Welcome Home with Monique

Unknown Speaker 0:00
The content of this program is sponsored by CMG financial, 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 on the

Unknown Speaker 0:19
couch 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, hello, Las Vegas. This is Monique McCann in the host of the welcome home with Monique show. And listen guys, I've got yet another amazing show for you guys. It's gonna be a good one. So make sure you listen the entire way through. I have none other than one of my go to lenders. Mr. Anthony Valentino vice president of mortgage lending. Hi, Anthony.

Unknown Speaker 1:01
Hey there, how are you? Well,

Unknown Speaker 1:03
I'm really good. Thank you. Listen, Anthony's out there enjoying the beautiful beaches of Hawaii. But he's been assisting many of my clients here in the Las Vegas Valley. Anthony actually used to go to bonanza. So he is a Las Vegas you know, native, which is hard to find. We're not gonna you know, we're not gonna hold the fire to his feet because he did jump ship and go to Hawaii, right? We can't blame

Unknown Speaker 1:28
you all. My family still lives there, though. I mean, this is where my heart is for sure.

Unknown Speaker 1:33
Well, there you go. You know, we can't be mad at you for wanting to be around family and the beaches and maybe a pina colada here or there. But anyways, guys, Anthony is amazing at what he does. Like I said, he's one of my go to lenders. Anthony, you want to take it away? You've been in the game for what? over 20 years now?

Unknown Speaker 1:50
Yeah, going on 20 years, I was on the secondary market, you know, with the stocks and in the mortgage backed security side. And then I jumped about 12 years ago onto the primary side, where residential home loans is where I've been making my namesake yet.

Unknown Speaker 2:07
So what I loved about Anthony, you guys, is that when I have a client that needs a little help, needs a roadmap. You know what I mean? Of course, he can handle the slam dunks, of course, he can handle my jumbo clients, you know what I mean? But he can also handle my clients and say, Hey, Mo, I've got a couple things. I've got a couple of hurdles. I know that I need to jump over before I'll be ready to, you know, become a homeowner. Anthony does not shy away from that. He has a whole team together that can assist. Is that right? Anthony? You were telling me about your credit people?

Unknown Speaker 2:39
That's right. I mean, the biggest issue for people purchasing a house is the unknown. And when there's a lot of unknowns that also strikes fear. And a lot of people fear the unknown. It's just organically in our nature and and once people start understanding the vision of homeownership and the steps that it takes, and they see that, oh, this is not this is not as bad as I thought, once they see that goalpost. That's when you know, the peripheral view opens up and it doesn't, it's not as scary as what they thought is. And once they have that goal, once they see that it's attainable, and there's a actual roadmap of what they need to do pertaining to their situation. You know, it's it's night and day, the passion they have of becoming a homeowner.

Unknown Speaker 3:25
Absolutely. So that's why you know, he's one of my partners in this because we are very like minded in that. We all we both believe in in destroying the myths that are out there. There's a lot of rumors, there's a lot of myths, oh, you have to have 800 credit score, or you have to have 30 $40,000 to buy a home. These are all myths, this is not true. So that's what we're going to talk about today. You guys, we're gonna dive in to the number one question that I get on my YouTube channel. Welcome home with Monique, you guys can go on there, like and subscribe, please, all my shows are there. But besides that, I get a lot of questions about hey, do you think it is a good time to buy right now? The rates are kind of high everybody that I'm talking to at work that own a house because you know we all think that somebody that bought a house 20 years ago, somehow they're a professional, but that's just how we think you know at work, we listened to the guy that's bought a house 20 years ago or maybe he bought two now we think he's some kind of a professional. But no, that's why I want you to come on the show. Anthony, me and you were chit chatting or chit chatting I should say back and forth about the current market. And so you know I want you to share your perspective about this market. So Anthony, is it a good time to buy right now?

