Latest / The Jon Sanchez Show / Seven Mistakes That Can Kill Your Home Purchase Before Closing
Transcript
- Jon G. Sanchez: you and a great pleasure to be with my two co hosts. Let's go around the horn. Mr. Cory Edgevidge Reality, how you doing, Big C Very well, sir. Appreciate you. Mr Dwight Cory Edge: I'm doing awesome, sir. How are you? Love it. Love it. Jon G. Sanchez: Millard of On Q Home Loans, how are sir? Cory Edge: Reconnect. Jon G. Sanchez: he's reconnecting the weekly challenges. All right. Well, Dwight will join us here momentarily. All right. Let's tell you what we have in store for you today. And we hope Dwight's technology starts working because this whole show is about him. I mean, Corey you don't want Corey and I haven't to do this this entire topic, but no, Dwight will be fine here in a second. All right, let me tell you what we have lined up after the stock market recap and tell you what happened here, of course. So here's the scenario, folks. You are pre-approved. You found the absolute perfect house. You love Corey. He just he nailed it. He got you that dream house. Of course, he does what he does best. He negotiates the very best offer. You're thrilled with it. And then the inspector comes in, everything checks out. You're like, this was just way too easy. Absolutely way too easy. But then you're like, you know what, honey? Let's celebrate. I need a new truck. and you said you have a chance to move from Your current employer to another one and pick up a few more bucks, beautiful honey. Go do that. But we got a brand new house. So what do we to do, Corey? We've we've got to go buy some new furniture. So you, throw out the piece of plastic and you buy, thousands of dollars worth of new furniture. And then all of a sudden you find out your mortgage is gone. It disappeared. Well, today, Corey and Dwight are gonna reveal, I love this topic, seven mistakes that can destroy a home home purchase. Before the buyer ever receives the keys. Corey, in your illustrious career, Cory Edge: What's the Jon G. Sanchez: just curious, how many times have you seen this happen? Cory Edge: luckily, I can count them probably on one hand, maybe one and a half hands. But it goes back to the lender, right? I've always worked Jon G. Sanchez: Yes. Cory Edge: with Dwight and some other great lenders in town, and the communication is the key. So hopefully you know about a about any potential issues before, so Jon G. Sanchez: Right. Cory Edge: that the buyer and yourself know how to get through them. And usually those good lenders are going to educate those buyers well in advance of ever looking at houses. Jon G. Sanchez: Exactly. Cory Edge: But it does happen, and a lot of people think. Even sellers on my end think now I have a contract, so it's a done deal. And I remind people all the time, and buyers included, until the money clears the bank on either side, it's Jon G. Sanchez: Good point. Cory Edge: not done. Because I can I would need fifty hands to count how many deals have fallen out of escrow on the day of closing, be it inspections or appraisals or, you Jon G. Sanchez: Yeah. Cory Edge: know, maybe not specific to somebody buying a new truck halfway through an escrow, but things just happen. And until that deal's done, you gotta just sit tight, keep everything squeaky clean, spend all your money the day after it closes. Jon G. Sanchez: There you go. There you go. Yeah, and I I know you know, Dwight is he'll share some stories that that he has seen this happen where 'cause remember, what is it d Corey, the the the is it the day of closing they have to pull your credit again? Or like a day before? Cory Edge: think that I'm I I would be surprised if it's a day of, but it's very close to that 'cause they do a last minute check to see what happens. So, and Dwight can go into that. I don't know if that's a Fannie Freddy guideline or if that's just a Jon G. Sanchez: Okay. Cory Edge: a CYA for the lender, but it's Jon G. Sanchez: Right. Cory Edge: not uncommon for sure. Jon G. Sanchez: Right. Okay. All right. Well, it's gonna be an interesting topic either way. We'll get some some good learning lessons about this for sure. But Corey, let's get to the stock market side. You you and I were chatting before the show started, and you know, you know I I I've been on this kick lately about my