Mortgage Matters

Announcer 0:00
This is a Kun V studios original program.

Wesley Knight 0:03
The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education.

Roland Daniels 0:43
Good morning and welcome to mortgage matters. I'm Roland Daniels, your certified mortgage advisor with Geneva financial. My NMLS number is 355859, and our company, NMLS number is 42056, and as always, I'm joined this morning by my favorite co host, Heidi Griffith,

Heidi Griffith 1:06
well, thank you. Good morning. Good morning,

Roland Daniels 1:08
Heidi. How are you?

Heidi Griffith 1:09
I'm good. How are you?

Roland Daniels 1:10
I am awesome. Happy

Heidi Griffith 1:12
Sunday.

Roland Daniels 1:12
Happy Sunday.

Heidi Griffith 1:15
I'm Heidi Griffith, I am also a mortgage advisor and your Director of Client Services. My NMLS number is 2247754, I'm excited about today's show. We're going to be talking about something that's kind of close to our hearts, right? It is. Let's talk about our why. Because last week we talked a lot about helping people discover their own why for buying a home, what home ownership would mean for them and their future. Yes,

Roland Daniels 1:41
and we've had such great conversations last week about asking ourselves your reasons behind buying a home, your why, and today we want to share ours. So what drives us to do the work every day, and we're so committed to being right here with you. So it's easy to think that our work is just about getting people a mortgage, but it's not. It's our mission. It's about helping people create the lives that they deserve, and that purpose is at the heart of everything that we do.

Heidi Griffith 2:17
It's true. It's true, and for us being mortgage advisors, it's not just about numbers and interest rates and home loans, right? It's about being educators. It's about being guides, and it's about being a support system, because we know the process can feel intimidating, right? And we know that we want to be here to make sure that people not only feel informed, but they also feel empowered when we talk about our why it's more about getting someone into a home, it's about giving them the tools and knowledge they need to create a stable foundation for their future, don't you think,

Roland Daniels 2:49
of course, and that's why education is at the core of everything that we do. So we're not just here to secure alone. We are here to walk side by side with you through the entire journey. So whether you're ready to buy today or even if you have just a few steps to take, we are committed to being your partner. For us, it's not just about saying yes or no based on where you are now. It's about asking, how are we going to get you there?

Heidi Griffith 3:23
That's right, and that's something we're passionate about. Because we spend time each month teaching classes with partners like CPLC. They're the HUD certified counselors that we work with that is an excellent resource. We work with the Nevada housing division, Nevada Rural Housing. We have a a monthly class that talks about all about down payment assistance, but really our goal is to be here for people, working directly with them, answering questions and helping them understand the process. Financial literacy is really crucial, and we see how empowering it is when people have that knowledge. It's not just about buying a home, really, it's not. It's about feeling prepared, confident and in control of your financial future, exactly

Roland Daniels 4:06
so. And one of the best parts of our job is seeing clients go from uncertainty to confidence. And we've worked with people who started out unsure if home ownership was even possible, so with time, guidance and some careful planning, they are able to close on a home that they can call their own. So that's why we get up every morning and have another opportunity to be part of that transformation. It

Heidi Griffith 4:37
does, and it goes even deeper than that, right? It does. Home ownership is often the first step towards building generational wealth. It's really a way to create stability and an opportunity for your future, and that's something we want everyone to know is possible for many of our clients, owning a home isn't just about the here and now, it's about creating something that you can pass on to your children and you. Children's children, or even build a foundation to maybe invest one day in the future, and

Roland Daniels 5:06
that's why credit and down payment assistance are big parts of our work. Credit can feel overwhelming, and we've met so many people who think it's a roadblock and they just can't get past it, but we are here to change that. We believe it's a starting point, not a dead end. With the right guidance, things can be improved, and we make it our mission to show people that they are not stuck. They can make progress and reach their financial goals.

Heidi Griffith 5:39
Yes, and on the down payment side, there's just so many resources people don't realize exist. We love helping our clients, and they don't need to have perfect financial history or huge savings to make home ownership possible. Our why really is to break down barriers and make sure that every person we work with knows about the options that they have available and the support that they have available, and

Roland Daniels 6:06
that's one of the things that we love to teach about in our classes. There are so many myths out there that that what's needed to buy a home, and so much of our Why is about busting those myths and replacing them with solid and practical knowledge. And it's our purpose to help people understand that home buying can be a part of their lives no matter where they're starting from. And the way that we do this is by focusing on the power of education and financial literacy. Exactly

Heidi Griffith 6:41
Roland, for us, financial literacy isn't just a term we throw around. It's about understanding credit saving effectively and knowing what resources are out there to actually help you. We're here to make sure our clients are educated on what goes into the process and that they have the confidence to make informed choices. This is something we really both are deeply passionate about, because we know that empowered people are successful people, yes,

Roland Daniels 7:07
they are. So when we talk about our why, it really comes down to being advocates and educators, we're here to help people take control of their financial future, to make them feel confident and to know that they have options. We know that a home isn't just a financial asset, it's a place of pride, security, stability, and we are honored to help our clients create that

