Mortgage Matters

Wesley Knight 0:00
This is a KU NB studios original program. 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 to

Roland Daniels 0:43
Good Morning, Las Vegas. Welcome to mortgage matters. I'm your host, Roland Daniels, a certified mortgage advisor with Geneva financial. My NMLS number is 355859, and our company, NMLS number is 42056, and as always, I'm here with my fantastic co host, Heidi Griffith, good morning. Heidi. Well, good morning. Roland, how are you? I am doing awesome. Happy, Sunday. Happy Sunday. It's getting warm, huh? It is getting hot. Dope.

Heidi Griffith 1:14
Triple digits coming up. I tell ya, I'm Heidi Griffith. I'm also your mortgage advisor and Director of Client Services. My NMLS number is 2247754,

Roland Daniels 1:27
today, we'll be talking about what's happening in the market right now, new support program, income guidelines that you may not know about, and how to figure out if buying or selling makes sense for you in 2025 so whether you're looking to own for the first time or thinking about a next step, we're covering what matters and how to make the most of what's available right now. And if you hear something today that makes you think maybe it's time I'd look into this, you can always call or text us at 702-210-2057 that 702-210-2057 and it's never about pressure. It's about getting real answers and a path that fits your own personal goals,

Heidi Griffith 2:21
absolutely so. So we're in Memorial Day weekend already. We are tomorrow is Memorial Day. Yeah, and first, we just want to take a moment to really acknowledge what that means, aside from barbecues and get togethers, right, right? Because for a lot of families, this is a time to pause and remember the loved ones who served. It's also the unofficial start of summer, it is, honestly it's when a lot of people start thinking more seriously about what's next, especially when it comes to moving or buying or selling a home, right? Absolutely.

Roland Daniels 2:49
And we are seeing that shift right now in the Las Vegas market. We are right. So according to the Las Vegas Realtors Association, housing inventory has climbed significantly this spring. In April, over 6200 homes were listed without offers, giving today's buyers more options and a little more breathing room. And part of what's driving this shift is what's happening in the bigger economic picture, Moody's recently downgraded the US credit rating, and that has pushed treasury yields up, which tends to send mortgage rates even higher, and in new tariffs on import materials are definitely putting pressure on home builders and affordability at the same time. So even though more homes are hitting the market, the cost behind the scenes are still real. They are,

Heidi Griffith 3:51
aren't they? They are. So we know we've all heard tariffs now, right? We have probably understand them to a certain extent. And most of us, when we're thinking about tariffs, we're thinking about things that we buy every day. You know, whether it's clothing or whatever that looks like, we're thinking about how that's going to impact us. It's really going to impact the housing market. I mean, we've got lumber. We've got a lot of materials that it takes to create a

Roland Daniels 4:17
home. Yes, and I think 70% of our lumber comes from Canada. It

Heidi Griffith 4:22
does, it does so, so that's going to be interesting to watch how that plays out. I know that we're on a pause right now. Um, I think it's getting ready to go back into effect. We'll see. We'll see what that outcome looks like. Won't we? We will, yeah, because right now, the median home price actually slightly dipped as well. So the median home price in the Las Vegas Valley is down to 480 which is just it's just a smidge down from March, and that small shift could actually make a big difference for people who've been waiting for the market to settle before making a move. I know we've talked about it a lot. We've talked about people waiting on the sidelines, waiting for rates to come down. Prices to adjust, whatever that looks like to somebody, right? And I know that you and I are personally, you know, we're getting more phone calls. We're getting our interest in moving forward in the market with a lot of uncertainty. So it'll be interesting to see how it moves forward.

Roland Daniels 5:15
And unfortunately, with the interest rates, they're still elevated and moving higher. So no matter what you hear in the news and social media where rates are coming down, unfortunately, that's not true. Yeah. So as with home staying on the market longer, we're starting to see sellers offer more flexibility, whether that's price adjustments or credit towards closing costs,

Heidi Griffith 5:40
and we see credit. I mean, we've been talking about seller credits for a minute almost two years, yeah, so we've been utilizing them for about two years, but we're actually seeing more agents that are approaching us with seller credits in purchase agreements before we even mention them, sellers being more willing. So it really is a time to take advantage of those.

Roland Daniels 5:59
Yes, if it's right for you and your family. Yes, absolutely right. So this isn't the same ultra competitive market that we saw in the past few years. Things are starting to balance out.

Heidi Griffith 6:11
I think so too. And I think that the balance can be, you know, it can be really helpful for those that are re entering the market after a few years or making decisions. And I think a lot of people are going beyond, you know, I need 2500 square feet. I think it's more than square footage right now. I know, in talking with folks, it really is about building wealth, long term planning, figuring out where you're going to be in the next, you know, three to five years, right?

Roland Daniels 6:36
And sometimes it can come down to that monthly mortgage payment as well.

