Mortgage Matters: Rates, Refinancing, and Smart Strategies for Today’s Market

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We haven't talked about mortgages in a while.

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So today we've got an expert to join

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us, Donna McEwen.

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And we're going to hear about current rates

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and things you need to be thinking about

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in this mortgage environment.

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Stay with us for this episode of Something

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More.

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome and thanks for being with us for

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another episode of Something More with Chris Boyd.

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We've got a whole host of people with

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us today.

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I've got Jeff Perry, of course, and Russ

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Ball, both from the AMR team at Wealth

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Enhancement.

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And our special guest today is Donna McEwen.

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She is a senior loan officer with Movement

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Mortgage, and you can find Donna easily on

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the web by mortgagesbydonna.com.

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Very memorable, easy to find.

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Donna, it's great to have you back and

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good to talk to you again.

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Same.

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Great to be here.

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I, uh, I thought we would start by

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talking about, um, the interest rate environment and,

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um, you know, it seemed like for a

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decade we were like, oh, these mortgages are

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so low.

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They're going to come up at some point,

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you know, and then suddenly 2022 happened.

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Everything changed, but, uh, we're not at those

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highs today.

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Where are we in the scheme of, uh,

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mortgage rates and maybe give us some perspective

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relative to long-term numbers, because we had,

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we kind of got spoiled in that, um,

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after the financial crisis with mortgages perpetually so

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low.

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But where we're at is it seems like

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it's pretty much in line with long-term

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averages and numbers.

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It doesn't seem at all unreasonable.

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It's just, we've been spoiled for so long.

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Am I right?

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I would agree.

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I think, um, everybody out there, particularly the

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young people who've never had a chance to

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have normal rates, you tell them an interest

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rate and they're like, oh my gosh, it's

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so high.

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It's so high.

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Well, cause we were at, in the twos

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and threes and that was really just not

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realistic, but, um, yeah, in the last few

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years, we went all the way up into

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the eights and, um, now I would say

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we are 30 year fixed is high fives,

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low sixes.

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Um, 15 year fixed is a little bit

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lower than that.

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So I don't know, it feels kind of

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like we're approaching what we would have called

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normal over the last decade.

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You know, we get, we get little blips

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where we drop down and, you know, like

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I would say about a year and a

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couple of months ago, we had a little

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rush and.

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I refined a bunch of people from seven

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and a half to 8% down to

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5.625. That was phenomenal saving a lot

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of money every month.

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Um, but it was very short lived.

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Um, and that was right after the election,

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right before the election.

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And then rates kind of froze and started

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going up.

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So, um, we just had another little run

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like that where we're back into the fives,

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but I'd say more around like 5.875,

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5.99. So hovering right around there right

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now.

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Not bad at all.

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I don't think.

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No, I think, um, you know, we got

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to keep perspective about like long-term, you

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know, perspective on this.

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So we have had the benefit of low

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interest rates, uh, for a time, but.

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Um, you know, the five and six and,

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you know, that range is still really appealing

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in the scheme of what's where we've been

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over the years and what's been normal.

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Um, it still sounds, I mean, it's, you

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know, maybe it's, it's easy for me to

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say, cause I'm still sitting on my lower

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mortgage, you know, but, um, you know, I

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remember starting out with my first home and

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thinking five and 6%, five was like a

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dream, you know, get it.

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But 6% was kind of the norm,

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you know, maybe even a little higher.

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And, um, so it's, it feels just like

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we've kind of returned to that norm and

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people who are a little older than I

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am will tell me constantly about their first

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home and those 11% and you know,

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we didn't, it was just what it was.

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We didn't know any better.

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And so we still would have bought the

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house if, you know, I hadn't been whatever,

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but that was normal then.

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But your point, I think the biggest point

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in all this is like this generation who's

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like Russ, who's coming into this mortgage buying

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time of their life.

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Um, they think 3% is the normal

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rate.

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And so, and I think that's caused some

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hesitancy.

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Has it, you think Russ like, Oh, we're

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going to wait until it goes back down

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there.

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Absolutely.

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No, I was just thinking going Russ.

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It's not too bad for me, but, um,

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no, I think, I think that's pretty much

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it.

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It's like everyone is looking at the, it's

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like, Oh, well, of course they're going to

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go back down to, you know, two, three,

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whatever it might be.

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But that's because, you know, most of my

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adult life, or at least as long as

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I've been aware of, of mortgage rates, uh,

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they've been extremely low up until, you know,

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uh, last couple of years.

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So, uh, I think there is sort of

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this underlying expectation.

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Like, Oh, well, well, rates are so high

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right now that they're obviously going to come

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down.

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So, um, you know, people, I know I've,

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I've some friends who are like, you know,

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when should I think about refinancing?

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Like, uh, should, like, is it like, I

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should probably wait until it goes down to

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at least two, three or something like that's

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where I was going to in terms of

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that, that's, I think it's a really great,

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uh, setup for us in terms of questioning

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for Donna.

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How does one approach this question of when's

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the right time to evaluate a refinance?

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Is it driven by the amount of change

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in interest?

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Is it a term, like how long has

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passed?

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Um, is it, is it ever too soon

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to think about refinancing?

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Cause we don't know what the future holds.

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Will rates be higher or lower?

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Right.

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Um, but, um, how do you assess that?

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When do you approach people and say, Hey,

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you know, it might, might make you, is

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it driven by a change in rate?

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Well, it depends.

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I mean, there are a lot of reasons

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for doing a refinance rate.

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Isn't the only one.

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Sometimes people need to get cash out.

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Sometimes they, there's, there's a lot of things

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that drive it.

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They might be getting divorced and they need

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to refi.

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Think things are other things that happen, but

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if it is just for interest rate purposes,

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I think it's really driven by the monthly

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savings and the breakeven period that there's going

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to be for breaking even on any closing

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costs that are associated with it.

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And my, in my opinion, if the closing,

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if the breakeven point is less than a

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couple of years, it's generally worth it.

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Um, if the breakeven period is four years,

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then I think that's too long.

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And I would probably, I would probably wait.

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But generally when I'm talking to people, you

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know, everybody's situation is different and, um, you

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know, how, how much is the savings every

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month and is that really going to impact

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you?

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So I I've had a, I've interestingly enough,

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over the last year or so, I would

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say interest rates is such a topic of

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the news, right?

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Everybody's talking about the fed meeting and what

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are they expecting and what are they going

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to do?

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And what does Trump want?

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And what does Powell want and what's driving

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what?

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Um, and the bottom line is like that

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affects it somewhat, but it's not, you know,

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I've had so many people where I've, you

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know, when there's all the talk about the

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fed meeting coming up and the expectation is

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they're going to cut the rate X amount,

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a half, a half a point, a quarter

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of a point, um, three weeks before that

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actual meeting, we usually see the expectation reflected

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in rates, so we see the draw.

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I probably reach out, I reach out to

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clients who I know are, you know, at

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a certain rate and there's, there's a good

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savings and this might be a good time

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to jump in this current market.

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Since everybody's so aware, so many people say,

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well, the fed is going to meet and

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they're going to lower the rate.

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So I'm going to wait.

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And when they wait, they might actually lower

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the rate.

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The fed might lower the rate, but that

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might make mortgage rates go up because at

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the meeting they talked about, there was dissent

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among the governors.