Heidi Griffith 7:37
yes, because home ownership can truly be life changing, not only for individuals, but for their families and their communities. And that's why we're here. We're here to support, guide and empower each person who's ready to take that step. So whether you're just starting out or already on the path, we're here to help make that a reality for you. And really, it's not just about getting people into homes that's the bottom line. We're also committed to helping people through struggles in life. Yes, we

Roland Daniels 8:04
know life happens. It does, it does, and I'm certainly

Heidi Griffith 8:07
proud to be a resource and help people through some life challenges. I know you are as well, of

Roland Daniels 8:13
course. So we've helped, for instance, we've helped three people this year, this year, save their homes. Two of them were facing foreclosure, and they only had two weeks left before their home was sold from underneath them, it's

Heidi Griffith 8:30
true, and they were both situations that were completely out of their control, right? Life happens, right? So

Roland Daniels 8:38
we have some of the resources to help with that, which is a mortgage default service that is done through one of the nonprofits that we do business with.

Heidi Griffith 8:50
Yeah, and I think one of the bigger things in this conversation, so it's not just we just don't help people, you know, get out of a bind that we do. But that's not all that we do, correct? We try and be kind of that middle man for resources, because people don't understand the sheer amount of resources that are available to us. Because there are resources available. You know, whether it's utility bills, because we both know how you know air conditioning costs, right, and heating and cooling and your power bill and your gas bill and all of that kind of stuff adds up. There is help available. And if it's not something that you necessarily need, keep that in mind for a friend or a family member who might need that. There are resources available.

Roland Daniels 9:39
So some of the services that are available to you are mortgage default services, home buyer and financial education. There are credit counseling, down payment assistance, pre purchase counseling, along with Workforce Solutions and even Minority Business Development. And

Heidi Griffith 9:59
that's awesome. And. There's also resources available for utilities, right? They are. I mean, there's, there really is pretty much a resource for everything. It's just a matter of connecting and finding the right people. I don't know how many times someone has called us it, you know, we're both like, I don't know, but we're going to help you figure it out. We're going to help you. We'll get on the phone and we will help you figure it out. We will. Yeah, I agree. So if you have any questions or would like to schedule an assessment, you can call or text us. We're at 702-210-2057, again, that number is 702-210-2057, so we talked about our why, right? So let's switch gears a little bit. I wanted to talk about this today because there's a lot of stuff about mortgages that really, I mean, you've either heard or you could go on Google and you could find it out. We talk about the steps a lot, what's needed to apply for a mortgage, documentation, credit, all of that kind of stuff. This is something that isn't talked about a lot, but has actually worked out really well, especially in the current market that we're in. We've had great success with our clients over the past couple of years with that, and that is actually called seller credits. You can call them concessions. They're kind of interchangeable, and it can be a game changer for buyers, it can be so yeah, and seller credits, also known as concessions, like I said that it's one of these tools that can make homeownership a lot more affordable, especially when it comes to saving and upfront costs. So in simple terms, seller credits are funds that the seller agrees to contribute towards your closing cost. And you kind of think of it as like a seller pitching in to help cover some of the final expenses, which can reduce your buy, your financial burden at closing. So when that's paired with down payment assistance, it can mean a much, much lower cash requirement.

Roland Daniels 11:56
It can be and be careful with Google seller credits are like hidden advantage in the home buying process. So imagine the possibility of going into closing with only 3000 to $5,000 out of your own pocket. We've seen this happen with many of our clients, and we're able to leverage down payment assistance and seller credits, which is a real way to make home ownership more attainable and more affordable. And don't and you don't have to use down payment assistance to benefit from seller credits, even if you're covering the down payment yourself, seller credits can still help by reducing other upfront costs, such as closing fees, which means more money gets to stay in your pocket. And that's an important one, right? So it's a great way to lower your overall expenses at closing, regardless of whether you're using down payment assistance or any of the other programs that are available out there. That's right.

Heidi Griffith 12:59
That's right. So who can benefit from seller credits? That's a great one, because pretty much anybody who buys a home, whether you're a first time home buyer, whether you're purchasing, I don't know, your second or your third home, or maybe you're looking at investment properties, seller credits can actually always be an option, so it depends on the terms of the sale and the type of the loan you're using, but they are designed to help you manage those extra costs that come along with closing. And so there's some like little thoughts that you could have with it. Sometimes asking for a seller credit can be even more beneficial than asking for a lower sales price. So let's say the house was listed at $400,000 Okay? And you said, Well, I want to negotiate, and I'm gonna, you know, I'm gonna offer 395 for the house, $5,000 less than what the seller was asking for it. It could potentially be more beneficial to ask for the seller to give you a credit of $5,000 and pay the 400,000 right? It would be, actually, quite honestly, it would be better to get both right, of course. But if there's an either or in this to get that $5,000 up front, versus 5000 off the sales price, because when you reduce the price, it's going to only slightly lower your monthly payment. So in that instance, it could be, I don't know what, 2535 bucks a month. I don't even think it's that much, and that's going to reduce your payment by that much a month. But with a seller credit, you're going to cut down the cash you need to close right now. And for a lot of buyers, especially if saving for your down payment and closing cost has been tough, this can actually be a huge advantage,

Roland Daniels 14:40
absolutely, and we've had a lot of clients who closed on their homes with just a few $1,000 thanks to receiving Down Payment Assistance paired with seller credits. It's true.

