Latest / WCHS Network Podcasts / 02/11/2025 Ask the Expert with Russell Bonasso from Cornerstone First Mortgage

Transcript

02/11/2025 Ask the Expert with Russell Bonasso from Cornerstone First Mortgage · WCHS Network Podcasts

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Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
0:03
Speaker 1: the realtor makes real estate dreams a reality, whether it's
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Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
0:09
Speaker 1: key to exceptional real estate experience is start here Meeks
0:12
Speaker 1: Realty Group Contact us at Meeks dot us.
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Speaker 2: The views and opinions expressed on this program do not
0:18
Speaker 2: necessarily reflect the views and opinions of five adwchs it's
0:22
Speaker 2: employees or WVRC Media.
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Speaker 3: Anner replasative morning too. You're listening to ask the expert
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Speaker 3: on a kind of a snowy Tuesday morning here in
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Speaker 3: the Kanaha Valley in the state of West Virginia. Thanks
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Speaker 3: for tuning into five ADWCHS the voice of Charleston coming
0:47
Speaker 3: into work this morning. You heard all of the news
0:50
Speaker 3: and if you're listening to the radio stations, the alerts
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Speaker 3: go off and everything. Right now, at least in the
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Speaker 3: kanav Valley, things are coming down. It's kind of mixed,
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Speaker 3: there's a little bit of snow. The road's probably a
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Speaker 3: little slip, not as bad as what it could be,
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Speaker 3: and certainly not as bad as it was a couple
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Speaker 3: of weeks ago. We'll hold Uh, we'll hold serve here
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Speaker 3: and see how the day delivers. One to three inches
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Speaker 3: is still the call for accumulation in this area the
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Speaker 3: last time I checked. So Russell Banaso was with me
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Speaker 3: this morning. He is the branch manager with Cornerston First
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Speaker 3: Mortgage and we're gonna be talking about mortgage and more
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Speaker 3: mortgage products. How that can help you out this morning.
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Speaker 3: But Russell, I don't know about you, but I don't
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Speaker 3: really need any more of that foot of snow and
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Speaker 3: zero degree temperature. I'm kind of done.
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Speaker 4: Yeah, I you know, I've grown up here in West Virginia.
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Speaker 4: I love the snow for sure, love skiing, I love
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Speaker 4: the white. But there is something that happens when the
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Speaker 4: white turns the brown turns the black. It's like, just
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Speaker 4: go away. Let's let's let's see spring come. So but
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Speaker 4: I don't mind. I don't mind watching it come down.
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Speaker 4: So if it just kind of driving, it's real, it's
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Speaker 4: just a driving, right. If it falls but doesn't stick,
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Speaker 4: I'm okay with that.
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Speaker 2: Yeah, I hear.
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Speaker 3: I hear you. There. By the way, if you have
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Speaker 3: any questions this morning, we can open up the phone
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Speaker 3: lines for Russell. Russell's been with us now for for
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Speaker 3: a few shows we've been talking about this is the
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Speaker 3: fourth Yeah, that's right, this is the fourth show. Yeah,
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Speaker 3: this is the fourth town that Russell's been with us.
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Speaker 3: So you're getting a little bit more familiar with him.
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Speaker 3: If you have questions about mortgage products are out there
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Speaker 3: and you're going to see that, we're going to run
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Speaker 3: the game. But this morning, we're going to talk about
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Speaker 3: your conventional loans, the stuff that you know when you're
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Speaker 3: rolling out of bed this morning looking at a refi
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Speaker 3: or purchase or something like that that most people look into. However,
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Speaker 3: that's not all the tools that are in the toolbox,
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Speaker 3: nor is it all the ones that people in West
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Speaker 3: Virginia who sometimes have some unique needs when it comes
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Speaker 3: to their financing. That's not what you need, and Russell
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Speaker 3: handles all of those things. We're going to get into
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Speaker 3: those a little bit later on. But every time that
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Speaker 3: we come in here, sort of like we do with
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Speaker 3: John on Mondays, we get a little bit of a
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Speaker 3: market update. We take a look at how because the
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Speaker 3: market does drive interest rates, terms, different things along those lines,
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Speaker 3: we have to take a little look around and see
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Speaker 3: how things are in the mortgage industry.
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Speaker 4: Right so I've done this once a month for the
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Speaker 4: last few months. And one of the things I said
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Speaker 4: even after Trump got elected, but one of the things
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Speaker 4: that was going to impact rates was his tariff policy.
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Speaker 4: And so when you look at it on its face,
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Speaker 4: tariff policies seem to be inflationary. And the reason for
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Speaker 4: that is when you have a producer abroad of a
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Speaker 4: manufactured good and they sell it to the United States.
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Speaker 4: Then if you drive up the cost with a tariff,
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Speaker 4: theoretically that producer be it China, Mexico, Canada, whoever, they're
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Speaker 4: just going to pass it on to us here in
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Speaker 4: the States, and then it drives the price of that
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Speaker 4: good up. Inflation means higher rates, right, because the way
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Speaker 4: that you kind of the tool that j Pow has
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Speaker 4: in his back pocket, his primary tool to fight inflation
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Speaker 4: is higher rates. Right. Higher rates means that people are
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Speaker 4: going to look to spend less money. But recently I
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Speaker 4: was kind of did a deeper dive on tariffs, and
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Speaker 4: one of the policy experts that I follow, he was
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Speaker 4: making the argument that, yes, tariffs are inflationary in the beginning,
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Speaker 4: but as they take hold, what happens is consumers actually say,
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Speaker 4: you know what, I'm not going to buy that good.
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Speaker 4: I'm going to pull back and I'm going to use
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Speaker 4: that discretionary income somewhere else. So what it actually does
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Speaker 4: is it forces that manufacturer to lower their price even
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Speaker 4: to below what the tariff markup is. And so there's
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Speaker 4: some pretty good historical evidence that, yes, tariffs are inflationary
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Speaker 4: in the beginning, but as they set in, they really
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Speaker 4: have a de inflationary impact, which kind of surprised me.
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Speaker 4: I looked at the data. This person had some nice
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Speaker 4: data to support his evidence. But you know, tariff is
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Speaker 4: one of those things we don't really talk about it
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Speaker 4: that much because really Trump is the only one in
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Speaker 4: the last I don't know five presidents that it's been
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Speaker 4: kind of his his policy, and he's been vocal with it. Now,
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Speaker 4: some of the policies he's some of the tariffs he
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Speaker 4: has actually delayed and some of them he's scaled back.
