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Real Estate Today 2-19-17

Feb 19, 2017|

Opening doors for buyers and sellers with critical and credible information on the real estate market. Fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This isn't real estate today. The number one real estate show on. In the radio. Welcome to real estate today. That's right professional experience of real tours from across America where your most trusted source on the radio for up to date real estate information. Real estate today is the official radio program of the national association of real tools and Israel tour members in your neighborhood. Hi there I'm Stephen guests weigh in I'm glad you could join us today for a special show all about the money. Mortgages 2017. We've seen a lot of changes in the past year that affect how we use can finance or refinance a home. And on today show we'll talk about all those changes from the new 3% down mortgages all the way up to Jumbo loans will have a at all. Mortgages 2017. Is straight ahead but first let's go to the realistic today newsroom with Bill Thompson I don't. I Stephen. Blackstone invitation Holmes is now publicly traded company the largest player and a booming Russell home market. But isn't booming because people can't afford to buy a home. Not at all says invitational CEO John Bartley and he tells CNBC that many people are for now anyway choosing to rent before they buy. When you're actually seen as people are choosing. To rent to lifestyles millennial very much you're seeing choice to be able let more asset life. It's not a gets housing housing people will buy homes it's just a choice of time that's when you wanna move and took what we're doing this really bring bringing a professional experience and bouncing. As we reported last week here on realistic today Fannie Mae is down deep into the rental housing business. Agreeing to back a billion dollar mortgage invitation obtained from Wells Fargo. The next commissioner of the FHA will need to be an expert in residential finance says Ben Carson who's in line to be the next secretary of housing and urban development. In a mortgage finance reports that in a written response to questions from Ohio senator Sherrod Brown. Carson says the next head of the FHA will be someone who can bring disillusioned lenders back into the agency's single family mortgage program. In his statement to senator brown Carson said quote we will work hard to balance mission and risk to preserve and sustain FHA now and into the future. America's housing market is just about back to normal by one measure anyway. The national association of homebuilders first American leading markets index rose slightly in the fourth quarter of 2016 and is now virtually at a value that means the market. Is back to the last level of normality. The authors of the surveys say they're encouraged by the fact of labor market in 108 metro areas is now considered back to normal. While eighty to 90% of Americans still site owning a home is part of their American dream. Many would be homeowners are told discouraged by what they perceive. As barriers. According to the National Association of Realtors aspiring home buyer profile. Affordability pressures student debt and possible down payment confusion prevented many aspiring homeowners from reaching the market in 2016. By the year's fourth quarter the percentage of non homeowners who said it's a good time to buy have fallen to 55%. Down from 63%. In the first quarter. Coming up and half an hour one American he has a washing vacant slots and that's a good thing Stephen thank you. Thanks bill. And on today's show we're looking at mortgages 2017. All the way to the mortgage industry has changed in the last year and there have been a lot of changes. From the consumer financial protection bureau's new closing rules in closing documents. Two of the change in interest rates and that's what we're going to talk about right now because that's you know ever since last fall. Interest rates have been slowly ticking up. And that has caused a huge change in the mortgage lending business. Because far fewer people are refinancing now than they were before. The majority of their business is now purchase loans let's talk about this and what it means to you. Within expert. Joining us now is frank Donnelly a 25 year veteran of the mortgage banking industry. Frank is the past chairman of the board of the mortgage bankers association of metropolitan Washington. Frank welcome to realistic today. We're ledger here so frank we are hearing. That with the up tick in interest rates there has been a corresponding. Drop. In refinancing across America are you experiencing that too. Oh absolutely no doubt about it anecdotally at your loan officers really all over the country. Lamenting that the read by the reserve her and it's strictly purchase there's strikeout get easily to slow time and as well. So a lot of people who already have low interest rates. Have decided that yet I'm not doing it again because as you know. For a while there are some people were refinancing. Every single year just to get that lower rate. Very current value now that that strategy isn't working right now. I'd seen most of the first few weeks he refinancing right now are pulling cash out. It April wedding wore some other large expansion work they're trying to get rid of by the mortgage insurance because home value has increased. So it's kind of special needs right now the Jet Li we can't keep for the sake of boring don't change server for. Yet because if we're averaging you know indie. Lower to mid fours. For mortgage interest rates right now. You would have had to be about low to mid fives to have it makes sense to refinance. And boy it's seems to me that anyone who at a rate like that would've already done it. Yeah if they were able to hear another if they are large in Florida water or they were eligible for one of the government programs like car or hampered. And yeah very high number have once you cabbage. And you'll camp and they're still out there but there's probably a reason maybe there are getting rated double harms and surely don't lodged. Work while our NATO where credit is not such as did you have to do time. Let's back up and look at one year ago today wind rates were in the mid threes. In a normal mortgage lending office. How much would have been refinancing. How much would have been purchased laws. Right well we all try and slander in management will always preach or even really want to keep your purchase business because that's what. That is Arab country to speak ever loud and that's what's immediate context in which agreed sidewalk coming bare slopes. There you know a lot of the large banks lent primarily to refinance your serve it at one of their shots. 86070%. Greek site where some correspondent lenders are smaller banks probably were more like sixty tragedy. And what about today now that we've seen the interest rates go up what's your guests. I would say you know just anecdotally 80%. Urgency. Are right now about 80% purchase loans and about 20%. Refinancing. No again those aren't firm numbers but it is what you're hearing from your colleagues in the mortgage industry. Yeah I'm 20% is probably a little kind or maybe. We had fifteen to 20% law. So frank talking about mortgages and all the buyers who might be listening to list. If the mortgage industry is seeing fewer people refinancing. Does that mean they might be offering more incentives. Two people were buying homes. Right I would shake their great price competition right now between lenders are although Rachel are in general higher. I think the lenders are cutting their margins to try to feed their machine so to speak to try to get digital dork Wiki restart being dried pepper. So frank if the downturn in refinancing is creating more opportunities for buyers when they go for a purchase loan. Should begin by shopping around at different lenders. Right it couldn't hurt some people believed shop around until wonder comptroller and indisputable projects which damage during the other interests. It upfront cost there's a lot of documentation. Says most people actually shop around. Get comfortable with the lender underage. And then pre qualifier with a walk but it couldn't hurt like actions supposed to get open qualifier but change is double the work in. Double time in. An extra credit inquiries chatter. Well frank let's take that one step further. Say that I go to lender and they run the numbers and they end up with a quote forming. What the rate will be with the terms of the mortgage will be that sort of thing can I take that to another lender and play the two against