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Mortgage Matters is your go-to show for all things home financing. Join Roland and Heidi as they break down the ins and outs of the mortgage world. From first-time homebuyers to seasoned investors, we’re here to guide you with expert insights, real talk, and the latest market trends. Whether you're looking to buy smart or refinance right, Mortgage Matters is your trusted source for smarter decisions and financial freedom. Tune in and take control of your home financing journey.
Wesley Knight 0:00
This is a KU NV studios original program. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education to
Roland Daniels 0:40
Hello. Good morning Las Vegas. Welcome to mortgage matters. I'm Roland Daniels, a certified mortgage advisor with Geneva financial. My NMLS number is 355859, our company, NMLS number is 42056, and I'm here this morning as always, with my fantastic co host, Heidi Griffith, good morning. Heidi, well, good morning. Roland, good morning. How are you today? I am doing absolutely fantastic
Heidi Griffith 1:14
as always. Yes, I try. Happy Sunday. Happy Sunday. Happy Sunday. Good morning, everyone. I'm Heidi Griffith, also a mortgage advisor and your Director of Client Services. My NMLS number is 2247754, we hope everybody had a great Thanksgiving, right? We do, whether that meant, like a house full of people, to you, a small gathering with some friends, or, you know, just a quiet you day, however you spent it, we hope you had a fabulous day and found a little joy and a little reflection. Agreed, so. Roland, yes, leftover. J or nay, the answer is, yay. Oh, I know you love leftover.
Roland Daniels 1:55
I do, especially after holidays, yes, right? Because you know most of the time you know, depending on what you're eating, the, you know, the seasonings, they Oh, it
Heidi Griffith 2:03
tastes better it does. And nothing's better than like a turkey sandwich. I don't know about that part. I love turkey sandwiches. No, not you. You gotta reheat everything.
Roland Daniels 2:15
Yes, I'd rather have yams and, you know, dressing and
Heidi Griffith 2:21
all of the things. Well, yeah, the sides are always the best. The sides are the best. But I'd love to have, like, well, you know, I, you know, a turkey sandwich with some dressing on it and maybe some cranberry sauce on it. It's just delicious. All good. So before we get started really quickly, let's talk about the Ruby Thomas Holiday Toy Drive. Yeah, so Roland and I have been working on this drive for just at about a month. Now. Has it been a month already? It's been pretty close to a month. We decided to take this project on and organize this drive once we'd heard a little bit of information about Ruby s Thomas. It's an elementary school, if you're not familiar. It's located directly behind the boulevard Mall. They have 683 students. All of the students that attend are on free breakfast and free lunch, and unfortunately, they have far too many kids that are unhoused. They've got kids that are living in shelter. They have kids in weeklies. Sometimes, you know, there's families that have to double up or triple up. It's just one of those situations that when they're at school, they have this phenomenal environment, that they have the ability to learn and grow. It's, you know, the stuff that no kid should have to do when they get out of school, take care of siblings, figure out what's for dinner. You know, stuff that we don't necessarily want eight year olds to have to make that decision. And these kids sometimes don't have the choice, right? My goal, our goal, with this toy drive, was to make sure that this holiday season, every one of the kids at Ruby s Thomas had a toy to bring home before the holiday
Roland Daniels 4:07
break. That is a huge goal. Heidi,
Heidi Griffith 4:10
it is. It is. And I have to tell you, the outreach has been phenomenal. Friends, family, the community have come together. People are reaching out. People are donating. We can't thank you enough.
Roland Daniels 4:21
They are because we receive boxes every once in a while.