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Speaker 4: But I am more optimistic that some of the tariff's
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Speaker 4: policies will be deflationary. And interestingly, so when you watch
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Speaker 4: to see where rach are going, it's based on something
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Speaker 4: called a mortgage backed security. You also look at the
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Speaker 4: ten year treasury in the yield on that, and the
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Speaker 4: yield has actually broke can back down below a certain
5:03
Speaker 4: range where it was trending up since the beginning of December.
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Speaker 4: So we've seen a nice reversal in rates, certainly not
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Speaker 4: to the point where we were in September where everybody thought, oh,
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Speaker 4: we were heading down and we're going to keep going down.
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Speaker 4: They went down in September, and then they've just they've
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Speaker 4: bounced back up and they've been up, but they kind
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Speaker 4: of peaked in January and now they're on the way
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Speaker 4: back down to even pre December level. So that's exciting.
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Speaker 4: I'm hopeful that we continue on that trend. Unfortunately, some
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Speaker 4: of that the reasoning behind that is just volatility, not
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Speaker 4: knowing where things are going to go with tariffs and
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Speaker 4: other economic news.
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Speaker 3: Do you think there's any concern there? I read some
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Speaker 3: of this off it, and now I don't have your
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Speaker 3: background to understand to your level. But the one thing
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Speaker 3: that I was a little concerned about in looking at
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Speaker 3: the data for the tariffs is are there's a hope
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Speaker 3: that becomes de inflationary over time. A little concern that
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Speaker 3: all of the data that we're pulling from is not
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Speaker 3: the United States in the twenty first century of global
5:59
Speaker 3: is correct.
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Speaker 4: Yeah, so it's a little bit hard to set. So
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Speaker 4: you almost have to zoom out as far as you
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Speaker 4: can just to say, okay, of all the historical trends,
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Speaker 4: let's take into account all of them, because, like you said,
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Speaker 4: we don't you know anyone what I said earlier, you know,
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Speaker 4: the last five presidents going back to the turn of
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Speaker 4: the century, even before that, it's hard to see a
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Speaker 4: change in tariff policy the way Trump has been doing it.
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Speaker 4: So and the reality is we don't really have a
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Speaker 4: good precedent set to go back and say, well, here's
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Speaker 4: the historical data. You got to look at all the
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Speaker 4: data all the way back into the even before the
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Speaker 4: US with some other countries and how they did it,
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Speaker 4: and even you know, tariffs was our original Alexander Hamilton,
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Speaker 4: that was our original play. Was you know, an external
6:41
Speaker 4: revenue service. It's the kind of a buzzword that's been
6:43
Speaker 4: thrown around the last couple of weeks. There's some debate
6:46
Speaker 4: as to how effective that was. Some people say it
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Speaker 4: was it wasn't successful at all, and that's why we
6:51
Speaker 4: had to start income tax, or income tax really didn't
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Speaker 4: start until last one hundred years, So I do think
6:55
Speaker 4: there could be a reduction in income tax. Obviously, that's that.
6:59
Speaker 4: Part of that is balancing the budget, which we're kind
7:02
Speaker 4: of watching in real time too, and there's a debate
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Speaker 4: over which programs are necessary, which aren't, what are waste,
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Speaker 4: what's and so it's interesting to see that. I do
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Speaker 4: feel like though that the we're seeing a decrease in
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Speaker 4: the national debt, which is good and allows for tariffs
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Speaker 4: to make more sense.
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Speaker 3: Right.
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Speaker 4: It hurts to throw on a tariff when the debt's
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Speaker 4: going the wrong way, which I think technically we still are.
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Speaker 4: But some of the things that we're seeing with dos
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Speaker 4: in the elimination of different programs that aren't necessarily you know,
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Speaker 4: you've got your Medicare and Medicaid, which nobody wants to
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Speaker 4: see touched, right, that are providing valuable services to many Americans.
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Speaker 4: But there's a lot of waste too, and so when
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Speaker 4: you get rid of the waste, I think you can
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Speaker 4: tariffs make a lot of sense. So, but you're right,
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Speaker 4: there's not a whole lot of precedent in terms of
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Speaker 4: this is the way it was in you know, twenty
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Speaker 4: ten or twenty fifteen, or even twenty twenty. Ironically, the
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Speaker 4: last tear of data that we have was Trump one
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Speaker 4: point zero, you know, his first term from sixteen to twenty.
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Speaker 4: So that's really the best kind of data that we
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Speaker 4: can look at and make some informed decisions.
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Speaker 3: So that's kind of the background of things that are
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Speaker 3: going on. But the market is healthy when it comes
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Speaker 3: to not only the stock market, but also the real
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Speaker 3: estate market is healthy in West Virginia. It's different here
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Speaker 3: like it is when you compare us to anywhere, but
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Speaker 3: we do have a rotor convention that's in town, a
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Speaker 3: lot of activity and that sector today, and there's a
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Speaker 3: lot of stuff going on. What is the relationship? I
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Speaker 3: know that that's something that you've been doing a lot today,
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Speaker 3: is checking in with reelers and stuff like that. When
8:38
Speaker 3: I was in the same industry that you're in, that
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Speaker 3: was like, you know, your best buddies really, I mean,
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Speaker 3: you tried to find relationships with real chors because you
8:46
Speaker 3: wanted to have like sort of a I don't want
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Speaker 3: to call it codependent, but you want to You do
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Speaker 3: want to have a relationship very much.
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Speaker 4: They benefit from your expertise and knowledge and vice versa. Right,
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Speaker 4: they want to lend her that they can trust that's
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Speaker 4: going to take care of their client, that's not going
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Speaker 4: to get to the eleventh hour at the closing table
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Speaker 4: and go, oh, you know what, we need this or that,
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Speaker 4: or we can't close. Even worse, we can't close. And
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Speaker 4: a lender wants a realtor who is going to do
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Speaker 4: the work to find that property and be able to
9:15
Speaker 4: present them with the contract. Right. It's nothing's more frustrating
9:17
Speaker 4: as a lender than saying, hey, here's somebody who I
9:20
Speaker 4: just prequalified. They're not working with the realtory yet, and
9:24
Speaker 4: just you know, goes on and on and they never
9:26
Speaker 4: get a purchase contract. And you that's juxtaposed to the
9:29
Speaker 4: realtor that you say, hey, I've got somebody that's interested
9:32
Speaker 4: and you get you know, you talk to them on
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Speaker 4: a Tuesday and they have you a contract on Saturday.
9:37
Speaker 4: And that's you know, a lot of that's market driven.
