WEBVTT - Real Estate: She helps first-time home buyers, self-employed individuals, and those with unique challenges. 0:00:00.080 --> 0:00:02.760 Welcome to my show. I'm Rashon McDonald, a host of 0:00:02.800 --> 0:00:06.160 Money Making Conversations Masterclass, where we encourage people to stop 0:00:06.200 --> 0:00:10.039 reading other people's success stories and start planning your own. Now, 0:00:10.039 --> 0:00:12.240 you don't want to miss an episode, so please take 0:00:12.240 --> 0:00:14.840 a MoMA right now to follow or subscribe to Money 0:00:14.840 --> 0:00:16.440 Making Conversations Masterclass. 0:00:16.640 --> 0:00:17.320 It's free. 0:00:17.480 --> 0:00:21.440 You can follow me on iHeartRadio, app, Spotify, Apple Podcasts, 0:00:21.560 --> 0:00:24.479 or wherever you listen to your podcast. New Money Making 0:00:24.520 --> 0:00:28.200 Conversations Masterclass episodes drop daily. I want to keep you 0:00:28.240 --> 0:00:30.760 on alert because my guests provide tips on how you 0:00:30.760 --> 0:00:34.880 can uplift your community, improve your financial planning, motivation, or 0:00:34.920 --> 0:00:38.480 advice on how to be a successful entrepreneur. Now, let's 0:00:38.520 --> 0:00:42.240 get this podcast started. My guest is an independent mortgage broker. 0:00:42.560 --> 0:00:46.159 She's committed to delivering exceptional service to a focus on 0:00:46.280 --> 0:00:50.880 accountability and securing the right mortgage for your home. They'll 0:00:50.920 --> 0:00:55.040 ensure a smooth and seamless home buying process. Please work 0:00:55.080 --> 0:00:59.800 with the Money Making Conversations Masterclass. Latre's price get stalled 0:01:00.640 --> 0:01:03.440 like French that gest you got to put that get 0:01:03.480 --> 0:01:06.800 star except from Houston, Texas. The tree so you know 0:01:06.959 --> 0:01:11.240 down there y'all do all the San Antonio people just started. 0:01:11.400 --> 0:01:13.080 How you doing? My friend the tree, So, how you doing? 0:01:13.120 --> 0:01:14.559 I'm doing great? How are you doing? 0:01:15.920 --> 0:01:17.640 Finance? What's your what's your background? 0:01:17.680 --> 0:01:20.520 When you start talking about, you know, mortgage brokering and 0:01:20.560 --> 0:01:23.800 brokery and accountability and finance, give us a little history 0:01:23.800 --> 0:01:25.759 on you before we get started and get deep into 0:01:25.840 --> 0:01:26.440 this interview. 0:01:26.840 --> 0:01:29.959 Well, I am originally from San Antonio, Texas, and I 0:01:30.000 --> 0:01:35.080 have a bachelor's degree in finance, and I've been in 0:01:35.160 --> 0:01:39.520 finance since nineteen ninety nine. Where I originally started out 0:01:39.520 --> 0:01:44.800 working in investment operations, which consists of like settlements operations 0:01:44.120 --> 0:01:49.440 and investment accounting, and then like around twenty twelve or so, 0:01:50.320 --> 0:01:52.120 I moved over to doing. 0:01:53.960 --> 0:01:55.320 Auto of financing. 0:01:55.520 --> 0:01:58.200 My husband and I we opened up a car dealership 0:01:58.360 --> 0:02:02.200 and I was part owner also our finance manager, where 0:02:02.200 --> 0:02:06.080 I helped customers get financing for their cars. 0:02:06.440 --> 0:02:07.640 We focused a lot. 0:02:07.480 --> 0:02:11.200 On first time buyers and just pretty much took care 0:02:11.240 --> 0:02:12.760 of them to make sure that they were not being 0:02:12.800 --> 0:02:16.000 taken advantage of and getting good interest rates and good 0:02:16.000 --> 0:02:19.359 payments that they could maintain. Because a lot of the 0:02:19.440 --> 0:02:22.919 customers were like your college students and first time buyers 0:02:22.919 --> 0:02:25.639 who had just who had just actually just graduated from college. 