Is the Home Sale Frenzy Over?

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Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah is the home sale frenzy over the latest figures show a speed decline. Just when sales are strong, what is that mean for the more says Rob will get all the latest on those burning questions. First up today as were joined by mortgage expert, Dale Vermillion, author of navigating the mortgage maze simple truth about financing your home that is on your calls and questions 800-525-7000 800-525-7000.

This is moneywise live with your financial decision. Well, Dale.

Welcome back to the program, my friend. Great to have you back delighted to.

I'm sure we got caught some people off guard with that opener you were all talking about how red this market is, you were here just three months ago and at that time home sales and values were rising to almost frightening level. So is this new data Dale saying that they've peaked.

I wouldn't peaked Rob but they've certainly tapered off. No question about that week. We've seen some some definite changes in the marketplace. No Midsummer this year we start to see a little bit of a fall off from the previous record numbers were sawn back in June we saw six points 6% drop below the main numbers that was almost a 20% drop in the previous June, but you know in July and now here in August. You look at a lot of that was because number one we got new levels were portability was tough.

I think a lot of people backed out of the market because they were tired of making offers contracts that a lot and I think right now were a little bit more of a holding virus in the Delta variant things. I think that all factors, the bottom line is we still feel a little bit increase in property values but not to the extent we did earlier yeah that's really interesting and very helpful in the time of the year makes this unusual to see this dip because typically June sales which is where these numbers came from would be some of the strongest right as we prepare for folks getting in the homes prior to the school year starting yeah no question the dog days of summer. Certainly I will receive the highest activities, typically in traditionally and in real estate sales again.

I think we cut such a strong market in the early spring and because it was just such a major lack of amatory that so many people were frustrated by what the market was doing and I think that had a major impact on I think that's what we saw a gap we normally don't so you're right it's not standard for that to happen but it did happen. The good news is we start to see that climb back out again and better news for buyers is that your improvements returns to more homes out there.

The people by today which talk about that piece of it for a moment Dale, you know, this was a big part of what drove these prices up.

You know it's classic economic supply and demand, and if there's more demand than supply prices are going up. The opposite is true. The other way when we talk about a lack of inventory related to homes on the market. It's not something the typical person thinks about everyday what are we really saying just truly not enough homes available nationwide yet so typically in a mortgage market. What you're looking for is about a 12 month supply of homes.

We were down to 5.5 month supply and may jump to the point you in June. It's increased again a little bit in July and now here in August were seeing continual increases at the end and therefore there's homes to buy thirst just based on the demand and a lot of the man by the way, Rob is because millennial. It's interesting. I was reading a statistic that the baby boomers. My generation.

We bought our homes in your 19 and 20 years old, on average, and the money divided, 32, 34, and a major difference about the market in 2021 unfortunately soak that created some of that along with a lot of the work from home people moving to places they want to vacation as a home that was a big shift in the marketplace. Those all consecrated the crunch millennial's are reaching age 30 and beyond their having kids. The ready to settle down. Dale just about 30 seconds before first brakes we mentioned new homes. What about existing home sales. What did you get there.

Well, that rose 1.4% annual rate from May to June sourcing and increase their and the median price really interesting bar. I will continue to unpack this plus what is all this mean for you.

I mean it's still supply all intents and purposes, a red-hot market which means if you been waiting on the sidelines. Do you perceive what about mortgages what you're selling all that and more. Just around the Dale Vermillion yesterday, author of navigating the mortgage maze simple truth about financing your home your questions around the seventh of back to moneywise live.

So glad to have you along with us today. Rob Webster hosted were talking in this segment of the broadcast, with our good friend mortgage expert, Dale Vermillion you know if you've been trying to buy or sell a home, you know, this market is red-hot.

There's no question about it. Interestingly, we got some good news in May and June that perhaps the housing market was starting to cool a bit, which means those of you who are enjoying these sky high prices well there still way up there. But if you're trying to enter this market. Perhaps you been renting and you're ready to buy your relocating to an area that set really just had appreciation you are welcoming.

This slight cooling off of the housing market, but you still need to know how to navigate this environment in here to help us do that today is again Dale Vermillion.

