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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: what helps you live or more happily fulfilled life. P

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC erness What's Up? You ever walk

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Speaker 1: into a small business and everything just works like the

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Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze,

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Speaker 1: a local coffee shop, a vendor at a pop up market,

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Speaker 1: It's not just about payments, it's about giving you time

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Speaker 1: pushing your vision forward.

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Speaker 2: Matt for you.

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Speaker 3: For the person who may be watching and they're afraid,

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Speaker 3: what advice do you have for them? And then is

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Speaker 3: there anything to just You've adjusted in your home buyers

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Speaker 3: blueprint to give them a little bit of confidence that

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Speaker 3: it's okay to buy now over the next year.

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Speaker 2: So the more you learn, the more you earn. Right,

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Speaker 2: the more you learn, the more you earn. And when

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Speaker 2: I speak to people about buying real estate, they're more

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Speaker 2: fearful in because they don't know nothing or they have

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Speaker 2: lack of knowledge. In a couple particular areas. So whoever

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Speaker 2: has fear, you got to really do a deep dive

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Speaker 2: in yourself and say, why am I scared to buy property?

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Speaker 2: Why am I scared to invest? And kind of work

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Speaker 2: your way back from there. But I find it the

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Speaker 2: more you're putting into your education about home buying, about credit,

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Speaker 2: about if you want to do rehabs, if you want

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Speaker 2: to do new construction, whatever it is, the more knowledge

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Speaker 2: you have, the easier it's going to be for you.

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Speaker 2: It's not going to be a better Roses or something

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Speaker 2: like that, right, but they'll be a little bit more

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Speaker 2: easier for you. But also managing your expectations and try

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Speaker 2: to take your emotions out of this. I think Rashad

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Speaker 2: had a famous quote. He told me want is no

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Speaker 2: emotions in anything basically, right, I'm paraphrasing he says something different.

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Speaker 2: I can't remember word for word, but basically, you got

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Speaker 2: to take your emotions out of the real estate game

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Speaker 2: or anything investing.

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Speaker 3: Right.

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Speaker 2: You got to look at you got to look at

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Speaker 2: even if you're buy your first home, looking at this

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Speaker 2: as an investment for you in the future, and buying

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Speaker 2: the property as if you're an investor, and making sure

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Speaker 2: you buy and right, So as long as you do that,

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Speaker 2: then you shouldn't have fair.

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Speaker 4: So Mo and then Matt, you can chime in it

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Speaker 4: on this if you can well home refinancing, right, can

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Speaker 4: you just let's give an overview of refinancing. And for

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Speaker 4: the person that might be thinking about refinancing, they might

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Speaker 4: have heard it on television, but they kind of a

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Speaker 4: little nervous. What advice could we give somebody that's out

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Speaker 4: there that might have a home and is considering taking

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Speaker 4: the refinance route.

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Speaker 5: I've actually been having a lot of people want to

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Speaker 5: refinance because of that record equity, even before the rates

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Speaker 5: started going down a little bit. I think it really

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Speaker 5: takes you to analyze what's good for you. If you

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Speaker 5: have a two point seventy five rate, we got to

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Speaker 5: figure out why do you want to refinance? Like if

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Speaker 5: Matt said, its owner occupied and what have you? In

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Speaker 5: the rate is just over six percent, you're going to

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Speaker 5: take your current balance up a notch to the current rate.

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Speaker 5: So what does that actually look like? What are your

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Speaker 5: reasons for refinancing, what will you benefit from and does

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Speaker 5: it financially make sense? I think that's probably the biggest

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Speaker 5: assessment we're making. We're doing assessments for people to see

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Speaker 5: what makes sense. Does it make sense to take the

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Speaker 5: equity out with the heat locker, Does it really make

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Speaker 5: sense to do that? Refine and making sure that they

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Speaker 5: don't make a decision that isn't good for that long game.

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Speaker 4: So the home equity lot of credit for people that

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Speaker 4: aren't familiar, that is okay. So you buy a home

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Speaker 4: and it's worth you buy a home for three hundred thousand, right,

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Speaker 4: and then five years at home is worth six hundred thousand,

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Speaker 4: So you effectively have three hundred thousand dollars of profit

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Speaker 4: inside the home baked in, right, But you can't do

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Speaker 4: anything with that unless you tap into it. So if

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Speaker 4: you refinance it, right, you effectively get a new mortgage

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Speaker 4: in a sense you're at it either a higher or

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Speaker 4: a lower interest rate, depending on where the interest rates are.

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Speaker 4: But you can take out that three hundred thousand dollars

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Speaker 4: and use it for whatever you want, right and then,

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Speaker 4: But if you get a he lock then that's just

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Speaker 4: a line of credit where if you need to take

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Speaker 4: fifty thousand, you could you have three hundred thousand dollars

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Speaker 4: available or like two fifty because I don't think they

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Speaker 4: give you one hundred percent, right, and you can use

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Speaker 4: up to like, let's say, two hundred and fifty thousand dollars,

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Speaker 4: as you choose. But if you don't need to use it,

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Speaker 4: or if you don't need to use the whole thing,

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Speaker 4: then it's like a lot of credit that you can

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Speaker 4: use at any point in time, right, correct? But does

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Speaker 4: your interest rate change with the he lock?