0:02:26.360 --> 0:02:30.680 And then right in the middle of all that, you know, well, 0:02:30.680 --> 0:02:34.120 at the time, there was a lot of favor with 0:02:35.040 --> 0:02:37.440 auto lending and so forth, and so a lot of 0:02:37.440 --> 0:02:40.120 that changed, unfortunately, And so then I started looking into 0:02:40.200 --> 0:02:43.080 mortgage financing just to kind of like compliment what I 0:02:43.120 --> 0:02:46.000 was already doing. And that's pretty much how I ended 0:02:46.040 --> 0:02:49.400 up in mortgages. I started well, I obtained my license 0:02:49.440 --> 0:02:53.880 in twenty eighteen, and then in twenty twenty two I 0:02:54.040 --> 0:02:56.120 decided to go ahead and take the leap and become 0:02:56.160 --> 0:02:58.040 an independent mortgage broker where I. 0:02:58.040 --> 0:03:00.639 Have my I don't think you just took a leap. 0:03:00.720 --> 0:03:01.440 You're a planner. 0:03:01.840 --> 0:03:06.560 You're a planner now because you're dealing with numbers, so 0:03:06.600 --> 0:03:11.359 you already know about taxes, you already know about understanding 0:03:11.800 --> 0:03:14.280 the you know that profit margin that you have to 0:03:14.360 --> 0:03:18.359 achieve now. As in the car dealer industry, first of all, 0:03:18.800 --> 0:03:21.400 are rarely meet a person of color who said they 0:03:21.919 --> 0:03:25.119 went in the car dealership. You know, you re meet 0:03:25.200 --> 0:03:29.160 car sellers of car mechanics of people of color. How 0:03:29.160 --> 0:03:35.240 did y'all get into the auto industry from a dealership standpoint. 0:03:35.800 --> 0:03:39.400 Well, actually, my husband he had his first car dealership 0:03:39.400 --> 0:03:42.839 in San Antonio in the early nineties and it went 0:03:43.240 --> 0:03:46.360 fairly well for him. He ventured off into doing some 0:03:46.440 --> 0:03:51.960 other things, into promotions and so forth, and then around 0:03:52.000 --> 0:03:54.160 that time he decided to just go ahead and start 0:03:54.240 --> 0:03:56.560 to do the car dealership again. But he didn't want 0:03:56.600 --> 0:03:58.600 to do it the same way he did it before. 0:03:58.640 --> 0:04:01.680 He decided to do it differently the time. And it 0:04:01.720 --> 0:04:04.080 went very well for a while because it was around 0:04:04.080 --> 0:04:07.840 the time when Obama was, you know, issuing out all 0:04:07.880 --> 0:04:10.640 of the rescue money, and so the lending guidelines were 0:04:10.760 --> 0:04:14.320 very helpful for those who were having a difficult time, 0:04:14.680 --> 0:04:19.320 you know, at that particular time. And unfortunately they had 0:04:19.320 --> 0:04:21.839 to go back and tighten up those lending guidelines again 0:04:22.200 --> 0:04:25.840 and that changed the industry. And then COVID came right 0:04:25.839 --> 0:04:28.359 behind that and made it even more tighter. 0:04:29.200 --> 0:04:32.599 So cool, now, just be could I ask this one 0:04:32.640 --> 0:04:36.080 car question about car dealerships. You know, you know, I've 0:04:36.080 --> 0:04:38.560 had a lot of used cars in my life and 0:04:38.640 --> 0:04:42.360 I've traded them in. Now, should I have haggled to 0:04:42.360 --> 0:04:46.560 get the price down the trees because I always traded 0:04:46.640 --> 0:04:49.480 in my used car, which would have been a better 0:04:49.520 --> 0:04:52.160 rite that you way that you would have recommended, and 0:04:52.279 --> 0:04:55.200 just listening and people listening may follow your advice or 0:04:55.200 --> 0:04:56.720 they might do their own thing. 