Latest / The Steve Harvey Morning Show / Tanya Blanchard founded Madison Chase Capital Advisors—a mortgage brokerage firm with affordable closing costs.

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Tanya Blanchard founded Madison Chase Capital Advisors—a mortgage brokerage firm with affordable closing costs. · The Steve Harvey Morning Show

0:05
Speaker 1: Welcome to Money Making Conversations.
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1:22
Speaker 3: If you're ready, I'm ready. Let's get money making Conversation
1:25
Speaker 3: Masterclass started. It's National home Ownership Monk and we're living
1:29
Speaker 3: in an interesting economy where a lot of people are
1:31
Speaker 3: unsure about real estate. That is why I have my
1:34
Speaker 3: guests on the show today what we should know about
1:37
Speaker 3: real estate and paying attention on how to prepare us
1:40
Speaker 3: for buying homes in this season. Let me introduce you
1:43
Speaker 3: to my guests. Her name is Tanya Blanchet. She found
1:46
Speaker 3: it Madison Chase Capital Advisors, a mortgage broken's firm with
1:50
Speaker 3: affordable closing costs, and she has tips on up in
1:53
Speaker 3: the value of your home before selling it. Now I
1:57
Speaker 3: know that's usually tied to a real estate person. But
1:59
Speaker 3: guess what's she's three sixty sit down talk, Tanya. She's
2:03
Speaker 3: gonna let you know what's going on her firm. Officer's
2:06
Speaker 3: home equity loans, residential mortgages, VA loans, residential mortgages online
2:13
Speaker 3: VHA and jumbo loans and more loans. That were going
2:16
Speaker 3: to talk about that on the call. But more importantly,
2:19
Speaker 3: she is this program because six Months to six figures
2:23
Speaker 3: a Loan Officer's Guide to a Profitable Business, which provides
2:26
Speaker 3: a thirty day jumpstart program complete with instructional guided videos
2:31
Speaker 3: and end their companion workbook and a valuable resource guide.
2:35
Speaker 3: It's all about money talking about real estate. Were talking
2:37
Speaker 3: about Loan Officer's Guide to a Profitle Business. Please work
2:40
Speaker 3: with the Money Making Conversations Masterclass, Tanya Blanchet.
2:43
Speaker 1: How are you doing, Tanya?
2:44
Speaker 4: Pleasure to be here?
2:45
Speaker 3: Good, good, good? Did I say too much that extend
2:48
Speaker 3: over extend my credit on you?
2:50
Speaker 4: Everything was lined up, just right, lined up, just perfect.
2:53
Speaker 1: We're good, We're good. You know, you know, you know,
2:56
Speaker 1: it was like a couple.
2:58
Speaker 3: My brother lives in the DC area and think about
3:00
Speaker 3: twenty twenty one, he sold his house and it will
3:05
Speaker 3: people up lined around the block to buy his house.
3:08
Speaker 3: I mean, I think his house was valued that he
3:10
Speaker 3: put it on the market for seven hundred thousand. They
3:12
Speaker 3: wound up selling for like nine hundred and fifty thousand.
3:15
Speaker 3: He didn't even ask for that price. It was just
3:18
Speaker 3: the competition of people lining up wanting to buy the home,
3:21
Speaker 3: and that's why that price wind up Like that? Is
3:24
Speaker 3: that still going on now? People still lining up to
3:27
Speaker 3: buy homes like.
3:28
Speaker 4: That, They're not lining up to buy homes, but supplying
3:31
Speaker 4: the man is still a factor. We don't have a
3:35
Speaker 4: lot of supplies. So now we're definitely back into a multi,
3:40
Speaker 4: multi offer situation. So it's not it's not as intense
3:44
Speaker 4: as last you know, your brother in DC, or even
3:48
Speaker 4: last year, last year before rates psych. It definitely has
3:53
Speaker 4: calmed down and it's definitely multiple offers though still multiple offers,
3:58
Speaker 4: but not as crazy as it was last year, with
4:02
Speaker 4: no appraisal contingency, no financial contingency, you know, everybody just
4:06
Speaker 4: doing anything to get to get a house. It's calmed
4:09
Speaker 4: down a little bit since then.
4:10
Speaker 1: Cool.
4:11
Speaker 3: So I was just talking to the general public here,
4:13
Speaker 3: So the people out there who are interested in selling
4:15
Speaker 3: their home. You're saying it's still a good market to
4:18
Speaker 3: go out into.
