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. November,

Roland Daniels 0:43
good morning Las Vegas. Welcome to mortgage matters. I'm Roland Daniels, a certified mortgage advisor with Geneva financial. My NMLS number is 355859, our company, NMLS number is 42056, and I'm here this morning, as always, with my fantastic co host, Heidi Griffith, good morning. Heidi, well, good morning. Roland, how are you? I am doing awesome. So should we tell everybody what we did last Monday? We did a thing, didn't we? We did didn't we tell them? I think we did

Heidi Griffith 1:15
it. Huh? We did so Roland and I have known each other for about 31 years, give or take time, we dated when I was clearly, clearly fairy. I was in my 20s. I needed to see the world for what it was. I needed to go out and explore. I couldn't be held down at that time. And we kind of reconnected after some years. And last Monday, we got married, didn't we? We did, ah, came back to Vegas, happy, rested, we're still married. That's saying something, isn't it,

Roland Daniels 1:44
it is. Now we are officially partners in life, business and, most importantly, legacy, yeah,

Heidi Griffith 1:52
and legacy is really what today's show is about, isn't it, it is. And we're pulling back the curtain a bit, sharing the heart behind what we do and why we still do this work, who we do it for, and why it matters, and part of that is making sure that people actually have a chance to get started,

Roland Daniels 2:07
which is why we're holding another path to homeownership workshop next Saturday, on August the second, we're going to walk you through the full home buying process, show you how people are accessing support with down payments and closing costs and helping you understand what you really need to know before you take that first step.

Heidi Griffith 2:30
Absolutely, absolutely. So you know, if you've been told no, if you feel stuck, I really believe that this is the kind of workshop that's going to give you answers and maybe even just a little bit more. Hope we actually do these workshops, because we know what it's like to feel overwhelmed. We want you to walk into homeownership prepared, right? Yep. I mean, I really, you know, we say this a lot. Pretty much every week we talk about this workshop, because it is just that important. We host one every month, every month, right? Yep, typically the first Saturday, yep, yep. And I truly do believe that this is potentially the best home buyer workshop that you could attend in the valley, if not the state. You know it's not just for down payment help if you need that, if you do need that, it's a great opportunity, because you get your HUD certified workshop certificate when you complete the class, and you need that for most of the programs you do. But aside from, you know, any assistance, even if you had your own money saved for your down payment and closing cost, this is just one of those spaces that talks so much about stuff we don't talk about a lot. There's a lot of home buyer classes, especially first time homebuyer classes, that say, first, you get pre approved, and then you know, your lender tells you how much you qualify for. And then you go out and look at a house, and this is what the realtor does, and then you go to closing, and you sign the paperwork. That's it's pretty common knowledge. I mean, you could do any quick Google search and get that this is way more in depth. First and foremost, there's HUD certified counselors there. That's a biggie. It's, you know, we work with CPLC. They're one of, what, four HUD counseling agencies in the state of Nevada. In the state of Nevada, I know that probably doesn't mean a lot to a lot of people, but HUD counselors are there for consumers. Yeah, they're not working alongside lenders or realtors. We do work together because we send folks to them for all different types of services. If you do have questions about either the lending or the real estate process, contractual questions, I mean, it just really is a great resource, they go. You know, this isn't a basic budget 101, they really break down the importance of having a budget, and not just saving money for a down payment, but budgeting so that once you become a homeowner, you become a successful homeowner, right? We'll talk a little bit more about that later. But they talk about insurance, not just homeowners insurance, but they, you know, they talk about all different. Types of insurance. They talk about mortgage insurance. I mean, there's just, it really is just one of those days that you're going to leave with so much knowledge. There's going to be stuff that you miss. My suggestion is take great notes,

Roland Daniels 5:11
yep, and it covers all of the points from A to Z in the home buying process.

