1 00:00:00,600 --> 00:00:04,880 Speaker 1: It's Night Side with Dan ray I WBS costin his 2 00:00:04,960 --> 00:00:05,560 Speaker 1: new radio. 3 00:00:06,080 --> 00:00:08,360 Speaker 2: To the callers who were late last hour, I apologize. 4 00:00:08,400 --> 00:00:11,160 Speaker 2: I tried to get to everybody. I was not successful. 5 00:00:11,640 --> 00:00:15,200 Speaker 2: Always troubles me when I can't get But again, folks, 6 00:00:15,200 --> 00:00:17,079 Speaker 2: when you call in and that you know you wait 7 00:00:17,160 --> 00:00:22,160 Speaker 2: until the forty five minute mark of an hour program, 8 00:00:22,560 --> 00:00:26,040 Speaker 2: sometimes we do run out of time. So having said that, 9 00:00:26,600 --> 00:00:29,240 Speaker 2: I think everybody understands, and we're now going to change 10 00:00:29,240 --> 00:00:33,920 Speaker 2: from top talking about anti semitism here in Massachusetts to 11 00:00:34,400 --> 00:00:38,600 Speaker 2: housing market trends and also the big catchword these days 12 00:00:38,600 --> 00:00:41,800 Speaker 2: seems to be affordability, whether it's at the supermarket or 13 00:00:42,120 --> 00:00:47,159 Speaker 2: for young people purchasing their first home. With us. As 14 00:00:47,280 --> 00:00:52,080 Speaker 2: Lance Morgan, he's a financial expert and an educator. Lance Morgan, 15 00:00:52,120 --> 00:00:54,360 Speaker 2: welcome back. Lance was with me. I think it was 16 00:00:54,400 --> 00:00:57,720 Speaker 2: December third. I could be wrong on the date, but 17 00:00:58,600 --> 00:01:02,560 Speaker 2: within the last week could too. And we talked about 18 00:01:02,600 --> 00:01:06,600 Speaker 2: the concept of a fifty year mortgage, and I thought 19 00:01:06,640 --> 00:01:09,039 Speaker 2: that it might be a great opportunity for people who 20 00:01:09,080 --> 00:01:13,400 Speaker 2: would have questions to have Lance come back and spend 21 00:01:13,720 --> 00:01:16,120 Speaker 2: a little bit more time with us and take calls 22 00:01:16,480 --> 00:01:19,479 Speaker 2: from listeners. So welcome back to night's mister Morgan, how. 23 00:01:19,360 --> 00:01:22,440 Speaker 3: Are you, hey, Dan, Nice to chat with you, Thanks 24 00:01:22,480 --> 00:01:23,319 Speaker 3: for having me back on. 25 00:01:23,680 --> 00:01:27,959 Speaker 2: Okay, Yeah, tell us a little bit about yourself again. 26 00:01:28,360 --> 00:01:33,200 Speaker 2: You are a financial guy and an educator. At some 27 00:01:33,280 --> 00:01:36,160 Speaker 2: point I'm going to ask you how people can get 28 00:01:36,200 --> 00:01:38,560 Speaker 2: in touch with you off here, but I'm hoping some 29 00:01:38,600 --> 00:01:40,560 Speaker 2: people will want to call and ask questions. And I 30 00:01:40,600 --> 00:01:43,680 Speaker 2: want to talk about this concept of a fifty year mortgage, 31 00:01:44,080 --> 00:01:46,280 Speaker 2: which I know a lot of people think, well, that's 32 00:01:46,520 --> 00:01:49,880 Speaker 2: not possible, but I actually the more I think about it, 33 00:01:50,280 --> 00:01:53,880 Speaker 2: the more I think there's some possibilities. First, your background, 34 00:01:54,520 --> 00:01:57,120 Speaker 2: how deep is you? I'm sure your background is very 35 00:01:57,120 --> 00:02:01,240 Speaker 2: deep in the financial world. Just give a little perspective. 36 00:02:02,440 --> 00:02:04,800 Speaker 3: Yeah, so about twenty years ago is when I got 37 00:02:04,840 --> 00:02:07,560 Speaker 3: into the financial industry. I left the IT industry and 38 00:02:07,640 --> 00:02:10,120 Speaker 3: got into the financial industry. I just had a passion 39 00:02:10,280 --> 00:02:14,280 Speaker 3: for understanding different financial strategies and concepts. 40 00:02:15,080 --> 00:02:17,519 Speaker 4: I got into the financial industry. 41 00:02:17,080 --> 00:02:19,080 Speaker 3: Like a lot of people do, did a lot of 42 00:02:19,080 --> 00:02:23,840 Speaker 3: your you know, fiduciary type stuff, assets under management, insurance products, 43 00:02:23,840 --> 00:02:27,040 Speaker 3: and you know, just your typical stuff. And then I 44 00:02:27,120 --> 00:02:32,080 Speaker 3: went through a year long training program that was called 45 00:02:32,120 --> 00:02:35,600 Speaker 3: the Circle of wealth, and it just really talked about 46 00:02:35,639 --> 00:02:39,560 Speaker 3: a lot of eye opening concepts about money that I 47 00:02:39,560 --> 00:02:43,720 Speaker 3: had never really thought about, things like opportunity cost for example. 48 00:02:43,800 --> 00:02:46,840 Speaker 3: I remember learning about opportunity costs for the first time 49 00:02:46,919 --> 00:02:50,360 Speaker 3: and just thinking that, you know, that was something that 50 00:02:50,400 --> 00:02:51,080 Speaker 3: I had never. 51 00:02:50,960 --> 00:02:52,680 Speaker 4: Thought about, you know, and mortgages. 52 00:02:52,720 --> 00:02:55,520 Speaker 3: It's kind of funny, a big chunk of our focus 53 00:02:56,000 --> 00:02:58,320 Speaker 3: was actually talking about mortgages back in the day, and 54 00:02:58,960 --> 00:03:01,800 Speaker 3: I was learning, you know, concepts of like, you know, 55 00:03:01,960 --> 00:03:04,320 Speaker 3: people thinking that they're going to save a lot of 56 00:03:04,840 --> 00:03:07,080 Speaker 3: or save a lot of money by getting you know, 57 00:03:07,520 --> 00:03:09,840 Speaker 3: a ten year or a fifteen year mortgage over a 58 00:03:09,880 --> 00:03:15,080 Speaker 3: thirty year mortgage. And yes, logically, you know, there are 59 00:03:15,120 --> 00:03:18,400 Speaker 3: some ideas they're saving interest. But what most people don't 60 00:03:18,440 --> 00:03:20,520 Speaker 3: think about that I had never thought about, even as 61 00:03:20,520 --> 00:03:24,720 Speaker 3: a financial advisor. It was like, well, what else could 62 00:03:24,760 --> 00:03:28,160 Speaker 3: you be doing that with that money and the opportunity 63 00:03:28,200 --> 00:03:29,280 Speaker 3: cost of that money. 64 00:03:29,440 --> 00:03:31,680 Speaker 4: So just outside the box ways. 65 00:03:31,440 --> 00:03:34,040 Speaker 3: Of thinking about money, I would say, is my background 66 00:03:34,160 --> 00:03:37,160 Speaker 3: is learning ideas that I was not taught in the 67 00:03:37,200 --> 00:03:38,840 Speaker 3: traditional financial industry. 68 00:03:39,360 --> 00:03:44,960 Speaker 2: Well, certainly, now we have a crisis that is impacting 69 00:03:45,400 --> 00:03:50,960 Speaker 2: young people, millennials, gen xers who are paying in many 70 00:03:50,960 --> 00:03:55,960 Speaker 2: cases exorbited rents. The money is good for landlords, but 71 00:03:56,000 --> 00:03:59,480 Speaker 2: it's not good for the renters, and many of them 72 00:03:59,480 --> 00:04:04,400 Speaker 2: are finding that they're priced out of market places, whether 73 00:04:04,440 --> 00:04:07,920 Speaker 2: it's places like New York or Boston or San Francisco, 74 00:04:08,680 --> 00:04:14,960 Speaker 2: major cities. And now this whole idea of a fifty 75 00:04:15,040 --> 00:04:19,440 Speaker 2: year mortgage, which is sort of the opposite of what 76 00:04:22,520 --> 00:04:26,279 Speaker 2: the first mortgage I took. And you'll laugh when I 77 00:04:26,279 --> 00:04:29,200 Speaker 2: tell you the amount of money that I that I 78 00:04:29,279 --> 00:04:32,520 Speaker 2: purchased my first piece of property for back in the 79 00:04:32,600 --> 00:04:38,080 Speaker 2: nineteen seventies, fresh out of law school, and how much 80 00:04:38,120 --> 00:04:43,600 Speaker 2: I flipped it eight years later. It was it was 81 00:04:43,920 --> 00:04:46,680 Speaker 2: I couldn't have timed the market better if I had tried. 82 00:04:47,360 --> 00:04:52,600 Speaker 2: I spent sixty seven dollars for a very nice condominium 83 00:04:52,680 --> 00:04:54,840 Speaker 2: on Beacon Street in Boston with a view of the 84 00:04:54,920 --> 00:04:58,159 Speaker 2: Childs River, and in addition, there came a couple of 85 00:04:58,200 --> 00:05:03,240 Speaker 2: parking spaces with that, and eight years later it it 86 00:05:03,279 --> 00:05:07,240 Speaker 2: was sold for four hundred thousand dollars. Wow, Now you 87 00:05:07,279 --> 00:05:09,480 Speaker 2: know that was just luck. I probably, if i'd been 88 00:05:09,480 --> 00:05:12,160 Speaker 2: smashed it held onto it because today God knows what 89 00:05:12,480 --> 00:05:16,640 Speaker 2: it would be worth in that location. Exitu Street. I 90 00:05:16,680 --> 00:05:19,240 Speaker 2: don't know if you know Boston at all, but prime 91 00:05:19,520 --> 00:05:25,120 Speaker 2: real estate location. Yeah yeah, But let's talk about the 92 00:05:25,200 --> 00:05:28,520 Speaker 2: fifty year mortgage. So you and I we don't have 93 00:05:28,560 --> 00:05:30,560 Speaker 2: to break the numbers down, but I'm sure you can 94 00:05:30,560 --> 00:05:34,600 Speaker 2: break it down so people can understand that the monthly 95 00:05:34,720 --> 00:05:36,839 Speaker 2: cost of a fifty year mortgage is going to be 96 00:05:36,960 --> 00:05:39,440 Speaker 2: less than a thirty year mortgage, which is sort of 97 00:05:39,480 --> 00:05:42,440 Speaker 2: the standard, and it's going to be substantially less than 98 00:05:42,440 --> 00:05:45,520 Speaker 2: if someone tries to accelerate a thirty year mortgage into 99 00:05:45,560 --> 00:05:48,480 Speaker 2: a fifteen or a twenty year mortgage. Let's talk about 100 00:05:48,520 --> 00:05:51,719 Speaker 2: the advantages from your perspective and also the disadvantages. 