Latest / The Jon Sanchez Show / No Paycheck, No Mortgage? How Retirees Really Qualify To Buy A Home
Transcript
- Jon G. Sanchez: Good Thursday afternoon to you. Welcome to the John Sanchez Show on News Talk 780 KOH. Pleasure to be with you on the stormy Northern Nevada day. And a pleasure to be with my co-host. They're not stormy at all. They're smiling. The rays of sunshine, as I like to call them. Dwight Millard of On Q Home Loans. You gotta be a ray of sunshine today with us. Bond market yields tanking. Mortgage rates coming down nicely. Did I get a smile out of you? Let me see. Yeah, you are smiling. There's that handsome smile of yours. But, but, but, but, but. Yeah, I can do that. Dwight Millard: Yes. Yes. It does. It does. You're going to have to enlighten me on all the factors. I know. It's just, I hope it lasts longer than a day or two. Jon G. Sanchez: Yeah, that'd be a nice change, wouldn't it? Mr. Aaron Clark of Adrility. I'm doing great. Thank you. Doing great. Thank you. Mr. Aaron Clark of Adrility. How are you, sir? Dwight Millard: Yeah, yeah, but I'm doing good. How are you? Good, good. Aaron Clark, Edge Realty: I'm doing good. I'm doing real good. Jon G. Sanchez: Can't believe it's seven days already, but we say that every week, and here you are. The man in black. He looks like Johnny Cash today. When you when Aaron Clark, Edge Realty: Yes, here I am. Jon G. Sanchez: you watch this on YouTube this afternoon, Dwight Millard: And it does. And it does. Jon G. Sanchez: Aaron looks like Johnny Cash. Hey, I want to tell you also, both of you. Both of you, you you both are so photogenic. And and I I don't mean to sound you know what, but Dwight Millard: Yeah. Jon G. Sanchez: I'm just saying, as your dear friend, I can say this to you. but my web designer just literally an hour ago just put the final touches on a new website that we have coming out, Aaron Clark, Edge Realty: Nice. Jon G. Sanchez: the John Sanchez Show website. And Dwight, you and Corey have some some still pictures on there. and You guys look great. And then Aaron, there's a tremendous picture that he took of one of the YouTube shots of you. And yeah, you look great. I'm like, man, these are some handsome dudes there. It's it Dwight Millard: Yeah. Jon G. Sanchez: not only not only are they smart and great personalities, but they they're very Dwight Millard: Yeah, jeez. Jon G. Sanchez: photo and video you know genic. so I'll I'll let you guys know when all that is up and running, but should be like I think tomorrow or something. But anyways, just wanted Aaron Clark, Edge Realty: Nice. Be cool to check it out. Jon G. Sanchez: to tell you guys, you know, the the makeup job you're doing before the show every day, it is working. It is working very well. Dwight Millard: Yeah. Yeah. And feel free to Photoshop anytime you want. Jon G. Sanchez: And Aaron, that Botox is doing miracles Aaron Clark, Edge Realty: Awesome. Jon G. Sanchez: for you. Can I Dwight Millard: Yeah. Jon G. Sanchez: can I tell can I tell the audience just a little lighthearted to get the show started? A little lighthearted about what you went through. Not was it last Thursday you had the migraine or the Thursday before? Aaron Clark, Edge Realty: Yeah. It was last week. Jon G. Sanchez: So do I you weren't here last Thursday. Dwight Millard: You're right. Jon G. Sanchez: So poor Aaron, I'm looking at him on the camera and I'm like, dude, you look like you've been you know, hitting the bar all afternoon or hitting the pipe, one of the one of the two, because your eyes are like all blood shires Aaron Clark, Edge Realty: Neither one of those. Jon G. Sanchez: are all bloodshot and so on. He goes, John, I have been down all day with a debilitating migraine. Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: And so this poor man has dealt with migraine since he was a kid. And lo and behold, show day, you know, one day out of the week, it hits you. Dwight Millard: Mm-hmm. Jon G. Sanchez: And he was a stud though. You none of you would have ever known. He he he pushed through like a champion. Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: But I was joking with him throughout this show on the on the commercial breaks and stuff. So but so yeah. So the Botox, you know, works great and and you look absolutely handsome today and your eyes aren't all bloodshot. So I'm happy, I'm happy you're back to normal. Aaron Clark, Edge Realty: Thank you. Yeah, I feel a lot better. Jon G. Sanchez: Dwight, poor guy. He he's just like his you can just see it, like I said, not only all over his face, but he couldn't Well well Aaron Clark, Edge Realty: I didn't even know what planet I was on at that point. Jon G. Sanchez: tell tell the audience and tell Dwight Millard: . Jon G. Sanchez: Dwight what happens to you because you started you You are so quick witted and you are like it's like this man reads from a script and he does not, but trust me. But he is so so articulated with his speech. I think that's why one of the reasons he's so successful in real estate. He can just he can talk to people, but you were stuttering your words, and that's why Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: I f I think I finally asked you, I didn't say anything about your looks. I finally asked you, I'm like, dude, you okay? I think Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: at our first commercial break. Because yeah, so twel the white tell Dwight what what happens you when you get these migraines? It's like like you can't talk. It's almost like Aaron Clark, Edge Realty: Yeah, it just I mean it just depends. Like sometimes I I rarely I get them that bad. That was a bad one where I have trouble Jon G. Sanchez: Yeah, that was a bad one. Aaron Clark, Edge Realty: thinking of words, I putting sentences together, and I ha it started like an hour before the show kicked off. And I was like, Okay, come on, baby, I gotta make it through, I gotta be all right. And it was one of those. Sometimes Jon G. Sanchez: Ha ha ha. Aaron Clark, Edge Realty: I just get where I get a really bad headache and I lose vision and whatever, and then I'm back to normal with a bad headache. But that one, I was struggling. I I remember you asked me something and I I was trying to quote some common phrase that people say all the time, you know, like it's raining cats and dogs, and I remember being in the middle of the the quote and Jon G. Sanchez: Yeah, yeah. Yeah, yeah. Aaron Clark, Edge Realty: I could not remember the next word. So it was at the commercial break, I was Jon G. Sanchez: Ha ha ha. Aaron Clark, Edge Realty: like, dude, I gotta confess I'm struggling here. It was bad. Jon G. Sanchez: Yeah, yeah, that's what he committed. And I'm like, I gotcha. I I gotcha. So so I so it was like he was a rookie, you know, Dwight, you this, you've been on this radio show long enough. And I you know Dwight Millard: Yep. Jon G. Sanchez: how you have to like lead a guest that's like really struggling and kind of almost answer for them. I said, relax, Dwight Millard: Yeah, yeah, uh-huh. Right. Aaron Clark, Edge Realty: Well that's Jon G. Sanchez: buddy. I'm proud of you for putting up with this and being here. First of all, I'll lead you, I'll guide you through the rest of the show. And and we did. No one even knew. we and and kind of towards Dwight Millard: Wow. Jon G. Sanchez: the end of the show, you started coming out of it, I noticed, but thir Aaron Clark, Edge Realty: Yeah, I was fine like l thro on in the the the third, fourth quarter of the the show I was good to go. So yeah. You did a good job faking it for me. Appreciate it. Just asking me yes and no questions. I could just go like this the whole show. Yes, no. Sure. Yep, that sounds great, John. Yeah. Jon G. Sanchez: Yeah, yeah, yeah, yeah, yeah. So that was that was that was funny. I th I thought about you all week and like thank you. Thank you. I you know, not gonna do that. Dwight Millard: You see, he does a good job, over the years, yeah. Jon G. Sanchez: Yeah, exactly. Yeah, up and down, yes and no. Dwight Millard: know what, Aaron, over the years, it's good when John, it's not John, but I've seen John, you've been really sick sometimes on the show and you go, and there's been a couple of times he's gone, I'm gonna check out, there's just no way I can, you yeah, but it's easier Jon G. Sanchez: Yeah, yeah. I've I've had to quit a few times during the it's been years for that one, but yeah, it's Dwight Millard: when. when it's us and not John when it's John it's like what do I what do I do now yeah yeah yeah yeah yeah yeah yeah yeah yeah you're a trooper John Jon G. Sanchez: Yes, definitely. Yeah. Aaron Clark, Edge Realty: Well we can always say too, hey I'm not feeling good. I'm I'm not coming on and John still carries the show. Not for you. Jon G. Sanchez: Yeah, yeah, yeah. Not not quite so fortunate on this end. Yeah, I I remember, you know, I was fighting this cold. I no, thank you. I was I was fighting this cold, you know, what was that, a month Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: or so ago when it was when I was at at the peak of it. And it was a day I