concerns, and I just can't stress it enough. My concerns in regards to the the world of lending when it comes to AI related names and so on and so forth. And and every day, Corey, you you read it, you're you're as knowledgeable as I am on this subject. Every day. Yesterday we had this, what, $90 billion secondary stock offering by Meta for infrastructure spending. we also yesterday we had Elon Musk and SpaceX. They raised, I think it was 45 billion because they needed cash. Today we had Broadcom. We had Broadcom today. And and folks, I I'm not gonna waste the time today because of the the the the you know the the great honor we have to have Corey and Dwight with us today. But just to tell you this this Broadcom one, now we know of course Anthropic announced yesterday their potential IPO. And again, they're gonna say it's gonna be the the largest one ever in history, so on and so forth. But a report came out today that a sixty-three billion dollar financing arrangement. To support Anthropic's purchase of Broadcom chips, which is a chip that's created by Broadcom and Google, as well as networking equipment, provided another catalyst for the AI names today. So Broadcom just went into debt another $63 billion. Or excuse me, Anthropic just went into debt today, another $63 billion. And and you know, Corey, I think hey, Dwight, got your back. Can talk to me, brother. Do we do we hear you? Nope, we don't hear you yet. God gone it. we'll we'll tackle it during the break, Dwight. but Corey, we're throwing around billions and sometimes hundreds of billions and some of this financing and some of these deals like it's a million dollars. And the thing that gets me is, and you know this as well as I do, the the the major Wall Street firms that are getting involved. I mean, you had all the major players involved in the sixty three Cory Edge: Mm-hmm. Jon G. Sanchez: billion dollar deal. Bank of America, Morgan Stanley, BlackRock. I I mean the list just goes on and on. And so it it's like these lenders, they're talking out of both sides of their mouth, right? On one side, they'll do you'll you'll hear a story about them. They're like, We're not putting any more money in. We we we think this this sector is, you know, basically kind of a house of cars waiting to fall. We don't want to be we already have enough exposure there. And then they turn around and do these deals because these rates, I I assume I have yet to see any yet, but these rates are some juicy, juicy rates. I think they're at least well, not at least, but their double digit rates that that these lenders are getting. But so tell me your thoughts on Cory Edge: But the interesting thing about the Broadcom, and of course they just talked, they might have talked a little bit about it yesterday, but they talked a lot about it today, is that was the last minute negotiating up until Sunday night. Jon G. Sanchez: huh. Over the weekend. Yep. Cory Edge: Because I don't know that Anthropic was going to release unless that was in place. They needed it. And it's just so people understand what it is, is Broadcom's going to supply the chips, so Anthropic's going to buy them, but Anthropic has no credit. They're like, they're like the Jon G. Sanchez: No, no. Cory Edge: the D paper credit. So Broadcom basically cosigns for. And says, hey, Jon G. Sanchez: Mm-hmm. Cory Edge: we'll sign for the debt. Anthropic, you have to pay it. But if you default, we'll pay it as broadcoms. We'll basically pay for our own chips. And the the articles I read today were at the last minute, the bank said, No way. We want more rates, higher rates, better covenants, more people signing on the data. So all that happened on Sunday. So to your point, like, yeah, they're they're getting nervous, but as these big companies do, they say, well. instead of seven and a quarter, what if we give ya eight and an eight, or who knows what the number is, but some Jon G. Sanchez: Mm-hmm. Mm-hmm. Right. Cory Edge: big num but if you don't get it all back, it doesn't matter anyway. So Jon G. Sanchez: Doesn't matter. Well, you you left out one very important step. And this is what I covered on the show on Friday when I when I went in in depth on this. And that's called the SPV, the special purpose vehicle. So Cory Edge: Yes, correct. Yeah, yeah, yeah. Jon G. Sanchez: so they said and and it was