Mortgages Without the Stress with Ohad Oren | Buying Local #62

00;00;00;00 – 00;00;21;16
Speaker 1
Welcome to Buying Local. I’m your host Matt Noth. And today we are joined by Ohad or Reen alone consultant. And I’ve had the chance to build a wonderful bond business relationship through our referral groups, Gold Stars, which will actually be hearing more about that. I’m buying local, but Ohad, welcome.

00;00;21;18 – 00;00;29;09
Speaker 2
Thank you very much for having me. When I first heard about this thing that you do, I was like, I want, I want to check this thing out.

00;00;29;11 – 00;00;32;08
Speaker 1
Right? Yeah. Very happy to get you on here and.

00;00;32;10 – 00;00;34;04
Speaker 2
Long glad to be about to be here.

00;00;34;07 – 00;00;43;17
Speaker 1
Yeah. Well, if there’s anything I left out, would you just, you know, kind of tell a little bit about you, what you do, and to the viewers out there.

00;00;43;19 – 00;00;47;11
Speaker 3
Sure. I work, I work with Lone.

00;00;47;11 – 00;00;55;22
Speaker 2
Depot, which is, they’re the third largest independent mortgage bank in the country, and they’re publicly traded.

00;00;55;24 – 00;00;58;07
Speaker 3
And the, name.

00;00;58;07 – 00;01;07;13
Speaker 2
Is familiar to some. So, like, if you are, you’re if you’re a Miami Marlins fan, the stadium is a loan depot stadium. So they’re the.

00;01;07;13 – 00;01;09;06
Speaker 3
Official.

00;01;09;09 – 00;01;23;05
Speaker 2
They’re the official mortgage company of Major league Baseball. I’ve been with them for a short period of time, but I’ve been doing real estate finance for going on nine years. I am, I am.

00;01;23;05 – 00;01;24;01
Speaker 3
Local.

00;01;24;01 – 00;01;38;04
Speaker 2
Pretty much my entire life, since age 11, grew up and grew up in East Greenbush, went to Suny Albany, left for the Big Apple, came back like so many do. And, and I never looked back.

00;01;38;06 – 00;01;46;17
Speaker 1
Oh. That’s awesome. So you said a little bit of real estate, a little bit of the loan. Have you always, always been in this field?

00;01;46;19 – 00;02;16;18
Speaker 2
No, I actually I actually started out my my degree. Started out engineering, believe it or not, at University of Buffalo. I failed miserably for various reasons. And then moved to computer science, which was actually easier for me. But also, coincidentally, programing became more important in engineering because when I went into school, like engineering was this thing to do, like, you know, like lawyer, engineer, doctor.

00;02;16;18 – 00;02;42;05
Speaker 2
Right. But the computer science, like programing and then the internet and then, you know, social media became like so many things in my life accidentally, this thing that was simpler for me to do became the thing that was what? So I started out for a financial place, but as a programmer, I, I developed, for Goldman Sachs. It was my first job.

00;02;42;05 – 00;03;08;16
Speaker 2
So not a but like the parent company, Goldman in the city, I developed, or as part of the development team for, regulatory and compliance Treasury SEC systems, the things that report. Hey, are we doing things correctly? Do we have the right amount of cash on hand to cover our trades and stuff like that? I was part of that system, which I found very interesting.

00;03;08;16 – 00;03;13;03
Speaker 3
The work. But I don’t know how many.

00;03;13;04 – 00;03;14;25
Speaker 2
System programmers, you.

00;03;14;25 – 00;03;36;18
Speaker 3
Know, but they’re they’re not usually of parties. So just. No. So there was a little bit of a personality set, which I initially interpreted as, oh, maybe nobody likes me. Like I’m used to like having a good time and connecting with people. But these people are like, really? What I.

00;03;36;18 – 00;03;40;04
Speaker 2
Interpreted as really snobby or but it was.

00;03;40;04 – 00;03;54;25
Speaker 3
Like, no, we’re just like programmers and we are not we’re not very social in general. So there was some fun, but it was just like, it was a box. It didn’t really.

00;03;54;28 – 00;04;20;14
Speaker 2
Fit my style that much. So the work was interesting, but the my colleagues were not as interesting, you know, I mean, so spread it out. Basically, it’s a combination of tech and science. And then ultimately when I moved back here, I took a job in finance, but with an auto dealership, I was part of the destination group where they included me, but they didn’t include puppies and babies.

00;04;20;17 – 00;04;23;03
Speaker 2
And so I don’t know if you know that tag.

00;04;23;06 – 00;04;25;25
Speaker 1
Yeah.

00;04;25;28 – 00;04;31;23
Speaker 3
So, so I did finance literally financing auto loans.

00;04;31;26 – 00;04;50;23
Speaker 2
And so that was a combination of sales and finance that led me to be in the credit union world, which was significantly less of a grind than 90 hours a week, literally every day from eight till the last customer leaves. Ten, 11:00. Doesn’t matter. Different dealerships are different, right?

00;04;50;29 – 00;05;05;15
Speaker 3
Some are like, we’re open 8 to 6. And we close. I was part of a dealership that was like, we’re open 8 to 6 or 8 to 7, but as long as there’s customers, you’re staying until the last customer leaves.

00;05;05;15 – 00;05;08;04
Speaker 2
And that could be 10 or 11:00. Wow.

00;05;08;06 – 00;05;10;02
Speaker 3
And all Saturdays.

00;05;10;05 – 00;05;23;29
Speaker 2
And every other Sunday. So and I just had two little kids. So it was a grind and it was taxing. On the work life. You know, leisure scenario. Right?

00;05;24;01 – 00;05;25;03
Speaker 1
Definitely.

00;05;25;05 – 00;05;28;03
Speaker 3
So,

00;05;28;05 – 00;05;49;28
Speaker 2
So what happened was, was that it forced me to be like, I want to still use this skill for, doing loans, which I really enjoy, but work at a place that not only, doesn’t want me to be there for overtime, but once 39 hours arrive, it’s like.

00;05;49;29 – 00;05;58;18
Speaker 3
You has to leave. You can’t work more than 39. I it’s literally against our policy. So it’s like, oh, great. A vacancy condition.

00;05;58;20 – 00;06;24;11
Speaker 1
Okay. Yeah. No, it it really sounds like, a lot of the skills early on are very transferable. It sounds like I had to do this. You did it. It didn’t work out. But. Yeah, it really sounds like you’re happy. You’re you’re you’re in a situation where, you know, you can build a lot of success, and I and I see that, and it’s it really fits with your personality, too.

00;06;24;13 – 00;06;30;05
Speaker 1
But just typically, like, who would you work with, like, throughout the day?

00;06;30;07 – 00;06;35;20
Speaker 3
Okay. So the, the simplest way to look.

00;06;35;20 – 00;07;03;24
Speaker 2
At what my business is like is that I have a client and I have a customer, and they’re different. The customer is the borrower. The customer is the person who is applying for a mortgage, either to refinance or to purchase a home. Right now, based on where rates are most people are purchasing. However, rates have been very high between 6 and 8% for the last 5 or 6 years, right?

00;07;03;24 – 00;07;30;07
Speaker 2
Right after Covid, where they had dropped really low, they started to go up. So all of the people who bought houses, just to give you an example, in the last, at least 3 or 4 years, locked in at rates between five and a half and 8.5%. So imagine that the rates were to drop again. Probably not like you can’t predict, but probably not as low as the twos that they got to.

