Latest / Connor with Honor: AI, Real Estate and Real Life / Borrowing money in November 2024 what you need to know with Tim Slominski with AP mortgage by Connor with Honor

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Borrowing money in November 2024 what you need to know with Tim Slominski with AP mortgage by Connor with Honor · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_01: Slaminsky back on, fantastic local lender.
• 0:02
  SPEAKER_01: And we want to talk about a few things, Tim and I.
• 0:04
  SPEAKER_01: We're going to get into what happened with the last uh Fed meeting and how those interest rates, well, everybody thought they were going to come even lower.
• 0:12
  SPEAKER_01: Maybe not Tim, but a lot he's very savvy in that regard.
• 0:15
  SPEAKER_01: So he really kind of knew what to expect.
• 0:17
  SPEAKER_01: That's why we're going to talk to him today.
• 0:18
  SPEAKER_01: And then also some buyer questions, because I have people coming into our home and open houses all the time, and they're asking lending questions.
• 0:26
  SPEAKER_01: And Tim's with me some of the time.
• 0:28
  SPEAKER_01: Sometimes he's, you know, other folks.
• 0:30
  SPEAKER_01: But those questions kind of show that buyers really don't know what goes on in the lending world.
• 0:35
  SPEAKER_01: So we'll as well plus talk a little bit about the market.
• 0:39
  SPEAKER_01: So here's Tim.
• 0:39
  SPEAKER_01: Tim, tell us a little bit about yourself and the company and so on and so forth.
• 0:44
  SPEAKER_00: Well, goodness, Connor, I don't know where to start, but it started about 45 years ago.
• 0:49
  SPEAKER_00: Um, got into lending in 1980, the end of the Carter administration.
• 0:55
  SPEAKER_00: So I started out in the automobile industry.
• 0:58
  SPEAKER_00: And from the automobile industry, I went to the recreable vehicle uh in 2000, I guess, which I've always wanted to do.
• 1:06
  SPEAKER_00: Um seen many economic turns in that period.
• 1:10
  SPEAKER_00: Um survived the mortgage meltdown, we survived COVID, and now we're into inflation and what's there.
• 1:18
  SPEAKER_00: So that's a little bit about my background.
• 1:21
  SPEAKER_00: Um Santa Clarita resident.
• 1:24
  SPEAKER_00: I've been in the neighborhood for my particular home for 30 years with a one-year stint in Rhode Island after moving back to Santa Clarita.
• 1:36
  SPEAKER_00: We moved to Santa Clarita, then to Rhode Island and back to the neighborhood.
• 1:39
  SPEAKER_00: So love Santa Clarita and uh Southern California.
• 1:44
  SPEAKER_01: That's fantastic.
• 1:45
  SPEAKER_01: I wanted to get into the show.
• 1:47
  SPEAKER_01: What happened when the Fed met?
• 1:49
  SPEAKER_01: Everybody was very excited.
• 1:51
  SPEAKER_01: They were, oh, the interest rates are going to come down a bunch.
• 1:54
  SPEAKER_01: And then I think people are also under the misassumption that when the Fed reduces that rate, that directly applies to the mortgage rate that you know normal people that are buying, paying.
• 2:06
  SPEAKER_01: Can you clear that up and talk about both of those?
• 2:09
  SPEAKER_00: Well, um the federal funds rate is what we're talking about.
• 2:14
  SPEAKER_00: The federal funds rate is for overnight lending to bank.
• 2:19
  SPEAKER_00: And it's also related to your credit cards.
• 2:22
  SPEAKER_00: So if you looked at your credit card statement in August and look at your credit card statement in October, the rate went down a half a percent.
• 2:31
  SPEAKER_00: That's great news.
• 2:32
  SPEAKER_00: That's huge.
• 2:33
  SPEAKER_00: You know, especially if you're carrying a bank that correlate to the mortgage business.
• 2:37
  SPEAKER_00: Indirectly, it does.
• 2:39
  SPEAKER_00: The talk on for the last year and a half is the Fed's gonna drop rates.
• 2:43
  SPEAKER_00: The Fed's didn't drop rates, inflation was high.
• 2:47
  SPEAKER_00: So when the most recent Fed meeting that they said they are going to drop rates, right, the mortgage industry have already been baked in.
• 2:57
  SPEAKER_00: The anticipation down, we knew the rates were gonna come down.
• 3:02
  SPEAKER_00: So I do the day before rates the Fed dropped, I called my clients, I reached out to clients.
