just gonna go back to my personal story. It
was I was a credit analyst for GMAC, the financiing
arm at the time in general motors there removed me
all over the place. I got a promotion to move
to Oxnard, California. Wanted to live by the beach, et cetera.
(26:29):
Condo was one hundred and eighty one thousand. I was
only making thirty two thousand dollars a year as a
credit analyst for GMAC. There was no way in hell
I was going to qualify. So I'm like, what can
I do? What can I do? I call my dad, Dad,
how would you like to own a third of this condo?
It's you know, growing town by the Beachma done. Go
to my brother in law who's a CPA bro. You
want to come in third on this? These numbers got
absolutely great investment. I was willing to do I because
(26:52):
I couldn't afford it. I landscaped. I did landscape installation
every single week and for as long as I own
that house, which was a couple of years, that condo
for a couple of years because I needed that help
to do to make that payment, right, I had a
family to support. My point is, I don't see that
desire with these young people that are trying to get
into their house. It's easier to go ask Uncle Dowight
or Uncle Corey for a loan or a gift or
(27:13):
something like that. I don't see. And again I'm going
to sound old. I don't see this younger generation willing
to sacrifice to do whatever it takes to get into
their first home. And all I can tell you from
personal standpoint is, folks, do whatever you have to do,
if it means a second job, a third job, starting
a business, part time, whatever it is you need to do.
For one of your greatest paths to wealth is home ownership,
(27:34):
no matter what, no matter what happens when you're putting
in your four one K, your greatest path to wealth
is that home.
Speaker 1 (27:39):
Because of the leverage aspects, right, Yeah.
Speaker 5 (27:41):
No, Johnypp, I think that percentage is far less John
than what we experience. There are some out there, but
the easier route is what they take. They go get
a loan from Uncle Corey or Uncle John. You know,
they just get alan. They figure it out they waddle
through it and they get through it. But yeah, that
hard work do whatever its Yeah, it's further between than
(28:02):
it was.
Speaker 1 (28:02):
M hm. Where you want to add anything that, no,
I agree with him, provo.
Speaker 4 (28:06):
I agree with you on that point on it that
where there's a will, there's a way, and sometimes it
doesn't sure to be a will.
Speaker 2 (28:12):
You know, like when I have my brother, doctor Denisanchez
on the show on Mondays where we do the AI.
We were talking off air yesterday and in folks, I
can't tell you enough, especially young people, there is never
ever ever been a better time to go start a
business than there is right now. You literally and I'll
help any of you, you young people, if you need
my help, I'll give you my time. In an hour,
(28:33):
I can have you up and running. Thanks to AI,
I can have a business plan written, I can have proformers,
I can have your marketing plan. I can have everything
written within an hour thanks to AI. And now you
have to go do the hard work and get that
business for them. There is no reason if you need to.
You know, if Dwight says, hey, you know what you
need to go qualify for another grand in income or
a couple grand, there is no reason in today's world
(28:55):
that you cannot go generate a couple grand at least
at least by taking advantage of where technology is now.
Keep your nine to five job, that's safe. You got
your benefits. But don't tell me that you you don't
make enough money to qualify with Dwight, because there's no reason.
There wasn't the Internet, there wasn't any of this crap
when the three of us were growing up and trying
to get our first home. But all you young people, you've
got it now. You've got it just between your eyes
(29:17):
and like in your ears, whether you have the desire
and in your heart to go out.
Speaker 1 (29:20):
And do it.
Speaker 2 (29:21):
So we'll wrop it up with the Christen Snow right
now Traffic Center. Welcome back to the John Sanchez Show
on News Talk seven eighty KO eight. It's been so
great to be with all of you today and great
to be with my co host mister Edge.
Speaker 1 (29:31):
Can we get your phone with us? Saul seven three,
mister Miller.
Speaker 3 (29:35):
Two four zero two zero two two, mister Miller to
four zero two zero two two.
Speaker 2 (29:40):
All right, boys, let's continue our discussion points and buy
now REFI later or do we wait right we talked
about the rate, buy down program, seller credits, marry the house,
date the rate, so on and so forth. Now let's
go to our next issue, which is Corey down your alley.
This is what a lot of buyers are trying to
battle with new construction. Do I go new construction? Do
I I go resale new construction, I get builders incentive resale,
(30:04):
I get resale concessions. How do you help with somebody
make that decision?
Speaker 4 (30:07):
Corey, you know it's I've after doing this for so long,
and Dwyton knows this. It's Some buyers love new homes.
I mean that is their dream is to a brand
new home, not just new to them, just new to
any human being, right, And some people like older homes
that they can remodel, So that one's kind of up
in the air. I will tell you, if you're just
looking at a dollar for dollars, sometimes not always, Sometimes
(30:29):
the new homes are a little bit more expensive. Obviously
you're getting new stuff, so you can factor that in.
And then obviously you can take into consideration any buydowns
and stuff that they give you. Just remember, especially with
the new homes, and I love the new home builders,
but you go into a huge community. They're gonna wiel
and deal with you to get you to buy. Next month,
they're gonna be willing and dealing with two other people
to get them to buy. So that other person may
(30:50):
get a better deal than you. They may get a
worse still than you. It's hard to say. It fluctuates
a lot.
Speaker 2 (30:55):
So square footage the square footage, same amenities of a house, Corey,
fast forward five years. The guy that bought the new house,
the guy that bought the house that's already landscaped and
everything else where's our best appreciation potential?
Speaker 4 (31:06):
Theoretically, honestly, theoretically it should be the same. But the
person who bought the older house may have had to
put more money into it plumbing, electrical stuff that needed
to be done, so he may have higher expenses even
if they sell at the same price.
