Feb. 23, 2023
FHA Lowers MIP Rates For Home Buyers
FHA Lowers MIP rates for home buyers
Transcript:
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Good morning, Brenden with
The Homes In Orlando team.
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Joined again here Joseph Dionne of
Appli Home Loans. Happy Thursday.
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What is up excited to be here?
We got some good news today,
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I think or some mixed news. We
got a whole bunch of random. Yeah.
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We got we got some good have
a little bit of not so good.
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But been a while since we actually
been able, like, come out and say,
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hey, this is good news for
the consumers. For the consumer, Yes.
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And that good news is
Fha announced yesterday.
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That they are going to lower
the mortgage insurance premium.
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Yep. So that's the monthly amount that
is... That's some mortgage insurance.
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And it's been set at point eight
five for... I don't know, Gosh.
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The last five years six. I
don't know. It could been long.
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I don't remember, but they're dropping
it down to point five five percent.
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That's a thirty pin reduction
on a Mi, and that's actually...
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Like, that's a decent
number for consumers.
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Actually a little bit of savings
some some some gust to that savings.
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Yep. Yeah. Let's let's look at it
because we actually ran a couple
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little numbers. To show people
what the savings is gonna be.
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Why don't you go ahead and go through
it because this is your specialty.
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Oh, yeah. So I mean, I kinda
of use like some round numbers
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just so we get some
different ideas.
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So I said two hundred and fifty
thousand dollar buyer with
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three and a half
percent down.
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So that's just your standard like,
hey, you're minimum FHA loan,
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but we're gonna say hundred and
fifty thousand is the purchase price.
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And currently, the monthly
mi that point eight five is
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right out of about a hundred and sixty
nine dollars and ninety eight cents.
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The new would be a hundred
and nine ninety eight.
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This actually perfect just a super
round sixty dollars straightforward.
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What that means is, you
either for the same home,
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you save sixty dollars just
because of this change,
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or if you wanted to keep
that same payment as before,
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you get about eight
thousand in buying power.
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Then to give that little bit
differences is, you know...
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Let's say four hundred
thousand dollar purchase price.
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You now the change is almost
is... You know, almost...
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You know, we're talking
ninety five ninety eight,
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much bigger change or month
monthly savings on that.
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And that's actually a little
bit more buying power.
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So twelve thousand five
hundred and just a buying power.
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I think, like, you you think
about that on a four hundred
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thousand dollar home, which
it's kinda two fifty and our
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market is on the lower side
of what kind of buyers is.
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And then four hundred is kind
of the eye of the median, like,
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in the middle high side of
the median. Right? Correct. Yeah.
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We're right there
kind of it's there.
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But more buyers are in that four
hundred thousand, I think right now.
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Yeah. And a hundred dollars
is a hundred dollars.
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Like, I think all of us would like
to save a hundred dollars a month.
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I mean, that's almost to take a gas for
my truck. So I'm I'm happy with that.
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If I can get
a free tank, like,
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that's for doing nothing else
and just being an awesome person,
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and and being ready to go when
that change goes into play.
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Yeah I mean, that's that's twelve
hundred dollars a year. Yeah.
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That's a nice savings. So
and that change doesn't it go
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into effect until March twentieth.
So we're about a month ahead.
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You know, they've gotta do
the little bit of that P and
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give that updates
to the release.
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We gotta make sure Hud
gets to have their official
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announcement and press conference if
you have president they're little bit.
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Right right You know, we
gotta make sure those things
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happen before it
to go into effect.
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And there's some administrative
pieces obviously as well.
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Like, you know, you can't
just change the number of one
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system and it change for
everything. So... Yeah.
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It's I mean, it really makes sense
because when you looked at the funding,
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Fha Mi. It was... The way they
calculate, it was extremely over funded.
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Yeah. Very finding. Which
honestly, you know, got...