Heidi Griffith 5:15
Yeah, I agree. It really is a great day. So if you'd like to join us, you're more than welcome to give us a call or text us to register. Our telephone number is 702-210-2057, again, you can call or text us. We're at 702-210-2057, you can also find the link to register on our Facebook page. That's mortgage matters radio, looking forward to seeing you there. And so that workshop actually ties right into what we're going to talk about today. I really believe that, because so many people are really walking around with the wrong information, right? They are constantly. There's just a lot of noise out there. There is a lot a lot of bad information, a lot of noise. You know, we've got Tiktok, you know, creators who are now quote, unquote, experts. We've got Facebook, we've got Instagram, we've got the street committee, we've got sensationalized news, and even, you know, well meaning friends, and it can be overwhelming. You don't know it's true. You don't know it's not or even what's actually you know gonna apply to your specific situation, because everybody's situation is different when it comes to purchasing a home and applying for mortgages and all that good stuff,

Roland Daniels 6:21
and that's the truth. Yeah, and most people don't even realize how much misinformation they've already absorbed. They think, oh, I can't qualify because of X, Y and Z, and they never even get to have the conversation with professionals that can actually help

Heidi Griffith 6:37
them. It's such a true story, isn't it? It is because a lot of times we create scenarios in our head. I know that, you know, this is one of those things that I am always actively working on. I'll create a scenario in my head, whether it's good or bad, and just roll with it because it sounds like it makes sense, right? It does sometimes, yeah. And so a lot of people, you know, oh, Joe told me that I can't do this because of whatever reason. So, nope, I'm not gonna even look into it, because he's probably right. Well, maybe he's not right. Maybe he's not and that's why people come to us right. We cut through as much of that noise as we can. We try and ask the right questions, and we try and see what's really possible, and sometimes really it's that one honest conversation that could potentially change everything.

Roland Daniels 7:19
I agree with you. And we don't just stop at can you get approved? We break down every number. We break down, down payment, closing costs, reserves, so there are no surprises six months later.

Heidi Griffith 7:32
Yeah, yeah. And we map out a timeline for you, right? If there's credit work that needs to be done, we're going to help you with it, if you're self employed, and maybe we need to to get the document things the way that they need to be, you know, whether it be your returns or or your P L or whatever that looks like, the profit and loss statement for the current year. Yeah, we're, we're gonna walk through all of that with you, regardless of whatever that timeline looks like. So sometimes maybe it's, you know, here we go. We're gonna get you a pre approval right away. Or sometimes maybe it's we've got to wait a few months. Or sometimes, you know, we've had here, we've had scenarios that were three plus years we have and you know, one of those things that I always like to talk to people about when we're doing this is that we are going to be there 100% as long as you're there.

Roland Daniels 8:18
Yep, we'll be right 100% side by side,

Heidi Griffith 8:21
yeah, because most people are willing to put in the work. But we have had situations where maybe somebody wanted, wanted, wanted, but didn't want to do what they needed to do. And then, you know, you kind of have to go, Well, I can't help you. If you can't help you, yeah, if you can't help yourself, yeah. And a lot of people do try and, you know, DIY stuff, they think again, going back to that whole, you know, creating scenarios in your head, well, I have to fix my credit. And that's, you know, we, probably the majority of us, have been there at some point in our lives,

Roland Daniels 8:50
right? We've seen our credit reports, and we saw maybe some collections, or some charge offs and or maybe some medical collections, and we decided to, we needed to pay those debts off

Heidi Griffith 9:01
or whatever, whatever it is, yeah, you know, sometimes going it alone ends up, for lack of a better term, wasting time and money. Sometimes it will, in many instances and money, because maybe we're not doing everything that we needed to do, or we're doing things that we probably shouldn't have done. You

Roland Daniels 9:20
know, sometimes you can cause more harm than good. Indeed.

Heidi Griffith 9:23
Yeah, absolutely. So I really feel like, you know, talk to a professional and get multiple, you

Roland Daniels 9:29
know, whether it's us or maybe a certified HUD counselor. Well, that's

Heidi Griffith 9:34
great, because they do, if we're talking about credit in this instance, they actually do credit counseling. They do, and they do it for free.

Roland Daniels 9:41
They do. The only cost is your softball credit, yeah, credit pool, and that's

Heidi Griffith 9:46
their cost, right? That's what it costs them to pull those so, yeah.