4:18
Speaker 4: It absolutely, it's it's absolutely it's still a good market
4:22
Speaker 4: to go out into. And there's still multiple offers and
4:26
Speaker 4: quit clothing, so it's definitely it's it's a great market
4:30
Speaker 4: to sell, and it's a great market to buy. If
4:33
Speaker 4: you're ready to buy, in your position to buy, you
4:35
Speaker 4: don't want interest rates to stop you from purchasing a home.
4:38
Speaker 3: Let me ask you this now you a mortgage brokerage
4:41
Speaker 3: firm that you started, the president you found in Madison
4:43
Speaker 3: Chase Capital Advisors. Just just questions I always likely to
4:46
Speaker 3: ask out of curiosity. Is there a bit a good year,
4:49
Speaker 3: a good time of the year to put your home
4:51
Speaker 3: on sale? Like is it summer better or fall better?
4:54
Speaker 3: Or spring better? Is there a set time of the
4:56
Speaker 3: year just put your house on sale when it's available
4:58
Speaker 3: to be put on sale? What are your thoughts?
5:00
Speaker 4: Well, I think life happens, So when life happens, you've
5:04
Speaker 4: got to move accordingly. But if you said to me,
5:07
Speaker 4: your question is, Tianya, what's the best time to put
5:09
Speaker 4: the house on the market? Now? Is the time when
5:12
Speaker 4: children are getting out of school? This is and that's
5:15
Speaker 4: how I know that the market is still a little
5:20
Speaker 4: It still hasn't bounced back because this is normally my
5:24
Speaker 4: extreme busy time. You know, normally school in Atlanta just
5:28
Speaker 4: got out last week, so everybody is out of school.
5:32
Speaker 4: So what parents normally did was say, Okay, well, let's
5:34
Speaker 4: just wait till Johnny, little Johnny finished your school. We
5:37
Speaker 4: don't want to interrupt. And so now it would be
5:39
Speaker 4: in Atlanta anyway, it would be from May through the
5:42
Speaker 4: end of August because then now everybody wants to get
5:45
Speaker 4: in the house in time for school. So now is
5:48
Speaker 4: really the spring springtime and summertime is normally the time
5:52
Speaker 4: when most houses go on the market.
5:54
Speaker 1: Cool.
5:55
Speaker 3: So there's a system to this madness because, like I said,
5:57
Speaker 3: you know, people we always talk about real estate, especially
6:00
Speaker 3: the minority community. I always talking about you know, God's
6:03
Speaker 3: not creating more land. So whatever you buy is an investment,
6:06
Speaker 3: creating equity. You got into the brokerage firm from a
6:12
Speaker 3: mortgage standpoint, How did that does a person like you?
6:15
Speaker 3: I'm not saying this impossible, but it's it's a career
6:17
Speaker 3: move that I've never thought of engaging myself. And do
6:20
Speaker 3: you have to have like financial money in the bank,
6:24
Speaker 3: how do you get into the creating a firm like this.
6:27
Speaker 4: Okay, So to create a mortgage firm, you really don't
6:31
Speaker 4: quote unquote have to have money in the bank when
6:33
Speaker 4: you start out. Every year going forward you will. I
6:37
Speaker 4: want to see your books to make sure that you're
6:39
Speaker 4: you know, you're a financially sound but whatever state you're in,
6:43
Speaker 4: you really you want to start off being licensed a
6:46
Speaker 4: licensed loan officer, which is your you get your NML
6:49
Speaker 4: left license. So once you're a licensed loan officer, I
6:53
Speaker 4: recommend personally, I think you should, you know, be a
6:57
Speaker 4: loan officer for at least three to five year, at
7:01
Speaker 4: least three years before you started your own firm, because
7:04
Speaker 4: there are a lot of different pieces to the puzzle
7:07
Speaker 4: and it's just not about oh, let me open up
7:09
Speaker 4: my own company. You really want to know the loan
7:12
Speaker 4: part of the business very well so that you can
7:15
Speaker 4: take care of your client.
7:16
Speaker 1: You know.
7:17
Speaker 3: I've been fortunate to buy some homes in my life,
7:20
Speaker 3: not saying that I'm not bragging on that I've been
7:23
Speaker 3: the first home I bought, I got it on you know,
7:26
Speaker 3: like auction.
7:27
Speaker 1: I bought.
