Surviving A Mortgage (Transcript)

(Full Show Audio)

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All right folks welcome to another edition of the survivalist podcast this is our

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Fifth episode now I believe and we are moving right along here with these episodes. They go quick. Let me tell you

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As always folks I should get good housekeeping out of the way

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And find all of our all of our shows on survivalist podcast org

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You can find us on Facebook at slash

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survivalist podcast and as well as on Twitter survivalist pod

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So today folks on the show

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We’re going to get into a couple of things here, but one thing I do want to say folks this show is

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Really getting quite a bit of attention

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The other day I just turned on look at iTunes on my phone here before my before I went on the

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Started to record and I see I have

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So for nine people off and all the five star review, so I appreciate you guys going on there

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And you know giving the show five stars

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And I appreciate anybody that can go on iTunes and give those five stars the the podcast is in its very early stages

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It’s only been out you know on iTunes for about a week

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less than that actually only a couple days, but um

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You know the first eight weeks

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They say are critical with a podcast so I appreciate you guys can go on there

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And just go ahead and just you know give it a rating listen to it give it a rating

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And I appreciate that because you know I work really hard on the show

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I really want to get this information out there to you guys

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And I appreciate you guys giving it the five stars because you know it really does

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Make the podcast easier to find it pushes it up higher on iTunes and all that and we get more people that are listening and more

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People that are better prepared and more informed which is what we need especially

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You know in the way the current state of this country is so a

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Couple things I want to talk about a couple things today folks, but I really wanted to get into I got a lot of positive response

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About yesterday’s show when I talked about more when I talked about you know we’re getting into the mortgage

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I said I would really appreciate that if you could talk about mortgages my wife

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And I are looking into looking into a home and another friend of mine as well so the same thing so

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Figure folks will get in talk a little bit about that today

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I’m not like I said I’m not a mortgage expert

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But I do know a lot about real estate and mortgages because my family’s been in real estate

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You know she probably most most of my life was not my whole life

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I don’t remember time my dad wasn’t dabbling at least it’s some sort in real estate

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whether he was selling real estate or

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Buying property or selling property or unless he was opening up

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Or you know business to build it up to sell it and all that stuff so I’ve been around

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Loans and mortgages and stuff of that most of my life

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so we’re gonna talk about that here in a minute, but

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One of the things I do want to get into folks when we start talking about mortgages

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there is like I said a difference between a refinance and a

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regular mortgage

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the regular mortgage folks is going to be just a

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Thursday gonna be whatever you want to be a 10 year 20 year 30

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I mean I think down even have 35 year loans and normally you are going to have to put 10% down

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So I have talked about this with a couple people for a couple friends of mine say they want to get those loans with

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No money down now a lot of you don’t know the lending laws have changed drastically ever since the crumble of the economy in

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all the lending laws have

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Changed just just from I mean just changed drastically

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Normally you usually you would have to put

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10% down a lot of banks. I’m saying yes, but 20% down so

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If you guys are going

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I’m gonna go for a mortgage you are going to put 20% down so if you’re buying your first home at 100,000

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You may have to put you know 20,000 down a lot of those no interest down

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You know no money down loans. They’re hard to get and are very very strict

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Qualifications and criteria that you’re going to meet to be able to prove to one of those so

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You may not be able to do that now those of you that are going for a first time home buyer loan

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I’m gonna tell you those are quite difficult to get I’m gonna tell you why

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One because the house has to meet certain criteria

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To be able to purchase it now. I don’t know if you know this or not, but

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When you go I mean I’ve actually seen where the inspired they actually come not only difficult to get a home inspection

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but you may have to get the

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First time home buyer people actually come out and they have their own inspector that comes and inspects the house and they actually measure the stairs

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though you know

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They’ll do all these kinds of tests and all that mold tests and which is important obviously

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But they’ll actually look at the tiles and the floor to make sure the grout is no

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They really get now most of times you have a home inspection folks. They check the furnace they check the you know the roof

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You know they check the the big ticket items

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But when you get such over this home first time home buyer loans we get to put very little to no money down

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A lot of times folks you know those the criteria on that is pretty intense and you may not

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Be able to meet the criteria, so that’s something you really want to think about when you start thinking about what kind of loan

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You’re going to go for kind of mortgage. You’re going to go for

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One of the things folks you’re going to want to do is when you do go for your mortgage

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You’re going to want to

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Look at the payment and how much you could afford now the reason why I’m saying this is because if you’re gonna put say you get

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A loan where you got to put 20% down you’re putting 20,000 down your payments

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Gonna be a lot cheaper than if you finance the whole thing

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now if you are gonna be able to finance the whole thing and you may be able to

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you may have to actually go ahead and

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Stretch the the payments out a little bit longer so if you’re gonna go take put 20 down

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20,000 down and get it out for 20 years if you’re gonna be financed the whole thing you may have to push that mortgage at 30

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Okay, very very very important to know what your payment is what you can afford before you get into something and also to focus just

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Because you can afford the payment does not mean you could afford the house

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You need to really sit down and say hey, well, you know, what am I with my electric bill gonna be every month?

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What’s my heat book gonna be obviously it’s gonna be higher in the summer than it is in the winter, obviously

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You know hiring

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I’m sorry higher than the winter that is in the summer and what your electric bill gonna be obviously is probably gonna be

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Usually higher in the summer because you can run the air conditioning all that

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Look at how much your sewers gonna cost your water

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All that how much your insurance is gonna toss taxes. It’s not just can you afford the loan?

