Speaker 1: It's time for the b a q a a to
Speaker 1: b a q a what you say.
Speaker 2: The b a q a man good b a q
Speaker 2: a Which the b a q a A.
Speaker 1: Should we do a little disclaimer, you know, to make
Speaker 1: our lawyer our lawyer friends happy. Yes.
Speaker 2: Please, if you've.
Speaker 1: Got questions, we have some answers, but not necessarily for you,
Speaker 1: just some things we'll be saying. But you are going
Speaker 1: to reach out to your doctor, your lawyer, your financial advisor,
Speaker 1: someoney that you pay for the next level of financial
Speaker 1: education if you will a ka so your grandma, not us.
Speaker 2: But if you do have some questions that you'd like.
Speaker 1: To hear some general answers, not specifically geared towards you about,
Speaker 1: go ahead on over to Branna Vision podcast dot com
Speaker 1: and click the contact us button or slide into our
Speaker 1: DMS brin Ambition Podcast on IG.
Speaker 2: And we got you.
Speaker 3: Yeah, And if you have a follow up, just let
Speaker 3: us know that it's a follow up question or like
Speaker 3: just your following up on like a question that we answered.
Speaker 3: I love getting those yes and seeing where the journey
Speaker 3: has taken y'all.
Speaker 1: Yes, and if you could tell us like, oh, it
Speaker 1: was this episode or maybe what we called you what
Speaker 1: your name was or whatever?
Speaker 3: You know, just like, please make it as simple as
Speaker 3: possible because sometimes we don't know where the original question
Speaker 3: went to. Yes, okay, we've been doing it for how
Speaker 3: many years? Almost nine? That's a lot of questions, all right,
Speaker 3: But we have a cute, cute question today. This is
Speaker 3: from ig Kelsey, who says we can use her name.
Speaker 3: Oh we love it. Just out there, queen. All right, tiff,
Speaker 3: this is your credit land, your credit lane. Okay, Hiba, fam,
Speaker 3: I have a question. I love your show and your
Speaker 3: advice is much appreciate, appreciated. My husband and I are
Speaker 3: hoping to buy a house this fall. Even though the
Speaker 3: economy isn't the greatest. We're spending the summer tackling our
Speaker 3: credit card debt. I've noticed it takes a long time
Speaker 3: for the updated balance to show on my credit report.
Speaker 3: For example, I paid off two cards in full at
Speaker 3: the end of May, and almost two months later, they
Speaker 3: still haven't updated. Is that normal when we are ready
Speaker 3: to meet with a lender to see how much we
Speaker 3: qualify for Should we wait for all of those accounts
Speaker 3: to show as paid on credit karma or experience, et cetera?
Speaker 3: Or will they have access to a more up to
Speaker 3: date version of our credit report. Thank you so much
Speaker 3: for your help, all right, Kelsey.
Speaker 1: Kelsey, Kelsey, Kelsey, Well, really, the big it's probably not
Speaker 1: the credit bureaus that are holding you up. You know,
Speaker 1: there's three core ones. There's more, but these are the
Speaker 1: three core ones. That's Transnion Aquathax experience. So they update
Speaker 1: about to your point once a month, at least every
Speaker 1: forty five days. Right, It might be the lender whoever
Speaker 1: you've paid back. They can take your sweet time letting
Speaker 1: their credit bel know, Hey, hey, y'all, Kelsey had did
Speaker 1: a thing. Now, Typically they do typically, you know, tell
Speaker 1: the lender like once a month or so and sometimes
Speaker 1: even up to two months. But the best place to
Speaker 1: really ask is to reach out to the credit card
Speaker 1: companies that you paid off, paid the balances down, and say, hey,
Speaker 1: has this been reported to the credit bureau and if not,
Speaker 1: when can I expect it to be reported because it's
Speaker 1: still not showing on my credit reports that this has
Speaker 1: paid been paid down or off and ask that question.
Speaker 1: And quite honestly, if it was me, you know, buying
Speaker 1: a house these days, it's like every penny counts, I
Speaker 1: probably would wait for my credit bureau to reflect you
Speaker 1: know the fact that I don't owe as much before
Speaker 1: like seeing what I can.
Speaker 2: Be pre approved for.
Speaker 1: The truth is you're going to have your credit pulled
Speaker 1: multiple times still, like they're like right before you close.
Speaker 1: So this is not you know, this is not the
Speaker 1: last time. But if we're talking about pre approval, which
Speaker 1: is an important process which basically will let your lender
Speaker 1: know you know, what you can possibly borrow. This this
Speaker 1: would potentially affect, like, especially if you owed a lot
Speaker 1: of money, could affect how much money you could borrow
Speaker 1: on a house. So I would say be patient, but
Speaker 1: also tap your lender on the shoulder and I would
Speaker 1: wait to see the adjustment before like, you know, looking
Speaker 1: to purchase a home right away.
Speaker 3: It's interesting that she says, you know, the economy is
Speaker 3: not that great. I think the housing market. I don't
Speaker 3: know the economy, Like I just saw reports like the
Speaker 3: economy is doing amazing. It's what you and I were
Speaker 3: talking about, how like the numbers are showing that the
Speaker 3: economy is fine, but people don't feel that way. It's
Speaker 3: probably because housing prices are so high and rates are
Speaker 3: still high compared to like normal historically, but really high
Speaker 3: compared to what we were enjoying a few years ago.