Speaker 1 (31:20):
Beautiful, great advice.
Speaker 2 (31:21):
All right, boys, excellent job is always very very interesting topic.
We will continue it again at another time. In the meantime,
we will see you all tomorrow. God bless our great afternoon,
see you boys.
Speaker 1 (31:30):
DWAIGHTE.
Speaker 2 (31:31):
Millard n MLSID Number two four one two five nine
a licensed mortgage loan officer with Highlands Residential Mortgage Limited
and Equal Housing Lender and MLSID number one three four
eight seven one. The information shared on this live broadcast
is for general information purposes only and does not constitute
financial or mortgage advice. Listeners should consult directly with a
licensed mortgage professional for guidance tailored to their specific situation.
Speaker 1 (31:55):
All loans are subject to credit approval and program guidelines.
Not all applicants will qualify. Loan terms and availability may
vary by state and are subject to change without notice.
Speaker 2 (32:05):
Highlands Residential Mortgage Limited is licensed.
Speaker 1 (32:07):
In multiple states. For a full list of state licenses
and disclosures, please visit https slash slash www dot Highlandsmortgage
dot com backslash licenses backslash. The views expressed during this
program are their own and do not necessarily reflect those
of Highlands Residential Mortgage Limited.
Good Tuesday afternoon to you.
Speaker 2 (00:03):
Welcome to the John Sanchez Show on News Talk seven
to eighty k which it is a pleasure to be
with you and a pleasure to be with my co
host I round the horn. We shall go the White
Millard Highlands Mortgage. How are you, my friend, doing fantastic today?
Speaker 3 (00:15):
John?
Speaker 1 (00:15):
How are you very good? Very good? Mister Corey edge
edge reality, big c. That's a good word.
Speaker 4 (00:21):
Well, my market didn't go down today.
Speaker 1 (00:23):
Yeah, right, exactly exactly. Hey, but you had kind of it,
not that I know of, at least you had kind
of a scathing report by the Reno Gazette Journal about
our local housing market this morning. Did you see that?
Speaker 4 (00:33):
No, I didn't see that.
Speaker 1 (00:35):
Yeah, yeah, I'll.
Speaker 4 (00:36):
Pull that up. I see it.
Speaker 1 (00:38):
It was not it was not.
Speaker 2 (00:39):
Encouraging, but it was all the same data that we shared,
you know, what was that last Thursday or whenever it
was that we did the local report. So there was
kind of regurgitating a bit. But by the way they
put it, it's like, holy moly, I'd be scared to
death right now.
Speaker 4 (00:51):
Oh, you know, there's a lot of I'm sure you've
seen there's a lot of stories coming out of Las Vegas,
not only tourism, but housing way down, prices way down Inventorio.
Speaker 2 (00:58):
Do you think those are true? I see those on YouTube,
especially the tourism one, and I'm like, is this like
some fake a I think, but it doesn't sound like
according to you, you think those facts are true.
Speaker 4 (01:08):
Well, I mean I get it from I think there
was something in the Wall Street Journal and the public
like if you can believe what you read that is.
I don't really watch the videos and the rest of it,
but I will see.
Speaker 1 (01:18):
Yeah, yeah, only time weto All right, miss Millard, A
lot of today's program, my friend, is all going to
be about you. I hope you got a good night's
sleep and you're ready to go.
Speaker 3 (01:26):
I'm ready, always ready.
Speaker 2 (01:28):
Always ready. There you go. All right, let me tell
you what we do have lined up for you. Once again,
thanks so much for joining us. We do appreciate. We're
gonna recap today's stock market activity. A little bit of
a rough session today, especially if you have some tech
anything related to the Nasdaq.
Speaker 1 (01:40):
We had.
Speaker 2 (01:40):
We had a few problems there today and I'll give
you all the reasons behind the weakness and the Nasdaq
and the SMP and the reason I have a very
small gain in the doubt. We'll go through that, of course,
then we're going to get into our topic. So here's
the question that many of you are facing right now,
and that is this, should you buy now and refinance
later or should you wait it out right? Those are
(02:01):
really the two options that many people are looking at
in regards to going out and purchasing a home at
this point. So what we're going to do this afternoon
with Corey and Dwhite is we're going to weigh the payments,
We're gonna look at the inventory. We're gonna talk about
negotiating and what is involved with that right now with
Corey and then of course Dwight's going to chime in
on the financing side, because this is another area that
(02:21):
we've got to get really creative. Right now, we're going
to talk about buydowns, some credits, and of course the
smartest contract terms in today's market. So we've got a
lot of things, but the goal of today's show is
really simple. Rates are coming down, and you know what, guys,
let's see where the heck did I watch this? It
was on CNBC this morning. It was with Diane Olk. Oh,
Like they're real estate reporter and she was interviewing somebody
(02:43):
and it was like days vu we had just said this,
And what I'm talking about is the person or that
she was interviewing was getting into a discussion about, you know,
the rate buydowns, you know, and so on and so forth,
and what a challenging market it is for so many people.
Everything that we've talked about, the qualifications for the younger,
(03:04):
the first time or maybe the second time buyer, the
buydowns and how it's putting a crunch into many of
the home builders, and just you know, again a reiteration
of everything that we've been talking about. And again this
was on a national basis, and I thought it was
really interesting to see or hear that on a national
basis that we're you know, we're not in an island here, folks.
So we have a lot of times we're supported, of
(03:25):
course by the strength of California and Alsie market, but again,
the guys, this is a problem right across the board,
and Dwight, you know, they really got into about the
new homebuilder buydowns and and how it's difficult for you know,
someone just selling a home to compete against those buydowns.