each other. Yet don't get out in other words you have to do what's best for you in large lenders you know will tell you okay were very close last year. In deathly hallows price eating all he could market value for someone but. If you bought your lenders not competitive he need to shop around and sometimes. Making your ticket up to the management change it and be able to match most of that the price to get her out on the street today had. If you find one under its weight lauer that could be a red flag itself as well. So we certainly have seen a big change ever since interest rates started to notch up frank I appreciate you talking with us about that today. Yeah problem frank Donnelly past chairman of the board of the mortgage bankers association of metropolitan Washington. Coming up unrealistic today it's the first step and a crucial steps in buying a home. Not only might buyer ready to go dominant to destroyed but I've got to got you retrieved from letter to their mortgage there's no question about it. We'll talk about the pre approval next on our special show. Mortgages 2017. Real estate today. Connecting you with the real estate professionals. Every week. And we're back with our special show mortgages 2007. Team. An entire program dedicated. To helping you understand and navigate the world of home loans in today's market. And right now a closeup look at something nearly every realistic professional considers. An essential step when you're buying a home. And that is getting preapproved. For the mortgage. Let's talk about why that's so important when an expert. Joining us now is Allan Decker real Torre and broker co owner of the number one realistic team and Avalon New Jersey. Ferguson Decker realistic. Allen is the past president of the New Jersey association of real torch and currently serves as NAR's regional vice president. For New Jersey new York and Pennsylvania. Alan welcome to realistic today. Thank you good to be here we need to back. So well and so many real estate professionals say that when a client comes to them wanting to buy a home their first advice. Is to get preapproved for the mortgage can you tell us why that's such a universal strategy. You know it's universal Stevens let's meet today's market. You don't want it one of the things really attract an interstate market today is an inventory shortage we've got a lot of people look at men and Aaron Tories are low so we advise our buyers have taken you know we have a pre approval of broken the treaty approval process they are going to be ready to move as soon as we find the property to work through that also it's helpful to and I you know in some cases were getting into a multiple tight bid on properties. And you get into a situation like that and you can go to ability to agents say hey not only my buyer ready to go come on up to be spread but I've got a copy of the pre -- letter to their mortgage so there's no question about it. Actually it's into groups very helpful on today's market. And the competition might not. That's right and sometimes that you know something you know and any duke it out to the prices all the are all the same which in a bidding process that you're bound to terms and conditions. Community can create my buyer is he's gone through this this mortgage and Albert that a pre approval letter from Bob XYZ mortgage company says they're good to go that really strikes and you're officer and a competitive situation. And it also helps people of course who work. Window shopping for a home without ever talking to lender first. They are not yet enough money to carry the purchase you know yes it should touch it helpful too because you know if you are pre qualified beset ballad of mortgage professional. He'd been told that this is how much you can afford this is how much you need to put out this is how much. Although mortgage you can carry so you really you know it's not a shot in the dark you're really look at that something. Maybe it is over your head you shouldn't take the time to do lawyers were in the ball park there and just what you may be looking for. You know depending on people's financial situations. Sometimes. At the approval letter. Is very deep tailed and sometimes it's very vague kind of like. Mr. Jones has in excess. Of one point two million dollars on deposit at our institution. Which do you think is better when you're actually trying to get a deal through in a competitive market. I think it is statistic one to the do you know. Mr. Jones is qualified for actually you know X amount of dollars were fifteen or thirty year fixed. I think it's better that way than to you know to discuss some kind of generalities. Sometimes. But the whole different situation if you're you're getting into a cash offer something like that somebody you know there are a lot of cash on hand in a bank or something maybe a couple of situation like that put these exact three approval for you know basically go round numbers of what you're looking for as far as purchase price would turn against much more helpful to market activities. So frank if you're representing the seller in a transaction. And there are say five buyers competing for that property. And one of them is pre approved but the others aren't. Is that won a slam dunk. If all the operas are equal to slam doctor Schorr. And even you know and we've had it happened recently Allergan now market and our office seat you know he's if you got a copper. Indeed indeed it is it's a couple thousand dollars less but you know that is buyer is preapproved he's ready to go you know we've said hey she'd go this one just based on terms conditions pre approval because. What techies bode you know with the with the other Ottawa no pre approval and an adventure for thirty days waiting to get the mortgage approve no sudden bang they're not you got the deal he may have lost the other buyer who is pre approved and ready to go so yeah we text that's very important at a big big factor in today's market share. That's awesome and do you see that do you see some people actually skip the next step and being less competitor. You can't to a degree but campaign in in more cases did it need be. You know media and newer agents will be not quite as experienced. A lot of it a lot of our agents and other. From certain right now on the first conversations they have hit a what do you look and dispensed have you met with a mortgage professional out you know probably put you in touch with a couple so you can speak with them and and see exactly what you want you can afford it's we can keep dismissal process moving smoothly. Well and as we said vet pre approval is so important. Thanks for walking us through. Could actually gonna put me to talk and you know can be due to the future. I'm looking forward to thank you Allan Allan Decker real Tora broker owner. At Ferguson Decker real estate in Avalon New Jersey and the past president of the New Jersey association of realtors and currently NAR's regional vice president for New Jersey. New York intensity. Coming up unrealistic today. What having great credit can mean when you apply for a mortgage. He's probably won't have no trouble game's lone. Power or everything you want as long curator qualifications like in comes out. That's coming up on our special show mortgages 2017. But first it's time for real knowledge. A special segment unrealistic today in which we talked to a top level real estate professionals. Economist. Journalist or industry expert. And ask them a tough question designed to help you have a complete understanding of some of the most complicated areas of real estate. And today we're talking about creating a balanced portfolio. Which includes real estate. And yes while we are talking about including actual brick and mortar properties in their portfolio. We're also talking about adding real estate investment trust known as reits. In which you invest in a company that invests in real estate. The benefits you are investing in real estate. But your not a landlord and you don't have to bother with leases security deposit and tenants who lose their keys. Joining us now is Cynthia Shelton past president of the Florida real tours. In 2015. Cynthia was the recipient of one of real estate highest honors. NAR's distinguished service award right now she's the senior managing director of the investments in capital markets division. Atlanta quest commercial real estate in Central Florida Cynthia and welcome to realistic today. Today were talking about a balanced portfolio. In your view Cynthia a balance includes. Actual brick and mortar real estate and stocks and bonds and real estate investment trusts as well correct. Correct. And I give you one quick