9:39
Speaker 4: And we are in a seller's a high seller's market,
9:43
Speaker 4: and what that means is it's buyers can't just go
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Speaker 4: out and it's difficult to say, hey, I want to
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Speaker 4: pre qualification on Tuesday and I'm going to go get
9:51
Speaker 4: that house on Saturday. Not because they aren't eager, but
9:54
Speaker 4: because there's so many other folks driving hard to the
9:57
Speaker 4: hoop and it's gone by the time they get it's gone.
10:00
Speaker 4: I did a pre qualification for today's Tuesday. I did
10:02
Speaker 4: it for somebody on Saturday. Or realtor texted me said, hey,
10:04
Speaker 4: can you give me a pre qualification for this person?
10:06
Speaker 4: Got it for him. They went to look at the
10:07
Speaker 4: house by four and they ended up not making an
10:11
Speaker 4: offer because you know it it wasn't available. So you
10:15
Speaker 4: see that all the time. One of the nice things
10:17
Speaker 4: about realtors here in West Virginia. And you know, I
10:20
Speaker 4: was with Chase for a long time and we were
10:21
Speaker 4: a national lender, so I have originated loans in like
10:25
Speaker 4: forty five states, so all over the country, and the
10:30
Speaker 4: realtors here in West Virginia are a lot of times
10:34
Speaker 4: people say the thing that they love about West Virginia.
10:36
Speaker 4: You know, you got South Carolina's motto, which is smiling
10:39
Speaker 4: faces and beautiful places. Well, to me, West Virginia, it
10:43
Speaker 4: could be you know, we're wild and wonderful, but it
10:45
Speaker 4: could simply be the nicest people. And I feel like
10:49
Speaker 4: sometimes in different places in the South it can kind
10:52
Speaker 4: of come off as cultural and they don't really care
10:55
Speaker 4: about you. But to me, I don't get that in
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Speaker 4: West Virginia, I just don't. And I've been all over.
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Speaker 4: I've lived all over, but the realtors here in West Virginia.
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Speaker 4: I've dealt with realators in California, in New York and
11:05
Speaker 4: Texas and Florida and the Carolina's and there's an edge
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Speaker 4: to a lot of realtors, and you know, they have
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Speaker 4: this expectation that like they're your boss and the transaction right,
11:16
Speaker 4: and you want to be able to help everybody. Certainly
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Speaker 4: your client is the most important person. But the disposition
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Speaker 4: and the professionalism that the realtors here in West Virginia,
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Speaker 4: specifically in Canon and Putnam County even into Cable County
11:29
Speaker 4: have are to meet their second to none. They are
11:33
Speaker 4: the top, top of the class in terms of being professional.
11:35
Speaker 4: They're hard workers and they really if you look at
11:39
Speaker 4: the data, they do a tremendous amount of volume. So,
11:42
Speaker 4: like like you were saying, there's a Canall Valley Board
11:45
Speaker 4: of Realators fair going on right now. It's their education
11:47
Speaker 4: fair allows them to come in and get the majority
11:49
Speaker 4: of their continuing education done for the year in one event.
11:52
Speaker 4: But it's also nice because you can have vendors come
11:54
Speaker 4: in and it's a networking event as much as anything else.
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Speaker 4: So that's going on today at the Charleston Civic Center.
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Speaker 4: And so one story I like to tell about realtors
12:05
Speaker 4: in terms of the value because it's always nice to
12:06
Speaker 4: hear kind of an anecdote say, hey, this is this
12:08
Speaker 4: is why realtors are good. So we bought our house
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Speaker 4: in twenty fifteen, and we had bought our previous house
12:15
Speaker 4: in two thousand and nine. I had a buddy that
12:18
Speaker 4: worked for Chase named Bill Hart. He was a relationship
12:20
Speaker 4: managers since moved to North Carolina, and he had sold
12:23
Speaker 4: two houses for sale by owner. And you know, I
12:26
Speaker 4: was in the industry, but I thought, you know what
12:27
Speaker 4: if I can do a for sale by owner, I
12:29
Speaker 4: think I'm going.
12:30
Speaker 2: To do that.
12:30
Speaker 4: So you know, I got my wife in my ear
12:32
Speaker 4: and she says, if this doesn't sell in a certain
12:36
Speaker 4: amount of time, I want you to give it. So
12:38
Speaker 4: Angela Mayfield. Shout out to angel Mayfield and the Mayfield Group.
12:40
Speaker 4: They do tremendous work. She helped me buy my new house.
12:45
Speaker 4: And my wife said, you got to give this to
12:47
Speaker 4: Angela if you are not able to sell it in
12:50
Speaker 4: a certain timeframe. So, you know, me being confident, I said, well,
12:53
Speaker 4: give me, how long do you think would be a
12:55
Speaker 4: long enough time?
12:56
Speaker 3: I don't know in this market, I don't know.
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Speaker 4: A month, I do, Well, this was nine years ago.
13:00
Speaker 3: Oh okay, I'm sorry. Yeah, yeah, a lot longer.
13:03
Speaker 4: Twelve months.
13:03
Speaker 3: Yeah, okay, that's want to say, yeah, a long time
13:05
Speaker 3: ago for.
13:05
Speaker 4: Twelve months, which is a ridiculous, ridiculously long time. So
13:08
Speaker 4: but I had multiple people that came, probably twenty people
13:11
Speaker 4: that came and were what I felt like, we're ready
13:13
Speaker 4: to make an offer. It was, had all the lipstick,
13:14
Speaker 4: get looked good, it was, it was ready to go,
13:19
Speaker 4: and I just could not get an offer. And so
13:23
Speaker 4: Angela took it. Within forty five days, she had under contract.
13:26
Speaker 4: Within another forty five days, it was gone. So and
13:29
Speaker 4: what that experience kind of opened my eyes to was
13:32
Speaker 4: that people want an intermediary, and even if there's a
13:35
Speaker 4: for sale by owner transaction, there's still a mediary, but
13:39
Speaker 4: instead of a realtor, it's the title attorney worth the lender,
13:42
Speaker 4: and it's just the nature of things, right. So that
13:47
Speaker 4: was a helpful experience to me to show me just
13:49
Speaker 4: personally how much value realtors have, and so the the
13:53
Speaker 4: value of a not just a realtor, but a good
13:55
Speaker 4: realtor cannot be overstated.
13:59
Speaker 3: You're very familiar with the industry as well, and doing
14:01
Speaker 3: a fizbo or for sell by owner for you, there's
14:03
Speaker 3: less of a lateral move for you and what there
14:05
Speaker 3: would be for your gonna have average person like you. I
14:08
Speaker 3: was in the industry for people make mistakes all the
14:10
Speaker 3: time when they try to go for sell about it. Yeah,
14:11
Speaker 3: I mean now that you can't do it, and of
14:13
Speaker 3: course there's people that have done it successfully or so
14:15
Speaker 3: on and so forth, but there's a lot of things
14:17
Speaker 3: that that you're required to do that just those things
14:20
Speaker 3: now you might eventually get it done. It's like, oh,
14:21
Speaker 3: I didn't know I needed to get that. Let me
14:22
Speaker 3: go down here and I'll get this and I'll meil
14:24
Speaker 3: it to you and we'll get it. It'll get done eventually.