So that's kind of what prompted me to create this
topic today. And we're like, you know, there's a lot
of things going on that people are facing at this point.
(03:47):
How do we help them put it all together to
help make that decision? And it really is obviously it's
both of your worlds there.
Speaker 5 (03:53):
Yeah, you're exactly right, John, You've taken everything we've talked
about for probably the last six eight months and put
it on one sand right. I mean, it's one sandwich
everything the borrower is faced with right now. It's extremely difficult.
And on top of that, John, you get people now
that are getting their wages cut, they're getting their hours cut,
and they're moving them to ten ninety nine's So I
(04:15):
mean really, yeah, you're just starting to see every business,
every ente is trying to get a little creative now
in trying to help, you know, circumvent you know, maybe
an off month or this. So there's just a lot
of different dynamics. It's you know, we talked about it.
It's nowhere near what eight oh nine was, but the
barrower's feeling some of the exact same pains of eight
(04:36):
and nine, where it's just a credit income challenging market
has been right.
Speaker 1 (04:42):
Right, right, Yeah, that's that's fascinating. I was not aware
about the ten ninety nine.
Speaker 2 (04:47):
So obviously employers want to put employees or what used
to be employees as independent contractors on a ten ninety nine.
That way, they're not paying medical benefits, they're not paying retirement,
they're not paying payroll taxes. They're right one check to them,
and then it's up to what used to be an
employee now an independent contractor to cover all of their.
Speaker 1 (05:04):
Personal overhead, basically in business overhead. So, yeah, that's interesting
that you're seeing it on your end. Wight Grey, have
you heard that it all any of your conversations.
Speaker 4 (05:12):
I haven't heard it from my clients, but I'm helping
a friend of mine go through a business acquisition right now,
and all the people that work for this particular business
are ten ninety nine, you know, employees, if you will,
which was kind of interesting to me. Part of me
thinks I never heard the aneywhere so I might be wrong,
But part of me kind of thinks with this administration
right now, it feels like those kind of rules get
(05:33):
a little relaxed. People have been fired. The irs isn't
supposed to have as many teeth anymore. And kind of
the eyes off the ball. So it doesn't surprise me
at all that businesses would think, well, if I can
get away with it, now is probably the time I
can try it.
Speaker 3 (05:47):
Right, Yeah, run to add to that real quick.
Speaker 5 (05:50):
To just add to that, you and I had a
conversation I don't know, a couple of weeks ago. The
student forgiveness or the student for parents program are over.
People are losing two hundred points on their credit scores
because they're not aware that their payment kicked in in January.
I've seen now four of them that they had seven
(06:11):
fifty seven forty credit scores and they didn't realize their
payment restarted, no notification, know anything. They got rolling ninety
day lates right now and they lost two hundred points
in their in their in their credit score seven fifty
to a five point fifty. John, they can't buy.
Speaker 1 (06:28):
What are those people telling you, Dwight?
Speaker 2 (06:29):
I think you brought this up a couple of weeks ago,
or maybe it was one of our private conversations. Yeah,
the one borrow just absolutely in shock. Obviously any of
us would be right if you get two hundred potswapped
off your credit score.
Speaker 5 (06:38):
Yeah, I mean they're very upset that they didn't see
this was blind. It's not that they deny that they
didn't owe a student loan, but you know, there was
so much confusion during the pandemic, right during COVID, Remember
they froze all of the student loans. Then Biden came
out and you know, every loan, every other loan, every
third loan was forgiven. I don't know, and then all
of a sudden they kicked back in January. And these
(07:01):
people didn't even know that. And again I'm not taking
any response movay from them, but there's a way.
Speaker 3 (07:05):
We didn't even know.
Speaker 5 (07:06):
Had I not been remotely looking at buying a house,
I wouldn't even have known this was on my credit
right now?
Speaker 1 (07:12):
Right? What amazing? Amazing.
Speaker 2 (07:15):
Yeah, that's a tough one and that takes a long
time to rebuild that also, Yeah, you feel for that.
All right, Well, we got a lot of things to
talk about in our uh in our topic this afternoon
again buying now refilator or wait, we're gonna un through
the numbers with you here momentarily. Let me tell you
what happened in the stock market today. You know, there's
really no other way to say it.
Speaker 1 (07:32):
Was.
Speaker 2 (07:32):
It was a bit of a sloppy session today. Things
were pretty good. In the pre market session. We had
some blowout earnings numbers from Home Depot, Caterpillar got a
big upgrade. These are real heavily weighted stocks. In the Dow,
things look really good. Matter of fact, we hit a
intra day all time high on the Dow. It was
in two hundred and seven, but we closed up forty
foury nine to twenty two with just a ten point game.
(07:52):
So what we saw happen was the technology side. And
this is what we've been warning about. You can wake
up one day and all of a sudden, the darlings
of Wall Street, the tech names, the Navidias, the Amazons,
the microsofts, et cetera. Traders, the algorithms, or whoever you
want to blame, go, yeah, you know what, they're over
valued or there's this reason or that reason that it's wrong.
And that's exactly what we experienced today. It was really
(08:14):
a diverging market. It was, you know, almost evenly split.
You know, almost fifteen up, fifteen down. I'm just glancing
at the list, looks like maybe seventeen or so we're up.
But you know, you were led by home Depot twelve
dollars and forty four cent gain or I was thinking
of you and that report came out, you know, once again, okay,
earnings numbers for the top line and the bottom line,
but not the best guidance going forward. But the street
kind of brushed that aside. You know, what are you
(08:37):
hearing from your clients right now? Corey in regards to
remodels home depots saying, look at a lot of people
are going for the reasons we're going to talk about.