example when it I realized about 1015 years ago. I work for a real estate investment trust I had Scott cannot reach where I had options and stock holdings and it. My retirement. Cap trouble was in the diary church. And I think all the sudden on enemy between Europe and Aaron and Harold speaking doctor attract. I had nothing to China to real estate industry can actually talk with a professional net. Will help you balance what works for you your portfolio lights as well as when you can get in the and can't flourish when you can. Get the income from the property owners Shalit to there's a lot of pieces that I strongly in six cash she Orkut kept financial professionals from that standpoint. No different and we would ask them. And to work with emerald curtain estate professional in the industry. Keep do you real estate for attention trying to commit stockbroker at financial planner. Except tracking helped him plan for the future of what they're working. Find Cynthia thank you for joining us today and talking about how balanced portfolio that includes realized. Thank you thank you for having me a copy today. Real estate today. Because knowledge is power. And we're back with our special show mortgages 2070. And in depth look at how to borrow money to buy a house. And whether you've had a hundred mortgages in your life or none at all. We'll have the latest information that can help you get done home loan. Mortgages 2017. Is coming up right after we check in with Bill Thompson and a realistic today newsroom I don't. Stephen. Nashville's Hispanic population is booming and that means a lot of potential homebuyers. The national association of Hispanic real estate professionals recently started a chapter in music city. That's welcome news to Miguel Vegas vice president of diversity and multicultural lending at first community mortgage who told Nashville's news two. We similar families that comment to match new. And having cure for probably several years but they don't have the resources they don't even have the knowledge but helped to start a home buying process. The national association of Hispanic real estate professionals as it provides industry professionals with education on the best practices in helping this growing clientele. Atlanta has lots of vacant lots. And that's a very good things as an expert with the federal reserve bank of Atlanta. According to Dominic provide and senior financial policy analyst for the Fed the Atlanta region has over 80000 vacant developed lots. A more than any other metro area in the country more than twice as many of Chicago for example. Provides told the Atlanta realtors association's annual real estate summit the such a large amount of vacant but develop land. Could help curb the spiraling cost of new homes. One drawback he says many of the Atlanta region's empty lots are in the suburban counties that have no interstate highway access. Coming up on half an hour to do homeowners. Have fewer children. Stephen backfield thanks bill. Continuing downward our special show mortgages 2017. We've been in depth look at one of the biggest factors involved in getting a home loan. So big it can make the difference between being approved or denied when you apply for a mortgage and we're talking about your credit. So let's talk about what lenders are looking for when they examine your credit history and what you can do to maximize your credit score. Joining us now is a national credit authority Jerry debt Weiner Jerious worked for decades educating consumers about credit. She's ahead of market education that NAFTA which helps consumers and business owners manage their credit. Her latest book is financed your own business. Gerri welcome to realistic today. How much jury when I go to apply for a mortgage. What kind of credit score is considered a slam dunked. If you have any. HEICO score which typically runs you hi I have eight pit eat like a court seven to get DR Bob you've probably will have no trouble getting the loan Al or debris that you want as long as you're other complications like income check out. Well that's a really good point Gerri you still have to have enough cash in the bank and you have to have income to support the mortgage but. With a 750 or above. You're considered in the club. Exactly and it helped track and our origin under borrowers who have really good credit scores. Another question about that if I did walking in and say I had an 800. Credit score. Were they even bother looking at my full credit report or would they just say oh you're in. And out of gonna love you. You're in good shape I'm in court complaint purposes it will review the whole credit reports now. You wanna know what I'm hearing you also looking at something I'm getting it in negative. I could create permanent we'll give you a specific example woman spoke ahead. Blew out and met critic at criteria. But there was a least for election read vehicle on her credit report. And that email and created a problem in her debt to income ratio for the heat but the problem. But it turned out at least look at hers but her vehicle with someone else review I'll be reported on her credit report. Don't even know she had great credit paid and kind of Renault red flag that came up the leaking and that wasn't hers did created pick up and she had to get it corrected before she could. Well what's a good thing she got that resolved. Now Jerry if I do have a very high credit score. Sure I'm gonna get approved for the loan but what other advantages are there in the mortgage process. All of the credit score is used not only qualify you to alone but also to qualify you for the program and the Brady you're able to get. Don't think maturity of great creditor not a great credit that to your credit score bucket because pollen look at how much you pay. And that type of loan and the programs that you're eligible pork. Once you by the home. Many homeowners insurance companies will review credit. Patents in the insurance based credit score to determine help determine that can count on your homeowner's insurance rate that you may or may not get the Beckham save you money after the acted out. Interesting. When Jerry let's look now at the other end of the spectrum not for high credit scores. But the low credit scores. You know I've heard that Freddie and Fannie have programs. That will go as low. As a 620. Credit score I even heard 580. What's your experience been is there an actual number below which you shouldn't even try. Well you definitely want to be in the low 200 even consider at. Again you might find a loan at a lower credit score and it might end up being spent that is let you need to be expected to relative term though because interest rates allowed or involved directly and mortgage and so what do you rule out giving a loan that need be it a little bit higher. Than what they're going radiate it to the right hand beat it by. OK so Gerri how would I raised my low credit score. And if I did everything right how long would it take to get back in mortgage ready shape. What execute quick suggestion why is it your credit report link I counted on any of your credit cards. Pain no gas on the court in the I'll get to pain and downed could be in Gary quick boot your credit score. I can do it but forty could keep pointing in a month just by paying down. I don't credit cards the second thing and there's a new development in the collection industry were the major major collection agencies. It now what movie. Collection account if they'd been resolved and there more than cheer people traditionally collection account being your credit report having years. So you can't collection account and your credit report aren't ringing your credit score down. Looked in new album the new collection agency policies and Peabody you can rip off that collection get off your credit report because that could be a tremendous boost your credit score. Wow so you're talking about a major jump in someone's credit scores if they just take. Those two steps. I'd jump just. Could eat sixteen W pointer more Goodell kind of anchored it pentium what do what else about the credit report. Jerry I terrier it is always a pleasure talking to you and thanks for joining us on our show about mortgages. You Jerry to acquirer the head of market education at naff helping consumers and business owners manage their credit. Coming up unrealistic today. It's considered the best. Flown in America to her compelling nature and the pain is no guarantee me. We'll talk about the VA loan next on our special show mortgages 2070. This is real estate today. 