Speaker 3: But I think I've come now on the side of
Speaker 3: like go ahead and buy, yeah, you know, like don't
Speaker 3: wait for the perfect time and the perfect like subpar rate.
Speaker 3: I think that it's helpful to see people zoom out
Speaker 3: and show the historical interest rates, and it was pretty
Speaker 3: unusual that we had like two percent rates back when,
Speaker 3: you know, pre pandemic and during the pandemic, and now
Speaker 3: like six percent is like kind of it's.
Speaker 1: Yeah, because there's the thing I bought my I bought
Speaker 1: my condo. When I bought my condo, I was I'm
Speaker 1: turning forty five this year. I was twenty five when
Speaker 1: I bought my condo, and my rate was like five
Speaker 1: point six percent. That was then, you know what I mean.
Speaker 1: And that was not a bad rate. That was considered
Speaker 1: more than fair to two percent. It literally never.
Speaker 2: Hit two percent before.
Speaker 1: That was had historic maybe once in a lifetime were
Speaker 1: gonna see rate, And so to wait for it to
Speaker 1: go down to two or three percent, you're going to
Speaker 1: be waiting a long time. Maybe, girl, you're gonna have
Speaker 1: gray hairs and a rocket year, you know, and you know,
Speaker 1: maybe four or five percent would be you know, but
Speaker 1: you can also buy and then keep your credit strong
Speaker 1: and then maybe in four or five years, depending you
Speaker 1: know where the interest rates lead. You could certainly refinance,
Speaker 1: which there's cost associated, but still that's potentially an option.
Speaker 1: But yeah, I mean, when it comes to buying a home,
Speaker 1: it is to me half investment and half heart choice,
Speaker 1: depending like when you're buying a home that you're going
Speaker 1: to live in, meaning I want you to be smart
Speaker 1: and say, hey, I'm not trying to buy a home
Speaker 1: that doesn't make sense financially for myself and my family,
Speaker 1: but also you know, like I'm buying a home because
Speaker 1: like I'm trying to live here, and so you're allowed
Speaker 1: to not make like a choice that's strictly financial. I
Speaker 1: know it sounds crazy, but like like remember, Manny, when
Speaker 1: I bought my condo and doctor Green was like, I'm
Speaker 1: not doctor Green, Angelie, my financial my CFP, my certified
Speaker 1: financial planner said ideally, Tiffany, I don't want.
Speaker 2: You to pay cash. I'd like for you to be
Speaker 2: in the market.
Speaker 1: And she wasn't wrong because you know we've seen the
Speaker 1: market was up last year, closed at like up twenty
Speaker 1: two percent, and I don't know where we are now,
Speaker 1: but the market has continued to be up, so that
Speaker 1: money in the market would have generated because you know,
Speaker 1: it was a significant amount of money that I paid
Speaker 1: for the condo, but my my heart choice for me,
Speaker 1: for the level of calm and things that I needed,
Speaker 1: I wanted to pay for a cash because I'm still
Speaker 1: a little nervous from losing my first condo to a foreclosure.
Speaker 1: Plus I knew twenty twenty three was going to be
Speaker 1: a hard financial year, and it was, and I didn't
Speaker 1: want to have to worry about also having to come
Speaker 1: out of pocket monthly, and so I decided. I remember
Speaker 1: asking her if I buy a cash, is it a
Speaker 1: really bad decision or is it just not the best
Speaker 1: financial decision. She's like, it's not a bad decision. It's
Speaker 1: just not the best financial decision. But you're fine either way.
Speaker 1: And so I let my heart lead because I was like,
Speaker 1: I'm gonna be fine either way. This is just a
Speaker 1: better decision where maybe I could have come up I
Speaker 1: don't know tens of thousands of dollars, but but look at.
Speaker 3: That condo, though, I like, you're, yeah, we've talked for
Speaker 3: this multiple times, but like the security and the peace, yes,
Speaker 3: and the you know, the flex of it all. I
Speaker 3: think it is so baller.
Speaker 2: You know, you just paid that shit and cash.
Speaker 1: No, but you know, like I said, so, I just
Speaker 1: I just want to ask you were purchasing homes, homes
Speaker 1: that you're going to live in primary residence, that to
Speaker 1: say that it is okay to integrate both sides. You're
Speaker 1: left side of your brain, you're right side of your brain,
Speaker 1: you know, and one doesn't have to overpower the other.
Speaker 2: Yeah, because at the end of the day, you know,
Speaker 2: the day gonna end.
Speaker 3: I know that that is not like a new expression,
Speaker 3: but it was like new to me, and I had
Speaker 3: said it so many times this weekend. I said it
Speaker 3: to my husband and he didn't hear me the first time,
Speaker 3: and I was like, at the end of the day,
Speaker 3: the day going end, and he just looks over He's like,
Speaker 3: are you Socrates?
Speaker 1: Don't you love that with someone you like?