00;07;30;09 – 00;07;35;22
Speaker 2
But if they get to like one 2% low or like many low fours.

00;07;35;25 – 00;07;36;19
Speaker 3
Everybody.

00;07;36;19 – 00;07;42;16
Speaker 2
And their mother and grandfather is going to be refinancing and then the shift moves to like.

00;07;42;21 – 00;07;43;17
Speaker 3
Yes, still.

00;07;43;18 – 00;07;45;07
Speaker 2
Buying houses.

00;07;45;09 – 00;07;54;26
Speaker 3
But also I did a loan three years ago, I could save 300, 400, $500 a month on my payment.

00;07;54;26 – 00;07;58;19
Speaker 2
And the interest over over time, which is hundreds of thousands of dollars.

00;07;58;25 – 00;08;04;26
Speaker 3
So mine shifts between right now based on the current market, get help you get.

00;08;04;26 – 00;08;08;05
Speaker 2
Houses, or at least educate you on the process. Right?

00;08;08;07 – 00;08;10;02
Speaker 3
Yeah. So those are the customers.

00;08;10;02 – 00;08;13;00
Speaker 2
I take the customer from the point of application.

00;08;13;07 – 00;08;14;10
Speaker 3
To the.

00;08;14;10 – 00;08;15;22
Speaker 2
Signing table.

00;08;15;24 – 00;08;17;03
Speaker 3
All along.

00;08;17;05 – 00;08;31;02
Speaker 2
Making sure that they’re approved, understanding what the documentation requirement is, etc., and then getting them to the finish line and then being there for them. If they have questions later on in life and then they want just a last because I’m silly sometimes.

00;08;31;04 – 00;08;40;15
Speaker 3
Yeah, right. So that’s the customer, right? It’s from a business development perspective.

00;08;40;16 – 00;08;49;29
Speaker 2
My relationship is primarily with clients, and my clients are the realtors or builders or finance people.

00;08;49;29 – 00;08;50;14
Speaker 3
People.

00;08;50;14 – 00;09;02;25
Speaker 2
Who refer to me, their person. But the relationship that’s closest in general is with a real estate agent because they have the most skin in the game. They have somebody buying a house.

00;09;02;27 – 00;09;04;18
Speaker 3
Who needs to, who’s not.

00;09;04;18 – 00;09;06;02
Speaker 2
Paying in cash, who.

00;09;06;02 – 00;09;10;08
Speaker 3
Needs like and they need to know what’s going on with their deal. Right.

00;09;10;12 – 00;09;11;00
Speaker 2
So we’re.

00;09;11;00 – 00;09;16;29
Speaker 3
In it. We’re partners. We’re in it together. Like, yes, I don’t get paid if that person doesn’t get the loan and.

00;09;16;29 – 00;09;18;25
Speaker 2
The house doesn’t close.

00;09;18;27 – 00;09;31;17
Speaker 3
And neither do they. So we are literally in lockstep. My business development is to be like, I’m a good partner. I will make sure that I make you look good. I deliver for your for your client.

00;09;31;17 – 00;09;33;28
Speaker 2
Right. You’re their client is the customer.

00;09;34;03 – 00;09;36;03
Speaker 3
I’ll deliver for them.

00;09;36;05 – 00;09;38;00
Speaker 2
But the person that I’m taking care.

00;09;38;00 – 00;09;44;18
Speaker 3
Of above that is you. Because we are actually in business together. My relationship this year, the distinction between.

00;09;44;18 – 00;09;47;06
Speaker 2
Custom customer and client.

00;09;47;09 – 00;09;58;10
Speaker 3
The customer is still somebody I treat well, I treat well, I take care of them. But I don’t have an ongoing business relationship. They’re not going to get another house, likely in the next.

00;09;58;10 – 00;10;02;04
Speaker 2
5 or 10 years. The transactions are less right.

00;10;02;06 – 00;10;03;12
Speaker 3
The the focus.

00;10;03;12 – 00;10;11;14
Speaker 2
For, mortgage loan officers, which is loan depot calls, home loan consultants. And it’s a little bit confusing.

00;10;11;14 – 00;10;18;27
Speaker 3
I love you, Loan Depot, but it’s not clear necessarily that that’s what you do. You have to sort of figure it out, but that’s what the.

00;10;18;28 – 00;10;29;01
Speaker 2
Official title is. Mortgage loan officer or mortgage loan originator, of which I am licensed. And I had to become licensed when I left a bank.

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Speaker 3
So to explain the.

00;10;32;18 – 00;10;54;11
Speaker 2
Distinction, there’s a thing called the Safe act, and it is a set of laws over the course of the last ten years that have required, they have strict requirements for who it is that can handle a mortgage, and specifically who can talk about mortgages like rates and things like that and who can.

00;10;54;11 – 00;10;58;04
Speaker 3
Not really. There are,

00;10;58;07 – 00;11;11;21
Speaker 2
There’s registered and then there’s licensed. When you work at a bank or credit union, in my case, and they have money, they have cash on hand in the institution.

00;11;11;23 – 00;11;12;27
Speaker 3
You don’t need to be.

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Speaker 2
Licensed because there’s enough money potentially to support if something went wrong with the mortgage.

00;11;19;00 – 00;11;19;15
Speaker 1
I say.

00;11;19;19 – 00;11;20;16
Speaker 3
But when you.

00;11;20;16 – 00;11;34;28
Speaker 2
Work for an independent mortgage bank or broker like I do now, you have to get a license with New York. And I’m also licensed in Connecticut because now, the standards are stricter.

00;11;34;28 – 00;11;36;02
Speaker 3
There’s no backup.

00;11;36;02 – 00;11;36;18
Speaker 2
Plan, there’s.

00;11;36;18 – 00;11;38;17
Speaker 3
No net, right? You either know.

00;11;38;17 – 00;11;39;24
Speaker 2
What you’re doing.

00;11;39;27 – 00;11;42;02
Speaker 3
And New York State said that you do.

00;11;42;02 – 00;11;47;21
Speaker 2
And so does the country because it’s a national test or you’re not getting it. Does that make sense?

00;11;47;26 – 00;11;48;24
Speaker 1
Yeah.

00;11;48;27 – 00;11;58;16
Speaker 3
Yeah. So so I had been doing the work, but because I was under the umbrella of the license essentially of the bank itself that had.

00;11;58;16 – 00;12;30;08
Speaker 2
Money to support the mortgages, I only needed to register with something called the Nmls, the National Mortgage Licensing, database. But when I left to become to to join like, the big lead, so to speak, and not just be at a regional credit union, it required me to get to get licensed. I had to learn all of the rules, take a test, at least get a, 75% on it so that I could so that I could do it.

00;12;30;10 – 00;12;44;26
Speaker 2
And one of the distinctions between being that a credit union in general and being an a mortgage bank, is that the focus is more on business development, because a lot of people, they love their credit union and they were like.

00;12;45;03 – 00;12;46;05
Speaker 3
Well, you did my car.

00;12;46;05 – 00;12;48;09
Speaker 2
Loan and you did my.

00;12;48;09 – 00;12;50;07
Speaker 3
Credit card and you have my.

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Speaker 2
Checking account.

00;12;51;19 – 00;12;53;05
Speaker 3
So it naturally goes.

00;12;53;05 – 00;13;02;24
Speaker 2
That I would also like to talk to you, who I trust the most with my biggest purchase of my life, like with my house right?

00;13;02;27 – 00;13;03;21
Speaker 1
Yeah.