If you have a question specifically related to mortgages buying or selling a home how you prepare yourself to buy a home from the financing side whatever's on your mind today. This segment of the broadcast is dedicated to that, and we'd love for you to be able to talk to Dale. Here's the number to call. We got some lines open 800-525-7000. That's 800-525-7000 Dale. We talked about the reasons that perhaps we saw the inventory taking up we saw prices dipping ever so slightly in May and in June, you mentioned that though some of this might just be people saying I'm knocking to get caught up in the frenzy and the emotional responses and overpaying for these homes, but another piece of this that's going to hit us in the The Fall which may add to, perhaps, the softening of the housing market is those folks coming out of forbearance. As a result of the covert pandemic. Were you expecting there you just released a report that they are expecting that cost me 850,000 borrowers nationwide are going to be exiting their forbearance plans in August and through October. Now, based on the 2008 numbers. When this happened about 25% of those people end up selling their home and their expecting that think on a production that would literally create 211,000 new homes on the marketplace at the 15% increase in inventory would you numbers and that's can I help the real estate market help those to be doing on the sidelines maybe have an opportunity to get in the home and also slow down the easy increase because as supply increases then demands not so great. And then you don't have these you help 50,000 hundred thousand open list price offers that you have certainly so plenty of those that deal with folks who still want to sell. Should they believe in some way, they've missed an opportunity will know because you gotta remember, you still have the opportunity of the market around you take property values to a whole new level. It raised the waters you know in in the value pool for nationwide so you know you're still sitting in a good position today I would say that you think of selling. Probably now the time to put on the market because with the inventory challenges in the other things were happening in the current market. You're a good position. So right now, so there still sitting in a very and you will position is still a solid market today. Very good. Meanwhile, as you know, Dale, mortgage rates have ticked bit at the start of June. Our interest rates affecting the level of home sales and what you expecting as we move into the fall and even next year for mortgage interest rates yet so interestingly enough interest rates don't really impact the purchase market that much.

Practically, when even mother got up a little bit. They are historically lower than you ever seen in our lifetime.

So we've actually seen applications increase, even in the recent week by 2% in the purchase market so purchasers continue to increase, it did affect refi market. Now it'll dip a couple weeks ago ordered the 15 year mortgage rate was the lowest in all of US history that greater little bit of a refinancing craze again. The county had for a week or two. Note that we are going to be up and down as long as this coronavirus hangs around. It's going to keep rates down for more than we seem, because the government go to try to suppress those rights to keep the economy strong.

We did get a good job over 900,000 new jobs that had a little bit of an uptick on the right and were anticipating that fourth quarter of 2021 first quarter of 2022 will start to see just a steady climb and rates probably get it back up around the low threes again.

Still, great rates, but not what we were willing to swell and start that's her second incredible isn't to think that there could be a one handle on a 15 year mortgage and to handle on a 30 year mortgage and that still available today. In some cases.

Rob, my wife and I just apply for reconnect with her son-in-law a week and 1/2 ago I literally saw the rates at the lowest in history. Call about said will take it 1.99 with no cost. It was a no-brainer. It's unbelievable to me. If you decide to me 25 years ago. The one you like you are crazy.

That never happened. That's incredible now. Some folks are listening to you say that is the mortgage guy so he knows where to find that stuff. Where do you direct people when they say how do I find a mortgage like that. 199 with basically no cost to me. There is honestly some cause but where to use in the average person to find the best rates and terms because it will change depending upon who's got what money the wind at any given time. Right now all great but one big benefit of technology and go online you go to places like Tancredo Cillo or lending tree any one of these when right down there.

The first one to advertise because are trying to draw and no people to take a look at their site and and go through that so you can find out this information all over the media banishes the process of of talking three or four lenders and compare them between the bank. For example, maybe your credit union know a local, a mortgage banker broker and just see where they fall in Esther who's got the best combination of plate fees and is going to treat you the best.

All those things that come in play.

The online banks what you want one of those getting in the mix as well. At least just to evaluate what they have and you can find who has the best rates. Right now the bank rate.com before we had our first break. Let's get someone call in the mix were taking your calls this half hour for Dale Vermillion specifically related to mortgages and home sales and purchases. Let's go to Illinois Barb. Thanks for calling and holding today. How can we help not just strict mean we?

I'm glad that your brain affects and just priority. Sort of like your perspective I think you're pushing my husband and I should not two 850. Our children are grown, long time. At some point, we know that you know may need to sow and her children. Here's the thing different from some people because we you like a showpiece. We do a lot of people like some people do nice. It's a nice neighborhood meets our needs.