100%. Real estate 100% of the time. Back again now are there special show mortgages 2070. Talking about all the avenues today's buyers have to get a loan for the home of their dreams. And right now let's talk about one of the best loans ever created in America now it's not for everyone. But it has helped more than twenty million Americans own a home of their own. And we're talking about the VA loan available only to present and past members of the armed services and their families. Let's talk about the VA loan now within expert. Joining us is Samantha Reeves senior realistic in home buying expert. Ed veterans united home loans she maintains that veterans united realty blog and she herself grew up in a military family. Samantha welcome to realistic today. Thank you so much speed and I'm happy to be aren't. We're glad you're here now Samir that the VA loan is one way the United States says thank you. To all the men and women who serve our country now how is it different. From conventional loan. All one there are several delinquent it's really different I'll be meeting and it had had a doctor's. The first concurrent signature and the point is no down payment to. We're seeing loan which can really increase the buyers purchasing power you know they don't have to have that 20% cash on eighteen and can purchase departure cult. And in addition and below and don't require credit markets and sure. Which they've got Patrick Turner and think they can. Eric they have less stringent credit score requirement you know Alley nearly the speed at three. Monster on different mortgage combat team and in January and this year. It Sherrod and the average being credit scores are purchased with 700 and haven't my conventional loans that shining Mickey points higher Kevin can teach you. You know parent there's. I stringent credit score requirement could skiing and Harry has historically has the lowest interest rates on the market for the past two consecutive 33 months according to Kelly make. Which is just another really came tactics benefit turnabout turned. While when you take all those elements and add them together no wonder people call it one of the best loans ever made in America. Are. Now our question who is eligible. For a vehicle. He had and it's a great question because I don't think age. That every wanted to where you have whether there Allen to collect her and extended the ain't the one that makes the final determination that it could rule stamped. To get a piece Serbs 98 an active duty during wartime. 181 David active duty gearing each time or six years and your reserves or National Guard do you may be eligible. In addition to that can writing out since may also be eligible for their strong benefits. Carrying elect Allen and Gary is reaching out either term lenders to control their certificate of eligibility or addiction can't cities glad I need to lock up corn belt. There's lot of action out there who don't think they are eligible but I carrying courage in the orange and Serbs to. Q collectors to connect eligibility it's scary looking to purchase to refinance a home and people eligible because when he practiced. And that was my next question it's not just for buying a home it's also for refinancing correct. He can't particularly grainy color to be months. Is there a limit to how many times you can use the VA loan in your lifetime. There is not Allen went there and insane amounts. Cutting entitlement available and terror that you and can purchase multiple different properties with fever and could even possible. To have more than one museum on out at one time and the like need to do is look at these remaining entitlement that they have available. And Garrett a knowledgeable or architect can take a look at that certificate of eligibility can't calculate an inclination toward and. One of the things you do at veterans united besides writing VA loans for the eligible people that come to you. If you're trying to get the word out and at. Yeah I you know I'm really passionate about. Educating really take agent in homebuyers about that's available and it's. It must be very satisfying Samantha helping our nation's active duty service members and veterans. Get into homeownership with the BA loan. Absolutely I mean it's the real passion burning you know in a weird returning every gate to educate more and more iron in about their potential. He hung around and it and it. Will cement that I sure appreciate you being on the show today talking about the VA loan and get the word out. That it's bear and that people should find out of their eligible thank you Samantha. Think he's current string in Munich opportunity. You're very welcome Samantha Reeves senior real estate and home buying expert. At veterans united home loans who maintains the veterans united realty blog. Coming up unrealistic today. You know what your debt to income ratio is we'll talk about it next on our special show mortgages 2017. If you love listening to us talk about real estate join the conversation and find realty today's radio on FaceBook. We can't wait to hear from you that's real estate today radio on FaceBook. This is a real estate today. Location. Location. And information. And we're back. Now let's continue our special show mortgages 2017. By talking about something very very important. But something that very few people really understand. Your debt to income ratio. The debt to income ratio is all about you about how much you make every month end. How much of that monthly income goes right back out the door when you pay your credit cards mortgage and other debt. You could have great credit and a great income but if you're ratio was out of whack chances are you won't get blown. But what the difference now between a good ratio and a bad one. Well let's talk about that first of all a debt to income ratio is a comparison of how much money you make first is how much money you pay out in monthly debt. It starts with your income and for that a lender will look at your gross income that's before taxes not your take them. OK so for the sake of easy math let's say your gross pay is 101000 dollars a month. And your revolving credit payment for your car loan you're student loan and your credit cards. At up to 2500 dollars a month in black case you have a debt to income ratio of 25%. As in 25% of your monthly gross income goes towards paying your debt. OK now you wanna buy a house in the monthly payment including the mortgage taxes and insurance would be 15100 dollars. A lender would take that 15100 an ad on the other 2500. And conclude that if you bought the house you'd then have a debt to income ratio of 40%. And that's pretty good if however that mortgage payment was 3000 dollars that would push your debt to income level to 55%. And that's not sugar the target in today's Morgan environment is a debt to income ratio of 43%. Or under. So again if you grossed 101000 dollars a month. That means your mortgage payment. Property taxes homeowners insurance and all your other revolving debt should not exceed 4300. Dollars. Below that you're pretty much good to go for a mortgage assuming you still have that good credit good savings and a good income. You see having a DE GRE a 43%. Or lasts well. It lets you afford life groceries filling up the car and savings. With more than half of your monthly income a free. You're comfortable and not house pool. Now there are exceptions lenders can exceed that amount in certain circumstances. But under today's rules they have to make sure you can really afford the house that's part of a new mortgage rules but a Consumer Financial Protection Bureau. But again in most cases the target is 43%. Or less. So have the debt to income ratio is that important well can you change it. You can't first you can find us less expensive house. In some cases a less expensive how can be a pretty good option. Or if your employer gives annual raises maybe you could wait until you get that raise that would help your ratio Brit there. Or you can try to pay off credit cards Carlos. Anything that will reduce your monthly payment because as soon as your monthly payments go down your debt to income ratio improves. So the bottom line here having his little debt as possible will help you buy a house and making sure you can comfortably afford it. Will help you stay in that house for decades to come. There's a term for that sustainable homeownership. And that a worthy goal. If you'd like to hear more realistic today's special show mortgages 2017. Either stay tuned for join us online radio got real tour. And from all of us here it realistic to Barry thank you for listening. If you're realtor you can fifteen tie your realistic today's show on your web site. The best real speech on the Radio One 100% 3-D NAR members just go to our new web address. Radio