The Accunet Mortgage and Realty Show

The Accunet Mortgage and Realty Show 9-26-2021

September 27, 2021 Accunet Mortgage
The Accunet Mortgage and Realty Show
The Accunet Mortgage and Realty Show 9-26-2021
Transcript
Speaker 1:

The accurate mortgage and Realty show is sponsored by academic mortgage and equal housing lender and MLS ID 2 5 5, 3 6, 8, and academic Realty advisors, which is a separate company from, but still affiliated with Acushnet mortgage.

Speaker 2:

Welcome to the accurate mortgage and Realty show. Getting you inside information on buying, selling, and financing your home with expert advice from Aquidneck mortgage and Realty. And now here's Brian and David Wickers,

Speaker 1:

Friggin Realty show the last show of September and Brian, the majority owner of Econet mortgage and a Realty advisors along with my son, David, who is academic mortgage is chief client experience. Officer. If you've got a question or comment, you can call our Texas on the acronym mortgage talk and text line, which is 8 5 5 6 1 6 1 6 20. You can also grab a podcast of today's show or any of our pastoral is wherever you normally get your podcasts because David's school like that. And he made it happen. Good morning, David.

Speaker 3:

Hi dad. Good to be with you.

Speaker 1:

All right. So the big noise and news this last week, which is confusing for consumers because a lot of media outlets just, um, leisurely and crazily report, the Freddie Mac 30 year fixed rate survey, which came out on Thursday the day after the fed meeting, which wrapped up on a Wednesday. But the problem is, as we've said, many times the Thursday survey released reflects rates mainly from Monday and Tuesday. And so in a week like this, where we had a big rate moving event, like the fed meeting, or was it we'll cover that, um, there's a disconnect between the Freddy raid survey and where things ended the week. So David, what did the federal reserve and chairman, uh, Jerome Powell have to say about, uh, their support for extraordinarily low mortgage rates?

Speaker 3:

So, you know, since the start of the pandemic, they've been buying us treasuries and mortgage back securities to keep rates low, to stimulate the economy so that everybody can borrow money and go out and spend money because in case you didn't know, at least 70% of the U S economy is consumer spending driven. So when we go out and spend money or borrow money, that's a big deal. Okay. So now what the fed is trying to tap dance to is the future. Okay. We've been providing all this support when can we start pulling back on that support in a cautious way? And so what chair Powell noted was that the economy continues to make meaningful progress. And so the next time that the fed meets here in November, or maybe December, they're going to start tapering, which is a fancy way of saying reduce, they're going to start tapering their 120 billion of purchases, monthly purchases to some lower number. I don't, I don't know if I saw did they? They haven't said how much. So is it going to be a hundred billion, 90 billion, some, some reduced amount.

Speaker 1:

I read that when they start, they want to be finished by about the middle of 2022. Okay. And so folks, the way that the fed is helping mortgage rates stay low is by purchasing gobs of ten-year treasury notes from the United States treasury and also bundles a mortgage backed securities. And so by increasing the appetite for that kind of interest bearing investment that keeps rates low. So they've now come out and said what everybody expected. And in fact, on a Wednesday afternoon, the market kind of yawned relative to interest

Speaker 3:

Rates. Non-reaction the

Speaker 1:

Non-reaction. And so just remember what market commentators do is they make stuff up to try to explain what actually happened. And I've been reading this guy that does a daily blog called mortgage news daily. And I really like him. I think he's good. Um, and he's saying, you know, there was a whole confluence of things that could have caused mortgage rates to go up, uh, here at the end of the week. And his number one theory is that it really has to do mostly with the number of new COVID cases. And he, so he's kind of tracked worldwide COVID cases in relation to interest rates. And there, the more COVID cases there are the lower rates go. And so what's been happening is there's been a drop in COVID cases, which is a proxy for what's going to happen to the health of the global economy, you know, is really what we're, what that, what that means. Right? So the big question is what actually did happen to mortgage rates. They did go up and we'll tell you just by how much, when we come back, you're listening to the academic mortgage and Realty show on Wisconsin's radio station am six 20. WTMJ