14:25
Speaker 3: But why not go to someone that really knows how
14:27
Speaker 3: to get it done and you have the process all
14:29
Speaker 3: set up.
14:29
Speaker 4: And all the things that occur to you over time.
14:33
Speaker 4: So like for me with the twelve months, you know,
14:34
Speaker 4: I was like, you know what I think I need
14:35
Speaker 4: to do some new counttops. Count tops weren't that expensive.
14:37
Speaker 4: It's like, let me do a new vanity in the
14:39
Speaker 4: downstairs and upstairs, let me do a new appliance. And
14:41
Speaker 4: so you're kind of nickeling dimond yourself in terms of
14:43
Speaker 4: the updates. And this is before COVID, where you know,
14:45
Speaker 4: everything was three times as much. But a realture comes in,
14:49
Speaker 4: they lay eyes on it and go do x Y
14:51
Speaker 4: and z Angela's big thing was she she showed me
14:54
Speaker 4: exactly how to stage it. And that to me as
14:58
Speaker 4: much as anything else, just I had the eye for
15:00
Speaker 4: it and it was as soon as should we stage it?
15:02
Speaker 4: It was and it wasn't tremendously different from what I
15:05
Speaker 4: already had, but it was more of a minimalistic approach.
15:08
Speaker 4: And that's something that I'm it may never have occurred
15:11
Speaker 4: to me, but yeah, the value that they bring it,
15:14
Speaker 4: it's like anything else, you're going to figure it out
15:17
Speaker 4: in time, or you could have a realtor come in
15:19
Speaker 4: and basically tell you within a matter of anywhere from
15:24
Speaker 4: minutes to hours to day, is do this as opposed
15:27
Speaker 4: to it taking you weeks or months to figure it out.
15:29
Speaker 4: If you're doing physico Russell.
15:31
Speaker 3: What I also is here from Cornerstone First Mortgage. He's
15:33
Speaker 3: a branch manager located through twenty Washington Street West here
15:36
Speaker 3: in Charleston. Their phone number three zero four three four
15:39
Speaker 3: five fifty six twenty six. That's three four five loans.
15:41
Speaker 3: Three zero four, three four five loans is the phone number.
15:44
Speaker 3: You can call it again a hold of Cornerstone First Mortgage.
15:46
Speaker 3: We're talking about a lot of different things this morning.
15:47
Speaker 3: Give you a little bit of a tease before we
15:49
Speaker 3: go to the break. We've we talked a little bit
15:50
Speaker 3: about the realtors that are having the convention over at
15:54
Speaker 3: the coliseum and how having a realtor work for you
15:57
Speaker 3: can help cut down on the process. And I wanted
15:59
Speaker 3: it to transition that into dovetail into nicely when you
16:02
Speaker 3: have a relationship, maybe you have one with a realtor,
16:04
Speaker 3: or the relator has one with a mortgage professional, or
16:07
Speaker 3: it goes the other way around, maybe you have a
16:08
Speaker 3: professional with a mortgage a relationship with a mortgage professional.
16:11
Speaker 3: But the bottom line is like in a state of
16:13
Speaker 3: West Virginia, we'll talking about conventional loans when we come back,
16:15
Speaker 3: and then kind of move into those things you need
16:19
Speaker 3: somebody that can do the general stuff, the conventional loans
16:21
Speaker 3: stuff that most people can get, and obviously you can
16:24
Speaker 3: do things like that, but in West Virginia, we have
16:26
Speaker 3: unique properties. We have rural areas, we have combo areas,
16:30
Speaker 3: we have mixed use properties. There's all kinds of things
16:32
Speaker 3: that we have here that's not just rolled out of
16:35
Speaker 3: bed and check online and see what we think as
16:37
Speaker 3: far as that. Yeah, it's not necessarily that case, and
16:40
Speaker 3: that's what we want to talk about when we come back.
16:42
Speaker 3: There's all kinds of products and tools that you have
16:44
Speaker 3: that are available to you that for every circumstance that
16:47
Speaker 3: you or your grandma or your mom or whoever might
16:49
Speaker 3: be in in West Virginia. I know they live royalty.
16:51
Speaker 3: I know that it's a manufacturer. I know we're also
16:54
Speaker 3: gonna help take care of you. And we're going to
16:55
Speaker 3: talk about that a little bit when we come back.
16:56
Speaker 3: So you can give us a call today if you
16:57
Speaker 3: have any questions about this stuff. Threes are a four
16:59
Speaker 3: three fo for two eight one three one three zero
17:01
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17:05
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17:13
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19:06
Speaker 3: Here listen to ask the answer this morning. Thanks for
19:08
Speaker 3: tuning in to five at EWCHS the Voice of Charleston
19:11
Speaker 3: in studio with this morning. Russell Binasco is here. He
19:13
Speaker 3: is the branch manager for Cornerstone First Mortgage. You can
19:16
Speaker 3: call Cornerstone First if you want to contact them directly
19:19
Speaker 3: three four five loan three four five loan. That's three
19:21
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19:24
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19:28
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19:29
Speaker 3: have questions for the next twenty minutes or so three
19:31
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19:33
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19:37
Speaker 3: three five five zero zero eight. We do have one
19:39
Speaker 3: text question that came in, so we can get to
19:40
Speaker 3: that before we talk about the different project products that
19:43
Speaker 3: you offer, and this kind of will fit into that.
19:44
Speaker 3: This is from the three zero four five three nine.
19:46
Speaker 3: Please briefly discuss the cost of renovation and decreasing increasing
19:51
Speaker 3: in twenty twenty five. Thank you. So, I guess that's
19:53
Speaker 3: just maybe if you were getting like a refinance loan
19:56
Speaker 3: to do some home improvements or something like that. My
19:58
Speaker 3: wife and I this is something that I can that
20:00
Speaker 3: I can kind of preface this with because for what
20:03
Speaker 3: six years now, we've been wanting to do something and
20:05
Speaker 3: we've miss timed everything. We missed timed the renovations to COVID.