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I understand everyone's
caution, especially, you know,
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going back to the to the recession
of, you know, two thousand seven,
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two thousand eight when they, you
know, cost them a lot of money.
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So better safe than sorry overall.
Definitely better safe than sorry overall.
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And then the other
news... It's it's nice,
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but it's not making the effect that
I think that they wanted it to.
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Unit just before... I mean,
Fha stole all the thunder here,
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because I made an announcement
just beforehand but they're
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reducing their funding
fee. This is awesome.
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So the funding fee
for Va is front.
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It's it's kind of like, hey, You don't
have one mortgage insurance with Vm.
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We have this funding fee, and
it's a little bit higher And
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it was two point three, and
now it's gonna be two point one
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five of point one five reduction and
then on sub point use, it was two...
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Or three point six. Now it's gonna be
three point three little bit bigger.
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And I just... I just wanted to give
you guys just super simple like,
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hey. X's and o's, like, you
know, rounding round numbers.
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I even look at what it was. I just
kinda went into a prior file and said,
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hey, what's it look like You're
talking that drop is about
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six hundred dollars
on that funding fee.
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But realize how many veterans pay
their funding fee up upfront zero?
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Like, nobody does because Va
allows you to put it into the loan
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and increase the loan amount
to cover that funding fee very,
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rarely do we see veterans
pay that upfront.
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And so what happens is it mostly
gets paid in and built into the loan.
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So what's that impact? I had
to go to four hundred thousand.
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Just try to give a little
bit of an impact.
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So you can that Great
Like, you right there.
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On this scenario, it was
kind of like, Alright.
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Boom, you're saving less than
four dollars a month. Like...
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That's one gallon of gas for
your truck, Joe. That's it.
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I made this one gallon. So
over the course of the year
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you're saving about forty bucks. Or
what is that forty eight dollars?
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It's still the savings. Yeah. You know
all the order. Okay. So there is...
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I mean, it is a dollar for dollar
savings. So I don't wanna discredit it.
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It is the savings. It is a benefit
of veterans because it was again,
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they saw that it was
over finding they didn't.
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They could pull
back a little bit.
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They didn't feel that they had as
much room to pull back as others.
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And one thing that I still sit
there and think, Va is still...
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Like, it's still a hundred
percent financing.
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So note doubt came necessarily
required and it has no
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monthly mortgage insurance. So even
though Fha had a bigger adjustment,
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if you're if you're eligible
for epi take and Va,
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b is still gonna be a better
loan option for you. Oh, yeah.
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Is it doesn't have the mortgage insurance.
The monthly mortgage insurance.
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Yep. Yep. Completely all day
long. Yeah. All day long. Sound.
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So that really was. That was
our good news for the consumers.
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But unfortunately, we had to come
back and hit them with a little
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bit of not so
good news. Right?
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Sometimes I think markets adjust
because they know this news gonna hit.
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You he you're what you're you'll
wonder sometimes. And yeah it just...
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Alright. We're gonna save
a hundred bucks a month,
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but then interest rates have slowly
been creeping up over the past week.
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Yep. And you can see, you know,
the valentine's day were six point six two,
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And as of yesterday, the average
nationally was six point eight eight.
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Yeah. So that little bit of
savings we had gonna get eaten
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up by the new by the little
bit higher interest rates yes.
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And it's gonna be interesting to see
because if we see this trend continue,
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when you see the movement that
we saw in these markets in
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the bond market and so forth, like,
sometimes when see these big jumps,
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these investors don't...
Like, they...
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They're forced
to increase rate,
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but they kinda hold back
more than where they probably
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should sometimes because
they're like, crap.
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We're already slowing down jump
in a half percent overnight
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or in a week or two.
We're gonna be toast.
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So then they sit they're say,
let's let's tighten in our
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margins even more so that
we can slow how long.
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So I think if we see this and we don't
see these markets kind of adjust back,
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a little bit pullback
back a little bit.
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I I think we're gonna
continue to see these rates.