funny because what was it in Bloomberg was the where I was reading the the the story? they they didn't even call it an SPV. They said that Broadcom set up a shell corporation. Well, that's all an SPV is, as I went through Cory Edge: Yes. Jon G. Sanchez: the went through the detail. They set up Cory Edge: Yep. Jon G. Sanchez: a shell to borrow the 63 billion and exactly to your point, backed by Broadcom, right? So you know, Corey, you you've been around the lending game, the the real estate game for many years. And I want to hear it from you because the audience is probably sick and tired of hearing me talk about this. what happens when everybody's in bed together? Hate to use that slang term, but everybody's in bed together. I'm lending to you to buy your products and and Everybody, you know, they're lending to one another and cross collateralizing and setting up shell corporations and all that stuff. What's your opinion on where this thing goes? Cory Edge: eventually some people will make it through but most of them won't right because eventually some parties either the majority of them or a few of them get too greedy they go a little bit too far right and then it just starts the little string that unwinds the whole yarn and then you get to see everything. And the problem like we talked a little bit about last week is during the Great Recession, although people didn't look at it as closely, you could see what was happening if you really looked at the bank balance sheets because everything was on there. balance sheets. People just didn't understand what it was. Well now with these SPVs and a lot of this debt, it's a lot of private financing. It's not public. Nobody really knows. Yeah, nobody really knows what and that's the scary part. Jon G. Sanchez: There's no balance sheet. No, there's no balance sheet. That's the great thing about it. Yeah. The footnotes, Corey, the footnotes is where you have to find it. And the so so I'm sorry to interrupt you. So so Cory Edge: No, no, go ahead. Jon G. Sanchez: so for example, with with Broadcom or any of these soup, hyperscalers, literally it it's because they they set up the SPVs, they shell corporations, and they that's why they're doing this. So they don't have this debt on their, you know, their corporate balance sheet. They set up the SPVs. You literally have to look at the footnotes. of a Broadcom or a Meta's financial statement to see what's going on. So sorry. Cory Edge: But but and so maybe maybe you can see Broadcom or maybe you can see Meta or may but there is a whole underworld of the private lending that you can't see. People and and the reason I bring it up is it's I don't want to say they're not hiding it because that to me that's what they're doing, but Jon G. Sanchez: No, I agree. Yeah. Cory Edge: it's so vast that they don't even know who's got what and who's on where and the untanglement, when this all gets untangled, which it will, is gonna be insane. Jon G. Sanchez: Yeah. Do you think because here was my comment along those lines. I think I actually said this yesterday because I was going over those the the meta deal and and then Elon Musk comments, you know, Sunday night on X that to your point, two hundred plus what he calls, of of the Cory Edge: Neos, Neo clouds. Jon G. Sanchez: the neo cloud companies, again the ones that kind of provide the the infrastructure, are gonna die a guppy death, right? Interesting term. but do you think Do you think to to Elon Musk's point that that this thing is so intertwined that when it happens, because the title of my show on Friday was Is AI the next housing bubble? Right? Do you think it it it could exceed the damage to our economy more so than with the with the housing crisis eight, nine did? Cory Edge: I think it will yes, it'll hurt the economy. The the economy right now is is a one-legged store, right? The only thing holding it up is data center. So it would deplete all that. The interesting thing is it won't be necessarily it's so weird. It you you would say it wouldn't be Main Street like the housing was. Jon G. Sanchez: Mm-hmm. Cory Edge: but now everybody's rich from their 401ks and the rest of it. So if you lose 50% of that, which is not unheard of, then how are people going to feel? What can they afford? What can they not? Jon G. Sanchez: But I'm gonna put your own words