0:04:56.960 --> 0:05:01.000 What would you suggest haggling a trade in and used I. 0:05:00.920 --> 0:05:02.000 Think that you should do. 0:05:03.240 --> 0:05:06.560 Definitely negotiate and make sure that you get in the 0:05:06.600 --> 0:05:08.720 right deal. And you know a lot of people they 0:05:08.760 --> 0:05:12.600 go to Kelly Bluebook to reference the value for their car, 0:05:13.040 --> 0:05:17.239 but I personally recommend you going to Nada dot com 0:05:17.640 --> 0:05:20.880 their Power by Genie Powers and Associates now and they 0:05:21.320 --> 0:05:24.200 tend to give a better explanation of what the value 0:05:24.279 --> 0:05:26.520 is of your car because it gives it whether or 0:05:26.560 --> 0:05:29.279 not if it's in good condition or a bad condition, 0:05:29.640 --> 0:05:33.400 or if it's even in a syllable condition, and so 0:05:33.560 --> 0:05:36.839 you can kind of you can negotiate off of those numbers. 0:05:36.880 --> 0:05:39.320 A lot of times of dealerships they don't. They just 0:05:39.440 --> 0:05:41.720 assume that you don't really know what the value of 0:05:41.720 --> 0:05:44.440 your car is. And if you come in and you 0:05:44.839 --> 0:05:48.159 and you're educated and you can, you know, discuss on 0:05:48.240 --> 0:05:50.919 those particular parameters, you could say, well, no, you know 0:05:51.040 --> 0:05:53.719 my car, you know, I just did this, this and 0:05:53.800 --> 0:05:56.120 this to my car, so it's actually valued at this 0:05:56.160 --> 0:05:57.039 particular number. 0:05:57.160 --> 0:05:59.719 This is what I would like to have because they're. 0:05:59.520 --> 0:06:01.200 Going to pay you what they're going to pay you 0:06:01.240 --> 0:06:03.840 and turn back around and sell it and make sure 0:06:03.880 --> 0:06:05.760 that they get. 0:06:06.960 --> 0:06:11.000 Yeah, like anything, do your homework. 0:06:11.120 --> 0:06:15.119 Yes, going there and have a stand a value stand 0:06:15.240 --> 0:06:19.160 on your vehicle before you start trying to ask somebody 0:06:19.240 --> 0:06:20.599 what they think is going to cost. 0:06:20.720 --> 0:06:22.120 Yes, them, because. 0:06:21.880 --> 0:06:23.640 They're going to make sure they make their money. 0:06:24.160 --> 0:06:27.560 Stay with us more Money Making Conversation master Class coming 0:06:27.640 --> 0:06:34.320 up next. Welcome back to Money Making Conversation masteric Class 0:06:34.400 --> 0:06:35.760 with me Rashaun McDonald. 0:06:35.880 --> 0:06:36.040 Well. 0:06:36.040 --> 0:06:37.560 I brought you on the show to talk about being 0:06:37.560 --> 0:06:39.160 an independent mortgage broker. 0:06:39.440 --> 0:06:43.080 The word independent is powerful. Yes, you know. 0:06:43.880 --> 0:06:48.680 How are you an independent mortgage broker? First question? Secondly, 0:06:49.000 --> 0:06:51.599 why are you an independent mortgage broker? 0:06:51.760 --> 0:06:52.120 Okay? 0:06:53.000 --> 0:06:57.000 I am an independent mortgage broker because I basically hold 0:06:57.000 --> 0:06:59.520 my own license as a broker. So I go out 0:06:59.560 --> 0:07:05.040 and I established relationships with various lenders to provide different 0:07:05.720 --> 0:07:09.640 loan options to my borrowers. You know, I have lenders 0:07:09.640 --> 0:07:13.600 that will catered to individuals who may be self employed 0:07:13.760 --> 0:07:16.760 who may have a difficult time getting approved. I also 0:07:16.840 --> 0:07:20.280 have lenders who cater to first time buyers. I have 0:07:20.440 --> 0:07:26.800 lenders that cater to those who may need help, you know, 0:07:26.920 --> 0:07:29.640 due to citizenship, you know issues and so forth. I mean, 0:07:29.680 --> 0:07:33.120 there's all type of lenders out there. And so as 0:07:33.160 --> 0:07:36.880 a broker, you serve as that advocate for your borrower 0:07:37.320 --> 0:07:39.680 to make sure that they're getting the right loan product 0:07:39.680 --> 0:07:42.760 and not necessarily just getting approved, but you know, do 0:07:42.800 --> 0:07:45.960 they have the right product that fits their particular needs 0:07:46.000 --> 0:07:46.680 and so forth. 0:07:48.200 --> 0:07:56.160 Okay, so, but but why. 0:07:53.440 --> 0:07:57.520 Well, what made me become well, decide to become a 0:07:57.600 --> 0:08:01.040 mortgage broker was I had actually been laid off at 0:08:01.040 --> 0:08:01.600 a company. 