We've never really got a lot of updating and even sometimes I feel like with three clear draft sometimes just do what I'm concerned about is the time for sweetly tired. We like to spend money on other things and and keep an experienced we don't put a lot of money into her room and my concern is someday that would be when it comes time to transition that much money for it because I like raging debate containing engineer, making it look absolutely weigh in on that. It's a great question, Barb and I appreciate that you really want to be careful steward of God's money and you as you think about preparing to sell this home someday. You know you it's a there's a different equation that enters in. When you think about what do I want to do in terms of renovations and improvements to enjoy versus what oh I want to do to prepare to maximize the value of this asset which clearly your home is you approach those things to totally differently and so you know you're going online is going to be your friend as you research this is what you see is to sell your home you want to do things like add a fresh coat of paint or update your front door you think about curb appeal with some landscaping that simple. You want to de-clutter to attract buyers. You don't want to put a new kitchen and or at a sudden room so you know I think it's two totally different things you're thinking right about this deal. What would be your thoughts.

I couldn't agree more Rob and and you said the key word there that knowing what stewards of the things that God has given us is given us our home that it is a gift from hell and we want to make sure that we get the best return on investment for the show. What you what I want you to look at is not the optics of how does it look to other people looking to the point of it got gave me this gift how to why make it the most appealing to to get the best return and also prepared for the next buyer and the best way so that everybody wins in and it's a reflection of God's love and God's grace God's beauty and that's we want to say when you're making a wise decision. That's exactly right. You can check out bank rate.com. I know they have some great articles on this nerve wall in money.com start doing some research, so when the time comes, you're ready now start doing some of those small things that will really help you maximize the money was life.

Thanks for joining us on moneywise live on Rob West. Your post with us for this half-hour Dale Vermillion are good friend, author of navigating the mortgage maze. The simple truth about financing your home. You told us that to. Maybe this red heart hot housing market is starting to cool ever so slightly. It's been wild out there in most parts of the country, and for good reason. Real supply and demand issues with not enough homes for sale is millennial's are buying homes.

People are moving out of the downtown areas to the suburbs because there working remotely got historically low interest rates. Dale just told the simple has segment his son-in-law's refinancing mortgage at 1.99%.

Can you imagine that's incredible so there's just a lot going on right now and we want you to be a careful and faithful steward of God's money and that's why Jayla joins us so often to tackle these topics. We have a few lines open for your question specifically related to this topic. 800-525-7000 Dale let's go right back to the phones Nancy and Spokane has a question about an FHA mortgage Nancy go ahead can I call home almost a year ago now and when FHA and you know you have that FHA monthly insurance premium and I've been getting been contacted by private lenders and so I didn't know if it would paid to do that. I don't know if you're charged you know a lot of different charges to do a private loan to get better rid of that FHA very good Dale, you're not really so once you get keep an 80% loan to value other words, the mortgage balance is 80% or less of the total value the property, then you can qualify for conforming loan and you can eliminate that mortgage insurance now.

Good news is the marketplace has been so rapidly increasing that many people who even bought were refinancing here two years ago, many of them out run that 20% and qualify maybe one of those one of those individuals. I hope that you are so I would certainly talk to lender about that you're being contacted that if your home values increase, not that you can now that mortgage insurance it could cut hundreds of dollars off of your payment each month you make sure you know what the fees are on the loan that the charge and make sure that whatever you're saving is getting rid of whatever your costs are within the first 12 to 24 months. That's typically what I like to see happen and then if you know you be there at least two years.

Everything you do want to make sure that you're looking at that option. You also can potentially go back if you've built up that way sometimes. I'm just taken off. If you go enough equity, but that sometimes you do a reprisal that NRC guideline: after putting on the line. Nancy appreciate your call today very much to attempt to tipped and Deanna Mary. Thank you for your patience and for calling today.

How can we help you all, my daughter buyer now the buyer paid my way that they interesting, Dale.

Your thoughts well probably only with the approval of the prospective buyer. They build up by them to get access to that because the buyer dictate what it is. It is there so they can't control what you do it that there's nothing you can say that the bandit unfortunately but you can always have your own inspection done. It might not be a bad idea.

Do not just to know what's happening with that could help identify potential problems. Very good. You know it's always so important to be able to see that in med gives great counsel there in terms of how you would want to go about that wealth Dale working ahead in your next break here in just a second. You know this is an environment where you have to go in prepared just 20 seconds what you need to do to be prepared to buy a home. From a mortgage perspective.

Do your homework problems 24 three by wisdom a house is built through understanding.