was doing the show by myself, and man, I got a coughing attack, you know, halfway through, I think the first segment. And, you know, poor Jack, our producer, he's scrambling, he takes it like a professional takes us right to break and stuff. And but that's that's that's the hard part about live radio. I mean, Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: in all honesty, it is You, you know, you audience, you have no idea. There are many days. I mean, we all have trials and tribulations in our lives and there are many days where you're like, I just don't have it in me to sit behind this microphone and put on Dwight Millard: Yeah. Jon G. Sanchez: a smile and talk and do everything. But like to to the boys' point, you gotta do it, right? Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: We we have a responsibility Dwight Millard: Yeah. Jon G. Sanchez: to you all of you. And we've got to bring the best of our version of ourself each and every day. And and yeah, it's a lot easier when there's three versus you know, Monday, Wednesdays and Fridays Dwight Millard: Yeah. Jon G. Sanchez: when I do the show by myself, but It it it works out. Somehow, some way it works out, you know. It it really does. So Dwight Millard: I've always said, John, we can have a massive earthquake and you come right back from break like nothing. Welcome back to the John Zange and we're all just on the floor or something. So you do, you do. Jon G. Sanchez: Gotta keep going, man. Gotta keep going. As a as the old showbiz saying goes, the show must go on. Yeah. Aaron Clark, Edge Realty: That's right. Dwight Millard: Yeah. Jon G. Sanchez: Yeah, it is live radio. There is there's no hiding anything, that's for sure. But well, anyways, I'm glad you're feeling better, buddy. And Aaron Clark, Edge Realty: Yeah, yeah. Jon G. Sanchez: good to see you. Good to see ya. All right, let me tell you what we have lined up for you today. You know, Dwight, when when I'm gonna take the credit and I'm when I made up the show today, I was thinking back to Tuesday and We were, you know, doing our topic and and you and I kind of got off on a tangent a little bit. And I brought up that story that and then you and I started talking about it of a of a client many years ago that I referred over to you and she had multi-millions of dollars invested with us, but she couldn't get a mortgage for anybody else, but you were able to get it for her. And we we went off the tangent about how challenging it is for retirees to get a mortgage, right? They they think, no problem. I've got millions of dollars saved and and it is a challenge, right? Because it comes down Dwight Millard: and Jon G. Sanchez: to the income side. So, Dwight, this show is is on is in honor of you today. And I've titled today's show, No Paycheck, No Mortgage. Ha! How retired is really qualified to buy a home. And so Dwight is going to really take us through what he, as a lender, yeah, the man that's making the final decision whether you're going to get a loan or not, what he has to look at because Dwight, it's a different animal, as we just touched on on Tuesday. And that's why I want to have Dwight Millard: Mm-hmm. Jon G. Sanchez: the, you know, devote show to today. Going into much more details because we have a lot of retirees that listen to this show. And if and when the time comes that they want to get a mortgage and they're freaking out, like, man, Sanchez said it's almost impossible to do it, it's not. You just have to kind of, and I hate to use this word, Dwight Millard: No, no. Jon G. Sanchez: but it's kind of a game, right? You got to understand how to play the game. And Dwight Millard: Yeah. Yeah. Jon G. Sanchez: you're you're the referee, Dwight. So I think today's knowledge you're going to to share with everybody is absolutely going to be invaluable. Dwight Millard: Well, John, and you and I have talked and we've had several clients. You might as well plan now if you think you're retiring in a year or two years. Jon G. Sanchez: Yes. Dwight Millard: Let's at least just take a look at it because what we find a lot of times, coincidentally, I'm buying a house right now. yeah. And I don't have my final notification from Social Security what it's going to be. I can't use it. I can't use an estimate. got to. Jon G. Sanchez: Sure, sure. Sure, yeah. Dwight Millard: So it's it's it's it's always good if you're 12, 24 months away and you think you're going to have some. Purchases, let's at least get you dialed in. So we'll go through some of those things, but yeah. Jon G. Sanchez: And Aaron is