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Rick the Fix-It Guy -1/3/09
Rick talks about first-time home buyers and takes calls about various home improvement projects.
[0:01:28] ... high of eighteen point 45%. Yes I remember that because my first mortgage. When I when I was a newlywed my wife and I had our first mortgage and it was I think 17%. Sixteen or 17%. I -- that was like the high. And then it it's steadily went ...
[0:02:07] ... the market for awhile. And there are people because of this whole mortgage crisis. That are reporting their life where they have to sell the house because. They're having difficulty may be refinanced seemed. Or ...
[0:03:20] ... into the fix it part of it but. I know about the mortgage markets and so -- for -- talk about a little bit today if you have any questions not just about. Mortgages and ...
[0:04:41] ... are what they call debt to income ratios that are used by mortgage companies to qualify buyers. And it's based oil and how much the monthly payments. Are for the for the housing are and how much their monthly income is and they take a portion of that. A conservative number is normally. 28%. Of your monthly income -- you make 5000 dollars a month you can afford 28% of that. For. Housing payment on housing payment includes. The principal interest on the mortgage. And the taxes won twelve of your real estate taxes. And you were hazard insurance or your homeowner's insurance. Now most real ...
[0:05:45] ... based on the current rates. They'll say we you can afford a mortgage of 200000 dollars. There's an old adage of about four times your yearly salaries normally what you can afford to make 50000 dollars year you can in the 4200000. Dollar mortgage. But it's better to work again with. The interest rates being lower you can afford a high a higher mortgage amount because the payments are lower. So you know -- want to work with a real true that -- go through the process and explain. What he's doing when he's asking you to questioned how much do you make. Out the other thing they look at when you're. Purchasing a home is the amount of debt to you that. Because they also want to make sure that when they add this mortgage debt. They don't push -- too far. To -- they have what's called the backside number of the ratio the second number. ...
[0:07:09] ... some heavy credit card data or maybe have some. Really. League school loans or or they -- hardy couldn't afford. And this war hamper how much you can afford for housing going to look at ...
[0:08:06] ... first time buyer. Is to try to maybe get involved with the mortgage company that does -- 883 qualification. Mortgage approval. And what this will do is they'll actually. Bring your application. To mortgage company. And have them run you through their system and a true view for a mortgage before you buy a house. The good thing about this is when you go in to buy that house you already know I'm approved for a 200000 dollar mortgage. You know that. How much money you have. To work with for down payment and settlement costs. So you can say okay out approved for 200000 dollar mortgage I have 60000 dollar saved. And someone in need X amount of dollars for settlement course so I can afford a house ...
[0:09:24] ... But you're gonna go and say listen I already got approved for mortgage and I can settle. In thirty days. As I got my mortgage approval. We just have to get in Iowa. Home inspector through here and get the paperwork done and go to settlement or ...
[0:10:08] ... So a good idea is to go and get free approved for mortgage. How you do that. Well on most realtors that your gonna work with are gonna have relationships with different mortgage lenders either brokers are direct lenders. Banks credit unions. Savings and loans. Mortgage companies but taken in her do you -- two and you can also go on line you can -- rates online. On ...
[0:11:32] ... I got my mortgaged by credit union was one of the easiest. Mortgage companies to deal with. So that's the reason and -- I refer people to them all the time because of how friendly they are to do business with and that's important so. Look around in your market look at your local banks look that your your credit union. And talk to your -- and he can introduce you to someone that can give view -- preapproved and mortgage. On let's go to the phones here we got a call from bill in bucks county billiard and the talk ritual that ...
[0:16:59] ... home improvement home repair home remodeling maybe have a question about a mortgage your or about buying a home give -- call here 2158391210. From Philly. From the suburbs 616. Exports while -- sell jerseys. ...
[0:19:02] ... some of your savings. So you can -- doing a little bigger mortgage and set aside maybe five or 10000 dollars to do some fixing up. To the new house may -- want to ill ...
[0:24:21] ... and you know. Watch. Where protection I protection. But back to the mortgage issue we're talking about first time homebuyers were talking about getting a mortgage -- would -- back qualifying for that mortgage we have a question from Tom and Ben Salem. Concerning health insurance premiums. Tom what of the program. ...
[0:26:12] ... I you know but I you would have to talk to the mortgage broker when you make application I would suggest that. So you know what you're you are qualified for a stolen you were. ...
