Welcome Home with Monique

Kevin Krall 0:00
The content of this program is paid for by Monique Buchanan LLC. The content of this program does not reflect the views or opinions of 91.5 Jazz and more. Or the University of Nevada Las Vegas. You see me

Unknown Speaker 0:25
good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, happy Saturday, everybody in Vegas. It's Monique Buchanan, the host of the welcome home with Monique show. Listen, I've got yet again a great show for you. We're getting back to real estate folks. Listen, I had the let me see if I could say it right. Mayoral Candidates for North Las Vegas on last week, it was a great show. If you miss that show, or any of the shows, like when I had the judges for District Court six, they were on previously, any of my shows, you can always jump on Spotify, check out my previous shows at Welcome Home show and I will come up you will see this smiling face, okay, Spotify, or you can always go on my YouTube channel. If and when you do that, if you could do a subscribe and a like I would really appreciate it. And you can catch all my previous shows there as well. Okay, so let's jump into our show today. I want to introduce you guys to a very special guest, Mr. Adam. And let's see if I get it right. He says very easy. Monique just said exactly how it's, you know, spelled ich ko which is that right?

Unknown Speaker 1:38
That's correct. When he

Unknown Speaker 1:39
did it. He's with Nexa. Home Loans are a mix of mortgage I should say. And he's got some amazing products. So that's why I want to have Adam come on today. Because like I've told you guys, previously, every lender has different products and different services that they can offer you. That's why I tell you guys, hey, don't go with the first lender. Because another lender might have a different product or you know, something that they can offer. So you want to make sure that you understand that lenders have different services, just like anything, right, Adam?

Unknown Speaker 2:12
Absolutely. And one of the things that really differentiates us from other lenders is we're what's known as a broker. So as a broker, we have available to us a much larger array of lenders, and which means a much larger array of products that's available to us. So we have over 150 different investors or lenders that we deal with that have all kinds of really cool products, so much, much broader, much larger array, like I said than than your average direct lender. Right?

Unknown Speaker 2:43
That makes complete sense. So if the bank tells you no, Adam could very well tell you yes, because he has many more banks that he's gonna, you know, yeah, be able to put your information in front of and see who can work with you. So that's great to know, let's start this show up with the bridge loan product. And the reason I'm doing that Adam is because right now, we need listings, and I've got quite a few listings going on right now I'm very happy to have them and we're closing them out, we're closing them above list. And my clients are happy. And it's all good. But a lot of clients want to list their property, but they're thinking that there are several, where will I go? Or will I need the money and you know, I need the money from the sale. And I don't want to do a contingent. So let's talk about that bridge loan, where a pretty much can help get rid of that contingent upon me selling, which is very hard to sell right now in this very hot market. So if you want to talk about your bridge loan,

Unknown Speaker 3:38
yeah, absolutely. So bridge loans are basically short term loans in order to take equity from the home that you're currently living in, and then use that equity to put it down on the new home. So So rather than, like you said, waiting for that home to sell, now I can, I can take the vast majority of that equity that's available to me, and just take it, put it down on the new home. And then I can close on the new home without having to have the old homes sold yet. So it's a great product that can help you get from one home to the other without all that in between frustration or having to move more than once.

Unknown Speaker 4:13
Absolutely. Because in this market, seller is king. Okay. So when I'm looking over the offers from Yeah, for my seller, if I see one come across that says, hey, we're offering you you know, I don't know $30,000 over list, but we have to sell our house first. Well guess what? That's a big risk for my seller. And I've got to let them know that well listen, if they don't sell their house and we accept now we've had our property off the market, and we've lost you know, momentum and we've lost, you know, offers that could have come across it and beat that. So that's why this loan is amazing right now in this particular market. Now when if I'm on the opposite side, I can submit that offer and say Hey, Mr. Seller, guess what? You don't have to wait for my house to sell. I'm ready to run Rock and Roll, because I have a bridge loan with Mr. Adam, is that right?