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Um, they don't, what they, the next meeting

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they had said they might cut, but now

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they're thinking they might not.

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And they're looking at, they're talking about inflation

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and they're talking about the employment numbers.

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And so it's not a direct correlation when

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the fed makes a move that that's, that

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that's going to affect the same way.

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It might be more about what they expect

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to happen in the future than it is

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what they expect to be right now.

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Right.

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Yeah.

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Buy the rumor, sell the news.

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Right.

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And so like what I, what I always

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say, yeah.

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What, what I always say to people is

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if the savings feels real to you right

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now with saving a half a point or

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a point or whatever it is, $200, $500,

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everybody has a different threshold of what they

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want to save every month.

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If it feels good to you and you

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don't want to miss it, do it.

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You can always do it again, but you're

269
00:10:04,480 --> 00:10:07,040
kind of stepping down instead of waiting.

270
00:10:07,200 --> 00:10:08,980
I mean, like anything, like the stock market,

271
00:10:09,080 --> 00:10:11,680
you don't know it's the bottom until it

272
00:10:11,680 --> 00:10:12,620
starts to go up.

273
00:10:12,980 --> 00:10:13,140
Yeah.

274
00:10:13,380 --> 00:10:13,480
Right.

275
00:10:13,940 --> 00:10:16,820
So, um, I had a lot of, Tell

276
00:10:16,820 --> 00:10:18,740
us your thoughts about points.

277
00:10:19,020 --> 00:10:22,960
Um, when to utilize, uh, the, the use

278
00:10:22,960 --> 00:10:26,120
of points in a acquisition of a mortgage

279
00:10:26,120 --> 00:10:28,840
or when do you say never use point?

280
00:10:28,840 --> 00:10:31,080
You know, how do you think about, uh,

281
00:10:31,080 --> 00:10:33,920
that willingness to, you know, throw money at

282
00:10:33,920 --> 00:10:36,180
this up front for a lower, maybe explain

283
00:10:36,180 --> 00:10:36,820
what they are.

284
00:10:37,060 --> 00:10:37,480
Cause right.

285
00:10:38,760 --> 00:10:39,880
Good point.

286
00:10:40,800 --> 00:10:43,280
One point is 1% of the loan

287
00:10:43,280 --> 00:10:43,620
amount.

288
00:10:43,800 --> 00:10:45,980
So if it's a $400,000 loan, one

289
00:10:45,980 --> 00:10:47,580
point costs $4,000.

290
00:10:47,820 --> 00:10:50,960
The maximum allowed amount of points you're allowed,

291
00:10:51,040 --> 00:10:52,900
a borrower is allowed to pay is three.

292
00:10:53,120 --> 00:10:55,040
You can't pay more than three points.

293
00:10:55,780 --> 00:11:01,240
Um, most of the time, I don't think

294
00:11:01,240 --> 00:11:04,960
it's worth paying points because it's a straight

295
00:11:04,960 --> 00:11:05,400
fee.

296
00:11:06,080 --> 00:11:08,820
Um, it doesn't do anything except it's basically

297
00:11:08,820 --> 00:11:11,460
buying you a little bit lower interest rate.

298
00:11:11,460 --> 00:11:12,720
But if you have to pay a point

299
00:11:12,720 --> 00:11:15,500
in that example, $4,000, and it's only

300
00:11:15,500 --> 00:11:16,860
going to get you a quarter of a

301
00:11:16,860 --> 00:11:19,840
point, better interest rate, you have to figure

302
00:11:19,840 --> 00:11:22,940
out the dollar savings of that and then

303
00:11:22,940 --> 00:11:25,560
divide it into the amount of points, the

304
00:11:25,560 --> 00:11:27,240
dollar amount of the points to see how

305
00:11:27,240 --> 00:11:29,180
long it's going to take to before you

306
00:11:29,180 --> 00:11:30,400
actually start saving.

307
00:11:31,680 --> 00:11:34,800
So, um, during COVID, when we had those

308
00:11:34,800 --> 00:11:36,980
crazy rates, like in the, you know, high

309
00:11:36,980 --> 00:11:39,700
twos, low threes, if you paid, if you

310
00:11:39,700 --> 00:11:41,620
could pay points and get a 30 year

311
00:11:41,620 --> 00:11:43,280
fixed for like one and a half or

312
00:11:43,280 --> 00:11:46,200
something, by all means, that makes sense to

313
00:11:46,200 --> 00:11:47,720
do, because you're never going to get rid

314
00:11:47,720 --> 00:11:48,740
of that mortgage, right?

315
00:11:48,780 --> 00:11:49,880
You're going to, you're going to have it.

316
00:11:52,180 --> 00:11:55,560
But otherwise, I think, um, most of the

317
00:11:55,560 --> 00:11:57,400
time, it really doesn't make sense if your

318
00:11:57,400 --> 00:11:59,280
employer is paying them for you, or if

319
00:11:59,280 --> 00:12:01,260
the seller is paying them as a, as

320
00:12:01,260 --> 00:12:03,580
a benefit, of course, take advantage of it

321
00:12:03,580 --> 00:12:05,000
and buy yourself a better rate.

322
00:12:05,720 --> 00:12:08,300
what are your thoughts about, uh, adjustable rates

323
00:12:08,300 --> 00:12:11,740
versus fixed rates, you know, as a consumer,

324
00:12:12,180 --> 00:12:15,920
not a professional that you are, um, I

325
00:12:15,920 --> 00:12:17,960
tend to think, oh, I want fixed.

326
00:12:18,020 --> 00:12:18,920
I want guarantee.

327
00:12:18,920 --> 00:12:19,900
I want to, I want to be in

328
00:12:19,900 --> 00:12:21,800
a position where I can keep my mortgage

329
00:12:21,800 --> 00:12:24,520
indefinitely, but we know that most people don't.

330
00:12:25,540 --> 00:12:28,640
Um, so, uh, what's your take on that?

331
00:12:28,660 --> 00:12:31,420
Um, again, with the interest rate environment we're

332
00:12:31,420 --> 00:12:36,380
in, where, you know, it's not, uh, 2021

333
00:12:36,380 --> 00:12:39,940
where interest rates are terribly low and, you

334
00:12:39,940 --> 00:12:41,640
know, which direction could they go?

335
00:12:41,840 --> 00:12:43,660
You know, we're, we're in a different moment

336
00:12:43,660 --> 00:12:45,600
in time, maybe we're like, where will interest

337
00:12:45,600 --> 00:12:46,180
rates be?

338
00:12:46,280 --> 00:12:47,020
I don't know.

339
00:12:47,020 --> 00:12:51,040
You know, so is there advantage to, uh,

340
00:12:51,060 --> 00:12:53,860
utilizing, uh, an adjustable rate or is it

341
00:12:53,860 --> 00:12:55,940
only, you know, upside risk?

342
00:12:56,120 --> 00:12:57,600
Um, how do you think about it?

343
00:12:58,360 --> 00:13:00,320
Well, right now in a, on a conforming

344
00:13:00,320 --> 00:13:03,440
loan, which is in most across the board,

345
00:13:03,540 --> 00:13:08,220
the conforming loan limit is $806,250 or

346
00:13:08,220 --> 00:13:14,800
$806,500 in certain counties, Barnstable included, where

347
00:13:14,800 --> 00:13:17,520
there's a high balance and high balance conforming

348
00:13:17,520 --> 00:13:18,600
category.