101 00:05:53,480 --> 00:05:53,760 Speaker 4: You know. 102 00:05:54,279 --> 00:05:57,880 Speaker 3: So this is a very maybe not so popular opinion 103 00:05:58,160 --> 00:06:03,360 Speaker 3: about about mortgages in general. But the way that I 104 00:06:03,480 --> 00:06:05,839 Speaker 3: was taught, not initially, but the way that I was 105 00:06:05,880 --> 00:06:07,919 Speaker 3: taught when I was taught about some of these financial 106 00:06:08,000 --> 00:06:12,760 Speaker 3: strategies is that when you're financing anything, whether it's a 107 00:06:12,800 --> 00:06:15,000 Speaker 3: mortgage or car or whatever the case may be, when 108 00:06:15,000 --> 00:06:18,799 Speaker 3: you're financing anything, the idea is is the lowest payment 109 00:06:19,600 --> 00:06:23,279 Speaker 3: over the longest period of time possible, and the reason 110 00:06:24,400 --> 00:06:28,480 Speaker 3: is because of what you could do with the extra money. 111 00:06:29,040 --> 00:06:32,440 Speaker 3: I guess that's the big the big difference, right is 112 00:06:32,960 --> 00:06:36,560 Speaker 3: if I can get a low payment, then that allows 113 00:06:36,600 --> 00:06:41,160 Speaker 3: me to save more, right, save more for retirement, maybe 114 00:06:41,480 --> 00:06:46,240 Speaker 3: maybe put more money towards an investment property, or pay 115 00:06:46,279 --> 00:06:49,320 Speaker 3: down some higher interest credit cards if I had something 116 00:06:49,400 --> 00:06:53,159 Speaker 3: like that, you know, anything that was costing you more. 117 00:06:54,800 --> 00:06:57,839 Speaker 3: I remember when I first so, I have a little 118 00:06:57,880 --> 00:07:01,200 Speaker 3: hobby farm of six acres, and I bought a tractor, 119 00:07:01,880 --> 00:07:05,560 Speaker 3: and the tractor came with zero percent of financing, and 120 00:07:05,600 --> 00:07:08,440 Speaker 3: they were like, you can have zero percent of financing 121 00:07:08,480 --> 00:07:11,640 Speaker 3: for five years or zero percent financing for seven years. 122 00:07:12,200 --> 00:07:15,840 Speaker 3: And then I was just like, is this really a choice? 123 00:07:15,920 --> 00:07:18,640 Speaker 3: I mean, why wouldn't I want the seven years? 124 00:07:18,840 --> 00:07:22,600 Speaker 2: Be sure? Yeah? Absolutely, yeah, you know, I mean, well 125 00:07:22,640 --> 00:07:24,640 Speaker 2: that's kind of the point that I wanted to get 126 00:07:24,640 --> 00:07:26,440 Speaker 2: at here. And what I'm gonna do is I gotta 127 00:07:26,480 --> 00:07:29,160 Speaker 2: take a quick break of just to make some money 128 00:07:29,160 --> 00:07:32,240 Speaker 2: on a couple of commercials. But the question is that 129 00:07:32,680 --> 00:07:38,520 Speaker 2: young people today, they may not have the funds to 130 00:07:38,560 --> 00:07:42,720 Speaker 2: financially support a thirty year mortgage or worse. 131 00:07:42,520 --> 00:07:44,720 Speaker 4: Than that, a twenty year They might not have a choice. 132 00:07:44,840 --> 00:07:47,640 Speaker 2: Yeah, this might be the only way that they can 133 00:07:47,680 --> 00:07:51,480 Speaker 2: get into the real estate market and stop renting and 134 00:07:51,560 --> 00:07:55,440 Speaker 2: start building some equity. My producer Rob said to me, 135 00:07:55,560 --> 00:07:57,480 Speaker 2: how would you want a fifty year mortgage? You'll never 136 00:07:57,520 --> 00:07:59,640 Speaker 2: pay it off. That's not a problem. 137 00:08:00,000 --> 00:08:01,360 Speaker 4: I mean, no, that's not the point. 138 00:08:02,760 --> 00:08:05,960 Speaker 2: If if the value of the property increases and you 139 00:08:06,080 --> 00:08:09,040 Speaker 2: decide you got to move five years or ten years out, 140 00:08:09,720 --> 00:08:13,520 Speaker 2: you sell it at the increased value, and you pay 141 00:08:13,560 --> 00:08:16,240 Speaker 2: off the mortgage and you take whatever gain you have 142 00:08:16,320 --> 00:08:20,800 Speaker 2: and I guess roll it over into your next into 143 00:08:20,800 --> 00:08:24,560 Speaker 2: your next property. Lance Morgan is my guest. Let's let's 144 00:08:24,560 --> 00:08:26,560 Speaker 2: take a break, and when we come back, you can 145 00:08:26,760 --> 00:08:31,760 Speaker 2: amplify the experience that I just talked about, because I 146 00:08:31,760 --> 00:08:37,240 Speaker 2: think for some right now, bill lack of liquidity equals 147 00:08:37,400 --> 00:08:40,959 Speaker 2: lack of affordability, which means they got to keep pouring 148 00:08:41,080 --> 00:08:47,959 Speaker 2: money down the rental black hole. So we'll get to that, 149 00:08:48,160 --> 00:08:52,839 Speaker 2: and if anybody has questions or wants to comment on 150 00:08:52,960 --> 00:08:57,360 Speaker 2: the comparative wisdom, this is a difficult situation for your 151 00:08:57,400 --> 00:09:02,920 Speaker 2: real estate has skyrocketed in this country. I'm going to 152 00:09:03,160 --> 00:09:05,800 Speaker 2: also ask Lance Morgan if he feels it might be 153 00:09:05,880 --> 00:09:08,160 Speaker 2: time to just sit on the sidelines and wait for 154 00:09:08,240 --> 00:09:12,240 Speaker 2: things to come down. That's another strategy which could be 155 00:09:12,280 --> 00:09:17,600 Speaker 2: equally costly. We'll never know until the future unfolds. Six one, seven, two, five, four, 156 00:09:17,720 --> 00:09:20,920 Speaker 2: ten thirty six one seven, nine, three, one ten thirty 157 00:09:21,240 --> 00:09:24,200 Speaker 2: Talking a little bit about real estate investment. If you're young, 158 00:09:24,280 --> 00:09:27,520 Speaker 2: if you're out there, if you have children, are you 159 00:09:27,600 --> 00:09:30,200 Speaker 2: willing to help them? Can you help them? We have 160 00:09:30,280 --> 00:09:32,400 Speaker 2: lots of ground to cover here. Feel free to join 161 00:09:32,440 --> 00:09:35,520 Speaker 2: the conversation and ask questions or make comments. Coming back on. 162 00:09:35,520 --> 00:09:41,320 Speaker 1: Night Side, It's Night Side with Dan Ray, Boston's news radio. 163 00:09:41,880 --> 00:09:45,640 Speaker 2: We're talking about fifty year mortgages with Lance Morgan, financial expert. 164 00:09:45,720 --> 00:09:48,120 Speaker 2: We had him on the eight o'clock hour a couple 165 00:09:48,080 --> 00:09:50,000 Speaker 2: of weeks ago, and I just thought this would be 166 00:09:50,000 --> 00:09:53,360 Speaker 2: a good opportunity for people to ask questions. But before 167 00:09:53,360 --> 00:09:57,640 Speaker 2: we get to phone calls into questions from either young 168 00:09:57,640 --> 00:10:00,640 Speaker 2: people who are contemplating buying, or there are young people 169 00:10:00,679 --> 00:10:03,560 Speaker 2: out there who feel they have been priced out of 170 00:10:03,600 --> 00:10:05,760 Speaker 2: the market here in Boston, we can talk about that 171 00:10:05,880 --> 00:10:10,240 Speaker 2: as well, Lance, Why don't you, again, realizing that numbers 172 00:10:10,280 --> 00:10:13,959 Speaker 2: on radio are always difficult, try to explain the advantages 173 00:10:14,080 --> 00:10:18,400 Speaker 2: or the disadvantages of a longer mortgage for someone who 174 00:10:18,480 --> 00:10:22,600 Speaker 2: might be in their late twenties early thirties and for 175 00:10:22,640 --> 00:10:27,920 Speaker 2: the first time is thinking they want to invest in 176 00:10:27,960 --> 00:10:32,160 Speaker 2: a property, whether it's a condominium or a first first home, 177 00:10:32,679 --> 00:10:35,880 Speaker 2: either way, to get into the real estate market. And 178 00:10:35,920 --> 00:10:38,360 Speaker 2: do you feel that this is a good time to 179 00:10:38,400 --> 00:10:41,560 Speaker 2: get in the real estate market, because obviously any market 180 00:10:41,600 --> 00:10:45,600 Speaker 2: can always go up or in some cases can go down. 181 00:10:47,280 --> 00:10:49,120 Speaker 3: Yeah, you know, I like what you said earlier. For 182 00:10:49,200 --> 00:10:51,920 Speaker 3: a lot of people, this may be their only option 183 00:10:52,040 --> 00:10:55,200 Speaker 3: and they're only chance of getting in and having some 184 00:10:55,240 --> 00:10:58,840 Speaker 3: ownership and building up some equity and getting into a 185 00:10:58,880 --> 00:11:02,240 Speaker 3: house you know that they can afford where you know, 186 00:11:02,360 --> 00:11:05,839 Speaker 3: over time, of course, there could be that equity. Whether 187 00:11:05,960 --> 00:11:07,520 Speaker 3: or not they ever pay it off. 188 00:11:07,520 --> 00:11:09,800 Speaker 4: I don't know. Like you said, that's not really the question. 