Speaker 2:

The advice from the guys who know it best. This is the accurate mortgage and Realty show with Brian Wichert on WTMJ

Speaker 1:

And also David wicked. All right. So David hit us between the eyes, how bad did mortgage rates get here? By the end of the week,

Speaker 3:

I was afraid it was going to be worse. And as I like pull this up, I'm I, it's not as bad as it felt as I was watching the market on Wednesday, Thursday, and Friday. So, so what I'm going to compare is had you called senior loan consultant, Jason Weber at AQI net on Wednesday morning, Jason could have said, blah, blah, blah. I could have gotten you 2.8, seven, 5% on a 30 year fixed$300,000 loan, 25% equity on all the other rights stuff. The APR is 2.9. So then when the market is, you said yawned on Wednesday, but then woke up on Thursday, had their cup of coffee and decided that, Hey, actually we do care about what the fed is doing and, and you didn't, you know, get your rate locked in until the end of the day on Friday, it'd be one eighth worse. So 2.9, 9% and the APRs 3.02 on a$300,000 loan, which on a$300,000 loan is only 19 more dollars per month. But the real, the real way that we should measure this is to say, okay, if you wanted, okay, so 2.8, seven, 5% on Wednesday, if you man, I know it's Friday afternoon, Jason, I'm sorry, I didn't call you back. Can I still hang onto that to 8 75? The answer is yes, but it would cost you 1200 more dollars because of the pricing got worse between Wednesday morning and Friday afternoon. And so a lot of times I'm going to say like nine out of 10 times, borrowers don't want to eat the$1,200, you know, swing in pricing. So the way that we as mortgage pros, try to absorb that as we say, oh, let's toggle up the rate and eighth to absorb that worst pricing. So we could still, we could still get a to handle. So, um, uh, uh, all is still okay, but this might be this, this is this the beginning of the end. Uh, we don't know.

Speaker 1:

Let's just say this, all the people that we said, Hey, you know what land last Sunday show it'd be better if you liked in before the fed, uh, meeting and not, we don't know if it was direct correlation, but whatever we just said, you know, the general trend is up. You're certainly happier. Now the dilemma is, do I wait and see if rates come back down? And my answer is no, no, because you know, the,

Speaker 3:

The Berkshire that person in Vegas at the blackjack table, you're like, no, no, no, no, no. I can, when my interest rate back, let me just one more hand and I'll get

Speaker 1:

More hand. All right. What about, uh, so it's all about analyzing. What could you do now? And what about the 15 year fix? You told me off here that that really didn't change much at all?

Speaker 3:

Well, yeah, so, uh, on a 15 year, uh, we could still do 2.25% with just$995 in cost on a$300,000 purchase or refinance. And the APR is 2.29. That is, that is free money because, uh, inflation, which again is, uh, something that the fed keeps pointing to as you know, Hey, um, the word they keep using is transitory, you know, things working their way through the, uh, supply chain, but, um, you can basically borrow money, whether it's on a 30 year or a 15 year, you can borrow that money, uh, below the rise of cost of goods. Dad, you'd be maybe very, uh, it's almost as if we've been doing the show a long time. I, uh, sent an email to a borrower who inquired, who was going to be taking$300,000 from the proceeds from the sale of a second home. And they were inquiring with us, Hey, if I bring that money and pay my mortgage down to 50,000 bucks, and then in the next couple years, I'm going to pay my mortgage off. So I wrote back in a very Brian way, and I said, my dad likes to use this example. If I could lend you the money at 0%, would you still pay off your mortgage with the game plan that you have? And, and in that, you know, hyperbolic example, we can't land at 0%, but we were kind of effectively lending at 0%. If you view it through the lens of inflation. So rates remain credible.

Speaker 1:

Yeah. And so what did that person reply to the reply yet?