dot realtor and Clinton how realtors. This isn't real estate today. The number one real estate show on the radio. Welcome back to realistic today. Backed by the professional experience of real tours from across America where you're most trusted source on the radio for up to date realistic information. Realistic today is the official radio program of the national association of real tour can't Israel's remembers in your neighborhood. Hi again I'm Stephen guests great and I'm glad you're here we are great show for you today mortgages 2070. All about getting the right home loan for your next home purchase or home refinance. There's so much new information to tell you. From down payments to credit requirements to flexible term mortgages we'll have all that and more mortgages 2017. Is straight ahead but first let's go to the realistic to think future with Bill Thompson I know I Steven. A new survey showed some sobering light on the financial challenges facing many millennial age parents. The survey was conducted by the national endowment on financial education and Parents Magazine. The traditional guideline is to spend no more than about 30% of household income on housing. But endowment CEO Ted Beck tells the Wall Street Journal that for many molecules. That's a pipe dream. The survey told us that the average in the country was actually 40%. And that if you start talking about destination cities where the jobs are won in five of millennial couples were spending between fifty and 69% of their household income. Just for house. Beck suggested one solution for many Maloney eels is simply do downsized their expectations he puts it. Until their finances are more stable and they can afford that bigger more expensive home. 44% of America's metro areas reach new all time home price peaks in 2016. Not according to new figures from Adam data solutions the list includes San Francisco where the median home sale price is now 720000. Dollars. Dallas Fort Worth the 230000. And Boston where the median price is now 390000. Dollars. If history repeats itself this year there is likely to be a surgeon's February and march in the number of homeowners who bring their delinquent mortgages current. Like my financial services analyzed mortgage delinquencies as they relate to IRS income tax filings. Black Knight financial services analyst mortgage delinquencies as they relate to IRS income tax filings. And black dog found that thousands of people who file promptly got a big refund. He used that money to catch up on the mortgages in fact nearly 300000. More borrowers than usual will bring their loans current in February and march. Do homeowners. Have fewer children. New analysis of census data finds there are 41 school aged children per 100 housing units on average across America. In the national association of homebuilders and also reveals that households in owner occupied homes have fewer children compared to those in renter occupied unit. The difference is most significant says the NA HP for single family units. Builders tracked the number of school age children carefully because local governments often charge builders impact fees to help pay for infrastructure associated with children including new schools. Coming up in half an hour what's on homeowners in equity limbo for choosing not to do. Stephen back to you thanks bill. We are talking mortgages today an entire show dedicated to borrowing money to buy a house. No one thing that's causing a lot of confusion in today's market it is back. There's a lot of good out there. Assumptions guess work and inaccuracies. And often time. Not bad info prevent people from even trying. To buy a house. So let's clear all that up now and explain to all of you first time buyers out there the facts. About getting a mortgage. Joining us now is Keith dummy here vice president at HSH dot com the nation's leading provider of consumer mortgage and finance information. Keith welcome to realistic today. A year. Keith as I said there's a lot of bad information going around out there. Let's begin with down payments many people believe you have to have 20%. Down to buy a house can you set the record straight. Or nothing could be further from the truth XT Islam the other are your range of options available to. Cold barring the markets today and they start what is your vote count actually Euro money or money down mortgages are available. Through the USDA rural mortgage program and you'd be surprised what a rural definition can encompass if you look at the geographic areas for that. MBA program do you happen to you Harry you can buy a home we don't want you count as well there are couple. Large tried it national lenders last year announced that they would back loans and right launch and to be little as 1% down. And any Freddie had big government sponsored enterprises can launch with the littlest 3% down. Accorsi FHA program is available to all commerce with a little greedy half percent now so. You don't have to shoulder with a 20% down payment to get out to the marketplace put. Smaller down payments can have some drawbacks if you put it wasn't a down payment you're going to be trying to chip a little bit more so higher loan and out comes into play. There's more to help payments being her private mortgages government backed mortgages and mortgage insurance requirement to going to be a little bit higher. You can work as a trade off where you have to decide. Should I put somebody down should have put nobody down what are my cost index what are my cost tomorrow. You know back when interest rates were in this 67. You know even 10%. Range. A lot of people were using adjustable rate mortgages because they were down around 5% and they looked really good now the trouble was. In maybe five years they would reset. In your monthly payment would go way up but if you're gonna be out of that house before and they were good options are keep. Are they still around. Adjustable rate mortgages are just totally stellar out they never really did leave the mortgage and you know although. They didn't pull out of favor and we fixed interest rates down to that freeze and to force for an extended period time and guaranteed we're long's thirty years it's really hard to get people excited about launch starting to. To use that are only last for a couple years but. As mortgage racist fixed mortgage rates have firmed up a little bit the last couple months there's been some renewed interest in adjustable rate mortgages. These products are. The venerable products they'd been out of the markets for a long long time that. Hybrid arms for example it featured fixed interest rates for three or 5% or even ten years have been around for purporting to sign appears now. How we continue to search engines and very traditional arm products back into the marketplace New York. 33 arms industry extra three years and adjusting every three years thereafter could even find find barged extra five years. Adjusting for five years thereafter shall. As far as risks still you know if you are considering an adjustable rate mortgage before you assign any kind of it's simple enough to sit down. With a spreadsheet and sort of view and play someone asks what happens here interest trader goes up substantially. In a couple of years what happens it goes down substantially a couple of years. What happens to someplace in the middle going through this exercise before you sign on the dotted line means you can know exactly what could happen. And know when you're prepared or not or not eliminate any unpleasant surprises caliber. Well Keith you know it's very good to know these things ahead of time as you said to go into it with your eyes wide open sort of there's no surprises down the road that could possibly get to a to a financial jam. How would address waited till you know take some time and advanced. And you're thinking about getting into the hall market could spring. Now mostly good times should I want your finances. Start to make some decisions and choices about how what kind of mortgage issue plot. How you want Alec compete among your assets for down payment for closing costs and how much you're gonna wanna hold on to a directory during her. And future improvement to the homer to even just moving expenses. Get all those decisions in place beforehand you'll feel much more confident don't at. That's great we'll keep let me ask you just won the last thing if you had someone sitting across your desk. And asking you. I'm buying my first house keys. What should I do what would you tell him. Get your paperwork together a good place to start his skull rolled through your credit he has not brought to your Kirk Portugal while to deter undergo