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Even if we stay flat, we're
gonna see these rates creep up
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over the next month. Yeah. I
think I think we're gonna stay
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stay in this area probably
through the summer.
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And the reason why I say that, Main
reason is the Fed, I think there...
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As long as that core inflation
number stays where it's sitting.
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They're forced to continue to
increase interest rates. Yeah.
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They have to. Yeah. We'll reset
at in six point eight eight two.
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You know, so there
they're goals too.
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And they're they're
far from it,
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which means that they're gonna
have to continue to prep you know,
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continue that rate increase.
And I think you know,
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more of them have come out to
another half a point increase
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at the next meeting as opposed to
the slower quarter point. Yeah.
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Interest. Right? You know,
It just rate increase.
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And I think that's that's gonna
continue to force the the bond
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market yields to stay to stay
a little bit higher until we
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until we can get to that level,
where they can actually say,
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okay. Yeah. It's it's really... We've...
The economy's is really slowed down.
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You know, you're looking at continued
wage increases. Walmart came out.
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They're they're jumping people
from seventeen to seventeen fifty,
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which doesn't
seem like a lot.
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But when you look at the number of
employees that that Walmart has.
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That's that's that's
okay. That number. Yeah.
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Then Home Depot also came out and
announced an increase in wages.
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Yeah. So the wage pressure is
continuing to increase which
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unfortunately is gonna
continue to, you know,
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force that that inflation number.
Up a little bit. And until we...
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Until we hit that, we're just...
It it it's gonna continue to do it.
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And I think one thing we're
gonna see later from the numbers.
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That's really important is how
rates sensitive buyers are. Yeah.
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You know. They are
extremely rate sensitive.
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And I think we're gonna see that
when we get into the numbers
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here in a in a just
a moment. Mh.
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So It's it's a fine balancing game right
now, you know, going into the spring.
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You know, when we go in there,
we start looking at our numbers,
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Let me hop back
up to the top.
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And this is something we have
mentioned is that mid January,
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we saw we saw those
interest rates dropped.
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We got down, you know, low sixes
around the sixes. And what did we do?
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We jumped to about four hundred... We
had four hundred closing last week.
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In January, January, we were sitting
at that two hundred per week level.
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And when you looked at the number
nationally for January,
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it was the lowest number of sales,
home sales in, like, twenty years.
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Yeah. And they all they're
projecting maybe four million...
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You know, it's not
a small number,
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but four million total sales nationally
for the for twenty twenty three.
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Yep, which is a low number. You know,
we're we're staying consistent.
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You know, we we jump up and down
on the median price little bit.
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We're sitting right in that four
hundred thousand dollar mark...
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You know, plus or minus a little
bit. But here's the thing again.
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Inventory dropping. It's just been
a consistent drop in the inventory.
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And then overall
prices, you know,
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our original list to final
a list we're consistent right in
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that ninety two percent mark and
I have been for the past month.
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You know, and ninety six percent roughly
for the final list to sales price.
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And again, we're
sitting consistent.
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Then when you look at it on
a graph, you can see how you know,
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here's here's the month of January,
two hundred two fifty, two fifty,
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you know, two twenty
five. We jumped.
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At the end of the month,
which we always do.
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And then we we pull back
a little bit but came back up.
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And that's that I truly
believe is all rate sensitivity
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because people saw
that six percent.
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So, you know, a little breath of
fresh air, hey, you know, six percent,
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I can go ahead and pull the trigger,
but six point seven five seven percent,
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I'm gonna have to
wait. Yep. You know,
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that that difference in the payment
is is just making, you know,
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it it's making a lot of
a lot of people hesitant.
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And what and we talked about
this a lot is is the uncertainty.
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Right? It's our rate's gonna go back
down. Are they here? Where do they stay?
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Where we saw rates kinda drop
a little bit, and they just sit there.
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People were okay that rates
were higher than when they were
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a year ago or higher than
where they are two years.