Heidi Griffith 14:52
It's true, and in some cases, they only needed Well, we've seen it. We've seen people get into their homes with a. Little as whatever their earnest money deposit was. So that was like between three and $5,000 at closing, right, right. And it's a great way to keep cash in your pocket for other things. You know, you've got moving expenses. You want to get new furniture, maybe appliances. It's a great way to do

Roland Daniels 15:14
it. Yes. So we've have, we've had clients who have closed on a $500,000 property with this little less $5,000 total cash come in out of their

Heidi Griffith 15:25
own pocket. That's right, because they did utilize down payment assistance, yes, and then they got seller credits, right? So one thing we've seen over and over again is how seller credits can help create a much less stressful closing process. So say you're a buyer who's worked hard to save for your down payment, it still might feel a little stretched by the additional closing cost with seller credits, those costs can actually be offset, meaning that you can focus on moving in and setting up your new home without feeling financially strained, and the peace of mind is kind of priceless.

Roland Daniels 15:57
So when do seller credits come into play, and how do you ask for it? Good question. Usually, they're negotiated at the offer stage. And if you're interested in asking for seller credits, talk to your real estate agent when putting together your offer. They will help you determine a reasonable amount and ensure it fits within the strength of your offer.

Heidi Griffith 16:23
And as for where seller credits are applied, they're typically limited to specific closing costs like title and lender fees. They usually don't cover the down payment itself, but they can actually really make a big impact by lowering those extra costs at closing. So does the type of loan you get impact seller credits.

Roland Daniels 16:42
It does. But all types of loans allow credits to be given by the seller. How much that is allowed depends on the type of the loan. Different loans have different limits on the amount of seller credits which are allowed. For example, when it comes to FHA loans, sellers can contribute up to 6% of the loan amount towards closing costs. While conventional loans have different loan limits based on factors like your down payment, we can help you figure it out how much credit that you may be eligible

Heidi Griffith 17:17
for. Yeah, and a couple practical tips are that seller credits are actually easier to negotiate in the market that we're in so kind of a buyer's market, right? When there are more homes available and less competition out there, in a true seller's market, they're probably going to be a little bit harder to receive, because sellers aren't going to be handing out money when people are lining up to buy their home, right, right? But when they do, it can be a big win, especially if saving for your closing cost has been a challenge, this can make it just that much more accessible.

Roland Daniels 17:48
And remember, these credits don't just reduce the immediate financial pressure, they also help open the doors to buying a home sooner. We know that saving up for home ownership can feel like a moving target. So when credits are available, it's a great way to make homeownership possible a little bit sooner,

Heidi Griffith 18:11
that's right. So if you're curious about how seller credits can work in your situation, please feel free to reach out to us. We are here to make homeownership accessible and affordable. You can call her Texas. We're at 702-210-2057, again, that number is 702-210-2057, and I also want to make mention that before we get off the air today, we actually have a class tomorrow. It's at the Whitney library that's going to be held alongside Nevada Rural Housing. I know that we've talked about the programs that Nevada Rural Housing offers on air previously, just so you're aware, even though the name is Nevada Rural Housing, they actually have down payment assistance programs available, and they have mortgage certificate credits available as well. And there are areas right here in Las Vegas that we can utilize those programs, right?

Roland Daniels 19:05
It is like summer then south 89135, yep. Whitney Ranch, 89122, and then there's three different zip codes in Winchester,

Heidi Griffith 19:14
Winchester, right? So that's kind of East Las Vegas, yes. So there's programs that we can actually utilize right here in the city. That class is going to be from 11 to 12. That, again, is at the Whitney library. So that's like trop in Boulder. And lunches are provided, and you're gonna get to meet Kevin in person. Kevin Hickey is actually the Programs Director for Nevada Rural Housing, and he is pretty darn awesome. Yes, a great individual. So yeah. So if you've got a free hour tomorrow, we're at 702-210-2057, so we really have covered a lot today, from our passion for helping people find their path to home ownership to some smart strategies like using seller credits that can make your journey more affordable and achievable. Again, we've got. That class coming up tomorrow, because our goal each week is to make sure that you feel equipped, empowered and ready to take that next step towards your financial goals

Roland Daniels 20:09
Exactly. So whether you're just starting out or already on the path to owning a home, we are here as your resource, your advocate and your guide. We believe everyone deserves the chance to create a secure future, and we're here to help make that possible. That

Heidi Griffith 20:27
is correct. So if you have any questions, you need guidance, or you just want to learn more about any of the topics we discussed today, please don't hesitate to reach out. We really are here to support you every step of the way. Yes,

Roland Daniels 20:40
and you can call or text us at 702-210-2057 that's 702-210-2057 thanks again for tuning in. Don't forget to join us next Sunday at 7:30am right here on K, U, N, V, 91.5, and remember, take care of yourself and your mind. Have

Heidi Griffith 21:05
a great Sunday. You