[0:26:50] ... And we're talking about some of the the issues with getting a mortgage -- you're you're looking your shopping for a mortgage what the adjustable term mortgage or adjustable rate mortgages. Arms they -- And you hear fixed rate mortgages and then you'll hear you know terms like -- 31 or seven more on the current ten more and or maybe a 723. Or 520 for what what does all this stuff mean. All right two types of mortgages that are available that are common in our market are the fixed rate mortgages. Fixed rate mortgages are though that for the -- of the mortgage how many years you borrow the money. The interest rate is fixed and it's amortized. With a fixed payment over the life for the mortgage so you get eight. Thirty year mortgage at 5%. Eight calculate the interest. And then they come up with a monthly payment that monthly payment is comprises interest and principal. And it's amortized. So if if you look at what's called an amortization table for that mortgage over the life of the mortgage the first payment. Has a lot of interest and a little bit of principle and each month. The interest decreases and the principal races by pennies. -- dollars. Overall life for the mortgage. Till the end of the mortgage when your last payment is mostly all principal and hardly any interest and this is the normal way to the mortgage is paid off. Same way your car payments are paid off and so on. But when you when you do. If you go on the Internet you can find mortgage calculators were you can put in the interest rate and the most of the banks in the mortgage companies have a calculator built into their site. Where you put the for the particulars. Interest rate. The term of the mortgage and though the amount your bar we know give -- monthly payment. You can kinda you know use that for a check ...
[0:29:18] ... it can be adjusted every year for the remaining terms of the mortgage. After that first three year fixed period. There's usually and usually there there there is terms within the mortgage it says how much can be adjusted over life for the mortgage. There's a a ceiling -- a floor. So there's the high sticking go and there's the -- sticking go and there's also some type of formula that they use to adjust it -- hold. In the mortgage documents and it's based -- and a treasury bond -- it's based on some other type of commercial paper rate. So. These ...
[0:30:47] ... in 37 years. Com maybe it's time to get that fixed rate mortgage or you have that adjustable rate mortgage may be came down to refinance. So look at the adjust to the fixed rate mortgages as a first alternative and only go to adjustable it's something to eat you know you think you can work with. You gotta know that there's the unknown and adjustable rate mortgage. There are other adjustable rate mortgage to have a one time adjustment these -- the like the 723 year to 525 which means. For seven years you have a level payment. After seven years. They're gonna readjust the mortgage and then for the next 23 years you're gonna have a level payments -- there's only one adjustment. And that could be ...
[0:34:23] ... Have you done. A question for you about a mortgage program that I that I referred. Little skeptical doubt but want to get your idea caught on and -- confirmed that sometimes referred to as an equity booster. I've been saying I've got a mortgage right now first mortgage McAuliffe about not doubt my daughter had. And you know from the -- did this kind of -- concept where he carried off his mortgage at -- home equity line of credit. And and then he because I get the whole basic principle this is that the of the year home equity line of credit interest is calculated on a daily basis. Person the mortgage it's likely -- a monthly basis. They taught at home equity you know mortgage first mortgages the home equity line of credit. On the -- hanging he takes -- paycheck in the plot applies it to ...
[0:35:51] ... that he had an equity lines for 90000. People pay off the mortgage of 90000. -- you make the monthly payments and then every month you draw down your equity getting you always keep it ...
[0:36:36] ... guy if you do you know I don't how much bi monthly mortgage payment is that gets paid every every every month right on the same date you know I have a dead added to my -- checking account on the fifth that a month. And I know it's gonna be X -- dollars come out. And you know I budget my money based on how much I make. And I don't know I know that I have a you know I have twenty years left the my mortgage and ratified by running out for the next twenty years it'll get paid off. It's you know I know my interest rate I got a good it's below 5%. I got a great interest rate it's a fixed rate mortgage rent and I need no less. ...
[0:37:32] ... Obama benefited and claim is that you could actually Taylor -- your mortgage off such got ten years left I get paid off in five years with. ...
[0:38:15] ... they charge you -- she could do yourself. Yeah your your mortgage company roll out you descend the principal payment I -- I can program it into my payment. Where instead of taking you ...
[0:39:02] ... can set it up with most with the Internet now and those mortgage companies are on the Internet. You can say I want you to take my regular payment plus a hundred boxer plus 200 ...
[0:40:00] ... and VA mortgages if you're a veteran. You can get a VA mortgage and FHA mortgages are available. And again there are some sometimes income limitations and how much you can make for those mortgages ...
[0:41:10] ... Yeah everybody to agree that our. The problem with the mortgage crisis in the super all right so what should bite the apple that the -- skiing. ...
[0:41:34] ... and it wouldn't fight against the interest that portion of the not mortgage interest Marriott tax deductible dependent on what. ...
Feds Open the Tap
US Treasury issues were a bright spot for 2008, and that bodes well for the future...
[0:00:34] ... first announced in November of purchasing up to 500 billion dollars in mortgage backed debt. Those purchases began yesterday that the Fed will not announce what it bought or how much until thirsty. The Fed's intent is to lower mortgage rates had to make more money available from Fannie Mae Freddie Mac in Ginnie -- for homebuyers. In taking other kinds of debt Al of the marketplace the debt that remains such as treasuries stabilized in their sensitivity to interest rate fluctuations. In the bond market place this is known as duration. It will take a while for the feds plan to yield results of banks with troubled loans on their books will continue to suffer as the economy Reese -- deepens in its recession. Deutsche Bank analyst project 2009 could ...