00;13;03;23 – 00;13;07;05
Speaker 2
But,

00;13;07;07 – 00;13;09;19
Speaker 3
So what? That’s what that means.

00;13;09;19 – 00;13;10;02
Speaker 2
Is.

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Speaker 3
Is that that.

00;13;11;19 – 00;13;13;23
Speaker 2
Business in general comes in.

00;13;13;23 – 00;13;15;22
Speaker 3
It doesn’t mean that people don’t make phone.

00;13;15;22 – 00;13;19;24
Speaker 2
Calls and try to develop relationships, etc. all credit and they do.

00;13;19;27 – 00;13;30;00
Speaker 3
But there is a flow of people from anybody who is making a deposit all the way to somebody who got a credit card. There’s a flow of potential leads and.

00;13;30;00 – 00;13;33;08
Speaker 2
Referrals of people who are banking with this institution.

00;13;33;15 – 00;13;41;16
Speaker 3
The mortgage bank does one thing, so when you come to it, you’re just there to either get a mortgage or you’re going.

00;13;41;16 – 00;13;42;18
Speaker 2
With somebody else.

00;13;42;25 – 00;13;54;11
Speaker 3
So the challenge is, oh, I need to develop relationships because other than certain lead systems like getting it from Zillow or something like that, you’re out.

00;13;54;13 – 00;13;56;01
Speaker 2
You’re out on your own. So that’s.

00;13;56;01 – 00;13;59;15
Speaker 3
Like the challenge and the beauty of the.

00;13;59;16 – 00;14;04;11
Speaker 2
Of kind of running your own business. But being part of a larger umbrella. Does that make sense?

00;14;04;14 – 00;14;32;14
Speaker 1
Yeah. Yeah, definitely. I mean yeah. Thank you. I, I’m learning a lot too. And I would I just assume, you know, kind of taking a step back, like you said, a lot of this is, you know, first home buyers, it’s a big purchase, a lot of emotional, strings tied to that. How how important is it that you’re, you know, taking that step above just being a loan officer and really honing in on that?

00;14;32;16 – 00;14;42;23
Speaker 1
Tony honing in on that, like, educational aspect, how how much of your day is just, you know, being that being that shoulder to cry on. I guess.

00;14;42;26 – 00;14;53;11
Speaker 2
So some of that answer, you already kind of get the hint like this is the biggest purchase. Yeah.

00;14;53;13 – 00;14;54;20
Speaker 3
And even if it’s not your.

00;14;54;20 – 00;14;57;02
Speaker 2
First and that one’s the most emotional.

00;14;57;04 – 00;15;20;29
Speaker 3
It’s still a huge amount of money and it’s stressful. And you want a house and etc.. What sometimes people believe is that, oh, I want it to get done quickly. That is true. Here’s what you want to get done quickly. You want to get to the point that you’re like, oh, everything’s fine. I don’t it’s all under control.

00;15;21;01 – 00;15;49;01
Speaker 3
I move in when I move in. In fact, counter-intuitively, you’d be like, yeah, let’s get it done right away. Closing quickly is important to the my real estate partners, who I love, but they also want the right the priorities are slightly misaligned. Right. So you just have to it’s like this marionette where you’re satisfying different people. Because think about it from the perspective of what I.

00;15;49;01 – 00;15;50;19
Speaker 2
Call the customer.

00;15;50;21 – 00;15;56;24
Speaker 3
Think about it for you. If I were to tell you so right now, are you renting?

00;15;56;27 – 00;15;57;06
Speaker 1
Yep.

00;15;57;13 – 00;16;10;13
Speaker 3
Okay. So you rent an apartment, you have all of your stuff, you possibly have a pet, you have a significant other. Whatever. You come to me and you say, I’d like to buy a house and you point to.

00;16;10;13 – 00;16;11;19
Speaker 2
That house.

00;16;11;22 – 00;16;14;24
Speaker 3
As I said to you, Matthew.

00;16;14;26 – 00;16;16;03
Speaker 2
Great news.

00;16;16;06 – 00;16;23;14
Speaker 3
I have you approved. And here are the keys to the house. Are you ready to move tomorrow?

00;16;23;16 – 00;16;25;01
Speaker 1
I mean, I don’t know.

00;16;25;04 – 00;16;44;09
Speaker 3
It’s a lot. Right? Like, yeah, there’s a bunch of plant. And now imagine you’re actually moving a lot. Like, the more stuff you have kids, the school, all this stuff. Like, do you know, I mean, like, you possibly single person just in my apartment, maybe you’re like, yeah, I’ll just take the TV and leave these t shirts. I’m ready to go.

00;16;44;09 – 00;17;09;04
Speaker 3
Right. But imagine like a family of 4 or 5, right? And what if you moved a school to a new school district, registration, all that stuff, like your pet? Where are they going to? Where am I going to go to doctors? Am I still going to like, imagine compounding all of those different things to being like, okay, I’m not ready to move in tomorrow.

00;17;09;06 – 00;17;16;13
Speaker 3
Just the fact that you got me approved. And now it is one last thing, a very big thing for me to worry.

00;17;16;13 – 00;17;19;09
Speaker 2
About so that I can be can so I can focus on the.

00;17;19;09 – 00;17;26;23
Speaker 3
Other 50 things that I need to, think about in moving.

00;17;26;25 – 00;17;29;03
Speaker 2
Thank you for doing that. Yeah.

00;17;29;04 – 00;17;32;15
Speaker 3
So what my goal.

00;17;32;15 – 00;17;53;04
Speaker 2
Is for them to understand as much as they need to make it as simple as possible, but not simpler. I don’t need to get into all of the different rules and regulations and all the fluctuations of the market and what it is that leads to one particular product I just have to present. And there is, by the way, hundreds of different mortgage products.

00;17;53;04 – 00;18;02;17
Speaker 2
And the bigger the organization you work for, the more there are. There’s conventional and there’s government loans, and then there’s special programs and there’s ones for investors and then there’s.

00;18;02;20 – 00;18;28;08
Speaker 3
There’s two large houses, Fannie Mae and Freddie Mac, that offer similar but not exactly the same. Imagine I hand you a encyclopedia, right? Or Wikipedia like, imagine I hand you 75 Wikipedia page basically, and be like here is all of the information you need, blah blah blah. You read it and then get back to me. Let me know which one you want.

00;18;28;10 – 00;18;32;25
Speaker 3
No. If you wanted to know what the value that I.

00;18;33;01 – 00;18;34;25
Speaker 2
That I look to bring.

00;18;34;27 – 00;18;53;14
Speaker 3
It’s that like, oh, oh God knows the mechanics of what’s going on under a car he’ll just present me with like, here are three options. Make a suggestion what it should be. But it’s. But I’m going to figure it out because you make this rates a little bit higher. But you have to play equal and cross. This rates a little bit lower.

00;18;53;14 – 00;19;09;28
Speaker 3
But you have to go out of pocket for this thing. So like we weigh out the options. The answer is not always obvious. Sometimes it’s two similar decisions, but God will provide me with the bullet.

00;19;09;28 – 00;19;10;17
Speaker 2
Points.

00;19;10;24 – 00;19;14;21
Speaker 3
Of what I need to know, what I need to be prepared for.

00;19;14;23 – 00;19;15;17
Speaker 2
And that there.

00;19;15;17 – 00;19;16;28
Speaker 3
Are in a in.

00;19;16;28 – 00;19;18;19
Speaker 2
A transaction.

00;19;18;19 – 00;19;18;25
Speaker 3
That.

