It's time for the b a q a a to b a q a what you say.
The b a q a man good b a q a Which the b a q a A.
Should we do a little disclaimer, you know, to make our lawyer our lawyer friends happy. Yes.
Please, if you've.
Got questions, we have some answers, but not necessarily for you, just some things we'll be saying. But you are going to reach out to your doctor, your lawyer, your financial advisor, someoney that you pay for the next level of financial education if you will a ka so your grandma, not us.
But if you do have some questions that you'd like.
To hear some general answers, not specifically geared towards you about, go ahead on over to Branna Vision podcast dot com and click the contact us button or slide into our DMS brin Ambition Podcast on IG.
And we got you.
Yeah, And if you have a follow up, just let us know that it's a follow up question or like just your following up on like a question that we answered. I love getting those yes and seeing where the journey has taken y'all.
Yes, and if you could tell us like, oh, it was this episode or maybe what we called you what your name was or whatever?
You know, just like, please make it as simple as possible because sometimes we don't know where the original question went to. Yes, okay, we've been doing it for how many years? Almost nine? That's a lot of questions, all right, But we have a cute, cute question today. This is from ig Kelsey, who says we can use her name. Oh we love it. Just out there, queen. All right, tiff, this is your credit land, your credit lane. Okay, Hiba, fam, I have a question. I love your show and your
advice is much appreciate, appreciated. My husband and I are hoping to buy a house this fall. Even though the economy isn't the greatest. We're spending the summer tackling our credit card debt. I've noticed it takes a long time for the updated balance to show on my credit report. For example, I paid off two cards in full at the end of May, and almost two months later, they
still haven't updated. Is that normal when we are ready to meet with a lender to see how much we qualify for Should we wait for all of those accounts to show as paid on credit karma or experience, et cetera? Or will they have access to a more up to date version of our credit report. Thank you so much for your help, all right, Kelsey.
Kelsey, Kelsey, Kelsey, Well, really, the big it's probably not the credit bureaus that are holding you up. You know, there's three core ones. There's more, but these are the three core ones. That's Transnion Aquathax experience. So they update about to your point once a month, at least every forty five days. Right, It might be the lender whoever you've paid back. They can take your sweet time letting their credit bel know, Hey, hey, y'all, Kelsey had did
a thing. Now, Typically they do typically, you know, tell the lender like once a month or so and sometimes even up to two months. But the best place to really ask is to reach out to the credit card companies that you paid off, paid the balances down, and say, hey, has this been reported to the credit bureau and if not, when can I expect it to be reported because it's still not showing on my credit reports that this has paid been paid down or off and ask that question.
And quite honestly, if it was me, you know, buying a house these days, it's like every penny counts, I probably would wait for my credit bureau to reflect you know the fact that I don't owe as much before like seeing what I can.
Be pre approved for.
The truth is you're going to have your credit pulled multiple times still, like they're like right before you close. So this is not you know, this is not the last time. But if we're talking about pre approval, which is an important process which basically will let your lender know you know, what you can possibly borrow. This this would potentially affect, like, especially if you owed a lot of money, could affect how much money you could borrow
on a house. So I would say be patient, but also tap your lender on the shoulder and I would wait to see the adjustment before like, you know, looking to purchase a home right away.
It's interesting that she says, you know, the economy is not that great. I think the housing market. I don't know the economy, Like I just saw reports like the economy is doing amazing. It's what you and I were talking about, how like the numbers are showing that the economy is fine, but people don't feel that way. It's probably because housing prices are so high and rates are still high compared to like normal historically, but really high compared to what we were enjoying a few years ago.
But I think I've come now on the side of like go ahead and buy, yeah, you know, like don't wait for the perfect time and the perfect like subpar rate. I think that it's helpful to see people zoom out and show the historical interest rates, and it was pretty unusual that we had like two percent rates back when, you know, pre pandemic and during the pandemic, and now like six percent is like kind of it's.
Yeah, because there's the thing I bought my I bought my condo. When I bought my condo, I was I'm turning forty five this year. I was twenty five when I bought my condo, and my rate was like five point six percent. That was then, you know what I mean. And that was not a bad rate. That was considered more than fair to two percent. It literally never.
Hit two percent before.
That was had historic maybe once in a lifetime were gonna see rate, And so to wait for it to go down to two or three percent, you're going to be waiting a long time. Maybe, girl, you're gonna have gray hairs and a rocket year, you know, and you know, maybe four or five percent would be you know, but you can also buy and then keep your credit strong and then maybe in four or five years, depending you
know where the interest rates lead. You could certainly refinance, which there's cost associated, but still that's potentially an option.
But yeah, I mean, when it comes to buying a home, it is to me half investment and half heart choice, depending like when you're buying a home that you're going to live in, meaning I want you to be smart and say, hey, I'm not trying to buy a home that doesn't make sense financially for myself and my family, but also you know, like I'm buying a home because like I'm trying to live here, and so you're allowed
to not make like a choice that's strictly financial. I know it sounds crazy, but like like remember, Manny, when I bought my condo and doctor Green was like, I'm not doctor Green, Angelie, my financial my CFP, my certified financial planner said ideally, Tiffany, I don't want.