I can't move, so yeah, I'm going to go spend
some money remodeling. But at the same time, back to
Dowyte's point, I don't know if I got a job,
I don't know a lot of uncertainty in my personal finances.
So can I really go drop, you know whatever, five grand,
(08:57):
ten grand for some things to remodel my.
Speaker 4 (08:59):
Home, and that more of the people I know are
the contractors side of it. And I'll say the contractors
I know contractors and Dwight knows too. Anywhere from a
house remodels up to very large stuff for municipalities. They're
all busy. I don't know that they're as busy as
they were in the recent past. They're not stacked up,
but they all have work into the near futures. But
as what I mentioned, it's you still got to get
(09:19):
your hands on some cash somewhere, especially if you're worried
about jobs. So we'll see how long that goes.
Speaker 2 (09:24):
Day are you seem a new request people come to
you wanting to cash out, to do remodels, things like that.
Speaker 3 (09:29):
You're starting to get some buzz about it.
Speaker 5 (09:31):
Not too much again, and we're back to that, you know,
the the home equity line. Still, you know, we're still
playing that sandbox because they don't want to give up
on these great races. We started to get some momentum,
as you know, we talked about it last week and
the week before, and I kind of petered out on
that little momentum on the rates. So people are still
not really ready to go give up their first So
(09:51):
it's still back to the home equity arena.
Speaker 3 (09:54):
Still back to the home equity Yeah.
Speaker 1 (09:56):
Okay, very good.
Speaker 2 (09:57):
All right, we come back and when to hit some
of the movers some of the week that we experienced
like with Meta and Google, Amazon, et cetera.
Speaker 1 (10:02):
Hit that real quick.
Speaker 2 (10:03):
Navidia and Dwight it's going to tell us what we
did on the mortgage side of things today, and then
we're going to get into our topic by now REFI
later or do you just started?
Speaker 1 (10:11):
Order Christen snow in the right now traffic center.
Speaker 2 (10:13):
Welcome back to the John Sanchez Show on News dook
seven to eighty koh with Corey Edge Edge Reality and
Dwhite Millard of Highland's Mortgage. All right, once again, here's
how we finished up ten point gain on the dow.
So but it was a wild ride. I don't think
it was quiet by any stretch of the imagination. We're
up and down all over the board today. But yeah,
finished with a very small gain of forty four thousand,
nine twenty two level. Once again, we had an intra
day record of forty five thousand, two hundred and seven AZZEC,
(10:36):
though never really recovered, finished at the loads of the
session down three point fifteen, a one point four to
six percent loss to close the twenty one thousand, three
fourteen and the sp given up thirty eight points er
point five nine percent to a close a six thousand,
four hundred and eleven all right. On the commodity side,
the eight cent decline on oil prices. That was a
finished there of sixty one dollars and a forty cent
(10:58):
and then we turned things over to the goal prices
and nineteen dollars and thirty cent lost there three thousand
and three fifty eight ninety and on the bond market
down four basis points. On the tenure to a close
there a four point three percent. Mister Millard had the
heck did we do on thirty year mortgages today?
Speaker 3 (11:11):
Well, we're stuck in this rut or this mud right now. John.
Speaker 5 (11:13):
We're at six point six zero accordion Mortgage News daily.
That's up a few ticks from basically last week we
were I think six and six point five eight or something.
Your fifteen years still under six five point nine to six,
and then your governments are six point one to a.
Speaker 3 (11:29):
Though.
Speaker 5 (11:30):
You know, we're just in this pattern, I mean, and
it's what draws the people out. But then there's not
a whole lot of movement beyond that, right, I mean,
you know, we're starting to see it. All the outlets,
all the media was talking about rates coming down and
people go out, and then all of a sudden they
just kind of stopped.
Speaker 2 (11:44):
Yep, I want to go back to what I was
saying about that that interview that was done on CNBC
this morning with the real estate person. I forget what
company he was with, but he brought up exactly what
you were saying. I think it was Thursday, you and
I and Corey we're talking about this where the public
right now is waiting on the fence, you know, using
that term of sitting on the because they think, obviously,
in September we're gonna get a rate cut. So if
the Fed cuts rates a quarter percent, then you're gonna
(12:06):
see mortgage rates cut a quarter percent. And he obviously said,
just like us, Look the bond market, it was. It
was like days a voo, exactly what we said on Thursday.
The bond market, folks, remember, is a forward looking indicator.
The bond market is much smarter than the stock market.
Right the bond market is already priced in a quarter
percent cut from the Fed on in September, and they've
probably already priced in the probability of another rate cut,
(12:28):
say in October or December. So Dwight, I want you
one more time, because I don't want anybody And that's
why we're talking about this topic by now. Refile later
a wait. I don't want anybody to miss out on
their dream home or whatever opportunity they see for themselves,
thinking that you're going to see rates drop a quarter
percent when we get the Fed interest rate decision and
its September. One more time to I tell the audience
(12:50):
how they are not correlated.
Speaker 5 (12:52):
Yeah, I mean so to your point, I mean, you know,
the Fed are moving the you know, federal fund rate,
which is what banks charge each other overnight or Feds
charged to banks over night funds. The bond traders manage
the Fannie Mae, the Jennie May, you know, the market.
So you know, it doesn't mean and that's what everybody thinks.
They lowered a quarter. Hey, mortgage rates are going down
a quarter. It's absolutely false. But everybody has that narrative, John,
(13:14):
everybody has that narrative unless you're listening to this show.
