Latest / WCHS Network Podcasts / 01/14/2025 Ask the Expert: Mortgage Trends and Insights with Russell Bonasso

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01/14/2025 Ask the Expert: Mortgage Trends and Insights with Russell Bonasso · WCHS Network Podcasts

0:00
Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five AD wcchs
0:22
Speaker 2: it's employees or WVRC Media.
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Speaker 3: Any repris to the pointing to you. You're listening to
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Speaker 3: ask the expert of u SEHS the voice of Charleston.
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Speaker 3: It is Tuesday morning here in the year of twenty
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Speaker 3: twenty five. In our first twenty twenty five episodes with
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Speaker 3: Cornerstone First Mortgage, the branch manager Russell by Naso is
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Speaker 3: here with us this morning. We're going to have a
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Speaker 3: great discussion. I encourage you to give us a call
0:51
Speaker 3: this morning. You can text in questions if you have.
0:53
Speaker 3: You know it's kind of a time. I'm sure you've
0:55
Speaker 3: heard news. We carry the news here every once in
0:58
Speaker 3: a while. You hear where the interest rates are for
1:01
Speaker 3: your mortgages, where home availabilities are, and things along those lines.
1:05
Speaker 3: We're going to dick into a lot of those things
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Speaker 3: this morning, as well as some changes that might be
1:09
Speaker 3: coming as far as you approach mortgages and from the
1:12
Speaker 3: federal government standpoint. That Russell is here with us this
1:14
Speaker 3: morning for the first time of twenty twenty five. Russell,
1:16
Speaker 3: good morning. How you doing this morning?
1:17
Speaker 4: Dale? Good morning, how are you.
1:18
Speaker 3: I'm doing well. I appreciate you coming in this morning
1:20
Speaker 3: and sharing some of your expertise. We already had a
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Speaker 3: little bit of a discussion off air, and I know
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Speaker 3: that our listeners are going to be interested in a
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Speaker 3: lot of these things. First of all, I guess that
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Speaker 3: we can start with, since it is twenty twenty five,
1:31
Speaker 3: just very briefly, reintroduce yourself to the folks. You've done
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Speaker 3: the show a few times now. I want to make
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Speaker 3: sure they have your name, contact information, and things along
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Speaker 3: those lines.
1:37
Speaker 5: Sure, So, Russell Banasso, that's my name. I'm kind of
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Speaker 5: worn and raised here in Charleston.
1:43
Speaker 4: Opened a branch.
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Speaker 5: We had our ribbon cutting day after Labor Day, so
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Speaker 5: September third, last year. Cornerstone First Mortgage. We offer residential mortgages,
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Speaker 5: be them first mortgages. Second mortgages and we'll kind of
1:56
Speaker 5: get into that. That'll be a little bit of what
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Speaker 5: we talk about today. But we can also broker loans,
2:01
Speaker 5: even on the commercial side. So we're located at two
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Speaker 5: twenty West Washington Street, nestled in between Sergio's and the
2:09
Speaker 5: Elk City Playhouse.
2:09
Speaker 4: It's a good place to be. It's a great spot.
2:11
Speaker 4: It's a great spot.
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Speaker 3: We'll get into all the the the types of loans
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Speaker 3: that you offer in just a little while. But something
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Speaker 3: I want to make sure that we may clear you
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Speaker 3: are you can exercise in the commercial space as well.
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Speaker 3: So we talk a lot about residential and different things
2:23
Speaker 3: like that, but you can do commercial as well. So
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Speaker 3: if that's something somebody's getting.
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Speaker 5: In but we broke, I've got all my licenses on
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Speaker 5: the on the residential side, but we do broker on
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Speaker 5: the commercial as well. Fund numbers three zero four three
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Speaker 5: four five loan, Yeah, three four five loan, and my
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Speaker 5: NMLS is four two seven five four eight four two
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Speaker 5: seven five four eight.
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Speaker 3: That's great stuff. And you sent me a lot of
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Speaker 3: information over the course of preparing for this program. There's
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Speaker 3: a lot of things we need to get out there
2:49
Speaker 3: because with we just had the new governor's inauguration yesterday
2:53
Speaker 3: here in the state of West Virginia. A week from
2:55
Speaker 3: yesterday is going to be President Trump's reinauguration or however
2:59
Speaker 3: you call that when somebody comes back to being president.
3:02
Speaker 3: And so there's been tons of announcements, flurries of announcements
3:05
Speaker 3: of what the Trump administration is planning on doing, and
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Speaker 3: a lot of different spaces. But some of those spaces
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Speaker 3: does affect what you do for a litle So this
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Speaker 3: is getting over into finance and mortgages and things like that.
3:15
Speaker 3: We're talking about the different departments, different government agencies, things
3:17
Speaker 3: like that that are I won't say a target, but
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Speaker 3: they're within the umbrella of what the Doge Committee and
3:23
Speaker 3: so forth is taking a look at. So I'll let
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Speaker 3: you take it from there. You've obviously done a lot
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Speaker 3: of work into this space, so tell us a little
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Speaker 3: bit about what's going on there.
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Speaker 5: So you know, on the last program, we talked about, hey,
3:33
Speaker 5: history lesson where we've been as far as mortgages, where
3:37
Speaker 5: are we now and where are we going? So just
3:39
Speaker 5: to kind of pick up and finish the conversation in
3:42
Speaker 5: terms of where we're going, Trump gets elected or excuse me.
3:45
Speaker 5: He gets a sworn in six days from now January twentieth,
3:49
Speaker 5: and one of the things that's been big on the
3:52
Speaker 5: news is that he's brought in Elon Musk and the
3:55
Speaker 5: Veck Ramaswami to lead. They're not going to be necessary
4:00
Speaker 5: government employees, but they're going to lead this agency called
4:02
Speaker 5: DOGE that's going to oversee it's gonna be the Department
4:04
Speaker 5: of Government Efficiency. And what's interesting is one of the
4:09
Speaker 5: things that Elon Musk tweeted on November twenty sixth was
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Speaker 5: that they should delete the CFPB, the Consumer Financial Production Bureau,
4:17
Speaker 5: which we were talking about this off air. Whether it's
4:22
Speaker 5: Trump or Musk, you don't know something that they say.
4:26
Speaker 5: It's like, oh, is this going to be a big
4:27
Speaker 5: policy push or is this just an idea they're throwing out,
4:30
Speaker 5: you know, kind of like Greenland. You know, I don't
4:33
Speaker 5: think anybody ever legitimately thought about us either taking over
4:35
Speaker 5: as a territory or potentially buying from Denmark the island
4:39
Speaker 5: of Greenland. And all of a sudden, yesterday they're pushing
4:41
Speaker 5: it through Congress, right, the Make Greenland Great Again Act,
4:45
Speaker 5: which you know, we kind of laugh about, but it's
4:49
Speaker 5: part of Trump's foreign policy.