Heidi Griffith 4:26
Yeah, yeah. The Amazon wish list has been amazing. It has it makes it super simple just to hop on. There's a wish list that kind of covers, you know, we're talking three year olds to 11 year old kids, right? Pre K through fifth grade through fifth grade. Yeah, so there's toys that kind of run that gamut. It's been incredible. It really has. We still need more we do. So if it's something that you'd like to do, if you'd like to donate, if you'd like to make a difference in these kids lives this holiday season, if. You're more than welcome to reach out to us directly. You can call or text us. We're at 702-210-2057, again, that number is 702-210-2057, you can also visit our Facebook page, mortgage matters radio and that has the link to the Amazon wishlist and all of the drop off locations, because really, at the end of the day, every single toy we collect will matter. Every single toy will go to the students of Ruby s Thomas, and every single act of kindness really makes an impact this holiday season. So it's close to the end of the year, isn't it? It is. It's craziness. It is. Thanksgiving is over. We are now officially in the Christmas season. We are, hopefully we saved a few dollars on Black Friday. If we did some shopping, hopefully you did, hopefully you did some, you know, Small Business Saturday shopping, because it's the small businesses, the small local businesses here in the valley that make make everything fabulous.
Roland Daniels 5:59
And don't forget, you have cyber monday tomorrow as well.
Heidi Griffith 6:02
Yeah, yeah, there's a lot. So there's a lot going on. We understand that. As we looked at our calendar this morning, it was one of those, oh my goodness. We are coming up to the final path to home ownership workshop of the year.
Roland Daniels 6:16
We are and it's happening on December the sixth.
Heidi Griffith 6:20
Yeah, December 6. So that's next Saturday. Next Saturday. It's the last one of the year. You know, we talk about it all the time. It's the workshop that I really think is possibly the most comprehensive that the Valley offers. It is. It's an in person workshop, right? And it's held alongside certified HUD counseling agency, CPLC, yep. Chicanos Por La casa, yep. I always speak on the value of HUD counselors and how they help consumers, and how they're there to help consumers, and how do they do that? Heidi, well, you know, there's just so many different ways. But when we talk about real estate transactions, HUD counselors are there for you as a consumer. They aren't working for a lender. They aren't working for a real estate company or a real estate agent. They're there to help you understand the process, whether it be while you're going through the mortgage process or your real estate transaction. They really are an asset. They are also credit counselors. So we send all of the folks that need a little help with their credit going on five years now, yeah, to CPLC. You know, we talked to so many people, and it's always, you know, there's two reasons why people don't buy homes in their brains. The first one is money, right? Not enough money for the down payment. 68% say we haven't bought a house because we can't save for the down there are just barrier to home ownership. 100% and obviously we speak on it all the time. There are programs that are available. Lots of them, we offer over 20, over 20, and the second one is credit. And so I don't know how many times I've had a phone call with someone and they've said, Well, I'm going to get my credit together, and then I'll call you back. Right? A lot of times, we make assumptions about our credit without even really knowing if we try and DYI it. We watch so many people you know unknowingly do things that didn't help improve their credit, even if they were paying stuff, they actually harmed it. In some instances,
Roland Daniels 8:25
paid off the wrong credit lines or trade lines. Maybe they paid off some old collections, charge offs, medical payments. So please speak with a professional prior to trying to fix
Heidi Griffith 8:40
your credit, right? I mean, really, I know that sometimes we feel some kind of way about it, right? We do. We're in that position. I was in that position. Maybe we're embarrassed, yeah, and I was there myself. I understand it. Understand that. Number one, we don't judge. We see all different types of credit. We do, but what we see a lot of people do, if they're not DIYing, it is sending, you know, their their stuff, out to like a credit repair company. And not that credit repair companies are bad. It's that you got to pay.
Roland Daniels 9:11
You do the great sometimes there are upfront fees, along with monthly
Heidi Griffith 9:16
fees, sometimes hundreds, sometimes 1000s of dollars, depending on we've seen what you're doing. The great thing about these HUD counseling agencies like CPLC, that's where we go, right, yes, is that it's free. They they do credit counseling free of charge. You would they will pull a soft credit report, yes, just to see where you are, right? If you don't have a copy of your current credit report, they'll pull that so there's a small fee for that. It's under $30 but other than that, and
Roland Daniels 9:48
they'll actually give you the actual credit report, along with all three
Heidi Griffith 9:52
scores, they will. They'll give you your credit report, and they'll give you a plan, and they'll work through that plan with you. They. Will let you know, these are the steps that we take, and this is the way we take them, A, B, C, D, right? And in a lot of instances, I mean, I can't even count on my 10 fingers, a lot of instances, we've had people who made assumptions about their credit report, put on the brakes, didn't do anything, and then later found out, oh, this was a matter of pay this credit card down by X amount and pay this off. And we're good, right?