back in your mouth. And that is you brought this up many times on the show when we've when when we when we have discussed this, the pension plans, the insurance companies, et cetera, Cory Edge: yes. Jon G. Sanchez: that do have Main Street America's money, it's invested in this whole crazy mess. So a lot of it, yeah, yeah, majority of it. Cause that that's where they're getting the juicy routines or are returns. Cory Edge: A lot of it, the majority of it. And so that's a sk and so what when I go and I look back at the dot com stuff, yeah, it hurt, it hurt the market, hurt everything else, but it wasn't as bad as a great financial crisis to the everyday American. But they Jon G. Sanchez: Exactly. A hundred percent. Cory Edge: weren't as invested in the stocks and all these credit defaults, all this stuff that's t intertwined together there's people out there, John, I'm sure you would agree with this, that are like I'm staying away from the AI, I'm doing my safe stuff, and they're invested in things. that are probably seventy percent invested in AI debt and they don't even know it's there. And so to untangle Jon G. Sanchez: Sure, sure. That's right. That's a great point, Corey. It's a great point. Yep. Cory Edge: this, the books that'll be written about the what's what's coming will be crazy. Jon G. Sanchez: yes it will be. Back to the John Sanchez show on News Talk 780KO which the Corey Edge of Edge related to White Millard of OnQ Home Loans. All right, here is how we finished up. And then we'll get into our topic of the afternoon again. Approved to denied. Seven mistakes that can kill your home Dwight Millard: I don't know. Jon G. Sanchez: purchase before the closing. So the DAO was a quiet one, up and down all over the place today, but just finished with a 16-point gain. Hardly even mattered today. NASDAQ, though, was much better after that Broadcom news that we shared with you. Finished up 308 points, 1.18%. SP rising 46 points, 0.60%. $1.89 pullback in oil prices. That helped. $99.87 to barrels where we closed. $37.30 increase on the price of gold finished at $4,075.20. And Mr. Millard, you are back with us. Welcome, my friend. And pretty quiet, I assume, in the mortgage side of things, because the bond market, she barely budged. The one basis point increase on the 10-year finished at 4.99%. So first of all, welcome back. Dwight Millard: Can you hear me, John? Jon G. Sanchez: I can't. Dwight Millard: Good, good, finally. I I'm not a I'm not Jon G. Sanchez: Ha ha. Dwight Millard: a technician or anything like that. But anyhow, John, so the yeah, we're it was flat, seven point three three according to mortgage news daily. your your 30-year FHA and VA is just slightly below the seven percent benchmark, six nine eight and six nine nine. So yeah, it's it's gonna be a difficult road, I'm I'm assuming to the end of the year. But yeah, you're just seeing a lot Jon G. Sanchez: Well, it's it's Dwight Millard: of lot of activity slowing down. Jon G. Sanchez: Yes, yes, yeah, the data is showing that. you know, it's gonna be interesting, Corey and Dwight. Tomorrow, of course, we have a Fed interest rate decision. I did not see the Fed Futures, the CME FedWatch tool. I did not see their numbers today, but as of yesterday, there was just I think it was like 90.2, 90.3, somewhere around there. wait a minute. I have revised numbers. Here we go. It's popped up in front of me. Or at the bottom of my notes. 92.8. Now is the probability that the Fed will leave rates unchanged. So 92.8% probability. So again, this thing's pretty accurate when you get up above, eighty, ninety percent chance. So, but what's gonna be what with the streets take is right now is yeah, no no change tomorrow, but that we're gonna hear from a lot of the you know, obviously Kevin Warsh will have the news conference afterwards, but we're gonna hear when the FOMC release comes at eleven o'clock and then Warsh basically reiterating it, and that is a lot of the members are saying, hey, you know what, we're gonna pause right now, but get ready, there's gonna be another cut cut or another increase coming. So that'll be interesting to see what the reaction is in the bond market and the mortgage market. Dwight Millard: Yeah, it's a very sensitive button, John, that they want Cory Edge: Well, they should know that's common. Dwight