WEBVTT - Cliff Notes: HOW TO REDUCE YOUR MORTGAGE BY 7 YEARS

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>It's a crazy time that we're living in. Everybody knows

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<v Speaker 3>obviously we in. You know the age of Corona, and

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<v Speaker 3>I remember texting you like when when Corona first hit.

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<v Speaker 3>I'm like, yo, that's when the stock market was crashing.

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<v Speaker 3>And I'm like, there's real estate market about the crash,

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<v Speaker 3>and he was like, nah, it's not. And I'm like,

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<v Speaker 3>how people were losing their jobs, stock markets crashing, people

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<v Speaker 3>can't go to work, like all the writings on the

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<v Speaker 3>wall for another two thousand and eight to happen, and

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<v Speaker 3>he was like, nah, commercial real estate might be in trouble,

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<v Speaker 3>but residential real estate, I'm like, all right, we'll see.

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<v Speaker 3>And then to this day, it hasn't crashed. It's actually

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<v Speaker 3>going up. In most most places in America. The price

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<v Speaker 3>the home prices have actually going up. It's a shortage

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<v Speaker 3>of our inventory on the marketplace. So where we're at

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<v Speaker 3>right now as far as the state of real estate

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<v Speaker 3>in the United States of America.

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<v Speaker 4>The market is on fire for residential you know. And

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<v Speaker 4>I told you this back in March. I said, nah, bro,

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<v Speaker 4>it's not going to happen because with people and everybody

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<v Speaker 4>was kind of saying the same thing, like, yo, two

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<v Speaker 4>thousand and eight is coming back. Wait, don't buy, don't

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<v Speaker 4>buy weight, And I said two thousand and eight was different.

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<v Speaker 4>That was a credit crisis, right, This is a health crisis.

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<v Speaker 4>Credit crisis means that banks, Wall streeters, everybody, homeowners, you know, investors,

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<v Speaker 4>everybody was greedy, you know, appraisers, everybody. Right, So when

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<v Speaker 4>the market crashed, the government was reluctant on trying to

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<v Speaker 4>save everybody. They didn't want to bail out everybody, but

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<v Speaker 4>they had no choice but to bail out the big names. Right.

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<v Speaker 4>So with this one, I said, now, this is health

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<v Speaker 4>This has nothing to do with nobody. This is nobody's fault.

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<v Speaker 4>And if you think about it, if you look at

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<v Speaker 4>the real estate market going into twenty twenty, it was

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<v Speaker 4>already on fire. It was due for a correction at

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<v Speaker 4>some point, because what goes up must have come down, right.

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<v Speaker 4>But I said, nah, this is not going to crash.

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<v Speaker 4>There's no way, because the government is going to have

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<v Speaker 4>to bail out everybody now, right from the big businesses

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<v Speaker 4>to the everyday person. When you told me that it's

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<v Speaker 4>going to crash, that's what was in my mind because

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<v Speaker 4>I knew, especially with the election year, they couldn't just

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<v Speaker 4>let all these people die, people lose their homes. There's

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<v Speaker 4>no way. And as you see, all these stimulus packages

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<v Speaker 4>came out, everybody getting their ppe money and everything.

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<v Speaker 5>It was recklessly hopefully they wasn't reckless.

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<v Speaker 4>Hopefully they wasn't reckless, and hopefully they did the right thing.

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<v Speaker 4>But you know, you have unemployment benefits, people are getting

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<v Speaker 4>them with ease, with no problem. So you know, you

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<v Speaker 4>got to give the administration credit for what they tried

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<v Speaker 4>to do to help as many people as possible. And

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<v Speaker 4>that's why I just did to feel like the market

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<v Speaker 4>was going to crash. But residential real estate is on

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<v Speaker 4>fire right now all over the country. There's thirty forty

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<v Speaker 4>offers on one house, you know, So if you're a

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<v Speaker 4>seller right now, if you're thinking about selling your home

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<v Speaker 4>to upgrade or downsize, this is the time for the

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<v Speaker 4>sellers right now, because they're going to get twenty thirty

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<v Speaker 4>percent above asking price on markets right now because it's

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<v Speaker 4>just too hot right now. It's too many buyers out there,

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<v Speaker 4>and with these low interest rates, you know, or rates

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<v Speaker 4>being in the mid twos to low threes, depending on

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<v Speaker 4>your circumstance, Like everybody wants to buy a house because

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<v Speaker 4>money is cheap now right so it's easy to the

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<v Speaker 4>person who couldn't afford the half a million dollar house

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<v Speaker 4>last year when rates were three and a half four percent.