4:51
Speaker 4: It speaks to immigrations, speaks to energy security.
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Speaker 5: So I think when Musk does tweet this, I don't
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Speaker 5: think that he's necessarily saying even though he saying, hey,
5:00
Speaker 5: delete CFPB, I don't think that's possibility, right, even though,
5:05
Speaker 5: because you have to do it with Congress, and I
5:07
Speaker 5: don't think Congress has an appetite for that. We've talked
5:10
Speaker 5: before about how after two thousand and eight the pendulum
5:13
Speaker 5: swung towards more regulation, and I think a swing back
5:18
Speaker 5: towards some deregulation could be good. But one of the
5:22
Speaker 5: things that one of the smoke's been for the CFPB.
5:25
Speaker 5: As a response to this tweet and some of the
5:27
Speaker 5: further conversation, he said, you know, if we are not
5:30
Speaker 5: out there, because the idea is that there's redundancy, right
5:33
Speaker 5: that the CFPV is doing what other agencies are doing.
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Speaker 5: And what the spokesman for the CFPB but basically said
5:38
Speaker 5: was if we're not doing it, who's going to do it?
5:40
Speaker 5: And are you rooting for another financial crisis? And I
5:43
Speaker 5: think the easy answer to that is no way, Even
5:47
Speaker 5: though I do see some benefit to maybe scaling back
5:52
Speaker 5: some of the regulation the big thing was the what
5:55
Speaker 5: they call it ATR.
5:56
Speaker 4: The ability to repay was.
5:57
Speaker 5: One of the big points of of that act. And
6:00
Speaker 5: then they also consolidated the truth in Lending disclosure as well,
6:05
Speaker 5: the tree disclosure along with the rest but disclosure. That's
6:08
Speaker 5: just alphabet suit for kind of consolidating and streamlining some
6:12
Speaker 5: of the things that govern mortgage closings and also servicing.
6:19
Speaker 5: So one of the things I was telling you before,
6:21
Speaker 5: I'm going through must biography right now. And he's as
6:24
Speaker 5: much a process genius as he is a product genius.
6:27
Speaker 5: So I think even if they got in and streamlined
6:31
Speaker 5: be it. CFPB. HUD was another thing they said they
6:33
Speaker 5: wanted to get rid of, which now HUD was implemented
6:37
Speaker 5: by Lyndon Johnson in nineteen sixty five by executive order.
6:40
Speaker 5: So that's something that you could get in and kind
6:43
Speaker 5: of maybe not peel back, but you could hack away
6:47
Speaker 5: at it more easily than something that was brought in
6:50
Speaker 5: by Congress. But whether it's HUD or CFPB or any
6:53
Speaker 5: of these government agencies, I think they estimated there was
6:55
Speaker 5: about four hundred and fifty of them. You know, how
6:58
Speaker 5: do you appeel them back? It through executive order. Do
7:01
Speaker 5: you have to have to go through Congress to repeal it?
7:03
Speaker 5: Do you just defund it? They talked about that too,
7:06
Speaker 5: So I think a lot of those remain to be seen.
7:09
Speaker 5: If there is some peeling back of the CFPB or HUD,
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Speaker 5: I think that speaks to deregulation, which could be a
7:18
Speaker 5: good thing in terms of you have more access to
7:20
Speaker 5: product now as the consumer, which which is good. And
7:24
Speaker 5: another thing is they talked about the privatization of Fanny
7:29
Speaker 5: and Freddy. What that means is essentially, right now, after
7:33
Speaker 5: the Great Financial Crisis, you had the government step in
7:37
Speaker 5: and take essentially the majority ownership of both of these
7:40
Speaker 5: and the idea is that if you privatize them, you
7:43
Speaker 5: let the public come in and take them, and then
7:46
Speaker 5: you would basically give the government one cash back to
7:49
Speaker 5: the tune, one of the investors, Bill Ackman, estimated about
7:52
Speaker 5: six hundred billion between profits and cast distributions while taking
7:57
Speaker 5: He put the number at eight trillion in liabilities off
7:59
Speaker 5: the balance I think that numbers high, even though the
8:04
Speaker 5: government is currently trying to shrink their balance sheet. So
8:08
Speaker 5: I'm curious, have you ever heard that idea of the
8:11
Speaker 5: government shrinking yea, so currently right now, they reached a
8:15
Speaker 5: high of nine trillion back in like twenty twenty two,
8:19
Speaker 5: and then they decided, you know what, we're going to start.
8:21
Speaker 5: We're going to stop buying our own government bonds. We're
8:23
Speaker 5: going to stop buying mortgage backed securities. And not only
8:26
Speaker 5: did they stop, but then they actually started selling them,
8:28
Speaker 5: which is where they shrink the balance sheet. What that
8:30
Speaker 5: does that puts pressure on mortgage rates because now the
8:34
Speaker 5: biggest buyer in the room basically is saying, you know what,
8:37
Speaker 5: I don't want to I don't want to buy these
8:40
Speaker 5: mortgage backed securities, and as a matter of fact, I'm
8:42
Speaker 5: going to start selling them. So a lot of the
8:44
Speaker 5: even I would say this even more than what the
8:47
Speaker 5: FED is doing with the with the rates that they
8:49
Speaker 5: directly control, is the what they call quantitative tightening. It's
8:54
Speaker 5: it's the no longer buying mortgage backed securities and now
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Speaker 5: selling them, and the same thing with government bonds.
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Speaker 4: That's what's putting the pressure on rate.
9:02
Speaker 5: So if Trump's administration decides to either tweak that where
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Speaker 5: they want to come and buy mortgage backed securities, I
9:08
Speaker 5: don't know that they'll do that. I could see them
9:10
Speaker 5: maybe tweaking the mix where they end up selling more
9:14
Speaker 5: government bonds as opposed to mortgage backed securities. And if
9:17
Speaker 5: you do that, that means there's more of a demand
9:19
Speaker 5: for mortgage backed securities and it will drive the rate
9:22
Speaker 5: down some. But both of these well, actually, you know,
9:26
Speaker 5: if you talk about deleting the CFPB and HUD as
9:29
Speaker 5: well as privatizing Fanny and Freddy, and then also what
9:32
Speaker 5: they're going to do with the balance sheet to meet
9:34
Speaker 5: all three of those things, and we don't really know
9:37
Speaker 5: which way things are going to go, because it's not
9:39
Speaker 5: like you know, I don't I can't think of an
9:41
Speaker 5: administration in my lifetime that said, hey, let's just come
9:43
Speaker 5: in and wipe out certain agencies. So I think there's
9:48
Speaker 5: it's time will tell how successful some of their attempts
9:52
Speaker 5: are and ultimately what it will do with rate. I
9:55
Speaker 5: think to sit here and say this is going to
9:56
Speaker 5: happen with rate or this is going to happen with
9:59
Speaker 5: access to product, it's.
