You're listening to the John and Heidi Show Bonus Hour. If you miss any of the program, you can find a podcast at the bottom of the page at Johnny Radio dot com. Thank you for listening to The John and Heidi Show Bonus Hour on a Monday. Excited to visit with Brent Baker from Clients First Group coming up here in just a moment. Also later this hour, it is a movie Star Monday. I have Johnny Russo joining me from The Godfather. Oh yeah, you can have some fun stick around that's on the
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That's Better credit Cards dot com. Thanks for listening to the John and Heidi Show. We have Brent Baker joining us on this Monday, and we're going to be chatting with him about some really fun stuff. We like to do this. We try to do it every Monday if we can. Brent is with Client's First Group and Keller Williams Realty and Brent. First of all, how you doing, sir? Well, anytime that you're looking at the flowers and not pushing them up, it's a good day. That is a good
day. And I got some information about what we're going to chat about today. I like this how to answer Buyer's ten most asked mortgage Questions. So this is probably something that comes up this year people asking mortgage questions. And I know you're not a mortgage guy, you're a realtor, but you work with people who are dealing with mortgages all the time. So what are some
of the most popular things that people are asking about right now? Well, I think most people understand what a mortgage is unless you grew up in a household that has always rented. But a mortgage is really just a very long term loan. Yeah, you're typically talking fifteen thirty years in length, and this would be when people are buying a home. You know, that's the It's basically a loan for a home, is what a mortgage. Correct.
A mortgage is nothing but a long term loan secured by a piece of property. Home very nice, And when it comes to figuring out how much can I afford when I'm buying a home and I'm getting a mortgage, there's got to be some sort of calculation, because you know, when I was looking, you weren't showing us the million dollar homes. We weren't looking for that. We couldn't afford that. But but how does how does a person know when it's time to figure out what should I be looking at for a mortgage?
If you're even thinking about buying a home, the best thing you can do is reach out to a few mortgage professionals because there are certain things that are just simply required to get a mortgage. It's not like going down to a local car dealership and picking one out simply because you feel that you can afford that in your budget. Yeah, a mortgage is a heavily regulated thing, So all lenders have to check your credit, They have to check your
debt to income ratios. Things like school loans so forth come into play. They have to look at what your ability is to repay that. Because this is a long term loan, therefore they have to go the extra mile. What are the most common types of mortgages? While the common terms are conventional, FHA VA, USDA, woral development, which are one and the same the USDA in wroral development, but the reality is behind the scenes it's a
government back loan versus. Then we have fixed rate mortgages, typically referred to as a conventional. Then there are what are called arms adjustable rate mortgages, so that rate changes over time. Then we have the home equity loans otherwise known as he locks, and that is borrowing against the equity of home you already own. Then there are interest only loans. We don't really see those right now than jumbo loans. Those are for very large homes and are above
a price point that changes occasionally. But jumbo loans, we don't see a lot of those. So what are the interest rates? And I suppose that kind of changes all the time, doesn't it It's bounced around a lot. And I always advise people to check not only for rate but also fees. You might find one lender with a what seems like a lot lower rate, but they may have higher fees, So there's always more than that but the
rate has been bouncing around quite a bit in the last while. The thirty year fixed rate mortgage is at this time tied to the ten year treasury rate. For the arms and those types of loans, those are tied to the one year treasury So what are the things that make up a mortgage? What are the different to a mortgage. Well, a mortgage is going to include like your principal payment payment on the actual original dollar amount that you borrowed.
