1
00:00:05,080 --> 00:00:06,640
Speaker 1: Welcome to Money Making Conversations.

2
00:00:06,720 --> 00:00:08,520
Speaker 2: It's the show that she is the secrets of success

3
00:00:08,560 --> 00:00:12,080
Speaker 2: experience firsthand by Marketing and Brandon expert Rashan McDonald. I

4
00:00:12,119 --> 00:00:14,480
Speaker 2: will know he's giving me advice on many occasions. And

5
00:00:14,520 --> 00:00:17,520
Speaker 2: in case you didn't notice, I'm not broke. You know

6
00:00:17,600 --> 00:00:21,320
Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry decision make

7
00:00:21,360 --> 00:00:23,239
Speaker 2: because it's what he likes to do, it's what he

8
00:00:23,360 --> 00:00:26,000
Speaker 2: likes to share. Now it's time to hear from my man,

9
00:00:26,520 --> 00:00:28,800
Speaker 2: Rashaan McDonald money Making Conversations.

10
00:00:29,040 --> 00:00:29,600
Speaker 1: Here we go.

11
00:00:30,520 --> 00:00:34,320
Speaker 3: Welcome, Welcome, Welcome, Welcome to Money Making Conversation Masterclass. I

12
00:00:34,400 --> 00:00:37,559
Speaker 3: am your host, Rashawan McDonald, and our theme, as always

13
00:00:37,680 --> 00:00:40,839
Speaker 3: is there's no perfect time to start following your dreams.

14
00:00:40,960 --> 00:00:44,599
Speaker 3: Or you'll set goals, hitting that direction and make sure

15
00:00:44,640 --> 00:00:47,200
Speaker 3: you understand what you're trying to do with that dream.

16
00:00:47,400 --> 00:00:50,000
Speaker 3: I recognize that we all have different definitions of success.

17
00:00:50,080 --> 00:00:51,839
Speaker 3: I say that all the time. For you, it may

18
00:00:51,880 --> 00:00:54,400
Speaker 3: be the side of your paycheck. Mine is inspiring you

19
00:00:54,440 --> 00:00:56,840
Speaker 3: to accomplish your goals and live your very best life.

20
00:00:56,880 --> 00:00:59,400
Speaker 3: That's why I invite people on the show. That's why

21
00:00:59,440 --> 00:01:01,360
Speaker 3: I try to get break out and just talk about

22
00:01:01,440 --> 00:01:03,720
Speaker 3: different things that will make you successful of providing you

23
00:01:03,760 --> 00:01:06,760
Speaker 3: with information, because it's time to stop reading other people's

24
00:01:06,760 --> 00:01:10,119
Speaker 3: success stories and start writing or living your own. People

25
00:01:10,160 --> 00:01:12,440
Speaker 3: always talking about their purpose or gifts. That's really big

26
00:01:12,480 --> 00:01:14,800
Speaker 3: on social media. Everybody's talking about a purpose. Follow your

27
00:01:14,800 --> 00:01:17,520
Speaker 3: gifts or all this gift. If you have a gift,

28
00:01:17,640 --> 00:01:19,919
Speaker 3: lead with your gift, and they'll let your friend's family

29
00:01:19,959 --> 00:01:22,440
Speaker 3: or coworker stop you from planning or living your dreams.

30
00:01:22,760 --> 00:01:24,920
Speaker 3: If you're ready, I'm ready. Let's get money making Conversation

31
00:01:25,040 --> 00:01:29,360
Speaker 3: Masterclass started. It's National home Ownership Monk and we're living

32
00:01:29,440 --> 00:01:31,680
Speaker 3: in an interesting economy where a lot of people are

33
00:01:31,720 --> 00:01:34,360
Speaker 3: unsure about real estate. That is why I have my

34
00:01:34,400 --> 00:01:37,680
Speaker 3: guests on the show today what we should know about

35
00:01:37,680 --> 00:01:40,520
Speaker 3: real estate and paying attention on how to prepare us

36
00:01:40,520 --> 00:01:43,560
Speaker 3: for buying homes in this season. Let me introduce you

37
00:01:43,600 --> 00:01:46,720
Speaker 3: to my guests. Her name is Tanya Blanchet. She found

38
00:01:46,760 --> 00:01:50,440
Speaker 3: it Madison Chase Capital Advisors, a mortgage broken's firm with

39
00:01:50,560 --> 00:01:53,560
Speaker 3: affordable closing costs, and she has tips on up in

40
00:01:53,600 --> 00:01:56,960
Speaker 3: the value of your home before selling it. Now I

41
00:01:57,000 --> 00:01:59,160
Speaker 3: know that's usually tied to a real estate person. But

42
00:01:59,200 --> 00:02:03,320
Speaker 3: guess what's she's three sixty sit down talk, Tanya. She's

43
00:02:03,320 --> 00:02:06,800
Speaker 3: gonna let you know what's going on her firm. Officer's

44
00:02:06,840 --> 00:02:13,000
Speaker 3: home equity loans, residential mortgages, VA loans, residential mortgages online

45
00:02:13,280 --> 00:02:16,400
Speaker 3: VHA and jumbo loans and more loans. That were going

46
00:02:16,440 --> 00:02:18,560
Speaker 3: to talk about that on the call. But more importantly,

47
00:02:19,240 --> 00:02:22,920
Speaker 3: she is this program because six Months to six figures

48
00:02:23,440 --> 00:02:26,760
Speaker 3: a Loan Officer's Guide to a Profitable Business, which provides

49
00:02:26,800 --> 00:02:31,239
Speaker 3: a thirty day jumpstart program complete with instructional guided videos

50
00:02:31,360 --> 00:02:35,120
Speaker 3: and end their companion workbook and a valuable resource guide.

51
00:02:35,480 --> 00:02:37,720
Speaker 3: It's all about money talking about real estate. Were talking

52
00:02:37,720 --> 00:02:40,280
Speaker 3: about Loan Officer's Guide to a Profitle Business. Please work

53
00:02:40,320 --> 00:02:43,120
Speaker 3: with the Money Making Conversations Masterclass, Tanya Blanchet.

54
00:02:43,160 --> 00:02:43,959
Speaker 1: How are you doing, Tanya?

55
00:02:44,520 --> 00:02:45,480
Speaker 4: Pleasure to be here?

56
00:02:45,840 --> 00:02:48,000
Speaker 3: Good, good, good? Did I say too much that extend

57
00:02:48,000 --> 00:02:49,840
Speaker 3: over extend my credit on you?

58
00:02:50,320 --> 00:02:53,840
Speaker 4: Everything was lined up, just right, lined up, just perfect.

59
00:02:53,919 --> 00:02:56,640
Speaker 1: We're good, We're good. You know, you know, you know,

60
00:02:56,880 --> 00:02:57,840
Speaker 1: it was like a couple.

61
00:02:58,000 --> 00:03:00,480
Speaker 3: My brother lives in the DC area and think about

62
00:03:00,880 --> 00:03:05,760
Speaker 3: twenty twenty one, he sold his house and it will

63
00:03:05,800 --> 00:03:07,960
Speaker 3: people up lined around the block to buy his house.

64
00:03:08,000 --> 00:03:10,720
Speaker 3: I mean, I think his house was valued that he

65
00:03:10,760 --> 00:03:12,560
Speaker 3: put it on the market for seven hundred thousand. They

66
00:03:12,560 --> 00:03:15,440
Speaker 3: wound up selling for like nine hundred and fifty thousand.

67
00:03:15,480 --> 00:03:17,960
Speaker 3: He didn't even ask for that price. It was just

68
00:03:18,000 --> 00:03:21,640
Speaker 3: the competition of people lining up wanting to buy the home,

69
00:03:21,960 --> 00:03:24,840
Speaker 3: and that's why that price wind up Like that? Is

70
00:03:24,919 --> 00:03:27,280
Speaker 3: that still going on now? People still lining up to

71
00:03:27,280 --> 00:03:28,040
Speaker 3: buy homes like.

