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  • TIM: WELCOME BACK TO "SUCCESSFUL

  • LIVING."

  • WE ARE JOINED BY STEVE TETZNER,

  • VICE PRESIDENT OF HOME STORE

  • MORTGAGE.

  • WELCOME.

  • STEVE: THANK YOU.

  • ROB: WITH MORTGAGE RATES BEING

  • BETTER EVERY MONTH, I'M SURE YOU

  • WILL TELL US DIFFERENTLY, IT

  • SEEMS TO ME, CAN YOU TELL US

  • WHAT THE CURRENT MORTGAGE RATES

  • OR NOT EVEN THE RIGHTS, WHAT IS

  • GOING ON IN JANUARY OF 2020?

  • STEVE: WE STARTED THE YEAR WITH

  • A RATE DROP W

  • HICH WAS

  • SURPRISING BUT AS A RESULT OF

  • WORLD EVENTS THAT OCCURRED.

  • WE SAW THE 30 YEAR RATE COME TO

  • THE LOW 30'S LIKE THE FALL

  • OF

  • 2019.

  • THE RATE IS NOW MID-THREES OR

  • AROUND 3.5%.

  • WE SEE THE 15 YEAR BACK DOWN

  • AROUND 3.0.

  • ROB: YOU MENTIONED THE FALL OF

  • 2019.

  • IF WE TOOK THE LAST FIVE OR SIX

  • YEARS, WAS THERE ANY -- WAS THIS

  • THE LOWEST POINT OR WERE WE

  • PRETTY CLOSE?

  • STEVE: PRETTY CLOSE.

  • IN THE LAST FIVE YEARS, WE ARE

  • AT A 15 YEAR LOW OR EQUAL TO.

  • ROB: WHAT DO YOU SEE GOING

  • FORWARD FOR 2020?

  • I KNOW YOU CAN'T SEE INTO THE

  • FUTURE BUT I'M WONDERING YOUR

  • OPINION AND THOUGHTS ON WHAT'S

  • AHEAD.

  • STEVE: FOR THE REAL ESTATE

  • INDUSTRY AND MORTGAGE RATES, I

  • THINK THEY WILL BE GOOD GOING

  • INTO THE SPRING.

  • IF WE SEE MORE POSITIVE SIGNS

  • OUT OF THE ECONOMY, WE COULD SEE

  • RATES INCREASE A LITTLE BIT.

  • I'M REALLY

  • SKEPTICAL ABOUT

  • ELECTION.

  • GOING BACK TO 2008 WHEN WE MOVED

  • INTO THAT ELECTION CYCLE, THE

  • ECONOMY SHUT DOWN.

  • THERE, I WONDER HOW THAT MIGHT

  • AFFECT OUR BUSINESS THIS YEAR.

  • IN THE --

  • ROB: AND THAT IS WHEN THE FED

  • ST NO, I'M CONCERNED ABOUT

  • PEOPLE SAYING IN THE

  • PRESIDENTIAL ELECTION, LET'S

  • WAIT AND SEE.

  • WAIT AND SEE WHAT?

  • WHAT THE 2020

  • ELECTION BRINGS

  • BEFORE THEY MAKE A DECISION TO

  • BUY A BIG HOUSE OR DO SOMETHING

  • DRAMATIC.

  • ROB: I THINK THAT MAKE SENSE IN

  • ANY INDUSTRY WHEN YOU ARE GOING

  • TO MAKE A BIG MOVE.

  • WE WERE TALKING ABOUT PMI.

  • STEVE: EVERYONE HATES PMI.

  • [LAUGHTER]

  • ROB: I HAD IT AT ONE TIME, HATED

  • IT, FORGOT WHAT IT WAS, WE

  • TALKED EARLIER AND YOU REMINDED

  • ME.

  • WHAT IS IT, FIRST OF ALL?

  • STEVE: WHAT PMI DOES, IF

  • A

  • BORROWER IS NOT PUTTING 20%

  • DOWN, IT IS AN INSURANCE COMPANY

  • CHANGING THE RISK OF DEFAULT

  • WITH THE LENDER.

  • IN THE EVENT THE CUSTOMER

  • DEFAULTS ON THE MORTGAGE AND

  • THERE IS A LOSS IN CURRENT, THEY

  • WILL SHARE THAT RISK LOSS WITH

  • THIS PRIVATE COMPANY.

  • IT DOES NOT THE BENEFIT --

  • BENEFIT THE BORROWER AND ANY

  • OTHER WAY THAN WITHOUT IT THEY

  • WOULD NOT BE ABLE TO OBTAIN THE

  • LOAN.