189 00:11:09,880 --> 00:11:12,200 Speaker 3: You know, they could stay in that house for ten years, 190 00:11:12,559 --> 00:11:15,600 Speaker 3: twenty years, and then sell it, go buy another one, 191 00:11:15,800 --> 00:11:18,160 Speaker 3: you know, get another fifty year mortgage on the next house, 192 00:11:18,520 --> 00:11:21,120 Speaker 3: you know, and so they may not stay in a 193 00:11:21,200 --> 00:11:24,480 Speaker 3: house for fifty years. But I don't think that's the point. 194 00:11:24,520 --> 00:11:26,760 Speaker 3: The point is is if the payment's low enough that 195 00:11:26,800 --> 00:11:30,000 Speaker 3: they can actually get into home ownership, you know, then 196 00:11:30,080 --> 00:11:32,160 Speaker 3: that might be their only option. For some of these 197 00:11:32,200 --> 00:11:34,080 Speaker 3: families just getting started with their career. 198 00:11:34,760 --> 00:11:41,320 Speaker 2: How significant a a break would there be? You know, again, 199 00:11:41,400 --> 00:11:45,679 Speaker 2: it's it's always difficult to talk numbers here, but you know, 200 00:11:45,760 --> 00:11:49,920 Speaker 2: if let us say, thirty year mortgage was going to 201 00:11:50,080 --> 00:11:55,280 Speaker 2: have I'm I'm just guessing here and you probably so. 202 00:11:55,480 --> 00:11:59,400 Speaker 2: You know, let's say that the monthly not was was 203 00:11:59,440 --> 00:12:02,400 Speaker 2: three thousand dollars a month on a thirty or or 204 00:12:02,559 --> 00:12:05,680 Speaker 2: on a thirty year mortgage. How much of a break 205 00:12:05,720 --> 00:12:09,880 Speaker 2: would that mean On a mortgage that would be fifty years, 206 00:12:09,960 --> 00:12:13,040 Speaker 2: it would obviously be less per month, But is that 207 00:12:13,040 --> 00:12:15,720 Speaker 2: would it have because of the length of the fifty mortgage? 208 00:12:15,720 --> 00:12:18,599 Speaker 2: Would that drop that number down significantly? 209 00:12:20,360 --> 00:12:23,560 Speaker 3: You know, So I've played around with it, you know, 210 00:12:23,600 --> 00:12:26,760 Speaker 3: and it kind of will, of course depend on interest rates. 211 00:12:26,840 --> 00:12:30,360 Speaker 4: Is what's tricky is is you know, sometimes. 212 00:12:29,720 --> 00:12:33,800 Speaker 3: Your lower you know, your lower time frames, you know, 213 00:12:34,000 --> 00:12:36,640 Speaker 3: your shorter time frames are going to have a lower 214 00:12:36,679 --> 00:12:40,000 Speaker 3: interest The longer time frames are sometimes going to have 215 00:12:40,040 --> 00:12:42,760 Speaker 3: a higher interest. So it'll really depend on what they 216 00:12:42,840 --> 00:12:45,800 Speaker 3: decide to do, you know, on whether or not they're 217 00:12:45,880 --> 00:12:48,640 Speaker 3: going to you know, have the interest rate be much 218 00:12:48,720 --> 00:12:51,959 Speaker 3: higher or keep the interest rate you know, as low 219 00:12:51,960 --> 00:12:56,280 Speaker 3: as possible, but I mean depending on the property itself, 220 00:12:56,360 --> 00:12:59,359 Speaker 3: you know, it might only be you know, five hundred. 221 00:12:59,080 --> 00:12:59,800 Speaker 4: Dollars a month. 222 00:13:00,320 --> 00:13:03,760 Speaker 3: You know, to someone it might not be a huge, 223 00:13:04,080 --> 00:13:08,200 Speaker 3: you know impact, but sometimes that five hundred dollars a 224 00:13:08,240 --> 00:13:12,080 Speaker 3: month might be enough to get him into a property, 225 00:13:12,320 --> 00:13:12,880 Speaker 3: you know what I mean. 226 00:13:13,520 --> 00:13:16,800 Speaker 2: No, I totally. And of course people understand that that 227 00:13:16,920 --> 00:13:20,000 Speaker 2: the way mortgages. Any mortgage, whether it's a twenty year 228 00:13:20,160 --> 00:13:23,360 Speaker 2: or a thirty or a fifty, you're going to be 229 00:13:23,400 --> 00:13:28,640 Speaker 2: paying off a lot of interest and little principle in 230 00:13:28,720 --> 00:13:32,160 Speaker 2: the first few years. I mean that principle. The payoff 231 00:13:32,160 --> 00:13:34,839 Speaker 2: of the principle is all towards the back end of 232 00:13:34,880 --> 00:13:39,280 Speaker 2: the mortgage, but you will over time pay that down 233 00:13:39,320 --> 00:13:43,559 Speaker 2: a little bit. And if you're able to hang in 234 00:13:43,600 --> 00:13:47,120 Speaker 2: there for a few years. Do you see the real 235 00:13:47,240 --> 00:13:51,200 Speaker 2: estate markets as at some point topping out. I mean, 236 00:13:51,240 --> 00:13:53,520 Speaker 2: it just seems it always goes up. But doesn't they 237 00:13:53,600 --> 00:13:57,520 Speaker 2: reach a point where it realistically a cackle much higher? 238 00:13:58,720 --> 00:14:00,960 Speaker 4: Yeah, that is that is a great question. 239 00:14:01,600 --> 00:14:04,600 Speaker 3: I know that my next door neighbor debated on building 240 00:14:04,720 --> 00:14:07,920 Speaker 3: for five years. He was just waiting for the prices 241 00:14:07,960 --> 00:14:12,319 Speaker 3: to come down. Prices never came down. They just kept 242 00:14:12,320 --> 00:14:14,880 Speaker 3: going up, sure, kept going up, you know, and it 243 00:14:15,000 --> 00:14:17,880 Speaker 3: was like we all think that you know, at some point, 244 00:14:18,240 --> 00:14:19,600 Speaker 3: you know, prices are going to come down. 245 00:14:19,640 --> 00:14:19,800 Speaker 5: You know. 246 00:14:19,800 --> 00:14:20,720 Speaker 4: We all talked about. 247 00:14:20,560 --> 00:14:23,320 Speaker 3: Two thousand and eight with the big housing crash and 248 00:14:23,320 --> 00:14:27,560 Speaker 3: how everybody everybody lost their homes and all of the 249 00:14:27,680 --> 00:14:30,520 Speaker 3: negatives about two thousand and eight. What we don't talk 250 00:14:30,600 --> 00:14:34,120 Speaker 3: about is how many multimillionaires were made in two thousand 251 00:14:34,160 --> 00:14:36,680 Speaker 3: and eight, you know, who went out and bought homes 252 00:14:37,160 --> 00:14:41,360 Speaker 3: that were pennies on the dollar, right. I mean, that 253 00:14:41,560 --> 00:14:44,920 Speaker 3: was a moment in time where real estate dropped in 254 00:14:45,680 --> 00:14:49,960 Speaker 3: value significantly and investors went in and his bought houses 255 00:14:50,040 --> 00:14:51,080 Speaker 3: like crazy. 256 00:14:50,720 --> 00:14:54,200 Speaker 2: And it bounced back. It bounced back quickly. A lot 257 00:14:54,240 --> 00:15:01,360 Speaker 2: of that was, if not influenced or instigated by government action, 258 00:15:01,520 --> 00:15:03,920 Speaker 2: the government was very much involved in a lot of that, 259 00:15:04,000 --> 00:15:07,040 Speaker 2: with the deventures and all of that back in two thousands. 260 00:15:07,200 --> 00:15:10,200 Speaker 2: I remember driving through Phoenix, Arizona, in the spring of 261 00:15:10,240 --> 00:15:14,240 Speaker 2: two thousand and seven and looking at all of these 262 00:15:14,400 --> 00:15:17,080 Speaker 2: areas in Phoenix. And I don't know if you were 263 00:15:17,120 --> 00:15:20,120 Speaker 2: in any anywhere near Phoenix at that time, but I 264 00:15:20,160 --> 00:15:23,680 Speaker 2: remember just driving and seeing blocks and blocks of how 265 00:15:23,960 --> 00:15:27,720 Speaker 2: you know, it looked like condominiums driving down a fairly 266 00:15:27,880 --> 00:15:30,720 Speaker 2: major road, and to the right and to the left 267 00:15:30,760 --> 00:15:33,760 Speaker 2: of me nothing but finished condominiums on the market, and 268 00:15:33,800 --> 00:15:37,640 Speaker 2: a couple of blocks later condominiums that were about three 269 00:15:37,720 --> 00:15:40,160 Speaker 2: quarters of the way finished. They weren't even yet in 270 00:15:40,200 --> 00:15:42,640 Speaker 2: the market. And then a couple of more blocks later 271 00:15:42,760 --> 00:15:45,920 Speaker 2: condominiums where the roofs hadn't been put on, and then 272 00:15:45,960 --> 00:15:49,480 Speaker 2: a couple of more blocks later where the condominiums they 273 00:15:49,480 --> 00:15:51,720 Speaker 2: had been framed. That was about it, and then a 274 00:15:51,720 --> 00:15:56,960 Speaker 2: couple of more blocks later just the sellers had been 275 00:15:57,280 --> 00:15:59,920 Speaker 2: and I thought, who the hell is going to be? 276 00:16:00,040 --> 00:16:04,040 Speaker 2: Why where is the you know, these were like literally 277 00:16:04,360 --> 00:16:07,600 Speaker 2: I thought they were probably hundreds of properties, but I'm 278 00:16:07,640 --> 00:16:11,040 Speaker 2: thinking thousands. And I wasn't swat enough at the time, 279 00:16:11,160 --> 00:16:13,960 Speaker 2: not that I'm swat enough now to thought to myself, 280 00:16:15,160 --> 00:16:18,160 Speaker 2: this is crazy. This market is looking at me because 281 00:16:18,360 --> 00:16:22,320 Speaker 2: there's just an oversupply of They were building them faster 282 00:16:22,560 --> 00:16:26,560 Speaker 2: than people could buy them. And I saw that with 283 00:16:26,680 --> 00:16:29,880 Speaker 2: my own eyes and it didn't compute. And I kicked 284 00:16:29,920 --> 00:16:34,960 Speaker 2: myself after that because obviously it impacted the stock market. 