72
00:03:28,000 --> 00:03:31,679
Speaker 4: That, They're not lining up to buy homes, but supplying

73
00:03:31,720 --> 00:03:34,960
Speaker 4: the man is still a factor. We don't have a

74
00:03:35,000 --> 00:03:39,960
Speaker 4: lot of supplies. So now we're definitely back into a multi,

75
00:03:40,280 --> 00:03:44,320
Speaker 4: multi offer situation. So it's not it's not as intense

76
00:03:44,520 --> 00:03:48,720
Speaker 4: as last you know, your brother in DC, or even

77
00:03:48,840 --> 00:03:52,920
Speaker 4: last year, last year before rates psych. It definitely has

78
00:03:53,000 --> 00:03:58,920
Speaker 4: calmed down and it's definitely multiple offers though still multiple offers,

79
00:03:58,920 --> 00:04:01,960
Speaker 4: but not as crazy as it was last year, with

80
00:04:02,080 --> 00:04:06,440
Speaker 4: no appraisal contingency, no financial contingency, you know, everybody just

81
00:04:06,480 --> 00:04:09,360
Speaker 4: doing anything to get to get a house. It's calmed

82
00:04:09,400 --> 00:04:10,560
Speaker 4: down a little bit since then.

83
00:04:10,800 --> 00:04:11,040
Speaker 1: Cool.

84
00:04:11,080 --> 00:04:13,360
Speaker 3: So I was just talking to the general public here,

85
00:04:13,400 --> 00:04:15,520
Speaker 3: So the people out there who are interested in selling

86
00:04:15,560 --> 00:04:18,039
Speaker 3: their home. You're saying it's still a good market to

87
00:04:18,080 --> 00:04:18,640
Speaker 3: go out into.

88
00:04:18,760 --> 00:04:22,479
Speaker 4: It absolutely, it's it's absolutely it's still a good market

89
00:04:22,520 --> 00:04:25,920
Speaker 4: to go out into. And there's still multiple offers and

90
00:04:26,040 --> 00:04:30,160
Speaker 4: quit clothing, so it's definitely it's it's a great market

91
00:04:30,680 --> 00:04:33,360
Speaker 4: to sell, and it's a great market to buy. If

92
00:04:33,360 --> 00:04:35,880
Speaker 4: you're ready to buy, in your position to buy, you

93
00:04:35,920 --> 00:04:38,640
Speaker 4: don't want interest rates to stop you from purchasing a home.

94
00:04:38,839 --> 00:04:41,080
Speaker 3: Let me ask you this now you a mortgage brokerage

95
00:04:41,120 --> 00:04:43,560
Speaker 3: firm that you started, the president you found in Madison

96
00:04:43,640 --> 00:04:46,640
Speaker 3: Chase Capital Advisors. Just just questions I always likely to

97
00:04:46,640 --> 00:04:49,640
Speaker 3: ask out of curiosity. Is there a bit a good year,

98
00:04:49,760 --> 00:04:51,719
Speaker 3: a good time of the year to put your home

99
00:04:51,800 --> 00:04:54,720
Speaker 3: on sale? Like is it summer better or fall better?

100
00:04:54,800 --> 00:04:56,840
Speaker 3: Or spring better? Is there a set time of the

101
00:04:56,920 --> 00:04:58,880
Speaker 3: year just put your house on sale when it's available

102
00:04:58,920 --> 00:05:00,440
Speaker 3: to be put on sale? What are your thoughts?

103
00:05:00,920 --> 00:05:04,320
Speaker 4: Well, I think life happens, So when life happens, you've

104
00:05:04,360 --> 00:05:06,599
Speaker 4: got to move accordingly. But if you said to me,

105
00:05:07,120 --> 00:05:09,680
Speaker 4: your question is, Tianya, what's the best time to put

106
00:05:09,680 --> 00:05:12,400
Speaker 4: the house on the market? Now? Is the time when

107
00:05:12,480 --> 00:05:15,719
Speaker 4: children are getting out of school? This is and that's

108
00:05:15,760 --> 00:05:19,440
Speaker 4: how I know that the market is still a little

109
00:05:20,200 --> 00:05:23,839
Speaker 4: It still hasn't bounced back because this is normally my

110
00:05:24,040 --> 00:05:28,080
Speaker 4: extreme busy time. You know, normally school in Atlanta just

111
00:05:28,160 --> 00:05:31,960
Speaker 4: got out last week, so everybody is out of school.

112
00:05:32,000 --> 00:05:34,360
Speaker 4: So what parents normally did was say, Okay, well, let's

113
00:05:34,360 --> 00:05:37,240
Speaker 4: just wait till Johnny, little Johnny finished your school. We

114
00:05:37,279 --> 00:05:39,840
Speaker 4: don't want to interrupt. And so now it would be

115
00:05:39,880 --> 00:05:42,599
Speaker 4: in Atlanta anyway, it would be from May through the

116
00:05:42,760 --> 00:05:45,760
Speaker 4: end of August because then now everybody wants to get

117
00:05:45,800 --> 00:05:48,520
Speaker 4: in the house in time for school. So now is

118
00:05:48,600 --> 00:05:52,120
Speaker 4: really the spring springtime and summertime is normally the time

119
00:05:52,160 --> 00:05:54,360
Speaker 4: when most houses go on the market.

120
00:05:54,600 --> 00:05:54,840
Speaker 1: Cool.

121
00:05:55,080 --> 00:05:57,679
Speaker 3: So there's a system to this madness because, like I said,

122
00:05:57,720 --> 00:06:00,680
Speaker 3: you know, people we always talk about real estate, especially

123
00:06:00,680 --> 00:06:03,480
Speaker 3: the minority community. I always talking about you know, God's

124
00:06:03,520 --> 00:06:06,880
Speaker 3: not creating more land. So whatever you buy is an investment,

125
00:06:06,960 --> 00:06:12,200
Speaker 3: creating equity. You got into the brokerage firm from a

126
00:06:12,240 --> 00:06:15,039
Speaker 3: mortgage standpoint, How did that does a person like you?

127
00:06:15,120 --> 00:06:17,640
Speaker 3: I'm not saying this impossible, but it's it's a career

128
00:06:17,680 --> 00:06:20,680
Speaker 3: move that I've never thought of engaging myself. And do

129
00:06:20,760 --> 00:06:23,880
Speaker 3: you have to have like financial money in the bank,

130
00:06:24,440 --> 00:06:26,479
Speaker 3: how do you get into the creating a firm like this.

131
00:06:27,520 --> 00:06:31,640
Speaker 4: Okay, So to create a mortgage firm, you really don't

132
00:06:31,720 --> 00:06:33,760
Speaker 4: quote unquote have to have money in the bank when

133
00:06:33,800 --> 00:06:37,159
Speaker 4: you start out. Every year going forward you will. I

134
00:06:37,240 --> 00:06:39,440
Speaker 4: want to see your books to make sure that you're

135
00:06:39,560 --> 00:06:43,440
Speaker 4: you know, you're a financially sound but whatever state you're in,

136
00:06:43,920 --> 00:06:46,400
Speaker 4: you really you want to start off being licensed a

137
00:06:46,480 --> 00:06:49,839
Speaker 4: licensed loan officer, which is your you get your NML

138
00:06:49,880 --> 00:06:53,240
Speaker 4: left license. So once you're a licensed loan officer, I

139
00:06:53,360 --> 00:06:57,719
Speaker 4: recommend personally, I think you should, you know, be a

140
00:06:57,720 --> 00:07:00,919
Speaker 4: loan officer for at least three to five year, at

141
00:07:01,040 --> 00:07:04,400
Speaker 4: least three years before you started your own firm, because

142
00:07:04,440 --> 00:07:07,000
Speaker 4: there are a lot of different pieces to the puzzle

143
00:07:07,120 --> 00:07:09,479
Speaker 4: and it's just not about oh, let me open up

144
00:07:09,520 --> 00:07:12,280
Speaker 4: my own company. You really want to know the loan

145
00:07:12,640 --> 00:07:15,560
Speaker 4: part of the business very well so that you can

146
00:07:15,600 --> 00:07:16,600
Speaker 4: take care of your client.