7:27
Speaker 3: My first home was in the auction, you know, And
7:29
Speaker 3: now I bought it, and I was happy, and I
7:32
Speaker 3: bid this other person because it was one of the
7:34
Speaker 3: homes that I guess I don't know the proper language,
7:37
Speaker 3: but I'm pretty sure you're aware of what I'm talking about.
7:40
Speaker 1: You know.
7:40
Speaker 3: They're kind of like fix her up homes and they
7:43
Speaker 3: go out there and you can bid on them.
7:44
Speaker 1: And I bid.
7:44
Speaker 3: I got the home, and I got to the house.
7:46
Speaker 3: Of course it didn't it didn't have an air condition unit.
7:48
Speaker 3: Somebody has stolen the air condition unit. So I had
7:50
Speaker 3: to buy the air condition unit and put it on
7:52
Speaker 3: the house, and I was up and running.
7:54
Speaker 1: That was my very first home. But I tell you,
7:56
Speaker 1: when I bought that home.
7:57
Speaker 3: Now, are you the person that puts it out like
8:00
Speaker 3: a like almost a Bible sized.
8:02
Speaker 1: Amount of paper in front of us and tell us
8:05
Speaker 1: we have to sign. Is that you? That is me?
8:08
Speaker 4: But nowadays, nowadays I'm gonna send it to you via
8:12
Speaker 4: docu side.
8:14
Speaker 1: But that's that because I don't know what I'm signing.
8:18
Speaker 4: I always tell people when when you get those when
8:21
Speaker 4: you go under contract, you know, when you get those
8:24
Speaker 4: those that big set of disclosure that's probably anywhere between
8:28
Speaker 4: eighty to one hundred pages. When you when you go
8:32
Speaker 4: when you go through them, a lot of them are
8:34
Speaker 4: just you know, it's, you know, a workbook that you
8:36
Speaker 4: have to have a disclosure that you have to keep.
8:38
Speaker 4: But the bottom line is the most important thing that
8:41
Speaker 4: you want to read is your loan estimate. So and
8:45
Speaker 4: you said, well, tell you why your loan estimate. Your
8:47
Speaker 4: loan estimate is going to show you what the current
8:50
Speaker 4: rate is, what how much you're borrowing, your total estimated payment,
8:55
Speaker 4: and if your loan's lost or not.
8:57
Speaker 1: So when you say loan lock or let's let's let's
9:00
Speaker 1: stop right there, what does that mean the loan is locked?
9:02
Speaker 4: What does that means? That means your interest rate. So
9:04
Speaker 4: that means, for example, I just spoke to a client
9:06
Speaker 4: today and they're doing a USDA loan and I told
9:10
Speaker 4: them what their rate was and it was six point
9:14
Speaker 4: seventy five, and they are, we're going to go ahead
9:18
Speaker 4: and lock tomorrow to see. Anybody can tell you what
9:21
Speaker 4: your rate is. But until you get that loan estimate
9:25
Speaker 4: that says your rate is locked, you are then floating.
9:28
Speaker 4: And so you're you know, your you're in reality, you're gambling.
9:31
Speaker 4: You know, every day the market, you know, the market
9:34
Speaker 4: changes every day. Sometimes it changes twice three times a day,
9:38
Speaker 4: so the market is volatile, so you want to make
9:40
Speaker 4: sure your loan is locked, and if it's not locked,
9:43
Speaker 4: then you just want to make sure you stay on
9:44
Speaker 4: top of that so that the rate that you got
9:46
Speaker 4: quoted at the beginning is the rate that you'll end
9:49
Speaker 4: up with.
9:50
Speaker 3: That's important because of the fact that now now you
9:54
Speaker 3: have like different loans like fifteen year mortgages and thirty
9:57
Speaker 3: year mortgage.
9:58
Speaker 1: Are there any mortgages longer than thre us?
10:01
Speaker 4: I wouldn't recommend it right now. The government did just
10:05
Speaker 4: recently or or for our faha forty year fah loans
10:09
Speaker 4: for modification, but I definitely wouldn't or I wouldn't recommend
10:13
Speaker 4: a forty year amorization term. That's just too long. Forty
10:16
Speaker 4: years is a long time, thirty is a long time.
10:20
Speaker 4: I personally, a forty year loan you can't. You can't.