Millard: to hit up. Yeah, it's a very sensitive button they want to hit up. that they Jon G. Sanchez: Yes. Dwight Millard: you know, and that's what the underlying current is is that, you know, you be ready for another interest rate increase. And John, you know, we s we talked last week about the the bloodbath going on in the mortgage world. I think it's only gonna be enhanced probably over the next couple, three, four weeks. You're gonna start to see some more headlines. I don't know about Jon G. Sanchez: And you're talking about companies shutting down, laying off, so on and so forth. Dwight Millard: you know, but yeah, I mean, but you're gonna see some You're gonna I think you're gonna see some major movements. at least from what I can see from the street, you're gonna see some yeah, it's just not good out there. You know, it's got the Jon G. Sanchez: Yeah. Okay. Yeah. Yeah. Dwight Millard: eight markings all over it again. Yeah. Yep, yep. Jon G. Sanchez: Oof. Got the stripes, huh? All right. Well, th th there's too many Corey, there's too many eight similarities we're talking about on this show today. Cory Edge: I know. Jon G. Sanchez: stock market side, the real estate side. Hmm. Yeah, get the hint. Cory Edge: That and and when all the when everything points that direction, that means it's not gonna happen. So everybody can just breathe a sigh of relief. Yeah. Yeah. Jon G. Sanchez: Right. Yeah, exactly. It'll make us all yeah, look yeah. And and like I say, every time I have to bring up these these painful stories about my concerns about AI, I I I I say it over and over and I'll say it again now. I hope I am wrong. I just I hope I am wrong. But you know, we'll see. So real quickly, as I touched on Broadcom again now announcing a sixty three billion dollar financing arrangement, exactly to Corey's point. It was evidently inked late Sunday night with a handful of major Wall Street firms. Dwight Millard: Yeah, that doesn't Jon G. Sanchez: So that stocked the shot stocked the shot up. How about shot the stock up, John? There we go. Four percent gain on Avgo, $13.16 Dwight Millard: On this thing. Jon G. Sanchez: rise to $342.33. That extended over to other chip names. Advanced micro had a good day today. 5.45% gain up $28.98. $560.26 was the closing level there. Seagate technology up $23.64, so on and so forth. AI infrastructure names also rebounded sharply. Nebius group up $17.20 about 11.22% gain. Roundhill Neo Cloud up 8.84%. Even Oracle went up $4.47. So the group benefited from this big announcement. So what we're learning now, folks, if you've noticed, is all a company has to do is say, we've gone into debt, you know, 50, 60, 100 billion, or we're going to sell, you know, 100 billion of our stock like Meta did, and the street loves it. And they bid up the stock. So just any any normal logic right now, throw it out the door. And to your point, Corey, just do the opposite. Just if you're if you're Dwight Millard: It Jon G. Sanchez: common sense, if you're an experienced investor and you go, That's not good news, it should be a buy then. Crazy. Dwight Millard: John, it's it feels just so one-sided, so selfishness, you know, I mean, on that. You know, they want to bid it up. Well, I mean, yeah, you want the debt so you Jon G. Sanchez: W what do mean? yeah. But Dwight Millard: or an IP or whatever you, you know, let's issue more stock. I mean, it's Jon G. Sanchez: Yeah, secondary. Dwight Millard: all about, yeah, yeah, yeah. It's why would you not want to bid it up? Jon G. Sanchez: But here's the crazy thing. Here's the crazy thing. That that that meta that meta ninety billion dollars, the vast majority they they they broke it down into a couple different types of offering, and I won't go into detail, it's very complicated. But I believe it was sixty billion of the ninety billion guys, five times oversubscribed. Five Cory Edge: Wow. Jon G. Sanchez: times oversubscribed. Dwight Millard: Wow. Cory Edge: That's crazy. Jon G. Sanchez: So so The the insatiable desire, and and again, the majority of that is is institutional money. I think they said seventy-five percent was institutional money. So as long as these institutions still believe in the AI theme, which you know, it it's kind of one of these these situations, I think, where they're like, damned if you do, damned if you