additional action to stoke. Urgent attention you'd be corrected. Pitcher like us corks and future documentation Arctic allies that includes a tax returns the last couple Beers he'd come statements. Passionate statement to committee account you might have savings if you're getting gift money from relatives ordered down payment get to get letters all put together and polarized and that everything he can do to prepare beforehand. Go to make a transaction that much smoke. Great advice Keith thank you for joining us today on our special show mortgage is 2007 team. Keith coming or vice president at HSH dot com the nation's leading provider of consumer mortgage and finance information. Coming up unrealistic today. You're getting a mortgage so why do you have to write so many checks. You need to change for us all inspections and again. That's cash out of your pocket and that's next on our special show mortgages 2070. Real estate today. Connecting you with the real estate professionals. Every week. Back now what our special show mortgages 2017. In which we walk you through the entire home loan process. From the start to the keys I think now let's talk about the cash not the lone but the actual check shall have to write. All the way through the transaction are sure. Donate a down payment and Lester getting a VA loan or another zero down mortgage but there are closing costs and other expenses to. But you need to be aware. Let's talk about all those checks after right. With a pro joining us now is amen read real chore with Berkshire Hathaway Penn fed realty in Pasadena Maryland. Amy is currently serving as the regional vice president for the mid Atlantic states for the women's council of real torch Amy welcome to realistic today. Thank you so much Arnie Arnold we're glad you're here are so Amy first of all. Let's begin with the first big check your client usually write the earnest money deposit. Can you tell our listeners what that is and what it's used for. Absolutely. While in our mid month deposit is not required by the law. It is you indicate you didn't tell that you are in fact that you have some skin in the game. And you're willing to prove it to the monetary hole. Toward that purchased mean norm of about one she wanted to help blend of the purchase price of the home. It doesn't count toward your down payment so it's not going to be additional money on top of everything else. But you do need to be prepared should that money should be cashed and deposited in a non interest bearing account that the law. And he held until settlements. So it has to be a good check you can't just be floating a check this no good out there. No you're not and many places to Gothenburg may want certified check. So let's look at the map through quick if you have to put down. 101000 dollars as a down payment when you buy the house but you write an earnest money check for 2000. There when you get to the closing table you really only have to come up with eight. That's correct. And then turned thousand dollars that you are going to need toward a down payment. The bank it's not gonna amp Q4 I'm told metal rich would could be 45 to sixty days. You may have kind to a crew that. But that earnest money deposit check must be deposited and again this is the law. Have to brokerage or title company within seven days to our league contract being signed by all parties. Now here's a thorny question there Amy what happens if you have. A 101000 dollars as an earnest money check deposited into the brokerage. Or into the title company. In the the deal dies. Well that is sticky wicket to and you nod in Maryland agree in writing or go to parties must agree in writing of to either would turn the actual actually the buyer. Or allow them a dollar to hold onto it I've yet to have a buyer not received earnest money deposit back. But we got a couple of close call so that needs to be something you were aware of action if he while putting down and earnest money deposit. And things go wrong Derek the chance he will not have that money back. OK so after you write that great big check for their earnest money deposit. What's the next time you have to pull out your checkbook and write a number with several zeros behind it. You need to control all inspections and again. That's cash out of your pocket it could be up to another thousand dollars that you need to stand to make sure the property is properly. Coleman expected. Pets can detect it if it's well that could separate it took steps to that in jeopardy inspection. If he needed chimney inspection. All of those inspections are done after contractor conductance. And you the buyer are going to have to pay for them if that deal fall through. And you go to put an offer and another house. You may get beat earnest money deposit back you will not get the money to the inspections back you need to be prepared for that. Within ten to fourteen days to contract acceptance is when you're going to schedule. Don't come inspections and most people need to be told they wanna be going the department that acts of. Dicey when raid on is that a big issue in your part of the country. Is still hot pockets of rain on the ball over now and I'd just to go home inspection for a. Housley inspection of current take you know no issued anywhere it came back with a unsafe raid on an out of the dollar is going to mediate. Well now let's go to the closing table Amy and we should tell people right off the bat that when you sit down at the closing table and get archer checkbook. They're not gonna take your personal check for the down payment on the house. They're not even taking certified check anymore now the people can photographed a check and deposited back and a lot of talent. The title companies for the most part that I'm new in working with one fund wired. Can you bank won't have to wire the fighter he shouldn't have you heard numbers just three days before settlements with a huge clear. On what. Everything in and then you're gonna direct your bank to wire the funds to the. You are telling me something that is so new. I've just never heard about it though. In your market even certified checks are no longer being accepted they want all the closing funds from the buyer wired. In two Derek. Blaming it seems to me that you must be on the leading edge of what represents a major change. In closings all over America because. For generations people have been bringing X certified checks to the closing table but now in your market. People are being asked not to do it. But instead to wired the money in advance. A big development and Amy. I really appreciate you being on the show today I appreciate your. Amy men rad realtor with Berkshire Hathaway Penn fed realty in Pasadena Maryland. And the regional vice president for the mid Atlantic states for the women's council of real torched. Coming up unrealistic today when you're picking out a new house through the dog and cat get a vote. That's coming up right here. Unrealistic to death. But first it's time for our Smart home technology report. And today we're looking at cutting the core. We've all heard about the wild wave of cord cutting that's happening in today's digital world. Consumers are cutting phone lines as traditional phones are replaced by Smartphones. And consumers are cutting cable TV lines. As set top boxes are being replaced by streaming video devices. We've heard a lot about what's being cut. But recently a new study discovered whose during the cutting. And it turns out millennial males are cutting those chords in droves. The research firm video ala Jeep did a study called cracking the digital habit of the elusive millennial mail subtitled. It's all about streaming. They found that 53%. Of men from eighteen to 34 years old have already cut the cord to cable television. And 14%. Plan to do it this year. They overwhelmingly prefer to stream their TV shows movies and videos the survey found 75%. A millennial males. Would rather give up cable than give up streaming. When they drove down into specific things they watch it gets really interest. When it comes to watching actual television which presumably includes large sport it's kind of a draw. Watching our computer watching are connected device or watching on the actual TV. Happens about equally but when it comes to movies. 61%. Of millennial males stream the movies they watch. And one of the most amazing statistics was the way they get their news. The ideology found 43%. Of young men get their news from a website. 21%. Get it from social media only 13%. Get their news from their television. And you probably saw this coming of all millennial males only 5%. Get their news from print. The study also looked at what millennial males have planned for 2017. 