147
00:07:16,920 --> 00:07:17,120
Speaker 1: You know.

148
00:07:17,200 --> 00:07:20,600
Speaker 3: I've been fortunate to buy some homes in my life,

149
00:07:20,680 --> 00:07:22,920
Speaker 3: not saying that I'm not bragging on that I've been

150
00:07:23,320 --> 00:07:26,360
Speaker 3: the first home I bought, I got it on you know,

151
00:07:26,480 --> 00:07:26,960
Speaker 3: like auction.

152
00:07:27,200 --> 00:07:27,520
Speaker 1: I bought.

153
00:07:27,560 --> 00:07:29,240
Speaker 3: My first home was in the auction, you know, And

154
00:07:29,960 --> 00:07:32,280
Speaker 3: now I bought it, and I was happy, and I

155
00:07:32,400 --> 00:07:34,040
Speaker 3: bid this other person because it was one of the

156
00:07:34,040 --> 00:07:37,320
Speaker 3: homes that I guess I don't know the proper language,

157
00:07:37,480 --> 00:07:39,720
Speaker 3: but I'm pretty sure you're aware of what I'm talking about.

158
00:07:40,000 --> 00:07:40,240
Speaker 1: You know.

159
00:07:40,320 --> 00:07:42,960
Speaker 3: They're kind of like fix her up homes and they

160
00:07:43,040 --> 00:07:44,240
Speaker 3: go out there and you can bid on them.

161
00:07:44,280 --> 00:07:44,640
Speaker 1: And I bid.

162
00:07:44,680 --> 00:07:46,200
Speaker 3: I got the home, and I got to the house.

163
00:07:46,240 --> 00:07:48,360
Speaker 3: Of course it didn't it didn't have an air condition unit.

164
00:07:48,400 --> 00:07:50,280
Speaker 3: Somebody has stolen the air condition unit. So I had

165
00:07:50,280 --> 00:07:52,160
Speaker 3: to buy the air condition unit and put it on

166
00:07:52,200 --> 00:07:53,800
Speaker 3: the house, and I was up and running.

167
00:07:54,240 --> 00:07:56,040
Speaker 1: That was my very first home. But I tell you,

168
00:07:56,040 --> 00:07:57,040
Speaker 1: when I bought that home.

169
00:07:57,520 --> 00:08:00,920
Speaker 3: Now, are you the person that puts it out like

170
00:08:00,600 --> 00:08:03,120
Speaker 3: a like almost a Bible sized.

171
00:08:02,800 --> 00:08:05,320
Speaker 1: Amount of paper in front of us and tell us

172
00:08:05,320 --> 00:08:08,280
Speaker 1: we have to sign. Is that you? That is me?

173
00:08:08,440 --> 00:08:12,480
Speaker 4: But nowadays, nowadays I'm gonna send it to you via

174
00:08:12,600 --> 00:08:13,840
Speaker 4: docu side.

175
00:08:14,000 --> 00:08:16,680
Speaker 1: But that's that because I don't know what I'm signing.

176
00:08:18,480 --> 00:08:21,480
Speaker 4: I always tell people when when you get those when

177
00:08:21,520 --> 00:08:23,880
Speaker 4: you go under contract, you know, when you get those

178
00:08:24,360 --> 00:08:28,600
Speaker 4: those that big set of disclosure that's probably anywhere between

179
00:08:28,640 --> 00:08:32,200
Speaker 4: eighty to one hundred pages. When you when you go

180
00:08:32,360 --> 00:08:34,280
Speaker 4: when you go through them, a lot of them are

181
00:08:34,360 --> 00:08:36,560
Speaker 4: just you know, it's, you know, a workbook that you

182
00:08:36,640 --> 00:08:38,840
Speaker 4: have to have a disclosure that you have to keep.

183
00:08:38,840 --> 00:08:41,559
Speaker 4: But the bottom line is the most important thing that

184
00:08:41,640 --> 00:08:45,120
Speaker 4: you want to read is your loan estimate. So and

185
00:08:45,200 --> 00:08:47,360
Speaker 4: you said, well, tell you why your loan estimate. Your

186
00:08:47,440 --> 00:08:50,360
Speaker 4: loan estimate is going to show you what the current

187
00:08:50,480 --> 00:08:54,960
Speaker 4: rate is, what how much you're borrowing, your total estimated payment,

188
00:08:55,200 --> 00:08:56,720
Speaker 4: and if your loan's lost or not.

189
00:08:57,160 --> 00:08:59,960
Speaker 1: So when you say loan lock or let's let's let's

190
00:09:00,040 --> 00:09:02,120
Speaker 1: stop right there, what does that mean the loan is locked?

191
00:09:02,120 --> 00:09:04,320
Speaker 4: What does that means? That means your interest rate. So

192
00:09:04,360 --> 00:09:06,760
Speaker 4: that means, for example, I just spoke to a client

193
00:09:06,840 --> 00:09:10,800
Speaker 4: today and they're doing a USDA loan and I told

194
00:09:10,840 --> 00:09:14,360
Speaker 4: them what their rate was and it was six point

195
00:09:14,400 --> 00:09:18,319
Speaker 4: seventy five, and they are, we're going to go ahead

196
00:09:18,400 --> 00:09:21,520
Speaker 4: and lock tomorrow to see. Anybody can tell you what

197
00:09:21,600 --> 00:09:24,640
Speaker 4: your rate is. But until you get that loan estimate

198
00:09:25,040 --> 00:09:27,920
Speaker 4: that says your rate is locked, you are then floating.

199
00:09:28,080 --> 00:09:31,640
Speaker 4: And so you're you know, your you're in reality, you're gambling.

200
00:09:31,720 --> 00:09:34,640
Speaker 4: You know, every day the market, you know, the market

201
00:09:34,720 --> 00:09:38,080
Speaker 4: changes every day. Sometimes it changes twice three times a day,

202
00:09:38,400 --> 00:09:40,440
Speaker 4: so the market is volatile, so you want to make

203
00:09:40,440 --> 00:09:42,920
Speaker 4: sure your loan is locked, and if it's not locked,

204
00:09:43,160 --> 00:09:44,840
Speaker 4: then you just want to make sure you stay on

205
00:09:44,920 --> 00:09:46,880
Speaker 4: top of that so that the rate that you got

206
00:09:46,960 --> 00:09:49,600
Speaker 4: quoted at the beginning is the rate that you'll end

207
00:09:49,679 --> 00:09:50,000
Speaker 4: up with.

208
00:09:50,640 --> 00:09:54,680
Speaker 3: That's important because of the fact that now now you

209
00:09:54,720 --> 00:09:57,920
Speaker 3: have like different loans like fifteen year mortgages and thirty

210
00:09:57,960 --> 00:09:58,440
Speaker 3: year mortgage.

211
00:09:58,440 --> 00:10:00,400
Speaker 1: Are there any mortgages longer than thre us?

212
00:10:01,880 --> 00:10:04,960
Speaker 4: I wouldn't recommend it right now. The government did just

213
00:10:05,160 --> 00:10:09,800
Speaker 4: recently or or for our faha forty year fah loans

214
00:10:09,800 --> 00:10:13,480
Speaker 4: for modification, but I definitely wouldn't or I wouldn't recommend

215
00:10:13,520 --> 00:10:16,640
Speaker 4: a forty year amorization term. That's just too long. Forty

216
00:10:16,720 --> 00:10:19,400
Speaker 4: years is a long time, thirty is a long time.