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<v Speaker 4>Now it's two and a half.

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<v Speaker 3>Can can you explain like that, like, because the average

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<v Speaker 3>person that maybe never brought a home might not fully

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<v Speaker 3>appreciate because they say three and a half two and

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<v Speaker 3>a half, it's only one percent, that's not that big

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<v Speaker 3>of a deal. But because they look at it like

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<v Speaker 3>it's stocks, Like it's like if you earn one percent,

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<v Speaker 3>you know what I'm saying, or just regular life, one

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<v Speaker 3>percent doesn't move the needle. But in your world of mortgages,

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<v Speaker 3>one percent is huge, right, So if you kind of

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<v Speaker 3>put that in perspective out, yeah.

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<v Speaker 4>I mean, look, one percent depending on your loan amount, right,

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<v Speaker 4>that can be three four five hundred dollars a month.

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<v Speaker 4>That could be six thousand, eight thousand, ten thousand a year,

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<v Speaker 4>depending on the size of your loan.

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<v Speaker 2>Right.

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<v Speaker 4>So the big of the loan, the lower the rate,

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<v Speaker 4>the cheap of the payment.

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<v Speaker 2>Right.

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<v Speaker 4>So someone again who couldn't afford the five hundred thousand

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<v Speaker 4>dollars home or get pre approved for a five hundred

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<v Speaker 4>thousand dollar home a year ago because the rate was

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<v Speaker 4>probably three and a half to four percent, now they're

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<v Speaker 4>able to because now that brings their payment down and

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<v Speaker 4>they're able to get approved for now that higher amount,

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<v Speaker 4>so one percent is huge in the real estate. In

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<v Speaker 4>the mortgage world, interest that you're going to pay over

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<v Speaker 4>the life of the moment is also very important too,

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<v Speaker 4>because if you're looking at any house that you buy,

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<v Speaker 4>let's face it, right the way the mortgage in the

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<v Speaker 4>banking system is set up, it's you know you're going

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<v Speaker 4>to pay interest three times more earners.

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<v Speaker 2>What's up?

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<v Speaker 5>You ever walk into a small business and everything just

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<v Speaker 5>works like the checkout is fast, the receipts are digital,

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<v Speaker 5>tipping is a breeze, and you're out the door before

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<v Speaker 5>the line even builds odds are they're using Square. We

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<v Speaker 5>love supporting businesses that run on Square because it just

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<v Speaker 5>feels seamless. Whether it's a local coffee shop, a vendor

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<v Speaker 5>at a pop up market, or even one of our

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<v Speaker 5>merch partners. Square makes it easy for them to take payments,

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<v Speaker 5>manage inventory, and run their business with confidence, all from

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<v Speaker 5>one simple system. If you're a business owner or even

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<v Speaker 5>just thinking about launching something soon, Square is hands down

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<v Speaker 5>one of the best tools out there to help you start,

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<v Speaker 5>run and grow. It's not just about payments, it's about

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<v Speaker 5>giving you time back so you can focus on what

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<v Speaker 5>matters most ready. To see how Square can transform your business,

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<v Speaker 5>visit Square dot com backslash go backslash eyl to learn

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<v Speaker 5>don't hesitate. Let's Square handle the back end so you

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<v Speaker 5>can keep pushing your vision forward. This episode is brought

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<v Speaker 5>to you by P and C Bank. A lot of

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<v Speaker 5>people think podcasts about work are boring, and sure they

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<v Speaker 5>definitely can be, but understanding a professional's routine shows us

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<v Speaker 5>how they achieve leave their success little by little, day

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0:07:09.000 --> 0:07:12.120
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<v Speaker 5>National Association Member FDIC.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:07:42.720 --> 0:07:46.600
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:07:54.080 --> 0:07:58.880
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:07:58.920 --> 0:08:02.480
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:08:02.520 --> 0:08:05.760
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>were here illegally, your next you will be fine nearly

0:08:09.760 --> 0:08:13.760
<v Speaker 1>one thousand dollars a day, imprisoned and deported, you will

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<v Speaker 1>never return. But if you register using our CBP home

0:08:17.480 --> 0:08:20.880
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:08:21.240 --> 0:08:26.000
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>Put him with the houses actually work. But if you're

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<v Speaker 4>getting a cheaper interest rate, that softens the blow a

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<v Speaker 4>little bit, and now you can focus on your debt strategy,

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<v Speaker 4>which is repaying back your debt and trying to beat

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<v Speaker 4>that interest trap. You know what I'm saying, and you

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<v Speaker 4>know little things you can do to do that. You

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<v Speaker 4>can make one extra payment a year, and you can

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<v Speaker 4>pay off your loan in twenty two and a half years.