10:00
Speaker 4: Too early to tell.
10:01
Speaker 5: But just if you if you're kind of paying attention
10:03
Speaker 5: to it, if you're if you're watching it, these are
10:05
Speaker 5: some of the kind of keywords and hot topics to
10:08
Speaker 5: pay attention to to see where things are going with
10:11
Speaker 5: the overall mortgage industry.
10:13
Speaker 4: Essentially.
10:13
Speaker 3: I think national media tends to push narratives of They
10:16
Speaker 3: really like to focus on things like completely getting rid
10:20
Speaker 3: of of departments and things like that. You know that
10:23
Speaker 3: always kind of leads the day on things like that.
10:25
Speaker 3: And you know, I mean not saying that that if
10:27
Speaker 3: something happened, there couldn't be some concern for low income
10:29
Speaker 3: borrowers or first sound borrowers or something like that. But
10:31
Speaker 3: if everybody acting good faith, and sometimes like in politics,
10:34
Speaker 3: that's what we have a hard time doing. But I
10:36
Speaker 3: think if everything acting, everybody acting good faith with this,
10:38
Speaker 3: there probably is there certainly is areas where there's redundancies
10:42
Speaker 3: and there could be better efficiencies.
10:43
Speaker 5: Yeah, I think so. I think you can. Who knows
10:47
Speaker 5: what the number is. If it's twenty percent, if it's
10:49
Speaker 5: forty percent. We're talking about this before. The one good
10:52
Speaker 5: part about the government controlling much of the home landing
10:56
Speaker 5: process is it's a known quantity, right, and you do
10:58
Speaker 5: have access for low income bar wors, for first time
11:01
Speaker 5: home buyers, for folks that don't have a down payment.
11:05
Speaker 5: And if you depart from that via privatizing Fan and Freddy,
11:09
Speaker 5: then you run the risk of moving into something that
11:13
Speaker 5: is an unknown quantity. And so but you would make
11:18
Speaker 5: the government more nimble in terms of they're not burdened
11:20
Speaker 5: by what's.
11:21
Speaker 4: On their balance sheet.
11:22
Speaker 5: They are are freed up to kind of govern as
11:24
Speaker 5: opposed to being the business of, you know, regulating home mortgages.
11:29
Speaker 5: So I think there's arguments to be made on both
11:33
Speaker 5: sides of it. And but I don't see a full
11:36
Speaker 5: Fanny privatization, a Fanning Freddy privatization. Depending on who you
11:40
Speaker 5: talk to, some people say, oh, this is like a
11:42
Speaker 5: seventy eighty percent thing by the time twenty twenty eight.
11:44
Speaker 5: It's definitely not gonna happen in twenty twenty five, but
11:46
Speaker 5: before Trump's out, and he actually tried to do this
11:51
Speaker 5: well the first time around and just kind of ran
11:53
Speaker 5: out a runway when able to finish it. So depending
11:56
Speaker 5: on who you ask, some say there's no way it's
11:59
Speaker 5: going to happen. Other people say it's more than a
12:01
Speaker 5: fifty to fifty chance. Just kind of depending on you know,
12:03
Speaker 5: who you read and listen to.
12:04
Speaker 3: It'll be interesting to see. I really think that what
12:07
Speaker 3: any administration from any political background, and not the incoming
12:11
Speaker 3: or the outgoing administration. But sometimes I think we get
12:14
Speaker 3: tied too much up into you know, the little left
12:16
Speaker 3: and right of things and stuff like that. There's data,
12:17
Speaker 3: you know, there's data, there's data available, there's people that
12:20
Speaker 3: can analyze data. Now there might be a spectrum of
12:22
Speaker 3: how that could be interpreted, but only within a range.
12:24
Speaker 3: You know, there's some things that are just outside of
12:26
Speaker 3: that data. So if we work within the known knowns
12:29
Speaker 3: of that data, you know, whatever the political like, don't
12:31
Speaker 3: call it left right, just call it data right and
12:34
Speaker 3: make decisions based off of that. You know, it seems
12:35
Speaker 3: like that there's plenty of stuff out there if you
12:37
Speaker 3: have the right people that are data driven to do that.
12:39
Speaker 3: I mean, eliminating redundancies and inefficiencies would be a good.
12:42
Speaker 4: Thing, right.
12:43
Speaker 5: And you know, if you look at the FED and
12:44
Speaker 5: what the FED does, data is the name of the
12:47
Speaker 5: game with a FED, whether they're raising or lower and rates.
12:50
Speaker 5: And they just talk about the data all the time,
12:51
Speaker 5: to the point where if you're not following it all
12:54
Speaker 5: the time and you're not constantly reading it up on.
12:56
Speaker 4: It, it's hard to follow it.
12:57
Speaker 5: It's so technical and you're like, well, what what is
13:00
Speaker 5: this acronym that they're going to follow this morning. And
13:03
Speaker 5: so data really drives decisions for the FED, which I like,
13:08
Speaker 5: and I don't think that's going to change from Biden
13:11
Speaker 5: to Trump. Another piece of what's going to dictate, say
13:16
Speaker 5: the next four years, and we talked about this a
13:17
Speaker 5: little bit before, but the housing shortage in the US, right,
13:21
Speaker 5: So I was reading an article recently it said that
13:25
Speaker 5: after two thousand and eight, home builders they kind of
13:28
Speaker 5: shied away from building new homes because they made so
13:32
Speaker 5: much money and then they got burned right when everything collapsed.
13:35
Speaker 5: They were just kind of afraid and gunshy to get
13:37
Speaker 5: back in and one estimate puts it at about four
13:40
Speaker 5: and a half million homes that were not built. Right,
13:42
Speaker 5: And then you fast forward to where we are now,
13:45
Speaker 5: and homebuilders are hesitant to build because the amount of
13:49
Speaker 5: money that they have to put into it, they have
13:50
Speaker 5: a hard time turn around and selling it to make
13:52
Speaker 5: a profit.
13:52
Speaker 2: Right.
13:53
Speaker 4: So, so you have this kind of.
13:58
Speaker 5: Housing production, new home production shortage here in West Virginia
14:02
Speaker 5: the name of the game. I mean, you've got Allen Bell,
14:04
Speaker 5: who did the ridges out down the corridor, You've got
14:08
Speaker 5: Eagle View, and you've got some other builders here in town.