217
00:10:20,559 --> 00:10:25,800
Speaker 4: I personally, a forty year loan you can't. You can't.

218
00:10:25,840 --> 00:10:28,600
Speaker 4: I mean, you could technically do extra principal, you know,

219
00:10:29,360 --> 00:10:33,240
Speaker 4: extra principal payment every month, but there's no they're not

220
00:10:33,280 --> 00:10:37,199
Speaker 4: going to do forty year loans for first for homeowners

221
00:10:37,920 --> 00:10:41,520
Speaker 4: Fanny and Freddy. They're not going to do it. This

222
00:10:41,720 --> 00:10:44,719
Speaker 4: is just something like I said Faha to help them

223
00:10:44,760 --> 00:10:47,320
Speaker 4: with the modification. But I would not recommend a four

224
00:10:47,400 --> 00:10:50,120
Speaker 4: year loan. And while we're talking about that, even though

225
00:10:50,200 --> 00:10:53,679
Speaker 4: rates have spiked that a lot of people aren't refinancing

226
00:10:53,800 --> 00:10:56,040
Speaker 4: like they used to be. You just want to be really,

227
00:10:56,080 --> 00:10:58,640
Speaker 4: really careful when you've refinanced. If you've been in your

228
00:10:58,679 --> 00:11:02,120
Speaker 4: house for ten years, don't automatically go back to a

229
00:11:02,200 --> 00:11:06,600
Speaker 4: thirty because you're thinking it's saving you money. You started

230
00:11:06,600 --> 00:11:10,920
Speaker 4: that clock all over again. So if you're refinancing, you

231
00:11:10,960 --> 00:11:13,040
Speaker 4: can do a twenty five year term, you can do

232
00:11:13,080 --> 00:11:15,400
Speaker 4: a twenty year term, you could do a fifteen year term.

233
00:11:15,679 --> 00:11:17,559
Speaker 4: But if you've been in your house for more than

234
00:11:17,600 --> 00:11:20,880
Speaker 4: five years, I do not recommend going back to the

235
00:11:20,960 --> 00:11:22,760
Speaker 4: thirty year term, right just.

236
00:11:22,640 --> 00:11:25,200
Speaker 1: Because you're trying to get a lower monthly rate.

237
00:11:26,080 --> 00:11:27,960
Speaker 4: Yeah, they're trying to get a lower monthly rate, but

238
00:11:28,000 --> 00:11:30,520
Speaker 4: all you've done is add you know, X amount of

239
00:11:30,520 --> 00:11:33,520
Speaker 4: interest back onto your loan that you've got to pay off.

240
00:11:33,679 --> 00:11:38,440
Speaker 4: Because you have to remember mortgages are they're interest loaded

241
00:11:38,480 --> 00:11:42,000
Speaker 4: in the front. So all you've seen over the years

242
00:11:42,000 --> 00:11:44,440
Speaker 4: with the houses that you purchased, when you went to

243
00:11:44,520 --> 00:11:47,520
Speaker 4: sell that last house to buy your next house, or

244
00:11:47,559 --> 00:11:49,680
Speaker 4: maybe you didn't even go to sell it. You just

245
00:11:49,679 --> 00:11:52,079
Speaker 4: looked at your payoff. You said, oh my goodness, I've

246
00:11:52,080 --> 00:11:55,440
Speaker 4: been paying on this thing for seven years. You know

247
00:11:55,440 --> 00:11:59,000
Speaker 4: what I mean, this is still my balance. But one

248
00:11:59,000 --> 00:12:01,520
Speaker 4: thing that you can do is you can make one

249
00:12:01,640 --> 00:12:05,800
Speaker 4: extra principal payment principal one payment extra a year, and

250
00:12:05,840 --> 00:12:08,679
Speaker 4: you can shave seven years of interest off your loan.

251
00:12:09,120 --> 00:12:11,120
Speaker 4: So you know, if you have to get a thirty

252
00:12:11,240 --> 00:12:14,040
Speaker 4: to start out with, that's totally fine. And if you

253
00:12:14,040 --> 00:12:14,640
Speaker 4: don't feel.

254
00:12:14,520 --> 00:12:17,040
Speaker 3: So you're saying that, you're saying that, you're saying that

255
00:12:17,080 --> 00:12:20,360
Speaker 3: on the thirty year mortgage. Could you be talking fast?

256
00:12:20,440 --> 00:12:23,280
Speaker 3: It's blanket because you know, you know you've been doing

257
00:12:23,280 --> 00:12:27,520
Speaker 3: this all your life. Okay, lock hell, Now you just

258
00:12:27,559 --> 00:12:30,040
Speaker 3: said that if I have a thirty year mortgage, right,

259
00:12:30,080 --> 00:12:32,480
Speaker 3: I have a thirty year mortgage, right, and if I

260
00:12:32,600 --> 00:12:35,960
Speaker 3: make an extra payment a year mortgage payment, a year

261
00:12:36,280 --> 00:12:41,000
Speaker 3: extra apply to my to apply to my balance, right,

262
00:12:41,640 --> 00:12:42,280
Speaker 3: not the interest?

263
00:12:42,760 --> 00:12:45,680
Speaker 1: How much would that? How much would that take my mortgage?

264
00:12:45,679 --> 00:12:48,120
Speaker 4: That's the thirty that's shape, So that would take that

265
00:12:48,160 --> 00:12:50,880
Speaker 4: would take your that would take your thirty year mortgage

266
00:12:50,960 --> 00:12:56,600
Speaker 4: to a twenty three twenty two year mortgage. Just by

267
00:12:56,720 --> 00:12:59,880
Speaker 4: doing that, because you're going to hit that principal faster.

268
00:13:00,200 --> 00:13:03,240
Speaker 4: For example, for me, I always tell people, you know,

269
00:13:03,480 --> 00:13:06,439
Speaker 4: I bought my house in six My interest rate on

270
00:13:06,480 --> 00:13:08,520
Speaker 4: the first was six and a half and my interest

271
00:13:08,600 --> 00:13:11,000
Speaker 4: rate on the second was ten and a half. And

272
00:13:11,040 --> 00:13:13,439
Speaker 4: it was and that was like one hundred percent finance.

273
00:13:13,480 --> 00:13:16,880
Speaker 4: And this was in January o six. But you're in Atlanta.

274
00:13:16,960 --> 00:13:19,720
Speaker 4: So I bought an Alpharetta. So I pay two forty

275
00:13:19,800 --> 00:13:21,680
Speaker 4: nine for my house. You can't find a house in

276
00:13:21,679 --> 00:13:24,760
Speaker 4: Alpharetta right now for three hundred thousand for get to

277
00:13:24,960 --> 00:13:25,520
Speaker 4: forty nine.

278
00:13:26,080 --> 00:13:29,720
Speaker 1: But but are you bragging the planter? Are you braking? No,

279
00:13:29,800 --> 00:13:30,040
Speaker 1: I'm not.

280
00:13:30,280 --> 00:13:30,480
Speaker 5: I'm not.

281
00:13:30,600 --> 00:13:32,800
Speaker 4: I'm just stating factors. So I'm just stating fact.

282
00:13:33,120 --> 00:13:33,600
Speaker 1: That's right.

283
00:13:33,679 --> 00:13:36,600
Speaker 4: But but what but what I did do is years

284
00:13:36,679 --> 00:13:40,280
Speaker 4: later I went ahead and I refinanced to a fifteen

285
00:13:41,000 --> 00:13:44,880
Speaker 4: at two point seventy five, and it attacked my principle.