The Dave Ramsey Show Podcast - Mon, 05 Jan 2009 23:59:00 -0500
The Dave Ramsey Show is about life and how it happens to revolve around money. Dave Ramsey teaches you to manage and budget your money to avoid bankruptcy, help yourself get out of debt, build wealth, and live in financial peace without debt consolidation. Managing your money properly will reduce stress, improve your marriage, and provide security for you and your family.
[0:00:20] ... what daddy is dawn cash is king is not paid off home mortgage has taken a blaze of BMW. Has thus status symbol of choice. I am Dave Ramsey your post and this is the ...
[0:29:23] ... How much -- what is the other that in a student loans. ...
[0:31:37] ... now. Fourteen years and well last September found out that. The mortgage company had failed to pay the city can actually it's. -- When one -- bought the house so. It was our marriage -- one mortgage company and then along came countrywide and and wallpaper. Up. So and -- bought it in 98. So they. Quit paying the ...
[0:32:32] ... told me that delinquent actually world. And this would stand to the mortgage company. So. Well it's the -- have been destroyed now okay so. He. Will and I'm I'm. Truck driver in the entertainment industry so out they don't quad. So the job. That this actually solution to the mortgage capital. ...
[0:33:03] ... It was 3750. Dollars hole dog are contacted the the mortgage company and told him they check the contract and found out that I were at fault. ...
[0:33:21] ... embrace my house but now my house side and -- all fixed mortgage. And. ...
[0:36:50] ... much. And they were screwed up all the time they just hit mortgage companies do a pretty good job on most things but only comes escrow accounts they're buying large incompetent. Howard is -- this ...
[0:38:25] ... was -- bogus check like somebody stole the check from Toyota loan loans are bogus checks. Or maybe copied -- check you know problem I was the first nuclear bank account there never was. ...
Bad Mortgages 6PM Hr (1/5)
Wall Street Journal Outlines Rep. Joe Baca's Responsibility For Riff Raff Loans
[0:08:09] ... talk. These illegal. When the banks were openly. Marketing for illegal alien mortgage we knew that then I remember us talking about like what they don't. Listen to us. This whole economic collapse would not have happened. You get illegal aliens being pursued by major banks and you have a congressman Joe block who is it up to his hips. -- it and -- out they considered it the big untapped market particularly when the housing boom started the hell off a little -- 20042007. That's a lot of his focus is on your mortgage lenders flooded. Mr. pockets San Bernardino California district with loans that often didn't require down payments or solid credit ratings or documentation of employment still can't believe that. Payment no credit rating note employment here is X. It's got these months. Yes in fact they have another term in need. You know loans to. And I -- which stands for no income -- it's. No accident strikes. House they were originally intended for self employed ...
[0:10:00] ... and ranks number five among all congressional districts in percentage of home loans. Not tailored for prime borrowers to put that there but the caucus bullets of the initiative few years back old -- HO GA are the Spanish word for home to work with industry and community groups to increase mortgage lending to Latinos and we come back. Explain just how much money. Jill buck a senior in a regional pocket junior. From the mortgage industry owners. Voters -- intention to defiance exported stimulating talk radio. Tonight -- Kennedy and sets at 730 the lord has. ...
[0:11:02] ... district is number five among balking -- districts in percentage of home loans. That did not go to a crime borrower. Illegal alien loans illegal aliens sub prime loans have to show documentation and didn't come no down payment no credit -- didn't matter. And he helped create 88 housing initiative called whole -- That's Spanish for home. You know who provided the funding for this group -- we think this group was going to increase mortgage lending to Latinos. Well the national association of Hispanic real estate professionals they jumped right on this Wall Street Journal says they fielded an army to make the loans. To the Hispanics in the illegals. In years past minority borrowers were often stopped cold. By redlining. Lenders were reluctant to land ...
[0:12:03] ... was created in 2003. To work with industry community groups to increase mortgage lending to Latinos. I get this in Washington Mutual vice president was chairman. Of its advisory committee. Companies that donated a 150 ...
[0:12:40] ... districts. It found Hispanic homeownership on the rise thanks to new flexible mortgage loan products that the industry was a duck -- adopting. ...
[0:12:49] ... Yes -- flexible mortgage products -- No no proof of income. No down payment. History and I NA needle nose. No income no assets the national association of Hispanic real estate professionals one of the sponsors of -- are. She -- the research data built a large membership to market loans to Latinos. They grew to 16000 agents mortgage brokers and again. They didn't care that these illegal aliens couldn't pay the mortgages because all these mortgages were going to be ...