Unknown Speaker 5:05
Absolutely. You just want to make sure you start the bridge loan ahead of head of listing the house, get that equity out first, make sure you have the money in hand. So that way when you're going out to make those offers, which I'm sure you will agree, we want to make sure that money is ready to go. So they can put that money down and get close quickly.

Unknown Speaker 5:20
And how long does that typically take to get money in hand?

Unknown Speaker 5:25
Probably about 30 days, usually our give or take about 30 day profit, okay,

Unknown Speaker 5:29
so when I do my listing appointment with them, I will get with you and get you with them and get that going. And then we'll list will do a coming soon. And then once they have money in hand, 30 days later, it will go live. So in other words, people are looking, they're getting excited about the property, but it will not go live until me and you Adam have secured those funds for my seller so that they can move on. Sounds great. Okay, let's move on to my investor loans or your investor loans, you've got some great products as well.

Unknown Speaker 6:00
We do one of the Well, a couple a couple of products that I really like a lot are both for investors, one, both of them have typically about 15%, down minimum, which compared to most average investor products, that was your typical conventional loans, which is your Fannie Mae and Freddie Mac tech products. Those typically require at least 20 25% down this this particular product is very similar to that. But it's it's a specialty product, where it only requires 15% down and it has no mortgage insurance requirements. So typically speaking, anytime you're not putting at least 20% down on, on any type of purchase, that is going to be mortgage insurance, right? With this particular product, not only does it have a good rate for being a an investor loan, which investor loans typically have higher rates than people who are owner occupying, living in those homes themselves. But good, good rate for an investor loan, as well as no mortgage insurance. So it actually can save you a little bit of money. Yeah, that's

Unknown Speaker 7:02
a major, major, because, you know, that's typically around $200, on average, in addition to your, you know, your regular principal payment, so, to be able to save on that, yeah, it can be up to that much or, you know, that's just a general, so to say, you know, around 200,000, of course, every, you know, Buddy is different. But to save that money and get a decent rate, and not have to put the 20% down, that's awesome. Because, you know, let's say that you own a house right now. And you do want to go ahead and get into this market before it gets even worse, you know, you're like, you know, what, I see the writing on the wall, it's obvious now, to me, I want to hurry up and buy a couple condos or a you know what I mean, I want to, you know, just, you know, get my foot in as an investor. Now, you only have to put 15% down, whereas normally, you'd have to put 20. So that's, that's awesome. And you're able to secure a great rate. That's awesome, Adam, go ahead. And

Unknown Speaker 7:57
we also have one other product that I wanted to mention. So there was two products, in particular regarding investment purchase. The other is what's called a, the abbreviation that we throw around is DSCR. What that really stands for debt service coverage ratio. So this particular type of loan is for the the investor who wants to invest, but maybe they're, they don't want to do the whole full documentation type of loan meaning, you know, normally, when we're talking about full documentation on, like the last one I just mentioned, you know, we're going to require pay stubs or tax returns, that'd be too, all that fun paperwork, and of course, all the usual assets, statements, and so forth. With the DSCR specifically made for investors, this is kind of a what we might want to also call an investor cash flow program. So it doesn't, we don't look at your personal income at all, on that particular product, what we're looking at is the rents, average rent for that particular home, versus the mortgage amount that you're financing. So in other words, to give you a quick example here, let's just say that the rents for that home is going to be $1,000 a month, and my mortgage is gonna be $1,000 a month, as long as those two are at least, that $1,000 a month, or the rental amount is more than what that mortgage amount is. Then no requirement to produce any kind of income documentation. They just go with. Okay, this works it cash flows, and therefore you get the loan you just put down the money, you got to make sure you have of course a decent credit score, but it makes the loan process a little easier because again, we don't have to mess with any of that income paperwork.