Roland Daniels 10:31
Because there's a lot of things on the credit report that we can make suggestions in how to improve your credit. And maybe it only takes maybe 30 days, but if you need more help or intensive credit improvement. That's where CPLC, the HUD, certified counselors, can step in and show you, step by step,
Heidi Griffith 10:52
absolutely and we've seen so much success. We've had so many clients that started off maybe in the low 500 we have and increase their score, not only high enough to purchase using the down payment programs that we offer, but continued to increase their credit score. And maybe they started in the low fives, and now they're in the 700 Yes, they are. That's a great feeling. It's a great feeling. It is. So that's the great thing about that space. The class is, like I said, very comprehensive. It's very in detail. It's from 830 in the morning to roughly three. We usually actually get you out of there a little bit before three o'clock in the afternoon. It all depends. But it covers everything. It covers budgeting. It covers, you know, the loan process, credit, inspections, appraisals, homeowners insurance, home warranties, the home buying process, you name it, it's preparing you
Roland Daniels 11:49
for home ownership. For home ownership, it is a great foundation, absolutely A to Z when it comes to purchasing a home, what's expected and what to know about purchasing your first home,
Heidi Griffith 12:00
and not only what to know about purchasing it, but what to know after you purchase it, right? Because stuff happens in houses,
Roland Daniels 12:07
yes, and there's resources that are available with the HUD agency as well. Maybe you need help with utilities. Or there's all types of resources that are
Heidi Griffith 12:18
available Absolutely, absolutely, and they're there to answer any of those questions. You do the mortgage portion, and you actually cover the the 20 different programs that we offer. And you will be covering the new worker Advantage Program and rural program. Weren't you two brand new programs? And when I tell you these are probably the best I've ever seen, since I've been in the industry for what they offer and what their capability is, right? So I'm excited. This is one of those things that could be a game changer when it comes to home ownership.
Roland Daniels 12:53
Don't you agree? I agree with you. Yeah. And it takes effect December the first, right?
Heidi Griffith 12:57
They take those but I mean, that's literally right around the corner. It is That's right around the corner that is tomorrow.
Roland Daniels 13:04
Yes, it is so and we are excited.
Heidi Griffith 13:08
Yeah, we are. And by attending this workshop, right, you get your home buyer certificate the same day. And this is a question we get a lot. So what do I do with my home buyers? Yes, what's next? Yeah. Well, the great thing about the homebuyer certificate is you've got it in hand because it is going to be required for any of the down payment assistance programs we offer. So now that's one step that you've already taken. It is literally your first step towards home ownership. You get your homebuyer certificate. Lunch and snacks are always included, and we know you love I love snacks. Yes, you do love snacks. And a fun thing with this final workshop is we are going to do, if you bring a small unwrapped toy, right for the Ruby Thomas, Toy Drive, Toy Drive, we're actually going to give you a gift card as a small Thank you, right? Because I think that us coming together as a community, it's important. I agree with you, yeah, very important. 2026 is right around the corner, a month away. Yeah, man. So if you or someone you know, have been thinking about purchasing a home, right, if you'd like to join us next Saturday, or if you have any questions about any of the programs we talked about today, please feel free to reach out. We're at 702-210-2057, again, you can call or text us at 702-210-2057, so we've had a question come up over the past couple of weeks, and I think that we talk about it today. It's the 50 year mortgage. What do you think?
Roland Daniels 14:39
Let's do it? We hear so much. I know you guys have seen it in social media, maybe on Facebook, CNN, Fox, Tiktok, most likely.