Speaker 3:

They, uh, I think I, I shook their world a little too much, but we're going to follow up next week with their financial advisor as well, because the other thing I said was if your financial advisor can't beat two and a quarter, you need to fire them and find somebody else.

Speaker 1:

Right. Just remember that if you can borrow money at two and a quarter and have a relatively high assurance that you can invest it and get, oh, I don't know, four or five or six, what's the long-term return on equity is David or a blended 10. Well, let's even say seven. You should be like a bank at least. Think about it. Talk to your financial advisor and say, how many million can I borrow? Because if you can borrow money at two and a quarter and invested at, oh, let's just say twice that four and a half, um, that's how banks make, uh, the, the billions of dollars, uh, every day. All right. Why don't we come back on a, follow-up on a story from the end of last week show about a condo purchase. Uh, we're kinda hit a pretty big bump in the road, and we're gonna talk about how we, um, kept that transaction on the tracks for a successful closing. We'll tell you that right after this, you're listening to the academic mortgage and Realty show on Wisconsin's radio station am six 20 w J

Speaker 2:

Getting you into the home of your dreams. Here's more of the accurate ed mortgage and Realty show with Brian Wicker on WTMJ.

Speaker 1:

All right. So at the end of last week show, we're talking about a condo purchase situation where we had to switch from the borrower, putting 5% down to 10% down. And the reason is that it 5% down or really anything less than 10% on a primary residence condominium, or if you're refinancing and you just have 10% equity of the refi, Fannie and Freddie want to take a deeper dive on the details of the condo project. And the reason is it's like, you know, what if you've kind of gotten a smaller down payment that's riskier. And so we want to be more careful about that other risk factor, uh, the association and the project itself. So one thing we got to do is look at the Association's annual budget. And primarily the thing we're looking at there is are they setting aside 10%, at least 10% of their annual budget? So I think this kind of project had an$85,000 annual budget. So are they sitting aside at least$8,500 into a reserve fund? So they're not running, you know, at the absolute bare bones minimum. And the answer was, yes. All good. There, we have to look at the bylaws or the rules of the association. What can, and can't you do the main thing I think we're looking for, there is any requirements that would give the association or right of first refusal, because we don't like that, uh, when the condominium is getting sold. Um, another thing we gotta do is look to see in those bylaws does a foreclosing lender. Uh, are they responsible for paying any more than six, count them, six months of delinquent HOA dues. In other words, if it's taken three years for this guy to finally make it to foreclosure, Fannie Mae doesn't want to have to pay any more than six months of delinquent, HOA dues to the associates, all these things, by the way, we've had associations and projects die because of oh yeah. But the one that caught this one, um, and made it, uh, is that we have to verify on a full Connor review for kind of projects that have 20 or more units does the association, Kerry fidelity insurance. David tell us what fidelity insurance

Speaker 3:

Insurance is to make sure that if, uh, you know, Bob or Susie is handling the money for the association, that they don't, if they go and[inaudible] with the reserves that you highlighted, that that money will be reimbursed by the insurance company. It's a, a, you know, uh, no bad guys policy in case they take away the money. Okay,

Speaker 1:

There you go. So in this case, the association did not carry fidelity insurance. Uh, didn't want to put it on there only, even though it only costs like typically, you know, three or$500 a year. Um, and they also said, well, no one ever else is no other lenders ever asked us for this. Probably because nobody has bought with less than 10% down. And, um, and so our, our choice, and luckily our buyer had enough savings to put 10% down. And so he said, you know what? We need to switch to 10% down. Great. Well, that would almost, you know, eat up all of their savings when it comes to closing costs and prepaids and down payment and all that jazz. So our senior loan consultant gel, Michelle Jefferson noticed that the appraisal had come in$4,000 higher than the purchase price. And so she inquired, he said, you know what, if we, uh, okay, you gotta put more down, but then why don't we bump up the purchase price by two grand? Because that's, that's all the closing costs there were in this transaction and then have the seller provide a$2,000 credit toward closing costs. And prepaids so she floated that past the agents and sure as shooting, I have now looked this morning, and that is exactly what's happening. As we're getting close to closing the original game plan a would have taken$10,500 total money to buy down payment and closing costs, switching to 10%, all of a sudden that bumped up to 17 five total money to buy. Cause they're saying, Hey, you got to put 5% more down. But then by doing this maneuver of boosting the price and then saying, Hey, seller, you're going to pay for the same amount.$2,000 is the boost in price and closing costs. Now our borrower is back to only having to need$15,700. So that's a win. Uh, do you want to guess at how much the payment differences? Because we increased the price.