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But when it's moving up and
moving down and moving up, like,
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people go when it's on
the way up, they go okay.
216
00:13:01,837 --> 00:13:04,849
Maybe it's gonna go back down
like it did three other times
217
00:13:04,849 --> 00:13:09,284
in the last six months. Mh. And that's
where I feel like we get this like,
218
00:13:09,763 --> 00:13:12,320
hold back of not only a losing
buyers because rates are
219
00:13:12,320 --> 00:13:14,735
going up and it they're
being priced out.
220
00:13:14,935 --> 00:13:17,215
We're losing buyers because they're
sitting on the sideline going,
221
00:13:17,375 --> 00:13:22,508
where we go. Yep. And you get
you read the headlines and
222
00:13:22,508 --> 00:13:25,824
it's all over the place.
It it really is. You know.
223
00:13:26,184 --> 00:13:27,941
And one of the people
I I've just...
224
00:13:28,061 --> 00:13:31,571
I've got disagree with,
respectfully, at this time is very.
225
00:13:32,189 --> 00:13:36,061
You know, it was a very well known
person in our in our industry.
226
00:13:36,301 --> 00:13:38,935
No. I'm. I I do... I'm just... I've
just... I gotta disagree with them.
227
00:13:39,429 --> 00:13:42,497
Yeah Know he was here's right to
a point with the pullback, you know,
228
00:13:42,616 --> 00:13:45,285
the the initial inflation
rate of eight point two. Yeah.
229
00:13:45,365 --> 00:13:49,167
It's gonna pull back when
that pulled pulls back our our
230
00:13:49,167 --> 00:13:51,081
interest rates should
fall. Anyway right.
231
00:13:51,240 --> 00:13:54,868
What the problem is, he was
projecting continued decrease
232
00:13:54,868 --> 00:13:57,635
in the inflation right.
Mh. We're not getting it.
233
00:13:58,353 --> 00:14:02,382
And until we get it, rates will not
pull back. They can't pull that.
234
00:14:02,621 --> 00:14:06,555
Yeah. And you look at what's happening
here, we have, like, you know,
235
00:14:07,115 --> 00:14:09,075
you see inflation
not pulling back.
236
00:14:09,155 --> 00:14:12,049
We're seeing like the jobless
jobless claims report,
237
00:14:12,129 --> 00:14:14,966
like the it just came out. And they're
saying there's a small decrease.
238
00:14:15,125 --> 00:14:18,002
Like, like, okay. So less
people are losing their job,
239
00:14:18,082 --> 00:14:20,815
The whether it's broken mirrors,
I don't know. But, like, Alright.
240
00:14:20,935 --> 00:14:22,535
So less people are
losing their jobs.
241
00:14:22,695 --> 00:14:26,375
We're still super strong, but, you know,
we can't say for a fact that we know.
242
00:14:26,535 --> 00:14:28,935
It's a lot harder to
find a job right now.
243
00:14:29,510 --> 00:14:33,330
If you had of work, like, that's
definitely gotten harder. But...
244
00:14:33,670 --> 00:14:37,410
It's hard to be like, hey, inflation
up, but employment is still,
245
00:14:37,670 --> 00:14:42,365
you know, unemployment it's inside all
time low. Like where's that balance?
246
00:14:42,485 --> 00:14:44,605
Like, you almost... Sometimes
like, you need, like,
247
00:14:45,245 --> 00:14:48,059
more people to lose their job
to help taper for some this,
248
00:14:48,179 --> 00:14:51,676
but you don't want that for anybody,
but you don't... Yeah. And...
249
00:14:53,213 --> 00:14:56,170
Yeah. Feds looking at that employment
number going... It's still too strong.
250
00:14:56,545 --> 00:15:00,065
It's still too strong. And and
that's the hard part is the fence
251
00:15:00,065 --> 00:15:03,185
looking at all this data and
they're saying it's still so I
252
00:15:03,185 --> 00:15:06,880
think like he said earlier,
and this we're gonna see we're
253
00:15:06,880 --> 00:15:09,140
probably gonna see fifty
bp. I think we are.