349
00:13:18,600 --> 00:13:21,120
You can go up to $914,250 on

350
00:13:21,120 --> 00:13:22,040
a conforming loan.

351
00:13:22,600 --> 00:13:22,700
Wow.

352
00:13:22,860 --> 00:13:23,660
That's incredible.

353
00:13:24,020 --> 00:13:24,540
I know.

354
00:13:25,260 --> 00:13:25,360
Yeah.

355
00:13:26,320 --> 00:13:29,660
And in the conforming loan rate market right

356
00:13:29,660 --> 00:13:31,900
now, arms are worse than 30 year fixed.

357
00:13:32,080 --> 00:13:34,260
So there's no reason to do it.

358
00:13:36,040 --> 00:13:38,540
On the jump on jumbos right now, there's

359
00:13:38,540 --> 00:13:41,700
probably about a three eighths to maybe a

360
00:13:41,700 --> 00:13:44,040
half a point savings in interest rate to

361
00:13:44,040 --> 00:13:46,540
do an adjustable rate mortgage.

362
00:13:48,600 --> 00:13:51,060
Um, but I think it, what it really

363
00:13:51,060 --> 00:13:53,000
comes down to is the, the buyer or

364
00:13:53,000 --> 00:13:55,080
the borrower's attitude toward risk.

365
00:13:55,700 --> 00:13:58,520
So to me, how long they think they

366
00:13:58,520 --> 00:14:00,120
really will need the mortgage.

367
00:14:00,860 --> 00:14:01,340
Exactly.

368
00:14:01,440 --> 00:14:03,740
Like if they know for sure that in,

369
00:14:03,860 --> 00:14:06,780
for, for whatever reason, they know, like within

370
00:14:06,780 --> 00:14:09,580
three years, they need to, they're either going

371
00:14:09,580 --> 00:14:11,140
to pay off the loan or sell or

372
00:14:11,140 --> 00:14:11,980
sell the property.

373
00:14:12,520 --> 00:14:13,720
Then of course, why not?

374
00:14:13,840 --> 00:14:15,540
You would take the lower rate if I,

375
00:14:15,660 --> 00:14:17,060
you know, if you're doing a five year

376
00:14:17,060 --> 00:14:18,740
arm, it's fixed for five years.

377
00:14:19,260 --> 00:14:21,340
And if you know, within that time, but

378
00:14:21,340 --> 00:14:23,080
if you, if you think it's like your

379
00:14:23,080 --> 00:14:28,140
forever house, in my mind, like I'd rather

380
00:14:28,140 --> 00:14:29,660
pay a little higher interest rate and know

381
00:14:29,660 --> 00:14:31,480
that's my worst case scenario forever.

382
00:14:32,200 --> 00:14:33,660
I kind of like the way you think,

383
00:14:33,740 --> 00:14:35,320
because I think that relates to the way

384
00:14:35,320 --> 00:14:36,420
I think about it too.

385
00:14:36,420 --> 00:14:39,000
And I, I, I tend to think a

386
00:14:39,000 --> 00:14:43,380
lot of mortgage professionals seem to, uh, for

387
00:14:43,380 --> 00:14:45,420
some reason, really love that variable rate.

388
00:14:45,520 --> 00:14:47,540
Maybe it's because it requires people to turn

389
00:14:47,540 --> 00:14:50,220
over their mortgage or something, but, uh, it's

390
00:14:50,220 --> 00:14:51,180
easier to qualify.

391
00:14:51,360 --> 00:14:51,520
Right.

392
00:14:51,660 --> 00:14:55,000
I mean, no, no, no, because you don't,

393
00:14:55,100 --> 00:14:57,820
when you qualify for a, um, an arm,

394
00:14:58,240 --> 00:15:00,680
it's not just, we don't just use the

395
00:15:00,680 --> 00:15:01,820
actual interest rate.

396
00:15:01,840 --> 00:15:03,740
You have to use the fully indexed rate.

397
00:15:03,740 --> 00:15:04,120
Okay.

398
00:15:04,120 --> 00:15:06,780
So, which is whichever index the arm is

399
00:15:06,780 --> 00:15:09,880
based on plus the margin is the rate

400
00:15:09,880 --> 00:15:11,520
that you have to use.

401
00:15:11,620 --> 00:15:12,780
And so it's generally higher.

402
00:15:13,260 --> 00:15:14,960
So, yeah, so it could be higher index

403
00:15:14,960 --> 00:15:15,900
that's used today.

404
00:15:16,000 --> 00:15:18,000
It used to be LIBOR or something like

405
00:15:18,000 --> 00:15:20,100
that, but I think that's changed.

406
00:15:20,160 --> 00:15:20,480
Hasn't it?

407
00:15:20,500 --> 00:15:21,980
What, what do you use these days for

408
00:15:21,980 --> 00:15:23,480
a variable rate now?

409
00:15:23,600 --> 00:15:24,580
Now it's the SOFR.

410
00:15:25,300 --> 00:15:26,540
I don't know what that is.

411
00:15:27,140 --> 00:15:28,740
Uh, don't ask me what it stands for.

412
00:15:29,980 --> 00:15:33,480
It's a European, it's a similar, it's a,

413
00:15:34,120 --> 00:15:35,320
it's a place of the LIBOR.

414
00:15:35,620 --> 00:15:35,980
Okay.

415
00:15:36,780 --> 00:15:39,080
Um, well, so we've talked a little bit

416
00:15:39,080 --> 00:15:41,300
about jumbos and we talked about adjustable.

417
00:15:41,880 --> 00:15:43,880
Um, one of the things I, I was

418
00:15:43,880 --> 00:15:45,820
curious to get your take on, we've heard

419
00:15:45,820 --> 00:15:50,260
that, uh, for younger families, uh, the increase,

420
00:15:50,420 --> 00:15:52,140
you know, the requirement to pay their student

421
00:15:52,140 --> 00:15:56,100
loans again has created, uh, some challenges where

422
00:15:56,100 --> 00:15:59,500
maybe people haven't been paying them and they

423
00:15:59,500 --> 00:16:03,300
have the bad credit or, uh, or maybe

424
00:16:03,300 --> 00:16:05,920
people who have been through bad credit events

425
00:16:05,920 --> 00:16:08,600
with bankruptcies or things like that are, is

426
00:16:08,600 --> 00:16:12,120
it harder for younger families to get a

427
00:16:12,120 --> 00:16:15,640
mortgage these days because of a greater incidence

428
00:16:15,640 --> 00:16:18,720
of credit challenges, you know, credit issues, or

429
00:16:18,720 --> 00:16:21,140
is that just the same across the board?

430
00:16:21,420 --> 00:16:24,380
Is it, is it just different for younger

431
00:16:24,380 --> 00:16:26,960
people than it is for people who have,

432
00:16:26,960 --> 00:16:29,260
um, more years behind them?

433
00:16:29,840 --> 00:16:30,660
I don't know.

434
00:16:30,740 --> 00:16:33,880
I mean, I, I think that, um, the

435
00:16:33,880 --> 00:16:38,420
incidence of credit issues is, is not, certainly

436
00:16:38,420 --> 00:16:40,260
not just young, younger people.