You know good and well, that doesn't We've seen the
Fes lower rates, and what do you think the mortgage
rates have done. They've gone up, so yeah, so there
is absolutely zero correlation. So to wait to wait for
something that you just don't know is gonna happen or
when it's gonna happen, and then if that does happen,
(13:35):
that your mortgage rates go down, it's a double whammy.
I mean, I don't I just don't know. I mean,
I'm you know, I'm gonna air to the side if
you need to buy today and restructure later.
Speaker 1 (13:44):
You know. That's that was his advice too. Yeah, it was.
Speaker 2 (13:46):
It was like you heard everything you'd said, yep, exactly,
all right, okay, so now we're up to date on
the mortgage side of things real quickly. Some of the
big movers today, like I said, Tech ruled over today.
This is what pressure of the market obviously on the
naszac side and kept the lid on the down side.
In the video, No Reason down six dollars and thirty
seven cents, three and a half percent loss. Broadcom down
three and a half percent, ten dollars and eighty five cents.
(14:06):
Microsoft seven dollars and thirty three cent loss, down one
point four to two. Apple small declined there thirty three cent.
Intel is one of the big winners after soft Bank
last night made a big announcement that they're going to
put about two billion dollars into the company. Now, remember
this is on top of the US government wanted to
kind of use our new sovereign wealth fund to take
a stake that we still don't know is going to
happen into Intel. So Intel's in the cross sayers are
(14:28):
a lot of companies. But nice move on the stock
today six point ninety seven percent gain up a buck
sixty five to twenty five thirty one. We also saw
pressure and Metap eighty nine cent loss two point zero
seven percent to seven fifty one forty eight who was
down a dollar eighty Tesla down five dollars and eighty
five cent, Amazon down three dollars and forty eight cents.
You get the picture. So what do you do now?
One day is not enough what we have to watch?
Could this be the beginning of a tech selloff? If
(14:49):
it is, it's time to start thinking about your defensive action,
which in your defensive playbook for your portfolio. Tomorrow we
could come in and it could be a different world.
So one day, you never want to adjust defensively when
text to sell off, But you have to sit up
in your seat right now and pay very close attention.
If we get two or three days, that's when we
could potentially have some problems. I mean, this market is
absolutely right for a five to ten percent correction just
(15:12):
because valuations are stretched, just because we just keep, as
Dwight says, setting what Dwight another record? Yeah that's right exactly.
So I told you, I've been telling you for weeks.
I get very nervous. Jason gets very nervous, Corey, Dwight, Well,
get very nervous when this market is that, these all
time highs day after day after day. Again, that cannot
continue forever. You got to take a breather. So you
(15:33):
just want to mention this. I don't like what I
saw today, but again, one day is not the beginning
of anything.
Speaker 1 (15:38):
But again, this is the old adage.
Speaker 2 (15:41):
It's the shot across the bow of the boat, and
you just want to sit up and pay a little
bit of attention. Good time to check your allocation in
your four one K, your your brokerage accounts, et cetera.
Be on the phone with your financial advisor if you're
not confident that he or she has you well diversified. Again,
all part of the defensive playbook that you should have
ready to go to any point. Corey, anything you want
to add to that before we go to break.
Speaker 4 (16:00):
I was just in watching some of this today. They're
either my take on it was there either getting nervous
for what could happen on Friday, or if they can
jackson Hole with Chairman Powell, or if they can get
through that and still feel like you're going to see
right cuts in September. As you mentioned, this whole thing
could be unwound back to all time highs Friday afternoon
or Monday morning. So absolutely, that's what it felt like
(16:21):
to me.
Speaker 2 (16:22):
You bring up an excellent point, Corey. As always, and
so folks, we have the Jackson Hole Symposium. This is
a gathering of economists, supposedly, but it's a who's who, right,
Every CEO probably in America is going to be there
and anybody who is somebody's probably going to be there
this and it's been a few years. Powell has never
done this, right, Corey, I don't remember. Pal's never shocked
the market. We of course had Burnanky, I think was
the last one that kind of surprised the world.
Speaker 4 (16:43):
Remember Pale two or three years ago when he said
there will be paying and then he started raising rates.
Speaker 1 (16:47):
Oh you're k you're right, Marcus.
Speaker 2 (16:49):
That was on that Yeah, that was twenty probably twenty
twenty two, twenty twenty one. Yeah, right in there. You're right, yep.
So this is what Corey is saying. It's a great point.
Market Pee's very close attention. Uh was speaking Friday morning,
I think at seven o'clock our time. The problem is
they never let the cameras in there, so you never
know what he's saying. History again, like I said, BERNANKI
(17:10):
used to be really famous for dropping some bombs at
Jackson hole Powell one time in his ten years.
Speaker 1 (17:15):
We will see.
Speaker 2 (17:16):
But again, this could be just another reason that people
are a little hesitant pulling a little money off the table.
They don't want to be caught flat footed if Powell
does say something to spook the markets on Friday.
Speaker 1 (17:26):
But you know, again, way too soon to tell on
that one. But those are this, you know, some of
the things. Again, they're posing a bit of headway. All right,
when we come back, I can't wait.
Speaker 2 (17:32):
Let's get into our topic by now REFI later or
do we just wait to have the boys give us
their advice on that. But first let's get the advice
from mister Ryan Netter and news traffic and whether hey right,
welcome back to the John Sanchez Show on News Talk.
Say Ky whitch I try. Do not change your dial, Aftter.