Unknown Speaker 4:39
It is absolutely the best time to buy and that is not just you know, all by day. Oh my Vegas guys remember GMF motors. If I can buy a car for him and I will all buy a car for you. This is not a sales gimmick. No. is 100 percent, we're going to dig deep into the math into the statistics into parallels, to see why it's the best time to buy because like you said, there's a lot of bad secondary information out there. And I just want all your listeners just to take a deep breath and know that this too shall pass. You know, the pandemic pass. Now, where, you know, there's a lot of fear mongering of what's going on. And, and that invokes a lot of fear because of the unknown. And it just takes a little bit of information to understand what's where we're at where we've been, and where we're going to really kind of battle these waters of unchartered territory. So that way people are confident,

Unknown Speaker 5:41
right? And I want to like what you just said, here was a perfect example, during COVID. Everybody said, The World shut down. It was a scary unknown time we'd never didn't, you know, we'd never been through anything like this. I sold more homes during that period. Do you know, everybody I sold to, during the during COVID is all sitting on so much equity. They're very happy. They've got great payments. Because here in Nevada, Anthony, I'm sure you know, there's no recap. So all the people that did not buy and continue to rent now, they're the ones calling me saying, hey, they went up $700 On my rent. So that was an unknown time. But the people that did not listen to that, and went ahead and purchased, they're now reaping the benefits. So just a perfect example. But go ahead and dive into why is it? Why is it that you think because my listeners have heard me say, Hey, I'm scoring amazing deals that I've never seen in my entire career right now. Literally, me and you just went into escrow? Did we not?

Unknown Speaker 6:41
Yep, was an amazing seller concessions below asking, basically white love on a silver platter treatment.

Unknown Speaker 6:50
And where are we getting that even in May this summer? No,

Unknown Speaker 6:54
no, you're talking this year, it was a seller's market, all of the hedge funds and cash buyers were eating it up. It was highest and best wave in contingencies paying 40 50,000 over it was ugly.

Unknown Speaker 7:08
Well, let me tell you something, Anthony, I had a client, God bless him. He's a nurse. I was writing letters for him and everything we were going $20,000 Over. Ask price. You know, that's what he told me to do. And do you know, we didn't we did not even get close to getting a house. We looked for nine months going $20,000 over list price. Okay. So that's what I'm telling people. I'm like, Listen, if you're one of the people that are sitting on their hands, waiting for the, you know, the rates to drop, guess what happens when the rates do drop? The frenzy starts again. Now you're gonna be like, like Anthony just said, waiving appraisals and hoping and praying that you could beat out the other 20 people that are trying to get that same house. So that's the thing you guys are real quick. Let me do my number real quick. This is Monique Buchanan, the welcome home with Monique show. If you're just tuning in, I have none other than Anthony Valentino top lender on the line with me. He's going to share why this is the best time for you to purchase a home and we are here to assist. Go ahead, Anthony.