285 00:16:36,160 --> 00:16:38,720 Speaker 2: If I had been sworn enough, I would have dumped stocks, 286 00:16:38,840 --> 00:16:42,680 Speaker 2: gone to cash, and then gone back and bought similar stocks. 287 00:16:44,520 --> 00:16:47,240 Speaker 2: Do you have a recollection of that time when when 288 00:16:47,280 --> 00:16:51,000 Speaker 2: everything was booming, before the before the crash of two 289 00:16:51,040 --> 00:16:52,520 Speaker 2: thousand and seven, two thousand and eight. 290 00:16:53,880 --> 00:16:57,840 Speaker 3: Yeah, back then, you know, everyone was I mean, the 291 00:16:57,880 --> 00:17:00,240 Speaker 3: markets were at an all times high from a real 292 00:17:00,320 --> 00:17:04,159 Speaker 3: estate standpoint, which of course we've now gone way past that, 293 00:17:04,680 --> 00:17:07,600 Speaker 3: you know. But at the time, Yeah, I had neighbors 294 00:17:07,640 --> 00:17:11,680 Speaker 3: that couldn't sell because they were upside down for several years, 295 00:17:12,160 --> 00:17:14,280 Speaker 3: you know, and they were kind of stuck, you know, 296 00:17:14,320 --> 00:17:16,479 Speaker 3: in these homes, and so it was. 297 00:17:17,480 --> 00:17:19,760 Speaker 4: It was a tricky It was a tricky time. I 298 00:17:19,840 --> 00:17:21,080 Speaker 4: was going to tell you I did. 299 00:17:21,240 --> 00:17:25,000 Speaker 3: I pulled up on my computer just a mortgage calculator 300 00:17:25,040 --> 00:17:26,000 Speaker 3: to give you some ideas. 301 00:17:26,119 --> 00:17:27,240 Speaker 4: Here's the big question. 302 00:17:27,560 --> 00:17:29,679 Speaker 3: Here's the big question on the fifty year mortgage that 303 00:17:29,760 --> 00:17:32,320 Speaker 3: I think has yet to be determined as the interest 304 00:17:32,440 --> 00:17:35,560 Speaker 3: rates and what the difference is on the interest rates. 305 00:17:35,600 --> 00:17:38,360 Speaker 3: Because what's crazy is is that if they can come 306 00:17:38,400 --> 00:17:41,000 Speaker 3: out with a fifty year mortgage with a comparable interest 307 00:17:41,080 --> 00:17:43,200 Speaker 3: rate to a thirty year mortgage, Yeah, then you're going 308 00:17:43,240 --> 00:17:45,840 Speaker 3: to you're going to see that three to five hundred, 309 00:17:46,000 --> 00:17:48,639 Speaker 3: you know, dollars a month in savings on like a 310 00:17:48,680 --> 00:17:53,240 Speaker 3: half a million dollar mortgage on a million dollar type mortgage, 311 00:17:53,240 --> 00:17:55,320 Speaker 3: a million dollar house. You know, yeah, you're looking at 312 00:17:55,359 --> 00:17:57,760 Speaker 3: a pretty significant difference, maybe up to like a thousand 313 00:17:57,800 --> 00:17:58,439 Speaker 3: dollars difference. 314 00:17:58,600 --> 00:18:01,960 Speaker 4: Right, But but if. 315 00:18:01,800 --> 00:18:04,680 Speaker 3: They were if it was an if it was one 316 00:18:04,760 --> 00:18:08,560 Speaker 3: percent higher and interest rate, right, So if it was 317 00:18:08,600 --> 00:18:11,440 Speaker 3: like a seven percent interest rate on a fifty year 318 00:18:11,520 --> 00:18:13,920 Speaker 3: versus like a six percent interest rate on a thirty year, 319 00:18:14,359 --> 00:18:16,960 Speaker 3: then the price the monthly payment ends up being about 320 00:18:17,000 --> 00:18:17,359 Speaker 3: the same. 321 00:18:17,880 --> 00:18:19,440 Speaker 4: So the real question. 322 00:18:19,240 --> 00:18:21,320 Speaker 3: Is going to be if they'll be able to keep 323 00:18:21,359 --> 00:18:23,680 Speaker 3: those interest rates comparable on both. 324 00:18:24,119 --> 00:18:27,080 Speaker 2: Well, the Fed is going to have something to say 325 00:18:27,080 --> 00:18:31,520 Speaker 2: about that tomorrow, if I'm not mistaken. Yeah, the market 326 00:18:31,640 --> 00:18:34,399 Speaker 2: be interesting. They have played believe that they're going to 327 00:18:34,440 --> 00:18:37,679 Speaker 2: cut a quarter of a point. That's not a lot, 328 00:18:37,880 --> 00:18:40,840 Speaker 2: but it's it would be something that I think would 329 00:18:41,080 --> 00:18:45,919 Speaker 2: keep maybe go a long way to make things a 330 00:18:45,920 --> 00:18:48,159 Speaker 2: little bit more affordable. What is your sense on that? 331 00:18:48,280 --> 00:18:49,480 Speaker 2: Do you you have. 332 00:18:49,480 --> 00:18:52,680 Speaker 3: A Well, and that's the thing, you know, these interest rates, 333 00:18:52,760 --> 00:18:55,840 Speaker 3: as they keep kind of working their way down, you 334 00:18:55,880 --> 00:18:58,240 Speaker 3: know it is going to be you mentioned earlier, you know, 335 00:18:58,280 --> 00:19:00,120 Speaker 3: when it is a good time to buy, I think, 336 00:19:00,680 --> 00:19:03,280 Speaker 3: I think again. You know, if you can afford the 337 00:19:03,320 --> 00:19:07,000 Speaker 3: monthly payment, then buy now because you can always refinance later. 338 00:19:07,800 --> 00:19:10,240 Speaker 3: Is the general rule up thumb, Like, don't wait because 339 00:19:10,280 --> 00:19:13,040 Speaker 3: who knows when they're going to come down. If they're 340 00:19:13,080 --> 00:19:15,440 Speaker 3: going to come down, you know how much they're going 341 00:19:15,480 --> 00:19:18,399 Speaker 3: to come down. There's so much unknown that if the 342 00:19:18,520 --> 00:19:21,960 Speaker 3: timing is right, you know, then it's a good time 343 00:19:22,000 --> 00:19:25,080 Speaker 3: to buy. The other thing about buying versus renting, you know, 344 00:19:25,119 --> 00:19:28,560 Speaker 3: it's interesting depending on the generation. You know, there was 345 00:19:28,600 --> 00:19:33,000 Speaker 3: a generation that never considered moving around much. You know, 346 00:19:33,080 --> 00:19:36,160 Speaker 3: you stayed at the same job and you didn't move 347 00:19:36,200 --> 00:19:38,880 Speaker 3: around much, and so buying a house and settling down 348 00:19:39,000 --> 00:19:40,240 Speaker 3: was always the American dream. 349 00:19:40,680 --> 00:19:40,879 Speaker 4: You know. 350 00:19:41,200 --> 00:19:44,159 Speaker 3: I feel like some of these younger generations too. I mean, 351 00:19:44,200 --> 00:19:46,480 Speaker 3: I'm fifty, so I'm kind of in the middle there. 352 00:19:46,480 --> 00:19:49,160 Speaker 3: But like you know, a lot of the younger generations, 353 00:19:49,520 --> 00:19:52,439 Speaker 3: they don't plan on settling down much. You know, they 354 00:19:52,920 --> 00:19:56,640 Speaker 3: plan on bouncing around, you know, from job to job, 355 00:19:57,240 --> 00:20:00,920 Speaker 3: sometimes moving every couple of years. I actually just bought 356 00:20:00,920 --> 00:20:04,080 Speaker 3: an investment property in Florida, and there's a lot of 357 00:20:04,119 --> 00:20:07,520 Speaker 3: military bases there, and the problem is is that they 358 00:20:07,560 --> 00:20:13,600 Speaker 3: bought houses two years ago and they didn't go up 359 00:20:13,640 --> 00:20:17,120 Speaker 3: in value much over just two years. So now now 360 00:20:17,119 --> 00:20:20,520 Speaker 3: they're trying to sell them just two years later, and 361 00:20:21,000 --> 00:20:24,560 Speaker 3: they're not able to make much, especially with realtor fees 362 00:20:24,560 --> 00:20:27,920 Speaker 3: and everything else. And so you know, sometimes if you're 363 00:20:27,960 --> 00:20:30,560 Speaker 3: in an area where you're planning on living for a 364 00:20:30,560 --> 00:20:32,000 Speaker 3: short period of time, maybe you're only going to be 365 00:20:32,000 --> 00:20:35,639 Speaker 3: somewhere for two to three years, it might be better 366 00:20:35,680 --> 00:20:36,119 Speaker 3: to rent. 367 00:20:36,240 --> 00:20:39,240 Speaker 2: Yep. Yeah, those are all the factors, and every one 368 00:20:39,280 --> 00:20:47,240 Speaker 2: of those factors depends upon circumstances, your job, circumstances, maybe 369 00:20:47,320 --> 00:20:50,639 Speaker 2: what your spouse is thinking of doing. You know, what 370 00:20:50,800 --> 00:20:53,800 Speaker 2: is the health of your parents, where do they live, 371 00:20:54,560 --> 00:20:57,560 Speaker 2: are you tied to them? Are all of that? So 372 00:20:57,920 --> 00:20:59,840 Speaker 2: lit'sten this. We got to take a quick break here 373 00:20:59,840 --> 00:21:03,399 Speaker 2: for call to for news to the bottom of the hour. Again. 