  • IT DOESN'T MEAN IF THEY ARE OUT

  • OF WORK THAT SOMEONE WILL PAY IT

  • FOR THEM OR IF THEY PASS AWAY

  • THE MORTGAGE WILL BE PAID OFF.

  • THAT'S NOT IT.

  • ROB: I'M THINKING IT THROUGH AS

  • YOU ARE TALKING ABOUT IT, THEY

  • DIDN'T HAVE ENOUGH MONEY TO PER

  • DOWN 20%, SO THE PERSON WHO

  • IS

  • THE ORIGINAL MORTGAGE COMPANY IS

  • SAYING I NEED HELP IF THEY

  • DEFAULT ON IT.

  • STEVE: YEAH.

  • EVEN ON THE GOVERNMENT SIDE, THE

  • GOVERNMENT FUNCTIONS AS A

  • PRIVATE MORTGAGE INSURER THROUGH

  • THE USDA AND FHA.

  • ALL OF THOSE ENTITIES ARE DOING

  • THE SAME THING AS THE PRIVATE

  • MORTGAGE INSURANCE COMPANY,

  • GUARANTEEING A PORTION OR IN

  • SOME CASES ALL OF THE LOAN TO

  • THE PRIVATE LENDER.

  • WHEN YOU ARE DEALING WITH THE

  • PRIVATE MORTGAGE INSURANCE

  • MARKET, THERE ARE WAYS TO

  • CIRCUMVENT IT TO MAKE IT LOWER.

  • THERE HAS BEEN A LOT OF

  • SIGNIFICANT CHANGES WITH PMI

  • OVER MY 25 YEARS.

  • ROB: WHAT IS A SIMPLE WAY WE CAN

  • TELL VIEWERS IT IS KIND OF

  • CALCULATED?

  • HOW DID THEY COME UP WITH THE

  • PREMIUM?

  • STEVE: IT IS BASED ON A

  • FACTOR, AND THE FACT OF THE

  • PERSON PAYS IS BASED ON THEIR

  • CREDIT SCORE, DOWN PAYMENT, 5%,

  • 10%, 15%, AND IT COULD ALSO BE

  • PACED ON THE PROPERTY TYPE,

  • WHETHER IT IS A SINGLE-FAMILY OR

  • CONDOMINIUM.

  • IT COULD BE THE TERM OF THE

  • LOAN, SO ALL OF THESE FACTORS

  • ARE CONSIDERED.

  • ALL OF THE RISK IS COMPILED, AND

  • THE MORTGAGE INSURANCE COMPANY

  • SAYS "BASED ON ALL OF THIS

  • CRITERIA, THIS IS THE FACTOR WE

  • ARE GOING TO CHARGE."

  • THEN, THEY TAKE THAT FACTOR,

  • WHATEVER IT IS, SAY .4 IN THE

  • 100,000 DOLLAR LOAN, SO MULTIPLY

  • IT OUT, $800, DIVIDE BY 12,

  • THERE IS YOUR MONTHLY PREMIUM.

  • ROB: CAN THE INDIVIDUAL

  • PURCHASER OF THE HOUSE CHOOSE

  • THE COMPANY THEY WANT FOR THAT,

  • OR IS THAT DONE THROUGH THE

  • LENDER ASSESS -- PROCESS?

  • STEVE: TYPICALLY, WHAT WOULD

  • THAT'S WHAT WE WILL DO BECAUSE

  • SOME MORTGAGE COMPANIES HAVE A

  • NICHE, WE

  • WILL, ELECTRONICALLY

  • WITH THE PRESS OF A BUTTON, I

  • CAN SHOP FOR THE LOWEST PREMIUM

  • FOR MY CUSTOMERS.

  • ROB: SO IF SOMEONE HAD LOWER

  • CREDIT, YOU CAN SAY THIS

  • COMPANY HERE IS GOING TO GIVE

  • YOU BETTER CREDIT.

  • .

  • STEVE: CORRECT.

  • ROB: WHEN DOES PMI GO AWAY?

  • STEVE: ONCE YOU HAVE 20% EQUITY

  • IN THE HOUSE.

  • IF YOU ARE COUNTING ON PMI GOING

  • AWAY BASED ON YOUR ORIGINAL

  • PURCHASE PRICE OR IF YOU

  • REFINANCED AND HAD PMI, WER

  • THE APPRAISED VALUE OF THE

  • PROPERTY WAS, YOU SHOULD MONITOR

  • THAT AS A CONSUMER.