Heidi Griffith 14:50
Yeah, yeah. So it's a big one. We've had a lot of calls on it. We have people are curious. They want to know, is it going to be great? Am I going to save money? Can I qualify for more? I mean. And the questions are interesting, and I think we need to talk about it, what it is, what it isn't, and what it could potentially mean. Let's do that. Let's do it. So what isn't it?
Roland Daniels 15:12
Well, for one thing, it doesn't exist right now, so it's not even appropriate. It is not a program right now, right? It's just a talking point that came up in the current administration.
Heidi Griffith 15:22
So you can't apply for it. It's just being talked about.
Roland Daniels 15:26
Yes, it does not exist at this time. Okay? So
Heidi Griffith 15:30
it came up from Bill Pulte, right? If you're not familiar Bill Pulte, he's the director of the FHA FA, that's the agency that is over Fannie and Freddie, right? Conventional loans, right? And Bill Pulte comes from a home building family building industry. Yeah, he comes from a home building family. His his grandfather was actually the founder of Pulte Homes. I'm sure we've probably all heard of Pulte Homes right at one point in our life. So I personally think you know his angle on this was a 50 year old, 50 year mortgage, could, you know, slightly lower monthly payments, and now we can call it affordable housing.
Roland Daniels 16:07
Allow more people to be to qualify for a home. Right? Your thoughts? Well, it all depends. Everything is on. It depends on everyone's situation. Everybody is different. We all have different income, we have different credit, we have different everything. But let's
Heidi Griffith 16:29
just talk about it in theory. So in theory, it sounds good, because if you get a longer mortgage, the standard mortgage right now is 30 years, right? So that's a long time to pay it is right. That's the standard. If we increased it by another 20 years, our payments would be lower. But there's, I mean, there's a lot of food for thought for that. And you and I had this conversation about comparing it to like the automobile industry, because over the past, I don't know, 10 years or so, the terms for car loans went up.
Roland Daniels 17:03
Yes, right? Used to be standard, like three to 5234, years, right? Right. Now they're extending to eight and nine years. That's right.
Heidi Griffith 17:13
That's right. So what happens you walk into a car dealership and they don't say, How much do you want to pay for a car? Right? They say, What do you want your payment to be?
Roland Daniels 17:22
Very rarely will they discuss the actual cost. No car they're just trying to figure out what's in your budget. What does that payment look like? And we'll work out the details, right?
Heidi Griffith 17:32
And so and so. To hit that lower, you know, you want a $300 a month car note. How do you achieve that? Make the term longer, right? Stretch it out, make the term longer. So now you're paying on an asset that depreciates the second you leave the lot for eight years, true,
Roland Daniels 17:48
usually, like 20, 25% depending on the make and model of the car, that's a depreciating asset,
Heidi Griffith 17:56
right, right? And so now you've left, you've got an eight year car payment and cost your interest skyrockets, doesn't it? And a lot of times you may be upside down. Well, most times with a car, you know, more than likely you're going to be upside down at least for some time, right? And so when we take a look at the 50 year mortgage, you're going to be paying interest a lot longer than you would on a 30 year mortgage, right?
Roland Daniels 18:24
On a 30 year mortgage, which is the traditional spread over 360 months, right? Well, with a 50 year mortgage, now you're looking at 600 months, 600 months, if you imagine 600 months, 600 No, I can't imagine. So let that sink in. You're making a payment for 600
Heidi Griffith 18:47
months, and the majority of payments for the beginning of that loan are going towards
Roland Daniels 18:53
interest, interest only. So you may not see your principal balance being reduced until like year 24 year 25 Wow.
Heidi Griffith 19:02
That makes it hard to start building equity. It does that makes it hard to start building equity. So you would save a little bit of money a month. Your payment would be slightly less. You know, we did numbers, we ran some scenarios, and, you know, maybe 100 maybe 200 bucks, depending on the loan
Roland Daniels 19:19
amount to $300 a month. But in this environment, we have no idea what the interest rate would be on a 50 year
Heidi Griffith 19:26
mortgage. It was, and it would more than likely
Roland Daniels 19:29
be higher to account for the risk. Everything is based on risk, right?