Speaker 2: Did they not catch the joke or is it just
Speaker 2: not funny to that?
Speaker 3: You're like, let me look, too much of what I
Speaker 3: say just gets filtered through the husband, like, you know,
Speaker 3: the catch it. Yeah, So I have to repeat myself
Speaker 3: many times it's like what was said?
Speaker 2: No, especially if I'm in the group, and I'm like,
Speaker 2: that was a really funny joke. I feel like they
Speaker 2: didn't hear it.
Speaker 1: So then I say it again and I'm like, they
Speaker 1: did hear it, and then nobody reacts and I'm like, oh,
Speaker 1: so we're sitting right along with my bride.
Speaker 3: On delivery with a fresh audience.
Speaker 2: I'm like, maybe it was my exactly. I'm like, I
Speaker 2: loeek like that, but it killed at the last day.
Speaker 3: Not like these people. Nothing sadder than a flat joke,
Speaker 3: you know what I mean. Just bringing the vibe down.
Speaker 1: People, you right, and don't do it in front of
Speaker 1: your sisters whatever. They're like, we heard you.
Speaker 2: People who like love you.
Speaker 1: I could like you know exactly because it's like, oh,
Speaker 1: oh you thought that you thought you ate with that, you.
Speaker 2: Know, like that's what the young ones will say. I'm like,
Speaker 2: I did eat with it.
Speaker 1: So anybody I would love to know from our audience,
Speaker 1: you know, did you guys, anybody buy a home this year?
Speaker 2: Now?
Speaker 1: How's it going?
Speaker 2: How you feeling? Is it a little scary?
Speaker 1: And if you are trying to buy a home, what
Speaker 1: are home prices looking like in your area, like, you know,
Speaker 1: like what are like is your I'm assuming the price
Speaker 1: of your homemady has gone up significantly since you purchased it.
Speaker 3: Yeah, yeah it has, and which is great. I was
Speaker 3: actually kind of considering. I'm you know, I'm hashtag stuck
Speaker 3: in a starter home, and you know the amount of
Speaker 3: time I just s been envisioning how we could like
Speaker 3: make it work for us a little bit longer. You know,
Speaker 3: I'm at the point where I'm like, either we're gonna
Speaker 3: like maybe do a cash out REFI, take advantage of
Speaker 3: the equity and really do like a proper another remodel,
Speaker 3: or just you know, maybe take a cash out REFI
Speaker 3: and use the money for another house and rent this
Speaker 3: one out. Okay, Yeah, because I don't think I would
Speaker 3: tell another young family like, nah, this house is adorable,
Speaker 3: but nah it's too small. But I think it would
Speaker 3: be a great Airbnb property. But we just got to
Speaker 3: see what Carny is looking like financially right now. I
Speaker 3: don't think we're not there yet to like buy something
Speaker 3: else and keep this place. We could buy somewhere else,
Speaker 3: but like keeping this place, and so yeah, I don't know, man,
Speaker 3: it's Corona. Shit I'm glad that we bought the household
Speaker 3: we did. But yes, decisions just get more tricky. They
Speaker 3: don't get easier, get trickier.
Speaker 2: M hm, you just be trying to Is this all
Speaker 2: right to us?
Speaker 1: I guess I'll see you fifty years.
Speaker 3: But you got to do the best with the options
Speaker 3: you have to make and then release yourself from the
Speaker 3: release it, release it. But thank you Kelsey for your question.
Speaker 3: Ba fam. If you want to leave us a question,
Speaker 3: you know how to do it, go to ig drop
Speaker 3: into our d MS. Sorry, slide into our DMS drop. Okay, Boomer.
Speaker 3: We are at Brand Ambission Podcast on I G or
Speaker 3: Brand Ambisson Podcast at gmail dot com dot com. Oh
Speaker 3: and while you're at it, why don't you leave us
Speaker 3: a review? Please? We love it. We got some really
Speaker 3: cute reviews from our listeners. Can I read one of them?
Speaker 3: Real quick? Tiv? Yes, we got three new ones. I
Speaker 3: love this one. It says podcast from the guds g
Speaker 3: A U G A w D. It's from It's take
Speaker 3: k Tak on Apple podcast says I recently discovered this podcast,
Speaker 3: and I'm glad I did. I have learned so many things,
Speaker 3: have been able to put so many of your tools
Speaker 3: and tips to play in my own life and finances.
Speaker 3: The only way this podcast could be any better is
Speaker 3: if I could listen twenty for seven.
Speaker 2: Oh we love that.
Speaker 3: PS. Show notes would be great if you have the time.
Speaker 3: We love a little positive feedback. Yeah, yes, it's take
Speaker 3: a Yeah, we're gonna get right on that. Rose, thank
Speaker 3: you so much for that was a reference to don't
Speaker 3: tell Mom the babysitters dead anybody.
Speaker 2: No, I didn't get that.
Speaker 3: Okay, that's fine.
Speaker 2: I was like Rose, your name was take.
Speaker 3: Never mind. Okay, thank you so much. Be a fa
Speaker 3: We love you. Check us out Monday, Wednesday, Friday, Bye
Speaker 3: bye