don't. It it you you'll lose your job if you're a hedge fund manager or a big you know, portfolio manager for a pension fund or something. You're gonna lose your job if if if investors don't see AI exposure and whether it's the chips or neo cloud, whatever the exposure is, you're gonna lose your job. And then especially if the group takes off. So I think I think a lot of these, especially ones that have been around as long as I have, they're like, This doesn't feel right. I'm I'm I'm you know, I'm smelling it. I've been down this path before. but they gotta do it because if not, if they're wrong and they're not they don't have the exposure and that sector, you know, continues to do well, then again they're gonna be out of a job. But All it's gonna take, I'm gonna say it again, and I think both of you, if you disagree, tell me right now, all it's gonna take is one company, one company to Dwight Millard: Mm-hmm. Jon G. Sanchez: say, we're out of business. One, one, one, Dwight Millard: Yeah. Jon G. Sanchez: one data center saying we can't make it, one data center saying, that SPV that, borrowed 40 billion dollars, it missed its interest payment to, Cory Edge: Mm-hmm. Jon G. Sanchez: all these Wall Street firms. It's just gonna take right, Corey in in Dwight. That is Cory Edge: Absolutely. Dwight Millard: Yeah, yeah. Jon G. Sanchez: isn't that Cory or Dwight, isn't that your experience in the world of lending? It just takes one, right? Well it Dwight Millard: A absolutely, just take one. Jon G. Sanchez: was yeah, it was what, countrywide, if I remember correctly, wasn't Countrywide kinda the first one when the mortgage collapse happened? Was was countrywide the first one? New Century, okay, okay. Dwight Millard: No, that was New Century. Remember New Century. It was New Century went down and then everybody else went down. Yeah, yeah. Remember we had the implodometer and it's gonna come back. that implodometer, yeah. Jon G. Sanchez: Yeah, yeah, yeah, that's right. Dwight Millard: Yeah. Jon G. Sanchez: my goodness. yeah, I I just again every morning I laugh and I'm like the amount of debt I mean, tr we're we're up to I think one what is the stat I saw the other day? One point three four trillion dollars of debt i in in the AI space right now. One point three four trillion. Maybe high enough to climb Cory Edge: And it's gonna and and it'll happen when they can't roll that debt. Well not what you know, it's that's yeah. Jon G. Sanchez: Well, that's it. That's the problem. Yeah. I it and and that that that goes back that goes back to gosh, their name's escaping me right now, but the the one I've been talking about. Corweef, thank you so much. Cory Edge: Yeah. Jon G. Sanchez: Yeah, they've got those bonds coming due, right? In in in another year or two, and that's that's the issue. And in this high interest rate environment, it did they can't they can't refinance, right? And that's why the streets Cory Edge: Yeah, Jon G. Sanchez: driven the prices down, the yields go up. Cory Edge: That's why their their secured stuff's sitting at eight or nine percent. But if they gotta Jon G. Sanchez: That's right. Cory Edge: go back to the market, it's floating at fifteen or sixteen right now. And Jon G. Sanchez: Yep. Yep. Cory Edge: I think I I would think that these hyperscalers, the big companies, they're gonna sign off and sign off and sign off. But Jon G. Sanchez: Uh-huh. Cory Edge: at some point they'll hit a breaking, they'll say, wait a minute, twenty-five percent interest or whatever, no, no, no, this is we've Jon G. Sanchez: Yeah. Yeah. Cory Edge: gotten a little ahead of ourselves. And to I and I don't like Zuckerberg, but to his credit, he's getting to the street before everybody else because he is probably Jon G. Sanchez: Sure. Cory Edge: like, I gotta get the money. Jon G. Sanchez: Yeah. Uh-huh. And he any Cory Edge: Because when they turn off the spigot, whoever hasn't got their money isn't gonna be able to perform. Jon G. Sanchez: any did it smart doing a secondary stock offering. It's like, okay, you dilute obviously the downside of a secondary stock offering, you dilute your existing shareholders. But again, they created a different class, not only for him to stay in California. Remember that story, but Cory Edge: Yep, yeah. Jon G. Sanchez: also for this one. but he's like, okay, so my