This program is over, so you do get to listen
to mister Netter. What an incredible show this man has
(17:52):
once again, a ten point game on the now today
lost three fifteen on the Nasdack and a decline of
thirty eight on the sp of course, joined by coreage
of Agraelity don't wipe all of Highlands mortgage. All right, boys,
let's get into our topic. Buy now, REFI later or
do we wait? So here are the points I want
to go over with you, guys, I'm going to start
with you. Let's start talking about we'll call it the
payment math, right, permanent rate versus two to one buy
(18:16):
down versus seller's credit points, et cetera. So bench of
jargon that a lot of people don't understand. The bottom
line is there are alternatives, right, So let's kind of
look at this permanent rate, meaning you know, the fix
rate that you just went over, versus the two to
one buy down you touched on this a few weeks ago,
and I think I wanted to bring this to the
table again because a lot of people are not aware
of how that works.
Speaker 1 (18:36):
So cover that real quickly.
Speaker 5 (18:37):
Yeah, So the buy down the two to one, and
there's actually a three to two to one as well, John,
But a two to one. What you're basically doing is
you're buying down two percentage points the first year from
what the market is, one percentage point from the second
year from what the market is. So, for example, let's
say your rate today is six and a half, you
would buy down to four and a half your first
(18:58):
year five and a half, six and a half. It's
a fantastic I call it a gimmick. I haven't been
a super big fan of them. But in the anticipation
that people have about maybe the Feds lowering the rates
twelve months, eighteen, whatever it is, they could then likely
maybe then convert out of that buy down into and
over the counter rate cheapers. The buydowns are and I'm
(19:21):
telling you right now, the builders are pushing them like crazy.
This is the only way to get people's payments.
Speaker 1 (19:26):
So you broke up builders what the builders are.
Speaker 3 (19:28):
Paying this like crazy because it's the only.
Speaker 1 (19:30):
Way to get the.
Speaker 3 (19:33):
Builders are paying this.
Speaker 2 (19:35):
John, Okay, why are you not a big fan. I'm
sensing a bit of sarcasm.
Speaker 4 (19:38):
Why.
Speaker 2 (19:39):
I mean, if you can if you go from six
and a half to four and a half with two
points down?
Speaker 1 (19:44):
Where's the math? Where does it make sense?
Speaker 5 (19:46):
Well, I mean it makes sense because it gives you.
But if it doesn't, so the people that did the
two to one buydown two years ago are now at
a higher rate than what they started at because the
buydown didn't work.
Speaker 3 (19:57):
You see what I'm saying.
Speaker 5 (19:58):
That's why there's a little bit of the sour taste
because some of these two to one bydowns are coming
do now, Okay, but if we're.
Speaker 2 (20:04):
Going to cycle where race are projected to come down
over the next couple of years, can I like it?
Speaker 1 (20:09):
I mean we're in a different then, I like it. Yeah,
I was gonna okay, that's what I was waiting for
you because because two years ago we were in the
opposite environment. Back to what Corey said twenty twenty two
is when the FED started raising rates. You know, here
we are a little over two years later, and yeah, different, different, This.
Speaker 3 (20:22):
Is the single biggest So yeah, this is.
Speaker 2 (20:25):
Okay, okay, is this helping people qualify? Because now you're
are you qualifying them at again six and a half percent?
Are you qualifying them at four and a half percent
of the lower payment?
Speaker 5 (20:33):
Do.
Speaker 1 (20:34):
You got to qualify him at the six and a half.
Speaker 5 (20:36):
So yeah, in the old days, used to be able
to qualify at the start rate. Right now you got
to qualify at the fully indexed rate. And the problem
with that, John is is most cases you got to
step up your your final rate a little bit from
what the going rate is because it's expensive to do
the buydown. So you know, let's just say rates are
six and a half, you go to six and three quarters,
(20:56):
you buy down to four and three quarters. So but
you have to qualify at the fully indexed rate, So
it doesn't do you any good from a qualifying stamp.
Speaker 2 (21:04):
Corey, Corey, can you give me a seller's concession? I
know we'll talk about those, but just a question that
popped in my mind. Can you give me a seller
concession to give me that two points to do the
buydown for Dwight?
Speaker 4 (21:13):
Yeah, So there's every program and Dwight knows it better
than I do. Every program has a maxi amount seller concession,
and I think some of them go up to five
or six percent if you can get that out of somebody.
So there's usually enough money to pay there the offers.
I did a property last week, we had multiple offers.
It was in an area where buyers usually need help,
and so every offer had a concession in there. And
(21:36):
what I was totally least from the agents is they
were all going to use it to buy the rate down.
The other side of that two one buydown, which there
was a couple of articles on it, and then I
haven't heard too much lately, is as Dwight mentioned, not
only did the two to one buy down from two
years ago not work because now the rate you're getting
now is higher than what you could have had, but
these people are coming out of it now, they're pressed
(21:56):
for affordability and the value of the house if you're lucky.
Is this same A lot of times it's down and so.
Speaker 1 (22:02):
You it's creating as in the debacle, Yes.
Speaker 4 (22:06):
A very many version, but there are some people feeling.
Speaker 1 (22:09):
Okay, and so along that same point, Yeah, I would.
Speaker 5 (22:12):
Just say universally speaking, a two to one buy down
is about two and a quarter points cost by down.
So that to Corey's point when you got to resets, Yeah,
so it's a it's a it's a pretty decent cost
to buy it down.
Speaker 1 (22:26):
So put that in dollars and cents for those that
don't understand what you just said.
Speaker 5 (22:30):
So, if you're looking at, you know, a four hundred
thousand dollars uh loan amount, it's ten grand. Two and
a half points is ten grand? You know you're paying
ten grand to buy that rate down?