14:10
Speaker 5: But because flat land is a premium here in West Virginia.
14:14
Speaker 5: We basically we don't have new homes the way you
14:17
Speaker 5: do in Columbus, Ohio, or driving back from the beach
14:20
Speaker 5: in South Carolina, where it's like homes in the ones,
14:22
Speaker 5: homes in the twos, homes in the threes. You know
14:24
Speaker 5: in the west as the West Virginia, Like, what do
14:26
Speaker 5: you mean homes in the threes. Well, you have an
14:28
Speaker 5: entire development of homes starting in the three hundred thousand right there,
14:31
Speaker 5: and they're all the same kind of model. The name
14:33
Speaker 5: of the game here is the fix and flip. Right,
14:35
Speaker 5: you go in, you get these You get these investors
14:37
Speaker 5: that will go in buy a home. They'll put in
14:39
Speaker 5: a new floor, new appliances, paints, and crown molding, give
14:43
Speaker 5: it a nice upgrade, and then they can still make
14:45
Speaker 5: a nice profit on it. Talking to a lady yesterday,
14:48
Speaker 5: she was going to go look at a property out
14:49
Speaker 5: at Ian's Fork.
14:50
Speaker 4: This home was gorgeous. It's vacant.
14:53
Speaker 5: But the problem is here in West Virginia, which is
14:57
Speaker 5: I'm still kind of shocked, but it's a problem nationwide.
15:00
Speaker 5: I've seen to kind of pull back in Texas and Florida.
15:02
Speaker 5: But this particular buyer was saying, Hey, I'm going to
15:04
Speaker 5: go out look at this property, and I don't know.
15:08
Speaker 4: I asked her.
15:08
Speaker 5: I said, well, have you been in a bidding war
15:10
Speaker 5: with anybody yet? She said no, because every time we
15:11
Speaker 5: go to make an offer in a house, it's already gone.
15:14
Speaker 5: So and so we're still very much at a houses
15:17
Speaker 5: shortage here in West Virginia and in the country. And
15:20
Speaker 5: I really think as much as it's depending on builders,
15:24
Speaker 5: it's really more a demographics question. So you figure, uh, okay,
15:28
Speaker 5: if the greatest generation was the generation that went to
15:30
Speaker 5: World War Two, they came back, they had kids, the boomers.
15:33
Speaker 5: For every greatest generation there were two boomers, right, and
15:36
Speaker 5: now for Generation X Y and your millennials, there's essentially
15:40
Speaker 5: one of those for every boomer. So we're top heavy
15:43
Speaker 5: on demographics. And so when these people, and because of medicine, right,
15:49
Speaker 5: these boomers are living. You know, they're going to turn
15:51
Speaker 5: nineteen forty six, was your first group of boomers going
15:55
Speaker 5: to turn eighty this coming year, So they're really not
15:59
Speaker 5: an eighty now is different than you know, eighty fifty
16:02
Speaker 5: years ago, right, And so these people are not moving
16:04
Speaker 5: out of their homes and as a result, you have
16:07
Speaker 5: less production, and now you have people that are just
16:10
Speaker 5: not letting go of their homes and as a result
16:12
Speaker 5: there's a shortage.
16:13
Speaker 4: I don't I'm curious. We were talking about this too.
16:16
Speaker 5: They said, oh, they're going to possibly open up some
16:19
Speaker 5: public lands, right, but you know, that doesn't really solve
16:22
Speaker 5: the crisis because where everybody wants to be or are
16:24
Speaker 5: closer to cities. So I do think there could be
16:27
Speaker 5: creative solutions, but just the constraints of the housing shortage alone,
16:32
Speaker 5: I think will will be an additional pressure that will
16:37
Speaker 5: see how the Income and Administration wants to deal with it.
16:41
Speaker 5: But to me, that'll be another big piece of the story,
16:45
Speaker 5: say this year and certainly the next four years.
16:48
Speaker 3: The housing thing is such a I mean, I don't
16:50
Speaker 3: have any answers, but it's just such a complicated thing
16:52
Speaker 3: because every policy that you can hear that sounds like
16:55
Speaker 3: a good idea when it comes to overall housing, once
16:58
Speaker 3: it comes to your neighborhood is like a you know,
17:00
Speaker 3: I'm not so sure that that's though what I want
17:02
Speaker 3: in my you know, it's great over there, and I'm
17:04
Speaker 3: not so sure about over here, But you know, if
17:06
Speaker 3: you were talking about condosers, I was like, oh, well,
17:08
Speaker 3: bring them on it. You know what I mean. It's
17:10
Speaker 3: very and I get it. I mean, you know, you
17:11
Speaker 3: investing your home, you have a home value based into it.
17:13
Speaker 3: You don't want there to be economic factors around your
17:16
Speaker 3: home that's going to depress the value in the future.
17:18
Speaker 3: Where now, I mean, I get all of that, I do,
17:20
Speaker 3: But so what's the answer.
17:21
Speaker 5: Well, you know, interestingly, as much as how home shortages
17:25
Speaker 5: is kind of a you know, it's a scary idea
17:28
Speaker 5: for first on home buyers. The folks that have bought
17:31
Speaker 5: their home ten years ago, they're loving it. Yeah, you know, refreshing,
17:34
Speaker 5: clicking refresh on Zillow and it's like, okay, another ten
17:36
Speaker 5: thousand dollars in equity. And it's not like, oh, that's
17:40
Speaker 5: just some internet number. No, that's actually real based on
17:45
Speaker 5: comps in the area, comparable home sales. Your value is
17:49
Speaker 5: going through the roof and these.
17:50
Speaker 3: Are legitimate accelerations of value. Back before the crisis, of course,
17:54
Speaker 3: there was a lot of shadow games being played with
17:56
Speaker 3: the value of properties, and that was part of the
17:58
Speaker 3: part of the guideline tightening. Is I knew I knew
18:01
Speaker 3: appraiser that basically kept this was a pre digital camera days.
18:05
Speaker 3: I knew a praiser basically kept a shoe box full
18:07
Speaker 3: of comps and so he could basically just like you're
18:10
Speaker 3: looking for like a three bedroom ranch, so look about
18:12
Speaker 3: like this, here you go and where's any I mean,
18:14
Speaker 3: it was the most shady thing in the absolute possible
18:17
Speaker 3: world that you can imagine. And when you see people
18:19
Speaker 3: operate like that, what value do you need?
18:20
Speaker 2: Okay?
18:21
Speaker 3: I could make that work. You know. When you see
18:22
Speaker 3: that happening, you saw the writing on the wall that
18:24
Speaker 3: things were not going to go well.