• 3:10
  SPEAKER_00: I had some clients that I could save$700 a month.
• 3:15
  SPEAKER_00: They didn't do anything because they're listening to the news media saying the Fed's gonna drop again.
• 3:22
  SPEAKER_00: Well, it's not going to affect you.
• 3:24
  SPEAKER_00: And what has happened in the since the Fed's meeting, interest rates have gone up from we were down to 5.75.
• 3:35
  SPEAKER_00: Now they're right now at 6.65 percent.
• 3:39
  SPEAKER_00: Why did that happen?
• 3:41
  SPEAKER_00: Well, it happened due to the war in Israel, the everything going on in Iran, the jobs reports, everything is economic.
• 3:53
  SPEAKER_00: Economic world strife, wars, things like that.
• 3:58
  SPEAKER_00: That affects what's going on in the mortgage market.
• 4:01
  SPEAKER_00: So 401k in the last week, golly, it's much better than it was because we moved money out of where buy it.
• 4:09
  SPEAKER_00: We buy it out of the Treasury Department.
• 4:11
  SPEAKER_00: So we buy it in the from the 10-year treasury and backed securities.
• 4:16
  SPEAKER_00: Happened, everybody took their money out of treasuries and mortgage backed securities and threw it back in the stock market.
• 4:22
  SPEAKER_00: If you bought Tesla, golly, you picked up$200 a share last week.
• 4:28
  SPEAKER_00: So that's what's going on.
• 4:30
  SPEAKER_00: It's it's very hard to carry on the conversation with the normal layman.
• 4:35
  SPEAKER_00: People like you know, mortgage guys, we talk a language.
• 4:39
  SPEAKER_00: Uh imagine married and trying to have that conversation out with an artist.
• 4:45
  SPEAKER_00: It's difficult.
• 4:47
  SPEAKER_00: So that's what's been going on.
• 4:49
  SPEAKER_00: And we do anticipate rates can continue to come down.
• 4:53
  SPEAKER_01: Do you think this uh this administration is not gonna throw into the bus here?
• 4:58
  SPEAKER_01: But is this could this pendant, i.e., if we have a chain government come through, a different president come back in, which has already served, would that affect it, or is that just is that just hopeful to much bigger than the elected president?
• 5:14
  SPEAKER_00: Well, you know, without getting into sorry to sorry to for there, just just whatever you think.
• 5:20
  SPEAKER_00: Well, change there has a Republican or a Democrat compass, there's a change.
• 5:25
  SPEAKER_00: There's going to be a different culture.
• 5:28
  SPEAKER_00: But culture, if we stay with the same economic policies, may actually cause rates to go up, or it could make it come down.
• 5:40
  SPEAKER_00: It depends on what happens Congress and the Senate.
• 5:44
  SPEAKER_00: You know, the president has all these great ideas, but if it can't get through Congress Senate, then we're we're just at a stopgap.
• 5:51
  SPEAKER_00: And that's what um I were rates.
• 5:53
  SPEAKER_00: Um for C2s, I doubt it seriously.
• 5:57
  SPEAKER_00: You know, not in my lifetime.
• 5:59
  SPEAKER_00: So I and I I anticipate longer uh in this industry, but um I I I posted something the you get a phone call from your mortgage guy or gal, and they tell you how is the time to refinance.
• 6:16
  SPEAKER_00: If I had you at seven and a half percent and I'm telling you that be six and a half percent, don't think about it, do it.
• 6:25
  SPEAKER_00: You know, rent rent the rate, love the house, house rate.
• 6:31
  SPEAKER_00: We will always monitor your rates because guess what?
• 6:36
  SPEAKER_00: We get to make a commission.
• 6:38
  SPEAKER_00: But the benefit to you is if I can improve your cash flow, we'll continue to do that and change in administration because we are having a change in administration, or we get Donnie.
• 6:50
  SPEAKER_00: Whoever wins, it's for positive.
• 6:52
  SPEAKER_01: When there's I I was curious, I was always curious about couldn't answer it.
• 6:56
  SPEAKER_01: When you have a lot of competition in the refi market, so let's say January rates come down an entire point.
• 7:04
  SPEAKER_01: Let's say that was even possible.
• 7:06
  SPEAKER_01: Because now everybody's going to be swarming to refinance in the last year over a year.
• 7:11
  SPEAKER_01: Does that increase those refinances?