437
00:16:40,460 --> 00:16:42,480
Like it's, it's, it's everywhere.

438
00:16:42,720 --> 00:16:48,500
I think that's maybe harder now because like

439
00:16:48,500 --> 00:16:50,220
debt to income ratio is a, is a,

440
00:16:50,340 --> 00:16:52,460
is a big thing that obviously that we

441
00:16:52,460 --> 00:16:53,040
look at.

442
00:16:53,620 --> 00:16:56,040
And if you're younger in earlier in your

443
00:16:56,040 --> 00:16:57,880
career and your income is not really up

444
00:16:57,880 --> 00:16:59,800
there yet, house prices are high.

445
00:16:59,920 --> 00:17:00,980
Interest rates are high.

446
00:17:01,620 --> 00:17:02,720
Car payments are higher.

447
00:17:02,880 --> 00:17:03,720
Everything is higher.

448
00:17:04,020 --> 00:17:05,960
It's harder for them to have a qualifying

449
00:17:05,960 --> 00:17:07,420
debt to income ratio.

450
00:17:07,839 --> 00:17:08,300
Yeah.

451
00:17:08,880 --> 00:17:12,560
Um, and student loans in there definitely is

452
00:17:12,560 --> 00:17:15,180
a factor or for parents who have co

453
00:17:15,180 --> 00:17:17,599
-signed on student loans for their kids also.

454
00:17:18,200 --> 00:17:20,760
Um, because that always think about those kinds

455
00:17:20,760 --> 00:17:21,400
of implications.

456
00:17:21,720 --> 00:17:21,980
Do they?

457
00:17:23,099 --> 00:17:25,720
Even if the intent is that the student's

458
00:17:25,720 --> 00:17:27,420
going to pay them back, it's still on

459
00:17:27,420 --> 00:17:28,580
the parent's credit report.

460
00:17:28,980 --> 00:17:29,220
Right.

461
00:17:29,560 --> 00:17:32,640
Generally, if, if somebody has co-signed, um,

462
00:17:33,240 --> 00:17:36,700
and they're the one doing a loan, if

463
00:17:36,700 --> 00:17:38,400
you can, if we can prove that that

464
00:17:38,400 --> 00:17:40,900
for the last 12 months, the, so in

465
00:17:40,900 --> 00:17:43,220
the instance of a parent's co-signing on

466
00:17:43,220 --> 00:17:45,040
a student loan for a child, if the,

467
00:17:45,180 --> 00:17:47,200
if the child is paying the, making the

468
00:17:47,200 --> 00:17:49,160
payments and you can show 12 months worth

469
00:17:49,160 --> 00:17:51,260
of payments by the child, we don't have

470
00:17:51,260 --> 00:17:52,680
to count the debt for the parents.

471
00:17:53,500 --> 00:17:56,280
So, but then again, if the kid is

472
00:17:56,280 --> 00:18:00,820
late, then it's also on the parent's credit.

473
00:18:01,040 --> 00:18:03,660
So it's definitely something to be thinking about.

474
00:18:03,880 --> 00:18:04,020
Yeah.

475
00:18:04,020 --> 00:18:05,580
As a parent, you got to pay attention

476
00:18:05,580 --> 00:18:06,300
to that.

477
00:18:06,360 --> 00:18:09,060
Even though, you know, Johnny or Susie is

478
00:18:09,060 --> 00:18:09,980
planning to pay it.

479
00:18:10,540 --> 00:18:13,180
Uh, they're going to want to, you know,

480
00:18:13,320 --> 00:18:16,860
have their, uh, pay their rent before they're

481
00:18:16,860 --> 00:18:19,380
paying their student debt or whatever, you know,

482
00:18:19,380 --> 00:18:22,800
so, or don't be able to pay for

483
00:18:22,800 --> 00:18:27,700
food, so they're paying it, you know, really

484
00:18:27,700 --> 00:18:30,280
important, I think for parents who are, who

485
00:18:30,280 --> 00:18:32,240
are doing that is to make really clear

486
00:18:32,240 --> 00:18:35,200
to their kids that if you're having trouble

487
00:18:35,200 --> 00:18:38,000
or you feel like you're tight or whatever,

488
00:18:38,000 --> 00:18:40,180
don't be afraid to tell me, because I

489
00:18:40,180 --> 00:18:41,100
think that happens a lot.

490
00:18:41,180 --> 00:18:42,720
The kids are like thinking, oh, we'll figure

491
00:18:42,720 --> 00:18:43,000
it out.

492
00:18:43,100 --> 00:18:43,460
We'll figure it out.

493
00:18:43,500 --> 00:18:47,000
They don't realize the impact to say like,

494
00:18:47,040 --> 00:18:49,220
let me know, because that's going to hurt

495
00:18:49,220 --> 00:18:50,900
all of our credit and we'll figure it

496
00:18:50,900 --> 00:18:51,900
out between us.

497
00:18:52,400 --> 00:18:54,260
Don't just be late or not pay.

498
00:18:54,480 --> 00:18:54,960
Ignore it.

499
00:18:55,120 --> 00:18:55,280
Yeah.

500
00:18:55,580 --> 00:18:55,760
Yeah.

501
00:18:56,260 --> 00:18:56,460
Good.

502
00:18:56,560 --> 00:18:58,980
Maybe do a little bit of independent verification

503
00:18:58,980 --> 00:18:59,840
as a parent.

504
00:19:01,420 --> 00:19:01,820
Yeah.

505
00:19:02,220 --> 00:19:04,660
Log into the portal and just, yeah, good

506
00:19:04,660 --> 00:19:05,120
point.

507
00:19:06,680 --> 00:19:07,080
Exactly.

508
00:19:09,100 --> 00:19:11,280
Russ, do you have any particular questions?

509
00:19:11,760 --> 00:19:11,940
Yeah.

510
00:19:12,460 --> 00:19:15,360
One, one that I had coming into this

511
00:19:15,360 --> 00:19:19,520
discussion was, you know, with all these, especially

512
00:19:19,520 --> 00:19:21,200
in this area in the Northeast and Cape

513
00:19:21,200 --> 00:19:23,760
Cod specifically, a lot of people have those

514
00:19:23,760 --> 00:19:27,800
mortgages that are at Chris's rate or Jeff's,

515
00:19:27,820 --> 00:19:29,560
you know, really favorable rates.

516
00:19:30,480 --> 00:19:33,320
Have you seen any kind of pickup in

517
00:19:33,320 --> 00:19:36,480
mortgage activity as rates have started to come

518
00:19:36,480 --> 00:19:37,060
down a little bit?

519
00:19:37,060 --> 00:19:39,240
Where people are willing to, to, you know,

520
00:19:39,860 --> 00:19:40,920
get a new home and get a new

521
00:19:40,920 --> 00:19:41,320
mortgage.

522
00:19:41,540 --> 00:19:43,280
Uh, what, what are your, what's your take

523
00:19:43,280 --> 00:19:43,700
on that?

524
00:19:44,320 --> 00:19:44,760
Definitely.

525
00:19:44,900 --> 00:19:46,480
It feels like it's loosened up just in

526
00:19:46,480 --> 00:19:47,400
the last few months.