18:26
Speaker 5: And in the digital world that we live in, there's
18:27
Speaker 5: so much transparency in terms of home values. I mean,
18:29
Speaker 5: these pictures are homes that's sort of home so much
18:32
Speaker 5: ten years ago, and my own pictures that I took
18:35
Speaker 5: are still out there for that home.
18:36
Speaker 4: Yeah, you know. And so.
18:41
Speaker 5: When I was a Chase, and also at Cornerstone, we
18:43
Speaker 5: have our own internal what we call praisal dusks. Right,
18:46
Speaker 5: so you get this, you get the a praisel in
18:48
Speaker 5: and then you have basically an internal team verified and
18:52
Speaker 5: realistically you could have and some models are moving to
18:55
Speaker 5: this where it's like an electronic appraisal, the internal team
18:58
Speaker 5: can basically tell the value of the home. Now, what
19:00
Speaker 5: they can't do is go and go you know what,
19:01
Speaker 5: you got a hole in the drywall, you got a
19:04
Speaker 5: leaky sit whatever. But if you're just based, they can
19:08
Speaker 5: get an idea what the comps are as long as
19:09
Speaker 5: the house is a pretty good condition. Where you know,
19:14
Speaker 5: before say fifteen years ago, before the crash, that kind
19:17
Speaker 5: of transparency wasn't out there.
19:18
Speaker 4: So in terms of.
19:20
Speaker 5: Knowing what homes are, the values that are actually out
19:23
Speaker 5: there being supported, they are, they are supported, and so
19:27
Speaker 5: that's good news. That's the flip side of you know,
19:30
Speaker 5: housing shortage. It's actually good for homeowners.
19:32
Speaker 3: Right, yeah, very good as far as your equity and
19:35
Speaker 3: the value of the home and everything definitely helps as
19:37
Speaker 3: far as those goes. We've done a good piece this
19:39
Speaker 3: morning about education about what's happening, what you could expect
19:42
Speaker 3: to happen. About halfway through the program. Now we're going
19:44
Speaker 3: to come back and we're going to talk about a
19:45
Speaker 3: lot more stuff. We're going to talk about the products,
19:48
Speaker 3: exactly what Cornerston First Mortgage offers, how they can help
19:50
Speaker 3: you from a primary residential standpoint. Maybe you have an
19:53
Speaker 3: investment property or a hybrid property. Maybe you live in
19:56
Speaker 3: a property you also had, like a duplex that you
19:57
Speaker 3: also ran out part of. There's all kinds of situations
20:00
Speaker 3: that might be for you out there and Russell can
20:02
Speaker 3: help walk through all of those. If you have any questions,
20:04
Speaker 3: you can give us a call this morning call our
20:05
Speaker 3: office number three zero four three four two eight one
20:07
Speaker 3: three one three zero four three four two eight one
20:09
Speaker 3: three one. You can also text over any questions you
20:11
Speaker 3: have to three zero four non three five five zero
20:13
Speaker 3: zero eight three zero four non three five five zero
20:15
Speaker 3: zero eight. You can call Russell his phone numbers three
20:18
Speaker 3: zero four three four five loan that will be after
20:21
Speaker 3: the show of course today three zero four three four
20:22
Speaker 3: five loan which is fifty six twenty six. And you
20:25
Speaker 3: can find out more information online. You do a search
20:28
Speaker 3: for Cornerstone First Mortgage WV and it comes up. It's
20:31
Speaker 3: CFMTG dot com slash r Banaso banaso if you want
20:35
Speaker 3: to if you want to go directly to the website,
20:37
Speaker 3: let's go ahead and take a break once again. The
20:38
Speaker 3: phone number three zero four, three four two eight one
20:40
Speaker 3: three one. Give us a call. You can control the
20:42
Speaker 3: conversation when we come back. You're listening to Ask the
20:45
Speaker 3: Expert with Russell Banaso from Cornerstone First Mortgage. I'm Del
20:48
Speaker 3: Cooper on five ADWCHS, the Voice of Charleston.
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Speaker 3: Okay, listening to ask the expert. This morning, Russell Banaso
22:55
Speaker 3: is here. He is the branch manager for Cornerstone First Mortgage.
22:58
Speaker 3: You can give us a call this morning. Three zero
22:59
Speaker 3: four three four two eight one three one. Threes are
23:01
Speaker 3: A four three four two eight one three one. If
23:03
Speaker 3: you have any questions about some financing that you're getting into.
23:05
Speaker 3: Maybe you're in the market for a new home, you're
23:07
Speaker 3: looking to you're looking to a maybe refinance your home,
23:09
Speaker 3: or you have you have a question on what you
23:11
Speaker 3: need to do. You have some home repairs that need
23:12
Speaker 3: to be done. Is a Helock home equity line is
23:15
Speaker 3: something you should look into? A second mortgage? Is there
23:17
Speaker 3: other options for you? Well, Russell can help you out.
23:19
Speaker 3: You give us a call this morning. Three es are
23:21
Speaker 3: A four three four two eight one three one. Threes
23:23
Speaker 3: are A four three four two eight one three one.
23:24
Speaker 3: You can text over any questions you have to threes
23:26
Speaker 3: are a four non three five five zero zero eight.
23:28
Speaker 3: Threes are a four non three five five zero zero eight.
23:30
Speaker 4: And one of the.
23:31
Speaker 3: Things that that we need to make folks aware of,
23:34
Speaker 3: or that you know everybody, I mean your traditional homeowner,
23:36
Speaker 3: single family residents and generally speaking, uh owner occupied. That's
23:40
Speaker 3: like kind of your bread and butter, kind of your
23:42
Speaker 3: your stat your your basic loan. I mean, that's basically
23:44
Speaker 3: what you do, whether it be a refier purchase or
23:46
Speaker 3: something like that. And that's certainly something that you do tons.
23:50
Speaker 5: Yeah, and that's probably the majority of what I do.
23:53
Speaker 5: That's the majority of what I did at Chase. Well,
23:55
Speaker 5: the thing about Chase is it was almost exclusively what
23:58
Speaker 5: we did because of simply product of building. Yeah. So
24:03
Speaker 5: now essentially what I do, I do your occupancy. So
24:07
Speaker 5: you could kind of segment it, if you will, in
24:09
Speaker 5: terms of product offering by occupancy type. Right, So is
24:12
Speaker 5: this going to you're gonna live there and is it
24:13
Speaker 5: going to be your primary residence? A lot of times
24:16
Speaker 5: I've done I'm licensed in West Virginia, all the five
24:19
Speaker 5: contiguous states as well as South Carolina, North Carolina, Florida,
24:25
Speaker 5: and Texas. And I just recently became licensed in California
24:29
Speaker 5: and d C have some folks that were in those
24:31
Speaker 5: areas that said, hey, Russ, can you help me out?