• 7:15
  SPEAKER_01: Or it doesn't?
• 7:16
  SPEAKER_00: No, your your your hard cost is your hard cost.
• 7:20
  SPEAKER_00: Lenders processing underrease.
• 7:22
  SPEAKER_00: That's our administration fee.
• 7:24
  SPEAKER_00: Um, title and escrow, many of us in the industry, we have our preferred escrow companies, and we get we always shop for the best rate for clients so that there's no garbage fees.
• 7:37
  SPEAKER_00: And I, you know, rather than getting into a whole discussion where the only fees you really should see in a re escrow should be title policy and escrow fee.
• 7:48
  SPEAKER_00: Everything else is depends on um the the escrow coups, um, but will not increase.
• 7:55
  SPEAKER_00: The only thing that will increase is the time that it takes to complete it.
• 8:01
  SPEAKER_00: So if we if we have a run on loans in the last three years, 70% of the people are no longer there.
• 8:13
  SPEAKER_00: So the companies are going to have to restaff to get back up to speed.
• 8:18
  SPEAKER_00: So you will see a longer escrow period.
• 8:21
  SPEAKER_01: That makes sense.
• 8:22
  SPEAKER_01: With regard to the timing, and people are thinking about a refinance, and people often ask me, you know, when should rates what lower how much be to entertain a refinance?
• 8:34
  SPEAKER_01: Can you answer that question?
• 8:36
  SPEAKER_00: Well, it I I use the the number of uh half a point, half a percent.
• 8:43
  SPEAKER_00: Okay, now if you have a bank of like a it doesn't make sense because the amount of time it takes you to recoup that amount, the cost really doesn't make sense.
• 8:54
  SPEAKER_00: If you're only going to save 30 bucks a month and fees come out to it's a hundred to recoup that but balance, as most of us do here in Southern California, of anywhere between five to seven hundred thousand dollars.
• 9:11
  SPEAKER_00: If I'm saving you 500 and it's costing you 3,000, six months.
• 9:15
  SPEAKER_00: Do it.
• 9:16
  SPEAKER_01: What about the time that they've been paying on the mortgage?
• 9:19
  SPEAKER_01: Let's say they're one of those people you called last time.
• 9:22
  SPEAKER_01: Hey, you need to, you know, now's a good time to refoul you.
• 9:25
  SPEAKER_01: Well, we've heard the news on the street, we're gonna hold off.
• 9:27
  SPEAKER_01: Let's say those people are doing that same scenario for three or four years.
• 9:33
  SPEAKER_01: The time that they've been paying on the mortgage, does that also affect the cost savings?
• 9:39
  SPEAKER_00: Well, yes, because one of the things that we can do is we can actually tailor fit the loan.
• 9:44
  SPEAKER_00: So if they've been on for four years, well, I've already paid on it for four years.
• 9:48
  SPEAKER_00: I don't want to take it off to 30.
• 9:49
  SPEAKER_00: Okay, great.
• 9:50
  SPEAKER_00: Let's just make it a 26.
• 9:51
  SPEAKER_00: Oh we have that capability of doing it, and you're still you're still saving money improving your cash flow.
• 9:58
  SPEAKER_01: Oh, that's fantastic.
• 9:59
  SPEAKER_01: That's a great, I get that question all the time.
• 10:02
  SPEAKER_01: I want to switch over to VA.
• 10:04
  SPEAKER_01: Um, I know that there's I was with the police department a long time.
• 10:07
  SPEAKER_01: Our credit union takes that VA, or their credit union takes that VA loan and they form it out to another company.
• 10:14
  SPEAKER_01: I think they do the same with FHA.
• 10:16
  SPEAKER_01: I I for whatever reason run and credit not a use of VA loan, or how does that process work?
• 10:22
  SPEAKER_01: Because I know I've referred a lot of those to you, and it ended up being, even though veterans don't pay a lot, it ended up being even more of a cost savings.
• 10:29
  SPEAKER_01: Plus, you're a lot more user-friendly because they can pick up the phone instead of filling out something online every time they want to ask a question.
• 10:36
  SPEAKER_00: Well, um, the answer to that is as a direct lender, American Pacific Mortgage is we sell directly to the uh V and FHA.
• 10:48
  SPEAKER_00: Now, loan servicing is a completely issue.
• 10:52
  SPEAKER_00: So we will the loan gets sold directly to the V and FHA.
• 10:58
  SPEAKER_00: Now, the servicing company is a different matter.