374 00:21:03,520 --> 00:21:06,120 Speaker 2: If you're someone out there who's thinking and you want 375 00:21:06,119 --> 00:21:10,760 Speaker 2: to run it by, it's a free consultation with a 376 00:21:10,800 --> 00:21:13,760 Speaker 2: financial expert, Lance Morgan will take your call and you 377 00:21:13,800 --> 00:21:17,760 Speaker 2: can explain you set of circumstances. Feel free six one seven, 378 00:21:18,040 --> 00:21:20,800 Speaker 2: four ten thirty six one seven, nine three one ten 379 00:21:20,920 --> 00:21:23,959 Speaker 2: thirty Coming right back on Night's Side right after the 380 00:21:24,000 --> 00:21:25,640 Speaker 2: news break at the bottom of the hour. 381 00:21:28,040 --> 00:21:32,720 Speaker 1: It's Nightside with Dan Ray on Boston's news radio. 382 00:21:33,520 --> 00:21:37,240 Speaker 2: We're talking with financial expert Lance Morgan, and we're trying 383 00:21:37,240 --> 00:21:41,600 Speaker 2: to focus and get people to focus on the benefit 384 00:21:41,680 --> 00:21:45,880 Speaker 2: of home ownership but also the cost of home ownership. 385 00:21:45,920 --> 00:21:51,760 Speaker 2: It is arguably cheaper to rent than it is to own, 386 00:21:52,760 --> 00:21:56,479 Speaker 2: but the money that you pay in rent has no 387 00:21:56,840 --> 00:21:59,840 Speaker 2: long term benefit for you other than a bunch of 388 00:22:00,040 --> 00:22:06,320 Speaker 2: rental receipts. Uh and uh, your your the receipts that 389 00:22:06,359 --> 00:22:09,960 Speaker 2: you may get from the bank who who has helping 390 00:22:09,960 --> 00:22:15,399 Speaker 2: you pay off a mortgage does result in some home equity, uh, 391 00:22:15,560 --> 00:22:18,040 Speaker 2: so that when you decide to sell that property, you 392 00:22:18,160 --> 00:22:21,200 Speaker 2: actually have more than just rental receipts in your hand. 393 00:22:21,359 --> 00:22:23,600 Speaker 2: Is that the simplest way to put it, Lance, Would 394 00:22:23,600 --> 00:22:28,159 Speaker 2: you say, yeah, I think that's great. Let's go to 395 00:22:28,200 --> 00:22:34,200 Speaker 2: Supole Calls sixty six, one, seven, nine, three, one ten thirty. 396 00:22:34,560 --> 00:22:36,960 Speaker 2: Jack is in Newton. Jack appreciate your calling, and you 397 00:22:37,040 --> 00:22:40,160 Speaker 2: on with Lance Morgan, who's a financial expert, and we're 398 00:22:40,240 --> 00:22:44,359 Speaker 2: talking about the possibility of fifty year mortgages. I should 399 00:22:44,359 --> 00:22:48,399 Speaker 2: have asked before Lance, We've never had that vehicle in 400 00:22:48,480 --> 00:22:50,720 Speaker 2: this country, to the best of my knowledge, correct, this 401 00:22:50,760 --> 00:22:55,080 Speaker 2: would be they now Are they now actually available in 402 00:22:55,160 --> 00:22:59,720 Speaker 2: some in some banks and some some credit agencies, or 403 00:22:59,720 --> 00:23:02,080 Speaker 2: are we're still talking about them in the theoretical and 404 00:23:02,119 --> 00:23:03,240 Speaker 2: then we'll go to Jack's call. 405 00:23:04,800 --> 00:23:07,200 Speaker 4: To my knowledge, they are not available yet. 406 00:23:07,720 --> 00:23:11,960 Speaker 2: Okay, let's let's go immediately to Jack's call. Jack, welcome, 407 00:23:12,000 --> 00:23:14,040 Speaker 2: You are next to the nights. I go ahead, my. 408 00:23:14,000 --> 00:23:21,240 Speaker 6: Friend, Yeah, Jack Corter, I've done some calculations lands on 409 00:23:21,359 --> 00:23:25,320 Speaker 6: five hundred thousand dollars at six point two five percent 410 00:23:26,200 --> 00:23:29,840 Speaker 6: for fifty years, thirty years, and fifteen years, and here's 411 00:23:29,880 --> 00:23:34,560 Speaker 6: the figures. For fifty years, five hundred thousand dollars will 412 00:23:34,600 --> 00:23:37,120 Speaker 6: be two thousand, seven and twenty four dollars a month. 413 00:23:37,480 --> 00:23:42,760 Speaker 6: That's pretty good, but the same as renting at fifteen years. Well, 414 00:23:42,840 --> 00:23:46,000 Speaker 6: I'm sorry, at thirty years, it's only three thousand and 415 00:23:46,080 --> 00:23:48,880 Speaker 6: seventy eight, so you're only saving theaters and fifty four 416 00:23:48,920 --> 00:23:52,680 Speaker 6: dollars at thirty years. But if you have for fifteen years, 417 00:23:53,040 --> 00:23:56,120 Speaker 6: it's four thousand, twitter eighty seven dollars a month. You're 418 00:23:56,119 --> 00:23:59,639 Speaker 6: saving one five and sixty three. But on fifteen years 419 00:24:00,119 --> 00:24:02,119 Speaker 6: you might be able to pay it off because you're 420 00:24:02,119 --> 00:24:03,879 Speaker 6: going to pay a lot of money. So this is 421 00:24:03,920 --> 00:24:06,480 Speaker 6: a good program if the banks will allow it for 422 00:24:06,480 --> 00:24:10,760 Speaker 6: fifty years. Not that much difference in thirty but yeah, 423 00:24:10,800 --> 00:24:16,040 Speaker 6: from fifteen you say ten thousand and sixty three dollars, 424 00:24:15,359 --> 00:24:16,680 Speaker 6: So well. 425 00:24:16,480 --> 00:24:19,320 Speaker 2: That would be the diference between a fifteen year and 426 00:24:19,359 --> 00:24:21,920 Speaker 2: a fifty year. So those those would be the two, 427 00:24:23,640 --> 00:24:27,000 Speaker 2: you know, furthest apart. The thirty would be the one 428 00:24:27,040 --> 00:24:30,560 Speaker 2: in the middle, and most people have a thirty I 429 00:24:30,600 --> 00:24:36,639 Speaker 2: think Lance would agree with that. It's a few events, yeah, 430 00:24:36,680 --> 00:24:39,720 Speaker 2: but they're most of between. Lance, I don't know if 431 00:24:39,720 --> 00:24:41,440 Speaker 2: you have these numbers off the top of your head. 432 00:24:41,440 --> 00:24:44,800 Speaker 2: In terms of mortgage people will have mortgages today, one 433 00:24:44,840 --> 00:24:48,200 Speaker 2: percentage are thirty years versus fifteen years. I'm assuming it's 434 00:24:48,280 --> 00:24:51,400 Speaker 2: ninety percent thirty years, and maybe if we're lucky ten 435 00:24:51,440 --> 00:24:53,840 Speaker 2: percent fifteen years. 436 00:24:54,240 --> 00:24:56,440 Speaker 3: You know, it might expe I mean, I don't have 437 00:24:56,520 --> 00:25:00,439 Speaker 3: the exact data. I'm just speaking from experience of talking 438 00:25:00,480 --> 00:25:03,080 Speaker 3: to hundreds of clients of mine over the years. You know, 439 00:25:03,840 --> 00:25:06,560 Speaker 3: I would say the thirty year is definitely the most common, 440 00:25:06,800 --> 00:25:08,480 Speaker 3: but you do get a lot of people with the 441 00:25:08,520 --> 00:25:11,120 Speaker 3: fifteen year mortgage. Trying to pay off their mortgage before 442 00:25:11,160 --> 00:25:13,960 Speaker 3: they retire. That's a very common thing as well. 443 00:25:14,440 --> 00:25:18,679 Speaker 2: Yeah, I turned mine into a into a fifteen and 444 00:25:18,760 --> 00:25:22,000 Speaker 2: I was still like twenty nine years old. I just 445 00:25:22,040 --> 00:25:25,080 Speaker 2: wanted to get it, get get it done. But again, 446 00:25:25,119 --> 00:25:28,720 Speaker 2: my mortgage was pretty small money because it was on 447 00:25:28,880 --> 00:25:31,680 Speaker 2: a condominium that in nineteen seventy eight cost me sixty 448 00:25:31,720 --> 00:25:35,520 Speaker 2: seven thousand dollars, which I thought was I would never 449 00:25:35,600 --> 00:25:38,159 Speaker 2: see that money again in my life. I mean, I 450 00:25:38,200 --> 00:25:41,200 Speaker 2: was terrified by the jack You have moved around a 451 00:25:41,240 --> 00:25:45,160 Speaker 2: little bit more than I have. Have You always rented, 452 00:25:45,560 --> 00:25:48,119 Speaker 2: mostly owned? What has been your experience? You've lived in 453 00:25:48,119 --> 00:25:51,760 Speaker 2: Wisconsin for a while. I know that, amongst other places own. 454 00:25:52,960 --> 00:25:55,200 Speaker 6: But I was very you know, I've moved around Dowton 455 00:25:55,240 --> 00:26:00,960 Speaker 6: for the last forty years, but mostly all right, Well, 456 00:26:01,359 --> 00:26:04,040 Speaker 6: I have a two point eight percent mortgage. I was 457 00:26:04,240 --> 00:26:07,360 Speaker 6: very smart, so lucky four years ago I refinanced. 458 00:26:07,800 --> 00:26:11,240 Speaker 2: You refinanced to two point eight percent four years ago? 459 00:26:11,960 --> 00:26:16,880 Speaker 2: Who are you? Who are you dealing with the mafia? 460 00:26:16,240 --> 00:26:16,359 Speaker 5: Who? 461 00:26:17,800 --> 00:26:20,840 Speaker 2: Listen? What was I didn't realize they were two point 462 00:26:20,920 --> 00:26:22,840 Speaker 2: eight percent? Was this through a bank? 463 00:26:24,840 --> 00:26:26,520 Speaker 6: Well, it was through a mortgage company. 