Paying Off Your Mortgage in Half the Time:: Ep 15 Mortgage Wise with Mike Wise

This episode discusses a strategy to pay off a mortgage in half the time of a 30-year fixed rate mortgage. Using a simulator, he compares a $1 million purchase with a $800,000 loan at 6.75% interest to an all-in-one loan. The all-in-one loan, with bi-weekly payments and additional $200 monthly, saves $406,000 in interest over 17.1 years, or $650,000 if rates drop to historical levels, paying off in 14.3 years. This strategy allows for faster wealth accumulation, potentially reaching $3.5 million compared to $2.2 million with a 30-year mortgage.

Watch this episode for details on how the loan works and please reach out with any questions!

Highlights:

Setting Up the Simulation (1:11)

Adjusting Income and Expenses (2:24)

Comparing Mortgage Options (4:27)

Wealth Accumulation and Future Projections (6:35))

Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.

Follow along at www.mortgagewisewithmikewise.com

This podcast is produced by Jim McCarthy and ItsYourShow.co

A Deep Dive in the Condo Market w/Tim Parent and Jessica Bravo:: Ep 14 Mortgage Wise with Mike Wise

In this episode, we focus on the evolving condo market, particularly the challenges around affordability and insurance. We discuss the pressure on Fannie and Freddie to make condos more accessible for first-time homebuyers, while also managing the risks associated with aging condo infrastructure and rising insurance costs.

A key issue we talk about is the increase in HOA fees due to skyrocketing insurance premiums, which is negatively impacting affordability.

The discussion provides guidance for real estate agents on the critical information to gather when listing or showing a condo property, such as the HOA budget, master insurance policy, and any special assessments or structural issues. We also talk about the importance of understanding the condo's insurance coverage, including deductibles and peril endorsements, to assess the overall health of the project.

Our chat also covers the differences between condos and planned unit developments (PUDs), highlighting that PUDs are often viewed as less risky by lenders due to the individual lot ownership structure. However, some PUD communities may still function similarly to condos in terms of HOA maintenance and insurance.

Highlights:

Insurance Challenges and HOA Decisions (4:08)

Differences Between Condos and PUDs (21:57)

Importance of HOA Information for Real Estate Agents (28:13)

Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.

Follow along at www.mortgagewisewithmikewise.com

This podcast is produced by Jim McCarthy and ItsYourShow.co

How CMG Home Loans is Revolutionizing the Path to Homeownership:: Ep 13 Mortgage Wise with Rose Marie and Natalie

In this episode, Mike sat down with his two bosses, Rose Marie and Natalie. They discuss the benefits of joining CMG, highlighting its innovative products and strategic leadership. They emphasize the Home Funded program, which allows customers to crowdsource down payment funds, and the All-In-One loan, which combines a mortgage with a checking account to reduce interest expenses. They discuss the importance of not waiting to buy real estate due to its long-term appreciation and the potential impact of future interest rate changes.

Rose Marie is an SVP Retail Sales Exec at CMG and joined the company during a strategic transition period when CMG acquired Home Bridge. She has been in the industry for more than 30 years.

Natalie currently serves as Divisional Vice President of the Northwest Division at CMG Financial. She is known for her extensive experience in the real estate and mortgage industry, having bought and sold numerous homes over the past 30 years. She is part of the executive team and has worked closely with Natalie for many years through various companies. Rose Marie and Natalie have worked closely for many years through various companies.

Highlights:

Innovative Products and Strategic Leadership (4:00)

Market Conditions and Future Projections (5:30)

The All-In-One Loan: A Game-Changer (8:54)

Consumer Affordability and Down Payment Myths (18:41)

Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.

Follow along at www.mortgagewisewithmikewise.com

This podcast is produced by Jim McCarthy and ItsYourShow.co