20:09
Speaker 3: When lumber went through the roof, we missed time getting
20:11
Speaker 3: a new house when the interest rates and the property
20:14
Speaker 3: value spiked. We're in a situation now where we're just
20:17
Speaker 3: kind of in a holding pattern, waiting for where things
20:18
Speaker 3: settle a little bit. But I understand where this person's
20:20
Speaker 3: coming from. If they were looking to do home improvements
20:23
Speaker 3: at different times over the last four or five years,
20:25
Speaker 3: it's been prohibitive to do so.
20:27
Speaker 4: And everybody's had the same thought, Right, let me just
20:30
Speaker 4: wait a little bit longer to see where things are going.
20:32
Speaker 4: To your point, I did my deck in twenty seventeen,
20:35
Speaker 4: and I did a I literally finished the my driveway
20:40
Speaker 4: and roof in March of twenty twenty, like days before COVID.
20:43
Speaker 4: I was like, Oh, there's this thing COVID out there,
20:45
Speaker 4: but nobody really knew what it was. So anybody that
20:48
Speaker 4: got in before March of twenty twenty, they're kind of
20:50
Speaker 4: the same thing. With even a refinance lightly after that,
20:52
Speaker 4: they're thanking their lucky stars that they timed it well.
20:56
Speaker 4: But to the question about cost in terms of renovation
21:00
Speaker 4: or construction, I literally had a conversation with the guy yesterday.
21:03
Speaker 4: He said he got a on a twenty five hundred
21:07
Speaker 4: square foot house and Ripley an estimate of almost two
21:11
Speaker 4: million dollars to build a home, and it was six
21:13
Speaker 4: hundred dollars a square foot, and he said, I'm still
21:16
Speaker 4: going to build it. But I was just shocked at
21:19
Speaker 4: that this was even a quote, right. And so sometimes
21:22
Speaker 4: you'll have contractors that will give you a astronomical quote
21:26
Speaker 4: quote because they don't have time, right, or they don't
21:28
Speaker 4: want the business, and so instead of telling you know,
21:29
Speaker 4: they just give you something that you can't afford or
21:31
Speaker 4: that they think the deal said no to. So there
21:34
Speaker 4: is no doubt that the cost of goods has not
21:37
Speaker 4: come down. And you know the problem is even if
21:41
Speaker 4: the data that the government gives us, whether it's or PCI,
21:45
Speaker 4: basically the core inflation numbers. It's how the government determines, Hey,
21:49
Speaker 4: our prices and what inflation looks at is were prices
21:54
Speaker 4: in February of twenty twenty five lower or higher than
21:56
Speaker 4: prices in February twenty twenty four? So even though prices
22:01
Speaker 4: you might and the target inflation rate for the FED
22:02
Speaker 4: is two percent, right, so you go, okay, if things
22:05
Speaker 4: are two percent more expensive than last year, I can
22:07
Speaker 4: swallow that, But the problem is they were The high
22:10
Speaker 4: was nine percent in June of twenty two, And so
22:14
Speaker 4: when you have multiple months in a row of high numbers,
22:18
Speaker 4: even if you do get back down to a low
22:19
Speaker 4: number now, it's still not doing a good job of
22:22
Speaker 4: quantifying all those months that it was high, because prices
22:25
Speaker 4: are still that much higher than they were two or
22:27
Speaker 4: three years ago. So the question of what do I
22:32
Speaker 4: do with higher prices on cost of goods, there's not
22:36
Speaker 4: really good answer, right prices you need a massive devaluation
22:40
Speaker 4: and a lot of things to bring and for that
22:42
Speaker 4: deflationary effect to take it to take hold. And if
22:45
Speaker 4: that happens, really the rest of the market between the
22:49
Speaker 4: stock market home prices will be in a recession at
22:52
Speaker 4: that point, right, So I don't know that we'll see
22:54
Speaker 4: a reprieve on cost of goods. So then you flip
22:57
Speaker 4: it to Okay, well, let's say I'm going to pay
22:59
Speaker 4: a higher price, and maybe I'm going to pay for
23:01
Speaker 4: the cost of goods, and maybe I'm going to pay
23:02
Speaker 4: a bit of a higher rate in terms because I'm
23:05
Speaker 4: going to borrow the money to do it. Whether you're
23:06
Speaker 4: going to use a home equity line of credit or
23:08
Speaker 4: just a second mortgage. The good part about that still
23:12
Speaker 4: is if you come in and you add value to
23:14
Speaker 4: the home, even if it's kind of expensive to do it,
23:17
Speaker 4: or say more expensive than it was five years ago,
23:19
Speaker 4: the translation to value in the home can potentially be there. Now.
23:27
Speaker 4: What I usually tell people is because I'll get people
23:29
Speaker 4: out come and go, hey, I put sixty thousand dollars
23:31
Speaker 4: into this home, and this could this could have been
23:33
Speaker 4: a long time ago. Usually it's in kitchens, right, i'd dropped,
23:35
Speaker 4: you know, I had somebody give me their punch list
23:38
Speaker 4: from Darren Fisher, right, And actually the appraiser did give
23:41
Speaker 4: them the value because there were so many nice things
23:43
Speaker 4: in there, and they bump the value up. But the
23:44
Speaker 4: problem is if you're not actually increasing square footage, right,
23:47
Speaker 4: if you're not increasing your bedroom and bathroom count, you're
23:51
Speaker 4: not able to leave the matrix that you're in that
23:54
Speaker 4: you're for your comparable houses. Right. So if you're a
23:56
Speaker 4: three bedroom, two bath and you don't add any that's
23:59
Speaker 4: call it twenty three hundred square feet, and you don't
24:01
Speaker 4: add any square footage, you're only going to be compared
24:03
Speaker 4: to the same houses that you were before. Even though
24:06
Speaker 4: you put a bunch of money into it. So the
24:08
Speaker 4: way you really increase the value of a home is
24:11
Speaker 4: by adding if you can additional square feet, maybe a bedroom.
24:16
Speaker 4: And then if you do those, say you do a
24:19
Speaker 4: new kitchen or bathroom, and you're not necessarily adding square footage,
24:23
Speaker 4: hold onto that punch list. Right. So when the appraiser
24:26
Speaker 4: does come in and go, well this, you know, I
24:28
Speaker 4: don't see anything new in here, you say, no, look,
24:30
Speaker 4: this is what I've put into it. And a lot
24:32
Speaker 4: of times appraisers that's tangible evidence that they can include
24:37
Speaker 4: in the appraisal to say, okay, that's justifiable. I'm going
24:39
Speaker 4: to give you another twenty five thirty forty. The one
24:42
Speaker 4: that I'm talking about, it was like a fifty thousand
24:43
Speaker 4: dollars increase, and this was a while ago. So I
24:46
Speaker 4: would say, if you could add square footage, that's huge,
24:50
Speaker 4: or if you can add a bedroom or bathroom count
24:52
Speaker 4: that's huge. And if you can't do any of that,
24:54
Speaker 4: hold onto that punch list, just so you can kind
24:58
Speaker 4: of as justification for a higher praise value.