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I’ve seen a lot of people going to Helms what to say. Well, I knew I could afford the payment

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I’m like, okay. Well, have you found good and then what’s gonna happen when you got to do some repairs and

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They answer back as always well, we can afford the payments

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Well, can you afford the payments comfortably or is that going to be everything, you know?

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You know, I mean, you know first time something breaks. What are you gonna do?

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So very very important the other thing to folks when you are gonna go for home buyers loan first time home buyers

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Oh, just so you know folks – there are

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Criteria you have to meet not only for the home

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but also for you so you’re gonna have to meet obviously a certain income level and all that kind of stuff, but I

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One thing you’re going to have to do is you may have to stay in the house for X amount of years

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Because of the bank can get their money so you may be in a situation where you may say

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Well, they may say to you. Hey, you know, we’re gonna give you the loan, but you got to be in the house for you

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Know 11 years

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And 11 years usually is the number folks

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At least in Pennsylvania anyway, and and Lee here in the North deep Jersey and even New York

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I’m not sure about your state you’re in but that was around here spent 11 years

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Again, are you guys why it’s 11? I have no idea

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But so you may have to say now if you do leave early folks

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There are prepaid there are free if you said you can sell the home in 11 years, you know, there are prepayment penalties

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Just so you know that you’re gonna get penalized quite a bit. I think it’s percentage on the loan

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So something gonna have to think about folks when you get that proof when you get that mortgage approved

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So something really think about all the thing to folks when you’re gonna go start looking at homes

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My strongly recommend is you you go get pre-approved

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So, you know roughly about what you’re looking at one of the things I see all time when people will say, you know

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Oh, I’m looking at home. Well, have you got pre-approved by a bank? Well, no

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Well, you don’t know what you can afford

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The worst thing you can do is go into a house

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That you think you can afford find out you need to find that you can’t afford it or find that you can’t get the loan

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For a lot of times you can’t afford it. But the bank you’re gonna give you the loan for it. So

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That’s something you’re going to really really have to you know

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Think about one thing I do recommend is whatever they pre approve you for

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Probably, you know knock what you know, whatever they you know, if you’re if you got a hundred grand

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I would say look for something in about the 80 range and

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You know go from there because you know 20% why you saying 20%?

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because first we get up to 20% down and

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To you gotta make sure you budge a little bit for repairs and stuff like that

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So and your taxes mortgage and you know insurance and all that so you have to calculate all that in

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Very important some of the other things to folks you’re gonna want to think about too when you are getting your very first loan

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there’s obviously a lot to think about with with getting your first loan and

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You’re gonna have to look at not only you know, can you afford it and all that?

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But you’re gonna have to look at like I said your utilities

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But you’re also going to want to have to really really look at is location the home when you buy it

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Only because you want to make sure your resale value won’t go up and not down

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And I’m okay with people I would let me tell you folks if you listen to this show and you’re gonna say well

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He I know I’ve talked about meantime so get the beginning of the show last week

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I said I don’t really like a lot of people having a lot of debt. But in this case folks

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I have no problem giving debt a

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Debt on your home is not like debt on a credit card because you know debt on your home always go your home value

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Usually always will go up. Okay, your credit you don’t get any value on a credit card debt

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Okay, so very important right there to remember that

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A couple things to folks are gonna want to think about as well when you’re talking about debt

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You’re talking about your mortgage and all that kind of stuff

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You’re gonna put about 20% down you’re gonna meet certain criteria and all that kind of stuff

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The other thing to you going to want to do

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If you you may be that’s been it be your first home

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You just may be like your second home or something like that

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You’re going you may have to look at you know

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You may have to you may fall in love with the house

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But you may have to sell the current house you’re in before you can buy the new house

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So very important to think about those things as well

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I know a lot of times we talk about people getting their first home

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you know, but

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Some cases you may have a home maybe upgrading something or buying something else and you’re gonna look at okay

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Can I afford to buy the second home while still supporting my first home?

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You know each other people can’t some people have to wait till they sell their the other home

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Before they can buy this one and that’s something you need to look about folks is that can seriously

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Hold up a real estate transaction if you’re waiting to sell your home while you’re buying another one

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So you may want to think about that as well. I like to say well if you are renting

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something wrong with that, but I strongly recommend you look into purchasing your first home because

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You couldn’t you know when you’re paying your rent you’re just paying somebody else’s mortgage pretty much

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Another thing folks – if you buy something as an it for an investment

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I do want to point out as well folks you’re going to be paying a higher interest rate on it. That’s just the way it is

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There’s no answer butts about it. You’re you know, when you when you buy something like that

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For an investment you’re gonna pay a little higher in straight and usually they’re gonna make you put more down

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So if you’re gonna do 20% down

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For you know for your home where you’re gonna live or a 10% down for where you’re gonna live

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You’re probably gonna look at probably to put 20 or 30 percent down

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For an investment property. That’s just the way it goes

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So I’ll just remember that there’s nothing wrong by the way

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Real estate is a great investment as long as you get the right price and get the right mortgage

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Nothing folks – you do want to remember some of the other things folks

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There are going they saw other other kind of weird kind of loans to folks that they have those

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Those balloon mortgages I call them. Well, they put you in a house and you have to refinance after two or three years

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you don’t hear as much out of this as you did years ago, but

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They still you have kind of mortgage like that what that is folks