0:08:01.600 --> 0:08:02.480 It was a builder. 0:08:03.240 --> 0:08:06.920 It was like in late twenty twenty two, the interest 0:08:06.960 --> 0:08:09.320 rates has started to really go up, and so they 0:08:09.360 --> 0:08:13.280 had lost like sixty eight percent of their contracts due 0:08:13.320 --> 0:08:17.280 to borrowers falling out because they could no longer fit 0:08:17.320 --> 0:08:19.560 the home because they were in the middle of construction 0:08:19.640 --> 0:08:20.280 and so forth. 0:08:20.840 --> 0:08:22.520 And so I was faced with. 0:08:22.880 --> 0:08:26.520 Having to go and find something, find new employment and 0:08:26.560 --> 0:08:29.160 so forth. And so I just noticed that, you know, 0:08:29.280 --> 0:08:34.520 the commission negotiations just did not fit my needs. And 0:08:34.600 --> 0:08:37.000 so I'll just figure I might as well just go 0:08:37.080 --> 0:08:40.280 ahead and advocate for people like I do, and also 0:08:40.920 --> 0:08:41.880 keep my commissions. 0:08:41.920 --> 0:08:46.720 At the same time, there are certain things as you 0:08:46.840 --> 0:08:49.040 gain equity. That's the big thing. That's the goal in 0:08:49.040 --> 0:08:52.160 any house is to gain equity. Explain to us the 0:08:52.440 --> 0:08:56.640 value of reverse mortgages when you hit a certain age 0:08:56.640 --> 0:08:58.440 and you have a certain equity in your house. 0:08:58.840 --> 0:09:02.600 Okay, Well, I will say this due to the fact 0:09:02.600 --> 0:09:05.400 that a lot of people do not really have very 0:09:05.440 --> 0:09:09.240 much knowledge in reversed mortgages. The usage of them are 0:09:09.280 --> 0:09:12.640 only like about two to three percent of senior citizens, 0:09:12.640 --> 0:09:15.640 and it's typically in the age range like around seventy 0:09:15.679 --> 0:09:20.120 five and older. And that's typically when people will you know, 0:09:20.240 --> 0:09:24.079 will have enough equity in their home and or have 0:09:24.200 --> 0:09:27.480 exhausted their retirement funds and have high medical costs and 0:09:27.520 --> 0:09:30.320 so forth, and so it's just a way for them 0:09:30.400 --> 0:09:33.439 to be able to have tax free cash coming into 0:09:33.559 --> 0:09:37.160 their home. They could either take a lump sum amount, 0:09:37.240 --> 0:09:40.240 or they can get they can receive a monthly payment, 0:09:40.320 --> 0:09:43.280 or they can open up a line of credit where 0:09:43.280 --> 0:09:48.120 they just withdraw the money out every month. I feel 0:09:48.120 --> 0:09:50.320 like it is a good option for those, you know, 0:09:50.520 --> 0:09:53.360 for individuals that are in that particular age range who 0:09:53.440 --> 0:09:58.480 have exhausted their retirement funds or have limited retirement funds. 0:09:58.559 --> 0:10:05.160 And you know, it's unfortunate that people typically do not 0:10:05.280 --> 0:10:08.840 have enough education, you know, about them because what happens 0:10:08.840 --> 0:10:11.640 sometimes is is that you know, they'll take out the 0:10:11.679 --> 0:10:14.440 reverse mortgage and the family is unaware and when they 0:10:14.520 --> 0:10:17.440 pass away, they don't know that the debt is there. 0:10:18.000 --> 0:10:20.200 And so but what the family can do is if 0:10:20.200 --> 0:10:22.440 they want to keep the keep the home and the 0:10:22.480 --> 0:10:25.360 family they can refinance it, you know, if they want 0:10:25.400 --> 0:10:26.960 to keep it, or they can just sell it to 0:10:27.000 --> 0:10:33.960 pay off the debt. Flowers while they're here. You know, 0:10:34.000 --> 0:10:38.160 they paid all the equity into the house, so you know. 0:10:38.960 --> 0:10:40.880 Okay, let me ask you this question right quickly. The 0:10:40.880 --> 0:10:43.199 tree I'm talking to, the tree's price gets