You to pay cash. I'd like for you to be in the market.
And she wasn't wrong because you know we've seen the market was up last year, closed at like up twenty two percent, and I don't know where we are now, but the market has continued to be up, so that money in the market would have generated because you know, it was a significant amount of money that I paid for the condo, but my my heart choice for me, for the level of calm and things that I needed, I wanted to pay for a cash because I'm still
a little nervous from losing my first condo to a foreclosure. Plus I knew twenty twenty three was going to be a hard financial year, and it was, and I didn't want to have to worry about also having to come out of pocket monthly, and so I decided. I remember asking her if I buy a cash, is it a really bad decision or is it just not the best financial decision. She's like, it's not a bad decision. It's just not the best financial decision. But you're fine either way.
And so I let my heart lead because I was like, I'm gonna be fine either way. This is just a better decision where maybe I could have come up I don't know tens of thousands of dollars, but but look at.
That condo, though, I like, you're, yeah, we've talked for this multiple times, but like the security and the peace, yes, and the you know, the flex of it all. I think it is so baller.
You know, you just paid that shit and cash.
No, but you know, like I said, so, I just I just want to ask you were purchasing homes, homes that you're going to live in primary residence, that to say that it is okay to integrate both sides. You're left side of your brain, you're right side of your brain, you know, and one doesn't have to overpower the other.
Yeah, because at the end of the day, you know, the day gonna end.
I know that that is not like a new expression, but it was like new to me, and I had said it so many times this weekend. I said it to my husband and he didn't hear me the first time, and I was like, at the end of the day, the day going end, and he just looks over He's like, are you Socrates?
Don't you love that with someone you like?
Did they not catch the joke or is it just not funny to that?
You're like, let me look, too much of what I say just gets filtered through the husband, like, you know, the catch it. Yeah, So I have to repeat myself many times it's like what was said?
No, especially if I'm in the group, and I'm like, that was a really funny joke. I feel like they didn't hear it.
So then I say it again and I'm like, they did hear it, and then nobody reacts and I'm like, oh, so we're sitting right along with my bride.
On delivery with a fresh audience.
I'm like, maybe it was my exactly. I'm like, I loeek like that, but it killed at the last day.
Not like these people. Nothing sadder than a flat joke, you know what I mean. Just bringing the vibe down.
People, you right, and don't do it in front of your sisters whatever. They're like, we heard you.
People who like love you.
I could like you know exactly because it's like, oh, oh you thought that you thought you ate with that, you.
Know, like that's what the young ones will say. I'm like, I did eat with it.
So anybody I would love to know from our audience, you know, did you guys, anybody buy a home this year?
Now?
How's it going?
How you feeling? Is it a little scary?
And if you are trying to buy a home, what are home prices looking like in your area, like, you know, like what are like is your I'm assuming the price of your homemady has gone up significantly since you purchased it.
Yeah, yeah it has, and which is great. I was actually kind of considering. I'm you know, I'm hashtag stuck in a starter home, and you know the amount of time I just s been envisioning how we could like
make it work for us a little bit longer. You know, I'm at the point where I'm like, either we're gonna like maybe do a cash out REFI, take advantage of the equity and really do like a proper another remodel, or just you know, maybe take a cash out REFI and use the money for another house and rent this one out. Okay, Yeah, because I don't think I would tell another young family like, nah, this house is adorable, but nah it's too small. But I think it would
be a great Airbnb property. But we just got to see what Carny is looking like financially right now. I don't think we're not there yet to like buy something else and keep this place. We could buy somewhere else, but like keeping this place, and so yeah, I don't know, man, it's Corona. Shit I'm glad that we bought the household we did. But yes, decisions just get more tricky. They don't get easier, get trickier.
M hm, you just be trying to Is this all right to us?
I guess I'll see you fifty years.
But you got to do the best with the options you have to make and then release yourself from the release it, release it. But thank you Kelsey for your question. Ba fam. If you want to leave us a question, you know how to do it, go to ig drop into our d MS. Sorry, slide into our DMS drop. Okay, Boomer. We are at Brand Ambission Podcast on I G or Brand Ambisson Podcast at gmail dot com dot com. Oh and while you're at it, why don't you leave us a review? Please? We love it. We got some really
cute reviews from our listeners. Can I read one of them? Real quick? Tiv? Yes, we got three new ones. I love this one. It says podcast from the guds g A U G A w D. It's from It's take k Tak on Apple podcast says I recently discovered this podcast, and I'm glad I did. I have learned so many things, have been able to put so many of your tools and tips to play in my own life and finances. The only way this podcast could be any better is if I could listen twenty for seven.
Oh we love that.
PS. Show notes would be great if you have the time. We love a little positive feedback. Yeah, yes, it's take a Yeah, we're gonna get right on that. Rose, thank you so much for that was a reference to don't tell Mom the babysitters dead anybody.
No, I didn't get that.
Okay, that's fine.
I was like Rose, your name was take.
Never mind. Okay, thank you so much. Be a fa We love you. Check us out Monday, Wednesday, Friday, Bye bye