Speaker 3:

Uh, so, okay. So 7,000 5, 35

Speaker 1:

Per month. No, no$8 and 44 cents. That is what the payment difference is. I'm sorry. This is between cause he's raising the Bray rarely. So this is putting 10% down without the price increased seller credit maneuver to, Hey, we're going to raise the price now so you can get the seller credit. The difference between those two actual options is only$8 and 44 cents a month. So that's a good trade. The maneuver was, Hey, we're going to get you a seller credit while the bad news is you're going to borrow more money, but total dollars less at closing is 1800 bucks in the borrower's pocket. And that is a good trade. It'll take 17.7 years of higher monthly payments under our proposed solution, which is the solution of the day in order to eat up that, um, uh,$1,800 that they saved their closing. That's a good trade for most people buying a house. All right, when we come back after the news, we're going to talk about the national association of realtors, existing home sales for August, for the up, down sideways, how they compare to last year. We've got that plus Wisconsin and Southeastern Wisconsin all coming up right after the news. And now we turn it over to the 24 hour newsroom,

Speaker 2:

Important home buying questions and answers you can count on. They say is the accurate mortgage and Realty show with Brian Wicker on WTMJ.

Speaker 1:

So, uh, the national association of realtors came out with their existing home sale numbers for August this past week. I am a member of the national association of realtors and, uh, they declined the number of home sales declined from July, August pace was a seasonally adjusted 5.8, 8 million, uh, used homes. You know, I used to always carry around in my head, 5 billion existing homes, a million new homes. And so it's up 5.8, eight nationwide. However, sales were down one and a half percent from August a year earlier, isn't this right?

Speaker 3:

Isn't this just a shrug like this is just seasonality, right?

Speaker 1:

Well, but check this out. Median sales price nationwide was up a very robust 14.9% to a$356,700. So the median price for half of the homes are priced higher and half are lower nationwide 356,700. Well, anytime I see a report like this, David, I wondered to myself, how does that compare to our neck of the woods? Well, we're also a member of the Wisconsin realtors association where they reported for Wisconsin home sales were up in July by 2.7%. So bucking the national trend, which was down, however, they were down 6.3% from August a year ago. Hmm. Median sales price statewide. You want to take a guess?

Speaker 3:

Uh, I'm going to say it's basically at no, it's going to be below the national 3 12, 2 5200

Speaker 1:

50,000 and the statewide, you know, which is 6.4% higher than a year ago. So not as high or hot as the 14.9% national number, but keep in mind these median sales price numbers do not take into account the square footage number of bathrooms or bedrooms. So if you had a batch of homes, you know, in a particular state or county or city that were larger and nicer in one period of comparison to the other, that's going to exaggerate the median sales price comparison. But nonetheless, since we have these available, um, if you look at the Southeastern Wisconsin region, which the Wisconsin realtors association classifies as the traditional five county Metro Milwaukee area, plus Sheboygan to the north where they're having that certain or Ryder cup golfing and Kenosha to the south and a Walworth county to the west of Racine and Kenosha, uh, that Southeastern regional Wisconsin area was up 2% from July. So, um, the opposite of the national, which was down also up 2% from a year ago and median sales price was dead flat. So does that, you know, there, there's an example of, does that really mean that houses didn't change in value? No. Just means that this basket of homes compared to that basket of homes didn't show any increase her. What do you, what are your comment on that?