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But if you put they have what they have of the blue mortgages, it’s interest only pretty much

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So what you do is they get you into house and you pay for pretty much you’re just paying interest only

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And then after the first two or three years after you got your credit all built up

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You got to refinance now the problem with that is folks is a lot of times people can’t when they get a mortgage like that

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They can’t really maintain their credit and when the three years is up, they can’t refinance so

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You got to make sure if you are gonna do something like that to get into your first home

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You do have to make sure that you can’t afford it and do keep your credit up because that’s gonna be a big issue

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Other folks do they’re actually fixed and adjustable

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Obviously if you’re if you get a mortgage say like a

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Dear call the 228 or 327 what that means is the first two years are fixed and the rest of the years are adjustable now in

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This day and age with the mortgage and the interest rates being so low

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Adjustable is there’s a bad thing

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You know now the interest rates going up a little bit you may want to look into a fixed

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You know, especially mortgage rates being two or three percent right now on loans

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You may want to look into a fixed rather than adjustable. That’s personally your decision

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You know, that’s up to you what you want to do that. I personally like a fixed mortgage

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I don’t like the adjustable but again, you know

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It really depends on you and what your situation is and if that’s the kind of mortgage you can get I strongly recommend you get

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it fixed

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But a lot of times if you do get it fixed, they will charge you a little more interest because it is fixed. So

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You have to look at that. But like I said to you, you know, you have a 220 228 or 327

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Now those aren’t balloon mortgages those just adjustable mortgages. Okay, the balloon mortgage is when you have to refinance

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What does you write in the contract you have to refinance after a few years?

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Okay. Now we’re gonna talk about refinancing a little bit, too

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Say you decide that you bought your house, you know ten years ago

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You know for 60,000 and now it’s worth 80,000 you want to take ten grand out because you want to do some repairs

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You want to fix it up? I’m okay with that. That’s called a refi

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And normally the appraisals are a lot easier and stuff that they want to refi because you’re living it

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You’re not gonna move moving. You’re still gonna let me just pull out some equity to fix it up

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I’m okay with you going deeper into debt with something like that because what you’re doing folks is you’re is by adding

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They’re taking the money and fixing it up. You’re going to increase the value of your home

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So I’m okay with that now one thing with a refi if refinance on a Monday

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You won’t get the money the money till Thursday because there is a three-day rescission period on any refinance now

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I know a lot of times people will actually refinance pay off their credit cards

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I’m actually okay with that as long as you don’t recharge up the credit cards

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Okay, because you know, I’m actually I’m okay with that

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But as long as you don’t just don’t recharge up the credit cards very bad decision there a

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Couple of things what you want to make sure you do as well when you are getting a mortgage

00:14:20.780 –> 00:14:25.180
You want to know like is if you’re paying you to I like you when you pay your taxes insurance on your own

00:14:25.180 –> 00:14:30.780
But some banks actually you bundle in the taxes and insurance in with it. You want to know what you’re getting into with that

00:14:30.780 –> 00:14:33.760
That’s another very important thing. You should think about now when you’re getting a loan

00:14:33.760 –> 00:14:38.520
For your home for a home. Am I going to be getting it either in?

00:14:39.080 –> 00:14:42.900
How am I gonna be getting into one of my taxes my insurance gonna be they gonna be in the loan not on the loan

00:14:42.900 –> 00:14:47.600
So that and do remember folks like I said when you do buy an investment or if you do ever take out a loan

00:14:47.600 –> 00:14:52.520
Very have a commercial property. You will pay a commercial rate now

00:14:52.520 –> 00:14:55.200
Just so you know the banks will tell the banks you try something funny

00:14:55.200 –> 00:14:57.800
Do not tell them what you want the money for now. What do you know?

00:14:57.800 –> 00:15:03.240
Wait, and I’m gonna explain this a minute say your wife and you decide you want to get into a little business. Okay, I

00:15:03.960 –> 00:15:08.360
Said do you take the equity out of your home start the business long as it’s gonna be a good business. I’m actually okay with that

00:15:08.360 –> 00:15:10.600
Okay, I’ve actually done that myself

00:15:10.600 –> 00:15:16.620
But here’s the problem. A lot of the banks will say hey, well if you’re gonna use the money for commercial

00:15:16.620 –> 00:15:18.620
We’re gonna charge your commercial rate

00:15:18.620 –> 00:15:22.080
The if you as long as you’re taking out a loan, okay

00:15:22.080 –> 00:15:25.360
Okay, and you’re putting it’s a residential home

00:15:25.360 –> 00:15:28.680
The bank does not need to know what you know what the money do not tell the bank we do at the mic

00:15:28.680 –> 00:15:33.120
They will charge your commercial rate if they know you’re gonna try to start a business with it because it’s more risk. Okay?

00:15:33.520 –> 00:15:37.760
Don’t tell them what the money’s for. It’s just tell me you’re gonna fix the house up or something like that

00:15:37.760 –> 00:15:42.240
Do not tell them what it’s for because they will try to take you across the coast give you a commercial rate

00:15:42.240 –> 00:15:44.240
So don’t do that very very bad

00:15:44.240 –> 00:15:49.120
Okay. Now there’s another kind of mortgage folks, too. That’s actually really neat. It’s not it’s a mortgage

00:15:49.120 –> 00:15:51.000
But so there’s called a home equity line of credit

00:15:51.000 –> 00:15:56.200
Now what this is is basically having an equity line against your home now, you’re gonna say wow, what does that mean?