10:25
Speaker 4: I mean, you could technically do extra principal, you know,
10:29
Speaker 4: extra principal payment every month, but there's no they're not
10:33
Speaker 4: going to do forty year loans for first for homeowners
10:37
Speaker 4: Fanny and Freddy. They're not going to do it. This
10:41
Speaker 4: is just something like I said Faha to help them
10:44
Speaker 4: with the modification. But I would not recommend a four
10:47
Speaker 4: year loan. And while we're talking about that, even though
10:50
Speaker 4: rates have spiked that a lot of people aren't refinancing
10:53
Speaker 4: like they used to be. You just want to be really,
10:56
Speaker 4: really careful when you've refinanced. If you've been in your
10:58
Speaker 4: house for ten years, don't automatically go back to a
11:02
Speaker 4: thirty because you're thinking it's saving you money. You started
11:06
Speaker 4: that clock all over again. So if you're refinancing, you
11:10
Speaker 4: can do a twenty five year term, you can do
11:13
Speaker 4: a twenty year term, you could do a fifteen year term.
11:15
Speaker 4: But if you've been in your house for more than
11:17
Speaker 4: five years, I do not recommend going back to the
11:20
Speaker 4: thirty year term, right just.
11:22
Speaker 1: Because you're trying to get a lower monthly rate.
11:26
Speaker 4: Yeah, they're trying to get a lower monthly rate, but
11:28
Speaker 4: all you've done is add you know, X amount of
11:30
Speaker 4: interest back onto your loan that you've got to pay off.
11:33
Speaker 4: Because you have to remember mortgages are they're interest loaded
11:38
Speaker 4: in the front. So all you've seen over the years
11:42
Speaker 4: with the houses that you purchased, when you went to
11:44
Speaker 4: sell that last house to buy your next house, or
11:47
Speaker 4: maybe you didn't even go to sell it. You just
11:49
Speaker 4: looked at your payoff. You said, oh my goodness, I've
11:52
Speaker 4: been paying on this thing for seven years. You know
11:55
Speaker 4: what I mean, this is still my balance. But one
11:59
Speaker 4: thing that you can do is you can make one
12:01
Speaker 4: extra principal payment principal one payment extra a year, and
12:05
Speaker 4: you can shave seven years of interest off your loan.
12:09
Speaker 4: So you know, if you have to get a thirty
12:11
Speaker 4: to start out with, that's totally fine. And if you
12:14
Speaker 4: don't feel.
12:14
Speaker 3: So you're saying that, you're saying that, you're saying that
12:17
Speaker 3: on the thirty year mortgage. Could you be talking fast?
12:20
Speaker 3: It's blanket because you know, you know you've been doing
12:23
Speaker 3: this all your life. Okay, lock hell, Now you just
12:27
Speaker 3: said that if I have a thirty year mortgage, right,
12:30
Speaker 3: I have a thirty year mortgage, right, and if I
12:32
Speaker 3: make an extra payment a year mortgage payment, a year
12:36
Speaker 3: extra apply to my to apply to my balance, right,
12:41
Speaker 3: not the interest?
12:42
Speaker 1: How much would that? How much would that take my mortgage?
12:45
Speaker 4: That's the thirty that's shape, So that would take that
12:48
Speaker 4: would take your that would take your thirty year mortgage
12:50
Speaker 4: to a twenty three twenty two year mortgage. Just by
12:56
Speaker 4: doing that, because you're going to hit that principal faster.
13:00
Speaker 4: For example, for me, I always tell people, you know,
13:03
Speaker 4: I bought my house in six My interest rate on
13:06
Speaker 4: the first was six and a half and my interest
13:08
Speaker 4: rate on the second was ten and a half. And
13:11
Speaker 4: it was and that was like one hundred percent finance.
13:13
Speaker 4: And this was in January o six. But you're in Atlanta.
13:16
Speaker 4: So I bought an Alpharetta. So I pay two forty
13:19
Speaker 4: nine for my house. You can't find a house in
13:21
Speaker 4: Alpharetta right now for three hundred thousand for get to
13:24
Speaker 4: forty nine.
13:26
Speaker 1: But but are you bragging the planter? Are you braking? No,
13:29
Speaker 1: I'm not.
13:30
Speaker 5: I'm not.
13:30
Speaker 4: I'm just stating factors. So I'm just stating fact.
13:33
Speaker 1: That's right.
13:33
Speaker 4: But but what but what I did do is years
13:36
Speaker 4: later I went ahead and I refinanced to a fifteen
13:41
Speaker 4: at two point seventy five, and it attacked my principle.