There's interest on that money. The rate of return for the investor is a way to look at it. Typically, you're escrowing your real estate taxes and your homeowners insurance and what escrow does is allows you to spread those two expenses over the course of a year so that that payment is consistent throughout the year. Otherwise, twice a year you're going to have to run a nice big check to the state for count for taxes, and then the other would be
to your insurance company. And so the other parts of those mortgages are your survey, your praisal, your loan origination feed, there's going to be recording fees and so forth through the county and state, and also just your background checks. Yeah, and then you have your basic down payment. If you have a typical mortgage, you're gonna have some money down, and then of
course you're closing costs nice and we're going to stop right there. We'll pick this up next week and wrap things up with this list at that time. Brent, thank you so much for joining us. If people would like to maybe reach out to you and get some more information about this, or if they want a list a home, or if they want to maybe buy a home that's on the market, how do they get a hold of you. The number is six zero five three one zero zero two ninety seven or email
me Brent Baker at katew dot com. Very nice. You can find him online as well through the website Clients FirstGroup dot com. Did you know you can allocate a percentage of your IRA to physical gold and silver With a tax free rollover, you can put your IRA back on the gold standard. Genesis Gold IRA is the only IRA that can hold physical precious metals. Call now for your free golden silver report and learn how to qualify for up to ten
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passes away suddenly at the age of forty five. Josiah Phillips had been with the first crew of speculators to lay claim to the town site of Sioux Falls in eighteen fifty seven, having partnered with the Western Town Company of Dubuque, Iowa, and making the trip to the majestic bend in the Big Sioux. Phillips remained here four years, aiding in every way possible in the formation of the new city, until the Civil War broke out and he felt duty bound
to offer his services as a Union doctor and surgeon. Phillips served with distinction and even a company general to comes to Sherman's troops on their infamous March to the Sea, ending up all the way down in Atlanta, Georgia. Josiah Phillips would marry Hattie Phillips after the war and return to Sioux Falls in eighteen
seventy. He still maintained his rights to the land that he had claimed back in eighteen fifty seven, and as an injury to his eye in the war made it difficult to practice medicine, Phillips took up the business of land speculating and real estate dealing. He was able to make a small fortune for him and his family, selling off his land piece by piece as new businesses and homes were created for new citizens. However, Phillips did not hoard his new
found wealth. He was often the first in line to give to the needs of the small community of Sioux Falls. Schools, churches and organizations. Also events from the early days a part of their existence to Josiah Phillips, and on this day in eighteen eighty two, after two days of fighting off a fever and a deep cough, he passed away. Josiah Phillips left behind his wife, Hattie, and seven children, one of which he never even met,
as Hattie was pregnant with that child when he died. This day in Sioux Falls History brought to you by Suit Falls Funpage dot Com and Sunny ninety three point three. How much do you pay for your cell phone every month? If it's more than fifteen bucks, it's time for a mintervention. Mintmobile makes it affordable and easy to switch, get a new phone, or bring in your current phone. iPhones and Samsung phones both work well with Mintmobile.
At mintervention dot com you can see the current special offers from Mintmobile, offering premium wireless for just fifteen dollars a month. That's far less than most people are paying just fifteen dollars a month. Learn more now at mintervention dot com. That's mintervention dot com. Here's your market bing minute for Monday, June twelfth, brought to you by Genesis goold Ira dot com. Equity markets were
able to advance Friday after a week of consolidation. The SMP five hundred moved up through the forty three hundred level to set a new twelvemonth high, and it may keep going higher. However, the move is not driven by any fundamental factor that can be pinned down, so the bottom could fall out of the market at any time. This week's risk is multifaceted and could be the difference between a summer rally and a quick reversal. Topping the list of market
moving events is the FOMC meeting. They're not expected to hike rates, but they may surprise the market with its statement. The CPI is an other market moving event and it comes out ahead of the FOMC announcement. Whatever the market thinks will happen at the meeting could change given the CPI news. After that, it's the retail sales figure, which is due out Thursday. Retail sales are expected to rise year over year, but not enough to offset inflation.
The takeaway is that demand is in decline, only we're paying more for what we get. You can get the insidetrack at market meminute dot com. Insurance chicken dot com wants to know how much are you paying for your insurance. I know it seems like a hassle to switch to a different company, but if you can save a few bucks bucks bucks, it's worth crossing the road. To insurance chicken dot com. We have several of the top insurance companies
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