464 00:26:26,960 --> 00:26:28,879 Speaker 2: Bluggage interesting. 465 00:26:29,880 --> 00:26:32,600 Speaker 4: Idea that was right, that was right before they started 466 00:26:32,600 --> 00:26:33,040 Speaker 4: going up. 467 00:26:33,840 --> 00:26:38,600 Speaker 2: Yeah right, okay, well, good for you, Jack, congratulations, go ahead. 468 00:26:39,160 --> 00:26:43,520 Speaker 6: Oh you know it's impossible for me, you know, to 469 00:26:43,800 --> 00:26:47,880 Speaker 6: to move just you know, fine. But the main thing 470 00:26:48,000 --> 00:26:51,280 Speaker 6: is for young people with the rent, so I you know, 471 00:26:51,359 --> 00:26:55,479 Speaker 6: a fifty year mortgage would be fantastic for them. They 472 00:26:55,520 --> 00:26:58,919 Speaker 6: would only pay two seven and twenty four dollars a 473 00:26:58,960 --> 00:27:03,480 Speaker 6: month for million dollar mortgage even at six point two five. 474 00:27:03,560 --> 00:27:05,680 Speaker 6: Can you imagine if it drops to four point two 475 00:27:05,760 --> 00:27:08,760 Speaker 6: five or left? I'll detain and left. I don't know 476 00:27:08,760 --> 00:27:11,440 Speaker 6: if the banks will want to do that though, that's 477 00:27:11,480 --> 00:27:14,119 Speaker 6: the thing. Maybe they will. I think it's a political 478 00:27:14,720 --> 00:27:17,919 Speaker 6: thing or something. We've got to lance pushed the banks 479 00:27:17,920 --> 00:27:20,800 Speaker 6: to start utilizing sisty your markets. 480 00:27:22,080 --> 00:27:26,359 Speaker 4: Yeah, well, I wonder if the political or not. 481 00:27:27,080 --> 00:27:31,800 Speaker 2: Well, I wonder if the Trump administration. Obviously they have 482 00:27:32,160 --> 00:27:36,320 Speaker 2: taken a real hit in the polls because of the 483 00:27:36,400 --> 00:27:39,760 Speaker 2: issue of quote unquote affordability, the drum that the Democrats 484 00:27:39,800 --> 00:27:42,239 Speaker 2: are beating right now, and a lot of people are 485 00:27:42,680 --> 00:27:48,160 Speaker 2: hearing the beat of that drum and appreciating it. How 486 00:27:48,240 --> 00:27:52,600 Speaker 2: much pressure do you think can be put on the banks? 487 00:27:52,640 --> 00:27:57,000 Speaker 2: I mean, I assume that a quarter point cut by 488 00:27:57,040 --> 00:28:00,000 Speaker 2: the Federal Reserve tomorrow is not going to make a huge, 489 00:28:00,080 --> 00:28:03,080 Speaker 2: huge difference in terms of mortgage rates, right or wrong 490 00:28:03,119 --> 00:28:04,960 Speaker 2: on that lens. 491 00:28:05,320 --> 00:28:07,560 Speaker 3: Yeah, I mean any cut and mortgage rate, you know, 492 00:28:07,800 --> 00:28:11,520 Speaker 3: always does a little, you know, to help in the 493 00:28:11,600 --> 00:28:16,520 Speaker 3: right direction. Yeah, you know, I think that it's showing 494 00:28:16,640 --> 00:28:19,679 Speaker 3: that they're moving in the right direction. The problem is 495 00:28:19,800 --> 00:28:21,760 Speaker 3: is you're right, it's not enough to move the needle, 496 00:28:21,880 --> 00:28:23,399 Speaker 3: you know, to the point where we get down to 497 00:28:23,440 --> 00:28:24,480 Speaker 3: those two point. 498 00:28:24,520 --> 00:28:27,080 Speaker 4: You know, nine percent mortgages. 499 00:28:26,680 --> 00:28:29,119 Speaker 3: You know, like we like we had for a while, 500 00:28:29,440 --> 00:28:32,800 Speaker 3: you know. So interest rates are definitely very helpful. 501 00:28:32,880 --> 00:28:33,040 Speaker 4: You know. 502 00:28:33,119 --> 00:28:35,600 Speaker 3: The other thing that a lot of people don't think about, 503 00:28:35,640 --> 00:28:37,919 Speaker 3: and I'm not trying to get off topic on the 504 00:28:37,960 --> 00:28:41,240 Speaker 3: mortgage you know concept, but but when interest rates are 505 00:28:41,240 --> 00:28:46,040 Speaker 3: a little higher, it does help in other vehicles, right, 506 00:28:46,160 --> 00:28:50,080 Speaker 3: like CDs and annuities and these insurance products, you know. 507 00:28:50,120 --> 00:28:54,120 Speaker 3: And as these baby boomers are getting you know, well 508 00:28:54,120 --> 00:28:56,440 Speaker 3: they're in retirement, you know, and so. 509 00:28:56,920 --> 00:29:00,320 Speaker 2: Not all of them, not all of them, not all. 510 00:29:00,600 --> 00:29:03,320 Speaker 7: Definitely, not definitely, not all of them, you know, But 511 00:29:03,440 --> 00:29:06,640 Speaker 7: that is the topic, right. They're very focused, they're very 512 00:29:06,680 --> 00:29:08,720 Speaker 7: focused on that retirement, so they want they want to 513 00:29:08,760 --> 00:29:10,560 Speaker 7: get their mortgage paid off. They want to pay off 514 00:29:10,560 --> 00:29:13,120 Speaker 7: to their mortgage, but then they also want you know, 515 00:29:13,680 --> 00:29:17,120 Speaker 7: CD rates to go up right and things like that 516 00:29:17,200 --> 00:29:20,000 Speaker 7: so that they can have more safe vehicles to invest 517 00:29:20,040 --> 00:29:23,320 Speaker 7: in in retirement, which is all tied to you know, 518 00:29:23,360 --> 00:29:25,560 Speaker 7: we're talking about twenty year olds being able to afford 519 00:29:25,600 --> 00:29:28,720 Speaker 7: a house, and we want interest rates to go back 520 00:29:28,760 --> 00:29:32,080 Speaker 7: into that two percent range and maybe three percent range. 521 00:29:32,200 --> 00:29:35,080 Speaker 7: But then at the same time, when we had mortgages 522 00:29:35,120 --> 00:29:37,600 Speaker 7: in the two to three percent range, we also had 523 00:29:37,920 --> 00:29:40,560 Speaker 7: you know, CDs and annuities and some of these fixed 524 00:29:40,600 --> 00:29:43,760 Speaker 7: assets that were also in that two to three percent range. 525 00:29:44,040 --> 00:29:47,280 Speaker 2: Absolutely, Hey Jack, great, great comments. Thank you so much 526 00:29:47,320 --> 00:29:51,080 Speaker 2: for moving the conversation along as always appreciated very much, 527 00:29:51,080 --> 00:29:54,080 Speaker 2: and thanks for doing the research for us. Okay, okay, 528 00:29:54,200 --> 00:29:56,880 Speaker 2: thank you, Thanks Jack. Talk. So we're going to have 529 00:29:56,920 --> 00:29:59,720 Speaker 2: a final couple of phone calls. I'm certain with my 530 00:29:59,720 --> 00:30:03,719 Speaker 2: guest Lance Morgan. If you want to ask a question 531 00:30:03,880 --> 00:30:06,880 Speaker 2: or or you know, advice is what you pay for it, 532 00:30:07,000 --> 00:30:09,320 Speaker 2: so this is free advice. But if you want to 533 00:30:09,320 --> 00:30:12,920 Speaker 2: make a comment, challenge anything that I've said or Lance 534 00:30:12,960 --> 00:30:14,800 Speaker 2: has said, you're more than welcome and do that as well. 535 00:30:14,840 --> 00:30:17,400 Speaker 2: This is an open conversation. Six one, seven, two, five, four, 536 00:30:17,520 --> 00:30:20,440 Speaker 2: ten thirty six one seven, nine, three one, ten thirty. 537 00:30:20,480 --> 00:30:22,640 Speaker 2: We'll be right back on night Side. 538 00:30:22,920 --> 00:30:27,200 Speaker 1: You're on night Side with Dan Ray on WBZ Boston's 539 00:30:27,240 --> 00:30:27,880 Speaker 1: news radio. 540 00:30:28,440 --> 00:30:31,800 Speaker 2: Back to the phones. Let's go to Melinda in Belmont. Hi, Melinda, 541 00:30:31,880 --> 00:30:35,560 Speaker 2: you are next with financial expert Lance Morgan. Go right ahead, Melinda. 542 00:30:36,520 --> 00:30:38,320 Speaker 8: Well, I'm high Land. Thank you for taking my call. 543 00:30:38,480 --> 00:30:40,760 Speaker 8: So I had a quick question. We bought a property 544 00:30:40,840 --> 00:30:43,280 Speaker 8: six months ago, and we bought it at a really 545 00:30:43,360 --> 00:30:45,640 Speaker 8: high rate eight point two, and we're looking to refinance, 546 00:30:46,040 --> 00:30:47,560 Speaker 8: but we heard that we have to keep it for 547 00:30:47,680 --> 00:30:50,440 Speaker 8: twelve months before we're able to refinance. We're just trying 548 00:30:50,480 --> 00:30:52,920 Speaker 8: to figure out if that's an accurate statement. 549 00:30:55,160 --> 00:30:55,960 Speaker 4: It's possible. 550 00:30:56,000 --> 00:30:58,520 Speaker 3: I know some loans they do a lot, you know, 551 00:30:58,600 --> 00:31:01,880 Speaker 3: they do require you to keep them, you know, before 552 00:31:01,920 --> 00:31:05,040 Speaker 3: refinancing them. That is very possible. The other thing to 553 00:31:05,080 --> 00:31:08,960 Speaker 3: consider is just the cost involved in refinancing. You know, 554 00:31:10,040 --> 00:31:12,920 Speaker 3: there are like we we help families with their college 555 00:31:12,960 --> 00:31:14,880 Speaker 3: loans a lot, and of course with college loans you 556 00:31:14,880 --> 00:31:17,480 Speaker 3: want to refinance all the time because there's no cost 557 00:31:17,520 --> 00:31:20,400 Speaker 3: associated with it, but with a mortgage, you know, there 558 00:31:20,440 --> 00:31:22,600 Speaker 3: is a cost associated with refinancing. 