Unknown Speaker 9:40
That is awesome. If you're just tuning in. This is Monique Buchanan the welcome home with Monique show. I've got Mr. Adam ich. Ich chouette on with me and he's going over some of the great products that he has, as my one of my preferred mortgage lenders. And if you want to hear this show and maybe you didn't get a chance to listen to it from the beginning, you can always jump on Spotify. Welcome Home Show. It'll be on there next week uploaded, all my previous shows are there, as well as my YouTube channel, the once again welcome home show Monique Buchanan. So and you can also reach me if you're interested in any of these loans 702984 3700. I am your real estate source 702984 3700. Moni you can. Let's jump back into that. So you were saying that the D S car requires no looking at their personal income? Base, right? So that's awesome. Exactly.

Unknown Speaker 10:39
When we do the appraisal, the appraiser does what's called the rent schedule, they look at the average rents for that market. And again, whatever that whatever that appraiser says that that house would rent for, that's the number we use. And as long as your mortgage is at least, that much or less than the rental amount, then you've got no problem and that just make it all happen.

Unknown Speaker 11:02
That is phenomenal. That is phenomenal. So in other words, if right program, if the appraiser says Hey, she can rent this house out for 2500, and then you've gave her or you've given her a loan, that she has a $2,300 payment for her mortgage, she's good to go.

Unknown Speaker 11:18
Good to go. No, no other income requirements at all. So she or he doesn't

Unknown Speaker 11:25
know that a lot of folks are going to probably be calling in about that. Because that opens the door for investing for sure. You know, you're not great.

Unknown Speaker 11:33
Right. So it's great for investors who maybe they have one or two properties, and they really want to add to it. But you know, as someone who sees a lot of tax returns, I know that when someone owns a rental property, many times they're writing off a lot of different things on that. And a lot of times with when you when you take into account all the different things that go into your tax returns, sometimes you might come out with a negative cash flow on that property, at least on paper, so to speak, right. And so that can be problematic, because now that negative is going against your income. Otherwise, if you were doing like a regular full documentation loan, right. So with this, we don't have to worry about any of that. We don't have to delve into anything to do with income on any any aspect of whether it's a rental property or your regular income or otherwise, we just say this works. It cash flows. Move on.

Unknown Speaker 12:25
Yeah, no, that's great. Great program. Yes. Okay. So let's go ahead and jump into the rates, rates rates. You know, where are we at right now, I know that, you know, just a couple months ago, we were in the high threes fours. In the last I heard we're, we're hitting six, you know, high fives and sixes, correct me.

Unknown Speaker 12:47
Yeah, so I just did a quick check on some rates. I'm seeing rates at the very low end for an adjustable rate loan in the low fours. And for your average 30 year conventional 30 year fixed, regular type rate, it can range anywhere from the mid five, all the way up into the mid sixes actually just depends on the program depends on the down depends on the credit score. So there's, of course, all these different factors that go into how we determine the rate each individual. Yeah, it's definitely quite a bit up much up from the lows that we saw back at the end of the year, right.

Unknown Speaker 13:28
And so I'm always, you know, preaching about the rates, and I try to give people an understanding of just how crucial it is when when the rate even goes up one point. Can you elaborate on that? And since you're the lender, and I'm the realtor that opens the doors and negotiates for my clients, but you're the money, man. So can you kind of elaborate on what it means for a buyer? Let's pretend that the buyer is approved for 500,000. The rate just went up one point, what does that mean for that buyer?

Unknown Speaker 13:56
Definitely, they're gonna pay more per month. So are you talking in terms of like, what's the monthly difference in that, let's say or what could they

Unknown Speaker 14:03
lose on that approval? How much more? Or how much less? Would they be approved? For? Possibly? Yes,

Unknown Speaker 14:10
it would definitely can range but I mean, it could be anywhere from 20 3040 $50,000 depending on that person's qualifying to begin with. Yeah, it's gonna, yeah, they're gonna not be able to afford as much home. Those rates keep going up.

Unknown Speaker 14:26
And the reason I talk about that, Adam is because that's it. You know, listen, every time that that point goes up with rates, you're losing more of a home, you're lose, you're getting a smaller house every time that goes up. So I know that the feds were saying that that What are they planning on raising it? What three more times this year?