Heidi Griffith 6:40
Absolutely, absolutely. Because maybe you're downsizing, you know, maybe you're helping an adult child or family member get started in homeownership, or maybe you're just ready for something that gives you more control than running. And in the kind of market that we're in today, it really isn't uncommon to receive those seller credits, right? And that's going to help you pay part of your closing costs. It could be part of, you know, the fees associated with closing. And I believe that that kind of breathing room can really make a difference, especially if you're trying to be smart about how you're using your savings. I agree

Roland Daniels 7:11
with you, yeah, and, and while mortgage rates are still higher than we'd all like, the key is preparation, if you have a plan and the right people around you, you can still move forward with confidence. It's not about waiting for a perfect market, because none of us can predict what's going to happen. Crystal Ball is broken, right? It's about knowing your numbers and your options. Options,

Heidi Griffith 7:36
that's that's a big one, right? It is our, our kind of quote to everyone is all about having options. We

Roland Daniels 7:44
like options, any opportunities that are available to you in today's market. Yeah. So

Heidi Griffith 7:48
we're going to talk more about this in the next segment, including the programs and resources that are actually available right now. But if your guts been telling you, you know it's time to get serious, it really might be your window. And

Roland Daniels 7:59
if you're not sure where to start. We've got something that can help you. Our path to homeownership workshop is coming up this Saturday, May 31 it's an all day event, and it is hosted with HUD counseling agency, CPLC, and we'll be working through the entire process. We'll look at programs, planning and what it really takes to buy a home in today's market.

Heidi Griffith 8:26
Absolutely, I think we're we'll talk, if we have time, we'll talk more about that class a little bit later in the show. But no, really, you're not too late. It's not too late to be in the game. Market is shifting, and there's opportunity here, if your personal situation is ready to make that move? Yes,

Roland Daniels 8:42
so if it's within your budget. Now, on the flip side, if you're thinking about selling this year, this market has shifted for you as well. It has, right? It's not the frenzy that we saw a couple of years back. But that doesn't mean it's a bad time. It just means that you need a different strategy, and a strategy matters more than ever. I agree.

Heidi Griffith 9:06
Yeah, exactly. So, you know, homes are sitting a little bit longer. We displayed that when we gave those numbers at the beginning of the show, right? They're sitting a little bit longer, and buyers are weighing their options a little bit more carefully. They are, yeah, instead of just jumping on a property because of urgency, you know, fear of it being taken off the market by someone else. They may look at two or three more homes than they were looking at 12 months ago. Don't you think, yes, so if you're a seller, really, this is your moment to get intentional, whether it's pricing it right from the very beginning, you know, maybe not overestimating what you might get, offering buyer credits, because that's what buyers are looking for, and that will help them with their closing costs, or simply understanding how to make your home stand out in today's market,

Roland Daniels 9:52
we talk with past clients who are now sellers and aren't sure how to time things as. Especially if they're planning to sell and buy in the same season, and that's where we're where having a game plan really makes a difference.

Heidi Griffith 10:09
Yeah, you want a strong team on your side, right? You do? You want to work with a real estate professional that really understands the market, knows the trends in the market, and moves forward with it. And here's something else, if you're not looking to move but you're sitting on equity, there might be opportunities to make that work for you as well,

Roland Daniels 10:26
right? And a lot of people are carrying high rate credit card balances and thinking about making home improvements and refinancing isn't just about chasing a lower interest rate, it's about improving your monthly cash flow, or investing back into your property in a smart way. Yeah,

Heidi Griffith 10:46
because we are seeing a lot of folks, especially with the higher interest credit cards, right, we are it's hurting people. And if you have a home, especially if you've got those great, you know, those like, we call them the teaser rates, from 21 two and a half, 3% interest rates, those teaser rates from that time we get it. You don't want to get rid of that, you know, 3% interest rate. I wouldn't either Me, either. So you know, if you've got some equity in your home, but you're still dealing with the high interest debt. We know credit card you know, debt is a tough thing. It's a tough thing to dig

Roland Daniels 11:19
out of Yes, with the average interest rate around 24% and

Heidi Griffith 11:23
I we've certainly seen much higher. I've seen in the mid 30s, 36.99

Roland Daniels 11:30
I think it's the highest I've seen so far. Yeah.

Heidi Griffith 11:32
So I mean, that's high. That's extremely high. If you're carrying a balance that's just you can't dig out.

Roland Daniels 11:40
And one of the options that we recommend is a home equity line of credit, yeah, also known as a HELOC, yeah?