00:15:56.200 –> 00:15:59.520
Pretty much picture your house like a giant credit card

00:15:59.520 –> 00:16:04.200
I know you’re gonna go like ah, but no, that’s not what it actually is. Okay, what it actually is is is

00:16:04.200 –> 00:16:08.120
You’re paying probably one by two percent three percent

00:16:08.120 –> 00:16:12.560
Hang on home equity line is okay. There’s no like credit card

00:16:12.560 –> 00:16:17.440
You don’t swipe it around that is on that rose what it is is you have you have a picture you have

00:16:17.440 –> 00:16:20.520
You know checkbook for it. You get a statement normally have a mortgage

00:16:20.520 –> 00:16:23.780
You have a book you use every single week or every single month with this

00:16:23.780 –> 00:16:25.400
You’re actually gonna get a statement every month in the mail

00:16:25.400 –> 00:16:31.400
And what it does is folks if say you need to buy a hot water tank for your house, okay?

00:16:31.400 –> 00:16:34.440
You just go ahead and write a check

00:16:34.440 –> 00:16:39.700
Okay, and that’s it you write a check from it and it goes and get your home equity line now

00:16:39.700 –> 00:16:42.600
Why am I saying this is a good idea? Well because for home repairs

00:16:42.600 –> 00:16:46.720
It makes you don’t have to use the money. It’s available to you, but you don’t have to use the money now

00:16:46.720 –> 00:16:50.240
One thing that’s nice about it. Say you write it. You say you write a check for a water heater

00:16:50.240 –> 00:16:52.240
You’re paying one or two percent of the loan

00:16:52.240 –> 00:16:54.640
rather than paying

00:16:54.640 –> 00:17:00.200
The majority you know paying you know big interest at the equity line is basically a simple interest loan

00:17:00.200 –> 00:17:05.400
Where you’re where you’re lowing on your mortgage is a complex as a compound interest, so this is a lot better

00:17:05.400 –> 00:17:10.160
I actually recommend this people who have homes that need to do home repair is get a home equity line against your house and

00:17:10.160 –> 00:17:12.660
Actually use that because it’s a different mortgage rate

00:17:12.660 –> 00:17:16.840
It’s a different percent rate, and you know if you need to buy something for the house

00:17:16.840 –> 00:17:18.840
You can buy over another home equity line and fix it the house

00:17:18.840 –> 00:17:21.000
I strongly recommend people that have to fix up their home

00:17:21.560 –> 00:17:24.980
Because this way you don’t have all this cash laying around from the from a refi

00:17:24.980 –> 00:17:29.640
And also – I think it’s a lot better – because it gives you a little bit better freedom

00:17:29.640 –> 00:17:31.640
They’re gonna be fixing the house up, so I strongly

00:17:31.640 –> 00:17:35.520
Do recommend a home equity line against your house?

00:17:35.520 –> 00:17:40.460
I think it’d be I think it’s actually a really important thing to try to do and I think overall

00:17:40.460 –> 00:17:41.840
It’s it’s a better decision

00:17:41.840 –> 00:17:45.800
Especially like I said when if you’re gonna be doing anything of large home repair now

00:17:45.800 –> 00:17:51.100
The one thing I don’t recommend what you do with the home equity line is use it like a credit card

00:17:51.100 –> 00:17:56.280
Oh, we need to buy this for Christmas. Let’s write a check at home. I don’t recommend that I’m recommending just use it for home

00:17:56.280 –> 00:17:58.960
for for home repair and

00:17:58.960 –> 00:18:01.080
You know any any major

00:18:01.080 –> 00:18:06.080
Purchases you may need as far as your home. Don’t buy a car with the money none of that stuff. We’re not doing that

00:18:06.080 –> 00:18:09.120
Okay, actually that would actually be stupid because a whole

00:18:09.120 –> 00:18:11.720
Car is mostly a simple interest loan

00:18:11.720 –> 00:18:15.560
An equity loan like I said the interest card goes a little differently so I

00:18:16.560 –> 00:18:21.720
Strongly recommend that so we’ll get into car loans over that you know another time, but so strongly recommend

00:18:21.720 –> 00:18:25.340
You can do that with a home equity line as well now some of the things when you’re going to be buying

00:18:25.340 –> 00:18:27.820
When you’re gonna be getting a mortgage, okay?

00:18:27.820 –> 00:18:30.580
Most places are going to quietly get a home inspection

00:18:30.580 –> 00:18:34.840
Okay, now one thing I do want to recommend if you’re going to get home inspection, okay?

00:18:34.840 –> 00:18:36.740
Go a little extra and get the good home inspection

00:18:36.740 –> 00:18:41.140
It’s gonna cost you by five six seven hundred dollars, but get it good home especially you know what’s wrong now

00:18:41.720 –> 00:18:48.160
When there is something wrong with the house the bank may require you to tell the person hey guess what?