00;19;18;25 – 00;19;20;28
Speaker 2
Has a lot of surprises.

00;19;20;28 – 00;19;22;11
Speaker 3
And they don’t usually.

00;19;22;11 – 00;19;27;21
Speaker 2
Go exactly how you plan. Nobody has perfect credit. No title is always perfect.

00;19;27;27 – 00;19;35;13
Speaker 3
No house has not a single issue in it. It’s just every one of those things. And on and on is yet another.

00;19;35;13 – 00;19;38;22
Speaker 2
Component that’s not going to go exactly as you plan.

00;19;38;22 – 00;20;00;10
Speaker 3
That’s the only real irony in life is when you’re like, I think it’s going to go exactly this way. And then two months later, it went exactly as I thought, you know that from your own life, and you’re not even that old. Like, it’s just not how life works in general. The only irony, the only like, oh my God, that was crazy.

00;20;00;10 – 00;20;15;09
Speaker 3
Where you’re like a, b, c, d e is going to happen and two months later a b c d e is exactly what happened. You’re like, okay, what is this like? Is this like a parallel universe? Yeah.

00;20;15;09 – 00;20;16;08
Speaker 1
Are we living in a movie?

00;20;16;11 – 00;20;35;24
Speaker 3
Right. This year I’m saying. So like, so what you are getting from me, it’s like, oh, he’s an expert. He knows what he’s doing. Like a really good mechanic, like a doctor, whatever it is. Right? I have faith in that. And he’ll give me the information I need and he’ll be available.

00;20;35;24 – 00;20;39;16
Speaker 2
Whenever I have a question or as I panic and he’ll do it in a.

00;20;39;16 – 00;20;41;04
Speaker 3
Light way where we.

00;20;41;04 – 00;20;55;05
Speaker 2
Can joke and take the pressure out of the situation. But I can tell that he’s also serious about the business as well. And that’s kind of a balancing act. And so similarly, it is what I provide to my clients.

00;20;55;12 – 00;20;56;17
Speaker 3
But a different.

00;20;56;17 – 00;21;02;05
Speaker 2
Version, which is I can count on this person to take to provide that to my.

00;21;02;05 – 00;21;02;25
Speaker 3
Client.

00;21;02;25 – 00;21;04;08
Speaker 2
That’s what they’re going to get.

00;21;04;11 – 00;21;05;19
Speaker 3
I’ve signed up for.

00;21;05;19 – 00;21;07;16
Speaker 2
An experience that is going.

00;21;07;16 – 00;21;10;24
Speaker 3
To be that is not only going to be great for.

00;21;10;29 – 00;21;11;16
Speaker 2
The client.

00;21;11;16 – 00;21;14;02
Speaker 3
Who they have for life as well, even though they don’t buy.

00;21;14;02 – 00;21;14;28
Speaker 2
A lot of houses.

00;21;15;02 – 00;21;38;18
Speaker 3
The whole point is they have a cousin, they have a sister, they have a friend moving in from Kentucky, like life keeps happening. So you want there to be like, oh, Lindsay is who I talk to about buying houses. That’s. And so somebody had a question. Lindsay is who I’m going to have them talk to. And if there was like, oh wait a minute.

00;21;38;18 – 00;21;55;19
Speaker 3
This has to do with finance. It’s a matter. It’s like I’m getting a credit card like this has to do with finance. I know somebody who does like one of the hardest types of loans. He probably knows about a personal loan or shit. Yeah. I mean, so that that’s how business.

00;21;55;22 – 00;21;58;15
Speaker 2
To kind of circle back to Gold Star.

00;21;58;17 – 00;22;00;07
Speaker 3
That is it.

00;22;00;09 – 00;22;01;27
Speaker 2
Operating at its.

00;22;02;00 – 00;22;05;18
Speaker 3
Best in the like. That’s when the the the jazz.

00;22;05;18 – 00;22;07;29
Speaker 2
Band is the most tuned so to speak. Yeah.

00;22;08;06 – 00;22;14;06
Speaker 3
Where you’re like, oh, boom, boom, boom. And you’re making the connections. That’s what you, that’s the place.

00;22;14;06 – 00;22;16;18
Speaker 2
You want to go to.

00;22;16;20 – 00;22;42;28
Speaker 1
Yeah. And I feel like that’s the biggest thing. Again, back with your personality, it’s, you know, you light up the whole room. But that’s, that’s the key aspect of, you know, you, your business model. You make sure to provide everything, like you said, bullet points. You know, there’s so many loans out there that, you know, people could, you know, be approved for but may not make sense.

00;22;43;01 – 00;23;01;11
Speaker 1
So I love that, you know, the education piece is before everything. And then, you know, you start getting into the dirty work. But what what would could you just kind of walk me through that? You know, that initial steps of getting approved. How would someone get approved?

00;23;01;14 – 00;23;03;08
Speaker 2
Sure.

00;23;03;10 – 00;23;04;00
Speaker 3
I’m going.

00;23;04;00 – 00;23;07;26
Speaker 2
To I’m going to speak in a general.

00;23;07;26 – 00;23;09;06
Speaker 3
Way. Yeah.

00;23;09;08 – 00;23;13;25
Speaker 2
And at the same time, specific way, like with me.

00;23;13;28 – 00;23;16;04
Speaker 3
And a lot of it will overlap.

00;23;16;04 – 00;23;18;18
Speaker 2
And some of it will be different. Okay.

00;23;18;21 – 00;23;23;01
Speaker 3
Yeah. You and I.

00;23;23;01 – 00;23;24;04
Speaker 2
Know each other.

00;23;24;06 – 00;23;25;06
Speaker 1
Yeah.

00;23;25;09 – 00;23;34;21
Speaker 2
You and our relationship is going to continue to grow. It’s my hope, at least, unless I, you know, and get thrown out of the party.

00;23;34;24 – 00;23;42;01
Speaker 3
Right? Yeah. So already in your head, you’re like, oh God, does mortgages. And I’m.

00;23;42;01 – 00;23;43;13
Speaker 2
Saving money and.

00;23;43;13 – 00;23;44;00
Speaker 3
Interest.

00;23;44;00 – 00;23;47;04
Speaker 2
Three years I think I want to buy a house.

00;23;47;07 – 00;23;49;04
Speaker 3
Let, let me take you through.

00;23;49;04 – 00;23;51;20
Speaker 2
Actually basically.

00;23;51;22 – 00;24;00;21
Speaker 3
Because you’re like oh what happens when somebody calls you and, and I’m like I could answer that. They call they want a mortgage. I send them a link. They put in an.

00;24;00;21 – 00;24;03;13
Speaker 2
Application, it takes five minutes and I go over it with them.

00;24;03;15 – 00;24;06;04
Speaker 3
That’s the boom, boom, boom.

00;24;06;04 – 00;24;07;23
Speaker 2
That’s the story, right?

00;24;07;25 – 00;24;08;10
Speaker 1
Yeah.

00;24;08;13 – 00;24;17;11
Speaker 3
But now I’m giving you the actual story of how you want it to go. So one either either Lindsay, who I.

00;24;17;11 – 00;24;23;24
Speaker 2
Keep naming this person who’s actually a real estate partner of mine, but I’m naming her as a general person.

00;24;23;28 – 00;24;24;21
Speaker 3
Lindsay gets a.

00;24;24;21 – 00;24;26;25
Speaker 2
Buyer. That’s what happens.