the realtor. I know you deal with this because I I deal with it. So I know you do. they at least in my experience, you may have something different, Aaron. In my experience, the retirees tend to be the ones that like to go shopping on a Saturday or a Sunday or, you know, sometimes in the week. But I I've usually found with clients it's a Saturday or Sunday, and I'll get a frantic phone call at about six o'clock on a Saturday night because all my clients have our my cell number. They go, hey, just a heads up for Monday. We just found our dream house. We weren't planning on find moving, but we went to an open house or we went to some model homes and we found our dream house. Can you come up with a down payment for us, John? It's just they have it. I Dwight Millard: Mm-hmm. Jon G. Sanchez: mean, they that that's the first thing, you know, and now the clock starts ticking and putting the team together with you guys and and so on and so forth. So it's it it is. It's a it's a bit of a challenge when you're a retiree. It's a challenge for anybody, but Let's just add a little bit of additional challenge to it when you're a retiree because you know, as Dwight's gonna get into later in the show, yeah, that income. I mean, that's that's you you Dwight you don't really give a you know what if someone has a million, two million, three million, four million sitting in the bank, do you? If they have a thousand dollars of income and they're trying to get a a mortgage for four thousand dollars a month. Dwight Millard: Yeah, John, it has gotten a little easier, but you're absolutely right. get the brain surgeons, right? They own everything free and clear Jon G. Sanchez: Yep. Yep. Dwight Millard: and they, you know, but their tax returns show they make a thousand dollars and they got all this money, but it is, it is difficult. There is some. Jon G. Sanchez: Right. Right. It's funny, that was good my my backup topic. I was gonna do that we gotta do that next week, the self employed, 'cause yep, you're right. Dwight Millard: Yeah, yeah, because this, well, there you go. That's even. so, but there are, you know, there just, there are ways that we're going to go through that. Yeah, you absolutely, we can document income. We can use assets. You're fantastic at this, you know, so your clients are very fortunate. You've always provided what we need to satisfy the investor, the agency. So yeah, that yes, you're right. Very quickly. Yeah. Within an hour or so I get it, right. Jon G. Sanchez: Very quickly, by the way. Very quickly, by the way. Yep, that's right. Dwight Millard: I don't have to call you twice, it's, yeah, but it's, but you Jon G. Sanchez: I know. Yeah. Dwight Millard: don't always have that with everybody. mean, you, it's tough trying to get what you're, Jon G. Sanchez: I know. I know. I hear that from Dwight Millard: you know, what you're, understand what I need. That's not always the case. Yeah. Yes. Yeah. Right. Jon G. Sanchez: Yes. And how fast you need it. Cause it's if if we don't provide it, you can't do your job, Aaron can't do his job, escrow can't do and everybody's unhappy. So yeah, we we we kind of drop what we're doing at that point. And Dwight says jump and I say how high, right, Dwight? How high. Dwight Millard: Yeah. Jon G. Sanchez: All right, we come back. We'll give you the stock market recap. Bit of a challenging session on the Nasdaq side. Can't say we haven't told you, so it was one of those days. We woke up, they hated AI today, Aaron. They hated AI today. Yesterday Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: though, they loved it. We'll tell you what happened today and then I'm going to answer Dewai's question. Why did bond yields tumble? Right? how nice it was to see that. He's got some good news for you. I'll give you little hint on the mortgage side, but we have to understand why the bonds tumbled. And you're not gonna like this reason, unfortunately. All right, we'll come back and then we'll get into our topic. No paycheck, no mortgage, no problem. Welcome back to the John Sanchez show on News Talk780KO which with Aaron Clark of Hedrility and Dwight Millard of OnQ Home Loans. All right, we're gonna get to our topic here momentarily. No paycheck, no mortgage, no problem. And we're talking about retirees. You do need a paycheck, it's just a different source of income. I should clarify that. yeah, no paycheck, Dwight can get you finance. Yeah, exactly. No money down. Yeah, no, no, no, it's no problema, Dwight Millard: Exactly. Yeah, it's just yeah, yeah, it's just not your typical