Unknown Speaker 14:44
Yeah, but that's not necessarily a bad thing for rates. So a lot of times people think there's a direct correlation between what the Fed does and our mortgage rates. And so, realistically, right now, our biggest concern is inflation. So one of the some of the experts, I listen to have a definite belief that the more they keep raising the Fed rate, which again, there's not a direct correlation to mortgage rates. There's all kinds of correlation, but not not necessarily. And so what that might do is actually, the more they raise the federated can help curb inflation by curbing inflation that can help lower the mortgage rates. So we actually, I'm actually hoping that they do read news, based on the information I hear that that could help us actually settle mortgage rates down a little bit. I

Unknown Speaker 15:33
know we're all praying for that. I hope that whatever you were listening to is right.

Unknown Speaker 15:39
We're one of the top experts in the field. So every morning I try to listen to what's going on in those markets.

Unknown Speaker 15:45
Good. Good. Yes, absolutely. So that's good news. Hopefully, these rates will come down a bit. Now, do you think they'll ever hit two and three again,

Unknown Speaker 15:54
I will tell you, I've been in the loan business, I started lending in 1992. So I've been doing this for 30 years, I will tell you the only time I've seen rates as low as they were. Back when COVID hit was was just that one COVID hit. Prior to COVID, the lowest rate I ever gave someone was a 3.75. Back that we were down in the twos and the low threes. That was a storage. If you go further back that even when I was in the business 1982 obviously before that you had the 80s where we were seeing rates in the in the teens. Yes. So you got to think about the bigger perspective that even though rates are higher than they were, we also have to understand that, from my perspective, and then the in the in the, in the big 30,000 foot view here is that realistically, a rate in the fives is abnormal. That's really I mean, we just got spoiled, quite frankly, with with ridiculously, unbelievably low rates. And, you know, I don't know if that'll ever come back again. And I wish we saw it once in my lifetime. And or at least once in my career. 30 years of doing this never seen rates as low as that. So will we see it again? Hard to say, right? I wouldn't count on it. Right, right.

Unknown Speaker 17:12
I agree. I really, we've just been spoiled for so long that we're like, oh my goodness six.

Unknown Speaker 17:21
Like, oh, yeah, it

Unknown Speaker 17:22
was 13. You know what I mean? So 13% When he was buying his house, you know, we didn't even snip at it's crazy, right? So if you're just tuning in, once again, I am on with Mr. Adam, ich KOVITCH. And he's with Nexa home loans. And we are going over some of the products that they offer. And just kind of giving you guys an idea of what's going on here in the lovely Las Vegas market. Okay, and of course, that covers Henderson, North Las Vegas. Well, I am your realtor, Monique Buchanan, and you can reach me at 702984 3700. If there's something that you want to discuss, in regards to real estate or something that Adam has spoken about today, you we we can get you in touch with him 702984 3700. Okay, so let's go on now that we've talked about rates, and because we are at a point where rates are in our mind a little bit high, I know that there's a creative way to kind of maneuver things. So I was speaking with you before we came on the show. And I said, you know, some folks just want to buy and be able to afford their payment. And they know that they they plan on selling within, you know, seven years or less. So if you know that you just want to get in the market get going on home ownership, or maybe I don't know, whatever your reason is, or you just want to you know, list your property and get something else. But you're like the payment, the payment, the payment because of the rate. There is an idea that we have that you can obviously do you want to touch on that where if you know for sure you're going to sell this next property. Okay, before the seven years is up, there is something that you can do, which is called the arms loan. Right. And I know a lot of investors use something similar because they know that they're going to get rid of the property. So if you know that you're not going to stay there for the year, the rest of your life, you know, you're like no money. This is a you know, just a property that I'm going to own for less than seven years, then maybe Adam has a product that can help you with that payment being a little bit less and securing a much lower rate. You want to talk about that?