24:33
Speaker 5: And so went ahead and made sure I was licensed there.
24:36
Speaker 5: But essentially with your you know, primaries simply that you're
24:39
Speaker 5: going to be there more than half of the year.
24:42
Speaker 5: Secondary or vacation home is you're going to be there
24:46
Speaker 5: less than half the year, but you're not.
24:47
Speaker 4: Going to rent it out right.
24:48
Speaker 5: I'm not gonna have somebody, I'm not going to Airbnb,
24:49
Speaker 5: and it's not going to be either a long term
24:51
Speaker 5: or short term rental.
24:53
Speaker 4: And then the last one is what they called non
24:55
Speaker 4: inner occupied.
24:56
Speaker 5: Also called investment property, right, so that could be and
25:00
Speaker 5: any of these properties could be up to what they
25:03
Speaker 5: call four units.
25:03
Speaker 4: Right.
25:04
Speaker 5: So the majority of what people do, especially here in
25:06
Speaker 5: West Virginia, right is what they call single family home,
25:09
Speaker 5: single family residents. So you could have a single family home,
25:11
Speaker 5: you can have a two unit home, or you could
25:13
Speaker 5: have a three or four so either a duplex, a triplex,
25:16
Speaker 5: or what they call a quad. And you can get
25:19
Speaker 5: a conventional loan on any of those. Now you can
25:21
Speaker 5: and by conventional just meaning Fanny or Freddie. Now you
25:24
Speaker 5: can do something above a five unit, but that's gonna
25:28
Speaker 5: be one of those broker deals that I was talking
25:31
Speaker 5: about before, So we could still get financing for it,
25:36
Speaker 5: but it's not going to be. The nice part is
25:38
Speaker 5: a lot of times those rates are more attractive on
25:40
Speaker 5: the in the conventional space. Now, what's interesting about rate
25:44
Speaker 5: on primary and secondary. So up until really COVID, your
25:49
Speaker 5: primary and your secondary rate was identical. And essentially what
25:52
Speaker 5: that meant is, let's say you're gonna get three point
25:56
Speaker 5: seventy five when your primary rate, you're gonna go buy
25:58
Speaker 5: a home down in South Carolina. Maybe your reserve requirement
26:01
Speaker 5: is a little bit higher in terms of the cash
26:03
Speaker 5: that you have to have in the bank, or your
26:04
Speaker 5: down payment might be ten percent, but your rate's going
26:06
Speaker 5: to look close to that three seven five. Well, during
26:09
Speaker 5: COVID and after COVID, what happened was there was this
26:12
Speaker 5: shift in Okay, who's working where, who's working remotely, what's
26:15
Speaker 5: a primary residence, what's the secondary residence? And a lot
26:17
Speaker 5: of people, because rates were so low, they were motivated
26:22
Speaker 5: to buy these homes and they called them second homes
26:24
Speaker 5: that they weren't really weren't second homes, and they were
26:26
Speaker 5: investment properties, and you get a couple of months into it,
26:29
Speaker 5: you get six months into you get to a year
26:31
Speaker 5: into it, and the problem is Fanny and Freddy don't
26:34
Speaker 5: have a great They are able to go back and
26:36
Speaker 5: audit a file and you know, basically get people for
26:39
Speaker 5: loan fraud after the fact, but it's hard to do
26:43
Speaker 5: that when it's a broad swath. So what they said is, hey,
26:46
Speaker 5: instead of going and auditing everybody that basically bought a
26:50
Speaker 5: second home and they're renting it out, now, we're just
26:53
Speaker 5: going to change the rule, and not really the rule.
26:55
Speaker 5: We're just going to have the we're gonna put a
26:57
Speaker 5: modifier on there if there's a second home, and we're
26:59
Speaker 5: going to make that rate similar to an investment property.
27:02
Speaker 5: So basically everybody that wanted to buy a legit second
27:04
Speaker 5: home kind of gets punished for the folks that, you know,
27:09
Speaker 5: kind of played that game for that year or two.
27:11
Speaker 5: And I think I've tried to see what the communication
27:16
Speaker 5: is from the agencies to say, hey, when is this
27:18
Speaker 5: going to change back, because really, in my opinion, the
27:21
Speaker 5: secondary home rate should be very close to the primary
27:25
Speaker 5: and there's not a ton of good communication my uh,
27:28
Speaker 5: in terms of when that's going to happen. My sense
27:31
Speaker 5: is once the agencies feel like this glut of homes
27:35
Speaker 5: that were originated that were technically investment properties called second homes,
27:40
Speaker 5: once those kind of get pushed out, either because they're
27:42
Speaker 5: sold or they're refinanced, I believe we'll see a swing
27:46
Speaker 5: back to second homes being more closely aligned with primary
27:50
Speaker 5: residence rates. So that's kind of an interesting thing that's
27:52
Speaker 5: happened in the last few years in terms of the
27:55
Speaker 5: physical structure. Like I said, you got the one, two, three,
27:58
Speaker 5: four four unit. What's kind of cool is if you're
28:01
Speaker 5: going to move in. Let's say you want to buy
28:05
Speaker 5: a place and you think, I really would love for
28:08
Speaker 5: somebody else to kind of help pay my rent, right,
28:11
Speaker 5: and but you don't want to have a roommate. So
28:13
Speaker 5: but you could go in, you could buy a duplex,
28:15
Speaker 5: and you could have somebody else on the other side
28:18
Speaker 5: helping you pay your mortgage, and you still get the
28:21
Speaker 5: primary residence designation, which means your down payments minimized, your
28:27
Speaker 5: rate's going to be lower. And you can do that
28:29
Speaker 5: on a duplex, triplex, or a quad all the way
28:32
Speaker 5: up to it for you yeah, yeah, yeah, A lot
28:34
Speaker 5: of times I'll get the question too, of and we
28:37
Speaker 5: have less town homes and condos in general in West
28:40
Speaker 5: Virginia versus some of these other areas where you know,
28:43
Speaker 5: say like a DC, right, it's all condos and essentially
28:47
Speaker 5: the difference between a townhome and a condo. So a
28:48
Speaker 5: lot of times what you'll see is a town home
28:51
Speaker 5: is going to be attached to another structure. Right, It's
28:54
Speaker 5: either going to be fully attached, meaning you've got a
28:57
Speaker 5: town home on the left end of the right, or
28:58
Speaker 5: it's going to be a semi attached, meaning it's going
29:01
Speaker 5: to be an end unit. And essentially what that the
29:05
Speaker 5: only additional kind of underwriting piece that you have to
29:09
Speaker 5: that you might seel a little bit of a modifier
29:12
Speaker 5: as you can imagine. Right, So, just if you're thinking
29:14
Speaker 5: about where rates are, what goes into the formulation of
29:17
Speaker 5: a rate, think of you, we're gonna lend somebody money, right, well, hey,
29:20
Speaker 5: I want to get some insurance or I want to
29:22
Speaker 5: get a mortgage on this home.