527
00:19:47,400 --> 00:19:50,000
It's becoming, you know, the last several years

528
00:19:50,000 --> 00:19:52,660
it's really been a seller's market and a

529
00:19:52,660 --> 00:19:54,300
good, a good house comes on and there's

530
00:19:54,300 --> 00:19:55,880
like 20 offers and it goes for a

531
00:19:55,880 --> 00:19:57,440
hundred thousand over asking, right?

532
00:19:57,480 --> 00:19:58,320
Like it's crazy.

533
00:19:59,180 --> 00:20:02,520
And, um, now it's shifting.

534
00:20:02,780 --> 00:20:04,540
I think people were holding off.

535
00:20:05,100 --> 00:20:07,300
Um, I think now people are kind of

536
00:20:07,300 --> 00:20:09,020
accepting that this is a little bit of

537
00:20:09,020 --> 00:20:11,300
a new reality, not, you know, right after

538
00:20:11,300 --> 00:20:14,460
COVID it seemed like everybody thought it was

539
00:20:14,460 --> 00:20:16,660
a blip, but then it lasted.

540
00:20:17,180 --> 00:20:17,580
Right.

541
00:20:18,020 --> 00:20:20,240
And so the, while they thought it was

542
00:20:20,240 --> 00:20:22,020
a blip, I think people were waiting, waiting

543
00:20:22,020 --> 00:20:23,380
because they thought, Oh, it'll come back.

544
00:20:23,420 --> 00:20:24,040
It'll come back.

545
00:20:24,180 --> 00:20:25,280
And it just kept going up.

546
00:20:26,480 --> 00:20:28,520
Um, so now I feel like now I

547
00:20:28,520 --> 00:20:30,660
feel like people have a little more, um,

548
00:20:31,220 --> 00:20:34,280
touch with reality and, and it seems like,

549
00:20:34,360 --> 00:20:36,400
you know, they're like, all right, look, we,

550
00:20:36,460 --> 00:20:37,620
we were going to move.

551
00:20:37,820 --> 00:20:39,940
We waited a lot of people, more people

552
00:20:39,940 --> 00:20:41,960
are putting houses on, more buyers are not

553
00:20:41,960 --> 00:20:42,540
really waiting.

554
00:20:43,600 --> 00:20:46,780
Um, one interesting thing about people always ask

555
00:20:46,780 --> 00:20:48,560
me, is it, should I, is it the

556
00:20:48,560 --> 00:20:49,540
right time to buy?

557
00:20:50,080 --> 00:20:51,760
And, or should, is it better for me

558
00:20:51,760 --> 00:20:53,360
to wait for rates to be lower?

559
00:20:54,040 --> 00:20:56,760
And, um, honestly, I think when rates do

560
00:20:56,760 --> 00:20:59,120
come down, prices are going to go back

561
00:20:59,120 --> 00:20:59,440
up.

562
00:21:00,020 --> 00:21:02,360
So, and when you, it's a lot easier

563
00:21:02,360 --> 00:21:04,600
to change your mortgage than to change your

564
00:21:04,600 --> 00:21:05,020
house.

565
00:21:05,820 --> 00:21:08,420
So I actually think it makes more sense

566
00:21:08,420 --> 00:21:10,620
to buy now, if the rate's a little

567
00:21:10,620 --> 00:21:13,500
higher than, than you like, or then you

568
00:21:13,500 --> 00:21:14,600
think it's going to be, who cares?

569
00:21:14,740 --> 00:21:17,120
You can always refinance, find the right house,

570
00:21:17,560 --> 00:21:18,560
take advantage of it.

571
00:21:18,700 --> 00:21:19,600
So what's the old saying?

572
00:21:19,740 --> 00:21:22,500
Marry the house, date the mortgage, date the

573
00:21:22,500 --> 00:21:26,320
rate, date the rate, date the rate.

574
00:21:26,320 --> 00:21:29,000
But I think it's, I think it's better

575
00:21:29,000 --> 00:21:30,900
to, um, if you find a house you

576
00:21:30,900 --> 00:21:33,120
like, the rate is not, it's not going

577
00:21:33,120 --> 00:21:35,620
to be so crazy right now, especially since

578
00:21:35,620 --> 00:21:36,920
we've come down a little bit.

579
00:21:38,340 --> 00:21:41,160
Um, and then, and then refi as there

580
00:21:41,160 --> 00:21:41,840
are opportunities.

581
00:21:42,360 --> 00:21:43,780
Jeff, did you have anything you want?

582
00:21:44,300 --> 00:21:44,520
Yeah.

583
00:21:44,640 --> 00:21:46,280
I have a question that I want to

584
00:21:46,280 --> 00:21:48,240
ask on behalf of Russ and some of

585
00:21:48,240 --> 00:21:50,460
the other younger folks like my son and

586
00:21:50,460 --> 00:21:53,040
other people who are like thinking about it.

587
00:21:53,040 --> 00:21:55,220
When's the right time to check in with

588
00:21:55,220 --> 00:21:59,600
a mortgage broker, like Russ and other people,

589
00:21:59,840 --> 00:22:01,420
like it's so expensive.

590
00:22:01,760 --> 00:22:02,640
What can we afford?

591
00:22:02,760 --> 00:22:04,680
It kind of just has this self-fulfilling

592
00:22:04,680 --> 00:22:07,940
prophecy where people wait and not sure when,

593
00:22:08,080 --> 00:22:10,400
when's a good time to check in with

594
00:22:10,400 --> 00:22:12,660
you to start that process, to see what,

595
00:22:12,700 --> 00:22:14,860
see what they could get approved for, or

596
00:22:14,860 --> 00:22:17,360
maybe get some suggestions for people like you.

597
00:22:17,900 --> 00:22:20,220
I say, I think the earlier, the better,

598
00:22:20,380 --> 00:22:22,520
honestly, I think like if you're thinking about

599
00:22:22,520 --> 00:22:25,520
it, it doesn't hurt to kind of go

600
00:22:25,520 --> 00:22:27,400
through the exercise for one thing.

601
00:22:27,480 --> 00:22:28,420
You're going to find out if there are

602
00:22:28,420 --> 00:22:31,160
any red flags, another, you're going to find

603
00:22:31,160 --> 00:22:34,440
out how much you really need to save

604
00:22:34,440 --> 00:22:38,280
to have toward a down payment and see,

605
00:22:38,440 --> 00:22:40,960
get a feel for what the monthly payments

606
00:22:40,960 --> 00:22:41,660
look like.

607
00:22:42,220 --> 00:22:43,980
You know, all the things that are included,

608
00:22:44,100 --> 00:22:46,620
their real estate taxes, there's homeowners insurance, you

609
00:22:46,620 --> 00:22:48,600
know, just so you know, so you can

610
00:22:48,600 --> 00:22:51,780
be kind of like more focused on what

611
00:22:51,780 --> 00:22:53,480
level of house you're going to buy.

612
00:22:53,700 --> 00:22:55,860
And people like me, loan officers, that's what

613
00:22:55,860 --> 00:22:57,200
we do all day long is we talk

614
00:22:57,200 --> 00:22:58,940
to people about what they might be able

615
00:22:58,940 --> 00:22:59,320
to do.

616
00:22:59,400 --> 00:23:01,300
It's not like nobody's going to feel like

617
00:23:01,300 --> 00:23:02,540
they're wasting their time with you.