paycheck. Yeah, yeah, yeah. Aaron Clark, Edge Realty: That sounds like a used car dealer. No paycheck, no mortgage, no problem. Jon G. Sanchez: no problem. No dinero, no problema. Dwight Millard: Yeah. Jon G. Sanchez: We're all good. Dwight can get you handled. Dwight Millard: That's right. Jon G. Sanchez: Yeah, Virginia Street car dealers, right? In the old days. Remember that? Do I Aaron? Remember that we're growing up and we'd go down South Virginia Aaron Clark, Edge Realty: Yeah. Dwight Millard: I do. Jon G. Sanchez: and you'd you just have these little podunk, you know, Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez: no money down, and then you find out it's forty percent interest. Yeah, yeah, exactly. No money down. That's right, yeah. Or it was repo'd the next day. Cause Dwight Millard: You could drive away in an hour. Yeah. Yeah. True. Yeah. Yeah. Aaron Clark, Edge Realty: And then in an hour your car broke down. Yeah. Yeah. Jon G. Sanchez: you didn't make that daily payment that they didn't tell you about. Yeah, exactly. All right. Let me tell you what happened today. Let's get down to serious business here. So Yeah, another another crazy walled session today. there's again so much going on. I I keep coming back to the story. I mentioned it every day this week. I want to say it in front of guys. Barclays announced yesterday. I I saw the the kind of the headline a couple days before, but the story came out yesterday. Barclays is is basically turning over their bond trading Dwight to AI agents. they quote have to be approved by humans and stuff. But that's where it's going, right? They're eliminating, I think, 500 jobs in their trading bond, fixed income trading department. That's where this is going. That's why we have this volatility. Give an example. When I did my first report this morning, listen to these numbers, guys. Dow futures were down 313 points. NASDAQs were down almost 500, down 486. SPs were down 72. Okay, so 313, 486, 72. We finished with a Dow positive by 12, but we're happy just to go positive. But the Nasdaq succumbed to significant additional weakness, finished down six hundred and ninety-four points today. 2.6% loss. That is the the the worst day, going all the way back to June, matter of fact. closing level was twenty-six thousand eight. The SOP gave up ninety-four points, one point two one percent to close at seven thousand six sixty-three. So once again, I know all you are scratching your head and going, wait a minute, yesterday, you know, Dow, the NASDAQ, the SP, everything surged. Literally, folks, and and I it sounds so basic, but I'm I'm telling you the truth. You don't know what you're gonna have when you wake up. You don't know if they're gonna love AI today or if they're gonna hate it. You don't know if they're gonna love oil today or they're gonna hate it. No real news behind it. But Dwight, I wanna get to your point of what the heck happened today, right? So folks, just to kind of bring you up to date, normally of course we just touch on what the tenure does and then Dwight follows up with the the the mortgage side of things. But I think it behooves us today guys to To talk about what's going on across the board. Okay. So our ever so important tenure today, down 19 basis points, broke 5%, blew through 5%, closed at a yield of 495. significant decline there. But there's even better. The shorter end of the curve, which again is most correlated to the Fed's next move, the two-year down 18 basis points, the three-year down 20 basis points, five-year down 20, and the third year, you know, way out there, down 15 basis points. So it wasn't one maturity, it was everything. So, Dwight, I'm gonna get right to the the Dwight Millard: Mm. Jon G. Sanchez: you know the punchline here. What the heck happened? Why did this happen? Well, this was not a reason that I like seeing these yields coming down because this could be the beginning of something significant. It was a flight to quality. Dwight Millard: Thank Jon G. Sanchez: Investors now have two things on their mind. Number one, of course, this AI, love it, hate it, overspending going on. even Jensen Wong's comments today for Core Weave, which has been under significant pressure for the amount of debt that they have in the AI space, et cetera. See that, Aaron? Even Jensen Wong's comments didn't help the stock out today. It finished down a little over 10%. but Dwight, what we saw happen is again, money starting to flow out of the market, indicative, of course, by the performance and specifically in the NASDAQ side. It's got to go