Speaker 3:

Um, I, to, to me, it's a, isn't it a continuation of the theme that perhaps sellers are more appropriately marking the, their home, you know, the price that they want compared to last year. Wouldn't that gobble up any home appreciation if you weren't willing. Okay.

Speaker 1:

All right. Well, let's just run down these last few things, and then what we're going to get to after this little, uh, digestion of interesting numbers is you've got some comments from the national brokerage firm, Redfin that we're going to cover, um, Milwaukee county, the median price. So Milwaukee county is the most highest volume, um, real estate market in the state. Median price was up 10 grand from a year earlier. It is now$215,000. That's up 4.9 Waukesha county. The median price was up a whopping 49,900 to 3 99, 9. That's a 14.3% increase from a year ago in August. The only do you want to guess now of the remaining I'm just going to do Southeastern Wisconsin, mostly what there's only one county where the median sales price was actually down.

Speaker 3:

Well, so my guess, my guess was, uh, Ozaki county, because if last year you had seven higher priced homes that each sold for$800,000 that skewed the numbers. The Osaka county is kind of small potatoes compared to the rest of the five county area and raw numbers. So that was good. That was gonna be my guess.

Speaker 1:

Okay. That is an excellent rationalization. That smaller numbers means greater volatility. However, you're wrong. In this case, Ozaki was op actually$32,000 to a state county high, a median sales price of 400,$1,000 as an 8.7 increase over last year. It was Racine that was down$10,000 versus August, 2020, a 4.4% rep. Does that mean everybody's property went down 4.4% Racine heck no, just like these other numbers, I'm saying don't mean everybody's has gone up a ramping up the other, uh, Southeastern Wisconsin and large counties, Washington county up 35,000 to 3 1909. That's a 12.2% increase. Dane county Madison up 11% in median sales price or$35,000 to a$360,000 median sales price. And then the home of your green bay Packers brown county, uh,$16,800 to a median price of 2 49 5, which is a 7.2% higher median price than a year ago. All right, when we come back, David's got a trend or what you want to call it a report, what's it called? The something report.

Speaker 3:

It's the Redfin competition report is what it is telling us how many home buyer bidding war report. And we're going to give you for like the last couple of months, uh, for, for some, uh, reference, uh, we'll give you that right after this break, you're listening to the accurate mortgage and Realty show on am six 20. WTMJ

Speaker 2:

Find a place to call home without the headache. This is the accurate mortgage in real to show with Brian Wicker on WTMJ

Speaker 3:

Welcome back. We're going to dive into a report here from Redfin. Uh, they've I think since the start of the pandemic have been putting out a home buyer, you know, bidding war report, as a percentage of those homes listed for sale by a Redfin agent, how many of them are receiving competing offers more than one offer? So, uh, yesterday we were at my in-laws house watching the badgers Notre Dame game. We're, uh, we're a house divided. And so it pained me to watch the badgers get absolutely cooked, but my mother-in-law asks me, you know, how, how competitive is it out there? And he'll have things cooled down. And so my favorite version of this is, uh, it was 103 degrees outside it'll, you know, in the middle of summer and now things have cooled off and it's only 99 degrees outside. So if you're a journalist and you want to frame things as cooling, yes, it was hot and it's less hot, but it's still hot. And to that end, what Redfin reports is that in August 59% of homes were facing a bidding war. And that's a record low for 2021 because back in April 74% of those Redfin listings received competing offers. So yes, it was really competitive. Now it's just regular competitive. But man, what that tells me is good homes are going to get multiple bids. And there are some apocryphal examples here instead of 25 offers. Some agent in Orlando said instead of 25 offers on a turnkey home. Now we're seeing five to seven tough.

Speaker 1:

That's not apocryphal. That's, that's somebody saying they're, you know, that's, that's less hot. Okay. You know, you know, it's still, but getting five or seven offers on a home is not normal, you know, in a normal market. You're not getting

Speaker 3:

Market with, with three to six months of inventory and, and some equilibrium between buyers and sellers. Yeah. Maybe competing offers would be, I'll be curious if Redfin continues, you know, this report, um, when it's not such a panic Beatty. Yeah.