286
00:13:45,240 --> 00:13:48,080
Speaker 4: So my point is that if you can't start out

287
00:13:48,120 --> 00:13:51,160
Speaker 4: on a fifteen year or you don't feel comfortable with

288
00:13:51,200 --> 00:13:56,200
Speaker 4: that higher payment, always do you have? You have two

289
00:13:56,240 --> 00:13:59,679
Speaker 4: ways really of doing it. You can do biweekly payments.

290
00:13:59,720 --> 00:14:02,079
Speaker 4: You have I have to set that up with your service,

291
00:14:02,559 --> 00:14:05,200
Speaker 4: So don't just pay a payment every other week. You

292
00:14:05,240 --> 00:14:08,280
Speaker 4: cannot do that. They expect your mortgage payment to be

293
00:14:08,360 --> 00:14:10,920
Speaker 4: paid in full. So most of the time they'll charge

294
00:14:10,920 --> 00:14:13,760
Speaker 4: you a setup feat of two hundred and fifty dollars

295
00:14:13,800 --> 00:14:17,040
Speaker 4: to do biweekly payments. And you've already just by doing

296
00:14:17,120 --> 00:14:20,640
Speaker 4: every other week, you've already accomplished that one extra payment.

297
00:14:21,080 --> 00:14:23,760
Speaker 4: Or you can just do one extra payment a month,

298
00:14:23,880 --> 00:14:26,800
Speaker 4: you know online or nobody really nailed it into the company,

299
00:14:27,200 --> 00:14:28,880
Speaker 4: or you can mail it in and you just check

300
00:14:29,240 --> 00:14:30,200
Speaker 4: towards principle.

301
00:14:30,400 --> 00:14:33,120
Speaker 3: Great, I'm talking to Tanya Blanchet. You founded a Madison

302
00:14:33,200 --> 00:14:37,360
Speaker 3: Chase Capital Advisors, a mortgage broker's firm with affordable closing costs,

303
00:14:37,600 --> 00:14:39,440
Speaker 3: and she has tips on up in the value of

304
00:14:39,480 --> 00:14:41,080
Speaker 3: your home when we come back from this break. But

305
00:14:41,160 --> 00:14:44,120
Speaker 3: before we go to the break, Ms Blanchet or some

306
00:14:44,200 --> 00:14:46,320
Speaker 3: contact information that you can share with.

307
00:14:46,120 --> 00:14:52,240
Speaker 4: My listeners absolutely on Instagram at Madison Chase Capital Advisors

308
00:14:53,360 --> 00:14:57,920
Speaker 4: LinkedIn Tanya Blanchard, and then my phone number is seven

309
00:14:58,000 --> 00:15:01,680
Speaker 4: seven zero eight five one. I'm three three four and

310
00:15:01,760 --> 00:15:07,120
Speaker 4: for any questions you can do info at mccapitaladvisors dot com.

311
00:15:07,200 --> 00:15:16,080
Speaker 6: Okay, great, we'll be right back with more Money Making

312
00:15:16,120 --> 00:15:22,200
Speaker 6: Conversations Masterclass with Rushan McDonald. You are now tuned into

313
00:15:22,200 --> 00:15:26,520
Speaker 6: the Money Making Conversations Minute of Inspiration with Rushawan McDonald.

314
00:15:26,840 --> 00:15:29,320
Speaker 1: Patti Label is an award when you're singer and actress

315
00:15:29,320 --> 00:15:31,360
Speaker 1: who has been called the Godmother of soul.

316
00:15:31,840 --> 00:15:34,360
Speaker 3: She started her career in the sixties and is still

317
00:15:34,480 --> 00:15:37,320
Speaker 3: on top of her game as an entertainer and businesswoman.

318
00:15:37,440 --> 00:15:39,800
Speaker 1: So when Patti Label speaks, you should listen.

319
00:15:39,920 --> 00:15:42,720
Speaker 5: I noticed since I've been performing for fifty six years,

320
00:15:42,960 --> 00:15:45,600
Speaker 5: I've touched so many people just when I hug them,

321
00:15:45,600 --> 00:15:48,520
Speaker 5: for when I smile and say something positive to them.

322
00:15:48,560 --> 00:15:51,160
Speaker 5: Don't cost you enoughing to be a lifter of people.

323
00:15:51,440 --> 00:15:52,480
Speaker 5: It's natural for me.

324
00:15:52,680 --> 00:15:53,720
Speaker 2: I was born with this.

325
00:15:54,200 --> 00:15:57,040
Speaker 5: I'm a total giver. It don't cost me nothing to

326
00:15:57,120 --> 00:15:59,480
Speaker 5: give what God has given me. So I give it

327
00:15:59,520 --> 00:16:02,200
Speaker 5: and with a smile on my face. And as I said,

328
00:16:02,240 --> 00:16:04,280
Speaker 5: I'm seventy six. Whenever I go and say that, I

329
00:16:04,320 --> 00:16:06,800
Speaker 5: get this great feeling from the audience that they're please

330
00:16:06,920 --> 00:16:08,760
Speaker 5: to be with me that night. Now I'm going to

331
00:16:08,760 --> 00:16:09,920
Speaker 5: give them something special.

332
00:16:10,120 --> 00:16:12,520
Speaker 3: If you want to hear this full interview with Patty Labell,

333
00:16:12,840 --> 00:16:15,040
Speaker 3: visit Moneymakingconversation dot Com.

334
00:16:15,120 --> 00:16:15,760
Speaker 1: Keep winning.

335
00:16:20,320 --> 00:16:25,320
Speaker 6: Now let's return to Money Making Conversations Masterclass with Rashan McDonald.

336
00:16:25,520 --> 00:16:27,160
Speaker 3: It's amazing when you would get out in the real

337
00:16:27,280 --> 00:16:30,960
Speaker 3: estate business. Were always, you know, in the black community

338
00:16:30,960 --> 00:16:34,280
Speaker 3: of the community of color, were just always tied to apartments,

339
00:16:34,280 --> 00:16:37,920
Speaker 3: were always tied to paying that monthly raiding, tied to

340
00:16:37,960 --> 00:16:41,200
Speaker 3: the first and the fifteenth, and never really into planning

341
00:16:41,280 --> 00:16:43,080
Speaker 3: our future in real estate is the way that you

342
00:16:43,120 --> 00:16:46,160
Speaker 3: can plan your future. How did you really get into

343
00:16:46,200 --> 00:16:49,320
Speaker 3: this business you talked about, Rashan. You don't have to

344
00:16:49,360 --> 00:16:52,200
Speaker 3: have money in the bank, but you have a course,

345
00:16:52,240 --> 00:16:55,120
Speaker 3: a program that you put in place now called six

346
00:16:55,200 --> 00:16:58,040
Speaker 3: Months to six figures, a loan Officer's Guide to a

347
00:16:58,080 --> 00:16:59,960
Speaker 3: profitable business. What exactly?