somewhere. It's not gonna sit in cash yielding next to nothing. They plowed into the bonds. That's what drove your yields down today. It was a flight to quality. Dwight Millard: Mm-hmm. Jon G. Sanchez: What we have to be very careful about again is this the beginning of a trend, right? This was one day that we've really been able to say confidently, a flight to quality. People are starting to panic right now. So they're hiding out in the government bonds, safest investment in the world. yeah, according to some. but but that was the reason behind it. Let bring us up today, what happened on the mortgage side today. Dwight Millard: Yes, so John, I mean, it was just as crazy. I mean, you when you go look at the mortgage backed securities and again, we're pricing, I think, off the five point five yield. It was sixty nine basis points. You know, when I say positive, so that's the bond price going up. The yields coming down. So then if you go over to mortgage news daily, Jon G. Sanchez: Right. Dwight Millard: ten basis point change from seven point four to seven point three today. I mean, that's a big movement in one day. Jon G. Sanchez: That's a big move in one day. Yeah. Dwight Millard: I mean, you know, and so now you look at your FHAs and your VAs, you're inside of, you know, the seven year, 692694. Man, I, you know, I don't like, like you said, you know, the, yeah, Jon G. Sanchez: Don't like the reason behind it, but yeah. Dwight Millard: yeah. But, you know, I like it. So it makes me fearful that this may just be, you know, one or two day off type of thing. I don't know. I mean, selfishly, I'd Jon G. Sanchez: Yeah, yeah. Well Dwight Millard: like to see this continue to roll, but I just don't know if it has it. Yeah. Jon G. Sanchez: Right, right, exactly. Exactly. This yeah, this is this is a an expensive way to to bring yields down. The other factor I I need to throw in there also, this this situation guys is and I know you know about it also, it's starting to really heat up in regards to what's gonna happen after midterm elections. I mean the street is very concerned today finally, you know, I've been talking about this over and over again. Finally there was an article in I think it was in Bloomberg that I saw it, that Wall Street's already starting to pick the sectors that they don't want if if if we lose the House and the Senate. They're saying crypto's gonna be disastrous, AI is gonna be disastrous, all the things that Trump has been pushing in his roughly two years, it's gonna be disastrous. Cause like we've all said, I think it's gonna be very, very difficult. E even if we lose, you know, the House or the Senate, but God forbid if we lose both, you're gonna see a massive rotation in the market because of all the things because Trump's not going to be able to to to to prop up. AI and all the different things that he has. Right, Aaron, you know crypto very, very well. He's been a hi he and his family have made a ton of money in crypto. And you know, if the DIMs come after him for various reasons, they're gonna attack that and all of his businesses and crypto and that that's gonna create a a a big mess there, don't you agree? Aaron Clark, Edge Realty: yeah, absolutely. I mean, the main reason we've moved so quickly in all of these sectors are because of his push. Whether you agree with it or not, he's putting his money where his mouth is. So Jon G. Sanchez: Yes, right. Right. Yes, yes, literally. and then on the on the midterm election theme, the other thing too, the street is getting very, very concerned in regards to what's gonna happen on from the the the war standpoint. there's data now showing troop buildup by us and and Israel. This What it appears today with the with what the big stories of today were, and this is why we were down so much this morning, especially, the theory is we're not gonna do anything until after the midterm elections. But the minute the midterm elections are over, Dwight Millard: Mm-hmm. Jon G. Sanchez: it's gonna be a a a very, very nasty military strike on the Houthis, with us in conjunction with Israel, which we haven't said that in quite some time. but today the headlines were we're going after the nuclear facilities. Well. I thought, didn't think any of those were supposed to be left, but evidently there are the, Dwight Millard: in Jon G. Sanchez: you know, the nuclear, you know, buried in the mountain type of arsenals, going after utility plants, desalinization plants, basically infrastructure. Now think about this for a second, guys. If we go to that escalation and it's a joint