13:45
Speaker 4: So my point is that if you can't start out
13:48
Speaker 4: on a fifteen year or you don't feel comfortable with
13:51
Speaker 4: that higher payment, always do you have? You have two
13:56
Speaker 4: ways really of doing it. You can do biweekly payments.
13:59
Speaker 4: You have I have to set that up with your service,
14:02
Speaker 4: So don't just pay a payment every other week. You
14:05
Speaker 4: cannot do that. They expect your mortgage payment to be
14:08
Speaker 4: paid in full. So most of the time they'll charge
14:10
Speaker 4: you a setup feat of two hundred and fifty dollars
14:13
Speaker 4: to do biweekly payments. And you've already just by doing
14:17
Speaker 4: every other week, you've already accomplished that one extra payment.
14:21
Speaker 4: Or you can just do one extra payment a month,
14:23
Speaker 4: you know online or nobody really nailed it into the company,
14:27
Speaker 4: or you can mail it in and you just check
14:29
Speaker 4: towards principle.
14:30
Speaker 3: Great, I'm talking to Tanya Blanchet. You founded a Madison
14:33
Speaker 3: Chase Capital Advisors, a mortgage broker's firm with affordable closing costs,
14:37
Speaker 3: and she has tips on up in the value of
14:39
Speaker 3: your home when we come back from this break. But
14:41
Speaker 3: before we go to the break, Ms Blanchet or some
14:44
Speaker 3: contact information that you can share with.
14:46
Speaker 4: My listeners absolutely on Instagram at Madison Chase Capital Advisors
14:53
Speaker 4: LinkedIn Tanya Blanchard, and then my phone number is seven
14:58
Speaker 4: seven zero eight five one. I'm three three four and
15:01
Speaker 4: for any questions you can do info at mccapitaladvisors dot com.
15:07
Speaker 6: Okay, great, we'll be right back with more Money Making
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Speaker 6: Conversations Masterclass with Rushan McDonald. You are now tuned into
15:22
Speaker 6: the Money Making Conversations Minute of Inspiration with Rushawan McDonald.
15:26
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Speaker 6: Now let's return to Money Making Conversations Masterclass with Rashan McDonald.
16:25
Speaker 3: It's amazing when you would get out in the real
16:27
Speaker 3: estate business. Were always, you know, in the black community
16:30
Speaker 3: of the community of color, were just always tied to apartments,
16:34
Speaker 3: were always tied to paying that monthly raiding, tied to
16:37
Speaker 3: the first and the fifteenth, and never really into planning
16:41
Speaker 3: our future in real estate is the way that you
16:43
Speaker 3: can plan your future. How did you really get into
16:46
Speaker 3: this business you talked about, Rashan. You don't have to
16:49
Speaker 3: have money in the bank, but you have a course,
16:52
Speaker 3: a program that you put in place now called six
16:55
Speaker 3: Months to six figures, a loan Officer's Guide to a
16:58
Speaker 3: profitable business. What exactly?
17:00
Speaker 4: Absolutely, So I started out. I've been doing mortgages for
17:05
Speaker 4: nineteen years and so this in June will be five
17:08
Speaker 4: years that I've owned my own company. But I started
17:11
Speaker 4: out as a loan officer. And when you start out
17:13
Speaker 4: as a loan officer, you're one hundred percent commission. So
17:16
Speaker 4: just think I had been recently divorced and my UX Susin,
17:20
Speaker 4: and I had a great relationship. So we divorced with
17:23
Speaker 4: no alimony, no child support. We've been put expenses and
17:26
Speaker 4: explit time. So I had to think. So even though
17:30
Speaker 4: it seemed risky going one hundred percent commission after being
17:34
Speaker 4: recently divorced, I knew that I wanted something that, you know,
17:38
Speaker 4: I wanted to be able to, you know, have unlimited income,
17:41
Speaker 4: and I wanted to be able to spend time with
17:43
Speaker 4: my children. They were small at the time. So I
17:46
Speaker 4: became a loan officer. And so when you're a loan officer,
17:49
Speaker 4: it's all about relationships, it's about knowing your guidelines, it's
17:53
Speaker 4: about closing on time. And what I found when I
17:57
Speaker 4: hired people at my firm loan officers. They were newly licensed,
18:02
Speaker 4: but they had no idea how to be a loan officer.