00;24;26;27 – 00;24;28;25
Speaker 3
They’re ready to go. She asks them.

00;24;28;25 – 00;24;29;05
Speaker 2
Are you.

00;24;29;05 – 00;24;33;12
Speaker 3
Pre-approved? And they go, no, she said, you need to talk to.

00;24;33;12 – 00;24;35;23
Speaker 2
My friend hard.

00;24;35;25 – 00;24;38;23
Speaker 3
You should. I mean, there’s there’s different options, but, you.

00;24;38;23 – 00;24;43;13
Speaker 2
Know, from my experience. So how does. Very good. You should talk to him and get pre-approved.

00;24;43;13 – 00;24;44;23
Speaker 3
Or at least pre-qualified.

00;24;44;23 – 00;24;45;29
Speaker 2
Before you get started.

00;24;46;04 – 00;24;56;12
Speaker 3
And then go shopping that way, similar to a car, you know how much car you can buy, and you know what the payment is going to be, right? Or at least you have a pretty good idea. That’s the jump off.

00;24;56;17 – 00;24;58;18
Speaker 2
Through a real estate partner, right?

00;24;58;20 – 00;25;02;24
Speaker 3
But let’s say you came to me, we’ve known each other for a while. You know, I.

00;25;02;24 – 00;25;07;03
Speaker 2
Have some sense of of of what I’m talking about. And you’re like.

00;25;07;06 – 00;25;07;22
Speaker 3
I think I.

00;25;07;22 – 00;25;27;02
Speaker 2
Want to get a house. Like, in three years. If you start that conversation with me, it’s like I’m thinking about getting a house in three years. I’m not going to be like, you know who you need to talk to right now is my friend Lindsay, because she’s going to want to start showing you houses, right? Yeah, but it doesn’t make sense in three years.

00;25;27;02 – 00;25;55;17
Speaker 2
So I say, listen, a lot of people think that they need to save ten, 20% in order to buy a house, which means if you’re buying a $300,000 house, you need, $60,000, right? 20% down. It’s not necessary. In fact, you can get a house with no money down with certain government programs, you can get a house even conventional, with as little as 3.5% down.

00;25;55;21 – 00;26;14;01
Speaker 2
But the question is, oh, I can get a $300,000 house and I only need to save like $15,000. I’m doing the math at the top of my head. Struggle. Right. But but you get the general thing. And I’m like, yes. However, the payment is going to be $4,500 a month.

00;26;14;04 – 00;26;22;07
Speaker 3
So yes, you could save less, but the payment is not going to be affordable and you won’t be able to even be approved if.

00;26;22;07 – 00;26;22;24
Speaker 2
You don’t make.

00;26;22;24 – 00;26;23;21
Speaker 3
Enough money for.

00;26;23;21 – 00;26;24;24
Speaker 2
That payment.

00;26;24;27 – 00;26;28;05
Speaker 3
And that’s when just even the beginning of me.

00;26;28;05 – 00;26;29;12
Speaker 2
Introducing you to see.

00;26;29;12 – 00;26;39;00
Speaker 3
How we’re doing it right now. Yeah. And that’s exactly how it works. So like I’m showing you at the same time as, like that’s exactly how.

00;26;39;00 – 00;26;39;24
Speaker 2
It goes in life.

00;26;39;24 – 00;26;40;14
Speaker 3
You like, you.

00;26;40;14 – 00;26;51;12
Speaker 2
Came to me and I said, here are some things that you want to think about. You don’t need to overwhelm yourself, but just know that in general you want to have about this much.

00;26;51;14 – 00;26;52;15
Speaker 3
Available.

00;26;52;21 – 00;27;01;26
Speaker 2
And you need to be aware of the fact is closing costs as well in general. So it’s not just the down payment that you saved for you come back to me.

00;27;01;28 – 00;27;04;06
Speaker 3
Oh, had great news.

00;27;04;08 – 00;27;12;24
Speaker 2
I saved $20,000. And I’m like, but whoa, whoa whoa, Matt, the news is not as great as you think because.

00;27;12;26 – 00;27;14;00
Speaker 3
You just save for the.

00;27;14;00 – 00;27;19;16
Speaker 2
Down payment. But to close a mortgage, there’s also closing costs as well.

00;27;19;18 – 00;27;23;15
Speaker 3
The most of them are not what the.

00;27;23;15 – 00;27;28;11
Speaker 2
Mortgage bank charges. It usually charges like one fee, which is a,

00;27;28;14 – 00;27;29;09
Speaker 3
A fee for the.

00;27;29;09 – 00;27;45;17
Speaker 2
Application itself, like, which they call an origination fee. So we charge, let’s say, $1,000, right. But in everything else, the getting down, for example, getting the tax, the sorry that the title, yeah.

00;27;45;20 – 00;27;49;11
Speaker 3
Attorney the price of the appraisal, the price.

00;27;49;11 – 00;27;51;08
Speaker 2
Of the credit report, we’re not.

00;27;51;08 – 00;27;51;22
Speaker 3
Allowed.

00;27;51;22 – 00;27;55;05
Speaker 2
To profit off of any of those things. They have a cost.

00;27;55;12 – 00;27;56;05
Speaker 3
We have to be.

00;27;56;05 – 00;27;58;29
Speaker 2
Very accurate with what those costs are.

00;27;59;02 – 00;28;25;01
Speaker 3
I can’t charge you if Dan charges. Let’s say $50 an hour. I can’t say Dan charges $15 an hour. But if you go through Loan Depot now, it’s $75 an hour. Everything is a thing. And we say, this is how much we are charging for the thing. And the real money that a mortgage bank makes is not off of you.

00;28;25;03 – 00;28;35;14
Speaker 3
A mortgage bank makes money. We don’t. Unlike a car dealerships, we don’t upcharge the rate. Or if we do, it’s a it’s minimal. The money that a mortgage.

00;28;35;14 – 00;28;36;07
Speaker 2
Bank makes.

00;28;36;12 – 00;29;12;04
Speaker 3
Is from either keeping a loan and getting the interest on the loan. Right. We lent you $300,000. It’s at 6 or 7%. Every time you make a payment, we get that extra interest. So that’s one way that that’s why they don’t need to like, try to put in a bunch of stuff and it’s illegal anyway. But even if not the money is off of like it’s a huge loan and 6% is like they’re getting thousands of dollars each month, essentially in profit.

00;29;12;04 – 00;29;21;03
Speaker 3
Do you see what I’m saying? Yeah. And then, Which is even more common is they just sell it.

00;29;21;06 – 00;29;26;00
Speaker 2
Basically to the secondary market. Basically.

00;29;26;00 – 00;29;27;08
Speaker 3
Think about it. The stock.

00;29;27;08 – 00;29;28;00
Speaker 2
Exchange.

00;29;28;00 – 00;29;29;07
Speaker 3
But some mortgages.

00;29;29;11 – 00;29;31;27
Speaker 2
There are investors that buy alone.

00;29;31;29 – 00;29;34;27
Speaker 3
And so as long as the loan is good.

00;29;34;29 – 00;29;45;28
Speaker 2
Then it gets bought and it gets bundled in, it gets traded. That’s why most people who buy their house get a letter like 30, 60 Days Later, great news.

00;29;46;00 – 00;29;48;19
Speaker 3
You did your you did your mortgage with.

00;29;48;21 – 00;29;49;26
Speaker 2
You did your mortgage with.

00;29;49;26 – 00;29;52;18
Speaker 3
XYZ lender. Mr. Cooper is.