348
00:17:00,640 --> 00:17:04,359
Speaker 4: Absolutely, So I started out. I've been doing mortgages for

349
00:17:05,280 --> 00:17:08,720
Speaker 4: nineteen years and so this in June will be five

350
00:17:08,800 --> 00:17:11,199
Speaker 4: years that I've owned my own company. But I started

351
00:17:11,200 --> 00:17:13,240
Speaker 4: out as a loan officer. And when you start out

352
00:17:13,240 --> 00:17:16,320
Speaker 4: as a loan officer, you're one hundred percent commission. So

353
00:17:16,560 --> 00:17:20,320
Speaker 4: just think I had been recently divorced and my UX Susin,

354
00:17:20,400 --> 00:17:23,040
Speaker 4: and I had a great relationship. So we divorced with

355
00:17:23,359 --> 00:17:26,679
Speaker 4: no alimony, no child support. We've been put expenses and

356
00:17:26,760 --> 00:17:30,240
Speaker 4: explit time. So I had to think. So even though

357
00:17:30,280 --> 00:17:34,160
Speaker 4: it seemed risky going one hundred percent commission after being

358
00:17:34,240 --> 00:17:38,280
Speaker 4: recently divorced, I knew that I wanted something that, you know,

359
00:17:38,320 --> 00:17:41,480
Speaker 4: I wanted to be able to, you know, have unlimited income,

360
00:17:41,720 --> 00:17:43,439
Speaker 4: and I wanted to be able to spend time with

361
00:17:43,480 --> 00:17:46,240
Speaker 4: my children. They were small at the time. So I

362
00:17:46,359 --> 00:17:49,040
Speaker 4: became a loan officer. And so when you're a loan officer,

363
00:17:49,119 --> 00:17:53,400
Speaker 4: it's all about relationships, it's about knowing your guidelines, it's

364
00:17:53,400 --> 00:17:57,320
Speaker 4: about closing on time. And what I found when I

365
00:17:57,440 --> 00:18:02,280
Speaker 4: hired people at my firm loan officers. They were newly licensed,

366
00:18:02,280 --> 00:18:07,359
Speaker 4: but they had no idea how to be a loan officer.

367
00:18:07,440 --> 00:18:10,919
Speaker 4: Nobody teaches you that. So so I took the time

368
00:18:11,680 --> 00:18:14,080
Speaker 4: to create a course. Actually it's called six Months to

369
00:18:14,160 --> 00:18:19,120
Speaker 4: six Figures. It's seven modules, a resource god a jump

370
00:18:19,200 --> 00:18:23,560
Speaker 4: start that if you complete this and within six months,

371
00:18:23,960 --> 00:18:27,479
Speaker 4: you'll be making six figures as a loan officer. And

372
00:18:27,520 --> 00:18:31,920
Speaker 4: it's it's all common sense. It's it's my experience of

373
00:18:32,000 --> 00:18:35,280
Speaker 4: being in the business for nineteen years and raising you know,

374
00:18:35,400 --> 00:18:38,840
Speaker 4: two children, and you know, taking vacations and you know,

375
00:18:38,960 --> 00:18:42,119
Speaker 4: being one hundred percent commission for nineteen years is a

376
00:18:42,119 --> 00:18:45,960
Speaker 4: testimony in it itself, and wake up every day, wake

377
00:18:46,080 --> 00:18:48,000
Speaker 4: up every day and say, this is what I want

378
00:18:48,040 --> 00:18:50,720
Speaker 4: to do. So I created the course really to help

379
00:18:50,800 --> 00:18:56,960
Speaker 4: people avoid costly mistakes, because you have to remember, when

380
00:18:57,000 --> 00:18:59,879
Speaker 4: you're doing a loan, it's not you have a buyer

381
00:19:00,000 --> 00:19:03,520
Speaker 4: and a seller. You have someone's life, life life in

382
00:19:03,560 --> 00:19:04,240
Speaker 4: your hands.

383
00:19:04,400 --> 00:19:04,880
Speaker 5: Literally.

384
00:19:05,320 --> 00:19:07,560
Speaker 4: You know, a lot of times people focus so much

385
00:19:07,600 --> 00:19:10,560
Speaker 4: on the buyer, but I always focus on the seller,

386
00:19:10,640 --> 00:19:13,399
Speaker 4: even though I'm doing the loans for the buyer, because

387
00:19:13,440 --> 00:19:16,520
Speaker 4: I know that seller has also either they need that

388
00:19:16,600 --> 00:19:19,680
Speaker 4: money for a move or something important in their lives,

389
00:19:20,240 --> 00:19:23,120
Speaker 4: or they're going to their next house, so they need

390
00:19:23,160 --> 00:19:25,879
Speaker 4: to close on time as well. So that's why I

391
00:19:25,960 --> 00:19:29,280
Speaker 4: created the course to really help new loan offices or

392
00:19:29,359 --> 00:19:32,000
Speaker 4: loan offices have been in the business and aren't closing

393
00:19:32,040 --> 00:19:34,760
Speaker 4: at least three to five loans a month. This course

394
00:19:34,760 --> 00:19:35,679
Speaker 4: will definitely help you.

395
00:19:35,920 --> 00:19:36,119
Speaker 6: We know.

396
00:19:36,280 --> 00:19:36,919
Speaker 1: The thing about it.

397
00:19:37,000 --> 00:19:39,520
Speaker 3: The reason they excited me about bringing you on the

398
00:19:39,520 --> 00:19:42,000
Speaker 3: show because so many of my listeners, so many people

399
00:19:42,000 --> 00:19:44,040
Speaker 3: in the world and there are afraid to make change.

400
00:19:44,119 --> 00:19:46,840
Speaker 3: And also you also hit a certain age where they

401
00:19:46,840 --> 00:19:50,200
Speaker 3: feel that just it. You know, I'm thirty, I can't

402
00:19:50,200 --> 00:19:53,560
Speaker 3: do anything. On forty, I can't do it. Fifty they've

403
00:19:53,600 --> 00:19:56,160
Speaker 3: thrown the shovel and they've planning in their own raid.

404
00:19:56,320 --> 00:19:57,280
Speaker 1: So they're buying.

405
00:19:57,119 --> 00:20:00,800
Speaker 3: Plots and so, right, well, that's what you shouldn't think

406
00:20:00,800 --> 00:20:04,000
Speaker 3: that way. You should think about opportunities, opportunities to be

407
00:20:04,040 --> 00:20:07,760
Speaker 3: able to grow your fortune. And this is what we're

408
00:20:07,800 --> 00:20:10,600
Speaker 3: talking about with this particular program, is that it's not

409
00:20:10,840 --> 00:20:13,440
Speaker 3: when you're not talking about somebody who's just graduated from

410
00:20:13,480 --> 00:20:15,560
Speaker 3: high school or somebody who just graduated from college or

411
00:20:15,560 --> 00:20:16,600
Speaker 3: didn't go to college, you're not.

412
00:20:16,840 --> 00:20:17,720
Speaker 1: We're talking about.

413
00:20:17,520 --> 00:20:20,960
Speaker 3: People who are adults who are looking to make decisions

414
00:20:21,240 --> 00:20:22,440
Speaker 3: and talk to us right quick.

415
00:20:22,480 --> 00:20:23,840
Speaker 1: Who are you talking to?

416
00:20:24,040 --> 00:20:24,159
Speaker 5: Right?

417
00:20:24,200 --> 00:20:24,400
Speaker 1: Yeah?

418
00:20:24,640 --> 00:20:24,960
Speaker 5: You know what?

419
00:20:25,080 --> 00:20:26,960
Speaker 4: And I think you brought up a really good point

420
00:20:27,040 --> 00:20:30,480
Speaker 4: because I didn't graduate from college. I have my series

421
00:20:30,560 --> 00:20:32,840
Speaker 4: seven and sixty three from when I worked at Payne Weber,

422
00:20:33,000 --> 00:20:35,200
Speaker 4: so that's when I was officially smart. That's what I

423
00:20:35,200 --> 00:20:37,800
Speaker 4: always say. When I passed the seven, I was officially smart.

424
00:20:38,000 --> 00:20:41,680
Speaker 4: But you have to you have to really focus on

425
00:20:41,880 --> 00:20:48,080
Speaker 4: life skills and you know, interpersonal skills and reading and English.