618
00:23:02,620 --> 00:23:04,760
I love when someone calls me and says,

619
00:23:04,920 --> 00:23:06,880
I'm two years out, but I'm trying to

620
00:23:06,880 --> 00:23:10,160
understand that it's a great conversation.

621
00:23:10,380 --> 00:23:12,920
And you, you're so much smarter when you,

622
00:23:13,020 --> 00:23:15,160
when you start the process and when you

623
00:23:15,160 --> 00:23:17,900
start looking, you're prepared for when a time

624
00:23:17,900 --> 00:23:18,360
comes.

625
00:23:18,900 --> 00:23:19,300
Yeah.

626
00:23:19,640 --> 00:23:21,800
And not looking at something like, you know,

627
00:23:21,840 --> 00:23:24,180
a crazy expensive situation that you would not

628
00:23:24,180 --> 00:23:26,240
even be reality for you, or maybe it

629
00:23:26,240 --> 00:23:28,640
would make you think about, Oh, well, what

630
00:23:28,640 --> 00:23:29,940
if we could probably do it sooner?

631
00:23:29,960 --> 00:23:31,860
If we bought a multifamily and lived in

632
00:23:31,860 --> 00:23:33,400
one side and rented one side, it might

633
00:23:33,400 --> 00:23:35,400
be things you're not even thinking about.

634
00:23:37,420 --> 00:23:40,220
You don't want to take your life around

635
00:23:40,220 --> 00:23:43,560
looking at houses that are way over what

636
00:23:43,560 --> 00:23:44,540
you can really afford.

637
00:23:45,020 --> 00:23:46,260
Ability before you know that.

638
00:23:46,360 --> 00:23:47,020
That can be bad.

639
00:23:49,760 --> 00:23:52,280
Jeff used the term mortgage broker, and I'd

640
00:23:52,280 --> 00:23:53,560
like to have you talk a little bit

641
00:23:53,560 --> 00:23:56,780
about the notion of what are the virtues

642
00:23:56,780 --> 00:24:00,840
and drawbacks of working with someone who is

643
00:24:00,840 --> 00:24:05,220
a direct lender or a broker through other

644
00:24:05,220 --> 00:24:11,460
lending providers and maybe elaborate how you're positioned

645
00:24:11,460 --> 00:24:12,560
in this process.

646
00:24:13,400 --> 00:24:14,220
That's a good question.

647
00:24:14,900 --> 00:24:16,280
So I'm not a broker.

648
00:24:17,040 --> 00:24:19,760
Uh, we, more movement mortgages, a direct lender,

649
00:24:20,000 --> 00:24:23,580
which means that we borrow directly from the

650
00:24:23,580 --> 00:24:28,280
fed and we, we actually service our own

651
00:24:28,280 --> 00:24:28,680
loans.

652
00:24:28,920 --> 00:24:31,720
Um, we have everything in house.

653
00:24:31,760 --> 00:24:35,180
People like, I'm sure that you'd service the

654
00:24:35,180 --> 00:24:36,000
loans you make.

655
00:24:36,640 --> 00:24:37,680
For conforming loans.

656
00:24:37,680 --> 00:24:44,260
Um, so, so that when, when it's a

657
00:24:44,260 --> 00:24:47,460
direct lender versus a broker, we're doing everything,

658
00:24:47,460 --> 00:24:49,620
so we have under, we have processors, we

659
00:24:49,620 --> 00:24:52,460
have underwriters, we have closers, we fund with

660
00:24:52,460 --> 00:24:55,500
our own money, and then we sell the

661
00:24:55,500 --> 00:24:57,260
investment part of the loan, we keep the

662
00:24:57,260 --> 00:24:59,200
servicing, but we sell the investment part of

663
00:24:59,200 --> 00:25:01,440
the loan on the secondary market.

664
00:25:02,000 --> 00:25:03,760
So what that means is that we have

665
00:25:03,760 --> 00:25:07,440
100% control of everything, of the whole

666
00:25:07,440 --> 00:25:07,820
process.

667
00:25:08,000 --> 00:25:09,560
So if there's a question or a problem,

668
00:25:09,680 --> 00:25:11,480
or an underwriter is asking for something that

669
00:25:11,480 --> 00:25:15,040
seems unreasonable, or there's a conversation to be

670
00:25:15,040 --> 00:25:16,800
had, it's all very contained.

671
00:25:17,580 --> 00:25:19,920
When you work with a broker, I imagine

672
00:25:19,920 --> 00:25:23,700
the underwriters know you, Donna, and that if

673
00:25:23,700 --> 00:25:26,200
you're bringing a risk as it were to

674
00:25:26,200 --> 00:25:30,120
them, that they know your take, uh, is

675
00:25:30,120 --> 00:25:34,140
valuable because you've had experience and, and you

676
00:25:34,140 --> 00:25:36,940
wouldn't be bringing a loan to them that

677
00:25:36,940 --> 00:25:38,960
you didn't think was a good risk type

678
00:25:38,960 --> 00:25:39,240
of thing.

679
00:25:39,360 --> 00:25:39,700
Am I right?

680
00:25:40,160 --> 00:25:41,440
To a degree, to a degree.

681
00:25:41,680 --> 00:25:45,420
I mean, it's very, um, you know, in

682
00:25:45,420 --> 00:25:47,480
this whole world of AI, right?

683
00:25:47,540 --> 00:25:51,140
Like when, when we take a loan in,

684
00:25:51,500 --> 00:25:54,020
if it's a conforming Fannie Mae, Freddie Mac

685
00:25:54,020 --> 00:25:56,260
loan, it goes through a desktop underwriter.

686
00:25:57,580 --> 00:26:00,600
So we put everything in, which you have

687
00:26:00,600 --> 00:26:02,520
to be able to think about like what

688
00:26:02,520 --> 00:26:03,740
you want to make sure is in and

689
00:26:03,740 --> 00:26:05,060
what you don't want in and whatever.

690
00:26:05,280 --> 00:26:08,500
But then the, the automated desktop underwriter spits

691
00:26:08,500 --> 00:26:12,220
out approved, eligible proceed with caution and what

692
00:26:12,220 --> 00:26:14,740
it, and it'll tell you the issues, right?

693
00:26:16,220 --> 00:26:18,860
Um, so the, and what the underwriter's job

694
00:26:18,860 --> 00:26:22,860
is basically to verify the file with that

695
00:26:22,860 --> 00:26:23,920
desktop underwriter.

696
00:26:24,080 --> 00:26:26,320
So there's gotta be backup paperwork and then

697
00:26:26,320 --> 00:26:28,580
they're analyzing the bank statements and the pay

698
00:26:28,580 --> 00:26:30,040
stubs and everything else to make sure it

699
00:26:30,040 --> 00:26:31,820
matches what's in the application.

700
00:26:31,820 --> 00:26:35,180
So there's still a manual underwriting component with

701
00:26:35,180 --> 00:26:35,340
you.

702
00:26:35,420 --> 00:26:37,960
Yes, definitely special circumstances.

703
00:26:38,280 --> 00:26:41,200
You can perhaps work out, but you have

704
00:26:41,200 --> 00:26:43,180
to get an approved, eligible on the automated

705
00:26:43,180 --> 00:26:46,420
underwriter for a conforming loan, but there are,

706
00:26:46,480 --> 00:26:47,900
but there are a lot of nuanced ways

707
00:26:47,900 --> 00:26:49,160
to get that right.