• 11:02
  SPEAKER_00: Um, when you have people that specialize in this and do it every day, and you're not brokering it out to a third party, you know, as you would with a credit union, not be approved to do FHA.
• 11:20
  SPEAKER_00: Now, I do know Logics does FHA.
• 11:23
  SPEAKER_00: That was something they didn't do.
• 11:24
  SPEAKER_00: I'm not, and I believe they do VA, but again, they have to have it underwritten by someone.
• 11:31
  SPEAKER_00: Then, you know, when you have companies specific, that we have just a team.
• 11:37
  SPEAKER_00: That's all they do is VA.
• 11:38
  SPEAKER_00: That's all they do is FHA.
• 11:41
  SPEAKER_00: Those two sources, the those two underwriters, actually work in the same department, so they know all the tricks of the trade.
• 11:50
  SPEAKER_00: Um, another thing that's great about VA is not everybody's fully in understanding uh disabilities or surviving spouses of vets.
• 12:03
  SPEAKER_00: My VA I got to do was for a widow of an Iraq war, and the husband did a purchase, he did the loan in his well when she won the lender would not talk to her.
• 12:18
  SPEAKER_00: So when she got the interesting, had it broken down into dollar bills, and she brought it in in a bag, handed it over to him, and made him count it out, and that's how she paid off her mortgage.
• 12:33
  SPEAKER_00: It was the greatest honor in the world for me to help the lady.
• 12:38
  SPEAKER_00: She her husband was she was six months pregnant with their second child.
• 12:45
  SPEAKER_00: I am now part, I get notifications of that family.
• 12:49
  SPEAKER_00: The kids uh 15 greatest honor in the world to help veterans.
• 12:53
  SPEAKER_01: I don't I don't know what it is, Armin.
• 12:55
  SPEAKER_01: You go, it's like people come into the stations, they hang all this crap up on the bulletin boards, and it's about great rates and so on.
• 13:02
  SPEAKER_01: But once you really get down to it, knowing what I know now, I see that all of that was like a game.
• 13:08
  SPEAKER_01: It's like here's somebody that's an entity, the city of Los Angeles, they have a good job, I can get them qualified, and they just run them all, they take advantage of everybody, even though on the front they're saying, oh, you know, wife of, husband of bruh, first having been there, but they totally take advantage of those people in that line of work.
• 13:27
  SPEAKER_01: Because, you know, I guess loans and lending and those forte and maybe target, but that's always irritated me.
• 13:34
  SPEAKER_01: That's why this whole, that's why I have you, you you're the lender, because you don't take, tell them exactly what's happening and the charges that they're going to incur and say, you know, feel free to go check some or anything here, just like you mentioned garbage fees.
• 13:48
  SPEAKER_01: But I don't know why that type of profession, firemen included, deputies, cops, LEOs, military, they just seem to be run through the the ringer every single time they want to buy something, getting sign of a discount.
• 14:01
  SPEAKER_01: It's not really true.
• 14:03
  SPEAKER_01: How how, in your words, would they be able to vet else with that?
• 14:07
  SPEAKER_01: Is there a truth in lending document?
• 14:09
  SPEAKER_01: Is there some kind of a sheet that they could request that maybe might put it under the lender?
• 14:14
  SPEAKER_01: Oh my god, they know what they're doing.
• 14:16
  SPEAKER_01: Maybe I can't take advantage.
• 14:17
  SPEAKER_01: Something like that.
• 14:19
  SPEAKER_00: Well, the answer to that is ah, you know, grew up on the east coast.
• 14:23
  SPEAKER_00: You know, you say this.
• 14:25
  SPEAKER_00: My dad always said I know.
• 14:27
  SPEAKER_00: I'm that guy.
• 14:28
  SPEAKER_00: Yeah.
• 14:29
  SPEAKER_00: Um, people come to me all the time for things like, hey, do you know a good mechanic?
• 14:35
  SPEAKER_00: Do you know a good plumber?
• 14:37
  SPEAKER_00: I know a guy.
• 14:38
  SPEAKER_00: Um, you're referred as I am.
• 14:42
  SPEAKER_00: You don't have to go out and solicit.
• 14:44
  SPEAKER_00: The that's the greatest benefit in the world because when you that call to your previous clients and they know that, okay, just start it over.
• 14:53
  SPEAKER_00: Um, being referred is extremely important.
• 14:57
  SPEAKER_00: You well know.