00;29;52;18 – 00;29;58;20
Speaker 2
Now your servicer because it’s on the market and it got sold. So the money that gets made there.

00;29;58;20 – 00;30;00;03
Speaker 3
Is not what you would.

00;30;00;03 – 00;30;11;19
Speaker 2
Get over 30 years. Example, there was a there’s a mortgage. It was it was a 30 year mortgage. The mortgage was for 300,000.

00;30;11;22 – 00;30;15;29
Speaker 3
Can you take some guess as to how much money a.

00;30;15;29 – 00;30;22;29
Speaker 2
Bank would collect over 30 years on a $300,000 mortgage at 5 or 6%?

00;30;23;01 – 00;30;26;26
Speaker 1
I mean, off the top of my head, don’t know, but I’d assume a.

00;30;26;26 – 00;30;31;19
Speaker 3
Lot if your guess is in the millions. Yeah. You’re right.

00;30;31;19 – 00;30;31;28
Speaker 2
Right.

00;30;31;28 – 00;30;39;20
Speaker 3
Wow. So we’re talking millions of dollars. I like to go for $300,000 over.

00;30;39;21 – 00;30;42;27
Speaker 2
At 6% over 30 years. It keeps.

00;30;42;27 – 00;30;46;05
Speaker 3
Collecting. You don’t start paying.

00;30;46;08 – 00;30;49;01
Speaker 2
Primarily principal, meaning just.

00;30;49;03 – 00;30;53;10
Speaker 3
The balance, not the interest. Until the last ten years.

00;30;53;10 – 00;30;57;16
Speaker 2
Five years of. It’s called amortization. That’s how loans work.

00;30;57;23 – 00;30;59;12
Speaker 3
They just they frontload.

00;30;59;12 – 00;31;01;24
Speaker 2
Most of the interest in the beginning.

00;31;01;26 – 00;31;29;11
Speaker 3
So that they can get paid quicker. And they and because that’s the way the system works. Because if they waited till year 25 and the people moved in and whatever it is, then so in the first three, five, ten, 15 years, you’re paying the most because the reality of the business is the mortgage bank is not going to see year 20.

00;31;29;13 – 00;31;39;12
Speaker 3
Usually they’re going to sell it, etc.. So the mortgage itself has a value, right? It’s a $300,000 mortgage, it’s at 6%.

00;31;39;12 – 00;31;44;26
Speaker 2
And the person has decent credit and had everything that they needed provided the documentation. Right?

00;31;44;29 – 00;31;53;12
Speaker 3
Yeah, that let’s give it a value like that’s worth.

00;31;53;14 – 00;31;55;06
Speaker 2
$100,000.

00;31;55;08 – 00;32;03;19
Speaker 3
So when the when the mortgage bank says, I’m offering you something that’s worth a $100,000.

00;32;03;19 – 00;32;06;09
Speaker 2
And I’m selling it to you for 75.

00;32;06;09 – 00;32;13;21
Speaker 3
They’re like, that’s a great deal. And then they buy it, and that’s a very simple explanation of the mortgage business itself.

00;32;13;28 – 00;32;14;29
Speaker 2
Does that make sense?

00;32;15;02 – 00;32;16;09
Speaker 1
Yeah. Yeah, definitely.

00;32;16;15 – 00;32;18;15
Speaker 3
So so to answer.

00;32;18;15 – 00;32;19;12
Speaker 2
It to, to answer.

00;32;19;12 – 00;32;28;14
Speaker 3
Your question, that’s basically the process is three, three years before Matt buys a house. He’s he consults me about like how much.

00;32;28;14 – 00;32;37;06
Speaker 2
Should I say? I give him some information. Like this is what Payment’s going to look like. And if rates stay where they are, this is about how much you want and you need to be aware of closing costs.

00;32;37;12 – 00;32;42;16
Speaker 3
So 20,000 is actually 35,000 because you have to cover both. And that can.

00;32;42;16 – 00;32;44;15
Speaker 2
Be a surprise. And some.

00;32;44;16 – 00;32;50;19
Speaker 3
The some what I’ve learned is that nobody other than children for their birthday.

00;32;50;19 – 00;32;52;05
Speaker 2
Like surprises and.

00;32;52;05 – 00;33;18;05
Speaker 3
The surprises that people like the least is surprises. That has to do with their money, right? Surprise. More charge. Surprise. This is going to cost a lot more surprise. It’s taking way longer than I expected. So I my commitment is to under under play what the situation is or to or to overplay like expect a lot of money.

00;33;18;05 – 00;33;35;00
Speaker 3
Expect it to take time, but we will get through it together. So that way if I set the bar like low or higher and you come in, you close quicker than you thought, the documents in you had to provide were easier than you thought.

00;33;35;03 – 00;33;41;01
Speaker 2
Then you’re like, oh my God, that was that was better than I had expected. Yeah. But on the flip side.

00;33;41;03 – 00;33;42;20
Speaker 3
If I’m like, if you’re like.

00;33;42;20 – 00;33;46;03
Speaker 2
How much money do I need? And I like about $5,000.

00;33;46;05 – 00;33;47;09
Speaker 3
You get to the beginning.

00;33;47;09 – 00;33;52;10
Speaker 2
Of the mortgage and I’m like, it’s actually ten. And then I’m like, you said it was going to close.

00;33;52;16 – 00;34;09;27
Speaker 3
Like next week. And I’m like, well, but there’s also the blah blah blah and the other blah, blah blah and the blah, blah blah, but like, but why didn’t you tell me about all the blah, blah blah before? I was like, well, you know, what’s whatever you’re like, well, whoa, whoa, what do you mean, whatever? Yeah. You see what I’m saying?

00;34;09;27 – 00;34;26;25
Speaker 3
Yeah. That is what you’re getting like, oh, I’m going to know what to expect. It’s likely going to cost me less or take less time than he’s presenting. And that’s great. Now to double click on the nitty gritty itself. In general, there are three.

00;34;26;25 – 00;34;29;03
Speaker 2
Things that you need for a mortgage.

00;34;29;06 – 00;34;29;23
Speaker 3
You need.

00;34;30;00 – 00;34;31;14
Speaker 2
There’s a credit score.

00;34;31;15 – 00;34;33;00
Speaker 3
That you have and.

00;34;33;00 – 00;34;37;05
Speaker 2
It determines your rate and whether you qualify. There’s your assets, the.

00;34;37;05 – 00;34;38;24
Speaker 3
Money that you have to put down.

00;34;38;24 – 00;34;50;22
Speaker 2
Or is it coming from a gift, what you can, etc. and then there’s your and then there’s your income, your capacity as it’s called in the mortgage process. How much can I afford? How much do I make.

00;34;50;25 – 00;34;51;11
Speaker 3
How much are.

00;34;51;11 – 00;34;56;18
Speaker 2
My debts compared to my income, and how much will they be when this mortgage is done?

00;34;56;20 – 00;34;59;07
Speaker 3
Those three. And there’s other.

00;34;59;07 – 00;35;11;16
Speaker 2
Factors, but those are the pillars, right? Those are the three pillars of like what I need for a loan. When you apply, I go over all of those with you and then I ask you to prove it, show and prove.

00;35;11;18 – 00;35;31;27
Speaker 3
You say I make $50,000. That’s an honest person. He says he makes $50,000, I believe him. I send a pre-qualification. But you know who doesn’t believe it? Those. Those finicky investors over there. Yeah, but they’re not. They’re not like, I take your word for it. Math sounds great.