Speaker 2 (22:44):
Do I care if Corey's But do I care if
Corey's my great agent he just got me that ten
grand on the concession?
Speaker 3 (22:49):
Absolutely not.
Speaker 5 (22:50):
You would never pay the buydown on your own if
you're the buyer, because all you're doing is pre paying
the same.
Speaker 1 (22:56):
Okay, never pay it.
Speaker 5 (22:58):
If you're the buyer, do not pay your by down.
You're better off doing something different.
Speaker 2 (23:02):
There you go, there you go. Okay, yeah, we're talking.
All right. Now let's go to our second point. We
use this a lot. You marry the house, you date
the rate right. When does this not work?
Speaker 1 (23:13):
To right?
Speaker 2 (23:14):
When does that scenario that we use over and over
on this show, when does that not work?
Speaker 5 (23:17):
I think if it's short term, you know, I mean
if the house is short term. But I mean if
you're looking at Corey's always said this, if you need
housing and you need a roof over your head, eventually
the race will you know, I mean, there'll be an
opportunity for you to, let's say, you know, reconsider refinancing
or pulling some cash out or doing something. So the
(23:38):
rates are always moving more than they've ever moved John Now.
I mean, you know in the old days they took forever,
but they move so fluid right now that there's always
an opportunity somewhere. But if you're a short term you
may not be able to wait that out.
Speaker 1 (23:52):
Okay, all right, court eything you want to add to
that would.
Speaker 4 (23:54):
Just say, in the life of a house, in the
life of a loan, I mean Dwite spot on that
you need housing, you need a roof over your head,
You're going to go through refinances and payoffs, and now
I need an equity line because my kids need to
go to call like all these things. So I'm not
necessarily against the Mary the house state the right depending
on life circumstances. My biggest thing is the first, at
(24:16):
the first outset, when you buy it, make sure you
can afford it and that it's locked. And then it
doesn't matter what happens because you know you can already
afford it, right right exactly.
Speaker 2 (24:25):
You know some of the guys that it just came
to mind, core As you were saying that, you know,
thinking back to when we were all first time buyers,
right and it was a it was a dream that
you know millions right now have and they're so frustrated
because again affordability and so on and so forth, that
they can't get that first home. And thinking back again
first time that I got into real estate, and I
know you guys have shared your stories. Then well I'm
(24:45):
going to sound old. Then I was like, I'm going
to do whatever it takes to get into the house.
I don't care if I'm paying. And I did I
think twelve percent interest on my first home? I think
you do. You guys have said the same thing. And
look where we are today, right rates are half that
and god willing, most of us have made pretty good
money in real estate over the years, and so on
and so forth. Why are we using that that excuse anymore?
Speaker 1 (25:06):
Dwight?
Speaker 2 (25:06):
Why are we not telling these people? And Corey, you
know what, I don't care what it takes. You go
fancy two one by Dawn Sellar concession. You know it,
no matter what, get into a home.
Speaker 1 (25:15):
Why is that? Why is no one saying that anymore?
I don't start with you.
Speaker 5 (25:18):
Cory, and I are saying, right when somebody, when I
feel like there's a strong enough desire, they'll do anything.
You're right, John, you just got to kill the appetite.
And there are those out there. I'll do anything. I'll
go get another job, I'll do whatever I've got to
do to go.
Speaker 3 (25:33):
Raise some money.
Speaker 5 (25:35):
I'll ask my aunt, my uncle, and so those are
the ones we really want to coach and get them
in court.
Speaker 4 (25:41):
I still and I don't ever push people that way.
But just going back to me, I think I bought
my first out. So I did my loan in nineteen
ninety eight. Interest rate was seven and a half or
eight percent. My payment was eleven hundred dollars. Now that
house is probably worth five hundred thousand dollars. That payment's
going to be four or five grant. I don't know.
I mean, I'm sure ages have gone up, but they
haven't gone up as much to me when I look
(26:03):
back and just think about it, like it's much easier
said than done, because could anybody shell out an extra
thousand bucks? Sure?
Speaker 2 (26:09):
I mean, I don't know. Now you're sound and old,
so I'm gonna, I'm gonna. I'm gonna respectfully disagree with you, because, again,
just for those that may be new to the show,
I'm just gonna go back to my personal story. It
was I was a credit analyst for GMAC, the financiing
arm at the time in general motors there removed me
all over the place. I got a promotion to move
to Oxnard, California. Wanted to live by the beach, et cetera.
(26:29):
Condo was one hundred and eighty one thousand. I was
only making thirty two thousand dollars a year as a
credit analyst for GMAC. There was no way in hell
I was going to qualify. So I'm like, what can
I do? What can I do? I call my dad, Dad,
how would you like to own a third of this condo?
It's you know, growing town by the Beachma done. Go
to my brother in law who's a CPA bro. You
want to come in third on this? These numbers got
absolutely great investment. I was willing to do I because
(26:52):
I couldn't afford it. I landscaped. I did landscape installation
every single week and for as long as I own
that house, which was a couple of years, that condo
for a couple of years because I needed that help
to do to make that payment, right, I had a
family to support. My point is, I don't see that
desire with these young people that are trying to get
into their house. It's easier to go ask Uncle Dowight
or Uncle Corey for a loan or a gift or
(27:13):
something like that. I don't see. And again I'm going
to sound old. I don't see this younger generation willing
to sacrifice to do whatever it takes to get into
their first home. And all I can tell you from
personal standpoint is, folks, do whatever you have to do,
if it means a second job, a third job, starting
a business, part time, whatever it is you need to do.