[0:13:59] ... seem minimal we would say is he breathing okay we'll give a mortgage yet and that's stupid. That that that -- ass tonight. These these coming real estate agents are -- many of camera wire ...
[0:14:52] ... Seller financed down payment assistance program seller France oh I see the mortgage company would put the down payment. Yes would make the down payment and higher for a buyer of the words they would love you all the money to buy a home builder would do it. And what they did was the home builders would donate to the nonprofit. And that money would be used so buyers make it down to announce the kickback Deanna kickback and organ donation to a marriage in order to get the government elected developed the land yet -- spent some money on the nonprofit. These Taliban and its loans comprise 13 of loans backed by the federal housing association and of default and nearly triple the rate. Of other FHA insured in case I get ...
[0:16:00] ... When work slowed of course he ran into trouble is adjustable rate mortgage the payments -- increasing the price of the house is going to drop. I started to think is really worth it and ...
[0:22:37] ... hold our housing initiatives. To work with industry community groups to increase mortgage lending to Latinos. They succeeded doing that. ...
[0:22:46] ... it didn't matter -- Latino walked in the door they got a mortgage. They -- didn't -- it and other Democrats and Republicans including George Bush worked for years promoting this idea that it's unfair ...
[0:23:45] ... aliens. And here the illegal aliens got all -- all the free loans. From Joe baucus crowd and that caused eight complete collapse in the housing market and nobody has instructions. Now nobody's making any ...
[0:25:54] ... From 2004. To 2005 total non crime non prime home loans was -- more than tripled. A 69 billion dollars from just nineteen billion and actually peaked in 6 at 73. Million dollars. That was the real running period for this vets and Joe -- and all of his buddies who were trying to get Latinos these home loans went crazy. An analog or defaulting similar tricks they used mania -- at a borrower's name two or relatives bank account which is an illegal maneuver. Not allowing that would make documentation what more Kosher. Many loans were not based on actual income histories but on a borrower's. Stevie didn't come we know about those you make up a number you just say and make a 100000 dollars here what do you do. I'm a gardener. He did not -- and yes C must feel pretty good garden path I get around that's right. Then there's the -- loans that we mentioned no income no assets. It appears these loans were disproportionately targeted towards Hispanics. Who had no incoming no sex got what it just belly to cross the border -- all your savings -- a higher rate. You really have anything left over a -- at billion dollar acts BC belida across the board. Yeah that's owns the number -- put that -- before. -- open the -- apparently Freddie Mac. Used to buy these loans he's -- loans that they stopped doing you know seven. So yes but we -- but the taxpayers had to bail out Freddie Mac so we only ones now. Regions of the country without housing bubble grew the biggest we've talked about this before California Nevada and Florida heavily populated by Latinos many worked in the can dust construction industry when these markets began to weaken bad loans depress the value of neighboring properties. And here we get the downward spiral neighborhoods now dotted with vacant opening up so this ...
[0:28:57] ... Cardoza 28000 dollar your office manager. He's now 30000 dollars behind on loans totaling 370000. Dollars. Gotta love for 370000. Dollars -- makes 28 grant. ...
[0:30:21] ... congressman. Working with this Hispanic real estate professional group working with the mortgage lenders working with other nonprofit we know. You wonder that this be time to read these stories nobody stopped and said I'm -- these people actually going to be able pay for these ladies are. What do I mean if you're given a loan to somebody who who's who's obviously a garden right. But there but that that your your -- a month three or 400000 dollars. Thank you take short term profit by you get your mortgage going to get get bonus whenever you get your cut you get your bonus the mortgages sold to somebody else. They all ...
[0:31:34] ... can't they -- name. But the loan officers the loan officers the mortgage brokers all these bastards who were involved in the change of making the deal. You're hoping there'll suffering right now that there were some rough justice -- all -- for all the sins committed there is also pretty good story in the New York Times about Washington Mutual. Not just -- lending to Latinos who couldn't pay the loans but just going crazy in general may actually talk to again. Who was one of their mortgage brokers who's now in prison. Few of these guys are in prison. Not a Fed up. He said I'd lie if I ...
[0:33:20] ... up again all sorts of problems. Are these these anchors are these mortgage brokers actually work. And -- that -- that their work indicate picnic -- house now that's what I want to here. After ...
Ghoul Pool 5PM Hr (1/5)
Ghoul Pool 2008 Winners & 2009 Entries
[0:21:42] ... he shall be yours I was busy lives in Jakarta propped up loans. And looks. -- at the desk with a make light he looks. -- at that point that make it. ...
[0:38:18] ... come back congressman Joe -- San Bernardino and his role in the mortgage disaster. Encouraging outpour of Hispanics and illegal aliens homes that it couldn't afford -- deserve. We'll tell you become bacterial grants and ...