strike with the US and Israel, the world's gonna come unglued, especially if you start going after utilities and desalinization and where Dwight Millard: Yeah. Jon G. Sanchez: where you're bringing in the humanitarian aspect of it. This thing could get really nasty. And then you really could start to see these oil prices and probably enjoy while they're low right now. But if that conflict escalates, like many are predicting, and some in internal White House sources have released to the press that this is what's gonna happen, r again, right after the election. Now, I don't know if that means an hour after the election or a day, a week, who knows what. But that's that was the other factor that influenced the market today and hence Well, we gained $2.29 to $99.45 a barrel. And we were significantly higher than that earlier in the day. So those are the worries right now. Those are the worries right now. You know, it's kind of kind of the same old thing. It's just some days they pay attention to them and the worries seem to be a lot worse than the previous day. So all right, you're now up to date. Now let's help all you retirees out there thinking about hey, can I afford or can I qualify to get a mortgage? I don't have a paycheck coming in anymore, but I got in income from other sources. How do you play the game? Dwight's the referee. He's gonna tell us when we come back with Aaron and Dwight. Welcome back to the John Sanchez show on Newstock 780K with Dwight Millard of OnQ Home Loans and Mr. Aaron Clerk of Edge Reality. All right. tough day on the NASDAQ side of things today, as we discussed the last segment. 694 decline on the Nasdaq, 2.6%, closed at 26,008. NASDAQ, I'm sorry, the Dow just a 12-point game, which again is a victory considering we were down, like I said, nearly right out, a little over 300 points in the pre-market session. SP for the day down 94 points. That one hurts. 1.21% loss. once again on the oil side, $2.29 gain. That was another headwind, $99.45 close. And gold prices tumbling today down ninety dollars and forty cents to four thousand sixty an ounce and nineteen basis point decline on the 10 year at a yield of four ninety-eight. And as Dwight mentioned, we had a what was it, Dwighty? Eleven, eleven, ten basis point decline on the thirty year. So nice move there. But yeah. But now let's get to our topic. Cause again, this is a challenging one. Once again, we've titled it No Paycheck, no mortgage. Well, what do you do if you're a retiree and you're facing that? So Dwight, let's kind of start with some facts when it comes to this. Because again, there's two schools of thought as we said at the beginning of the show. Hey, I've got millions of dollars saved up, invested. I'm gonna have no problem getting a mortgage. And then there's the other side that says, hey, I don't have a lot of assets, but You know, I got good monthly income coming in as we as we joked at the beginning of the show. you'd rather see the income more so than the assets. So let's kind of start with with the the the the factual backbone. Aaron, Aaron, Aaron, can you stop rattling your ice and drinking your water? It's coming across the air. Yeah, Aaron Clark, Edge Realty: Sorry. Thought I was muted. Jon G. Sanchez: no, you're not muted. there's that rookie move again. got it. Yeah, live radio. Yeah, really. It's not coming migraine's not coming back, is it? All right. They want a track record, is what you're saying. They want a track record. How long? For how long? Yes. Do you do you find other other other brokers, financial advisors give you those letters? Yeah. I didn't think so. Yeah. Sure, sure. Really? inter wow, that's interesting. Sure. That's dangerous. Okay, give me specifics. You lost me on that one. First of all, is it based on the amount of the in the in the investment account? Okay. Okay. Right. That's the problem. Here's something I want to ask you. I don't think I've ever asked you this. Do does the lending industry look at the type of investment asset to determine that amount? Or if I write a letter and say, Okay, this client, Mr. Clark, can get X amount of dollars. do you care what that asset is? They say, I don't think so. No one's ever asked me that before. That's interesting because different assets pay different amounts and have different probabilities of of lasting l much longer than others. And interesting. Interesting. Aaron Clark, Edge Realty: They're just looking at the final income from it. Jon G. Sanchez: Yeah. Mm hmm. Yes. Yeah. Yeah, you gotta tell the story. Thank you. And and and to be clear, because