Unknown Speaker 19:22
Absolutely. So arm loans are adjustable rate mortgages are something that we haven't really seen much of over the last while, gosh, how many years now over 10 years. So it really since the crash happened. So that was back in what 2007 Eight is when we really started seeing the Adjustable Rate Mortgages just kind of disappear. They just haven't been what we call price. Well, in other words, it doesn't didn't really make sense to do an adjustable because in most cases, you could get a fixed rate loan that was actually lower than the adjustable rate loans that were out there for a really long time. Right. That's kind of changing a little bit at this point. And I think Because of the environment that we're in with the rising rate market. So now we're seeing those Adjustable Rate Mortgages kind of come back into fashion a little bit. Some of our lenders are really trying to push those out there and say, Hey, guys, we got these, these adjustable rate mortgages, now, they're priced a little better, meaning the interest rates are lower than the conventional, etc, etc. So, for instance, I looked at one earlier, it was a, what we call a seven year. So let me backtrack a little bit. Adjustable Rate Mortgages come in all different forms. So some are fixed for a certain period of time, whether it's five years, seven years, 10 years, and then after that initial period, then they'll start adjusting. So for instance, today, one of the ones I looked at was a seven year fixed for the first seven years and then more just after the seven year period, that start rate for that seven years is 4.6, to five compared to say, a similar rate on a fixed rate loan, which would have been give or take about 5.6. So considerably lower to, to get you started getting that home with at a much lower rate. And then if rates come down a little bit, in the meantime, you can always look at refinancing that rate down the road, hopefully, if things go the way we want them to and rates settle back down a little bit. It's a great way to get in and get yourself started, like you said, a lot of people right now are not staying in their homes much. You know, beyond seven,

Unknown Speaker 21:24
five years, typically you want to sell or upgrade, or, you know, you want to upgrade after five years. I don't know about you guys, but once I've been in the house, five years, it starts to feel small, honestly. So I have a client that was telling me she didn't do it. But she was telling me that her friend actually just did that. And she said, yeah, she got the house and she got a 10 year. So you know, if you know that you're not planning on living in this property, but you want to get your foot in the door, you know what I mean? And you know, for sure, hey, I'm going to sell it, or I can always refi it, if it does happen to go down lower, or you know, something comparable, I can just refi out of this, this adjustable and go right on into my 30 year fixed, you know, but now, I bought that time, and I didn't miss the opportunity, you know what I mean? So I thought that was a really clever way to get folks in the door. And then if they want to refi down the road, they can or they can just know that they're gonna have to sell before that adjustment starts happening. So that's a great thing. Now the last thing I think, that we're going to talk about, are the jumbo loans, you guys have great products with that as well.

Unknown Speaker 22:35
We have an amazing array of jumbo loan products, as I say stated earlier in the program, we as a broker were able to go out to many different investors, lenders out there. So we have quite the array of jumbo products are one of the craziest ones we've got right now is a three and a half percent down in general. Most people can't even believe it when I say that, we have a jumbo loan,

Unknown Speaker 22:58
right? Give us that give us an example.

Unknown Speaker 23:05
So downpayment in the past, many, many years, it's always been say 15% at a bare minimum 20% Maybe even more, again, depending on the program and situation. So, you know, in the past 50% for many many years was was the absolute minimum down that you had to do with with a product like this was only three and a half down? Yeah, that's unbelievable. It really it's a game changer. So

Unknown Speaker 23:39
now, now my listeners understand, you know, we're in the business, we're in the real estate business, so we get it, but they're thinking well, you know, hey, no 15% is the average in the minimum for a jumbo loan. And can you tell them what that would like what the price point is for jumbo anything over purchase price

Unknown Speaker 23:56
anything over $647,200 So conventional loans, that is the max loan amount for conforming or what we call conventional loan, so anything over that loan amount, that's going to be considered a jumbo so 647 201 and higher will be a jumbo loan.

Unknown Speaker 24:13
Yes, that's awesome. So you guys have a three and a half percent down of course it can put more down you know, hopefully they have the 20% Great, put it on down and save on the mortgage insurance premium Right.

Unknown Speaker 24:27
Absolutely. My my recommendation and actually that comes with no mortgage insurance premium on

Unknown Speaker 24:31
that. Oh, with a three and a half down. Wow, that's great. You guys heard that three and a half percent down on a jumbo loan with no MIP

Unknown Speaker 24:42
you go. I recommend at least 5% down though because of the way they priced out those loans. So yeah, 5% down or more is really the better way to go though.