started. And 0:10:43.360 --> 0:10:48.680 independent mortgage broker based in Houston, Texas. Okay, you take 0:10:48.679 --> 0:10:51.719 out a lump sum? How does that work? How you 0:10:51.840 --> 0:10:54.960 paying it back? If you have no money and you 0:10:55.080 --> 0:10:58.760 having financial issues and you do a lump sum or 0:10:59.080 --> 0:11:02.640 how exactly walk me through how a reverse mortgage works 0:11:03.000 --> 0:11:07.280 and how exactly does it benefit because if you if 0:11:07.280 --> 0:11:09.560 you take some money, they're going to want it back. 0:11:09.960 --> 0:11:12.960 So how are they making those payments back of the 0:11:13.120 --> 0:11:15.839 lump sum? Are the monthly songs that they're requesting. 0:11:16.120 --> 0:11:18.640 Well, the beauty of it is there are no monthly 0:11:18.679 --> 0:11:22.240 payments going back to the institution. The data is paid 0:11:22.280 --> 0:11:26.160 off when the home is is paid off, you know, 0:11:26.200 --> 0:11:28.760 like when the person passes away, the family can either 0:11:28.800 --> 0:11:31.840 refinance it into their name or they can sell the home. 0:11:33.320 --> 0:11:36.280 Yeah, I'll see what you're saying. So so let's use 0:11:36.280 --> 0:11:38.679 some numbers. So if the house is two hundred and 0:11:38.679 --> 0:11:42.040 fifty thousand dollars, then you can do a reverse mortgage 0:11:42.160 --> 0:11:45.400 on the equity or the value of the home. 0:11:45.920 --> 0:11:47.600 The equity, that's what you're saying. 0:11:47.640 --> 0:11:52.160 Yes, and you would need fifty percent of equity in 0:11:52.200 --> 0:11:53.320 the home to be able to do it. 0:11:54.080 --> 0:11:56.600 Okay, cool, So that means that you can do a 0:11:56.640 --> 0:11:59.520 reverse mortgage on one hundred and twenty five thousand dollars. 0:11:59.640 --> 0:12:02.480 Yes, if it's two hundred and fifty. 0:12:02.240 --> 0:12:07.280 Thousand dollars house, and then they receiving payments, they don't 0:12:07.280 --> 0:12:08.560 have to make any payments back. 0:12:09.000 --> 0:12:10.480 But that's why you were saying, Rashan. 0:12:11.040 --> 0:12:14.720 Generally people who do these reverse mortgages are in their seventies. 0:12:15.200 --> 0:12:17.320 Yes, because it's not something you want to do in 0:12:17.400 --> 0:12:18.040 your fifties. 0:12:18.120 --> 0:12:23.600 No, no, okay, cool, Now that. 0:12:23.880 --> 0:12:26.040 I have to be at least sixty two years old. 0:12:26.320 --> 0:12:30.079 I'm just saying that typically most of the barbers in 0:12:30.080 --> 0:12:32.400 that range are around the seventy five. 0:12:32.760 --> 0:12:36.000 It's range, right, so it has to be sixty two 0:12:36.040 --> 0:12:39.400 years old. So do you handle those type of situations? 0:12:39.400 --> 0:12:46.040 There do zero down payment programs. Okay, I'm speaking to 0:12:46.160 --> 0:12:50.839 Lutrese's price. Get stared. What exactly is that zero down 0:12:50.920 --> 0:12:51.800 payment program? 0:12:52.080 --> 0:12:56.320 What they do is they loan the amount that's needed 0:12:56.520 --> 0:12:57.360 for the down payment. 0:12:57.920 --> 0:13:00.400 It's up to like three percent of the loan. 0:13:01.080 --> 0:13:04.680 And what they do is they put the loan, they 0:13:05.040 --> 0:13:07.520 attach it to the actual mortgage itself, and then it 0:13:07.640 --> 0:13:11.840 is paid. It is paid off once the loan is 0:13:11.840 --> 0:13:15.240 either sold or either refinance, but up until then it 0:13:15.360 --> 0:13:18.560 is part of the part of the mortgage. But I 0:13:18.600 --> 0:13:22.760 also do have other down payment assistance programs that will 0:13:22.800 --> 0:13:26.440 give up to five percent of the value of the loan. 0:13:26.640 --> 0:13:29.520 So what happens is some people they'll use like the 0:13:29.559 --> 0:13:31.959 three to three and a half percent that's required for 0:13:32.000 --> 0:13:34.080 the down payment, and then the remaining of the five 0:13:34.120 --> 0:13:37.200 percent to pay off to help with the closing costs. 