18:07
Speaker 4: Nobody teaches you that. So so I took the time
18:11
Speaker 4: to create a course. Actually it's called six Months to
18:14
Speaker 4: six Figures. It's seven modules, a resource god a jump
18:19
Speaker 4: start that if you complete this and within six months,
18:23
Speaker 4: you'll be making six figures as a loan officer. And
18:27
Speaker 4: it's it's all common sense. It's it's my experience of
18:32
Speaker 4: being in the business for nineteen years and raising you know,
18:35
Speaker 4: two children, and you know, taking vacations and you know,
18:38
Speaker 4: being one hundred percent commission for nineteen years is a
18:42
Speaker 4: testimony in it itself, and wake up every day, wake
18:46
Speaker 4: up every day and say, this is what I want
18:48
Speaker 4: to do. So I created the course really to help
18:50
Speaker 4: people avoid costly mistakes, because you have to remember, when
18:57
Speaker 4: you're doing a loan, it's not you have a buyer
19:00
Speaker 4: and a seller. You have someone's life, life life in
19:03
Speaker 4: your hands.
19:04
Speaker 5: Literally.
19:05
Speaker 4: You know, a lot of times people focus so much
19:07
Speaker 4: on the buyer, but I always focus on the seller,
19:10
Speaker 4: even though I'm doing the loans for the buyer, because
19:13
Speaker 4: I know that seller has also either they need that
19:16
Speaker 4: money for a move or something important in their lives,
19:20
Speaker 4: or they're going to their next house, so they need
19:23
Speaker 4: to close on time as well. So that's why I
19:25
Speaker 4: created the course to really help new loan offices or
19:29
Speaker 4: loan offices have been in the business and aren't closing
19:32
Speaker 4: at least three to five loans a month. This course
19:34
Speaker 4: will definitely help you.
19:35
Speaker 6: We know.
19:36
Speaker 1: The thing about it.
19:37
Speaker 3: The reason they excited me about bringing you on the
19:39
Speaker 3: show because so many of my listeners, so many people
19:42
Speaker 3: in the world and there are afraid to make change.
19:44
Speaker 3: And also you also hit a certain age where they
19:46
Speaker 3: feel that just it. You know, I'm thirty, I can't
19:50
Speaker 3: do anything. On forty, I can't do it. Fifty they've
19:53
Speaker 3: thrown the shovel and they've planning in their own raid.
19:56
Speaker 1: So they're buying.
19:57
Speaker 3: Plots and so, right, well, that's what you shouldn't think
20:00
Speaker 3: that way. You should think about opportunities, opportunities to be
20:04
Speaker 3: able to grow your fortune. And this is what we're
20:07
Speaker 3: talking about with this particular program, is that it's not
20:10
Speaker 3: when you're not talking about somebody who's just graduated from
20:13
Speaker 3: high school or somebody who just graduated from college or
20:15
Speaker 3: didn't go to college, you're not.
20:16
Speaker 1: We're talking about.
20:17
Speaker 3: People who are adults who are looking to make decisions
20:21
Speaker 3: and talk to us right quick.
20:22
Speaker 1: Who are you talking to?
20:24
Speaker 5: Right?
20:24
Speaker 1: Yeah?
20:24
Speaker 5: You know what?
20:25
Speaker 4: And I think you brought up a really good point
20:27
Speaker 4: because I didn't graduate from college. I have my series
20:30
Speaker 4: seven and sixty three from when I worked at Payne Weber,
20:33
Speaker 4: so that's when I was officially smart. That's what I
20:35
Speaker 4: always say. When I passed the seven, I was officially smart.
20:38
Speaker 4: But you have to you have to really focus on
20:41
Speaker 4: life skills and you know, interpersonal skills and reading and English.
20:48
Speaker 4: If you always tell people be careful with just going
20:52
Speaker 4: to college, to go to college, you know, student loan
20:55
Speaker 4: debt is out of control, you know. I suggest to parents,
20:58
Speaker 4: you know, if you if you didn't say money for college,
21:00
Speaker 4: get your childhood to college, a community college for two
21:03
Speaker 4: years and then you know, a four year school for
21:07
Speaker 4: their degree. Like just think about President Obama. All you
21:11
Speaker 4: remember is that he graduated from Columbia, then Harvard. Nobody
21:14
Speaker 4: remembers the school he went to beforehand. So you just
21:17
Speaker 4: have to be really you know, smart with your money
21:21
Speaker 4: and know that debt. You know, you don't want to
21:24
Speaker 4: incur debt. And this is really fast about dreams. You know,
21:28
Speaker 4: anybody out here who doesn't own a house right now,
21:31
Speaker 4: there's no reason that you can't. You have to start
21:35
Speaker 4: where you are, even if you're credit and I don't
21:37
Speaker 4: do credit counseling, I don't do credit repair, I don't
21:40
Speaker 4: do credit restoration. But you have to start where you are.