Unknown Speaker 24:54
Well, Adam, you have used it. You have given us Oh A lot of information and some great products that you are offering over there. Once again, if you've heard something that Adam offers and you want to just get some questions answered or just touch bases with him 702984 3700 702984 3700 This is Monique Buchanan with a welcome home with Monique show. You can email me at Welcome Home Show 91.5 at gmail, or you can just google me and get a hold of me. Jump on my website, welcome home show 91.5 You can find that as well. And get in contact with me or Adam. Okay, guys. So listen, I want to thank you so much, Adam, for coming on. We'll definitely have you on again.

Unknown Speaker 25:42
Awesome. Thank you. All right. Thank

Unknown Speaker 25:44
you, Adam. All right. You have a blessed weekend. Thank

Unknown Speaker 25:48
you, you too. Bye. Bye.

Unknown Speaker 25:51
Okay, guys. So once again, I'm going to give you guys my luxury listings. That's gonna be a new thing that I do. Just to kind of shout out some listings, where my colleagues Mr. Mr. Packer, gave us these listings today. He's on my team, like I've told you guys, my brokerage has over 80,000 agents and we are worldwide in 18 countries. So a lot of my fellow colleagues have multimillion dollar listings and you will be hearing me speak on those right here on the show. If you are interested in any of them, you can always reach out to me and I will take you on a tour of these beautiful listings. Okay, so we're just going to jump right into it. Okay, the first one is at the beautiful veer towers. It is a high rise. It is priced at 1,495,000. But this is a beautiful high rise you guys it is located on the 18th floor. So you're going to have stunning, stunning views. Okay. This is a two bedroom, two bath and it is 1840 square feet. Okay, it's only steps away from the ARIA, excuse me ARIA T mobile arena. So you are in the heart of the strip. You are surrounded by the best dining gaming and shows on the strip. And it includes valet parking, fitness center security, rooftop pool, and a hot tub. So that is lovely. If you want to have the best of the best and live in a beautiful high res in Las Vegas. That is one of your options. Now, if you just you'd like you know what, Monique, I'm not ready to buy. I'm not quite ready to commit to the $1.4 million. But you listen, I'd like to try it out. It sounds great. Maybe do you have a rental? I actually will I should say my colleague actually does. And it's going for $7,200 a month. Okay, so it's the same same size 1840 square feet, two bedroom, two bath, same area, same amenities, okay. So if you're interested in renting a high rise like that, I can also show you that property as well. That is in the Vir towers high rise. Okay. So listen, if you want a beautiful home over in Summerlin, here is a five bedroom it sits on a 7400 square foot lot you guys that is a really good size lot. So you're definitely going to have that backyard that you'd love to have. The inside is 3300 square feet and once again, like I said it's a five bedroom, three full bath, you are in the 89134 area. So you are in the Bel Air estates. This property is going for 899,000 It does have a private beautiful sparkling pool and spa. All right, it's a stunning two bedroom home and it's a gated community Okay, so that's awesome. You're gonna have that you know sense of security. Now listen, it does have the two way gas fireplaces you know it's got the Jack and Jill bathrooms upstairs. It is beautiful. If you are interested in any of these properties, the two high rise properties I spoke on or that lovely Summerlin home five bedrooms, three baths 7400 square foot lot 3304 in the inside guys. I know that is a hard bind to find a Summerlin home with that big of a yard is a hard fine. So if that interests you, my number is 702984 30 700-702-9430 700 I can send you pictures so that you can see the properties as well. Or we can schedule a tour. Listen, I appreciate you guys. Love you. Listen until I hear from you. Have a great weekend Monique Buchanan and once again, you can catch all my shows on Spotify under Welcome Home Show or my YouTube channel. Welcome Home Show. Please like and subscribe. Have a blessed weekend. Thank you for listening. This is Monique Buchanan. My license number is S 1788 46 and I am part of EXP Realty Tune in next week.

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