0:13:37.600 --> 0:13:40.000 Please don't go anywhere We'll be right back with more 0:13:40.040 --> 0:13:43.520 Money Making Conversations Masterclass. No need for you to do 0:13:43.600 --> 0:13:46.959 me a favor right now to follow or subscribe to 0:13:47.080 --> 0:13:50.360 Money Making Conversation. It's free and you can find it 0:13:50.400 --> 0:13:55.120 on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you 0:13:55.160 --> 0:13:58.720 get your podcasts. Please do me that favor, follow or 0:13:58.760 --> 0:14:05.280 subscribe money any Making Conversations. Welcome back to Money Making 0:14:05.280 --> 0:14:09.200 Conversations master Class hosted by me Rashaan McDonald. Money Making 0:14:09.240 --> 0:14:13.559 Conversation master Class continues online and Moneymaking Conversations dot com 0:14:13.679 --> 0:14:17.520 and follow Money Making Conversations master Class on Facebook, X 0:14:17.600 --> 0:14:20.360 and Instagram. Let's walk through the process of how you 0:14:20.520 --> 0:14:25.320 handle clients latrese when they come to you, the educational process. 0:14:25.560 --> 0:14:28.760 How does your business model for you work and how 0:14:28.800 --> 0:14:31.360 does it benefit the customers that come to you. 0:14:32.320 --> 0:14:35.640 Well, the first thing that I ask each person when 0:14:35.680 --> 0:14:40.440 they called is if they've purchased a home before and 0:14:40.880 --> 0:14:42.600 how soon do they need to buy. 0:14:43.920 --> 0:14:44.360 A home. 0:14:45.160 --> 0:14:47.960 And then I'll ask like key points like how long 0:14:48.000 --> 0:14:51.080 they've been on their job, what their credit score is like, 0:14:52.200 --> 0:14:55.200 and what you know? Do they have any money for 0:14:55.280 --> 0:14:58.080 down payment? You know anything and savings And I just 0:14:58.160 --> 0:15:00.480 kind of like gauge off of what they tell me 0:15:00.640 --> 0:15:02.520 and just kind of like take it from there. But 0:15:02.560 --> 0:15:07.200 I do when I do offer the different type of 0:15:07.320 --> 0:15:10.680 loan products, I do explain like the difference between the 0:15:11.200 --> 0:15:13.840 you know, between each kind because you know, you you 0:15:13.920 --> 0:15:17.280 have fah A v A conventional and U S D 0:15:17.400 --> 0:15:21.960 A and and each one caters to a particular you 0:15:22.000 --> 0:15:24.960 know customer, you know, whereas you I have like fah 0:15:25.040 --> 0:15:27.920 A you know, that's that's that's really more for like 0:15:28.000 --> 0:15:31.440 the customer who may need a lower down payment but 0:15:31.520 --> 0:15:35.840 also may have like a lower credit score than than 0:15:35.960 --> 0:15:38.400 the average, or have like a lot of open debt, 0:15:38.440 --> 0:15:44.560 because that particular program allows for a higher DTI versus 0:15:45.000 --> 0:15:48.120 someone who could go conventional, who may have like a 0:15:48.200 --> 0:15:52.200 higher credit score, but their down payment will start like 0:15:52.240 --> 0:15:54.560 around three percent and go up to like about five percent. 0:15:55.960 --> 0:15:57.880 And so I guess to answer you a. 0:15:57.960 --> 0:16:02.240 Question, is or it permits their interest rate. 0:16:03.360 --> 0:16:07.640 It is a very it's a very key component, you know, 0:16:07.680 --> 0:16:10.800 because we do have programs that will go as low 0:16:10.840 --> 0:16:13.960 as five five hundred credit score, but of course quite 0:16:14.040 --> 0:16:17.000 naturally those who are like I would say, like around 0:16:17.000 --> 0:16:20.440 seven to twenty and above will have your more favorable 0:16:21.120 --> 0:16:22.080 you know, interest rates. 