Roland Daniels 9:48
So when we say everyone deserves a shot at home ownership, we really do mean that. But not just a shot to buy a house, a shot to do it, right, to feel. Good about it to know this move is building something, not just surviving something.

Heidi Griffith 10:07
I like that. I do too. I like that a lot. You know, that's the difference. We just don't help people buy homes. We help them build stability, right? We do build confidence and mostly build a future for themselves and their families. So even if the answer is not yet right? Will help you get to

Roland Daniels 10:22
yes, right? And part of getting to that yes is knowing what happens after you sign those

Heidi Griffith 10:28
papers. It's a big one, a big one that most people don't talk about. So let's

Roland Daniels 10:32
talk about after you buy, after you become a homeowner. Being house poor isn't just about making the mortgage payment. It's what happens when your water heater goes out and you can't fix it or afford to fix it, when your fridge dies and you're choosing between having groceries or paying that light bill.

Heidi Griffith 10:53
Yeah, and this is, this is real life stuff. We have a lot of conversations with people who are looking for the most they can qualify for. And usually when we pre approve someone, it's the maximum. We're going to tell them what the maximum amount they qualify for. But

Roland Daniels 11:10
does that mean they have to use the maximum amount? It does

Heidi Griffith 11:14
not. And in many instances, we have, you know, really deep conversation about, let's take a look at the whole picture, because when you get pre approved, lenders are looking for credit card payments, looking for student loans, shows up on the credit report, right? Because we all know that that's not the only thing we pay every month. Like you said, we pay the light bill, we have utilities to pay, we have gym memberships, we have streaming services, and we know how much that could run, right?

Roland Daniels 11:41
Or maybe your kids are in private school, and you have or dance

Heidi Griffith 11:44
or soccer or whatever that stuff looks like. There are other things that we pay every month, and if we don't take a look at the big picture, that could potentially put you in a bad situation, right?

Roland Daniels 11:56
I agree with you, yeah. So you need a spending plan or some type of budget,

Heidi Griffith 12:00
yeah, because, you know, doing all of that, that's not just ownership, that's stress. It is. That's a lot of stress, too much. And sometimes the most powerful thing we can do is say, You know what, let's pause. Let's take a look at everything. And in so many instances, you could just kind of see the weight come off people's shoulders, because once we we pre approve them for $1 amount, and then give them an estimate of their payment, taxes, insurance, homeowners, association, right? All of that. That could be a big number to a lot of people. People's eyes get big, and then we, you know, we, we're not trying to scare anyone away. This is the most you qualify for. This doesn't mean that you have to buy that house with that payment, right? And, you know, we've seen a lot of people who get super excited about buying a house, and I know how exciting it is. I remember purchasing my first house and myself, it is very exciting. And we start to decorate it in our heads, and we start planning, you know, family events and holidays and that kind of stuff. But in so many instances, we meet with folks, and I'm gonna, I'm gonna bring up a gal who super amazing lady, she was in a situation she really wanted to buy a house. She did. She had, she had some credit challenges, and she was looking for some down payment help, yep, and her credit wasn't at that 640 that we would need for Nevada housing. Nevada Rural, right? I do they require a 640 and we weren't just with because, you know, in a lot of instances, if you're 510, even 15 points away, there's sometimes some strategies that we can do to get you there pretty quickly, right, within 30 days. We weren't in that situation with this client, and so she really wanted a house. She was out looking. Before we even got the pre approval out, she found a house that she fell in love with, she put in an offer. The only way that we could get her pre approved with the down payment help was to use a program outside of the state, programs that I work with, and

Roland Daniels 13:58
that gives you the ability to qualify with a lower FICO, right? Because

Heidi Griffith 14:02
those programs allow down to 600 Right, right? So we were able to find that program the the downside to a program like that for some people, not for all people, because actually it could be a great program for some people's situations. But in this situation,

Roland Daniels 14:17
depending on your FICO, the FICO score right, loan to value

Heidi Griffith 14:21
debt to income yet, please. And so in this scenario, because of her credit profile, there's what's called loan level