stock dipped a dollar, I think it dipped like a dollar or something, you know, when the news was announced. And then, you know, today it got hit down ten dollars and thirty seven cents. But, that that's just a normal move from Meta. So he's what do I care? I've got I've got enough. I don't care. But you look at the others that are taking debt, they're doing the bonds and the actual debt offering, different story there. So yeah. All right, boys. We could talk all day about that. A lot lot a lot of fun there. But when we come back, Dwight, it's all about you. Seven mistakes that can kill your home purchase or excuse me, before you even close on the home. How does that work? Dwight and Corey will explain that one. Welcome back to the John Sanchez show on News Talk 780 KOH with Dwight Ballard of On Q Home Loans. Corey Edge of Edge Rility. Once again, a decent day in the market today. Overall, relatively quiet. One was all said and done. 16 point gain on the Dow. NASDAQ rose 308, though. That was a nice one. 1.18%. SP up 46 or 0.60%. All right, time to move into our topic. Once again, seven mistakes that can kill your home purchase before the closing. So Dwight, you're attempting to log in and stuff when when we were talking about this at Dwight Millard: Yeah. Jon G. Sanchez: the beginning. So I don't know if heard, but you know, I created this topic because of what you've said over and over. You always give this warning now. Don't do anything before this thing closes. So, you know, I we don't we're running quickly out of time today. So I I want to just jump right into this. I'm gonna skip what I told you as far as where we're gonna start. Let's get right into really, you know, what are some of the mistakes? Let's let's let's start with Dwight Millard: Yeah. Yeah, just show us the volume retriptor Yeah. But it's pretty much an order, like so every every single thing you can do. Yeah. So yeah. But tomorrow like one look at the bigger Jon G. Sanchez: the mistake, segment one, the pre approved is does not mean the pre approved does not mean closed. Dwight Millard: Pre-approval means exactly that. It's a pre-approval and it's only based or is only a good is what you put on the application. Right? I mean, if you're not giving me full disclosure of what I'm dealing with, I'll find it. You know that. Cory Corey will tell you, I find everything. Cory Edge: Mm-hmm. Jon G. Sanchez: He sounds like an IRS honor. Wait, back up, back up, Millard. You just piqued my interest and got Cory Edge: I know. He's pissed off. Jon G. Sanchez: a chuckle out of me. Talk to me about that one. How how No cuid. I love Cory Edge: So Dwight, you guys do you guys run like Lexus and all the you run the in depth. It's not just a cr yeah. So that for so for people that don't understand that, yeah, th they're looking at everything you've ever done in your entire life. Jon G. Sanchez: It's not just a credit report. Cory Edge: No, it's everything. Jon G. Sanchez: Right, right. Yes. Uh-huh. I I I'm so glad you you started it with this because people I hear this all the time. I got pre approved. I'm going shopping. No. No, not not at all. And again, everybody does it online. Right. There you go. So Corey and I were wondering Cory Edge: Ha ha ha. Jon G. Sanchez: Corey and I were wondering about this to be beginning of the show. When do you what's the eleventh hour that you run the credit for for the final time before the closing? Is it the day of, day before? Okay, so it's that close. Right. Yeah, no, you're right. It's serious stuff. Yeah. Yeah. So let me let me let me let me let me quickly ask this question of you, I because I asked that of Corey. In your illustrious career, how many times have you seen this happen where you've had to tell somebody literally forty eight hours before the closing, I can't do it? You went out and you you bought a new truck or you did this or you did that. No kidding. Wow that. Yeah. Yeah. Yeah. Yeah. Yeah. Okay. Okay. Let's squeeze this next one in before we go to break. Okay, so number one, pre approved is not closed, so don't fall into that trap as you just heard. Let's quickly go to number two, buying or leasing a vehicle. The dealership says, Hey, my payment's not gonna show up for ninety days, so go go right ahead. Have you ever had somebody lie to you, Dwight? Have you ever had somebody