29:23
Speaker 4: Great? Is it freestanding?
29:25
Speaker 5: Meaning if somebody burns, if your neighbor burns their house down,
29:28
Speaker 5: is it going to Now we've been seeing all the
29:30
Speaker 5: force fires at California, so we know, you know, in
29:32
Speaker 5: certain situations, yes, house fires can jump from house to house,
29:35
Speaker 5: but in general, if your house catches on fire, it's
29:38
Speaker 5: going to be the only thing that burns down. But
29:39
Speaker 5: if you're a town home, there's a very real liability
29:43
Speaker 5: that multiple units are going to burn, so you have
29:45
Speaker 5: to have some additional insurance. And then there's also what
29:49
Speaker 5: they call a project approval, meaning that if there's a
29:52
Speaker 5: homeowners association, the homeowners association has to have a certain
29:55
Speaker 5: amount of reserves, you have to review the budget. But
29:59
Speaker 5: the different between a town home and a condo because
30:02
Speaker 5: physically they look the same, right, it's like, well, this
30:04
Speaker 5: is a single family or this is a this is
30:06
Speaker 5: one unit that's attached to another unit. What's the difference.
30:09
Speaker 5: The difference is with the town home, you actually own
30:12
Speaker 5: the land underneath of it. Right, Yes, you have a
30:15
Speaker 5: shared wall, but you own the land underneath of it,
30:17
Speaker 5: and you own the structure. With condo, you own every
30:20
Speaker 5: it's called walls in right, you own everything inside the building,
30:24
Speaker 5: but the land underneath is owned by the condo association.
30:28
Speaker 5: So it just kind of depends. I see more townhomes
30:31
Speaker 5: than I see condos here in West Virginia. But I
30:33
Speaker 5: certainly have done a ton of condos over the years,
30:36
Speaker 5: and the and the underwriting is not that complicated, right,
30:41
Speaker 5: It's just that that's kind of a of a difference.
30:44
Speaker 5: One other difference I'll tell you about real quick is
30:47
Speaker 5: the manufactured versus modular home. That yeah, so, and you
30:51
Speaker 5: run into this a lot. So a manufactured home is
30:53
Speaker 5: basically a mobile home, right, and it's it means that
30:57
Speaker 5: it was when it was at its inception, it was
31:00
Speaker 5: titled through the Department of Motor Vehicles.
31:02
Speaker 4: It has a title, right, There can even be something
31:03
Speaker 4: double wides, right, yeah, yeah, absolutely right.
31:05
Speaker 5: And and how the appraiser, So when I was first
31:08
Speaker 5: and then you know, doing mores, how can they tell? Well,
31:11
Speaker 5: what happens is the appraiser crawls up underneath, and if
31:13
Speaker 5: they can find HUD tags, which is like the equivalent
31:15
Speaker 5: of a license plate, then that means, hey, this thing
31:18
Speaker 5: is a manufactured home a modular home. It typically comes
31:22
Speaker 5: in two pieces and it's assembled on site. Right now,
31:25
Speaker 5: if you're just looking at pictures of it, sometimes it's
31:27
Speaker 5: hard to tell which one is the you know which one.
31:29
Speaker 5: But so the kind of the telltale question I always
31:32
Speaker 5: ask is was this home assembled in more than one piece?
31:34
Speaker 5: Did it come into two pieces? At the answers, yes,
31:36
Speaker 5: we can do it, and I can still do manufactured
31:39
Speaker 5: home it's just who you go with as a lender.
31:42
Speaker 5: But there's there's usually more lenders that will you can
31:46
Speaker 5: do a conventional loan on a modular where a manufactured
31:50
Speaker 5: the finance and becomes a little more.
31:52
Speaker 3: That's whe I that was, And I don't know how
31:54
Speaker 3: bit much the mix is here in West Virginia. I've
31:57
Speaker 3: never done real estate or mortgages here, but in Michigan,
31:59
Speaker 3: all those big flat rural areas, you would just have
32:02
Speaker 3: tons and tons and tons of either module or manufactured
32:05
Speaker 3: homes one huge pieces of property, right and so you
32:08
Speaker 3: would have like thirty acres with like a manufactured homeowner
32:11
Speaker 3: or something like that. You know, And those were actually
32:13
Speaker 3: somewhat difficult loans because you had property that was included
32:16
Speaker 3: in that. You had the structure that wasn't technically you know,
32:19
Speaker 3: a stick built structure.
32:20
Speaker 4: I mean those is it permanently attached? Is it? You know,
32:23
Speaker 4: what's the title look like?
32:24
Speaker 5: And you can get it could get complicated in a
32:27
Speaker 5: hurry if it's not done the right way. I would say,
32:29
Speaker 5: to your question, what's the mix here? Ninety ten historically manufactured,
32:33
Speaker 5: ninety ten percent modular. I think that's switching because I
32:36
Speaker 5: think we've had a big modular home push, and I'd say,
32:38
Speaker 5: maybe it's a little more like thirty seventy now, Oh, okay,
32:41
Speaker 5: So I was gonna I'm in the process of doing
32:44
Speaker 5: a one for a guy who was going to it
32:46
Speaker 5: was a primary residence that he was living in. He's
32:48
Speaker 5: actually looking in a different place, but he's like, no,
32:50
Speaker 5: we went through the whole, you know, the last week.
32:52
Speaker 5: The questioning, you know, was this was it ever titled
32:54
Speaker 5: to the DMV? And we got down to the what
32:56
Speaker 5: did it come in two pieces? Yes, it absolutely came
32:58
Speaker 5: in two pieces. Okay, it's a module.
33:00
Speaker 3: My home is probably one of the earlier incarnations of
33:04
Speaker 3: a mogular home. It was a Sears and Rubbuck railroad home.
33:07
Speaker 3: It was actually it was actually shipped on a railroad
33:10
Speaker 3: in two pieces and put together on my property. So
33:12
Speaker 3: it's a modular home from like nineteen forty or something
33:15
Speaker 3: like that. Pretty crazy, but that's exactly what it is.