27%. Say they plan to upgrade their Internet so that it faster. Millennial males clearly have a need for speed. This is yet another indication of not only what's happening right now in the American home but also what's on the way. The significance of high speed Internet is growing by leaps and bounds. With the biggest demographic group in America the millennial ditching the old traditional start of getting information in entertainment. And choosing online sources instead. The days when American homes were wired with telephone and cable. Appear to be on the way out the American home of tomorrow might just have one cable a big fat pipe. Quick blazing fast Internet. This is really easy today. All real estate all the time. And we are back with our special show mortgages 2070. And in depth look at all the changes we've seen in the mortgage market and how those changes could affect future. There's so much going on right now and we'll talk about all of mortgages 2017. Is coming right up right after we check in with Bill Thompson and the realistic today newsrooms I don't. I Stephen higher mortgage interest rates in the election don't seem to have dampened the enthusiasm of the Utah housing market. So says Teresa white tent with citywide home loans in Salt Lake City she tells KUTV. It's great it's really really strong and we have a lot of new construction happening and we still have. Prime properties do not stand the market very one can. It's still a great time if it's your first perch straight if your first time home buyer that's also stole a really great time if you're moving freight you're going from your first home to your second your second tier third. Whitehead says when interest rates are as low as they still are a quarter point or even half a point increased really doesn't change your buying power that much. It looks forward to Friday especially if there closing on the home sale apparently the National Association of Realtors analyzed 2016 home closing data. Found that more closings occur on Friday even any other day of the week. And not surprisingly perhaps very few closings occur on weekends. For behold I didn't you thanks bill. When it's time to buy or sell a house most people carefully consider the needs of their family. How are the schools immediately able to commute the easy or not when mom and dad go to work. Are their parks and playgrounds in the area it's clear family matters but a brand new survey reveals that other members of the family. Also a matter the pack because it turns out that many people make their decisions on where to live and how to remodeled their homes. Based on the needs of their cats and dogs. Let's talk about this brand new report now with Jessica routes and managing director of survey research and communications. At the national association of real torch hi Jessica. Hi how Mario great thanks Jessica thanks for being here. Now we're so interested in the new survey about animals and real estate that we invited some special guest to listen to be interviewed. OK. We'll. A patio and she found buried pocket I have. They are and their dying to hear about your new survey on homeownership and that's a tell us about it. Until we actually found that I 998%. At the end of loners feel that dairy animal is part of their field. That's absolutely crucial let me go to look her. I had to eat 1% believed that their animal related considerations YE a roll into their living situations. So people love their parents and they consider them to be part of the family. So let's start we're buying part of the past affects someone's decision. When they're actually buying a home. They're they're looking for a neighborhood consideration they want to make sure that there an a community where they can take their jobs said the dog park they wanna make search that there hole. Owner association or their rental guys allow for animal goes their top consideration. But they also want to make sure that besides walking paths and dog park but there's it'll walk toward the emblem remained available to that. And cattle where they can perhaps but it dot geeky character it. Yeah that's interesting because when I was a real tore you're right that was huge for people. They'd won it either rent a place or buy a place and if they didn't allow pat. Let's not even look. Absolutely establish. We'd get asked our realtor members if they in fact have run into problems before. And many actually said that it can be difficult when you're working with HA ways or rental property. Just find a place that is appropriate for it ain't all that 61% of our members. Have worked with buyers. And they that it has been difficult for them and had to find a property and if it good for them that it will accommodate period. Very interest in now let's look at the other side of it Jessica. How about for all those people selling home. Cutter pets effect that transaction. Right so that's where it when you have a pet they can't do it can do image and a home can we did ask our realtor members as well. About the impact. Selling a home. Tomorrow at list and 67 purse and they edit the moderate and pac 10% it's a major impact. Actually telling a property at 67%. Do you say that it does have that fact and selling property. Well of course we have a lot of realtors on the show and I always say when someone walks in the door and they can smell pet. It's a bad move. Absolutely out. We'd get after members wet where remedied by it especially to guide this spring talent even when we look at pat and homes that sold many Americans have added. Replete anything that has. Have been ganache top of the list Ali you back. But I don't think it think that that image makes surety clean your home have a professional cleaner comment. To get that that it out of the hall that is not in the carpet. And make sure that you don't lock in and the first big east ballot is that a dog or cat and and that they act. And then enact it by eight that they get it. It's heat the animal out of the home when you are showing yet they're still many new people coming at can be stressful for the animal but it's probably not gonna happen. Asked for compassionate care that. Home buyer come again. Right another really interesting part of your survey involved people. Remodeling their home with their pets in ma can you tell us about back. Sir can we actually found that many people actually do you take on remodeling tapped. One individual home that he cheaper and actually have Brittany at. I'd for the pack the most common thing to do of course is to put at added yards out little I don't run around with freedom not act. Leon Panetta opening at a dog door eleven or are also very popular. Among our bottlers. That's fascinating. Sarah Jessica this is the first time you've done this study tell us. Paulson why did you decide to study had legs. Well we think you know it'll over birth rates in the country and we know that people have her baby and needs her baby it. Player and relieve important role I had Q buyers but it also impact Allard. But something else that we really thought that was interesting and that 80% of our members consider themselves in a locker Maggie can't argue with that. That's wonderful a guides what you think. Jessica agree report and thank you so much for sharing your witness on realistic today. -- Jessica allowed to managing director of survey research and communications at the national association. Of real source. Coming up front realistic today Europe bound to apply for a mortgage. What do you do. The first thing if you really because going to let her. Before you. Start shopping if you wanna know what are approved for us next on our special show. Mortgages 2017. This is real estate today. Because your home might beat your biggest investment. Back again now whether special show mortgages 2017. Joining us now is Phil Banfield vice president of kappa. Markets with Quicken Loans bill welcome to realistic today. We're glad you're here so bill let's begin by talking about the mortgage you need. To buy a house what should our listeners who worked in that situation. Be doing right now to get ready to apply for a mortgage. He received a first thing that I normally talk about people is the first thing that you really because Michael let her. Before you start shopping do you wanna know what are these approved for you actually you're seeing their credit. It will help such not to have a better educational potential politician looking forward the only current picture real churned its service. So if you dude talked to a lenders though. Aren't you kind of committing to that lender if they give you a pre approval. Now I mean and anybody looking