0:16:22.120 --> 0:16:23.600 Okay, let's talk to it, because there's a lot of 0:16:23.640 --> 0:16:26.040 people out there in that five hundred ranges probably listening 0:16:26.120 --> 0:16:30.040 to my show now. But you can still help people 0:16:30.480 --> 0:16:32.680 that's a pretty low score. Now, that's a pretty low 0:16:32.680 --> 0:16:34.920 score out there trying to buy a home. Yes, how 0:16:35.000 --> 0:16:38.760 do you help somebody in that five hundred to six 0:16:38.880 --> 0:16:42.760 hundred credit score range get in the house, because right 0:16:42.800 --> 0:16:46.040 now I think that's I think this be nearly impossible. 0:16:46.040 --> 0:16:47.680 But you're saying you can make that happen. 0:16:48.040 --> 0:16:52.360 Yes, The main thing with that particular group is that 0:16:52.360 --> 0:16:54.720 they're going to have to have a higher down payment. 0:16:55.600 --> 0:16:57.000 They're going to be the ones who's going to need 0:16:57.000 --> 0:17:00.920 that ten to twenty percent down in most cases because 0:17:01.080 --> 0:17:05.240 those programs are not going to allow down payment assistance 0:17:06.200 --> 0:17:10.240 and the interest rate is going to raise the payment, 0:17:10.240 --> 0:17:12.120 which is going to make the DTI hard to fit. 0:17:12.480 --> 0:17:14.640 So that particular group of people is going to really 0:17:14.680 --> 0:17:17.040 need that big down payment in order for that to work. 0:17:17.520 --> 0:17:18.080 Okay, cool. 0:17:18.280 --> 0:17:23.399 So that means that, again, do you work with individuals 0:17:23.480 --> 0:17:27.879 latrees over a six month period or do you coach 0:17:27.920 --> 0:17:31.840 them along? Somebody comes to you, say in January and 0:17:31.840 --> 0:17:34.000 they said look, this is where I stand them at 0:17:34.040 --> 0:17:38.119 five hundred, and you said, well, come back to me, 0:17:38.840 --> 0:17:43.320 do your homework. You get your credits trade by making 0:17:43.440 --> 0:17:46.080 consistent monthly payment. Let's see, we can get that credit 0:17:46.119 --> 0:17:49.040 score up. Because right now, if you roll into a 0:17:49.080 --> 0:17:51.600 plan right now, your interest rates is going to be 0:17:51.680 --> 0:17:52.879 higher and your down. 0:17:52.600 --> 0:17:55.000 Payment is going to be higher. Do you work with 0:17:55.119 --> 0:17:56.600 individuals like that. 0:17:56.680 --> 0:17:58.400 Latrese, Yes, I do. 0:17:58.480 --> 0:18:03.440 I do offer the the opportunity to consult while they 0:18:04.000 --> 0:18:08.000 get ready and so forth, and I do offer suggestions 0:18:08.000 --> 0:18:10.359 and so forth. I have to be very careful about, 0:18:10.480 --> 0:18:13.520 you know, credit counseling, per se, but I do offer 0:18:13.640 --> 0:18:16.080 suggestions and you know, go over there file and just 0:18:16.480 --> 0:18:19.200 give them what's called a what if scenario, And it 0:18:19.240 --> 0:18:21.720 is it is provided by the credit bureau, and not 0:18:21.720 --> 0:18:24.200 not the credit bureau, but but the credit reporting agencies 0:18:24.200 --> 0:18:26.760 that I use. They have a report called what if 0:18:26.800 --> 0:18:29.639 scenario and I go in and I'll put you know, 0:18:29.840 --> 0:18:32.560 like say that they paid these particular credit cards down 0:18:32.680 --> 0:18:34.560 or what have you, this is what it could possibly 0:18:34.640 --> 0:18:37.880 look like if they did this and so forth, and 0:18:38.040 --> 0:18:40.120 I would give that to them, and you know, we'll 0:18:40.160 --> 0:18:43.879 work over you know, their plan over those months and 0:18:43.920 --> 0:18:48.000 so forth, and I will say about sixty percent of 0:18:48.040 --> 0:18:52.600 the people actually follow through. And really, do you know 0:18:52.680 --> 0:18:55.119 come back and say, okay, listen, it's. 0:18:55.000 --> 0:18:55.880 All about follow through. 