00;35;31;29 – 00;35;32;28
Speaker 1
They need the proof.

00;35;33;04 – 00;35;46;16
Speaker 3
They need proof. Yes. Like, no, no, no. But believe me, Matt is solid. They’re like, well, we see he has good credit. We see that. But I don’t know that he can actually afford this. Been I was like, trust me.

00;35;46;16 – 00;35;47;07
Speaker 2
He’s got it.

00;35;47;07 – 00;35;50;02
Speaker 1
Yeah. Right. So it.

00;35;50;05 – 00;35;53;28
Speaker 3
Is. So it’s like, oh well, what do I need.

00;35;53;28 – 00;35;56;21
Speaker 2
In order to prove my income.

00;35;56;24 – 00;36;00;12
Speaker 3
Well W-2 and income is the easiest.

00;36;00;15 – 00;36;01;26
Speaker 2
It doesn’t mean that it’s required.

00;36;01;26 – 00;36;05;28
Speaker 3
It’s just the easiest. Why is that. Because proving your income.

00;36;05;28 – 00;36;09;27
Speaker 2
As a self-employed person is difficult. You need two years of tax returns. You have to show what.

00;36;09;27 – 00;36;37;13
Speaker 3
Did you what did you profit. What was your revenue. What was what. What did you take home at the end of the day? On the other hand, if you’ve been if you’ve been working, as a manager at staples for the last six months, then it’s like, here’s my W-2, here’s what I get paid. Before that, I worked at Best Buy has been the same type of work for five years.

00;36;37;15 – 00;36;47;15
Speaker 3
And and here are two w-2s to prove it. And here’s my pay stub from two weeks ago. Like you know that the money’s there. You know how much comes out.

00;36;47;15 – 00;36;49;20
Speaker 2
You know how much I can afford.

00;36;49;22 – 00;36;51;28
Speaker 3
W2 is the easiest, but it.

00;36;51;28 – 00;36;59;09
Speaker 2
Doesn’t mean it’s required. But that’s why it is. So you provide w-2s, you provide your pay stubs. That’s my income.

00;36;59;16 – 00;37;04;26
Speaker 3
Then I say, well, we need to take a look at your credit. No problem. You fill out the application.

00;37;04;26 – 00;37;08;01
Speaker 2
With your social on the other six pieces that you needed to to pull your.

00;37;08;01 – 00;37;19;16
Speaker 3
Credit. And I’m like 720. You qualify for most stuff. Simple as that. What three bureaus? And now we know. And by the way.

00;37;19;16 – 00;37;36;09
Speaker 2
About the Bureau thing, the way mortgages work is the score that is used in order to determine how much or what your actual credit score is. It’s what’s called the median. It’s the middle one. So like so example.

00;37;36;11 – 00;37;37;12
Speaker 3
We use all three.

00;37;37;12 – 00;38;08;08
Speaker 2
Bureaus. It’s called a tri merge. Those bureaus are Experian, TransUnion and Equifax. So it’s your score. So it’s not the average. And I’ll give you an example if your score is on on Equifax 700, on Experian 710 and on TransUnion 760. So like 60 points higher, it’s not the average like 730. It’s just the one in the middle.

00;38;08;08 – 00;38;10;24
Speaker 2
Seven, ten, seven, ten is your score.

00;38;10;28 – 00;38;23;08
Speaker 3
So it could be one point away from the lowest one, or it could be exactly in the middle, or it could, but the point all the way, it’s just whatever the score is in the middle. And that’s your score, okay. If you bring another.

00;38;23;08 – 00;38;24;27
Speaker 2
Person, another borrower.

00;38;25;00 – 00;38;26;01
Speaker 3
Your.

00;38;26;04 – 00;38;37;19
Speaker 2
Girlfriend, your boyfriend, your husband, your wife, your partner, whatever it is, then whoever’s middle score of the two of you is lower. That’s your score. So if your.

00;38;37;19 – 00;38;38;05
Speaker 3
Score was.

00;38;38;05 – 00;38;46;28
Speaker 2
710, but your girlfriend, for example, was A705, 705 is now your combined score?

00;38;47;00 – 00;38;47;26
Speaker 1
Oh, geez.

00;38;48;01 – 00;39;14;06
Speaker 3
So that’s yeah, it’s not it’s not it’s not fair per se. But they go with the least risky because it’s based on risk. Yeah. Every element says it’s not. It’s not guaranteed. You’ve been at staples for ten years. They could just become a a online company tomorrow right. No they know that there are no guarantees. It’s all the loans are risk based.

00;39;14;10 – 00;39;28;22
Speaker 3
Like how much should I give. It feels solid enough like, it’s edgier. Well, they have to put more money down or their their rate is going a little bit higher, or they have less programs that they can qualify for because the risk is.

00;39;28;22 – 00;39;31;13
Speaker 2
Higher to the, to the lender.

00;39;31;15 – 00;39;40;10
Speaker 3
So anyway, back to the same scenario you talked to me about three years ago. You have a set plan and then a year you’re like, oh God.

00;39;40;10 – 00;39;59;19
Speaker 2
I save this much money. I think I’m going to I think I’m getting close to at least wanting to look at houses. I say, okay, let’s give it, let’s give it a few more months. You save a little bit. Let me introduce you to my friend Lindsey. Just talk to her and you will get the same experience that.

00;39;59;19 – 00;40;00;21
Speaker 3
You had with me.

00;40;00;21 – 00;40;03;08
Speaker 2
Except she knows more about houses and stuff.

00;40;03;12 – 00;40;33;25
Speaker 3
You think I know about doors and windows and flooring? A boy doesn’t know your boy knows there’s a house, and that house has a value. But to me, whether the house had wood floors or carpeting or if you think any of that is on the application, it isn’t. I just get a value from the appraisal. An appraiser goes out and says, this house is worth $300,000, not because it has a beautiful painting, not because the lawn is like the best lawn in the neighborhood.

00;40;34;01 – 00;40;53;00
Speaker 3
Not because they have a little known all of that stuff. It’s not for me. I don’t know about that stuff. I mean, not completed yet, but you know what I mean. Like, yeah, it is not relevant to me. You know who does know about that stuff? Lindsay. She knows about gnomes. She knows how old a roof is and whether it should be replaced.

00;40;53;03 – 00;41;06;12
Speaker 3
She knows who you should talk to about, like gardening service. She knows how loud the the busses are, the drive past that road. All this information that isn’t relevant to my job. You don’t talk.

00;41;06;12 – 00;41;07;09
Speaker 2
To me about that.

00;41;07;10 – 00;41;09;10
Speaker 3
You don’t need to. You have somebody.

00;41;09;10 – 00;41;10;26
Speaker 2
Else to consult for that.

00;41;10;28 – 00;41;12;29
Speaker 3
That’s how the partnership works.

00;41;13;01 – 00;41;14;12
Speaker 2
And then somebody asks.

00;41;14;12 – 00;41;30;20
Speaker 3
Her about, well, our rates going up and blah, blah, blah, blah blah. She’s like, whoa, whoa, whoa, I know about lawns. I know about this neighborhood. I know about your price range. You know, you should talk about to this finance person about a lot.

00;41;30;23 – 00;41;33;28
Speaker 2
And that’s basically how the whole enchilada works. And so.

00;41;33;28 – 00;41;46;12
Speaker 3
You apply, you provide that information, it gets underwritten, it gets viewed. Everybody’s like, oh, this is clean as a whistle. You know, you’re good. You can.