Heidi Griffith 11:47
And that's a great opportunity, because you can still keep that great interest rate that you have that's probably lower than what current rates are, right? 100 and those types of, you know, lines of credit are wonderful, because if you're let's just say you're paying off debt. You're paying off some credit card debt. You that's that's sitting aside your first right? And you can pay off that debt. And if you don't use it all, you're not paying for it all. If you decide that, you know you're going to be able to get that paid off, maybe you get a bonus and you're able to pay that off, then you don't have any payments on that HELOC,

Roland Daniels 12:26
right? And most of the time a HELOC, the usage is pretty much like a credit card, whether you select a three year term, five year or 10 year, preserve that equity that's sitting in your home, or when an emergency happens, you have that money available to you, yeah, because life, life's life happens. Life

Heidi Griffith 12:46
lives. It's one of those things that people sometimes overlook. So depending on your goals, it might actually be the most flexible tool you have. I agree. So if you're not sure whether it's a good fit, that's what we're here for. We can take a look at the full picture and help you sort out what's worth exploring, especially if you're thinking about long term and building wealth through real estate, right?

Roland Daniels 13:07
And like we said earlier, this is one of those moments where the market is shifting and buyers have a real chance to take advantage of the support that's available, especially when it comes to help that that initial hurdle, which is the down payment. Oh, 100%

Heidi Griffith 13:24
so the statistics there, it's about 68% of people don't purchase because they don't have the funds, because they have a hard time saving for that down payment. Yes, the number

Roland Daniels 13:34
one barrier to home ownership is the down payment. It

Heidi Griffith 13:39
is, it is, right? So we're excited about a big update. It was just announced this week by the Nevada housing division. They've actually raised their income limits for their home as possible first time program, just so that we don't get convoluted. First time homebuyer doesn't mean that you've never owned a home before, does it?

Roland Daniels 13:56
It just means that you haven't owned a home or have been on title within the last three years, three

Heidi Griffith 14:01
years. So if you haven't owned a home for three years, you're considered a first time home buyer and could be eligible for this program. Interesting, they just raised the income limits on it in Clark County. Now two people in a household can make up to $102,000 and still qualify for that program. And this program versus the home, is possible. Kind of the the program that fits so many people right, because you could actually with the home, is possible. Program, own home in another state, you don't have to be a first time home buyer. That income limit is $165,000 so Nevada housing, they start at income limits at 102,000

Roland Daniels 14:41
right? And three or more, it goes up to 117,300 right? So if you have a dependent, a child under the age of 18, not currently working, we can go up to $117,300

Heidi Griffith 14:56
for income for the home. Yeah, the first time homebuyer program through the. Nevada housing division actually comes with a little bit lower interest rate. It does. It does. So that's always nice. And

Roland Daniels 15:05
remember, all of the vets out there, Nevada housing division is currently waiving all of their fees for VA Home Loans

Heidi Griffith 15:13
and and because, and we say this a lot, but I just like to always put it out there, if you're an active duty or a veteran, right? If you're active duty service member or you're a veteran, first and foremost, thank you for your service. Yep, and the VA loan is probably the most underrated loan out there. It's a zero down. There is no mortgage insurance. I mean, there's just so many benefits,

Roland Daniels 15:35
definitely underutilized. It's completely I spoke with, yeah, I

Heidi Griffith 15:39
spoke with a vet that was in our last class. She's actually purchased several homes. She owns a home now in the back east, and she's never used her VA loan. She's moving to Vegas, and we're going to be helping her with the VA loan. We'll probably use the V the the Veterans Program through Nevada housing. It gives you a reduced interest rate the Heroes program, and you could actually utilize down payment assistance if you chose to. And because there's no down on a VA loan, so you don't have a down payment, right, you could actually use it towards your closing costs,

Roland Daniels 16:14
right? And then you can just come into the transaction with as little as your earnest money deposit and maybe your home inspection and fees for appraisal. Yep, right. So these aren't just low income programs, right? They are designed for working families, educators, active duty service members and veterans and retirees with pensions. It's all about helping people who are trying to create a little more financial stability and opportunity for their future. And

Heidi Griffith 16:46
let's just talk about because it's always the it's like, always the elephant in the room, right? And that's credit. You know, we have so many people that we meet with, and they're like, I've been thinking about this for a long time. I just never really felt my credit was where it needed to be. Actually, Josie, who works with the Nevada housing division, she actually, at the beginning of her class, talks about how she personally, before she works with Nevada housing division, she she didn't talk to a lender, because she never thought her credit was where it needed to be. She'd worked on it herself. Thought she was taking care of things two years life happened, and you know, she had to, she had to, you know, not pay on a bill, because life happened. This went on for a while. Finally, she knew that she had to make a move. She spoke with the lender, and she found out, first and foremost, she was paying the wrong things. She wasn't helping her credit. Secondly, they gave her a path, a pretty quick path, to become a homeowner, and she actually utilized the program until homeowner, she is. So credit is one of those things that you really want to talk with someone, because a lot of times, especially if it's like a medical collection and those types of things, those aren't things that we may have you pay immediately, or simple answer, charge off yeah, yeah, and charge offs and things like that. So we talk to people all the time who feel like they're in one place, and when we look at their credit. They're not, you know, we, maybe we have one or two things that we have to fix. We, we've seen people that we've, you know, give them, given them the direction, yep, credit, plan to make a move in. 30 days later, they were where they needed to be. Yeah, and, and for those of us, because life lives, those of us that you know, maybe we're not quite at that 640 or close to that 640 we've got some stuff that we've got to do. You know, a lot of people, especially with social media. You know, Tiktok is great for credit repair. That was me being sarcastic,