426
00:20:48,560 --> 00:20:52,280
Speaker 4: If you always tell people be careful with just going

427
00:20:52,359 --> 00:20:55,200
Speaker 4: to college, to go to college, you know, student loan

428
00:20:55,280 --> 00:20:58,680
Speaker 4: debt is out of control, you know. I suggest to parents,

429
00:20:58,720 --> 00:21:00,800
Speaker 4: you know, if you if you didn't say money for college,

430
00:21:00,840 --> 00:21:03,760
Speaker 4: get your childhood to college, a community college for two

431
00:21:03,880 --> 00:21:07,639
Speaker 4: years and then you know, a four year school for

432
00:21:07,720 --> 00:21:11,199
Speaker 4: their degree. Like just think about President Obama. All you

433
00:21:11,280 --> 00:21:14,680
Speaker 4: remember is that he graduated from Columbia, then Harvard. Nobody

434
00:21:14,680 --> 00:21:17,560
Speaker 4: remembers the school he went to beforehand. So you just

435
00:21:17,600 --> 00:21:21,240
Speaker 4: have to be really you know, smart with your money

436
00:21:21,320 --> 00:21:24,560
Speaker 4: and know that debt. You know, you don't want to

437
00:21:24,600 --> 00:21:28,320
Speaker 4: incur debt. And this is really fast about dreams. You know,

438
00:21:28,440 --> 00:21:31,119
Speaker 4: anybody out here who doesn't own a house right now,

439
00:21:31,600 --> 00:21:35,080
Speaker 4: there's no reason that you can't. You have to start

440
00:21:35,119 --> 00:21:37,760
Speaker 4: where you are, even if you're credit and I don't

441
00:21:37,760 --> 00:21:40,480
Speaker 4: do credit counseling, I don't do credit repair, I don't

442
00:21:40,520 --> 00:21:44,360
Speaker 4: do credit restoration. But you have to start where you are.

443
00:21:44,480 --> 00:21:46,960
Speaker 4: You have to take your head out the sand. Look

444
00:21:46,960 --> 00:21:49,280
Speaker 4: at your credit report. It's all going to start there.

445
00:21:49,640 --> 00:21:54,199
Speaker 4: Look at your credit report, take responsibility, start fixing your credit.

446
00:21:54,440 --> 00:21:57,600
Speaker 4: Then start saving systematically. Even if you can't save in

447
00:21:57,720 --> 00:22:00,320
Speaker 4: fall one k, get a separate save in got a

448
00:22:00,400 --> 00:22:02,560
Speaker 4: credit union where you don't have access to the money,

449
00:22:02,640 --> 00:22:05,200
Speaker 4: and saved because the bottom line is that if you're

450
00:22:05,200 --> 00:22:08,359
Speaker 4: not paying your mortgage, you're paying someone else's. And this

451
00:22:08,560 --> 00:22:13,200
Speaker 4: is really really important. Just you know, maybe your first

452
00:22:13,240 --> 00:22:16,800
Speaker 4: house can't be that you know, four four four bedroom,

453
00:22:16,880 --> 00:22:20,120
Speaker 4: four baths, but it's a three two, it's a three bedroom,

454
00:22:20,160 --> 00:22:23,680
Speaker 4: it's a a two bath that you and your family own.

455
00:22:23,760 --> 00:22:27,480
Speaker 4: There is no security for a child like owning their

456
00:22:27,520 --> 00:22:30,240
Speaker 4: own home, coming in from that school bus, coming in

457
00:22:30,280 --> 00:22:32,959
Speaker 4: a house, saying hey mom, hey dad, and going up

458
00:22:33,000 --> 00:22:36,760
Speaker 4: to their room. So just think, just start out. Most

459
00:22:36,800 --> 00:22:40,359
Speaker 4: people want the big house. Start out, even you know

460
00:22:40,440 --> 00:22:42,920
Speaker 4: you we laughed about my house in Alpharetta, but believe

461
00:22:42,960 --> 00:22:45,560
Speaker 4: it or not, at that time, that was a sacrifice.

462
00:22:45,600 --> 00:22:48,240
Speaker 4: I wanted a basement, right and I took a FOURD

463
00:22:48,280 --> 00:22:50,320
Speaker 4: a basement, so I had to get a master on

464
00:22:50,359 --> 00:22:52,679
Speaker 4: the main and that sounds like, oh, a master on

465
00:22:52,720 --> 00:22:54,879
Speaker 4: the main. But still it was a sacrifice. It was

466
00:22:54,920 --> 00:22:58,320
Speaker 4: something that I wanted. But had I not look at

467
00:22:58,359 --> 00:23:01,160
Speaker 4: those interest rates six point father on the first ten

468
00:23:01,240 --> 00:23:04,000
Speaker 4: on the second look at those rays, What if I

469
00:23:04,040 --> 00:23:07,440
Speaker 4: had to say you know what, I'm gonna wait right right,

470
00:23:07,840 --> 00:23:09,960
Speaker 4: they wouldn't have my house, so you gotta you know,

471
00:23:10,760 --> 00:23:11,680
Speaker 4: the time is now.

472
00:23:11,920 --> 00:23:13,879
Speaker 3: Well, you know, I love your passion. I love because

473
00:23:13,960 --> 00:23:16,480
Speaker 3: some some some triggered in you. You know, it's like, okay,

474
00:23:16,520 --> 00:23:19,760
Speaker 3: I got Rashan. It's almost like you you get mad

475
00:23:19,800 --> 00:23:22,159
Speaker 3: at people when you see them making the same mistake

476
00:23:22,240 --> 00:23:24,800
Speaker 3: over and again over again, or denying themselves the opportunity.

477
00:23:24,840 --> 00:23:27,080
Speaker 3: I know, I get mad Ali because because the word

478
00:23:27,200 --> 00:23:30,600
Speaker 3: common sense. And then, like you said, holding yourself responsible

479
00:23:30,600 --> 00:23:33,200
Speaker 3: to your own dreams. You know, your dreams can only

480
00:23:33,240 --> 00:23:37,560
Speaker 3: be achieved if you want to show maturity responsibility to

481
00:23:37,680 --> 00:23:38,800
Speaker 3: why they are not happening.

482
00:23:39,600 --> 00:23:41,199
Speaker 1: And that's when you have to sit down and have go.

483
00:23:41,720 --> 00:23:42,520
Speaker 1: You have to have faith.

484
00:23:42,680 --> 00:23:45,040
Speaker 3: But faith has to have a plan attached to it,

485
00:23:45,440 --> 00:23:47,480
Speaker 3: because you can pray all you want if that plan

486
00:23:47,600 --> 00:23:50,159
Speaker 3: is not associated with that, with that, with that, with

487
00:23:50,240 --> 00:23:51,400
Speaker 3: that faith and guess.

488
00:23:51,160 --> 00:23:55,000
Speaker 1: What that action there you go right there. Now, here's

489
00:23:55,040 --> 00:23:55,840
Speaker 1: here's the thing about it.

490
00:23:55,880 --> 00:23:58,359
Speaker 3: Because I'm really enjoying this interview because of the fact

491
00:23:58,359 --> 00:24:01,240
Speaker 3: that I'm being educated, and I think that's important that

492
00:24:01,640 --> 00:24:04,200
Speaker 3: people understand that the purpose of this show is that

493
00:24:04,480 --> 00:24:06,760
Speaker 3: I don't know everything. So I bring people like miss

494
00:24:06,800 --> 00:24:10,600
Speaker 3: Blanchard onto the show. Who who is doing something I've

495
00:24:10,640 --> 00:24:14,520
Speaker 3: been involved with several times as a guy who wanted

496
00:24:14,520 --> 00:24:16,439
Speaker 3: to buy a home. Now, I want to ask you

497
00:24:16,480 --> 00:24:19,480
Speaker 3: this question. That big old stack of paper, you know,

498
00:24:19,880 --> 00:24:23,639
Speaker 3: because I'm signing you said something like usham makes sure

499
00:24:23,640 --> 00:24:25,359
Speaker 3: you go to that page and make sure you're about

500
00:24:25,359 --> 00:24:28,399
Speaker 3: to fix interest rate? Are there people out there we

501
00:24:28,400 --> 00:24:31,280
Speaker 3: should be worried about when they slide those closing papers

502
00:24:31,280 --> 00:24:31,920
Speaker 3: in front of us.