708
00:26:49,180 --> 00:26:50,620
If you're good at it and you know

709
00:26:50,620 --> 00:26:52,660
how to, what it likes, what it doesn't

710
00:26:52,660 --> 00:26:54,520
like, what it might need, you can't make

711
00:26:54,520 --> 00:26:58,280
stuff up out of nothing, but you can

712
00:26:58,280 --> 00:27:00,200
be smart about what you're, what you're putting

713
00:27:00,200 --> 00:27:00,560
in there.

714
00:27:01,080 --> 00:27:04,640
Um, so back to the original though, a

715
00:27:04,640 --> 00:27:06,920
broker is just basically a middleman.

716
00:27:07,620 --> 00:27:10,600
And so they're dealing with the consumer on

717
00:27:10,600 --> 00:27:12,780
one hand and the investor on the other

718
00:27:12,780 --> 00:27:17,760
and basically collecting everything, putting applications together, sending

719
00:27:17,760 --> 00:27:19,620
it off, but then it's off with the

720
00:27:19,620 --> 00:27:21,660
broker and it's a little bit of a

721
00:27:21,660 --> 00:27:22,380
black box.

722
00:27:23,160 --> 00:27:25,380
So, you know, if it's a vanilla loan,

723
00:27:25,540 --> 00:27:28,460
probably no problem, but if there's any conversation

724
00:27:28,460 --> 00:27:29,860
that needs to be had, I feel like

725
00:27:29,860 --> 00:27:32,640
that's a trickier situation because like for me,

726
00:27:32,740 --> 00:27:34,140
I have a team, like I can just

727
00:27:34,140 --> 00:27:37,080
pick up the phone or send an email

728
00:27:37,080 --> 00:27:38,200
or a text or whatever.

729
00:27:38,460 --> 00:27:40,740
And my team is all there and all

730
00:27:40,740 --> 00:27:41,120
together.

731
00:27:41,120 --> 00:27:43,700
And we're all working toward the same thing.

732
00:27:44,240 --> 00:27:45,400
Now, Donna, you've had a career as a

733
00:27:45,400 --> 00:27:46,320
mortgage professional.

734
00:27:47,260 --> 00:27:50,060
Um, have you always been in this business

735
00:27:50,060 --> 00:27:53,460
model, um, or particularly with this company or

736
00:27:53,460 --> 00:27:55,660
have you seen both sides of this?

737
00:27:56,520 --> 00:27:59,560
Um, in the very, very beginning, I started

738
00:27:59,560 --> 00:28:03,420
doing this in 2004 and, um, the very

739
00:28:03,420 --> 00:28:06,880
first company I worked for, we were more

740
00:28:06,880 --> 00:28:09,020
of a, we were more of a broker,

741
00:28:09,340 --> 00:28:12,600
but we had with some investors and then

742
00:28:12,600 --> 00:28:16,160
we had correspondent lending relationships with some, so

743
00:28:16,160 --> 00:28:17,460
it was a little bit of a hybrid,

744
00:28:17,720 --> 00:28:19,060
but that might have just been more an

745
00:28:19,060 --> 00:28:20,220
indication of the times.

746
00:28:20,660 --> 00:28:24,180
Um, but definitely felt like, you know, especially

747
00:28:24,180 --> 00:28:25,980
when it was crazy busy, when you lock

748
00:28:25,980 --> 00:28:27,500
a rate, there's a number of days that

749
00:28:27,500 --> 00:28:29,140
you have to close by or you lose

750
00:28:29,140 --> 00:28:29,400
it.

751
00:28:29,780 --> 00:28:29,920
Right.

752
00:28:30,060 --> 00:28:33,120
And if your file is off with somebody

753
00:28:33,120 --> 00:28:34,800
who's not part of your company, they don't

754
00:28:34,800 --> 00:28:36,860
care about your, your dates, right?

755
00:28:36,940 --> 00:28:39,740
Like they're busy and you're crazy and you're

756
00:28:39,740 --> 00:28:40,980
calling and calling and calling.

757
00:28:41,560 --> 00:28:43,240
Whereas if you're working with someone who's a

758
00:28:43,240 --> 00:28:47,600
direct lender, it's everybody's interest to you.

759
00:28:48,060 --> 00:28:50,920
So you, you really feel a conviction about

760
00:28:50,920 --> 00:28:53,120
the virtues of this approach.

761
00:28:53,380 --> 00:28:54,660
It's definitely, yeah.

762
00:28:54,660 --> 00:28:57,760
And as you alluded to earlier, Chris, almost

763
00:28:57,760 --> 00:29:00,060
all mortgages with brokers are sold.

764
00:29:00,980 --> 00:29:01,240
Yes.

765
00:29:01,700 --> 00:29:04,020
And that's the frustration with third party who,

766
00:29:04,440 --> 00:29:05,820
yeah.

767
00:29:07,420 --> 00:29:11,580
And therefore who services that and a lot

768
00:29:11,580 --> 00:29:13,880
of frustration of like, you know, that changes

769
00:29:13,880 --> 00:29:19,620
over repeatedly and it did during certain time

770
00:29:19,620 --> 00:29:20,640
periods, it would change.

771
00:29:21,340 --> 00:29:22,000
That happens.

772
00:29:22,000 --> 00:29:26,240
I mean when it's happening all the time,

773
00:29:26,300 --> 00:29:27,580
it's frustrating, but yeah.

774
00:29:27,760 --> 00:29:32,160
So for the most part, we service all

775
00:29:32,160 --> 00:29:34,580
the conforming loans on the jumbo on the

776
00:29:34,580 --> 00:29:38,080
jumbo loans, we have correspondent relationships, which means

777
00:29:38,080 --> 00:29:40,840
that we have agreements and contracts with the

778
00:29:40,840 --> 00:29:43,620
investors and those investors might, they're big, big

779
00:29:43,620 --> 00:29:46,420
banks and, and mortgage invest, mortgage companies.

780
00:29:46,840 --> 00:29:53,720
And we, so we lock the loan ourselves.

781
00:29:53,940 --> 00:29:57,240
We actually underwrite we're delegated, which means that

782
00:29:57,240 --> 00:30:00,200
in our agreement with those investors, we've gone

783
00:30:00,200 --> 00:30:01,960
through a process and they trust us to

784
00:30:01,960 --> 00:30:05,400
underwrite to their guidelines and we close the

785
00:30:05,400 --> 00:30:07,460
loan in our own name with our own

786
00:30:07,460 --> 00:30:07,800
money.

787
00:30:07,800 --> 00:30:11,240
But ahead of time, they've said, we guarantee

788
00:30:11,240 --> 00:30:13,300
that we're going to buy that loan and

789
00:30:13,300 --> 00:30:13,940
take it over.

790
00:30:14,560 --> 00:30:17,060
So on the jumbo loans, while we close

791
00:30:17,060 --> 00:30:19,960
in movement, mortgage, whoever it's with chase, or,

792
00:30:20,320 --> 00:30:23,540
you know, we have a number of jumbo

793
00:30:23,540 --> 00:30:23,980
investors.