Make sure you've got make you look at the wonders of right and all there you go. I think that's okay. We gotta go in knowing what were willing to pay and not get emotionally chase the price up beyond what it actually feels good to stick around for one more segment taking your calls and questions 800-525-7000.

This is moneywise live wisdom for your financial back to moneywise live on Rob Lester hose. So glad you're with us today. Thinking your calls and questions on mortgage issues housing market issues were to turn a corner here in just a moment, though, will be able to take your calls on anything financial for this final segment with Dale Vermillion daily been unpacking just what's going on around us in the housing and mortgage mortgage market and how we need to respond and I mentioned something just before the break that I look for you to touch on and that is to know what you're willing to pay for your budget and based on what's real market value, which can be hard to determine before you make that offer because we can get caught in an emotional trap in a market like this. Can't wait that is such an important point. Rob I totally agree that your budget put it in stone. Don't go beyond it. Don't get caught up in the bidding wars and remember when you set your budget is not just for the payment that you can comfortably report but it's also based on the firm that you can comfortably live. Remember, we want to be out of debt. We don't want to go longer than we need you. So if you want to be debt free in 20 years or so you think your tyrant 20 years, you shouldn't be taken on more than a 20 year term mortgage because specialty retirement if you're going to go from a normal income effect think I could drop you want to put yourself in the financial bad position, so be sure you got these things figured out Bell in advance and then stick to your guns and state would be willing to walk away your very best friend does. Eric is in Indianapolis. Eric, how can we help you do this or her.

We refinanced 1315 year mortgage 70,000 left on interest rates by 3.375 try to figure out if it would be worth while to go refinanced to try to find a lower rate or just write it out. I want we all want this thing paid off as fast as possible absolutely do well you know any time that you can match or reduce your term reduce your rate and pay minimal fees to do it and gain benefit and savings you want to do it. So even the balance of it's only $70,000 but you, you took it out for 15 year you took it out, eight years ago you got seven left you wouldn't want to go beyond that seven-year. You could look at a five year loan. For example, you might find the interest rate difference that we are in today might get your five year for about the same cut two years out your term right there instantaneously without raising a dime as long as your costs are low to get them out loan that could make a lot of sense for you.

The key is to make sure you stay in the home long enough to realize that savings and this Dale said make sure you can get the reduction but also check those mortgage expenses don't overpay Dale, you know, I typically say try not to pay more than 2% of the mortgage value for the cost of the refinance.

Is that still a good rule of thumb that is still a good rule about yesterday.nowadays you get a lot of lender credits for some of that and come back to you on the right. You never want to beyond 2% yes hundred $50,000 mortgage refinancing should be spending more than $3000 in which you may find is at six or 8000 because they're having you buy down the rate in an environment like this Dale. There's no need to do that right know not when your rates are so low as they are unless you be there for 30 years and long-term $15,000 by doing it.

Got a note forever home to be there. Otherwise your little one. I always thought I figured that out that every time you note our best intentions of staying somewhere. Just don't play out. On average, to Lansing, Michigan. Denny you been incredibly patients are. How can we help you yeah I got to our question were trying to buy some. All she will land and use our retail right around 70 to 75 and wholesale prices foreclosed is around 35 and Bell only 35 not retail value. Do I need to find your navigate this that's pretty standard because anytime you're in vacant property. There's there's no structure that carries the value for you so very, to be 50% or less loan to value on those things.

You can certainly look at other limits institution. I doubt you find much of a different answer upon that. What I would try to do if you find you don't access to some of that foreclosed property? If you can you can tap into and that may be the best route for very good Denny thank you for calling what you said you had a part to a great deep values about state homes.

How come the agricultural vacant land doesn't follow that same because of how the monies really in the single-family homes and the residential property is not in the agricultural property that the main reason why just the use of the land is what dictates what value do and then what your building upon that. We always seen that agriculture is nowhere near the residential market commercial also is different but the residential market so it really comes down to usage. At the end of the day very good hands in Hollywood, Florida. Pam just a couple minutes before next breakout to help you and I want to sound my home and family and my military sent that I don't need to do anything great to the house need to be painted and it doesn't need to be anything that I should because people might come in and just got it, fix it the way they want.I just wanted to know what your thoughts are on that yellow. You know, I would probably get at least a second opinion just to make sure because one person that I might see different than another because there is there is some logic… It's really about the importance of making sure the appeal and no light colors and bright colors and things that people want to see but is first changing things are statically many times, that is a waste of money because you're just putting something in your exactly right.