Roland Daniels 14:30
pricing adjustments, right? Unfortunately, based on risk. And tell us what a loan level pricing so loan level pricing adjustments are cost added to the actual rate for that particular loan,

Heidi Griffith 14:42
right? And so this loan, unlike the Nevada housing in Nevada world, because with Nevada housing and Nevada world down payment programs, there's a second, but it's a silent second with no payment, and that has no payment. There's no interest rate attached, there's no payment. You're just paying on the mortgage

Roland Daniels 14:57
and no loan. Loan. Price and no, right? Adjust

Heidi Griffith 15:01
their rates. Are their rates regardless of your credit score, as long as it's 640 or higher or higher, right? So, but with this other program that she had to look at, there was a payment on the second and that payment, that interest rate on that would be 2% higher than the first interest rate. And I'm going to make this up right now, because I don't even actually remember the exact interest rate. Let's just say the interest rate on the first was 7% that means the payment on the second, the interest rate on the second would be nine, would be 9% so that's going to add a chunk of change to your monthly payment, right and increase your debt to income ratio as well. And her debt to income ratio was already high prior to anything. And we had to sit down and go over all of the numbers because they were high numbers. They were she qualified for them on paper, yep, but they were high. And something that we like to do with all clients is, you know, you're going to get all the facts. We're going to give you the estimate, the best estimate we can. There are always going to be estimates until everything is locked in, right? But in giving her those estimates, we had some, some real conversations about, okay, let's look at all of your bills, and her debt to income ratio was very high. And this would have put her in a position that, you know, all of that free time stuff that she was doing, all the fun stuff that we pay for, the streamings and, you know, just she had some hobbies that she did and that kind of stuff. It was going to be really tiny, tough. And it just happened that this offer that she had on this house fell through. It had nothing to do with financing. And so we sat back down again. We had we had a heart to heart. We had a real conversation about what that looked like and how we didn't want to put her in a position where she was house poor, right? And we wanted to set her up to be the most successful homeowner she could be, and that is our goal, and that is our goal. And after all of those conversations, she did, she sat with us and decided, you know, maybe it isn't the time for me, maybe I get some of this debt paid down, and then we revisit it. We stay in con, you know, we stay in touch with her. She checks in often, and she will purchase a home. And I'm excited for her, because her credit is improving now, right? So the goal is to get her into a position that she's at that 640 so that we can get her into a program that isn't costing so much,

Roland Daniels 17:15
right? Do you feel that if she went somewhere else, a different lender, maybe they would have told her to move forward.

Heidi Griffith 17:24
You know, I this. I don't want to discredit anyone. I do know from she did. She went to another lender, and they did tell her she was good to go golden. And she called, because we had spent so much time with her, she called and said, You know, I spoke to X, Y and Z, and they said that, you know, I'm pre approved and I'm ready to go, and they can make this happen. They'd quoted her a lower rate, which couldn't, in fact, be true at that day in that time, right? Because there is no loan estimate that goes out. Somebody kind of fudged. But had she have not come back, could they have pushed it? Yeah, there, there are people, I mean, in all industries, right? Unfortunately, this is what we get paid to do, not unfortunately, obviously, fortunately, this is what we get paid to do. But sometimes, when income comes into it, you may not always hear the whole story, right?

Roland Daniels 18:15
And there are times that we would say at this time, we think it may be a great idea to wait and not move forward, right?

Heidi Griffith 18:23
And there's some people that just aren't in a position to move or not everyone is in a position to purchase a home, right, even with assistance. But I do, I think having those honest conversations, and we don't make decisions for you, we're going to lay everything out, give you the information so that you can make the best informed decision, right? And make that determination is the time, or maybe I should do X, Y and Z, and maybe wait three months, six months, nine months, whatever that looks

Roland Daniels 18:49
like. Totally agree. This is why we have these conversations with our clients. Because nobody wants to be sold on something that they can't sustain that's right or afford. People want to be confident. They want to know is this the right move. And that's why we sometimes recommend, like we said, to people that pay their mortgage before they actually pay their mortgage.