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Speaker 5: Also not the rate on the mortgage you already have.

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Speaker 5: So that's why I said it's more of an analysis,

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Speaker 5: because if I'll give you an example, my interest rate

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Speaker 5: on my mortgage is three percent. Did take out a

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Speaker 5: helock right after I did my refinance for two hundred

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Speaker 5: thousand because I wanted to have my equity on tap

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Speaker 5: when I needed it, So it's sitting there. I haven't

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Speaker 5: used that helock yet, but I can use it as

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Speaker 5: I need. But I'm going to keep that three percent

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Speaker 5: interest rate. If rates or when rates renormalize, it might

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Speaker 5: make sense if I use that money to add them

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Speaker 5: together and refinance for me personally, But because of where

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Speaker 5: my balance is at, it doesn't make sense for me

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Speaker 5: to refinance at a higher rate right now because I

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Speaker 5: don't have anything to pay off as far as debts

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Speaker 5: and things like that. Sometimes if you're refinancing and you're

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Speaker 5: going to consolidate long term smart debts, maybe increasing your

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Speaker 5: rate works. But we analyze that to make sure we're

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Speaker 5: not just refinancing for a sport, is what I like

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Speaker 5: to call it, Like what are we doing this for?

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Speaker 5: You know, So tapping that equity if that's what you

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Speaker 5: want to do to do home improvements, looking at it

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Speaker 5: both ways is probably smart from a mathematical standpoint. I've

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Speaker 5: looked at some people and I could end up increasing

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Speaker 5: their payments by thirteen hundred a month just to get

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Speaker 5: them fifteen to twenty thousand dollars. That wouldn't be a

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Speaker 5: smart refinance. So I give them alternative options to maybe

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Speaker 5: accomplish what they want to accomplish.

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Speaker 2: Yeah, So I'll add on to the helock conversation is

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Speaker 2: anytime you're doing the home akulina credit, understand it's a

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Speaker 2: second lean and you have to be very careful with

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Speaker 2: you know helocks in general, right, member, this is the

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Speaker 2: church's money, this is your house money. So if you're

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Speaker 2: taking out money and you're going to use it, make

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Speaker 2: sure you have a plan either investment into a business,

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Speaker 2: more real estate, stocks, options, whatever, but understand the risk

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Speaker 2: that comes with any type of investment. If you're using

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Speaker 2: a helock, it's not guaranteed, especially if you're doing real estate.

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Speaker 2: Tennis are not guaranteed to pay you. But I love

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Speaker 2: helocks and the amount of equity tappable equity that's out

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Speaker 2: there right now is absolutely I mean, it's insane. It's

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Speaker 2: record breaking right now. So I would advise anybody right

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Speaker 2: now just look into, like Mo said, tap into the equity.

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Speaker 2: Even if you don't use it right now, you can

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Speaker 2: have it sit on the sideline because right now you

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Speaker 2: can't go to your mailbox and put your ATM card

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Speaker 2: and get equity out of your home. You have to

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Speaker 2: apply for it, and the banks have to be willing

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Speaker 2: to do on it. Right they have to have an

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Speaker 2: appetite for helocks. Right now, in the current market that

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Speaker 2: we're in, banks lenders have an appetite for helocks. So

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Speaker 2: everyone who has home and has equity and you can

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Speaker 2: qualify for a helock, you should look into taking out

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Speaker 2: a helock. Just proceedable caution, make sure you know exactly

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Speaker 2: what you're doing, because if the market does go the

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Speaker 2: wrong direction, if the banks start seeing there is a recession,

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Speaker 2: they might start cutting back on some of these products.

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Speaker 2: This happens all the time in the industry with godlines changed.

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Speaker 2: So just because something a product is available today at scale,

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Speaker 2: it might not be available when you really need it.

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Speaker 2: So the best thing you could do is tap into

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Speaker 2: that equity so you can reinvest and make more money.

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Speaker 2: In my opinion, but everybody.

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Speaker 6: An illegal alien from Guatemala charged with repel being a

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Speaker 6: child in Massachusetts. An MS thirteen gang member from Al

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Speaker 6: Salvador accused of murdering a Texas man of Venezuelan charged

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Speaker 6: with filming and selling child pornography in Michigan. These are

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Speaker 6: just some of the heinous migrant criminals caught because of

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Speaker 6: President Donald J. Trump's leadership. I'm Christy Noman, the United

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Speaker 6: States Secretary of Homeland Security. Under President Trump, attempted illegal

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Speaker 6: border crossings are at the lowest levels ever recorded, and

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Speaker 6: over one hundred thousand illegal aliens have been arrested. If

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Speaker 6: you are here illegally, your next you will be fined

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Speaker 6: nearly one thousand dollars a day, imprisoned, and deported. You

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Speaker 6: will never return. But if you register using our CBP

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Speaker 6: home app and leave now, you could be allowed to

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Speaker 6: return legally. Do what's right. Leave now. Under President Trump,

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Speaker 6: America's laws, border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security,