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

Exploring Alternative Lending Solutions for Self-Employed Borrowers:: Ep 12 Mortgage Wise with Mike Wise

This episode covers the evolution of non-QM (non-qualified mortgage) loans, also referred to as non-agency loans. It provides historical context on the subprime lending crisis and how the non-QM market has since developed more robust underwriting standards focused on the borrower's ability to repay.

We explain the various methods for qualifying self-employed borrowers for non-QM loans, including using bank statements, gross receipts letters from CPAs, profit and loss statements, and debt service coverage ratio (DSCR) calculations for investment properties.

The conversation highlights how non-QM lending has become a more mainstream option, with the market share growing from less than 1% to potentially 8-10% of the overall mortgage market. This growth is attributed to higher interest rates making non-QM products more attractive and increased the competition and performance of these loan types.

Highlights:

Historical Context and Market Share (3:26)

Loan Officer Perspectives and Market Trends (5:41)

Qualifying for Non-QM Loans (14:25)

Debt Service Coverage Ratio (DSCR) (28:34)

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

Hard Money Lending with Nick Blatin :: Ep 7 Mortgage Wise with Nick Blatin

Nick Blatin shares his expertise in real estate investing and private lending, emphasizing the importance of trust, experience, and calculated risks. He discusses his journey from a high school dropout to a successful real estate agent and hard money lender, highlighting challenges and lessons learned along the way.

From Nick:

“When Banks Say No... Private Money Is The Only Way To Go! Private Money Solutions is a direct hard money lender in Los Angeles, NOT a broker. We provide fast hard money mortgage loans simply based on the equity in your property. Since 2001, we have funded over $1 Billion! We currently have over $250 Million+ loans under management. Call or text for an immediate wholesale pricing quote today!”

Highlights:

Real estate and hard money lending with a focus on risk assessment. (2:18)

Real estate loans in a recession, with a focus on loan requests and decision-making. (16:39)

Loan processing times and strategies to save deals. (21:07)

Follow Nick:

https://www.linkedin.com/in/nickblatin/

https://pmshardmoney.com/

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

Trusts and Real Estate w/Donnie Flaig :: Ep 8 Mortgage Wise

Mike Wise and Donnie Flaig discuss the basics of trusts in real estate financing. A trust is likened to a "bucket" for assets, avoiding probate and its associated court fees and delays. Probate can take 12-24 months, freezing assets and incurring significant legal costs. Beneficiaries, typically family members or charities, are chosen by the trust creator. Trusts keep asset distribution private and can include provisions for minor beneficiaries. Setting up a trust costs $3,000-$4,000, including ancillary documents like health care directives and powers of attorney. Trusts can be managed by a trustee and last beyond the creator's lifetime, ensuring assets are distributed according to the trust's terms.

Highlights:

Probate and Its Drawbacks (1:41)

Special Cases and Trustee Roles (5:44)

Living Trusts and Asset Management (11:25)

Follow Donnie:

https://www.linkedin.com/in/donnie-flaig-17029569/

https://flaiglawfirm.com/

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

Paul Hargraves from Trust Properties USA discusses the company's unique approach to probate and trust real estate, which he calls the "family flip." This strategy involves renovating homes for families at no upfront cost, with the family retaining all equity. Trust Properties USA has been in business for 25 years and operates in multiple states. They have completed over 1,000 projects, often dealing with significant challenges like hoarder homes and squatters. The company's success is highlighted by a case where they transformed a $67,000 investment into a $94,000 profit for a client. Their business model emphasizes a win-win outcome for families and estate executors.

Highlights:

Unique Value Proposition of Trust Properties USA (3:08)

Challenges and Success Stories in Probate and Trust Real Estate (6:29)

Market Conditions and Future Plans (9:21)

Client Interaction and Project Management (22:21)

Follow Paul:

https://www.linkedin.com/in/paulhargravesprobaterealtor/

https://www.trustpropertiesusa.com/about-us/team-of-experts

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

Navigating Assisted Living w/Kelila Heller :: Ep 10 Mortgage Wise with Kelila Heller

Mike Wise and Kelila Heller discuss the complexities of assisted living for seniors. Heller, co-owner of Assisted Living Connections, explains their free service that helps families navigate senior living options, including assisted living, memory care, and residential care homes. They assist in finding the right fit based on individual needs and preferences, and their services are funded by fees from assisted living communities. Heller emphasizes the importance of early planning, including long-term care insurance, to manage costs, which can range from $3,500 to $10,000 monthly. They also highlight the challenges of low-income seniors and the need for better government programs to support them.

About Kelila:

Kelila Heller is co-owner of Assisted Living Connections, a no fee Placement Agency for senior living. She has been in business since 2011. Her company offers the knowledge and support to help care for your aging loved ones. If this involves a residential move for the senior, Kelila consults with you to create personalized choices based on care needs, desired lifestyle, and budget.

In addition, Kelila offers referrals for In-Home Caregivers, Eldercare Management, Veteran's Benefits, Elder Law, Family Mediation and much more.

Kelila is a board member with Senior Concerns, the largest non profit for seniors in Eastern Ventura County, offering Meals on Wheels, Adult Day Program, Senior Advocates, Legal Services, Caregiver Support Groups and Classes.

Highlights:

Services and Payment Model (3:53)

Assisted Living Landscape and Community Knowledge (6:07)

Transitioning to Assisted Living (13:32)

Costs and Financial Planning (20:32)

Follow Kelila:

https://www.assistedlivingconnections.com/

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