Roland Daniels 18:32
because we know a lot of times there's some bad information. Yeah,

Heidi Griffith 18:36
and you know, you really don't have to pay someone an arm and a leg. You know, a lot of folks that we meet with, they get caught up in these programs where they're paying 100 $200 a month. Sometimes it ends up costing them 1000s of dollars to have their credit, quote, unquote, repaired. We actually have resources. We worked with HUD counselors, right? That's CPLC, and they will do a credit counseling appointment with you. They will take a look at your credit. If you get your credit pulled by them, it's a soft pull. If you have your report ready, there is no cost. They will sit down with you. They will go step by step with the steps you need to take to improve your credit. They will sure will letters. They will give you templates that you can send the creditors.

Roland Daniels 19:17
The key is not to wait until everything is perfect. You just need to start. You don't need all of the answers right now. You just need a plan.

Heidi Griffith 19:28
I love that. So you said the key is not to wait till Everything's perfect. Yes, I like that. I like that. So if you're wondering whether you qualify, don't guess. Please feel free to reach out to us. You can give us a call or text us. We're at 702-210-2057, again, that number is 702-210-2057, just say, can we talk? Can we take a look? We're happy to help you. We

Roland Daniels 19:53
are here to help you sort through the noise and figure out what's possible. And it makes sense. It's for you.

Heidi Griffith 20:00
So if you're thinking, this might be your time next Saturday, this upcoming Saturday, May 31 we're hosting our path to home ownership workshop. And again, that's alongside certified counseling agency, CPLC. It runs

Roland Daniels 20:13
from 8:30am to 3pm and like Heidi said, it is a HUD certified class, you'll leave with a home buyer certificate that can help you qualify for the 16 different down payment assistance programs that we offer, including the four to one match wish program.

Heidi Griffith 20:34
Yeah, so it's from 830 to three, but we actually try and get you out. We do.

Roland Daniels 20:38
We try our best. Yeah, we both teach segments in the workshop. We do right? And we'll get real, actionable information, no fluff, whether you're ready to buy now or just want to make a plan, this workshop gives you clarity.

Heidi Griffith 20:55
I agree. It really is the most comprehensive home buyer workshop in the city, in my opinion, I agree, yeah, and just remember, we provide lunch snacks, which is your favorite? It is my favorite. I love snacks. You do. So you're going to be surrounded, you know, by like minded people. And I know, for me, I watch people's faces. People are asking questions you were probably thinking in this class. They do. Yeah, we encourage first time homebuyers. Remember, if you've owned a home before, or even if you haven't owned a home in a while, we love to see renters. We see multi generational families in class who are thinking about how they can build long term wealth together always. You know, next gen is the thing. I agree, yeah. And we always have people that, you know, they either call us or text us after the workshop, and we hear stuff like, I feel like I finally know what to do next, right, right? Or, you know, this gives me hope I maybe I can do this. And I just really feel like the class is, is just that kind of a day, and it's just that kind of a workshop. And for many of the families that attend, it's not just about buying a home, right? It's creating a Path to Wealth. It's creating a path to legacy. It's about shifting what homeownership can look like for your family, both now and you know, possibly for the generations ahead, right?

Roland Daniels 22:19
I agree with you. And since this weekend is Memorial Day, it's a powerful time to think about legacy, about home ownership, about stability and about building something that lasts and you can pass on to your children. I

Heidi Griffith 22:36
love that. So if you're ready to explore what's possible, you can call or text us. We're at 702-210-2057, or you can also visit our Facebook page. That's mortgage matters radio, so that's a wrap for today. If anything we shared sparked a question, or even if you're just curious about where your options might look like, right? We'd love to talk to you. You're more than welcome. You can give us call or text us anytime again, that number is 702-210-2057, you can also find us on Facebook at mortgage matters radio, and

Roland Daniels 23:10
if you're ready to take that next step this Saturday for the workshop at CPLC, you'll leave With tools, clarity and maybe even a new perspective. Home ownership isn't just about a goal, it's a shift in power. It's one of the most reliable ways to build wealth and create a lasting legacy. Join us next Sunday, right here at 7:30am on K, U, N, V, 91.5, until then, Remember, stay true to yourself and your mind. Bye. You.