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<v Speaker 4>If you have a thirty year mortgage. You know what

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<v Speaker 4>I tell folks all the time, take your income taxes

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<v Speaker 4>refunds right and apply that every single year to your

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<v Speaker 4>partical balance. That could bring down your debt. You can

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<v Speaker 4>do as little as one hundred dollars a month to

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<v Speaker 4>your principal balance and you'll be surprised how much interest

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<v Speaker 4>you'll save on your mortgage, especially if you plan on

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<v Speaker 4>living in the house the long term, the full term

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<v Speaker 4>of thirty years. You don't want to just make your

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<v Speaker 4>regular payment because you're gonna pay you know, on a

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<v Speaker 4>three hundred, four hundred thousand dollars home, you may pay

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<v Speaker 4>back eight hundred thousand.

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<v Speaker 3>Now that was a gym, what you just said. And

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<v Speaker 3>I learned that in business. I don't want that to

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<v Speaker 3>go on people's head. When I first got into into

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<v Speaker 3>the industry working in finance, I learned that like one

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<v Speaker 3>extra payment a year on your mortgage cut seven years.

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<v Speaker 4>Off of your mortgage absolutely, or eight seven to eighty

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<v Speaker 4>twenty two and a half years.

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<v Speaker 3>Yeah, So that's that's huge if you really think about it,

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<v Speaker 3>it's like one extra payment a year absolutely can really

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<v Speaker 3>take almost a decade off like.

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<v Speaker 4>Basically, and it has to be towards your principal balance only.

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<v Speaker 4>So if you're making a payment, you can't give the

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<v Speaker 4>bank money because they're automatically going to apply it to interest, right,

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<v Speaker 4>because you have to direct them where you want that

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<v Speaker 4>money to go.

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<v Speaker 2>How does that even look?

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<v Speaker 5>So if my mortgage is three thousand, I gotta pay

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<v Speaker 5>six thousand if I'm doing it.

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<v Speaker 4>Yeah, so if your mortgage is three, you can pay

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<v Speaker 4>six and you can tell them the difference to go

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<v Speaker 4>to principal balance only. Some online everything's online right now

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<v Speaker 4>with all the banks, right so you can go pay

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<v Speaker 4>your mortgage and you can specify their two principal balance only.

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<v Speaker 4>You can write a check, put on a check two

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<v Speaker 4>principal balance only. So, depending on how you pay your mortgage,

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<v Speaker 4>do that. And if it's not an online option to

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<v Speaker 4>pay extra, call the service and lender that you're paying

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<v Speaker 4>your mortgage too, and figure out a way to accomplish

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<v Speaker 4>that goal. Maybe they can just do automatic draft from

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<v Speaker 4>your account something like that and set it up to

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<v Speaker 4>where you can make that extra payment. You know, and

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<v Speaker 4>you'll be surprised if you make two payments extra year.

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<v Speaker 5>That's what in my mind, I'm thinking that if I

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<v Speaker 5>make two extra payments now that's seven ers of the

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<v Speaker 5>fourteen I'm really out of fifteen year mortgage basically.

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<v Speaker 4>And I'm glad you brought up fifteen year mortgages, right,

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<v Speaker 4>especially right now, folks want to go into fifteen year loans.

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<v Speaker 4>And look, the fifteen year rate, the lowest I've seen

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<v Speaker 4>it since we've been in COVID was around two percent,

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<v Speaker 4>which is phenomenal. Right, that's incredible. But what I try

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<v Speaker 4>to tell people is maybe not going to that fifteen

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<v Speaker 4>year right now, because life happens. Right, you're committing yourself

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<v Speaker 4>to a much higher payment, and what if you know,

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<v Speaker 4>COVID twenty one comes God forbid and it's worse, worse

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<v Speaker 4>strained than this. Now you're committing yourself to that higher

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<v Speaker 4>payment just to try to pay it all early, when

0:11:33.080 --> 0:11:35.280
<v Speaker 4>you could have went to a thirty year, had a

0:11:35.360 --> 0:11:39.480
<v Speaker 4>cheaper payment, and just manage your principal balance yourself. That way,

0:11:39.480 --> 0:11:42.800
<v Speaker 4>you're not committed to that fifteen year term or that

0:11:43.080 --> 0:11:46.600
<v Speaker 4>twenty year term. You stay with the cheapest possible payment,