Unknown Speaker 8:11
Yeah, you always hear this The slogan date the rate marry the house. And, you know, it's basically that the rate is temporary, whereas the house is permanent. And, you know, there's a lot of fear mongering out there of you know, everyone never forgotten 2008 But 2008 is not 2022 of, you know, November 17. And, and how that is is because 2008 was a housing bubble, right. And there was a lot of different variables you had, you know, you know, predatory lending, right interest only variable arms balloon payments, you had 1.9 million houses on the market, 1.2 million buyers, there's a massive discrepancy on on the on the inventory, then you had, you know, foreclosures and short sales, you had obviously the recession and the end of a rate cycle, whereas now everyone's in a 30 year fixed low interest. People are swimming with equity, even with the correction because of the Cares Act, they can no longer do the foreclosures and deferment because there's there's there's modifications that the banks have to do. So you're not seeing these foreclosures and short sales hit the market, which is going to even drive the the shortage or the influx of inventory. So it's night and day. It's complete different and what we're doing now is, yeah, we're seeing cost of living rise like we've never seen before. In fact, when we look back as far as November of 22 years ago, inflation was at 1.2%. In fact, if we look at from November of 2020, to November of 2021, it went from one 1.2% to 6.8%. And the inflation capped out in June of this year at 9.1%. And so inflation is the heartbeat of America's finance. And so finance comes in waves, there are cycles to the economic foundation of how the United States works. And it goes in cycles. And we haven't seen inflation over 2% since March of 2021. And decades before that, it was between 2.6 and 1%. And so this new, you know, 45678 9% Inflation is because of all of the money that was printed due to the COVID pandemic, right, because they shut the country down. So they had to stimulate by printing money, which created inflation. So when you look at inflation, we look at the last 12 events since 1941, we've had 12 major economic events. And every time before the recession, the rates go up. After the recession, the rates go down. And we can look at the correlation between the Fed rates, inflation and the interest rate. And we know that they are always correlating each other. And so if we were to look at the Fed rate, or the inflation, when it was in the twos, the rates were in the twos and threes, whereas now, inflation right now currently is that 7.7%, the highest was in June at 9.1. And that's why we're seeing rates in the sixes and sevens, and sometimes ace depending on on what product. So we do know that we're at the top of the mountain, and we do know that what goes up must come down, we do know that based off of historical data within the next 12 to 18 months, we will see rates come back down to the upper fours lower five, which is going to be normal of what we were witnessing. And that's going to be a game changer. But there are programs out there to basically erase all of that high inflation and get you in a rate that's comparable to last year, and we have the seller pay it on top of getting a price reduction. That's why it's the best time to buy because you could buy at a discount. And you can have the seller cover a decrease in the rate to still get your rates in the fours and fives like it was 2020. But you're still getting the discount. And and you know, I would much rather get a 60 $70,000 decrease on the purchase price and have the seller stimulate the interest rate rather than waiting until everyone goes in the pool. And then when the rates come down, now it's switched overnight to a seller's market. And you're not getting those seller concessions. You're not you know, getting your offer accepted under offer asking and it's gonna be a different ballgame overnight once these rates go down,

Unknown Speaker 12:52
right? Because it was a different ballgame overnight, just this summer, soon as June hitting the Feds raise those rates. I went from telling my clients like don't even think about offering under list price to so that was in

Unknown Speaker 13:06
was it was May like May, June, July is when we seen it I saw people actually with new builds that got in on the first of the year. And they were six months out. And they went to the new builds and said you better knock off 70,000 And pay all my closing out because I lose my Oh yeah. And they did. There's there was a massive correction the last four to five months. And I you know we're at the precipice now where this suit in the market is speculative, meaning it's based off the speculation. And so by the time that happens, it's already too late. So you have to be forward thinking and you have to have people like yourself and myself who are constantly navigating these ever changing waters. Because you can miss the boat, you can be that tourists that stayed in the shop a little bit too long and is running on the dock trying to get on the boat going, hold on, hold on. That's how I see this market. It's your you don't have people like Monique and myself in your corner, you're gonna miss this boat. And you're going to be kicking yourself when the rates are down. But now you're paying 60 70,000 More, and you're paying 20,000 More in closing costs and what you could have done right now,

Unknown Speaker 14:16
right? And I don't mean to you know, I never want to bash my colleagues but I actually have a story for that. I was in my grocery store. The young lady knows that I'm a realtor. And you know, she told me, Monique, I put in an offer yesterday. You know, my agent told me that I needed to put the offer in over list price so that I could be you know, I could make a splash and make sure that I get the house. I just looked like a deer in headlights setter. I said, I'm sorry. You put an offer in yesterday over list price. Yeah, we got it accepted. And this was actually a couple like about three weeks ago. So then I'm sorry three weeks ago, she tells me this right but it's still a buyer's market. Now here's the thing. This was a friend of a family member that just Got her license a probably a year ago does it part time the agent does a part time so she's not full time. So she's not in these waters. So she doesn't know. Because if you're not in the in the industry, if you're not in the market every day working this full time, it changes so fast. So I don't blame her she didn't know she's still thinking that it's like the, you know, the seller's market. So she advise her client, because she's not in the market every day. She does his part time. She advised her client as far as she knew, it was still a seller's market. Unfortunately, this cost that my, my cash out lady at the grocery store, it costs her 1000s of dollars. Well, guess what? The other day she sees me, I didn't say anything. She goes, Monique, this house down my you know, write down for me sold, and they bought their house for like $30,000 less than me. I just looked like Oh, geez, you know what I mean? But that's exactly what I'm talking about, like in what you're talking about? Anthony, if you're not dealing with professionals that are in the market, constantly. We're out here every single day. This is what we do. Like when I talked to Anthony Anthony said, Hey, listen, Monique. I'm not your average lender. I'm I'm available from from what did you tell me, like six in the morning till morning, three in the morning to like midnight or something.