00;41;46;12 – 00;41;47;13
Speaker 2
Relax.

00;41;47;15 – 00;41;51;00
Speaker 3
I provided the documentation and they gave me an idea of what I’m.

00;41;51;00 – 00;42;01;14
Speaker 2
Going to need to bring to the closing table, or at least he told me, eventually somebody is going to tell you exactly what you need for the closing table. I don’t know yet. There’s other factors.

00;42;01;16 – 00;42;05;04
Speaker 3
And be okay with the I don’t know, I don’t know doesn’t.

00;42;05;04 – 00;42;10;14
Speaker 2
Mean I’m lying to you. I don’t know doesn’t mean I’m an idiot, although I am sometimes.

00;42;10;16 – 00;42;11;26
Speaker 3
At all, I don’t know.

00;42;11;26 – 00;42;20;23
Speaker 2
Means is there are variables that are not known yet. There’s how much the house is going to actually appraise for. Are is there any issues?

00;42;21;00 – 00;42;27;15
Speaker 3
Is there issues with the title? How much exact cash are you going to need to close? We don’t know.

00;42;27;15 – 00;42;30;29
Speaker 2
We have an estimate. It’s loan estimate.

00;42;31;01 – 00;42;32;27
Speaker 3
It’s literally the exact legal.

00;42;32;27 – 00;42;35;15
Speaker 2
Term for it. It’s a loan estimate.

00;42;35;18 – 00;42;55;10
Speaker 3
It’s going to be very close though right. The loan estimate is like oh it’s about 70. And then it’s like, I meant 700,000. Whoopsie. No. Yeah. It’s going to be it’s going to be within 0% or 10% at most over what it is that I.

00;42;55;12 – 00;42;56;09
Speaker 2
What I quoted you.

00;42;56;13 – 00;43;03;08
Speaker 3
You will know is the quote was, I need about this much money and this is about what.

00;43;03;08 – 00;43;09;15
Speaker 2
My payment is going to be. It’s it’s going to be very, very close because we’re regulated that way.

00;43;09;17 – 00;43;16;13
Speaker 3
But you won’t know the answer to that exact like detail. You don’t know that until like.

00;43;16;13 – 00;43;21;13
Speaker 2
3 or 4 days before you close, because there’s still information coming in about like, well.

00;43;21;13 – 00;43;21;28
Speaker 3
What is.

00;43;21;28 – 00;43;43;14
Speaker 2
It going to cost? It’s going to cost close enough to this. But when you get the closing disclosure, which is the last part, it has to match almost identically. And there’s only certain things that can be different. I’ll give you an example of something that can be different. Let’s go back to the Dan is the title agent.

00;43;43;16 – 00;43;44;07
Speaker 3
I say to.

00;43;44;07 – 00;43;53;28
Speaker 2
You, the title agent, if you use this one or this one or this one is going to cost this much. But you say.

00;43;54;01 – 00;43;56;06
Speaker 3
I want to use I want to use my own.

00;43;56;06 – 00;43;58;27
Speaker 2
Real estate attorney. And then I say.

00;43;58;29 – 00;44;00;07
Speaker 3
Well, then I can’t.

00;44;00;07 – 00;44;08;23
Speaker 2
Tell you for sure how much it’s going to cost because you brought in somebody from the outside. And I can’t be like.

00;44;08;25 – 00;44;35;13
Speaker 3
Oh, it’s going to be 60 an hour, like, oh, I brought the guy who drives the Lexus. I was like, well, now it’s not $50 an hour anymore. How is that my fault? Yeah, this is what I’m saying. But there’s certain things that always cost the same. Property taxes will always be the same, like you. And there’s no up charging property taxes like property taxes in Warren County are what they are on that house in in Washington County.

00;44;35;13 – 00;44;53;13
Speaker 3
They are on what they are on that house in Rentschler County, in Saratoga County, they are the property taxes and school taxes are what they are on a certain amount. That doesn’t change. That’s what you know, that how much money you’re going to have to pay and how much was paid already is an exact science to the zero.

00;44;53;17 – 00;45;18;07
Speaker 3
But if you’re like, oh, I also want an inspector as well. Oh, you didn’t tell me that me bringing in an inspector that costs like $2,000 was going to cost more. I was like, yeah, obviously I didn’t tell you that you brought in the person. You’re allowed to budget, but you can’t be like, hey, you said this. You said it was going to be less, but I guess you’re allowed to bring us, but it makes the cost.

00;45;18;12 – 00;45;25;15
Speaker 3
So you do this whole thing that I’m talking about, I has to basically pick the 3 or 4.

00;45;25;15 – 00;45;26;23
Speaker 2
Things that make sense.

00;45;26;23 – 00;45;32;04
Speaker 3
To you at this very moment without overwhelming you and you getting the impression.

00;45;32;04 – 00;45;34;24
Speaker 2
Within 5 to 10 minutes.

00;45;34;27 – 00;45;47;13
Speaker 3
Oh, he’s got this, he’s got this. And if I have a question is available, he’s not going to tell me all this. I will tell them to you as they come up. And if you have a question before that.

00;45;47;15 – 00;45;49;16
Speaker 2
Ask any time.

00;45;49;19 – 00;46;07;16
Speaker 1
Well, that’s awesome or hard. And I know we’re running short on time here, so just want to throw it out there. People were, you know, looking to connect with you, learn a little bit more about you, get in contact with you. How would they find you and get get Ahold of you.

00;46;07;19 – 00;46;08;17
Speaker 3
The magic of.

00;46;08;17 – 00;46;11;02
Speaker 2
Having the stupidest name in America.

00;46;11;05 – 00;46;18;16
Speaker 3
Is that. There’s only two of me in the entire country.

00;46;18;19 – 00;46;19;07
Speaker 1
Really?

00;46;19;09 – 00;46;39;24
Speaker 3
Yes. Two. There’s. Okay, so if my name was John Smith, I would be like, listen, John Smith at Loan Depot, the office in Westchester, not the other one. That’s me. And that’s the link tech. No, not that right. But I the there is one privilege to my name is that there’s one.

00;46;39;24 – 00;46;41;12
Speaker 2
Ohad Oren.

00;46;41;15 – 00;46;42;03
Speaker 3
In all of.

00;46;42;03 – 00;46;44;27
Speaker 2
New York and there’s two in the whole country.

00;46;44;28 – 00;47;04;20
Speaker 3
Okay. And that’s how you use a weakness to your strength. So if you Google even odd Oren Loan Depot, I come up. If you Google just Ohad Oren. Much to my mom’s great pride. She’s so proud. I’m a doctor.

00;47;04;20 – 00;47;06;14
Speaker 2
I’m collagist medical.

00;47;06;14 – 00;47;31;18
Speaker 3
Professional with a Harvard degree who practices cancer. Medicine is the other a lot. Oren. So listen, either it’s me, the mortgage guy, not great, but it’s the other one. Or the literally the guy working on curing cancer. So you have your pick which one you think it is. Don’t be disappointed. But good news, he can’t help you get a house.

00;47;31;20 – 00;47;44;21
Speaker 1
Well, this has been awesome. Thank you everybody for listening. And of course you can find us at Bind local.us. We’re on Spotify, Apple Rumble and YouTube. And Ohad thank you again. This has been amazing.

00;47;44;24 – 00;47;46;05
Speaker 2
I pleasure my friend.

00;47;46;08 – 00;47;48;12
Speaker 1
And we’ll talk to everybody next week.