00:18:48.160 –> 00:18:52.080
The roof is really bad. It’s got to get fixed for give you the loan

00:18:52.080 –> 00:18:57.140
So you’re gonna have to get the person that’s selling you the home to actually fix it before you actually get the loan from the bank

00:18:57.140 –> 00:19:01.820
The bank does have the right to do that they can tell you we want this this this fix before we give you the loan

00:19:01.820 –> 00:19:03.160

00:19:03.160 –> 00:19:05.160
Okay, now the other thing folks do

00:19:05.160 –> 00:19:09.760
Is with this the banks don’t want to see docks are gonna want to see pay stubs gonna see ones you tax returns are gonna

00:19:09.760 –> 00:19:14.580
Want to see this they’re gonna see that okay now you can get things now there are ways to do this

00:19:14.580 –> 00:19:18.860
Okay, there are other ways to do this now you can get okay what they call no doc loan

00:19:18.860 –> 00:19:24.460
Which there’s no which was the bank doesn’t look at your all they look at is a couple weeks of tax a couple weeks of

00:19:24.460 –> 00:19:26.240
Paychecks of that now

00:19:26.240 –> 00:19:30.920
Loans like that are a little bit easier to get done because they’re not looking at documents problem

00:19:30.920 –> 00:19:34.100
They’re gonna pay a lot more interest because the bank is kind of looking at you as a risk

00:19:34.100 –> 00:19:36.120
There’s no docs they have nothing to back up there

00:19:36.120 –> 00:19:40.960
They’re going on your pay stubs on what you’re telling them so they can be a little bit easier with no doc loan but again

00:19:40.960 –> 00:19:45.720
You gotta care for that now. I know some of you probably that are listening to rent

00:19:45.720 –> 00:19:49.800
Okay, there are other options now if now there is something called okay?

00:19:49.800 –> 00:19:56.420
Right you know rent to own now the problem. I have with rent to own is and every time you pay the rent

00:19:56.420 –> 00:20:01.320
Hey the park portion of the money pays your rent and the small part of it goes into a interest-bearing

00:20:01.320 –> 00:20:03.360

00:20:03.360 –> 00:20:05.360
and that account gets interest and

00:20:05.600 –> 00:20:08.940
Eventually after four or five years whatever’s in that account is your down payment towards the house

00:20:08.940 –> 00:20:12.540
Okay, I don’t think they have a problem with that

00:20:12.540 –> 00:20:14.840
But here’s my issue

00:20:14.840 –> 00:20:15.880

00:20:15.880 –> 00:20:20.580
When you do this you you want to make you want to make sure you you’re you’re keeping all your eyes

00:20:20.580 –> 00:20:22.680
dotted in your cheese cross because

00:20:22.680 –> 00:20:26.280
The landlord if the landlord decides after it’s over

00:20:26.280 –> 00:20:31.440
You you have to make sure you set a price with the landlord ahead of time

00:20:31.440 –> 00:20:34.000
So what does that mean?

00:20:34.000 –> 00:20:36.000
When you say in five years

00:20:36.000 –> 00:20:39.760
Or in three years, you know we’re gonna. You know I’m gonna read to rent to own

00:20:39.760 –> 00:20:42.700

00:20:42.700 –> 00:20:44.700
What that means is?

00:20:44.700 –> 00:20:46.240

00:20:46.240 –> 00:20:52.620
You make sure you set a price ahead of time because what could happen say for some reason some big huge

00:20:52.620 –> 00:20:58.040
I’m just gonna say hotel chain moves in right down the street, and it ups the value of

00:20:59.080 –> 00:21:04.160
The home by 20 grand it can happen folks. I’ve seen it okay strip mall goes in down the block

00:21:04.160 –> 00:21:07.920
Okay, that’s gonna up the value of the landlord’s home

00:21:07.920 –> 00:21:10.280

00:21:10.280 –> 00:21:15.180
So now you say you agree to the price say five of say three years or say three years three

00:21:15.180 –> 00:21:19.520
It’s easy to work with most times three very rarely go five say three so say you say okay

00:21:19.520 –> 00:21:22.080
Well, we’re gonna agree on sixty thousand in

00:21:22.080 –> 00:21:25.840
You know I’m gonna pay you know in three years least you know rent to own

00:21:26.040 –> 00:21:30.440
Okay, first of all make sure folks you have a three-year lease because if you’re running for one year

00:21:30.440 –> 00:21:32.240
And then after when you kicked you out

00:21:32.240 –> 00:21:33.960
It’s kind of hard to me in your money back

00:21:33.960 –> 00:21:37.920
So make sure it’s a three you know if you’re gonna say it’s gonna rent to own for three years make sure you have a three

00:21:37.920 –> 00:21:38.960
year lease

00:21:38.960 –> 00:21:44.060
Okay, now say yeah say something goes up a big hotel chain or strip mall goes up and now his property went up

00:21:44.060 –> 00:21:49.120
Well you could say well we agreed on 60, but you know now my property’s worth. You know 80 or 90

00:21:49.120 –> 00:21:54.580
Okay, make sure you have an agreement with him make sure you have I recommend you have a lawyer look at it

00:21:54.680 –> 00:21:56.680
Okay, and make sure

00:21:56.680 –> 00:21:58.800
Okay, make sure

00:21:58.800 –> 00:22:03.880
Okay, that like I said you agree on a price before you go into a deal like that

00:22:03.880 –> 00:22:06.400
Okay, another thing too. You want to make sure folks

00:22:06.400 –> 00:22:13.880
Talking about least to own talking about mortgage is all kinds of one thing you do want to be leery of is owner financing

00:22:13.880 –> 00:22:18.680
I’m gonna tell you why I don’t have a problem with owner financing as long as they see you have a lawyer

00:22:18.680 –> 00:22:23.800
Do the closing for you and all that kind of stuff and make sure that you you know everything is in order

00:22:24.240 –> 00:22:28.920
Because a lot of times a lot of times owner financing are things that you cannot get a mortgage on

00:22:28.920 –> 00:22:32.620
I’m gonna explain it to you in here what that means, okay?