• 14:58
  SPEAKER_00: I mean, you know, you and I work strictly on that.
• 15:00
  SPEAKER_00: We're chasing the deals.
• 15:02
  SPEAKER_00: The deals come to us because they know they can trust us.
• 15:06
  SPEAKER_00: Um, I hate it when I see people taken advantage of each other, and that's wrong.
• 15:13
  SPEAKER_00: That's you know, politically correct to say it that way.
• 15:16
  SPEAKER_00: But you know what?
• 15:17
  SPEAKER_00: When you certain ethnic groups are outside of their group because they may be embarrassed, but it is very important that you you just listen.
• 15:29
  SPEAKER_00: You you can tell you I stole things a little bit old-fashioned way.
• 15:33
  SPEAKER_00: I go see all my clients.
• 15:35
  SPEAKER_01: Yeah.
• 15:35
  SPEAKER_01: Oh, that great example.
• 15:37
  SPEAKER_01: Great example of that client in Antelope Valley with Tim and his mom, and you know, I I referred him to you, of course, and then a call just for the people listening.
• 15:48
  SPEAKER_01: So I get a call from Tim.
• 15:50
  SPEAKER_01: We start talking about he's oh, yeah, I already talked to him, real nice guy.
• 15:53
  SPEAKER_01: In fact, I'm gonna go see him on Sunday.
• 15:56
  SPEAKER_01: It's like oh Sunday, and billion-dollar client, just a uh a good guy that worked non-pro and and savvy, older, classy, you know, a good, good guy.
• 16:08
  SPEAKER_01: And Tim's out talking to him about the lending world.
• 16:11
  SPEAKER_01: And I mean, I was I was completely floored.
• 16:15
  SPEAKER_01: And you know, I knew before, but every time you I guess maybe the disc shocked me because it was just like it was an X away.
• 16:21
  SPEAKER_01: Amazing.
• 16:22
  SPEAKER_00: Well, it's only you know, go up Bokeh Canyon, all I can say.
• 16:25
  SPEAKER_00: Um, example, set this past Saturday, I had an appointment with um a client that was referred to me by another client down.
• 16:33
  SPEAKER_00: Okay, drive LA traffic a Saturday morning.
• 16:38
  SPEAKER_00: You know, it's oh it was an hour and that is it's like when you go to a restaurant and you see the name person and you call them Bob.
• 16:46
  SPEAKER_00: There's nothing better than face-to-face because you can see them, you can understand them, and you know them if they're telling you the truth.
• 16:55
  SPEAKER_00: Absolutely right.
• 16:56
  SPEAKER_01: Yeah, we had a well, we we had something this comes up occasionally, and it's a second phone call, but all means like me, they want to use me to do whatever in real estate.
• 17:05
  SPEAKER_01: So we got if they've been pre-approved, they say, Oh, yeah, I talked to so and so, I understand it.
• 17:10
  SPEAKER_01: But you know, like you said, your dad said, and you say, you know, guy, I know Tim.
• 17:13
  SPEAKER_01: So I say, you know what, maybe they're great, maybe not.
• 17:16
  SPEAKER_01: But why don't you go check out Tim?
• 17:18
  SPEAKER_01: Why don't you just at least talk to him and see what he has to say?
• 17:22
  SPEAKER_01: At the end of the day, they always end up working with so having said that, choose with another lender running somebody's credit, and then they're saying, you know what?
• 17:32
  SPEAKER_01: I met this guy, he knows a guy, I think I like this other lender, and then you run their credit.
• 17:38
  SPEAKER_01: Is that does that hurt the score?
• 17:40
  SPEAKER_01: Is that something that people need more of?
• 17:42
  SPEAKER_01: Don't just give out your stuff to the first lender that comes along.
• 17:45
  SPEAKER_01: Or is there I've I've heard of the rapid rescore mechanism.
• 17:49
  SPEAKER_01: I know I'm shot like can you talk a little bit about that?
• 17:52
  SPEAKER_00: Well, on when you run a credit report, the first thing that happens is it's going to put an inquiry.
• 17:57
  SPEAKER_00: Okay, if I run your credit today, seven minutes after I've run your credit, you're getting 45 phone call the loan officers that are in the leads.
• 18:06
  SPEAKER_00: Okay, and that's all driven.
• 18:08
  SPEAKER_00: That's how that works.
• 18:10
  SPEAKER_00: Okay, guess what?