794
00:30:24,440 --> 00:30:25,520
We know that they're going to take it

795
00:30:25,520 --> 00:30:26,960
over and they're going to service it.

796
00:30:27,400 --> 00:30:32,460
Donna our listenership though, you know, like our

797
00:30:32,460 --> 00:30:36,600
clientele may, may primarily be in Massachusetts because

798
00:30:36,600 --> 00:30:40,340
that's where our office is, but it may

799
00:30:40,340 --> 00:30:42,500
very well have, we have listeners around the

800
00:30:42,500 --> 00:30:42,800
country.

801
00:30:42,800 --> 00:30:45,420
So, you know, when it comes to working

802
00:30:45,420 --> 00:30:48,540
with someone like yourself, are, do you have

803
00:30:48,540 --> 00:30:52,320
limitations as to where you work with people

804
00:30:52,320 --> 00:30:53,880
going through this mortgage process?

805
00:30:54,680 --> 00:30:54,820
Yeah.

806
00:30:54,920 --> 00:30:57,820
Loan officers have to be licensed federally, but

807
00:30:57,820 --> 00:30:59,640
then you have to get licensed for each

808
00:30:59,640 --> 00:31:02,620
state that you want to do business in.

809
00:31:02,880 --> 00:31:06,980
So personally I I'm licensed in Massachusetts, New

810
00:31:06,980 --> 00:31:08,060
Hampshire and Florida.

811
00:31:08,060 --> 00:31:12,180
Um, but our company has, we have an

812
00:31:12,180 --> 00:31:14,320
interstate group and we have also so many

813
00:31:14,320 --> 00:31:16,680
offices and loan officers all over the country,

814
00:31:16,680 --> 00:31:18,400
so we pretty much cover most of the

815
00:31:18,400 --> 00:31:18,820
states.

816
00:31:19,200 --> 00:31:21,300
So like if I have a client whose

817
00:31:21,300 --> 00:31:23,800
child is in another state and they, and

818
00:31:23,800 --> 00:31:26,220
they want me to help them, I can

819
00:31:26,220 --> 00:31:26,820
line it up.

820
00:31:26,900 --> 00:31:27,040
Yeah.

821
00:31:27,320 --> 00:31:29,040
And, um, and that way I can kind

822
00:31:29,040 --> 00:31:30,200
of stay in the loop too.

823
00:31:30,480 --> 00:31:33,780
And, um, but I can't actually work on

824
00:31:33,780 --> 00:31:34,160
the loan.

825
00:31:36,000 --> 00:31:36,880
Mortgagesbydonna.com.

826
00:31:36,880 --> 00:31:42,080
You work with countless financial advisors through the

827
00:31:42,080 --> 00:31:45,980
financial planning association and have for many years,

828
00:31:46,080 --> 00:31:48,600
you've been a big supporter of the financial

829
00:31:48,600 --> 00:31:53,540
planning process and, uh, firms that, uh, work

830
00:31:53,540 --> 00:31:56,620
with clients in a, you know, holistic kind

831
00:31:56,620 --> 00:31:58,760
of approach that you're part of the team

832
00:31:58,760 --> 00:31:59,400
in that effort.

833
00:31:59,600 --> 00:32:02,580
So, um, just a little plug for you

834
00:32:02,580 --> 00:32:04,700
there as someone who looks at the big

835
00:32:04,700 --> 00:32:06,920
picture as you're thinking about these kinds of

836
00:32:06,920 --> 00:32:07,220
issues.

837
00:32:07,500 --> 00:32:11,160
So definitely reach out to Donna at mortgagesbydonna

838
00:32:11,160 --> 00:32:11,660
.com.

839
00:32:11,700 --> 00:32:12,800
If you need some help.

840
00:32:13,260 --> 00:32:14,160
Donna, thanks so much.

841
00:32:14,240 --> 00:32:14,880
This has been good.

842
00:32:15,060 --> 00:32:15,880
And anyone else?

843
00:32:15,980 --> 00:32:16,260
I'm good.

844
00:32:16,460 --> 00:32:18,160
I, did I cover everything we wanted to

845
00:32:18,160 --> 00:32:18,520
ask?

846
00:32:19,320 --> 00:32:20,300
I hope so.

847
00:32:20,600 --> 00:32:20,700
Yeah.

848
00:32:20,900 --> 00:32:21,740
Give her a call, Russ.

849
00:32:21,840 --> 00:32:22,140
Come on.

850
00:32:26,620 --> 00:32:27,760
I have no boundaries.

851
00:32:27,880 --> 00:32:28,560
I have no boundaries.

852
00:32:28,720 --> 00:32:29,880
Call me, text me anytime.

853
00:32:31,600 --> 00:32:32,360
With that.

854
00:32:32,420 --> 00:32:34,360
Uh, thanks so much for sharing your expertise,

855
00:32:34,600 --> 00:32:34,780
Donna.

856
00:32:34,780 --> 00:32:37,780
Until next time, everybody keeps driving for something

857
00:32:37,780 --> 00:32:38,100
more.

858
00:32:39,680 --> 00:32:41,600
Thank you for listening to something more with

859
00:32:41,600 --> 00:32:42,320
Chris Boyd.

860
00:32:42,620 --> 00:32:44,760
Call us for help, whether it's for financial

861
00:32:44,760 --> 00:32:48,680
planning or portfolio management, insurance concerns, or those

862
00:32:48,680 --> 00:32:50,740
quality of life issues that make the money

863
00:32:50,740 --> 00:32:51,840
matters matter.

864
00:32:52,180 --> 00:32:53,200
Whatever's on your mind.

865
00:32:53,300 --> 00:32:56,020
Visit us at something more with chrisboyd.com

866
00:32:56,020 --> 00:33:00,240
or call us toll free at 866-771

867
00:33:00,240 --> 00:33:02,320
-8901.

868
00:33:02,320 --> 00:33:06,220
Or send us your questions to amr-info

869
00:33:06,220 --> 00:33:08,140
at wealthenhancement.com.

870
00:33:08,540 --> 00:33:10,260
You're listening to something more with Chris Boyd,

871
00:33:10,300 --> 00:33:12,880
financial talk show, wealth enhancement, advisory services, and

872
00:33:12,880 --> 00:33:15,020
Jay Christopher Boyd provide investment advice on an

873
00:33:15,020 --> 00:33:17,580
individual basis to clients only proper advice depends

874
00:33:17,580 --> 00:33:19,380
on a complete analysis of all facts and

875
00:33:19,380 --> 00:33:19,920
circumstances.

876
00:33:20,260 --> 00:33:22,000
The information given on this program is general

877
00:33:22,000 --> 00:33:24,040
financial comments and cannot be relied upon as

878
00:33:24,040 --> 00:33:25,660
pertaining to your specific situation.

879
00:33:25,840 --> 00:33:27,800
Wealth enhancement group cannot guarantee that using the

880
00:33:27,800 --> 00:33:29,800
information from this show will generate profits or

881
00:33:29,800 --> 00:33:30,940
ensure freedom from loss.

882
00:33:30,940 --> 00:33:33,280
Listeners should consult their own financial advisors or

883
00:33:33,280 --> 00:33:35,400
conduct their own due diligence before making any

884
00:33:35,400 --> 00:33:36,160
financial decisions.