  • YOU SHO KNOW IF MY PROPERTY

  • IS WORTH 200, IF MY PRINCIPAL

  • GOES TO 160, MY PMI SHOULD DROP

  • OFF.

  • YOU SHOULD MONITOR YOUR

  • PRINCIPAL BALANCE AT THAT POINT.

  • LENDERS ARE REQUIRED TO DROP IT

  • UNDER FEDERAL LAW ONCE IT DROPS

  • BELOW 80% OF THE LOAN'S VALUE.

  • ROB: HOW DID THEY KNOW THE VALUE

  • OF THE HOUSE OF IT TOOK --

  • STEVE: BASED ON THE ORIGINAL

  • PURCHASE PRICE OR VALUE.

  • ROB: SO ONCE AGAINST A 78%,

  • THAT

  • 2% YOU COULD CATCH MUCH EARLIER

  • I'M ASSUMING.

  • STEVE: CORRECT.

  • ROB: WHAT IF HOUSE VALUES GO UP?

  • STEVE: YOU CAN TRY TO PETITION

  • TO CHALLENGE THE VALUE OF YOUR

  • HOME, AND NEED FOR PMI.

  • IT IS MUCH MORE DIFFICULT TO

  • ELIMINATE THE PMI THAT WAY

  • BECAUSE THE LENDER WILL SAY "YOU

  • NEED TO USE OUR APPRAISAL

  • COMPANY."

  • THEY WILL PROBABLY BE A LITTLE

  • ON THE CONSERVATIVE SIDE AND

  • WILL BE LOOKING FOR A STRONG

  • VALUE TO DROP PMI.

  • THEY GOT BURNED BACK IN THE

  • HEYDAY WHEN VALUES WERE

  • ESCALATING SO QUICKLY THEY WERE

  • LETTING EVERYBODY DROP THE PMI.

  • ALL OF A SUDDEN, PROPERTY VALUES

  • SLID AND EVERYONE WAS UNDERWATER

  • WITH NO MORTGAGE INSURANCE.

  • ROB: GOT IT.

  • AS A CLIENT, AND THIS WAS A

  • CLOISTER IN -- A QUESTION I HAD,

  • I WENT AND

  • [INDISCERNIBLE]

  • AS SOON AS WE GOT TO THE 80% OF

  • WHAT I THOUGHT THE VALUE WAS, WE

  • HAD THE APPRAISER COME OUT AND

  • WE DID THAT -- THEY HAD THE

  • APPRAISER COME OUT AND WE DID

  • THAT.

  • WHEN THE MARKET IS DOING REALLY

  • WELL AND IT'S AT 78%, AND IT IS

  • AUTOMATICALLY TERMINATED, IS

  • THERE ANY WAY TO GET WHAT THEY

  • PAY DURING THAT 2% TIME, THAT

  • MONEY BACK, OR NO?

  • STEVE: THEY COULD PETITION FOR

  • IT IF IT IS A SMALL AMOUNT OF

  • MONEY.

  • THE GOVERNMENT DOES GIVE THE

  • LENDER A LITTLE LEEWAY IN BEING

  • ABLE TO EXECUTE THE ELIMINATION

  • OF THE PMI.

  • THEY CALL THEIR SERVICER AND SAY

  • WHEN I MAKE THIS MORTGAGE

  • PAYMENTS, I'M BELOW 80, AND THEN

  • IT HAS TO DROP.

  • ROB: LET'S SAY I TOOK MY

  • MORTGAGE OUT AND TOOK 30% DOWN,

  • EVERYTHING IS FINE, AND I TAKE

  • OUT A HOME EQUITY LINE WHICH

  • THROWS ME OVER, AND NOW I HAVE

  • 82% I HAVE LOANED OUT, ARE THEY

  • GOING TO THROW PMI ON THE WHOLE

  • THING OR HOME EQUITY L3

  • CREDIT?

  • STEVE: NEITHER.

  • THEY ARE TOTALLY DIFFERENT

  • SUPPLIESC13

  • THE FIRST MORTGAGES BASED ON THE

  • VALUE, AND THE LOAN-TO-VALUE

  • POSITION OF THAT LOAN.

  • BACK IN THE HEYDAY, WAYS WE USE

  • TO ELIMINTE PMI WAS WITH SECOND

  • MORTGAGES.

  • SOMEONE COULD PUT 10% DOWN, WE

  • CALLED IT AN 80/10/10.

  • 80% WITH NO PMI, 10% HOME EQUITY

  • PRODUCT LIKE A OR LOAN, AND 10%

  • DOWN AND THEY NEVER PAY PMI.

  • THAT WAS A WAY TO AVOID PMI

  • YEARS AGO.