Unknown Speaker 16:19
And he means it only for our sounds

Unknown Speaker 16:21
and that that makes it it was funny as you actually need to be like, that's crazy that you do but deals you know, deals don't stop. That's why when I listen, I don't bash banks. A lot of my clients think that they should go to their bank verse a, Hey, I'm not going to stop you. My only thing is that the bank closes on the weekends. But your deal keeps going. So Anthony, he doesn't eat unless he gets you a home. Am I right?

Unknown Speaker 16:44
That's right. I mean, at the end of the day, we don't get paid until you have keys jingling in your hand. That's

Unknown Speaker 16:50
right, and not to bash banks. But listen, if you don't get the house, the life is still going for them. You know,

Unknown Speaker 16:58
you know what I mean? I mean, just look at Yeah, just look at look at a bank as you're going to a specialized store. Whereas looking at someone like myself, who's a direct lender and a broker as like a target, whereas I have access to everything under the sun, including direct. So not only did you get that power of being able to find the best rate in terms, but like you said, banks shut off after 5pm and over weekends. And that's when you are calling the lender saying hey, I need an updated pre approval, can you call this seller's agent? Can you make sure you close this deal for us? Can you make sure they show that they're rock solid and fully approved? And and if you can't do that over the weekend, I guarantee you can lose their offers that are that are going to be doing it exactly

Unknown Speaker 17:40
I have lost the deal because of that, because I could not get a hold of anybody. Because my client use the bank. So I'm just putting it out there. Like I said, we're not bashing but we're just telling the truth. So that's something to really think about. And another thing I've had clients tell me, Monique, well, I went to my bank, and they denied me. And then I just gave I lost hope I gave up. But here's the thing, the banks are held to very strict guidelines. There's things that they can't do that Anthony can do. Okay, yeah. So just keep that in mind.

Unknown Speaker 18:09
Yeah, yeah, banks have a department for mortgages. And so that's not their stick their stick is taking money from people as an in banking institution, whereas I am nothing but mortgage lending, right. And so, you know, it's kind of like, when you look at a regular bank, they look at it with a very, you know, non, you know, binary view. Whereas with me, I kind of reverse engineer everything. The first question I asked the buyer is, what's your story, and what are you trying to do, and then we reverse engineer it, to make sure we meet their goal rather than telling them what they have to do, which add on needed obstacles. And so that's the biggest thing is, you know, all your listeners out there, if you're renting, you need to understand that you're making another person rich, and you're sitting on on nothing, you walk away with just a security deposit when, when you own there's four layers of economic aspect, you have the pay down principal and interest that you're paying, every time you make a mortgage payment, you're not going away that principle, which is like a piggy bank for you, right? You have 10,000 and write offs on your taxes, and you can write off all the points and everything else. So every year you have write offs that you don't have, if you're not a homeowner, that saves money, and then you give up the equity. And when you look at the equity, you know, it's like 1.2% This year, it's gonna be 4% next year, and the year after that, it's going to be a 25% aggregate the next 60 months, which again, goes in your pocket and then you know, this could be a rent rent for one day and that way you buy this first house and then in two years, you make it a rental and you upgrade to another that's passive income. So, you know, people are renting right now and they're just like, I don't know what to do or I don't think I'm able to let Monique and myself advise you what roadmap to your specific situation is because it's a lot easier to hit a goal when you see the goalpost. It's kind of just a thought it's like, well, I want to buy a house, but I'm not really quite sure. I don't know if my credits there. I don't know if I have enough money. I don't know if I can afford it. That's where we come in to say, what can you afford? How much money do you have? Where's your credit at? And then that's where I come in to say, Okay, we got to fix your credit, no problem, hey, we've got to do down payment systems, no problem, if we had to get subsidized, so that way we get a mortgage payment needs to be no problem. There's always a solution for an issue, we just need to make sure we know what it is.