503
00:24:32,720 --> 00:24:37,840
Speaker 4: Absolutely, well, you're the thing, not the things in papers.

504
00:24:38,040 --> 00:24:42,320
Speaker 4: Because the Frank God asked back in two thousand and

505
00:24:44,040 --> 00:24:47,600
Speaker 4: I think it was nine ten when it was passed,

506
00:24:47,960 --> 00:24:51,480
Speaker 4: eliminated that. So at least now before you go to closing,

507
00:24:51,600 --> 00:24:56,119
Speaker 4: before you go to closing, three days before, three business

508
00:24:56,160 --> 00:25:00,840
Speaker 4: days before included we can count saturdays, you have to

509
00:25:00,920 --> 00:25:04,199
Speaker 4: see your initial clothes and clothed and disclosure. But that

510
00:25:04,320 --> 00:25:08,680
Speaker 4: initial disclosure is going to give you what that loan estimate.

511
00:25:08,800 --> 00:25:12,320
Speaker 4: That that loan estimate that you have that was in

512
00:25:12,400 --> 00:25:16,800
Speaker 4: your first documentary side I call those the money pages.

513
00:25:16,960 --> 00:25:20,080
Speaker 4: At closing, the two things that are most important are

514
00:25:20,119 --> 00:25:22,760
Speaker 4: going to be your note, which is one which is

515
00:25:22,800 --> 00:25:24,800
Speaker 4: one to close and disclosure. The CD is going to

516
00:25:24,800 --> 00:25:28,880
Speaker 4: be your note and your payment. And but the biggest

517
00:25:28,920 --> 00:25:32,480
Speaker 4: thing is that close and disclosure. You should have seen

518
00:25:32,560 --> 00:25:34,760
Speaker 4: it from your loan estimate. And what you want to

519
00:25:34,800 --> 00:25:37,600
Speaker 4: really look at, it's just you want to look at points.

520
00:25:37,600 --> 00:25:39,800
Speaker 4: You want to look at how much you pay in

521
00:25:39,880 --> 00:25:43,240
Speaker 4: the origination, how much are you paying a discount points?

522
00:25:43,680 --> 00:25:46,840
Speaker 4: So that is crucial. And every you know, everybody is

523
00:25:47,040 --> 00:25:50,040
Speaker 4: everybody is not created equal, you know, and you know

524
00:25:50,200 --> 00:25:52,119
Speaker 4: a lot of times that's one of the reasons what

525
00:25:52,200 --> 00:25:55,359
Speaker 4: my course that I tell people, keep your pipeline, stat

526
00:25:56,160 --> 00:25:59,639
Speaker 4: keep keep loans coming in so that you're not feeling

527
00:25:59,720 --> 00:26:02,080
Speaker 4: death for it, like, oh my gosh, I got this

528
00:26:02,240 --> 00:26:05,280
Speaker 4: one loan and if it doesn't close, there's my mortgagees

529
00:26:05,400 --> 00:26:06,800
Speaker 4: everything I need. You got.

530
00:26:06,920 --> 00:26:07,760
Speaker 1: You have to stay.

531
00:26:07,920 --> 00:26:09,720
Speaker 4: You got to stay busy. You're going to stay with

532
00:26:09,800 --> 00:26:13,639
Speaker 4: your pointeline. But that closing disclosure, you should could be

533
00:26:13,680 --> 00:26:16,520
Speaker 4: able to compare it to your loan estimate and your

534
00:26:16,640 --> 00:26:20,040
Speaker 4: numbers should change. The always tell my clients the thing

535
00:26:20,480 --> 00:26:25,879
Speaker 4: the lender fees and box eight hundred, those are my fees.

536
00:26:26,160 --> 00:26:29,960
Speaker 4: Those can't change. Now I can't I won't know what

537
00:26:30,080 --> 00:26:34,200
Speaker 4: your insurance, your insurance is until you know, you get

538
00:26:34,200 --> 00:26:37,160
Speaker 4: your homeowners insurance and then your tax bill. I look

539
00:26:37,240 --> 00:26:40,320
Speaker 4: up the tax bill before I send out your disclosures

540
00:26:40,320 --> 00:26:43,400
Speaker 4: because I like you to know really what your taxes are.

541
00:26:43,680 --> 00:26:46,520
Speaker 4: The new construction, we can't. We don't know, but I

542
00:26:46,600 --> 00:26:48,720
Speaker 4: try and give people a good idea of what that

543
00:26:48,840 --> 00:26:52,720
Speaker 4: monthly payment is and what the estimated caster closes so

544
00:26:52,800 --> 00:26:56,040
Speaker 4: that they're no surprises. And that's what's happening back door.

545
00:26:56,040 --> 00:27:00,200
Speaker 4: In the recession, people were just you know, vambuzled at

546
00:27:00,200 --> 00:27:02,840
Speaker 4: the closing table under pressure and they were signing and

547
00:27:02,880 --> 00:27:04,320
Speaker 4: they didn't know what they were signing.

548
00:27:05,200 --> 00:27:07,399
Speaker 3: Well, as we close out our interview, give us one

549
00:27:07,400 --> 00:27:10,080
Speaker 3: more time. How we can reach you in the program

550
00:27:10,160 --> 00:27:13,119
Speaker 3: six Months to six figures, A Loan Officer's Guide to

551
00:27:13,200 --> 00:27:14,399
Speaker 3: Profitable Business.

552
00:27:14,960 --> 00:27:18,879
Speaker 4: Absolutely, you can reach me at info at MF Madison c.

553
00:27:19,400 --> 00:27:23,760
Speaker 4: Chase those info at mccapital Advisors dot com seven seven

554
00:27:23,880 --> 00:27:26,320
Speaker 4: zero eight five one nine three three four and then

555
00:27:26,359 --> 00:27:29,199
Speaker 4: you can go to Madison Chase Academy dot com for

556
00:27:29,280 --> 00:27:29,720
Speaker 4: the course.

557
00:27:30,040 --> 00:27:31,800
Speaker 3: Well, I want to thank you for coming on my show.

558
00:27:31,840 --> 00:27:33,480
Speaker 3: It's been wonderful talking to you.

559
00:27:33,960 --> 00:27:34,920
Speaker 4: It was a pleasure.

560
00:27:35,200 --> 00:27:37,440
Speaker 1: Thank you for coming on Money Making Conversation Masters.

561
00:27:37,560 --> 00:27:40,160
Speaker 4: So much for having me and I will be happy

562
00:27:40,200 --> 00:27:41,800
Speaker 4: to come back anytime, any place.

563
00:27:41,840 --> 00:27:46,760
Speaker 1: You just let me know absolutely you you you're Molo Decks. Okay, bye,

564
00:27:46,760 --> 00:27:47,760
Speaker 1: Thank you for coming on the show.

565
00:27:48,800 --> 00:27:59,399
Speaker 6: Wow, thank you for joining us for this edition of

566
00:27:59,480 --> 00:28:05,040
Speaker 6: Money Making Conversations Masterclass. Money Making Conversations Masterclass with rough

567
00:28:05,040 --> 00:28:08,520
Speaker 6: Shan McDonald is produced by thirty eight fifteen Media Inc.

568
00:28:08,840 --> 00:28:12,119
Speaker 6: More information about thirty eight to fifteen Media Inc. Is

569
00:28:12,160 --> 00:28:16,119
Speaker 6: available at thirty eight fifteen media dot com. And always

570
00:28:16,200 --> 00:28:18,200
Speaker 6: remember to lead with your gifts