21:44
Speaker 4: You have to take your head out the sand. Look
21:46
Speaker 4: at your credit report. It's all going to start there.
21:49
Speaker 4: Look at your credit report, take responsibility, start fixing your credit.
21:54
Speaker 4: Then start saving systematically. Even if you can't save in
21:57
Speaker 4: fall one k, get a separate save in got a
22:00
Speaker 4: credit union where you don't have access to the money,
22:02
Speaker 4: and saved because the bottom line is that if you're
22:05
Speaker 4: not paying your mortgage, you're paying someone else's. And this
22:08
Speaker 4: is really really important. Just you know, maybe your first
22:13
Speaker 4: house can't be that you know, four four four bedroom,
22:16
Speaker 4: four baths, but it's a three two, it's a three bedroom,
22:20
Speaker 4: it's a a two bath that you and your family own.
22:23
Speaker 4: There is no security for a child like owning their
22:27
Speaker 4: own home, coming in from that school bus, coming in
22:30
Speaker 4: a house, saying hey mom, hey dad, and going up
22:33
Speaker 4: to their room. So just think, just start out. Most
22:36
Speaker 4: people want the big house. Start out, even you know
22:40
Speaker 4: you we laughed about my house in Alpharetta, but believe
22:42
Speaker 4: it or not, at that time, that was a sacrifice.
22:45
Speaker 4: I wanted a basement, right and I took a FOURD
22:48
Speaker 4: a basement, so I had to get a master on
22:50
Speaker 4: the main and that sounds like, oh, a master on
22:52
Speaker 4: the main. But still it was a sacrifice. It was
22:54
Speaker 4: something that I wanted. But had I not look at
22:58
Speaker 4: those interest rates six point father on the first ten
23:01
Speaker 4: on the second look at those rays, What if I
23:04
Speaker 4: had to say you know what, I'm gonna wait right right,
23:07
Speaker 4: they wouldn't have my house, so you gotta you know,
23:10
Speaker 4: the time is now.
23:11
Speaker 3: Well, you know, I love your passion. I love because
23:13
Speaker 3: some some some triggered in you. You know, it's like, okay,
23:16
Speaker 3: I got Rashan. It's almost like you you get mad
23:19
Speaker 3: at people when you see them making the same mistake
23:22
Speaker 3: over and again over again, or denying themselves the opportunity.
23:24
Speaker 3: I know, I get mad Ali because because the word
23:27
Speaker 3: common sense. And then, like you said, holding yourself responsible
23:30
Speaker 3: to your own dreams. You know, your dreams can only
23:33
Speaker 3: be achieved if you want to show maturity responsibility to
23:37
Speaker 3: why they are not happening.
23:39
Speaker 1: And that's when you have to sit down and have go.
23:41
Speaker 1: You have to have faith.
23:42
Speaker 3: But faith has to have a plan attached to it,
23:45
Speaker 3: because you can pray all you want if that plan
23:47
Speaker 3: is not associated with that, with that, with that, with
23:50
Speaker 3: that faith and guess.
23:51
Speaker 1: What that action there you go right there. Now, here's
23:55
Speaker 1: here's the thing about it.
23:55
Speaker 3: Because I'm really enjoying this interview because of the fact
23:58
Speaker 3: that I'm being educated, and I think that's important that
24:01
Speaker 3: people understand that the purpose of this show is that
24:04
Speaker 3: I don't know everything. So I bring people like miss
24:06
Speaker 3: Blanchard onto the show. Who who is doing something I've
24:10
Speaker 3: been involved with several times as a guy who wanted
24:14
Speaker 3: to buy a home. Now, I want to ask you
24:16
Speaker 3: this question. That big old stack of paper, you know,
24:19
Speaker 3: because I'm signing you said something like usham makes sure
24:23
Speaker 3: you go to that page and make sure you're about
24:25
Speaker 3: to fix interest rate? Are there people out there we
24:28
Speaker 3: should be worried about when they slide those closing papers
24:31
Speaker 3: in front of us.
24:32
Speaker 4: Absolutely, well, you're the thing, not the things in papers.