254
00:15:09,480 --> 00:15:13,880
And they're saying possibly three
more adjustments increases this year.
255
00:15:14,934 --> 00:15:20,127
From the fed, which the the hope
we did a quarter back, you know,
256
00:15:20,367 --> 00:15:27,009
a month ago was, like, we're finally
seeing it slow down are the pivot.
257
00:15:27,288 --> 00:15:30,641
And that was placed
really quick.
258
00:15:32,054 --> 00:15:35,449
You know, and that's all of like
a day or two for power say hey guys,
259
00:15:35,649 --> 00:15:38,605
take your expectations,
which then drove rates up.
260
00:15:39,737 --> 00:15:42,210
You know, on the mortgage
side we saw how to go and and
261
00:15:42,210 --> 00:15:44,842
it's like where we at
now, I think that's...
262
00:15:45,001 --> 00:15:47,474
I think ultimately
until we see, you know,
263
00:15:48,032 --> 00:15:52,920
it's we want a soft landing
but the Feds saying, hey.
264
00:15:53,039 --> 00:15:57,008
We want a soft landing, but we also
wanna see some turmoil. Or yeah.
265
00:15:57,128 --> 00:15:58,665
We wanna we want
some turbulence.
266
00:15:59,281 --> 00:16:02,312
Like, we wanna land this softly, but
we need to see some turbulence too.
267
00:16:02,671 --> 00:16:04,266
Yep. There's gonna...
There's gonna be paying.
268
00:16:04,346 --> 00:16:06,714
I mean, they flat out said,
hey there we're we've gotta
269
00:16:06,714 --> 00:16:11,185
have a little bit pain. Yeah. Able
to do able to pull back. Yeah.
270
00:16:11,544 --> 00:16:12,423
The... Quite
honestly, though,
271
00:16:12,542 --> 00:16:19,677
the the thing that is really
helping sellers at this point
272
00:16:20,133 --> 00:16:23,734
maintain their values
is right here. Yeah.
273
00:16:23,894 --> 00:16:26,411
And we'd say it every week and
we've said it every week for
274
00:16:26,411 --> 00:16:32,980
the past couple months, inventory. Yep.
Our inventory. We have just been on a...
275
00:16:33,220 --> 00:16:37,860
Since since November, we been on
a constant decrease in inventory.
276
00:16:38,380 --> 00:16:42,271
Mh. Every single week where
you're dropping our inventory.
277
00:16:42,790 --> 00:16:46,345
And as long as that inventory
continues to drop, you,
278
00:16:47,477 --> 00:16:51,045
the the prices aren't we're
not gonna see that decrease
279
00:16:51,422 --> 00:16:53,573
that other parts of
the country have have seen.
280
00:16:54,131 --> 00:16:56,421
You know, you know, other
parts of the country,
281
00:16:56,540 --> 00:17:00,712
their their inventories jumped,
you know, a lot more than ours.
282
00:17:00,850 --> 00:17:02,965
And then, you know, we're
an constant decrease.
283
00:17:03,660 --> 00:17:07,820
So we've got all these people
coming in and we're just...
284
00:17:07,980 --> 00:17:11,975
We don't have the inventory
of homes. Forum them. You yep?
285
00:17:12,755 --> 00:17:15,535
You know, and and it's the same
thing even with rental properties.
286
00:17:15,995 --> 00:17:18,275
There's no rental properties
for these people and that's
287
00:17:18,275 --> 00:17:21,787
why we're continuously see all
these Apartments being built.
288
00:17:22,086 --> 00:17:27,794
Yep. You know, for us, for us to see
a a a push downward in home values,
289
00:17:28,632 --> 00:17:33,156
a real push, that inventory
gotta got shoot up. Know.