Heidi Griffith 19:14
That's a great let's talk about that for a second. I love that. That's that's something that you've been doing for a long time. Say it again. Pay your

Roland Daniels 19:20
mortgage. Pay your mortgage before you actually pay your mortgage. What does that mean? It will break it down. So let's say you're approved for a payment of $3,200 okay, but you're paying right now your monthly rent is about $2,000 which it's that's not uncommon, right, right? So we suggest setting aside that extra $1,200 which is the difference between your mortgage payment and what you're currently paying for rent, right? Your proposed mortgage payment, your proposed mortgage payment. So we want to prepare you in making those payments now. So stick that extra money, which is in this example, is $1,200 into something maybe. High yield savings account and just leave it there.

Heidi Griffith 20:02
Yeah, and it doesn't have to be a high yield, but that's always good, because why not make a couple bucks on your money? So in that $3,200 is just a number you created, right? Because that's not every, you know, mortgage payment and but 2000 month is an unheard of for rent. I mean, it's pretty close to the average. I think 1800 is the average right now, or there abouts right. But you know, if you can put yourself in a position that you know, that you know, my monthly mortgage is going to be, even if it's, you know, $2,600 that's, you know, 600 bucks more than you're currently paying. We want you to get in the hat. We want you to learn how it feels Yes, to pay that, right? Yes, because if it feels like it's something you can't do, you know, if it feels impossible, like you're, you know, constantly having to go into that savings account that you're putting that extra money in and and take it out? That's gonna tell you a lot. Tell you a lot. If you can't do it, then this is the time to know about it, right? But if you can do it, you know, if you've, you've prepared, you've just built a cushion, you know, kind of a nest egg, and you've proven to yourself, This is what my payment is going to actually feel like every month,

Roland Daniels 21:05
right? And that's when we move forward, when someone has a plan, when they practice the payment, when they understand what comes after the closing table, that's a buyer who's prepared for home ownership. If you have any questions, you can give us a call or text, that number is 702-210-2057 that's 702-210-2057

Heidi Griffith 21:30
and I liked what you said about what comes after the closing table. Because in so many instances, again, you know, alongside the the workshop, so many people figure out how to buy a house. You get pre approved, you go through that process, you bring in your money, you meet with a real estate professional, all of that stuff. There's not a lot of conversation about what actually happens after you close, because there's a lot of stuff. And you mentioned, you know, the fridge, the fridge breaks, or the hot water heater goes on. That's real life stuff that happens. So I like that. And you know, when you do what we've done, right, long enough, you start to really realize this isn't about a loan or a transaction, really. It is about something so much bigger. It is much, much bigger. So we were on the plane on Tuesday night. We were coming back from the wedding, and there was this moment that, you know, really, everything on the plane got super quiet, and I thought, you know, here's this life that we built this partnership, and it really isn't just about you and I, it's not and I we looked at each other, we were talking about coming back and work and what we had to do when we came back. And I really believe it's not just about us, it's about what we do to help others. And that's really, it's not only our mission, but it really does feel heavy in my heart. It's something that I really care about. And a lot of people, they were passionate. We are passionate. A lot of you know, a lot of people in our industry are like, Why are you doing that? You know, why? Why don't you just do the easy stuff or the quick stuff? And right? It really is. We want to give everyone the opportunity who wants to be a homeowner. We want to give them the opportunity to be a homeowner. I

Roland Daniels 23:03
agree. We've worked with people who've lost everything in a divorce, lost a home to foreclosure in the past, people who never thought that they would be able to buy again, people who didn't grow up believing that they would ever own anything, and they still show up, they ask questions, then try again. That's who we carry with

Heidi Griffith 23:26
us. It is, it is, and every time we sit down with a new client, I believe that we're bringing all of these stories that we've kind of accumulated right to the table, because this isn't just what we're good at. It's the reason why we show up every

Roland Daniels 23:37
day. And that doesn't just go away just because the market shifts or the headlines change, if anything, that's why we stay in

Heidi Griffith 23:46
it. Yeah, I agree. So if you've been sitting on the sidelines, if you've been waiting for the right time, or if you're thinking it's just too late, you know, I'm going to say this, you're not out there. You're not out of the running, not even by a long shot.