The next buyer may not want you to make sure to clean it right. It's not everything is organized well if you do that and you got great curb appeal and everything is really set up nice, you're probably in pretty good shape. I do like to recommend people to get a second opinion. Something else just to see what their thoughts are to just if there's any little tips I give it might help Sobol absolutely and again the Internet is your friend or what you see is just what Dale said a fresh coat of paint your front door.

Simple landscaping enough. You have a dark kitchen don't to go in and renovate the kitchen but you might want to paint the cabinets. You know me that's a great way just to completely change the look and the feel of the home. Maximize the value without spending a fortune. Pam, thanks for your call to twist Dale's arm, see if he'll stay for our final segment today because we got those still a good many questions on mortgages the mortgage process and buying a home some Dale can you stick around absolutely be glad you, nothing like putting on the spot before we go into this next break I got about 20 seconds. Here your mortgage guy that actually likes people to get out of. I do 13 80 nothing anybody occasional of one another. Bible we want to move toward being debt-free and I would say in your home.

Try to time that if you can't do it sooner. By the time you reach retirement dramatically reduce your lifestyle expenses put you in a great place to follow the leading of the Lord during the exciting season one more segment with Bill Vermillion around the moneywise live the west coast. It's always a good day when our friend Bill Vermillion stopped by the author navigating the mortgage maze.

The simple truth about financing your home for Moody publishers and he is someone who helps his God's financial principles out in apply them to the mortgage process but let's go right back to the phones and Wyndham of Ohio is Bob and Bob. How can we help you today, my life giving money away. I lived overseas and so when we came home we didn't have much, but we bought a house in picked it up then as I was passing the church and we made good profit on that and so we thought it then bought another house about a year and 1/2 ago and now we both just moved to another church that had been partners in that kind of thing is so my question is should I sell my house, invest the money or should I keep the house and have renters get in there and see if there's people that we can help. That way, what should we do yeah you know it's a great question, Bob and I like both asset classes. I like stocks and bonds you lose a lot of money to be made there. If you invest according to biblical principles. You seek a return, but you do it on a long-term basis in your properly diversified and you're not trying to get rich can pick the highflying winners and losers be you take more of a steady plodding approach me. That's what God's word encourages one of the other benefits of stock and bond investing Bob is that it's passive so you could hire somebody to build the portfolio and oversee it and you don't get any phone calls in the middle of the night if you need to make a repair or there's a plumbing issue and you don't have to worry about whether or not you have a tenant one month to the next and so in that season of life is you're looking to perhaps simplify a bit.

There's a benefit to having a stock and bond portfolio which would mean you sell that asset, especially when stock housing prices are high and you redeploy that now the other side of that is I love real estate as well. There's something to be said about having a piece of property that paid off.

That is cash flowing that continues to appreciate and so I think it really comes down to you know do you need to generate income and can you generate enough through the rental prices you know that you have coming in and are you willing to be a landlord into this next season of life is you think about all that goes into that or would you rather have something more passive because you can make.

But money in both asset classes. Give your thoughts.

Well my way.

My financial advisor think that I should sell the house.

I really good health. I only about 70 years old and I expect I'll be in the ministry for the next 10 years and the house is located near where art are one of our children and grandchildren and it's only about 20 minutes, so the skill. As far as coming. You never know about about what attendance I do the house until it's too late, so I II kinda like the physical method of a of real estate and yet I know that you can make money on stocks also don't yeah I'm kind of in the middle. That's why at yeah yeah I think that's something to be said about perhaps splitting the difference.

Maybe hang onto it and and while you still have a lot of energy and you're enjoying it and as long as it's producing the income you want, but you can you know I would always compare that to a reasonable rate of return in the market and think about can I do better or the same with less effort and work to gives me more freedom and flexibility to serve the Lord and it will be used in the season of life.

So just be constantly evaluating that to see both the financial side as well as the nonfinancial side which makes the most sense and perhaps you stay with the real estate for now, but you look to sell it.

You know, if you years down the road. We appreciate your call today.

Bob, let's head to our next caller line one. I don't see your name but I know you have a credit score. Questions of the red yes okay my question is like 4 to 1 of those low interest rate.

What are we looking for maybe taking a break late on credit score and debt to income ratio that they know not everyone can get those low interest rates and also with an FHA and a conventional lunch. I we talk. Can I still get one of those low interest rate or do they bury are they different yeah yeah great question, but they do vary depending on your your credit score because that is one of the primary factors lenders use. If you're over 780 you got nothing to worry about get the best rates out there. Many lenders over 720.