290
00:17:33,315 --> 00:17:36,746
We've gotta get a thousand, you
know, fifteen hundred home increase.
291
00:17:37,440 --> 00:17:42,055
But why when you looked at
the numbers, so I saw graph yesterday,
292
00:17:42,874 --> 00:17:47,403
seventy five percent of homeowners
have an interest rate of
293
00:17:47,403 --> 00:17:56,147
three percent or lower. Seventy five
percent Yeah. They're not moving.
294
00:17:56,346 --> 00:18:00,135
I don't care. They have something
that has to happen. Yeah.
295
00:18:00,335 --> 00:18:05,345
You've got, like, increase jab
relocation, need more space.
296
00:18:05,465 --> 00:18:06,505
Like, you gotta
have a reason.
297
00:18:06,625 --> 00:18:10,225
You you're losing those buyers that
are just like, how what a new house?
298
00:18:10,720 --> 00:18:13,796
Like, hey. I'm like... I like another
bedroom, but I don't need one.
299
00:18:14,356 --> 00:18:17,232
Like god I like a home
office, but I don't need one.
300
00:18:17,432 --> 00:18:20,963
Like, it's hard to be like, oh,
Not only do I have to pay way more?
301
00:18:21,082 --> 00:18:23,519
Yeah. I could sell my home for
more, but I got a pay reward.
302
00:18:24,158 --> 00:18:28,444
And then I got a monthly pay
name way more because interest
303
00:18:28,444 --> 00:18:32,588
rates I'm lose mine by my two
point seven five or two point
304
00:18:32,588 --> 00:18:37,991
two five or two point three five like,
You. Seems like buyers one exactly.
305
00:18:38,071 --> 00:18:43,358
You got a three. Like... Yep.
And and you're just you're
306
00:18:43,358 --> 00:18:47,428
just gonna see people sit.
And one of the things you you
307
00:18:47,428 --> 00:18:50,221
are seeing though is the increase
in home equity lines or credit.
308
00:18:50,795 --> 00:18:52,553
Yeah. Because people are doing
exactly what you said, yeah.
309
00:18:52,632 --> 00:18:55,149
I'd I love that additional
bedroom. Maybe I'm better off.
310
00:18:55,909 --> 00:18:58,266
Borrowing against
the equity in my home. Yep.
311
00:18:58,466 --> 00:19:04,385
And doing it, you know, just building
on here. Yep. Yeah. Or you know what?
312
00:19:04,584 --> 00:19:08,589
Yeah. Do I need a bigger house
what I like in your house yeah,
313
00:19:08,708 --> 00:19:11,780
but let me just do some renovations.
You know, let me redo the...
314
00:19:11,980 --> 00:19:16,907
Let redo that bathroom. Y. And I mean,
all the contractors I'm talking to,
315
00:19:17,027 --> 00:19:19,983
they're still they're still
extremely lousy. Swamped.
316
00:19:20,982 --> 00:19:25,211
And a lot of it is this renovation
type work. That's going on for them.
317
00:19:25,987 --> 00:19:28,403
Exactly. So I
mean, it's just...
318
00:19:29,219 --> 00:19:34,619
That that is the Golden parachute right
now for sellers. Is the inventory.
319
00:19:35,456 --> 00:19:38,327
And you know, you you... I get questions,
you know, a good time to sell.
320
00:19:38,407 --> 00:19:41,572
And it's like, you know what?
It actually still is. Yep.
321
00:19:41,731 --> 00:19:47,212
If you present your house right, it's
clean, present and price correctly,
322
00:19:47,509 --> 00:19:51,707
it's gonna sell. Yep. I just
got a one point five million
323
00:19:51,707 --> 00:19:58,615
dollar home in double Chase under
contract in six days. Six days.
324
00:19:59,451 --> 00:20:05,890
Yep. And we have multiple people. Mh.
I I was actually taken about wow.