Speaker 1:

I'm not going to ask you to do this live on the show, but we should take a look and see where they reporting this number back in 2019 pre pandemic, just to know they weren't,

Speaker 3:

Uh, I think they only started in like early 20, 20, but all anyway.

Speaker 1:

S so, you know, a couple of things on, on that, you know, I'm still trying to work with some, um, first time home buyers who are like, we are not going to pay more than asking. So first of all, folks remember that the seller's asking price is a, what do we call that in? Um, Daniel Conaman speak, it's an anchor. You think, well, I don't want to pay more than that. Well, how do you know, how do you know how accurate, you know, that asking price was relative to other recent co comparable,

Speaker 3:

That the seller is an expert in pricing their home. Everyone should have a more skeptical view of a seller's ability to price their home.

Speaker 1:

That's right. And so, you know, the, uh, the seller or their seller's agent who really pigs it above any other similar home that's sold. Yeah. That's unrealistic and you wouldn't want to pay that price, but you know what, if you look at the comparable sales and, uh, it turns out that man, this one is spot on. There were three other houses, very similar that sold for, you know, the same price or really close to this one. Well, you might have to, if it's a really nice house, you might have to pay five grand more. And you know, we, we right in order to win, because this is still a contest. And if you are constantly thinking of this, as I will not pay above asking price, you may never buy a home. You know, until the market really turns, which the demographics are against you, right. There are still more people that want to buy homes,

Speaker 3:

Uh, with gen Z, uh, coming down the line and the next three, five and 10 years, it's just, it's simple. You're not in enough pain yet that you are willing to do what needs to be done to buy a house. Because if you're trying to make a move, yeah, we're out of minutes here, but I'll be curious if you check in on this story, if at some point their calculus changes because they're tired of losing. Cause that's one, that's one way where you get in enough pain and enough heartbreak where you're saying

Speaker 1:

I'm writing any offers. I don't think they're even writing any offers yet.

Speaker 3:

I'm not falling in love cause I'm not going on any dates. It's like, well, no kidding.

Speaker 1:

So speaking of that, we want to wrap up the show with a story about a retired couple that wants to buy a new primary residence. Um, and not too far away from, from their home. They want to get to receiving county from Walworth county. We're going to tell you their story. When we come back, you're listening to the academic mortgage and Realty show on am six 20 WTF.

Speaker 2:

I'm Jay WTMJ W2, 77 CV and w KTI HD to Milwaukee from the annex wealth management studio. This is news radio WTMJ expert advice on buying a home. Here's more of the accurate mortgage and Realty show with Brian Wichert on WTMJ.

Speaker 1:

Well, let's just let that ride for a little bit. All right. So, uh, you know, luckily, uh, we do a good job for people and they come back for more. And so we've got a very nice retired couple who owns two homes now, a home on a lake, uh, and their primary residence, both in Walworth county, but they want to, um, trade in their primary residence in order to move closer to what their grandchildren. And so they want to relocate to Racine county. And you know, so the question is, Hey, can we afford three mortgages at once or maybe more? And where are we going to get the money for the down payment and so on and so forth. So I'm putting together some numbers and some alternatives are kind of basically two paths. Yes, we can help you buy your new before you sell your old one because retired people and as is the case in this situation, they have the ability to give themselves a raise, because even though they might be taking$5,000 a month out of their IRA accounts, if they have enough money in the set IRA accounts, which these people I believe do based on what we saw last year, uh, you can just say, Hey, instead of taking out five grand, uh, Brian, how much do I need to take out? Oh, eight grand. That's what I'm going to start taking out. And boom. Yeah. As long as there's enough money in that IRA to last, at least three years, you can give yourself that raise, go ahead, David

Speaker 3:

It's because when you remove money from a qualified account, like an IRA, the IRS says that's income. And in mortgage lending, we say, we love income. Let's point at that income. And we're going to help use that income to borrow the mortgage money, which is what you're doing in this case. Oh,