lie to you? Cory Edge: Ha ha ha. Jon G. Sanchez: No, in that example, like, no, I don't know what you're talking about. And you see this inquiry from XYZ Chevrolet dealership. I didn't, yeah. Yeah, exactly. Yeah, right. Cory Edge: Yeah. Jon G. Sanchez: There you It's kinda hard to. easy. Yeah, exactly. All right. Well you touched you touched on the the next mistake, which is buying furniture, opening new credits. So we'll we'll pick it up on that. We're talking about seven mistakes that can kill your home purchase before the closing. Welcome back to the John Sanchez show on News Talk seven eighty KH. do I I I I've had a choppy day today, but you've made my day today. I hate Cory Edge: Mm-hmm. Jon G. Sanchez: to say that Eric Spence, you've made my day. You've made me you've made me laugh a lot today during the show. So I thank you for that. Yeah, yeah, yeah. Yeah, exactly. Exactly. Yep. yeah. yeah. Absolutely. We're all in the same boat. There you go. How about that phone number, Mr Millard? Mr Edge. Cory Edge: Six seven three six seven zero zero. Jon G. Sanchez: Thank you, boys. All right, we're gonna go to our next mistake. Buying furniture. You've said this one many times, Dwight. Buying furniture, opening new credit. Hey, it's no big deal. I just got the credit card offer. You know, I I'm gonna need some new furniture, but hey, it's all fine, Dwight. Yes, yes, exactly. Why you I bet you do. Well, I bet you gotta hit me with a payment on the next one too. And you you started to discuss it, but let's go into a little bit more detail. Co signing for someone else. Hey, you know what? It's just I I signed for my kid. They're making the payments. Why you hitting me up for it? Do I why is it affecting my my rate and so on and so forth? And oops, you didn't know about it, but now you do. And so what you have to do, you have to hit that borrower as if he's making it or she's making that full payment. Amazing, amazing. Let's go to mistake number four changing jobs, income, or compensation while you're waiting for your house to close or loan to close. Yes, we are. Hybrid. Mm-hmm. Well, I'm sure you've had I'm sure you've had this happen, Dwight, where someone again is very close to closing and they lose their job, right? And they don't know that you're gonna call, like you said, ten days before the the loan closes to verify that employment. what do you do there? What what if it's a what if it's a like Microsoft announced yesterday, sixty thousand voluntary layoffs? what if it's something like that where it's not your fault, it's just a company wide layoff? It doesn't make any difference, yeah. Yes. Yes, of course. Of Cory Edge: Mm-hmm. Jon G. Sanchez: course. Okay, let's go to mistake number five, Dwight. Making large or unexplained of all things deposits. You'd think that'd be a good thing, but not necessarily. Explain what seasoning means? So if you nowadays, of course, a lot of people work in in the the tax free tip world, especially in our state, they socking away a bunch of money under quote under the mattress, and let's say they got twenty grand saved up in cash, they think, Man, I'm doing a really good job. Not necessarily. Make sure you put it in that account for at least sixty days. Do we need to season gifts from mom, dad, grandma, grandpa? Okay. Just need a letter, right? Cory Edge: Got a letter, yeah. Jon G. Sanchez: Okay. All right. Okay, one minute left, guys. Here we go. Spending we're on number six. Spending the money needed to close. you've saved enough for your down payment, et cetera. Then the buyer goes, we're gonna get married. we're moving in this house. We gotta we're gonna be married before or we gotta take a vacation. I don't care if we're buying a house, we gotta have vacation. Don't do something stupid. Ten seconds missing a payment or hiding a change in your payment history. Stacker. There you go. Just chill like Corey. Just kinda chill. Don't do anything that's bad. He really would be. Cory Edge: That's right. Yeah. Jon G. Sanchez: This is the model you have. All right, boys. That was fun. That was that was good stuff. Good reminders to everybody. Not rocket science, but definitely common sense stuff. All righty, fellas. Have a great afternoon. We'll see everybody tomorrow on the John Sanchez show. Big Fed interest rate day. Don't miss the show. God bless.