25:00
Speaker 3: I want to make sure we get to some of
25:01
Speaker 3: the other products of the offer, but just briefly to
25:03
Speaker 3: kind of isolate what you were talking about there, that's
25:05
Speaker 3: possible that you can overbuild what your house is for
25:08
Speaker 3: the area the area. And I knew a guy one
25:09
Speaker 3: time who had a home basically like you described. It
25:12
Speaker 3: was a ranch home and a nice neighborhood semi rural
25:15
Speaker 3: homes in the area praised for around three or four
25:17
Speaker 3: hundred thousand dollars back in the late late nineties. And
25:21
Speaker 3: his house was perfectly typically the area, probably a little
25:22
Speaker 3: nicer than most of the ones in the area. But
25:24
Speaker 3: the guy went and he had a full basement. Everybody's
25:27
Speaker 3: basement in the area was finished, so that was nothing new.
25:30
Speaker 3: But he put like a game room down there. So
25:32
Speaker 3: it was like a pool, tables, arcade rooms, a TV
25:35
Speaker 3: viewing area, theater area. It was like a wasn't a
25:38
Speaker 3: man cave. It was like a friend cave.
25:39
Speaker 4: You know.
25:39
Speaker 3: It was like this great and it was fantastic. I mean,
25:41
Speaker 3: it looked great, there's no question about it. But he
25:44
Speaker 3: was scandalized that the realtor didn't give him like thirty
25:46
Speaker 3: thousand dollars of value for this room. He's like, I
25:48
Speaker 3: put twenty grand into this. What do you mean? It's like,
25:51
Speaker 3: that's no square footage. Man, I mean, you didn't add
25:53
Speaker 3: anything to the house. That's all material valumes you have
25:55
Speaker 3: in there. That's not going to get you the value
25:58
Speaker 3: that you think out of your house. It was great
25:59
Speaker 3: for him, but he was now over built on what
26:01
Speaker 3: he was trying to get back out of it, and.
26:03
Speaker 4: That could be a problem. And that's a strategic play
26:05
Speaker 4: that you really need to be cognizant of when you're
26:07
Speaker 4: thinking about, hey, we're gonna now if you're fine, when
26:09
Speaker 4: you're going to do a renovation or just upgrade. Now
26:13
Speaker 4: if you're like, hey, we need a new deck, we
26:14
Speaker 4: don't like this is not about the appraisal. This is
26:17
Speaker 4: I want to be able to have, you know, fifteen
26:19
Speaker 4: or twenty people out of my deck for cookout in
26:22
Speaker 4: the summer. And it's a little wobbly right now. Well,
26:24
Speaker 4: you know what, you know, sometimes you just got to
26:27
Speaker 4: bite the bullet and take that either the higher building
26:29
Speaker 4: cost and or the higher rate. So just evaluating. But
26:34
Speaker 4: if you're what your priorities are. But if it's hey,
26:37
Speaker 4: we can we can get strategic in how we're going
26:39
Speaker 4: to build and what we're going to do. Any additional
26:42
Speaker 4: square foot footage or bedroom or bathroom count is huge.
26:46
Speaker 3: I don't want to skate by anything. But let's start
26:47
Speaker 3: talking about some different products that you offer. So obviously
26:49
Speaker 3: we talkt about conventional loans. Conventional loans are somebody that
26:52
Speaker 3: has I don't know exactly what the credit ranges these days.
26:55
Speaker 3: It's a lot higher than it was when it was
26:56
Speaker 3: when I was, so you.
26:57
Speaker 4: Could you could go down to a five eighty still
27:00
Speaker 4: five eight, but that's on a manual underwrite. Usually six
27:04
Speaker 4: twenty is your lowest. So essentially, the way it works
27:06
Speaker 4: is you have something called an automated underwriting system a
27:09
Speaker 4: US and it's a supercomputer, right, I mean you think
27:12
Speaker 4: we hear AI and computers are doing all the thinking. Well,
27:17
Speaker 4: these a us as, these automated undwriting systems have been
27:20
Speaker 4: doing this for a long time and they do it
27:21
Speaker 4: really well.
27:22
Speaker 3: Nurowscope AI is actually very efficient and it's been in
27:25
Speaker 3: use for decades.
27:26
Speaker 4: And the beautiful part about for me as a mortgage
27:29
Speaker 4: originator and any really mortgage originator, is Fannie May has
27:33
Speaker 4: THEIRS and Freddie Mack has THEIRS. And if you can
27:35
Speaker 4: get it in the system to where the systems that
27:37
Speaker 4: gives you a green light, essentially, then all you have
27:41
Speaker 4: to do is import the document to support the data
27:44
Speaker 4: that you put in the application, and you really don't
27:46
Speaker 4: have to do much different than that. Right, it's a
27:49
Speaker 4: pretty seamless thing. But the problem is when you get
27:51
Speaker 4: into a manual underwrite and then what happens. It's called
27:54
Speaker 4: lending authority. That particular underwriter has to basically say, if
27:59
Speaker 4: this loan gets bought back or they default or foreclosed,
28:03
Speaker 4: now it's on them. They don't have the benefit of saying, hey,
28:06
Speaker 4: we had Fanny or Freddie's green light on the automated
28:08
Speaker 4: and underwriting system. They are way more picky and they're
28:13
Speaker 4: just more skittish because now it's their underwriting credentials on
28:16
Speaker 4: the line, and rightfully so. So if you can get
28:18
Speaker 4: above a six twenty. Now the tricky part about between
28:21
Speaker 4: six twenty and six forty, it could be really difficult
28:23
Speaker 4: to get the AUS approval, even though technically you can
28:25
Speaker 4: go down to a six twenty. A lot of times
28:28
Speaker 4: the things that have put a person out of six
28:30
Speaker 4: twenty means maybe some lates on a credit card, maybe
28:33
Speaker 4: a mortgage late and then once or low high debt
28:37
Speaker 4: to income, low assets for the down payment or closing costs.
28:41
Speaker 4: When you factor those things in a lot of times
28:42
Speaker 4: you don't get a positive prequalification or the green light
28:45
Speaker 4: between a six twenty sixty six forty. So if you
28:47
Speaker 4: could be above a six forty, that's really the ideal spot. Yeah.
28:51
Speaker 3: And so once you and those are the ones that
28:53
Speaker 3: you look at for, you know, typical single family residences.