0:11:46.920 --> 0:11:50.880
<v Speaker 4>but still you're paying down your debt, you know, so,

0:11:51.320 --> 0:11:54.040
<v Speaker 4>and I'm not against twenty year mortgages. I think for

0:11:54.080 --> 0:11:57.360
<v Speaker 4>the right people it works, right people who have substantial

0:11:57.360 --> 0:12:00.880
<v Speaker 4>income and they can really afford the payment. But most

0:12:00.880 --> 0:12:04.040
<v Speaker 4>people are trying to pay off their long fast, which

0:12:04.040 --> 0:12:08.520
<v Speaker 4>I get, but they're now cash strap, right, they're becoming

0:12:08.640 --> 0:12:11.280
<v Speaker 4>house rich and cash poor because they're making their payment

0:12:12.000 --> 0:12:14.720
<v Speaker 4>so much higher because they're just focusing on I just

0:12:14.800 --> 0:12:16.880
<v Speaker 4>want to get rid of it, which again I understand,

0:12:16.920 --> 0:12:18.480
<v Speaker 4>but you got to be a little bit smarter right

0:12:18.520 --> 0:12:21.200
<v Speaker 4>now because anything could happen. As we've seen. We woke

0:12:21.280 --> 0:12:24.640
<v Speaker 4>up in twenty twenty Kobe dead with God bless you know.

0:12:24.720 --> 0:12:28.000
<v Speaker 4>Then COVID came. Like this year has been crazy, you

0:12:28.080 --> 0:12:29.880
<v Speaker 4>know what I'm saying. So like if this doesn't teach

0:12:29.880 --> 0:12:32.080
<v Speaker 4>anybody anything, you got to have cash flow right now.

0:12:32.120 --> 0:12:36.080
<v Speaker 4>You got to have liquidity because anything can happen. So

0:12:36.320 --> 0:12:38.680
<v Speaker 4>that's why I just try to tell home own, future

0:12:38.679 --> 0:12:42.200
<v Speaker 4>homeowners and current homeowners who are rEFInd intent if you

0:12:42.400 --> 0:12:44.600
<v Speaker 4>don't have to go to the fifteen year, just stay

0:12:44.600 --> 0:12:47.640
<v Speaker 4>with the twenty or thirty years, so that way you

0:12:47.679 --> 0:12:49.160
<v Speaker 4>can have a little bit more cash flow.

0:12:51.080 --> 0:12:56.320
<v Speaker 6>My graduates from my school being forced bad drop drop

0:12:56.960 --> 0:13:19.440
<v Speaker 6>might drop drop drop, an.

0:13:10.000 --> 0:13:14.479
<v Speaker 1>Illegal alien from Guatemala charged with raping a child in Massachusetts.

0:13:14.840 --> 0:13:18.240
<v Speaker 1>An MS thirteen gang member from Al Salvador accused of

0:13:18.360 --> 0:13:22.360
<v Speaker 1>murdering a Texas man of Venezuelan charged with filming and

0:13:22.440 --> 0:13:26.280
<v Speaker 1>selling child pornography in Michigan. These are just some of

0:13:26.320 --> 0:13:30.040
<v Speaker 1>the heinous migrant criminals caught because of President Donald J.

0:13:30.120 --> 0:13:33.880
<v Speaker 1>Trump's leadership. I'm Christy Noman, the United States Secretary of

0:13:33.920 --> 0:13:38.720
<v Speaker 1>Homeland Security. Under President Trump, attempted illegal border crossings are

0:13:38.760 --> 0:13:42.160
<v Speaker 1>at the lowest levels ever recorded, and over one hundred

0:13:42.160 --> 0:13:46.040
<v Speaker 1>thousand illegal aliens have been arrested. If you are here illegally,

0:13:46.559 --> 0:13:49.880
<v Speaker 1>your next you will be fined nearly one thousand dollars

0:13:49.920 --> 0:13:54.040
<v Speaker 1>a day, imprisoned, and deported. You will never return. But

0:13:54.120 --> 0:13:57.640
<v Speaker 1>if you register using our CBP home app and leave now,

0:13:58.040 --> 0:14:01.160
<v Speaker 1>you could be allowed to return legally. Do what's right.

0:14:01.720 --> 0:14:06.679
<v Speaker 1>Leave now. Under President Trump, America's laws, border and families

0:14:06.880 --> 0:14:07.680
<v Speaker 1>will be protected.

0:14:07.800 --> 0:14:09.920
<v Speaker 2>Sponsored by the United States Department of Homeland Security,