Roland Daniels 24:00
And part of why we stay in this work is because the playing field isn't always level. That's where Fair Housing comes in. Yeah,

Heidi Griffith 24:08
this is a big one too. It is. It's a very big one to me. So both you and I serve on the Board of Silver State Fair Housing Council, right? We do fair housing is something that I find, I feel, I know you feel very, very deeply about Roland. Why don't you do this? Once you explain what fair housing really means here in Nevada, absolutely

Roland Daniels 24:25
fair housing means equal access to housing for everyone, everyone right, regardless of your race, religion, gender, familial status and whether someone has a disability. Silver State Fair Housing Council fights to keep that fairness real, right here in our state, they do.

Heidi Griffith 24:46
They do. Silver State Fair Housing Council isn't the place that takes complaints, right? That's not who we call and complain to. No, they don't. But they do help. They help so much I can't even explain how much they help. Um. They don't take on the role of filing complaints, but they actually help you understand if you've experienced discrimination, they help you file complaints. They they lead you in the direction. They'll give you the information that you need to file, and they provide so many resources for for for support, right, right? They want to make sure that no one feels left on your own when it comes to fair

Roland Daniels 25:22
housing or left behind absolutely so one of their most critical programs is the tester program. These are everyday people, diverse in background, who volunteer to pose as renters or buyers and report on their treatment and experiences. Their work helps expose subtle discrimination, and they get a small stipend for their time.

Heidi Griffith 25:45
They do. They do. And so this is a super important program, the tester program. It is. Another thing is that organizations like Silver State Fair Housing, right that covers all of Nevada, and you've got national organizations such as the National Fair Housing Alliance that do this work. A lot of the funding, a lot of the federal funding, has been cut. It has. We haven't experienced it here yet. Doesn't mean that we won't, fingers crossed, but I know there's many jurisdictions, many cities, many states across the nation who have lost all of their fair housing funding, and it's important. So if we can do anything for Silver State, whether it be a tester, whether it be a small donation, to make sure that we all have equal treatment when it comes to housing, I highly recommend it. So if serving as a tester speaks to you, or if you've got questions about fair housing, their local number is 702-749-3288, you can also find them online at www SSF, hc.org,

Roland Daniels 26:52
so whether you are a renter, buyer, landlord or property manager, fair housing affects You. It does, and testing is one of the 10, one of the tangible ways to make sure our communities stay fair and inclusive.

Heidi Griffith 27:08
It's huge. It's huge. And you know, every volunteer, every dollar, helps to keep fair housing fair for all Nevadans. Again, if you have any questions or would like to connect with Silver State Fair Housing, you're more than welcome to reach out to us as well, and we'll connect you. You can call us or text us. We're at 702-210-2057, again, that number 702-210-2057, Today's show was really personal to me. Think it was probably personal to you. It reminds me how easy it is to get caught up in the market, talk, the headlines, the pressure, and how sometimes we forget the biggest picture, right? Yes. Our work just isn't about numbers. It's about helping people build something solid, something that we can be passed down from generation to generation. It's about wealth. It's about legacy, not just getting keys, but keeping them, and knowing what that means for you and your family. Long term,

Roland Daniels 27:56
we've seen what happens when people wait too long, or they believe that they're not ready because of something that they heard from the street committee. And we've also seen what happens when someone takes just one step, asks just one question, and then everything shifts. It does so if you're really uncertain, if the dream feels too far off, or you've been told, No, feel free to reach out. Let's talk through it. Sometimes the real win is just having someone in your corner who knows how to guide you. You can call or text us at 702 to one Oh 2057 that's 702-210-2057 and we mean it when we say will show up for you. We sure do. We'll be back next Sunday at 7:30am right here on K, U, n, b, 91.5, until then, believe in what's possible, even if you've been told that it's out of reach. And remember, stay true to yourself and your mind. Bye. You.

Transcribed by https://otter.ai