6 80 wcbm. You're listening to underwriters corner of your host, Bill Parisi. Welcome back to the underwriters corner. You know, I started off the show by giving you this rule of thumb. That unless your loan amounts around $200,000 or higher and your interest rate is, let's say three and three quarters or higher. Sometimes a refinance is not worth it. But you have all the loan officers of first preference in the office. Sometimes you have other options. You know, maybe you you're alone amounts. Not gonna You know, your payment's not gonna go down $200, but what you want to do was pull cash out. And pay off a visa. That's been costing your $400 a month for the past 25 years and never seems to go down. You're paying 18% interest rate on that. So there are some other options that you want to do. You have all of the loan offices in the office. Just call them up and get it. If it's not a good time to talk to them, get their name and their cell phone number so that you can call them when it's a better time for you. They always answer their cell phones again. There. 800 number is 3 to 1. 5555 Give them a call and get their information. And and look at your options. Now, let me tell you something. People call me. They say, Bill. I tried to put a contract in three times and I keep losing it to someone else. What do I do about this? Let me give you an example. You know, just a year ago. Just Blair. A year ago January we were doing interest rates at 4%, 3 and 7/8. We thought three and 7/8 was just so wonderful People were buying refinancing and doing everything. Three and 7/8. Well, now we're in the twos. And it seems like 100 years ago that they were three and 7/8. But you have to look at something. Let's say in about 3456 months, Let's say, Let's not say they go to hell in a hand basket, but let's say the interest rates go up slowly and they go back up to 4%. Do you realize this? But if you're looking to buy a house And even if you get the house, let's say for three they're asking $300,000 and you get the house for $300,000 but have to pay 4%. Your payment. Your principal and interest would be 14 32. But if you bought the house today, even if you had to go to $310,000 I've got the two and three quarters interest rate. Your payment is almost $230 on $240 cheaper. Even though you went to 3 10, So that's what's happening out there. You could even go to 3 20. As long as you grab that two and three quarters interest rate, your payment is still $150 cheaper than it would be a 300,000. At 4%. That's why people are jumping on these houses. And you want to know this. When you're out there looking at houses you want to keep in the back of your head with talking about interest rate. We're not so much talking about sales price. You know, when you have to sit, you wouldn't but I had a customer the other day. They say, Bill, we lost this house. All we wanted to do is go home and discuss it and we were debating between 3 25 and 3 30. I said you were And he said, We finally agreed on the 3 30, but when we went back to the real to the house was gone. I said, Well, what were you debating? Well, 3 25 and 3 30. That's five grand. They wanted more than we were willing to pay. When the interest rates are two and three quarters. That five grand Changes your payment. Are you ready for this? By 20 Bucks. 20 bucks a month. And for that you lost the house. With $20 a month. When they heard that they got a little hysterical, I said, But you gotta know that going in. So you have to know when that's what I mean. By getting your ducks in order If you talk to a loan officer Find out what you qualify for. And you know, you have to give the loan officer permission to run your credit. They have to have your crit not only your credit score, but they have to know what your debts are. So that when you tell them what your income is, they can qualify you without having your credit report in front of them. They can't help you. And, you know, people say, Well, Bill doesn't that hurt my credit? No, It doesn't hurt your credit for a loan officer to run your credit once but twice in a month. If they ran it 789 times in a month. Yeah, but there's no reason to do that. When you're talking to a loan officer, they have to have your credit report and then with your income they could. They could tell you what program is best for you and everybody's. You know, everybody's different. Some people want to put out 20% down payment. Some people say, Bill I want to get in as little as possible. Some people, you know what we'll say Bills or any program where you don't have to put any money out. And there are programs like that. That's what I'm saying. When you talk to a real live loan officer and not a Web page, you could discuss your options. And you have a captive audience of loan officers. You know, I can't during the week and any other time they're in and out of the loan Officers don't just sit in the office there out meeting with Realtors. Or they're out meeting with a borrower or they're at a settlement table. They're in and out of the office meeting with their processor. So it's hard to in a normal market. It's hard to get ahold of a loan officer. So that's why when I tell you that you have all of them sitting in the office right now. This is one time you don't get voice mail. You get to talk to the loan officer. That's a big deal. Get yourself a loan officer just get their name and their cell phone number then when it's more convenient for you when you're sitting home with a cup of coffee, you can call them up and say, Can we talk about this? Can you give me some options here? That's the best thing I can do for you, and it's the way you get started is the way everybody gets started. Who's looking to purchase a home or if you're looking to refinance? You want to.