to buy a home and start with a lender that can shop around action and it affected probably weren't too they wanna make sure that they're getting the best offer possible in working with somebody that they trust. I seat. And it's important to get that pre approval because then they'll know what they can afford. Because there's nothing worse than going out appearance in a beautiful house. And then finding out to about 300000. More than you qualified for. You're right I think almost everybody in urging and you go looking around at all did you end up seeing a handful of all from one aspect and the other and you end up. While lining that nicer once he better make sure that you understand what you can afford it and which are comparable Litsch absolutely beautiful realtors and involved in this situation knowing that decliners preapproved and that they know exactly what they can get as. I think that's very valuable as well. So bill. There's the Big Three when it comes to applying for a mortgage they're sure credit there's how much cash you have available and there's your income. Let's talk about each of those starting with credit. You know he's beaten the most common. What a college credit score is a minimum of this week's twenty that they change GA credential typically like to go a little bit lower but but there's a baseline. A six tweak like those core is a good place to start. IC. And if your score is not that high you should take some time to get it up. Before you apply for a mortgage. Yeah I mean you know my blue talking about being able to talk your lender have nuclear threat evening session situation by the way. He cannot at least warning or even durable out there immediately can expect it'll improve your situation little edgy yet. A origin might be even more affordable stand can increase crappy article you can afford and that changes the touch bulge might be looking for. IC Nevin next of course is cash now it's usually cash in the bank we're talking about but it's also anything that you can. Use to put the down payment down and also the closing costs can you tell us about how much cash so when usually needs. Sure eagle. There's programmed out here that offers little as 3% down. On a conventional mortgage rehab percent down on the net Beijing after a veteran. You can use your rebound which ended so those are very popular anymore and not let seller concession that might be available. To help cover some of the car on the mortgage so it really depends on which program looking for Elise started offering a 1% down option. Where quicken will cover the additional 2% down on a commercial mortgage so you end up closing having 3% equity even though he only brought 1% of the people and we found that eager popular. I bet it's popular I didn't know about that. Yeah we were all that well last January and it'd be any really big hit especially the first time homebuyers who often are you brought up cashed. Having enough cash to close and being able to get her in the hole is the biggest stumbling block even though from a national perspective they can totally afford the payment. Interest thanks so bill let's stick with cash for just a minute. If 3% of the purchase price is say. 9000 dollars in I have 9000. Dollars exactly. In the bank. I'm not really ready because I still need to pay closing car also correct correct. And they're in that situation you're talking about. You know look 300000 dollar mortgage. And our right around there and you know you're gonna end up the several thousand dollars and clothing costs the question here. Penal if you don't have a you can get a gift from a family or relatives. That they can help you bat or perhaps as I mentioned earlier some sort concession it needed to Schiller. Helps cover part of those costs which is great leading into a hole and backed up in your bank account. Okay and of course the last part of the Big Three is short income. Meaning that no more than 28%. Of your gross income should go towards housing. And no more than 36%. Should go towards paying your housing and all your revolving debt. Is that an antique or people still using the 2836. Ratios. Yeah action bit Il legal apply but they have done and my apply a little bit over the course of time it is is he'd been able to determine. You know what ordered an appropriate ratio isn't typically what she's siege is debt debt ratios which is your debt divided by your gross monthly income. Heated in the forty to 40% range after the bar higher and there are some programs like appreciate it along issued along the goal for higher. But technically what we see our clothing or mortgages werder about 35 to 37%. Range. Will bill I sure do appreciate you joining us today and talking about how to get ready to apply for a mortgage thanks bill. Are badger here. Bill Banfield vice president of capital markets with Quicken Loans. Coming up front realistic today. One last look at why the pre approval is so important. That's next on our special show mortgages 2017. If you're hungry for real estate information follow real estate today on Twitter. Shares segment listened to them again and be the first to know what's on next week show. Just search reversing today on Twitter. Real estate today. Because you love real estate. And we are back we're going to wrap up today's show about mortgages 2017. With a few words about are really important part of the process of buying a home. Getting preapproved for a mortgage being preapproved for a mortgage can give you a crucial advantage as a buyer. Because it assures a seller. Pitcher ready and able to purchase the home. And that sets you apart from other potential buyers who might be just looking. It's also wonderful in a competitive environment because if your pre approved in your competition isn't. Chances are you would get the house. And even when you're at the very beginning stage of house hunting. Being pre approved is important then too because if UCL house for X number of dollars for sale. You'll know right away when you can afford it or not. It has nothing worse than looking at a place and wanting it really badly. Only to find out later it's out of your price range being pre approved can help avoid all that disappointment. You really have nothing to lose here getting a pre approval from a lender is easy and can often be done in just a few hours. But make sure your being pre approved and not pre qualified. Because pre qualification. Pat doesn't really count pre approval is what you want. It's an extremely detailed process that examines your financial picture in depth. Your bank statements paste ups tax returns and information about other loan she might half. They'll look at your credit card balances and your credit report. And what sure lender has all the facts they'll determine in writing. How much you'll be eligible to borrow when you buy a home. So what's it take to be preapproved for a mortgage well a decent credit score and decent credit report to start. You'll also need enough money in the bank for at least a 3% down payment. Another 3% for closing costs and enough left over to cover the mortgage and other bills for at least two months. As far as income Goshen need to make enough money to comfortably afford the home you want a bar. If there's a problem in your not approved. What I can actually help you because the lender will tell you why. Like maybe your credit card balances are too high and that tells you what you have to work on before you do purchased a house. But and you are approved you'll end up with a letter that letter will accompany every offer you mate and tell the seller. You're ready to do to deal. So how did you begin. You call your real tort today. And get a few names of trusted mortgage experts and if you're thinking hey I'll just wait until the spring market to get preapproved. Well guess what the spring market starts in one month. So if you wanna buy this spring. It marked to get preapproved. This winter so you'll be ready to go up once the for sale signs start to pop up. On front lawns all across America. Coming up next week unrealistic today snowbird it's packing up and moving self. For the winter Horford good we'll look at what it takes to live six months north and six months. For how to relocate to where the weather's always nice snowbird is next week right here on realistic today. And remember you can always listen online radio got real tool. And from all of us here at realistic today thank you for listening. If your realtor you can have been tie your realistic today's show on your website. The bat real speed channel on the Radio One 100%. Free to any our members just go to our new web address. Radio dot realtor and click through realtors.