28:56
Speaker 3: For the most part, purchaser reef is still twenty percent
28:59
Speaker 3: down to twenty percent.
29:01
Speaker 4: Yeah. And just as a reminder, what PMI is, it's
29:03
Speaker 4: private mortgage insurance. So I always tell people it's like
29:06
Speaker 4: my little bedtime story with what the PMI is. It's
29:08
Speaker 4: once upon a time, banks didn't give loans unless a
29:11
Speaker 4: person had twenty percent down, and then some banker along
29:14
Speaker 4: the way said, hey, let's allow customers to put down
29:17
Speaker 4: less than twenty percent and let's offset the risk the
29:20
Speaker 4: same way you offset any risk with insurance. Thus mortgage
29:23
Speaker 4: insurance was born. And so it's just an expression of risk.
29:26
Speaker 4: It's it's the more you put down, the lower that
29:29
Speaker 4: PMI payment. Right, the higher your credit score, the lower
29:32
Speaker 4: the PMI payment. But the person that has a six
29:34
Speaker 4: forty or six to twenty score and they're putting next
29:37
Speaker 4: to zero down. That's going to be your highest PMI, right.
29:40
Speaker 3: And got a factor that into the cost of the
29:42
Speaker 3: house that you're buying. Absolutely, it can't be significant. Yep.
29:45
Speaker 4: I was talking to somebody yesterday. They were looking at
29:46
Speaker 4: a home. I said, look, you're you're okay on your
29:49
Speaker 4: principle and interest payment with your debt income, I said,
29:51
Speaker 4: but when we factor in taxes and insurance and PMI,
29:54
Speaker 4: we're going to be above our threshold for the debts income.
29:56
Speaker 4: So let's maybe scale back what we're looking at. Either
29:58
Speaker 4: that you could either bring it a coatsider, right, So,
30:01
Speaker 4: just as a kind of point of clarification, you can
30:04
Speaker 4: get co signers on FHA and conventional loans. What that
30:07
Speaker 4: means is got mom or dad, brother or sister. They
30:10
Speaker 4: and they could be What's really awesome is they can
30:12
Speaker 4: be what's called a non occupant. Right. So I'm thinking, man,
30:14
Speaker 4: I'd really like to buy this home, but I'm really
30:17
Speaker 4: not going to have the income that I'm going to
30:19
Speaker 4: need to be able to support it. But you got
30:21
Speaker 4: mom or dad. They are like, look, I don't really
30:23
Speaker 4: want to give you money, but I'm happy to let
30:24
Speaker 4: you leverage my credit. We can bring them on there,
30:27
Speaker 4: and you know we're in a higher rate environment. So
30:28
Speaker 4: maybe you have that for a year or two. When
30:31
Speaker 4: things get a little more manageable for you financially, you
30:36
Speaker 4: could refinance and take them off. But you can have
30:39
Speaker 4: a what's called a non occupant co bor or one loans.
30:41
Speaker 3: So that kind of details nicely into talking about PMI
30:45
Speaker 3: different things like that, and twenty percent down. With enough
30:49
Speaker 3: credit and with enough other compensating factors, you can get
30:52
Speaker 3: loans that don't require a down payment as.
30:54
Speaker 4: Well, correct RC. So we have an FHA loan. So
30:57
Speaker 4: your minimum down payment on a convention was three percent, right,
31:00
Speaker 4: So real simple trends, real simple calculation. You got one
31:03
Speaker 4: hundred thousand dollar loan. You got to bring three thousand
31:05
Speaker 4: dollars to the table with FAHA. The normal down payments
31:08
Speaker 4: three and a half percent. But you can get there
31:10
Speaker 4: are FHI programs where you can get zero down, right, so,
31:13
Speaker 4: which means and you can go all the way up
31:15
Speaker 4: to six percent. A seller can help you with up
31:18
Speaker 4: to six percent of the purchase contract and closing costs. Now,
31:21
Speaker 4: not every seller is going to be willing to do
31:22
Speaker 4: closing costs, but where you have these inflated home prices,
31:27
Speaker 4: or some people would say reasonable home prices. Because there
31:30
Speaker 4: hasn't been a ton of inflation over the last dinner
31:32
Speaker 4: fifteen years, home sellers are willing to say, you know what,
31:36
Speaker 4: to be able to unload this home, I'll give you
31:38
Speaker 4: two grand, three grand, five grand, depending on what. So
31:41
Speaker 4: one hundred thousand dollar loan you could get up to
31:42
Speaker 4: six thousand dollars. That's going to be all your closing costs.
31:45
Speaker 4: That's going to be your first year's homeowner's insurance. It
31:49
Speaker 4: might even let you buy the RAAD down a little bit,
31:51
Speaker 4: so you know, being able to do a zero percent
31:53
Speaker 4: down leveraging some seller closing costs. Theoretically you're not coming
31:59
Speaker 4: to the table with any Also, you got something called
32:01
Speaker 4: a VA loan for veterans, they don't bring anything to
32:03
Speaker 4: the table, they'll still pay closing costs, and there's something
32:06
Speaker 4: called a VA funding fee. So not every veteran doesn't
32:11
Speaker 4: make sense to do that because it's usually like one
32:13
Speaker 4: point seventy five if you have a service connected disability,
32:16
Speaker 4: a lot of time to waive it. But there is that. Basically,
32:19
Speaker 4: it's just an amount that they lump onto the loan
32:23
Speaker 4: that when you go sell it, you still have to
32:24
Speaker 4: pay it back, so but you do have the benefit
32:26
Speaker 4: of zero percent. The same thing with USDA. You can
32:29
Speaker 4: do zero down with USDA that's specifically targeted for rural areas.
32:34
Speaker 3: And those are Like I said, there's so many different
32:36
Speaker 3: property configurations that we have in West Virginia that having
32:39
Speaker 3: these different options available to us and things that we're
32:42
Speaker 3: doing not to mention. And this is even more so
32:44
Speaker 3: than back when I was in the business. People are
32:46
Speaker 3: employed to quote unquote in so many different variety of
32:49
Speaker 3: waste today as well. It used to be you know,
32:52
Speaker 3: you get your w two or even a ten ninety
32:54
Speaker 3: nine type thing somebody's contracted, you can kind of figure
32:56
Speaker 3: those things out. In the gig working economy and all
32:58
Speaker 3: those different things that you have. Now we need to
33:00
Speaker 3: have products available for those people too.
33:02
Speaker 4: Correct correct. So just a couple that will highlight that
33:04
Speaker 4: we have at Cornerstone. One is a bank statement program.