there's regulators that listen to this show, to be clear, it's not like I'm I'm signing this letter saying, Mr. Clark is gonna draw fifteen percent off of his, you know, AI Aaron Clark, Edge Realty: Okay. Jon G. Sanchez: tech portfolio and it's gonna last forever. No, it's very, very conservative withdrawals that we've Aaron Clark, Edge Realty: Ha ha. Jon G. Sanchez: been taking, that we have a proven track record that we've been taking, you know, in a div yeah, Aaron Clark, Edge Realty: Good disclaimer. Good disclaimer. Jon G. Sanchez: in a yeah, in a diversified portfolio. No, I I'm not blaming you. I just want to make that point clear that some people are like, hey, let's go to Sanchez because He's gonna write a letter saying I can take, you know, fifteen percent out of my portfolio. No, no, no, no, no. Cause my my my Yeah, that's right. That's right, that's right. My my butt's on the line on that letter. Well, for you it's twenty percent for life Aaron Clark, Edge Realty: He's gonna launder my assets. I'm gonna need one of those letters, John. Okay. Jon G. Sanchez: errand. Yeah, I know. Yeah, exactly. That'd be nice. Yes. Yeah. Good. Okay. Yeah. Yeah. Yeah. Yeah. Yep. Exactly. Well that's great to know. I wanna if you can give us a little bit more specifics, I think that's probably the biggest high point we we need to get across to everybody. again, kind of this range. Welcome back to the John Sancho Show on News Talk seven eighty KO. It's Mr Aaron Clark of Hedge Reality. Can we get your phone number, sir? Aaron Clark, Edge Realty: Yep, six seven three sixty seven hundred. Jon G. Sanchez: Thank you, sir. Mr Millard. Beautiful. Thank you, sir. All right. So again, I tasked Dwight before we went to break. It's like, okay, Dwight, you you you you piqued my interest here. You were saying that some of the various lenders will I don't want to put words in your mouth, so tell me if I'm wrong. But give you a calculation based upon the asset level. They don't care what the assets are, but of the asset invest the stock market level of the account. The industry's so s your mortgage industry's so stupid. Aaron Clark, Edge Realty: It's I it's government. It's government. Jon G. Sanchez: So stupid. Really? They just take the size, they don't look at what it's invested in or the return nothing. Just hey. good God. No wonder the no wonder your industry goes through these wild swings. Mm-hmm. Yes. Mm-hmm. I wanna I wanna squeeze this in, Dwight, on your notes here. I think it's very, very important. So back to as Dwight's called it, the important distinction, right? So we're gonna talk about real quickly. I'm just gonna read through it because we're close on time. The retirement source and then what Dwight may look for. Okay. So as he already alluded to on the Social Security, the award letter, which is SSA 1099 or proof of receipt. So Dwight, feel free to chime in if there's something else you want. pensions. Okay. Okay. Number s number two source of retirement income, a pension, the benefit statement, the award letter, 1099 or bank deposits. Good point. Okay. IRA distributions, amount, frequency, history, accessibility, and expected continuation. So, so as you've taught me, Dwight, as we try to tell our clients, if you think you are going to get a need a mortgage, you know, two, three years, as you say, is the preference, start taking the income now. And you may be like, and I get told this, I don't need the income. I don't want to pay the tax out of coming out of my IRA. Well, it's either that or again, you're not gonna be able to qualify using the IRA portion. Yep. Yep. So nothing wrong with that. all right, guys, about 40 seconds left here. Annuity income, you want the payment amount, the frequency, and the expected continuations, pretty self explanatory. dividends and interest. This is interesting one. You th you want to see history, tax returns, and the likelihood of continuation. Yep. on the rental income, you want to see tax returns, leases, and associated property expenses. Okay, very good. Trust income and investment assets we pretty much touched on. So bottom line, folks, there is a way if you are a retiree to qualify for a mortgage. You just have to meet with a professional like Dwight and Aaron, and they'll do everything they can to get that done for you. Great job, guys. That was a lot of fun today. I really enjoyed it. Nice way to kind of quasi-wrap up the week. So Mr. Clark, see you next Thursday. Mr. Malarge, see you on Tuesday. God bless everybody. I'll see you all tomorrow on the John Sanchez show.