For one of your greatest paths to wealth is home ownership,
(27:34):
no matter what, no matter what happens when you're putting
in your four one K, your greatest path to wealth
is that home.
Speaker 1 (27:39):
Because of the leverage aspects, right, Yeah.
Speaker 5 (27:41):
No, Johnypp, I think that percentage is far less John
than what we experience. There are some out there, but
the easier route is what they take. They go get
a loan from Uncle Corey or Uncle John. You know,
they just get alan. They figure it out they waddle
through it and they get through it. But yeah, that
hard work do whatever its Yeah, it's further between than
(28:02):
it was.
Speaker 1 (28:02):
M hm. Where you want to add anything that, no,
I agree with him, provo.
Speaker 4 (28:06):
I agree with you on that point on it that
where there's a will, there's a way, and sometimes it
doesn't sure to be a will.
Speaker 2 (28:12):
You know, like when I have my brother, doctor Denisanchez
on the show on Mondays where we do the AI.
We were talking off air yesterday and in folks, I
can't tell you enough, especially young people, there is never
ever ever been a better time to go start a
business than there is right now. You literally and I'll
help any of you, you young people, if you need
my help, I'll give you my time. In an hour,
(28:33):
I can have you up and running. Thanks to AI,
I can have a business plan written, I can have proformers,
I can have your marketing plan. I can have everything
written within an hour thanks to AI. And now you
have to go do the hard work and get that
business for them. There is no reason if you need to.
You know, if Dwight says, hey, you know what you
need to go qualify for another grand in income or
a couple grand, there is no reason in today's world
(28:55):
that you cannot go generate a couple grand at least
at least by taking advantage of where technology is now.
Keep your nine to five job, that's safe. You got
your benefits. But don't tell me that you you don't
make enough money to qualify with Dwight, because there's no reason.
There wasn't the Internet, there wasn't any of this crap
when the three of us were growing up and trying
to get our first home. But all you young people, you've
got it now. You've got it just between your eyes
(29:17):
and like in your ears, whether you have the desire
and in your heart to go out.
Speaker 1 (29:20):
And do it.
Speaker 2 (29:21):
So we'll wrop it up with the Christen Snow right
now Traffic Center. Welcome back to the John Sanchez Show
on News Talk seven eighty KO eight. It's been so
great to be with all of you today and great
to be with my co host mister Edge.
Speaker 1 (29:31):
Can we get your phone with us? Saul seven three,
mister Miller.
Speaker 3 (29:35):
Two four zero two zero two two, mister Miller to
four zero two zero two two.
Speaker 2 (29:40):
All right, boys, let's continue our discussion points and buy
now REFI later or do we wait right we talked
about the rate, buy down program, seller credits, marry the house,
date the rate, so on and so forth. Now let's
go to our next issue, which is Corey down your alley.
This is what a lot of buyers are trying to
battle with new construction. Do I go new construction? Do
I I go resale new construction, I get builders incentive resale,
(30:04):
I get resale concessions. How do you help with somebody
make that decision?
Speaker 4 (30:07):
Corey, you know it's I've after doing this for so long,
and Dwyton knows this. It's Some buyers love new homes.
I mean that is their dream is to a brand
new home, not just new to them, just new to
any human being, right, And some people like older homes
that they can remodel, So that one's kind of up
in the air. I will tell you, if you're just
looking at a dollar for dollars, sometimes not always, Sometimes
(30:29):
the new homes are a little bit more expensive. Obviously
you're getting new stuff, so you can factor that in.
And then obviously you can take into consideration any buydowns
and stuff that they give you. Just remember, especially with
the new homes, and I love the new home builders,
but you go into a huge community. They're gonna wiel
and deal with you to get you to buy. Next month,
they're gonna be willing and dealing with two other people
to get them to buy. So that other person may
(30:50):
get a better deal than you. They may get a
worse still than you. It's hard to say. It fluctuates
a lot.
Speaker 2 (30:55):
So square footage the square footage, same amenities of a house, Corey,
fast forward five years. The guy that bought the new house,
the guy that bought the house that's already landscaped and
everything else where's our best appreciation potential?
Speaker 4 (31:06):
Theoretically, honestly, theoretically it should be the same. But the
person who bought the older house may have had to
put more money into it plumbing, electrical stuff that needed
to be done, so he may have higher expenses even
if they sell at the same price.
Speaker 1 (31:20):
Beautiful, great advice.
Speaker 2 (31:21):
All right, boys, excellent job is always very very interesting topic.
We will continue it again at another time. In the meantime,
we will see you all tomorrow. God bless our great afternoon,
see you boys.
Speaker 1 (31:30):
DWAIGHTE.
Speaker 2 (31:31):
Millard n MLSID Number two four one two five nine
a licensed mortgage loan officer with Highlands Residential Mortgage Limited
and Equal Housing Lender and MLSID number one three four
eight seven one. The information shared on this live broadcast
is for general information purposes only and does not constitute
financial or mortgage advice. Listeners should consult directly with a
licensed mortgage professional for guidance tailored to their specific situation.
Speaker 1 (31:55):
All loans are subject to credit approval and program guidelines.
Not all applicants will qualify. Loan terms and availability may
vary by state and are subject to change without notice.
Speaker 2 (32:05):
Highlands Residential Mortgage Limited is licensed.
Speaker 1 (32:07):
In multiple states. For a full list of state licenses
and disclosures, please visit https slash slash www dot Highlandsmortgage
dot com backslash licenses backslash. The views expressed during this
program are their own and do not necessarily reflect those
of Highlands Residential Mortgage Limited.
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