559 00:31:22,720 --> 00:31:25,480 Speaker 4: So if you do have to sticker. 560 00:31:25,360 --> 00:31:27,920 Speaker 3: You know, stick in it for twelve months, then maybe 561 00:31:27,960 --> 00:31:31,320 Speaker 3: just wait. Hopefully interestrates will come down another quarter point 562 00:31:31,600 --> 00:31:33,920 Speaker 3: and then you won't have to try it to do 563 00:31:33,960 --> 00:31:34,440 Speaker 3: it twice. 564 00:31:35,840 --> 00:31:37,360 Speaker 8: Okay, what. 565 00:31:39,240 --> 00:31:42,120 Speaker 2: Rate do you have? Do you pay now? And what 566 00:31:42,280 --> 00:31:46,200 Speaker 2: rate are you looking at? Is there a specific rate 567 00:31:46,240 --> 00:31:48,480 Speaker 2: that you have access to which would allow you to 568 00:31:48,520 --> 00:31:49,120 Speaker 2: lower you right? 569 00:31:50,520 --> 00:31:52,320 Speaker 8: Well, I don't know if there's a specific rate, but 570 00:31:52,560 --> 00:31:55,800 Speaker 8: right now we're paying eight point two okay, So yeah, 571 00:31:55,800 --> 00:31:57,520 Speaker 8: and that's pretty much pretty high. So we're trying to 572 00:31:57,560 --> 00:31:59,200 Speaker 8: get down to the sixes. It's possible. 573 00:32:00,200 --> 00:32:03,560 Speaker 4: Yeah, how many how many months into it? Did you say? 574 00:32:04,360 --> 00:32:06,200 Speaker 8: We're six months into it? 575 00:32:06,800 --> 00:32:07,480 Speaker 4: Halfway there? 576 00:32:08,520 --> 00:32:09,720 Speaker 8: Yeah? 577 00:32:09,800 --> 00:32:14,080 Speaker 2: I assume that. So you probably would have a penalty 578 00:32:14,120 --> 00:32:16,280 Speaker 2: if you paid it off early. Is that that the deal? 579 00:32:17,360 --> 00:32:17,680 Speaker 4: Yes? 580 00:32:18,040 --> 00:32:20,320 Speaker 2: Yeah, okay, and that's a substantial penalty. 581 00:32:22,280 --> 00:32:25,160 Speaker 8: It's not substantial, but you know, we're trying to like 582 00:32:25,240 --> 00:32:27,880 Speaker 8: save it instead of spending. We're trying to save No. 583 00:32:28,080 --> 00:32:31,640 Speaker 2: I totally get I totally get that. Yeah, where do 584 00:32:31,680 --> 00:32:33,600 Speaker 2: you think rates might be? 585 00:32:34,120 --> 00:32:34,239 Speaker 5: Uh? 586 00:32:35,000 --> 00:32:38,320 Speaker 2: In your opinion? Lands if there is another cut tomorrow. 587 00:32:38,400 --> 00:32:41,320 Speaker 2: There's there seems to be a kind of some indecision 588 00:32:41,400 --> 00:32:44,920 Speaker 2: on this. Okay, Uh, there's some some articles say, yeah, 589 00:32:44,960 --> 00:32:49,080 Speaker 2: they do expect another quarter percent cut, and then others 590 00:32:49,080 --> 00:32:54,240 Speaker 2: are saying that the federal reserve is is deeply divided, 591 00:32:54,480 --> 00:32:58,920 Speaker 2: but they might pause rates going, you know, give the 592 00:33:00,720 --> 00:33:02,880 Speaker 2: you know, give the guidance that this would be the 593 00:33:02,960 --> 00:33:04,080 Speaker 2: last right cut for a while. 594 00:33:05,760 --> 00:33:06,160 Speaker 4: Yeah. 595 00:33:06,320 --> 00:33:09,280 Speaker 3: I mean, I've heard the same thing myself. I think that, 596 00:33:10,680 --> 00:33:12,640 Speaker 3: I mean, I think it's a pipe dream for us 597 00:33:12,640 --> 00:33:14,320 Speaker 3: to think we're going to get down to where we 598 00:33:14,400 --> 00:33:18,720 Speaker 3: want the race to get to any anytime soon. But 599 00:33:19,760 --> 00:33:23,040 Speaker 3: that is a significant rate on a mortgage. I mean, 600 00:33:23,080 --> 00:33:26,120 Speaker 3: so I understand you're wanting to refinance that as soon 601 00:33:26,200 --> 00:33:26,880 Speaker 3: as possible. 602 00:33:29,240 --> 00:33:30,840 Speaker 4: We would have to kind of bout, we'd have to 603 00:33:30,960 --> 00:33:31,800 Speaker 4: run the numbers. 604 00:33:31,880 --> 00:33:35,960 Speaker 3: My guess is is that you know, the cost associated 605 00:33:36,000 --> 00:33:39,040 Speaker 3: with refinancing if there is some sort of a penalty 606 00:33:39,600 --> 00:33:43,600 Speaker 3: associated with it, obviously over the long run, you know, 607 00:33:43,800 --> 00:33:46,800 Speaker 3: especially over like a thirty year window or of course 608 00:33:46,840 --> 00:33:47,480 Speaker 3: a fifty year. 609 00:33:47,400 --> 00:33:50,920 Speaker 4: Window, if that's an option, you know, obviously you would 610 00:33:51,040 --> 00:33:54,280 Speaker 4: more than outweigh any sort of penalty you know, on 611 00:33:55,400 --> 00:33:56,120 Speaker 4: on something like. 612 00:33:56,040 --> 00:33:58,600 Speaker 3: That, because we're talking you know, if we're talking two 613 00:33:58,680 --> 00:34:02,040 Speaker 3: percentage points for example, well, you know over a thirty 614 00:34:02,080 --> 00:34:08,600 Speaker 3: year window, like that's a huge savings. But mathematically of 615 00:34:08,719 --> 00:34:12,919 Speaker 3: waiting six more months to do it, maybe we're down. 616 00:34:13,080 --> 00:34:15,440 Speaker 3: Maybe we're down a point by then, and then it's 617 00:34:15,480 --> 00:34:17,680 Speaker 3: a win win because you're not gonna want to refinance 618 00:34:17,800 --> 00:34:20,080 Speaker 3: very often with the cost of refinancing, you know what 619 00:34:20,120 --> 00:34:20,439 Speaker 3: I mean. 620 00:34:20,760 --> 00:34:24,359 Speaker 2: No, Yeah, I'm seeing that there are some rates here. 621 00:34:26,360 --> 00:34:29,520 Speaker 2: I'm not familiar with this website, but say as low 622 00:34:29,600 --> 00:34:33,120 Speaker 2: as four point three percent to four point seven percent fixed. 623 00:34:34,960 --> 00:34:38,799 Speaker 2: That seems like I'd be very careful as to who 624 00:34:38,800 --> 00:34:42,000 Speaker 2: that is. It's it's not it's some group called loan depot. 625 00:34:42,120 --> 00:34:45,000 Speaker 2: I have no idea. Yeah, you know, you got to 626 00:34:45,040 --> 00:34:47,440 Speaker 2: be careful. I'd always say, try to stay with the 627 00:34:47,480 --> 00:34:51,000 Speaker 2: bank to be to be certain. I mean, no, I'm 628 00:34:51,000 --> 00:34:53,480 Speaker 2: a big fan of Eastern Bank here in Massachusetts. So 629 00:34:54,040 --> 00:34:57,319 Speaker 2: give McCall to them. Want to ask what their rates are? Ye, well, 630 00:34:57,920 --> 00:35:00,440 Speaker 2: and see what they say later on the week if 631 00:35:00,719 --> 00:35:03,760 Speaker 2: that quarter percent kind of accurse tomorrow. Thank you, Melinda, 632 00:35:03,800 --> 00:35:06,160 Speaker 2: thanks for calling. Listen to the program of Great Night. 633 00:35:06,320 --> 00:35:06,759 Speaker 8: Thank you. 634 00:35:07,120 --> 00:35:09,279 Speaker 2: Let me go next to Mike and Bradford. Mike, I 635 00:35:09,280 --> 00:35:10,840 Speaker 2: want to get you into the wire here. You're on 636 00:35:10,880 --> 00:35:14,040 Speaker 2: with Lance Morgan, financial expert. What's your comment to question Mike? 637 00:35:15,239 --> 00:35:17,440 Speaker 9: Hi, Dan, Hi Lance, Thanks for taking my call. 638 00:35:17,640 --> 00:35:18,080 Speaker 2: Welcome. 639 00:35:18,560 --> 00:35:21,439 Speaker 9: I just wanted to say that, you know, the kids 640 00:35:21,480 --> 00:35:24,240 Speaker 9: today are paying two to three thousand dollars a month 641 00:35:24,320 --> 00:35:27,759 Speaker 9: for rent, you know, for a two or three bedroom apartment, 642 00:35:28,680 --> 00:35:34,120 Speaker 9: and they only get on a tax deduction in Massachusetts. 643 00:35:34,200 --> 00:35:38,400 Speaker 9: I believe it's twenty five hundred dollars for the year. Now, 644 00:35:38,800 --> 00:35:42,560 Speaker 9: that twenty five hundred dollars deduction that they get is 645 00:35:42,600 --> 00:35:45,040 Speaker 9: the same as the twenty five hundred dollars deduction I 646 00:35:45,120 --> 00:35:50,200 Speaker 9: got like nineteen eighty seven, nineteen ninety one, you know, 647 00:35:50,480 --> 00:35:53,040 Speaker 9: so it doesn't seem like you're getting any relief from 648 00:35:53,120 --> 00:35:53,640 Speaker 9: the state. 