Heidi Griffith 19:34
So you might save a few 100 bucks a month, but now when you want to go to sell, the long run, you know, you want to go sell, depending on where you are in the loan, you have less equity. You do, you make less money, yep, and it could potentially put you in a bind. I mean, again, this is all hearsay, right? Yes, because right now it's not even a thing, but people have been talking about food for. Thought is that when we talk about wealth and legacy with home ownership, we're talking about equity. We are we're talking about equity. And if you put yourself in a position where you can't gain equity, especially, you know, because markets ebb and flow, they do go up and go down. If there was a situation where the market cooled, right and you're in this type of a term, it's going to take you that much
Roland Daniels 20:24
longer to start accumulating that equity, back out building that equity.
Heidi Griffith 20:28
So, I mean, you know, the big picture is truly affordability, right? I know, you know, we all know that there is a grave need for affordable housing nationwide, but certainly here in Las Vegas, I agree. I don't necessarily think that a 50 year mortgage is the cure for housing affordability. No, it's a talking point. Yeah, doesn't create any additional homes, doesn't make prices go down, Nope, doesn't improve inventory, doesn't address, you know, wages and the cost of living,
Roland Daniels 21:03
but it does stretch out your debt. And stretching debt, unfortunately, is not a real solution to affordability, no good. So equity is the number one way homeowners build generational wealth. You have homes that appreciate, unlike cars, but like Heidi was saying, and what we discussed when it comes to that 50 year mortgage principal, pay down is extremely low. You stay in the interest heavy years, much longer, you don't benefit from appreciation the way that you would with a standard 30 year fixed rate mortgage, yep.
Heidi Griffith 21:43
So think about that. If you want a clear understanding of how a mortgage loan could actually work for you, feel free to reach out. You can call or text us. We're at 702-210-2057, that number again, is 702-210-2057, we'll go through your options and make sure you know what supports your long term goals and towards building wealth through real estate.
Roland Daniels 22:08
That is the key understanding your options and the opportunities
Heidi Griffith 22:12
for you. Now that we got that out of the way, let's talk about fun stuff. Let's talk about something that's great. I mentioned it earlier. You did so the Nevada housing division and Nevada Rural Housing both have new programs. They do. They start tomorrow. They do so Nevada housing has 900 of these loans available, and Nevada Rural has, what, 200 200 200 available. So if you've been one of those people that say, I really want to own a home, but down payment is my biggest hurdle. This program is with the Nevada housing division, the workers Advantage program. It is
Roland Daniels 22:52
and more importantly, for the individuals who are waiting for interest rates to come down,
Heidi Griffith 23:00
these programs both for the Nevada housing division and Nevada Rural Housing, right they do. They're very similar programs. They're identical programs. They're just in different areas. The Nevada housing division covers the entire state of Nevada. Nevada Rural Housing covers the rural areas. And if you've listened before, you know that there are actually pockets of rural right here in the valley there are right here in the Valley. So this program offers $20,000 in assistance that $20,000 can go towards your down payment and closing costs. Keep in mind, if you're using a conventional loan, a minimum down payment is 3% if you're using an FHA loan, minimum down payment is three and a half percent. If you are a veteran or active duty military and you're using your VA benefits, there is no down payment, but we can still use these funds towards your closing cost. We can even reduce principal, meaning that you've got some built in equity when you move in maybe a slightly lower mortgage payment, right? But not only can we use this towards down payment and closing costs, what else can we use this for Roland?
Roland Daniels 24:12
We can use it to permanently buy down the rate, yeah, and this is the first time ever that these two programs will allow you to do that. Now, Nevada rule has one very similar, but not as much, but this is a game changer.