00:22:32.620 –> 00:22:38.240
Normally normally like cabins okay, but your bug out locations

00:22:38.240 –> 00:22:43.820
I’m just using that joke, but okay. You know we’re gonna debug out locations another show, but

00:22:43.820 –> 00:22:50.040
Normally places like that with that or people place that on pillars or people that are perhaps that are on cinder blocks

00:22:50.040 –> 00:22:54.720
I know they’re not mortgageable the bank wants a foundation just like if you have a module home

00:22:54.720 –> 00:22:58.520
And there’s wheels at the bottom of it okay bank won’t mortgage it why because they consider they can move

00:22:58.520 –> 00:23:02.780
Okay, and I do want to point out folks when I talk about buying real estate. I just want to make this very clear

00:23:02.780 –> 00:23:06.840
I’m talking about buying a home. I’m talking about a home

00:23:06.840 –> 00:23:09.240

00:23:09.240 –> 00:23:14.560
Okay, I’m not talking about a trailer trailer has a title okay houses indeed. They’re two different things just remember that

00:23:15.200 –> 00:23:20.120
Okay, that’s what I’m talking about. I’m not saying trailers aren’t nice. There’s a lot of very nice ones. Okay

00:23:20.120 –> 00:23:23.440
I’m nothing handsome, but a trailer doesn’t really go up in value goes down

00:23:23.440 –> 00:23:28.780
I want you to buy a piece of real estate with a deed okay, and they own the property and that you’re actually getting

00:23:28.780 –> 00:23:33.480
You’re actually going to as you’re paying it every month. They’re actually going to get value not lose value. Okay very important

00:23:33.480 –> 00:23:35.480
I wanted to point that out here quickly

00:23:35.480 –> 00:23:41.000
So owner finance usually with me the more the the owner will hold the mortgage on you so say say you’re buying

00:23:41.000 –> 00:23:42.760
And this is gonna be a primary residence

00:23:42.760 –> 00:23:46.560
It could be you know a cabin you and your wife on a buy for ten grand somewhere, okay?

00:23:46.560 –> 00:23:51.980
Though you may have the owner may say well pay me pay me ten you know pay me

00:23:51.980 –> 00:23:54.840
You know this much a month for two years

00:23:54.840 –> 00:23:58.460
Now that’s great for you

00:23:58.460 –> 00:24:05.680
Okay, because generally on a person who’s holding them holding you know when it’s owner finance you get a cheaper price

00:24:05.680 –> 00:24:12.200
And you get a lower interest rate when he’s holding the mortgage, and it’s all done through attorneys and all that so this is not cheaper

00:24:12.520 –> 00:24:17.040
Okay, now the other problem with that is since it’s not going through the banker that you know you don’t have to get a home

00:24:17.040 –> 00:24:20.320
Inspection you don’t have to have the septic and well-tested. You don’t have any of that kind of stuff

00:24:20.320 –> 00:24:25.800
Okay, so you got to be really leery that it can be really good for you and really bad for you both of the same

00:24:25.800 –> 00:24:29.880
Breath okay, so I want you to take okay, so make sure if you’re gonna do it on a finance

00:24:29.880 –> 00:24:33.880
Make sure you either have a home inspection on your own

00:24:33.880 –> 00:24:38.760
Hey, or have a buddy that’s in contracting or something even if you know what’s really from have a buddy

00:24:38.760 –> 00:24:42.680
Who you know is a reputable contractor work to the house with you check out the roof get on the roof?

00:24:42.680 –> 00:24:45.280
You know all that gets up. You’re entitled to do that before you buy

00:24:45.280 –> 00:24:50.960
Okay, and by the way the owner should tell you oh well if you do that. I’m up in the price 10,000

00:24:50.960 –> 00:24:52.720
Let’s say you know forget it. I’m done

00:24:52.720 –> 00:24:58.240
Okay, that means trying to pull something over on you. Okay, very important. We’re gonna be careful folks do because I’ve said this many times

00:24:58.240 –> 00:25:03.820
The one when you buy something from a friend that’s usually when you get screwed. I hate to say that but

00:25:03.820 –> 00:25:07.140
that’s really the truth of the beast so

00:25:07.880 –> 00:25:13.040
Like I said folks very important make sure you do your own market mortgages and all that kind of stuff another thing folks

00:25:13.040 –> 00:25:17.400
Do you do on a record? I do recommend if you are going to go with a mortgage of something on

00:25:17.400 –> 00:25:19.900
You may it might be too expensive

00:25:19.900 –> 00:25:24.720
you may not be able to but if you can’t it’s really recommend you go with either either death insurance or

00:25:24.720 –> 00:25:30.600
Disability insurance on it now. I know that sounds kind of crazy to have life insurance on a loan

00:25:30.600 –> 00:25:33.280
But if you’re single maybe now it’s a big deal

00:25:33.280 –> 00:25:39.000
But if you’re married with children and you’re the the breadwinner or even the only one that gets a the sole income

00:25:39.000 –> 00:25:43.640
From the home you may want to do that for your wife your children to make sure they have a place to go

00:25:43.640 –> 00:25:46.700
To live and to call home something happens to you

00:25:46.700 –> 00:25:49.340
You know the books to God forbid anything happen to you

00:25:49.340 –> 00:25:53.720
I don’t think folks to disability insurance a big thing to what that means is folks you’re paying on the loan now

00:25:53.720 –> 00:25:55.840
Do your prime example buddy of mine?