0:18:55.920 --> 0:18:58.200 It's all about your dream, all about whether you want 0:18:58.240 --> 0:19:01.639 to make it happen. Yes, and that's what we're talking about, right, Yes, 0:19:01.880 --> 0:19:04.879 making it, putting it, putting forth one hundred percent. Now 0:19:05.480 --> 0:19:09.040 in this world as being an independent mortgage broker, what 0:19:09.240 --> 0:19:13.240 frustrates you about it? And what benefits do you feel 0:19:13.400 --> 0:19:14.399 you bring to the table. 0:19:14.960 --> 0:19:18.000 Okay, I will say what frustrates me is, you know, 0:19:18.040 --> 0:19:20.119 basically what we just talk about just now, is the 0:19:20.920 --> 0:19:24.439 customer that does not follow through or the customer that 0:19:24.520 --> 0:19:26.520 is not honest and forthcoming. 0:19:27.240 --> 0:19:28.640 Do you ever get mad in the little tree? 0:19:28.680 --> 0:19:30.640 Do you ever get mad if some of your customers 0:19:30.760 --> 0:19:34.719 come on that this is money making conversations? Okay, somebody 0:19:34.840 --> 0:19:36.720 wasted your time for three or four months. 0:19:36.760 --> 0:19:36.960 Now. 0:19:37.160 --> 0:19:37.360 Yeah. 0:19:38.280 --> 0:19:41.040 Basically, the reason she's an independent because a lot of 0:19:41.119 --> 0:19:46.320 traditional outlets won't even look at you, they won't even 0:19:46.720 --> 0:19:49.439 walk in the front door. She is giving you an 0:19:49.480 --> 0:19:53.399 opportunity because early in our conversation she spoke about she 0:19:53.520 --> 0:19:56.280 sets up relationships. She's kind of like it's a lot 0:19:56.280 --> 0:19:59.080 of people out there, like independent insurance people. Well, you 0:19:59.119 --> 0:20:01.680 can come there and they can do insurance with anybody 0:20:01.720 --> 0:20:03.919 out there. And that's what you're saying that you can 0:20:03.960 --> 0:20:07.600 do as an independent You're not limited to one particular 0:20:07.680 --> 0:20:09.520 financial outlet. 0:20:09.600 --> 0:20:10.440 Correct, Yes. 0:20:13.320 --> 0:20:15.719 And now with that being said, do you have a 0:20:15.760 --> 0:20:17.960 place you'll go to outlet? You don't have to say 0:20:18.000 --> 0:20:20.520 the name and why is that outlet that you go 0:20:20.640 --> 0:20:24.200 to you feel works for you the most in your 0:20:24.280 --> 0:20:28.160 independent platform and the type of customers that you bring 0:20:28.200 --> 0:20:28.680 to the table. 0:20:28.880 --> 0:20:31.800 I'll be more than happy to say that my outlet 0:20:31.800 --> 0:20:34.680 would be you not at Wholesale Mortgage u w M. 0:20:35.119 --> 0:20:38.840 They are okay, number one wholesale lender in the you know, 0:20:38.920 --> 0:20:43.960 in the States, and they have a very quick turnaround time. 0:20:45.480 --> 0:20:51.560 My executive there is top notche The process is just 0:20:51.840 --> 0:20:56.040 is just it's impeccable, you know, every time. And what 0:20:58.200 --> 0:21:02.720 the customer that that I would take there is actually 0:21:03.119 --> 0:21:04.840 well I can't say the majority of them, but I 0:21:04.880 --> 0:21:05.760 would just say. 0:21:07.880 --> 0:21:10.199 The customers that they cater to are more of like 0:21:10.560 --> 0:21:12.600 you know, your well. 0:21:12.320 --> 0:21:16.280 Your experienced buyers is where's your first time buyers? But 0:21:17.200 --> 0:21:19.280 a particular product that I like that they have there 0:21:19.400 --> 0:21:22.160 is there one time construction loan, like say you want 0:21:22.160 --> 0:21:26.200 to buy land and build a house at the same time. Well, 0:21:26.520 --> 0:21:30.520 you know, traditionally you would have to finance both separately, 0:21:30.720 --> 0:21:34.080 but they will do the loan all in one, you know, 0:21:34.480 --> 0:21:37.320 And that's what That's one of the main things that 0:21:37.359 --> 0:21:38.400 I really like about them. 0:21:39.280 --> 0:21:43.000