Heidi Griffith 24:29
Well, this is going to substantially reduce the interest rate. It is this is going to make a difference in your monthly payment. It could make a difference in how much home you qualify for, right? It is going to make you know, we the ideal situation is to buy a home you can afford, with a payment you can afford. That is a being a successful homeowner, right? We don't want anyone to go out and buy more than is manageable, and this is one of those. Opportunities that now we can take care of that hurdle for down payment. We can get you into a home with a potentially lower interest rate, and when that rate is bought down, and those fees are posted daily, what's the cost?
Roland Daniels 25:19
So we won't know until tomorrow, what it looks like, but I have a wonderful feeling that you will see, you'll be amazed.
Heidi Griffith 25:28
Yeah, absolutely. And then out of that 20,000 there's the cost to buy down the rate. And then if there's any monies left over, and in most instances, there will be, yes, that can then be applied towards your down payment in closing cost. And as we talk about week after week after week, we are seeing on all of our transactions, seller credits or seller concessions, right? Same thing, same thing, meaning that the seller is offering a credit towards those things closing costs, right? And you know now you have the opportunity of becoming a successful homeowner for potentially less than it would cost you to go out and in Brent, you know, do a lease first, last, security, management fees, all of that good stuff.
Roland Daniels 26:18
Well, just think, just two weeks ago we had a closing. They bought a $350,000 home with less than $1,000 less out of their own pocket. Where else can you go?
Heidi Griffith 26:29
Yeah, and that, I'm gonna put the asterisk there. That's not every scenario. Not everybody can go out and do that. That was a perfect storm. They got a amount from the seller for seller credits, the maximum that they could get was 6% they got right under
Roland Daniels 26:43
6% and we got 4% for down payment assistance with the state of Nevada. Nevada housing's division, first time homebuyer program,
Heidi Griffith 26:51
different program than what we're talking about today, but just didn't have that option to buy down the rate. And wasn't that big, $20,000 that. And that isn't based on loan amount that $20,000 right? So yeah, if you have any questions about this program, or you'd like to know how to get started, you're more than welcome to give us a call.
Roland Daniels 27:10
And that number is 702-210-2057 once again, it's 702-210-2057 and remember, this program is for healthcare workers, education, public safety and the construction industry.
Heidi Griffith 27:28
Big, Yeah, huge list it is. It covers a lot of folks.
Roland Daniels 27:32
And if you would like that list, you can call that same number,
Heidi Griffith 27:35
yeah, you can give us a call Absolutely. So before we go, I just want to take a quick minute to talk about the Silver State Fair Housing Council, because, as I always say, fair housing shapes everything that we talk about, access opportunity and the ability for families to move forward, right? It does. It does. And the Fair Housing Act is a federal law. It protects people from discrimination when they're looking for housing, whether they're renting, buying, applying or even just asking questions. A lot of people don't realize how many barriers still exist for people when they're out there in the housing space and the barriers are real, they are and that's why Silver State Fair Housing Council's Tester program is so important. Testers are everyday people who help identify unequal treatment. It's a behind the scenes work that makes a very real difference right here in Nevada, if you've ever wanted to make a meaningful impact in housing fairness, this is one of the most powerful ways you can do so you can learn more or sign up to become a housing tester by calling them directly at 888-585-8634, again, Their number is 888-585-8634, fair housing isn't optional. It's the law and it's worth fighting for.
Roland Daniels 28:45
I agree. If you're interested in donating a toy, or would like to get more information about the Ruby Thomas Elementary School toy drive, or if you would like to register for the Next Saturday's path to home ownership workshop, please feel free to reach out. You can call or text us anytime, at 702-210-2057 that's 702-210-2057 you can also find all of the details and the links on our Facebook page by searching mortgage matters. Radio, we'll be back next Sunday morning at 7:30am right here on KU nv 91.5 until then, believe in what's possible, even if you've been told that it's out of reach. And remember, stay true to yourself and your mind. Bye. You.
Transcribed by https://otter.ai