Speaker 1:

Although the odd little wrinkle in there, just to dive down to this detail, even if you take it out of a Roth IRA, which is not taxable income, we still get to use it as income for our purposes, which is an oddity, but any who, so they can give themselves a raise. And so I said, well, here's what we could do. You know, you could either, um, I can give you a bridge loan on your existing primary residence and liberate enough money for the down payment, but that comes with a cost because a bridge loan lenders money sources know that that's a temporary loan. So that's going to cost you like$2,500. If you want to go the bridge loan route, or you can take the money out of your non-retirement accounts. David, why would you never want to take money out of a retirement account for a down payment?

Speaker 3:

Uh, because again, that's counted as income. And if you don't put the money back within 60 calendar days, you get to pay taxes, uh, like regular income tax. Like you're like you're back working,

Speaker 1:

Which is ridiculously expensive. Um, and, and so then the other thing I said, but you know, what for you guys, probably the smartest thing to do is to put your primary residence, you know, cause that's a lot of stress, right? All these different loans. And by the way, they want to buy a house that's expensive enough such that, um, even to give them the conforming maximum loan amount, the Fannie Freddie maximum of 5 48 to 50, uh, we either needed do the bridge loan on the old house. Or we have to do a piggyback home equivalent of credit on the new house to sort of temper their down payment. So as to be within the bounds of the money that they have available for pay them long story short, I said that that's a lot of gyrations and we can do it. Why don't you just put your house on the market, sell it. You've got a second home. You can just take your furniture.

Speaker 3:

Put that was going to be, that was going to be my suggestion. Do you have two houses, sell one, move into the other and then go buy your new primary. That would be, that's what I would do.

Speaker 1:

But here's my little analogy that I came up with with my good friend, Jim, Wazniak over at RBC wealth management. Who's like, yeah, you know what? I think we might go down and look, just look certain looking at some, you know, vacation, home, shopping, Naples, like shopping for puppies. If you go, and you just think your windows having for a puppy, you are going to come home with a puppy. And so sure enough, they found the perfect home. Uh, my, my retired couple bam. They found them the perfect Albany. Yeah. They found a puppy. And so now we're, we're in the mode of, okay, let's hurry up and kind of put things together and document them so that,

Speaker 3:

So to your point, you, you can do the game plan that has some more gyration. It's not like it can't get done. It's just had they not gone puppy shopping. Maybe they could have done the less stressful game plan that you were going to suggest, but Hey, you found a puppy and you fell in love. Now you gotta do your thing.

Speaker 1:

We're all about financing puppies, you know, whatever it takes to, to make your dreams come true. And, and, and these folks are, you know, working with an excellent financial advisor, um, you know, that is all about making people's, you know, what do you want to do? Let's make it happen, you know, which is awesome. All right. So the takeaways from,

Speaker 3:

Can I, now that they've have found a home that they love, uh, I'm guessing that at no time, they were like, oh, by the way, the reason why we want to move closer to our grandchildren is also because of rates are great. And the fed is about to reduce their bond buying.

Speaker 1:

Absolutely not a life event of, you know, what? We just want to be closer to our grandchildren. That's it didn't matter whether the rates were at three and a half or 2.9 or 4%. That's the motivation. All right. So the rates are up a little bit, but don't count them. Come back down. If you're looking to a refi click on the blue button this weekend and get started while the getting's good, because they still are low. And of course we'd love to help any of you or your relatives, your kinfolk, your coworkers, get in a position to buy with a rock solid guaranteed. Pre-approval that's all we have time for today. We'll see you back here next week. At the same time, you've been listening to the academic mortgage and Realty show on am six 20 WTMJ. The proceeding was a paid program. Advice and opinions expressed during the accurate mortgage and Realty show are solely that of the hosts or guests of academic mortgage and accurate Realty advisors and not WTMJ radio or good karma brands, Milwaukee LLC.