325
00:20:06,010 --> 00:20:09,970
Hope. This is wonderful. You know.
Yep It wasn't expecting it though.
326
00:20:10,650 --> 00:20:11,490
Because when you
look, you know,
327
00:20:11,945 --> 00:20:14,262
up here and you look at the days
on market average stays on
328
00:20:14,262 --> 00:20:19,535
market is jumped to sixty three or
sixty eight. Excuse me. You plan that.
329
00:20:20,030 --> 00:20:23,630
As a as a realtor is okay.
Average is sixty eight.
330
00:20:23,870 --> 00:20:27,850
What what can I do to make sure
that we're below that average?
331
00:20:28,030 --> 00:20:32,991
Yep. So it's just...
It's it's gonna...
332
00:20:33,429 --> 00:20:38,016
That right there is gonna continue to
help the sellers overall in the market.
333
00:20:39,708 --> 00:20:43,044
And we're just... You know, just
watch every week, watch the numbers.
334
00:20:43,343 --> 00:20:48,029
I think we're gonna see the the sales
numbers For March we're gonna drop.
335
00:20:48,189 --> 00:20:50,224
We're probably gonna drop
back down to two hundred two
336
00:20:50,224 --> 00:20:53,536
fifty with the century
rate spike. Yep.
337
00:20:54,629 --> 00:20:58,845
And this is where I think you and I
education wise for our for our clients,
338
00:20:59,185 --> 00:21:02,781
we've got go back into the, you
know, education of the rate by now.
339
00:21:03,380 --> 00:21:06,429
Yep know, offer the different
offer the differences.
340
00:21:06,509 --> 00:21:08,943
You know, do we do a do we
do a permit right by down?
341
00:21:09,063 --> 00:21:15,167
Do we do a two one buy down? I really
haven't gotten into the three two ones.
342
00:21:15,546 --> 00:21:24,630
I'm not so confident in in presenting
those? Two one. Yeah. Permanent?
343
00:21:25,749 --> 00:21:28,466
Yes. Definitely. Yeah. I mean,
the two one definitely...
344
00:21:28,546 --> 00:21:31,352
It's I think the two makes it...
I mean, we see the three two one.
345
00:21:31,472 --> 00:21:36,135
Like, that's like I I I've seen
one seller being willing to
346
00:21:36,135 --> 00:21:39,865
give a credit that. But
the two one does make sense.
347
00:21:40,025 --> 00:21:43,625
I do like, you know,
a permanent buy down too.
348
00:21:46,080 --> 00:21:49,560
It's hard because I do think we're
gonna see that that drop in rates.
349
00:21:50,160 --> 00:21:52,815
So I... And and the one thing
that I do like about two by
350
00:21:52,815 --> 00:21:56,295
down is simply the fact that
they don't lose the money if
351
00:21:56,295 --> 00:21:58,375
they refinance because
it's sitting in an escrow.
352
00:21:58,535 --> 00:22:00,495
So it's not like it's
a hard loss of money.
353
00:22:01,109 --> 00:22:04,026
So if you go down to reduce their
parental payoff off where it can,
354
00:22:04,106 --> 00:22:06,703
you know, cover out a closing
cost like, it's it's there.
355
00:22:07,143 --> 00:22:09,460
You know, So they got
six k left in that.
356
00:22:09,954 --> 00:22:12,624
Escrow for the two one buy
now program because they ref
357
00:22:12,624 --> 00:22:17,645
refinance at nine months. They that
money is still being applied somewhere.
358
00:22:18,179 --> 00:22:21,645
Yep. Yep. That is that's
a huge benefit of it. Mh.
359
00:22:21,885 --> 00:22:25,431
So thank you for joining us. Those
are our numbers for the week.
360
00:22:26,164 --> 00:22:30,072
Appreciate your time again, Joe.
As always. Take care everyone.
361
00:22:30,231 --> 00:22:32,704
We will see you
next Thursday. Good.