Unknown Speaker 20:38
Absolutely, you hit it all over the head, I couldn't have said it better. Another thing, if you are a renter, remember, this is not rent, you're not flushing this money down the toilet, you know, it's 100%. They say, Oh, the rates are high. Well guess what rent is 100% rate, you're not getting anything back. So there's that right. And also, when he said, think about what you can afford, stretch a bit, stretch a bit, because once again, this is an investment, this is not rent. So if you're currently paying $2,100 for an apartment, or whatever, go ahead and be willing to give up a little bit and pay 2500 2800. Because you're you're not losing the money. It is an investment into your family's future. Okay, so you have to take your mindset and switch it. You know, because we've been in these writers mindset.

Unknown Speaker 21:26
Yeah. And math never lies. If you follow math, that's always true. And what I do is I look at my client's entire portfolio, and I say, how much money's going in and how much money is going out. And you'd be surprised where people will have, you know, they have

Unknown Speaker 21:42
subscriptions, they don't realize,

Unknown Speaker 21:45
with $500 a month payments, they have, you know, $10,000 in credit cards with $600 month payments, and they have, you know, they have got like $1,500 in discretionary debt per month, and they got like $20,000 in debt, yet, they have a 401k that sitting there, and they're paying 20% interest, and they're only gaining 3% yield in their 401k. And that's why you can use your 401k to buy a purchase. And you can pay all those debts off. So I have people all the time buying a house where they're paying 1500 a month in rent, but now they're paying 2000 and mortgage, but we paid off 1000 in debt. So now they're 500 less than what they're paying, and now they own. And that's why it's really important to talk to someone like myself, because I'm gonna look at angles that you guys aren't to set you up better financially.

Unknown Speaker 22:30
Now. It's good. It's almost like you're more like a like a financial advisor as well as the mortgage lender. But that's what we do. We're here to help. And guys, by the way, this conversation with Anthony will literally last 10 minutes, and my line 10 minutes. It's so quick. It's so quick to find out. So if you're just tuning in this is Monique Buchanan and Mr. Anthony Valentino. We are discussing ways to home ownership and why it is definitely 100% The best time to buy a home or property right now. Don't miss this wave, you guys. All right, once again, let's just jump back into this. And I'm gonna let you you know, rock and roll. But let me just say this. I don't know about you, Anthony. But I bought my house in 2017. I'm sitting on over $200,000 in equity, there is no way I could have ever been able to save that money in five years. So that's what we mean by equity, you guys, whatever you purchase the home for. And now it's worth that money is yours is accessible to you. When you rent, there is no money accessible to you. Period. I rent it for five years, you know what happened? I paid $100,000 off of my landlord's mortgage. That's what happened. And I walked away with my $1,000 security deposit, and nothing more. That's right.

Unknown Speaker 23:48
That's right. There it is. It's generational wealth that we're building. And, you know, it's, it's, you know, the saying goes rich people use their own money and really, really rich people use others. And so, you know, a lot of people think, Oh, you need 20% down or you need 10% them don't know there's downpayment assistance programs that you don't need anything down to zero in those. Those programs like Nevada rule home as possible with all these Nevada programs are available. The problem was the last 18 months, the sellers were not paying for closing costs. So if it was six 810 12 15,000 In closing costs, and people are like, I don't have 15,000 then that was that was their hurdle, whereas now sellers will pay all closing costs. You can get downpayment assistance for first time homebuyers still making 100 grand so you know, that's no problem there. And now they can buy houses for nothing out of pocket. And like I said, the rates are going to be coming down. So a perfect scenario is you buy now and in six to 12 months you refinance. So that way you get the rate that you want, and we're going off of statistics and we're going off a history and history repeats itself and math never lie. So you're setting yourself up first. except