00:25:55.840 –> 00:25:59.080
He had a mortgage and he never took out disability insurance

00:25:59.920 –> 00:26:04.600
you know and what happened was he you know he was at work and thing ran over his foot and

00:26:04.600 –> 00:26:09.960
He couldn’t work anymore and well, they got disability, you know that but the problem is folks

00:26:09.960 –> 00:26:12.200
He didn’t have to be read disability insurance

00:26:12.200 –> 00:26:16.780
The house would have been not paid for but they were the company the mortgage company would pay the home

00:26:16.780 –> 00:26:21.880
I was a mortgage of the insurance company or whoever handles the the insurance for the loan

00:26:21.880 –> 00:26:26.640
I would have had paid every month. So it’s something you do actually have to pay for that I believe every month

00:26:27.160 –> 00:26:31.680
But something you may want to think about especially if you’re the sole sole. Oh, you know owner the home

00:26:31.680 –> 00:26:35.000
Or if you’re the only one that has any type of income

00:26:35.000 –> 00:26:39.680
Or if your wife doesn’t make a lot or something like that or if your spouse or if you’re maybe your husband

00:26:39.680 –> 00:26:41.280
It doesn’t make enough

00:26:41.280 –> 00:26:44.360
You miss anything me when they go to maybe you guys both have to work data for the home

00:26:44.360 –> 00:26:48.940
You may want to do that for them. That’s primarily your decision

00:26:48.940 –> 00:26:54.720
It is big. It is a tough decision to make but you may have again. Sometimes you have to make those hard choices

00:26:55.680 –> 00:26:59.960
You know, but like I said very very important there as well something you need to really think about

00:26:59.960 –> 00:27:06.080
No, I think folks to just just kind of some good housekeeping when you buy make sure you tax bill goes to the right house

00:27:06.080 –> 00:27:08.600
And I know you said what are you talking about?

00:27:08.600 –> 00:27:12.120
They some had a lot of people have no of the years of a lot of taxes

00:27:12.120 –> 00:27:14.120
well our properties over the years with my dad’s and

00:27:14.120 –> 00:27:18.280
Can’t believe how many people places go for tax deals and the people say to me all the time

00:27:18.280 –> 00:27:21.760
I’ve had people say I’m just a true story because I’ve had people say to me all time

00:27:21.760 –> 00:27:25.120
Well, I didn’t know that my you know, my tax would do the bill wasn’t going to my house

00:27:25.120 –> 00:27:27.120
Now folks you pay your taxes every year

00:27:27.120 –> 00:27:32.400
I’m paying correlation is being monthly, but you will get you will pay a property tax on point within a year

00:27:32.400 –> 00:27:37.940
Okay, and you go to three years. I get a tax bill. Okay, how does it change? Probably house is probably going up for tax sale

00:27:37.940 –> 00:27:41.440
Okay, so don’t make sure the tax bill unless going to the right place

00:27:41.440 –> 00:27:42.520
Make sure you know

00:27:42.520 –> 00:27:46.320
You have all your everything in order where the tax bills going insurance is gonna make sure the mail gets the right place

00:27:46.320 –> 00:27:49.000
You know, I know these folks do you’re going to buy a home

00:27:49.000 –> 00:27:52.480
always make sure they can say do you ensure the home for the value and

00:27:53.600 –> 00:28:00.580
Not you know for the value and not and for the replacement cost not just what you owe on the mortgage very important there as well

00:28:00.580 –> 00:28:06.000
So a few more things folks will just go over again with with the home

00:28:06.000 –> 00:28:10.180
You do want to like I said make sure when you are getting the mortgage

00:28:10.180 –> 00:28:13.920
things that not only you have yet to make sure all the proper paperwork is done and all that but

00:28:13.920 –> 00:28:18.680
You may want to consider if you’re not very familiar with with mortgages and some of that

00:28:18.680 –> 00:28:21.520
Just a couple of things when you’re buying your home

00:28:21.960 –> 00:28:25.800
We have a whole show just on buying homes and all that kind of stuff

00:28:25.800 –> 00:28:30.960
But just a couple things to always make sure like I said you you got to get a clear title from an abstract company or lawyer

00:28:30.960 –> 00:28:34.660
Make sure you always purchase title insurance to make sure the title is clean and all that

00:28:34.660 –> 00:28:37.240
Those are very important things as well. Oh

00:28:37.240 –> 00:28:42.920
Make sure the deed is done properly if you have kids you must leave the house in trust for the kids

00:28:42.920 –> 00:28:45.600
In case it happens to you or your spouse

00:28:45.600 –> 00:28:49.740
You know stuff like that. So a couple things, you know, make sure the house is deeded, right?