649 00:35:54,760 --> 00:35:58,400 Speaker 2: Certainly hasn't been adjusted for the increase in rate here, 650 00:35:58,440 --> 00:36:00,760 Speaker 2: hasn't been adjusted for inflation, that's for sure. 651 00:36:02,239 --> 00:36:04,919 Speaker 9: Yes, yeah, and so I mean, you know, maybe maybe 652 00:36:04,960 --> 00:36:07,120 Speaker 9: something could be done from the state, you know, to 653 00:36:07,520 --> 00:36:08,520 Speaker 9: help alleviate that. 654 00:36:09,719 --> 00:36:12,000 Speaker 2: Well, all that would do is that would make renting 655 00:36:12,239 --> 00:36:16,680 Speaker 2: properties more desirable. So I'm sure you have probably a 656 00:36:16,719 --> 00:36:18,920 Speaker 2: part of the real estate market up there that's pushing 657 00:36:19,000 --> 00:36:22,560 Speaker 2: for that, and part of it, maybe the home real 658 00:36:22,640 --> 00:36:27,240 Speaker 2: estate you know, portion of that industry, would be pushing 659 00:36:27,320 --> 00:36:29,840 Speaker 2: against it because that would allow people to continue to 660 00:36:29,960 --> 00:36:34,319 Speaker 2: rate to rent, and they want to get people in 661 00:36:34,400 --> 00:36:39,200 Speaker 2: the in the purchasing of property. The other thing, too, 662 00:36:39,280 --> 00:36:42,160 Speaker 2: is that everybody wants to live in Boston, everybody wants 663 00:36:42,200 --> 00:36:44,200 Speaker 2: to live on the Upper West Side of New York, 664 00:36:44,239 --> 00:36:48,160 Speaker 2: and those those areas are tough. I mean, I don't 665 00:36:48,200 --> 00:36:50,399 Speaker 2: know if I was a young person today, if I'd 666 00:36:50,440 --> 00:36:52,759 Speaker 2: even be looking at property in Boston and New York. 667 00:36:52,840 --> 00:36:54,120 Speaker 2: What's your thought on that lands. 668 00:36:55,760 --> 00:36:57,800 Speaker 4: Yeah, that's the hard part. Some of those areas. 669 00:36:57,840 --> 00:37:00,400 Speaker 3: Renting is going to be your only option just because 670 00:37:00,920 --> 00:37:04,080 Speaker 3: those desirable areas are going to be a premium you 671 00:37:04,160 --> 00:37:07,319 Speaker 3: know to purchase, Absolutely. 672 00:37:07,680 --> 00:37:12,879 Speaker 9: Mike, until they raised the incomes, I mean, these people 673 00:37:12,880 --> 00:37:14,640 Speaker 9: are not going to be able to afford to purchase. 674 00:37:15,320 --> 00:37:18,040 Speaker 2: Yeah, I mean unless unless you're planning for the Red 675 00:37:18,080 --> 00:37:23,839 Speaker 2: Sox or the Celtics at any of those those people 676 00:37:23,880 --> 00:37:28,359 Speaker 2: who have that opportunity, Mike, appreciate appreciate you calling. Maybe 677 00:37:28,400 --> 00:37:30,640 Speaker 2: there's some smart legislator out there is going to be 678 00:37:30,719 --> 00:37:33,680 Speaker 2: listening and take your idea and try to raise those 679 00:37:33,960 --> 00:37:39,359 Speaker 2: those rent deductions onto Massachusetts State Income Tact. Appreciate it mine, 680 00:37:39,480 --> 00:37:42,480 Speaker 2: Thank you much. Have a great Atlanta. Folks want to 681 00:37:42,480 --> 00:37:44,239 Speaker 2: get in touch you that. How how can they do 682 00:37:44,280 --> 00:37:45,080 Speaker 2: that most easily? 683 00:37:46,600 --> 00:37:51,720 Speaker 3: So the easiest thing would be College Funding Secrets dot com. 684 00:37:52,160 --> 00:37:54,880 Speaker 3: We teach families creative ways to pay for college. But 685 00:37:54,920 --> 00:37:58,319 Speaker 3: of course we also help with all things financial, but 686 00:37:58,480 --> 00:38:01,680 Speaker 3: college Funding Secrets dot you give me book a free 687 00:38:01,719 --> 00:38:04,440 Speaker 3: call with my team, Tell him that you heard about 688 00:38:04,440 --> 00:38:06,359 Speaker 3: me on the radio, and. 689 00:38:05,840 --> 00:38:07,640 Speaker 4: They can get you onto my calendar. 690 00:38:08,080 --> 00:38:10,040 Speaker 2: Oh, that'd be great, That would be great. Just tell 691 00:38:10,120 --> 00:38:11,719 Speaker 2: him you listen to him and next time with Dan 692 00:38:11,800 --> 00:38:14,759 Speaker 2: Ray and Wbzlyz. Thanks so much for coming back and 693 00:38:15,040 --> 00:38:17,479 Speaker 2: talking to some of my listeners. I appreciate it so much. 694 00:38:18,320 --> 00:38:19,800 Speaker 4: That was fun. Thanks for talking again. 695 00:38:20,000 --> 00:38:22,879 Speaker 2: Thank you Lance. Appreciate it all. Right, We are done 696 00:38:22,960 --> 00:38:25,560 Speaker 2: with the eleven o'clock, the ten o'clock hour, with the 697 00:38:25,560 --> 00:38:27,480 Speaker 2: eleven o'clock our rates and I'm not sure we're going 698 00:38:27,560 --> 00:38:29,680 Speaker 2: to do so, stay with us and be surprised. Right 699 00:38:29,719 --> 00:38:33,560 Speaker 2: after the newscast here on a cold night, I'm supposed 700 00:38:33,600 --> 00:38:36,200 Speaker 2: to get a little warmer by morning. It is still 701 00:38:36,320 --> 00:38:38,879 Speaker 2: really cold. Here in New England. Stay warm, coming back 702 00:38:38,880 --> 00:38:41,560 Speaker 2: on night side. This is Dan Ray And yes, the 703 00:38:41,600 --> 00:38:44,359 Speaker 2: big day is almost here, New Year's Day, the day 704 00:38:44,400 --> 00:38:47,520 Speaker 2: we all tell ourselves we're gonna wake up motivated, focused 705 00:38:47,560 --> 00:38:50,480 Speaker 2: and ready to finally lose that weight. But let's be honest, 706 00:38:50,680 --> 00:38:53,279 Speaker 2: when January first rolls around, it's just the other day. 707 00:38:53,400 --> 00:38:56,880 Speaker 2: Nothing changes unless you do. I didn't wait for the 708 00:38:56,960 --> 00:39:00,400 Speaker 2: calendar to fix things. I heard about Awaken one idiot 709 00:39:00,480 --> 00:39:03,640 Speaker 2: resonated with me, and I thought, why not today? So 710 00:39:03,719 --> 00:39:05,760 Speaker 2: I made the call, and not only did I start 711 00:39:05,800 --> 00:39:09,719 Speaker 2: Awaken one eighty, I succeeded with Awaken one eighty. I 712 00:39:09,760 --> 00:39:12,600 Speaker 2: didn't have to go it alone. I had expert coaches 713 00:39:12,640 --> 00:39:15,080 Speaker 2: guiding me. And when I saw that scale drop week 714 00:39:15,120 --> 00:39:18,640 Speaker 2: after week, I knew this was the real deal. Maybe 715 00:39:18,680 --> 00:39:21,840 Speaker 2: your moment is hearing this, maybe it's a doctor's visit, 716 00:39:22,200 --> 00:39:25,040 Speaker 2: whatever it is. When you feel that this is the 717 00:39:25,120 --> 00:39:28,040 Speaker 2: day moment, make the call to Awaken one eighty eight 718 00:39:28,080 --> 00:39:30,919 Speaker 2: four four three four six eighteen hundred. That's eight four 719 00:39:30,960 --> 00:39:34,080 Speaker 2: four three four six eighteen hundred or Awaken one. A 720 00:39:34,280 --> 00:39:38,200 Speaker 2: weight loss dot com coaches are standing by. 721 00:39:38,239 --> 00:39:43,520 Speaker 1: This is WBZ Boston, WXKSFM EHD two menphor in iHeartRadio 722 00:39:43,520 --> 00:39:52,120 Speaker 1: station guaranteed human. This is WBZ Boston's news radio re 723 00:39:52,320 --> 00:39:53,600 Speaker 1: defining local. 724 00:39:53,360 --> 00:40:01,319 Speaker 10: News twenty nine degrees in BA at eleven o'clock, Good 725 00:40:01,360 --> 00:40:06,359 Speaker 10: Evening on Dan Watkins. Here's What's happening. Testimony continued at 726 00:40:06,360 --> 00:40:10,040 Speaker 10: the Brian Walsh murder trial today. A forensic scientist linked 727 00:40:10,040 --> 00:40:12,560 Speaker 10: blood found on a hack saw and a carpet to 728 00:40:12,600 --> 00:40:16,600 Speaker 10: Anna Walsh. Prosecutors claim Brian Walsh used that hack saw 729 00:40:16,719 --> 00:40:21,400 Speaker 10: to dismember his wife. CBS's CBS News Boston's Penny commit. 730 00:40:21,200 --> 00:40:23,880 Speaker 5: Reports that is a sample of the handle of the 731 00:40:23,960 --> 00:40:27,000 Speaker 5: hack saw and this provides support for inclusion of Anna 732 00:40:27,040 --> 00:40:28,560 Speaker 5: Walsh to this DNA profile. 733 00:40:29,040 --> 00:40:32,680 Speaker 11: For the first time, Anna Walsh's DNA has been connected 734 00:40:32,719 --> 00:40:36,160 Speaker 11: to items the prosecution says her husband used to dismember 735 00:40:36,200 --> 00:40:39,680 Speaker 11: her and clean up the mess. Forensic expert Simon Selene 736 00:40:39,760 --> 00:40:43,000 Speaker 11: with the State Police Crime Lab placing on his DNA 737 00:40:43,160 --> 00:40:46,880 Speaker 11: on a pair of bloody slippers, a hatchet, tivex suit, 738 00:40:47,400 --> 00:40:50,800 Speaker 11: rug with red brown stains, and several other items police 739 00:40:50,800 --> 00:40:51,800 Speaker 11: pulled from a dumpster. 740 00:40:52,320 --> 00:40:55,160 Speaker 5: The DNA profile from this item is at least thirty 741 00:40:55,239 --> 00:40:58,720 Speaker 5: one million times more likely if it originated from Anna Walsh. 742 00:40:59,000 --> 00:40:59,960 Speaker 4: What is an anilion? 743 00:41:00,719 --> 00:41:03,759 Speaker 5: A ninilion is one, followed by thirty zeros. 744 00:41:04,080 --> 00:41:07,200 Speaker 11: But Brian Walsh's DNA was excluded from a number of 745 00:41:07,239 --> 00:41:10,719 Speaker 11: items including the hack saw, bloody towels, and tissue 746 00:41:10,920 --> 00:41:13,719 Speaker 10: And the exclusion was due to the defense arguing that 747 00:41:13,800 --> 00:41:15,400 Speaker 10: blood and NA could