33:17
Speaker 3: I mean, you can find the original tag and everything
33:21
Speaker 3: when it down there I had a guy when we
33:23
Speaker 3: had the financing done years and years ago, an appraiser
33:26
Speaker 3: came who was a kind of nerdy about that kind
33:27
Speaker 3: of stuff, and he was all into it. So I
33:29
Speaker 3: got a little history lesson on the whole thing. Was
33:31
Speaker 3: kind of nice. And that's it. In Russell's expertise, here
33:35
Speaker 3: is evident and if this is something the space that
33:36
Speaker 3: you've been in and in my previous experience in the
33:39
Speaker 3: mortgage industry, you ran into a lot of people that
33:42
Speaker 3: maybe had a you know, a single wide on a
33:45
Speaker 3: piece of property or something like that, and really felt
33:47
Speaker 3: like they weren't treated real well. A lot of the
33:49
Speaker 3: times they were people didn't know how to really do
33:51
Speaker 3: the loan. And what you would get is is somebody
33:52
Speaker 3: originating the loan that really didn't know how to do
33:54
Speaker 3: the property, and so you didn't get all your ducks
33:56
Speaker 3: in a row, and so you kept on having to
33:58
Speaker 3: piecemeal in your your stipulations to get it clear and
34:00
Speaker 3: stuff don't fall for that. Give Russell a call somebody
34:02
Speaker 3: that knows what they're doing, so you don't feel like
34:04
Speaker 3: a like somebody's mistreating you for the property that you
34:07
Speaker 3: choose to live in. Because there's a right way to
34:08
Speaker 3: do it, and it can be done the correct way.
34:10
Speaker 5: And one of my things that I say even on
34:12
Speaker 5: my commercials is you know you've got your big lenders
34:15
Speaker 5: out there that are these like digital faceless lenders.
34:18
Speaker 4: Oh yeah, and I do have a digital app.
34:20
Speaker 5: So millennials out there, they're like, look, Russ, I just
34:22
Speaker 5: want to push a button and get a mortgage. We
34:24
Speaker 5: can do that too, But if you want to stop
34:27
Speaker 5: in talk to me, you know, sit down with a
34:30
Speaker 5: cup of coffee and have the conversation.
34:32
Speaker 4: That's that's what I'm there for.
34:34
Speaker 5: So I have multiple people that are a little bit
34:37
Speaker 5: older that I've closed loans for here in the last
34:39
Speaker 5: price sixty days that you know, they prefer to actually
34:43
Speaker 5: come in to the branch.
34:45
Speaker 3: So yeah, it makes sense. I understand that. I understand
34:47
Speaker 3: though those types of things a lot, and Russell can
34:48
Speaker 3: help you out whichever way that you want to go.
34:50
Speaker 3: You can find out more information. Of course, you can
34:52
Speaker 3: call Russell his phone number three zer a four three
34:54
Speaker 3: four five loan which is fifty six twenty six threes
34:56
Speaker 3: are a four three four five loan, and also you
34:58
Speaker 3: give out yoursel phone number two if you folks want
34:59
Speaker 3: to call slowly. Russell tell phone numbers threes are four
35:01
Speaker 3: seven four one fifty forty nine. Easy to remember, yep
35:04
Speaker 3: three zerre be four seven four one fifty forty nine.
35:06
Speaker 3: You can do a search for Cornerstone first WV and
35:08
Speaker 3: his website comes right up, but it is see f
35:10
Speaker 3: MTG dot com slash are BINASO. You can bring it
35:14
Speaker 3: up and you can find out all the information that
35:16
Speaker 3: you want over there. But we didn't get a chance
35:18
Speaker 3: to get a ton into like refinances, especially for like
35:22
Speaker 3: home improvement or helocks or something like that. That's something we
35:24
Speaker 3: can talk on the next time we come in. But
35:26
Speaker 3: there is still availability out there. So if that's something
35:28
Speaker 3: that you were wondering about, something that you want to
35:30
Speaker 3: question about, there is that opportunity still out there.
35:32
Speaker 4: For And I will give a little plug here, you know.
35:35
Speaker 5: So if for those of you who are like numbers,
35:37
Speaker 5: you can google the US debt clock or the US
35:40
Speaker 5: debt calculator. It's a little mind numbing sometimes, but one
35:43
Speaker 5: of the numbers I saw, we just crossed over as
35:45
Speaker 5: a nation a trillion dollars in credit card debt. Probably
35:50
Speaker 5: I feel like it was less than a year ago.
35:51
Speaker 5: But on this clock, it says it's one point three,
35:53
Speaker 5: So you know, that's a three hundred billion dollar increase
35:57
Speaker 5: in a very short amount of time. So all that
35:59
Speaker 5: to say, you know, one of the things that when
36:01
Speaker 5: the Fed raise rates it it directly went to credit
36:04
Speaker 5: card rates. So if you're getting under your statement and
36:06
Speaker 5: you're and it says twenty nine percent or twenty six percent,
36:09
Speaker 5: which folks with good credit and now have, it's not
36:12
Speaker 5: everybody has higher interistrates you've cared any balance at all,
36:15
Speaker 5: you know that maybe seven percent or eight percent mortgage
36:18
Speaker 5: rate that you certainly don't want it if you can
36:21
Speaker 5: get a two or three percent rate, but it's certainly
36:23
Speaker 5: better than a you know, twenty thirty fifty thousand dollars
36:28
Speaker 5: in credit card debt.
36:29
Speaker 3: It's great information from Russell Binasso. We encourage you to
36:31
Speaker 3: tune and you can find this podcast. You can go
36:33
Speaker 3: to WHS network dot com slash as the Expert. After
36:36
Speaker 3: the program, you can download the podcast from there if
36:38
Speaker 3: you want to listen to it anytime. Encourage you to
36:40
Speaker 3: do that. We had some great information on here today.
36:43
Speaker 3: Once again you can you can call Russell at Cornerstone
36:45
Speaker 3: First Mortgage the phone number three zero four three four
36:47
Speaker 3: five loan three zero four three four five loan and
36:50
Speaker 3: cell phone numbers three zero four seven four one fifty
36:52
Speaker 3: forty nine three zero four seven four one fifty forty nine.
36:55
Speaker 3: And Russell is here on the first second sec. Think
37:00
Speaker 3: it's day of the month. Yeah, should quite know that.
37:01
Speaker 3: The second Tuesday of every month. You can find Russell
37:03
Speaker 3: here on five ad w CHS on Nasty Sword. Russell
37:06
Speaker 3: had a great learned to lie today. I really appreciate
37:08
Speaker 3: your time.
37:08
Speaker 4: Yeah, it was a pleasure. Thank you.
37:09
Speaker 3: We'll see you next time. Have a great day everyone.
37:11
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37:13
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37:15
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