• 18:13
  SPEAKER_00: Even though they've seen you know, uh, your number because it's it's public information, reverse dial information, and no one's gonna give you rates unless you already have or on a credit report.
• 18:28
  SPEAKER_00: Okay, so they want to take control.
• 18:30
  SPEAKER_00: How do I approach that?
• 18:32
  SPEAKER_00: I've been doing this as I said, I got a little bit of a clue.
• 18:36
  SPEAKER_00: I have a conversation with you on the phone.
• 18:39
  SPEAKER_00: I can take a look at what you have provided to me on the phone and be able to tell you what rates are without running a credit report because I know how to ask the questions.
• 18:51
  SPEAKER_00: You got your most recent credit card bill.
• 18:53
  SPEAKER_00: What was your state?
• 18:54
  SPEAKER_00: What was your credit score?
• 18:56
  SPEAKER_00: Do you have, you know, are you in anything?
• 18:57
  SPEAKER_00: Are you salary?
• 18:58
  SPEAKER_00: You done to do that.
• 19:00
  SPEAKER_00: I think that takes away, it makes it easier for them to have some trust in you.
• 19:06
  SPEAKER_00: Absolutely right.
• 19:07
  SPEAKER_00: But um, then there is rapid rescore.
• 19:10
  SPEAKER_00: Rapid rescores are done credit issues.
• 19:13
  SPEAKER_00: Okay, when you have credit issues, there's that.
• 19:16
  SPEAKER_00: I can analyze the credit report and say, okay, if you have five thousand dollars, we need to pay this, this, and now.
• 19:22
  SPEAKER_00: Get me a cut.
• 19:23
  SPEAKER_00: Once you do that, send me a copy of the statement.
• 19:26
  SPEAKER_00: I can do a rapid rescore.
• 19:28
  SPEAKER_00: Here's what's interesting I can't charge you for the cost of that.
• 19:33
  SPEAKER_00: As a lender, we cannot charge you to do a rapid rescore.
• 19:38
  SPEAKER_00: Now that could cost thousands of dollars on credit reports to do it.
• 19:43
  SPEAKER_01: So it could cost of dollars to do a rapid rescore?
• 19:47
  SPEAKER_00: Yes.
• 19:48
  SPEAKER_01: Oh.
• 19:48
  SPEAKER_00: So there's gonna be people that won't do it.
• 19:52
  SPEAKER_00: Um, they won't do it because it's gonna be a cost.
• 19:55
  SPEAKER_00: Well, look at it like this.
• 19:57
  SPEAKER_00: If I look at a credit report and you're a 480 credit score, I doubt very seriously if I'm gonna get your scores up.
• 20:04
  SPEAKER_00: Okay, because you never paid a bill in your life.
• 20:06
  SPEAKER_00: We all tell you to do is all the stuff that you have is our collection accounts.
• 20:12
  SPEAKER_00: Okay, get a prepaid, you know, get a uh a credit card, buy it to gas, pay it off, tank a gas, have another discussion.
• 20:20
  SPEAKER_00: But now if I see the high balance and we need to get your scores up 50 to 60 points, I this down to this amount, send me a copy of this within three days.
• 20:30
  SPEAKER_00: I can have your score up 80 points, I can get your preferred rates.
• 20:34
  SPEAKER_01: Outstanding.
• 20:35
  SPEAKER_01: I I love that approach where first off, you're not actually having anybody's credit because you've been in the business so long, just hear the numbers and knowing kind of where they're gonna fit.
• 20:46
  SPEAKER_01: And then, of course, if you run credit later, if if that's where it evolves to, then you find some things on there that they say, Well, I had no idea about that.
• 20:53
  SPEAKER_01: Then you can go down the road of telling them how to fix it, which is absolutely remarkable.
• 20:59
  SPEAKER_00: Yeah, and that's you know, I mean, that just comes with experience.
• 21:03
  SPEAKER_01: One of the one things with regard to loans, if somebody is looking into purchasing real estate, what kind of questions?
• 21:12
  SPEAKER_01: And I know you're in almost all markets, I believe.
• 21:14
  SPEAKER_01: I believe you're you can lend almost in every state or 49.
• 21:19
  SPEAKER_01: Okay.
• 21:19
  SPEAKER_01: Sorry, sorry about that.
• 21:21
  SPEAKER_01: And and California is one of those, I would ask.
• 21:24
  SPEAKER_01: Yes, entry question.