You'll still qualify that very low rate category. Then the next gap is 6720, as were a lot of letters will start to change a little bit and a little bit of interest rate and then six 2680 is typically the last one below 620 is where it starts to go a little more difficult. There's loans out there and get your bill of more interest rate for those but even in those lower sectors to pay the rates of been so good for so long, but there still something rental rate even at those kind of credit scores but yes that the higher the credit score is. Whichever one of those you fall into the better you're going to get in the old magistrate pillow very good. Thank you for your call today and leanness in my hometown where I grew up Fort Lauderdale, Florida, and Linda redhead leave you with this all right. I think we lost that lien if we get her back. We will get her on the air. Dale we've covered a lot of ground today. I think you if you were to summarize some of the key points and takeaways of what we discussed today, for those who are out there still some thinking about refinancing others, trying to figure out should I buy in this market.

Others thinking is this the time to sell. What would be some of the key ideas you have a son take away today well I would start with Proverbs 1522 uses plans felt like what many advisers they succeed look you want to do your homework you want to budget you want to plan and prepare. We talked about that many times plan, not just your short-term what were you looking to do today in buying a home, but what is your long-term plans both short-term for growth for investment and make sure that you are when you go into the decision to buy a home or to refinance your really doing your homework to make sure that you're buying a good location that you're not overpaying for the price and again we can't say enough don't make an emotional decision make make a good prayerful godly decision.

These things if you follow those simple guidelines I think you could be in great shape this marketplace that such good advice Dale.

This quickly before were out of time here today using a professional either a mortgage broker or someone between you and the possible lender who can help you find the right loan program versus you doing yourself and using a real estate professional versus time trying to do a for sale by owner yet so electrical mortgage broker side first. You certainly want to talk to a mortgage broker as one of your resources you want to talk to any institution you work with her long time.

If you have a current mortgage holder always talk your current mortgage holder. Sometimes you get a discount or get a better deal through them.

So yes, to have somebody you can negotiate in your behalf at your benefit you that.

Just make sure that all those fees close up front.

Make sure you're getting the better deal. At the end of the day and save more money as part of the real estate broker again it comes down to it, if I'm paying a commission for this but it's going to get me more of the value I'm looking for that I can get my own that may be a good choice. But you know you can do a lot of things for sale my work today because of technology where you can enter really hot markets get top price for your dollar.

Of course all of these professionals are working to help you and they do provide support just got a look at what those fees are compared the return and make your decision again based on a prayerful decision and what is why in store and got money, that's great. We did get Ed leaned back in lien I've only got about a minute left at which a question for Dale Vermillion $130,000 in home we.

We think contractually we had been retired in for a year now we start paying $1000 monthly wide toward the principal.

I would like to know if it's working to refinance now and legally asking how far into this mortgage are you how many years do you have remaining all follow because she would like slightly as mortgage and how long have you had all since 2000. I think it's 2000 okay. All right. Dale will have four years out from retirement. The 4% mortgage and you know there is 15 years into the mortgage.

Probably a 30 year what you think.

Yeah, I think she said for your partner to write you back in that day so that the case got 25 years old. Yes I would definitely put an application and see if you get that rate down where she get that 25 you're down closer or 20 or 15 year loan for the amount she's paying pay that extra principal like she's doing at all centuries. On that thing in 5 to 6 years so we want to be debt-free by retirement. That's our goal and if you can take some of the benefit of Lori to do that as long again we talk so we can't lost. Don't take away from that. Make sure whatever your costs are that your savings is clearing that out within the first 24 months and everything up as profit and it could be very good decision for you.

I totally agree that lien definitely check it out. Let's make sure you at least keep the term to the same so if you're 25 years left. Let's not do anything more than 25 years, but if you get it down to 220 or 15, especially since you been sending extra you'll be in a great spot. We appreciate your call today. Will Dale my friend, so thankful for you, your ministry heart. I know you're doing some great work overseas.

In addition to literally training thousands and thousands and thousands of mortgage brokers. Every year, but I know you're generous with your time to come on this program so often were great. I love you my friend. I appreciate so much job last. How do it and can't wait. The book is navigating the mortgage maze. The simple truth about financing your home address moneywise. Love is a partnership between radio and moneywise immediately say thank you.

My team Robert Sutherland Rios Dan Anderson posted a thank you for being here come back and join us tomorrow will be here for you to have