00:28:49.740 –> 00:28:53.740
make sure the mortgage one thing you do want to always make sure folks and

00:28:53.740 –> 00:28:58.380
Very very important if you do have a loan in the home

00:28:58.380 –> 00:29:04.100
When you file the deed you want to make sure that lien is filed

00:29:04.100 –> 00:29:08.360
That’s now now if you’re the person that that the bank is going to be, you know, have the lien on

00:29:08.360 –> 00:29:10.720
I don’t know if I’d really check but if

00:29:10.720 –> 00:29:14.880
But if you’re going to be the other person that is going to be holding the loan

00:29:14.880 –> 00:29:18.200
owner finance if you’re the one holding the loan for your friend or something like that

00:29:18.320 –> 00:29:21.440
You might want to make sure when you file the deed your lien is recorded

00:29:21.440 –> 00:29:26.040
So this way you’re safe and make sure God for something happens. You know, you can go ahead and

00:29:26.040 –> 00:29:29.120
Secure your money

00:29:29.120 –> 00:29:31.500
I’ll let you folks do with mortgages

00:29:31.500 –> 00:29:32.860
I know a lot of people say I have you know

00:29:32.860 –> 00:29:34.460
They get second mortgage or second loans of that

00:29:34.460 –> 00:29:38.000
If you’re going to be looking at a second you do have a first mortgage in your early get second one

00:29:38.000 –> 00:29:40.900
You owe a lot of equity. I really do strongly recommend that equity line

00:29:40.900 –> 00:29:46.120
Just because it’s a little bit easier than second home. Also, you’re gonna save yourself probably $2,000 in closing costs

00:29:46.940 –> 00:29:48.800
Closing costs are a big thing folks when you buy a home

00:29:48.800 –> 00:29:51.560
I want to make sure to you know that when you do buy a home

00:29:51.560 –> 00:29:58.700
You could possibly increase some closing costs and your closing cost could be anywhere between you know, one to four thousand

00:29:58.700 –> 00:30:06.100
Okay, folks, you just pay the realtor commission all that you will split the transfer tax, you know with the buyer

00:30:06.100 –> 00:30:11.400
That pretty standard. Like I said, you do have the the real estate agent. They do get a commission on it

00:30:11.400 –> 00:30:16.220
They do have to live to and you know, you will prorate taxes. So when you buy a house

00:30:16.700 –> 00:30:21.760
The taxes are prorated. So what that means is, you know, if you’re selling the house six months after the year

00:30:21.760 –> 00:30:27.240
You know you paid you paid the whole year up front the the buyer would have to reimburse you for the other six months

00:30:27.240 –> 00:30:28.360
They’re gonna pay

00:30:28.360 –> 00:30:29.940
Or vice versa, you know

00:30:29.940 –> 00:30:33.700
If you haven’t paid taxes yet and it’s six months in you have to pay the first six months because you live there

00:30:33.700 –> 00:30:37.040
People will not pay people cannot pay the taxes when do they have not lived there?

00:30:37.040 –> 00:30:40.000
It’s a very important in there as well

00:30:40.000 –> 00:30:44.860
So a couple like I said a couple kind of bunch of kind of little important tidbits

00:30:45.100 –> 00:30:51.160
What I’ve been thinking about folks eventually what I like to do my dad’s been a real estate Bob my god Jesus whole life

00:30:51.160 –> 00:30:54.660
I really like to get him on for for for the show

00:30:54.660 –> 00:31:01.940
One week and and do a not one week but one show and I really have him go do a whole run-through with me

00:31:01.940 –> 00:31:04.540
About how he bought buys a home

00:31:04.540 –> 00:31:08.560
And all that and let me tell you one thing. I have my dad in the show

00:31:08.560 –> 00:31:11.980
Be a lot of fun because my dad does not need

00:31:12.940 –> 00:31:16.020
My dad’s not need me to asking questions if I get him going on real estate

00:31:16.020 –> 00:31:18.380
He can sit here and go and go and go and talk talk talk for hours on it

00:31:18.380 –> 00:31:22.300
We’ll have to kind of bring him bring him in and get him under under control

00:31:22.300 –> 00:31:25.820
But when he comes to real estate and loans and all he can talk about you for hours

00:31:25.820 –> 00:31:27.820
I’m a transfer tax over this talk about that

00:31:27.820 –> 00:31:30.920
You know, my dad could just go on and on and on for hours. So I

00:31:30.920 –> 00:31:32.980
Want to come to this kind of stuff?

00:31:32.980 –> 00:31:34.500
So be a lot of fun to to get it

00:31:34.500 –> 00:31:38.200
I want to get him on the show and really get he I mean, I know a lot from being around him

00:31:38.200 –> 00:31:41.620
But this is kind of more his his really is area of expertise

00:31:42.060 –> 00:31:45.020
So I really like to get him on and really go through everything with us

00:31:45.020 –> 00:31:47.900
Like I said, I thought I told you a lot but he knows

00:31:47.900 –> 00:31:51.900
Even more so I like to get him on the show. We’ll see about that

00:31:51.900 –> 00:31:57.140
So folks, I think we’re gonna go ahead and let’s go ahead and wrap it up

00:31:57.140 –> 00:32:00.020
I like I said, this is a kind of a beginner’s mortgage

00:32:00.020 –> 00:32:04.020
Information but it is important to know and like I said eventually we’ll get somebody on here

00:32:04.020 –> 00:32:06.020
Maybe that knows a little more than I do give you a little more information

00:32:06.020 –> 00:32:09.300
Again, folks good housekeeping again

00:32:09.300 –> 00:32:13.420
You can find all of our shows files podcast org again, please go on iTunes rate the show

00:32:13.420 –> 00:32:17.960
Give it as many stores you think it deserves and we appreciate all the reviews and we appreciate you guys

00:32:17.960 –> 00:32:23.060
We’re ain’t a little something about show if you could I want to thank everybody for listening and we will see you next time

00:32:23.060 –> 00:32:25.060
Thank you very much