• 21:25
  SPEAKER_01: I know people mean well, first off, with me, it's always what you charge.
• 21:28
  SPEAKER_01: I don't even know what the first question people ask me.
• 21:31
  SPEAKER_01: What's the rate you can give me would be that first question you get.
• 21:34
  SPEAKER_00: What's your rate, you know?
• 21:36
  SPEAKER_00: And you know, when I get that client, I know though, be a shopper.
• 21:40
  SPEAKER_00: What's your rate?
• 21:41
  SPEAKER_00: What's your fee?
• 21:43
  SPEAKER_00: Well, when I start probing, I go back, what's your budget?
• 21:47
  SPEAKER_00: Where do you want to be?
• 21:49
  SPEAKER_00: How much money do we have down?
• 21:51
  SPEAKER_00: How much income do you make?
• 21:53
  SPEAKER_00: I'll start asking probing questions to be able to get them to feel comfortable.
• 22:00
  SPEAKER_00: enough to meet with me to give me more information.
• 22:03
  SPEAKER_00: Um there are other professional shoppers.
• 22:06
  SPEAKER_00: We all know that.
• 22:08
  SPEAKER_00: It happens in our side in my side.
• 22:10
  SPEAKER_00: And it's it won't so what next?
• 22:13
  SPEAKER_00: You can spend a lot of with people and I benefited from spending time.
• 22:18
  SPEAKER_00: I mean how many times have you worked with a client for a year before they finally bought something?
• 22:25
  SPEAKER_00: Yeah well yeah absolutely you know that's patience level but um state state loans okay so loans are uh the conforming loan limit now 800 and that 2000 the mortgage business it was 175 000 i came in in 98 could it have been 417 in 98 does that sound right or no it wasn't as hot that wasn't that high 417 happened after 2007 yes ah or that boy i don't even remember yeah you have to also for the for the for the listeners what's what's conforming loan what does conforming is what is called a fanny freddy loan freddie Mac Fannie Mae okay that's where we buy money from that's where loans are solved to so they're saying that they will loan up to 80 percent they will loan up to 96 and a half percent or 97 loan to value on a property up to 802000 okay and then over has to change to make up the difference.
• 23:32
  SPEAKER_00: So now there is the conforming high balance which is I think it's still nine seven I think it's nine seventy what's the difference with with the high balance is that change the interest rate or where the source of the money comes from oh you just remuted oh no no it's just it's that have so both Danny and Freddie will go up so that's high balance the pricing's slightly higher but in some cases the pricing of a loan could be lower conforming loan it's it's I don't really not add correct but when I price loans out it's like well I'm getting a conforming loan and then I'm getting a high balance loan how come the high balance rate is lower than you know than the conforming rate it just depends on the day of the market that the bank wanting to buy that um that particular loan.
• 24:25
  SPEAKER_01: I understand one of I had this question come in the other day people go online and they're looking at interest rates because of course everybody's become very woke and very savvy.
• 24:34
  SPEAKER_01: So they're looking online they see these really low interest rates but then they talk to a lender and the lender says well you're not anywhere close to that those are teams and how is that legal or how is that able to put out there on these official sites talking about interest rates well there's the fine print that we are all advertising to have much like you what is the font you have to have on the bottom of your ad same thing there is a discloses based on percent loan to value credit score of 700 and with three points you know three discount points oh that's what people don't see they it's much like when you're looking at an ad if you're looking at a magazine what do you look at do you look at the left or do you look at the right you look at the right right okay so you only see what you want to see don't go down to the bottom sometimes when people call me up about oh I just got a letter in the mail from you it's like what like your advertising rates I said well if you look at the bless money I don't send those things out remember I make a phone call oh yeah so my yeah everywhere now we're gonna get into the deep fakes it's now it's it's difficult to identify what's real and what's not online but to be able to call somebody up that they've seen before on my shows like you it's it really means the world and I want to just extend myself to you and thank you so much for taking such great care of my clients first responders civilians alike it means the world well you know what is I say opportunity knocks on your door daily you got to answer it be Dervis um I see I uh Proto and the old mortgage guy walk and there's a little chine and it's in a world where you have choices be kind.
• 26:22
  SPEAKER_00: So thank you for the opportunity my friend as well Tim thank you so much.
• 26:26
  SPEAKER_01: That's Tim Slaminsky ladies and gentlemen I'll put all his information post this show fantastic watching and we will see you on oh wonderful i'll I'll quit recording here