33:07
Speaker 4: So essentially what we do we can take a person's
33:10
Speaker 4: bank statement and say we will take this number and
33:13
Speaker 4: divided by sixty to derive what we call a hypothetic
33:16
Speaker 4: income stream, right, so you don't have to sit there
33:18
Speaker 4: and take one sixty of this and deposit it into
33:21
Speaker 4: another account to make the payment every month. We just
33:23
Speaker 4: do the calculation based on call it five years, right,
33:27
Speaker 4: which is nice because we I've had a product before
33:29
Speaker 4: where you did you divided it by the loan term.
33:32
Speaker 4: What happens with the loan term you talked about a
33:34
Speaker 4: fifteen or thirty year term. It becomes a really low number.
33:39
Speaker 4: Right when you have you know, three hundred and sixty
33:41
Speaker 4: thousand dollars divided by three hundred and sixty, you only
33:43
Speaker 4: get a grand a month, right, where you know, three
33:45
Speaker 4: hundred and sixty divided by sixties sixty grand a month.
33:48
Speaker 4: So you know that's the different times that's going to
33:51
Speaker 4: be the difference if you're talking about a straight bank
33:53
Speaker 4: statement loan. If a person doesn't have any other income,
33:56
Speaker 4: it'll make or break the deal. Just a couple other
33:58
Speaker 4: points on that, we go and do a six forty
34:01
Speaker 4: on that. Single family residents, townhomes, condos, even pre construction
34:06
Speaker 4: sites we can do on that. So and then just
34:09
Speaker 4: I'll just kind of run through some of these other ones,
34:11
Speaker 4: and I will also say, I know we're kind of
34:14
Speaker 4: getting to the top of the hour here. If you
34:16
Speaker 4: like what you're hearing, on this, ask the expert, and
34:18
Speaker 4: you're thinking, man, I'd love to hear Russ just kind
34:20
Speaker 4: of his thoughts on some other things. You can go
34:23
Speaker 4: to my social media platform, which is just search Russell
34:27
Speaker 4: Jay Banasso, two s's, two l's and Russell Russell, J,
34:30
Speaker 4: Russell Underscore, J Underscore Banaso b O n Asso on
34:34
Speaker 4: Instagram and Facebook. And my goal is to give regular
34:37
Speaker 4: market updates kind of like we're doing here, but make
34:40
Speaker 4: them short, right, So, if you're just somebody who wants
34:42
Speaker 4: to follow what's going on, if you're in the industry,
34:44
Speaker 4: if you're a say you're a CPA or a bank
34:48
Speaker 4: or a realtor or a financial advisor, and you want
34:50
Speaker 4: to have an informed conversation with the customer, my goal
34:53
Speaker 4: is to be able for you to, you know, watch
34:55
Speaker 4: a short video and just kind of be able to
34:57
Speaker 4: talk informed informatively for that day or that week. So
35:01
Speaker 4: we've got so again Russell Underscore J Underscore of an
35:05
Speaker 4: Asso if you want to search me on the socials.
35:08
Speaker 4: So you've got a bank statement loan, you also have
35:10
Speaker 4: a ten ninety nine income loan. So in other words,
35:12
Speaker 4: ten ninety nine is essentially a self employed W two equivalent, right,
35:16
Speaker 4: So a lot of times and historically I've only been
35:18
Speaker 4: able to do ten ninety nine if they were part
35:22
Speaker 4: of a tax return. Right this, you do not need
35:24
Speaker 4: a tax return, You only need the ten ninety nine
35:26
Speaker 4: to be able to do it. We can also do
35:28
Speaker 4: something called a written verification of employment only, right, so yeah,
35:31
Speaker 4: which is nice. So you know, and we can actually
35:33
Speaker 4: do that all the way up to ninety days prior
35:36
Speaker 4: to the person starts. So you give me a written
35:38
Speaker 4: verification of employment and they I just have to have
35:43
Speaker 4: confirmation that they're going to start within ninety days. So
35:45
Speaker 4: that's really nice when somebody has an employment contract and
35:48
Speaker 4: we're not going to be using there what we call
35:50
Speaker 4: departing income the job that they're leaving.
35:52
Speaker 3: Also, that's right for relocators or whatever.
35:54
Speaker 4: That's you know, with relocators. It is exclusively the product
35:58
Speaker 4: that it is for relocators. I'll hit on just cover.
36:02
Speaker 3: More about thirty seconds.
36:03
Speaker 4: Okay, Profit and loss, which is just you know, we
36:06
Speaker 4: just use the P and L we have. I've talked
36:08
Speaker 4: about this before. It's a no income loan. Basically, we
36:10
Speaker 4: just we use the income from a rental property and
36:13
Speaker 4: as opposed to your gay job income or your self
36:16
Speaker 4: employment income, and we could talk about some more, some others,
36:19
Speaker 4: but those are just kind of the highlights on think
36:22
Speaker 4: it outside the box from outside of a conventional or
36:25
Speaker 4: FHA loan that we offer at Cornerstone.
36:28
Speaker 3: And I can't reiterate enough how important that is in
36:30
Speaker 3: West Virginia because there's a lot of unique circumstances and
36:32
Speaker 3: you're probably somebody that's ran into that at some point
36:34
Speaker 3: in time, whether it's easy or it's something you need
36:37
Speaker 3: some help navigating, Russell can help you out. Let me
36:39
Speaker 3: get the information to you one more time. Cornerstone First
36:41
Speaker 3: Mortgage of the phone number three four five loans. That's
36:43
Speaker 3: three zero four, three four five fifty six twenty six.
36:46
Speaker 3: That's three four five loans, located at two twenty Washington
36:48
Speaker 3: Street West, right here in downtown Charleston. Russell's back here
36:52
Speaker 3: every month for we do an update on mortgage mortgage
36:55
Speaker 3: products and what he's doing over there at Cornerstone First Mortgage.
36:57
Speaker 3: You can check out the podcast over at WHA network
37:00
Speaker 3: dot com slash expert and we'll have that up within
37:02
Speaker 3: the next few minutes or so. Russell, thank you so
37:04
Speaker 3: much for your time, though, rill A lot of its
37:06
Speaker 3: education this morning with appreciate.
37:07
Speaker 4: That Dale always a pleasure, appreciate it.
37:09
Speaker 3: We'll check you out here next time.
37:10
Speaker 4: All right, sounds good.
37:11
Speaker 3: That's Russell Banassa from Cornerston First Mortgage. I'm Del Cooper.
37:14
Speaker 3: Thanks a lot, everyone, Dave Allen's up next. I'll be
37:15
Speaker 3: back this afternoon at three thirty on Hotline. Every gay
37:18
Speaker 3: to everyone.
37:20
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37:24
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