Unknown Speaker 25:00
right so we only have a couple minutes. I wish we had longer because I'm gonna have to bring you back on Anthony. But seriously, here, he just hit it on the head. We're closing homes today you guys with my clients coming out of their pocket less than $1,000. Why? Because Anthony's getting their downpayment paid. And I'm getting their sellers closing costs, the sellers pay the closing costs, what does that leave them to pay? Very little. That's why it is the best time to score an amazing deal on a home. Today. Real quick, Anthony, we've only got about three minutes. My number 702984 3700. If any of this has interests you, or you want to get with Anthony, it's 702-984-3700. We are here to help. Anthony really fast I'm going to let you in by talking about that three to one byte down quickly. meats and potatoes because

Unknown Speaker 25:49
it basically sees the writing on the wall that what goes up must come down and they realize the rates are really high. So what did they do, they create a solution and the solution is a three to one buy down. The first year, the rate is down three percentage points. The second year, the rate is bought down two percentage points, the third year, the rate is bought down and one percentage point fourth year goes to the fixed rate. For example, if you have a rate currently at 6.8, the rate for the first year will be 3.8. The rate for the second year will be 4.8, the rate for the third year will be 5.8. And then your fourth through 30 will be 6.8. What does that do? It gives us the time to let the markets correct themselves. So when the rates come down, which they will, you're gonna have perfect opportunity to refinance. Now keep in mind, we approve you based off of year three through 30. So we set you up for success. But we can leverage the market with the seller, paying this amount to subsidize your rate three percentage points that first year, this program, the buyer can't pay the seller has to pay. That's the only way that you could do this program. And once this market turns and the rates go down, and the houses are now flooded with people wanting to buy them, they're not going to be spending 10 15,000 for the buyer to do this program. So basically, you can go back in the future, like a rate in 220 12 2020. But you can purchase based off a now which is a massive amount lower than what it was in 2020. So you're getting the best of both worlds, because you're knowledgeable and knowledge is power.

Unknown Speaker 27:25
What he's saying is correct. We just did this mean him just close the deal. One of the young ladies that I used to work with her mother, congratulations, Alexa. So that's what she did she her first payment, I believe it's going to be around 1600 for year one year to 2024. Her payments 1700 If she even makes it that long. And then year three, what is it? 330? Or is it 330? It's 1900. So she knows, worst case scenario, her your payment is 1900. If for some reason she's not able to refinance, that's what it is. So she gets today's rate three years from now. How does that sound? That's good. That's right. And he perfectly said, Anthony, thank you so much for coming on. I appreciate you, brother, I appreciate you taking care of my clients. I look forward to my listeners given us a call. Because they're ready to rock and roll. They're not going to listen to the mumbo jumbo. I you know, I can't stand it. I'm like, don't listen to them. They don't know what they're talking about.

Unknown Speaker 28:21
Yeah, and I'll leave people with this, I'll leave people with this. Our perceptions, create our thoughts, our thoughts, create our feelings, our feelings, create our actions, and our actions are who we are. So our perceptions are who we become. And if your perception is negative, you're gonna think negative, you're gonna feel negative, you're going to be negative. So I implore everyone out there, shut off the negative, shut off the decorations, and just focus on not dreamstate. But focus, positive, forward moving state because what we think is what we feel what we feel is what we do. And so right now, there's a lot of bad things out there and people who focus on those things, get in a funk. So just tell everyone to take a deep breath, it's going to be okay. Focus on the prize at hand. Because what you focus on is what becomes

Unknown Speaker 29:12
I love it. Thank you, Anthony for coming on today. I hope to have you back on because we need more time. All right, guys. Well, you as always, you know, I'm going to go ahead and invite you to my church tomorrow. Living Word Church. Hey, service starts at 1030 I hope to see you there. If not, you can always come to Bible study on Tuesday, Living Word Church, it's the one on hassle. And we serve dinner at six o'clock Bible study starts promptly at seven. Come enjoy the Word of God with me, giving God all the glory always. Thank you, Anthony. Have a blessed week everybody. 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.

Transcribed by https://otter.ai