24:38
Speaker 4: Because the Frank God asked back in two thousand and
24:44
Speaker 4: I think it was nine ten when it was passed,
24:47
Speaker 4: eliminated that. So at least now before you go to closing,
24:51
Speaker 4: before you go to closing, three days before, three business
24:56
Speaker 4: days before included we can count saturdays, you have to
25:00
Speaker 4: see your initial clothes and clothed and disclosure. But that
25:04
Speaker 4: initial disclosure is going to give you what that loan estimate.
25:08
Speaker 4: That that loan estimate that you have that was in
25:12
Speaker 4: your first documentary side I call those the money pages.
25:16
Speaker 4: At closing, the two things that are most important are
25:20
Speaker 4: going to be your note, which is one which is
25:22
Speaker 4: one to close and disclosure. The CD is going to
25:24
Speaker 4: be your note and your payment. And but the biggest
25:28
Speaker 4: thing is that close and disclosure. You should have seen
25:32
Speaker 4: it from your loan estimate. And what you want to
25:34
Speaker 4: really look at, it's just you want to look at points.
25:37
Speaker 4: You want to look at how much you pay in
25:39
Speaker 4: the origination, how much are you paying a discount points?
25:43
Speaker 4: So that is crucial. And every you know, everybody is
25:47
Speaker 4: everybody is not created equal, you know, and you know
25:50
Speaker 4: a lot of times that's one of the reasons what
25:52
Speaker 4: my course that I tell people, keep your pipeline, stat
25:56
Speaker 4: keep keep loans coming in so that you're not feeling
25:59
Speaker 4: death for it, like, oh my gosh, I got this
26:02
Speaker 4: one loan and if it doesn't close, there's my mortgagees
26:05
Speaker 4: everything I need. You got.
26:06
Speaker 1: You have to stay.
26:07
Speaker 4: You got to stay busy. You're going to stay with
26:09
Speaker 4: your pointeline. But that closing disclosure, you should could be
26:13
Speaker 4: able to compare it to your loan estimate and your
26:16
Speaker 4: numbers should change. The always tell my clients the thing
26:20
Speaker 4: the lender fees and box eight hundred, those are my fees.
26:26
Speaker 4: Those can't change. Now I can't I won't know what
26:30
Speaker 4: your insurance, your insurance is until you know, you get
26:34
Speaker 4: your homeowners insurance and then your tax bill. I look
26:37
Speaker 4: up the tax bill before I send out your disclosures
26:40
Speaker 4: because I like you to know really what your taxes are.
26:43
Speaker 4: The new construction, we can't. We don't know, but I
26:46
Speaker 4: try and give people a good idea of what that
26:48
Speaker 4: monthly payment is and what the estimated caster closes so
26:52
Speaker 4: that they're no surprises. And that's what's happening back door.
26:56
Speaker 4: In the recession, people were just you know, vambuzled at
27:00
Speaker 4: the closing table under pressure and they were signing and
27:02
Speaker 4: they didn't know what they were signing.
27:05
Speaker 3: Well, as we close out our interview, give us one
27:07
Speaker 3: more time. How we can reach you in the program
27:10
Speaker 3: six Months to six figures, A Loan Officer's Guide to
27:13
Speaker 3: Profitable Business.
27:14
Speaker 4: Absolutely, you can reach me at info at MF Madison c.
27:19
Speaker 4: Chase those info at mccapital Advisors dot com seven seven
27:23
Speaker 4: zero eight five one nine three three four and then
27:26
Speaker 4: you can go to Madison Chase Academy dot com for
27:29
Speaker 4: the course.
27:30
Speaker 3: Well, I want to thank you for coming on my show.
27:31
Speaker 3: It's been wonderful talking to you.
27:33
Speaker 4: It was a pleasure.
27:35
Speaker 1: Thank you for coming on Money Making Conversation Masters.
27:37
Speaker 4: So much for having me and I will be happy
27:40
Speaker 4: to come back anytime, any place.
27:41
Speaker 1: You just let me know absolutely you you you're Molo Decks. Okay, bye,
27:46
Speaker 1: Thank you for coming on the show.
27:48
Speaker 6: Wow, thank you for joining us for this edition of
27:59
Speaker 6: Money Making Conversations Masterclass. Money Making Conversations Masterclass with rough
28:05
Speaker 6: Shan McDonald is produced by thirty eight fifteen Media Inc.
28:08
Speaker 6: More information about thirty eight to fifteen Media Inc. Is
28:12
Speaker 6: available at thirty eight fifteen media dot com. And always
28:16
Speaker 6: remember to lead with your gifts