22 Burst results for "Dollar Bank"

North Korea says Kim expressed "great satisfaction" with missile tests

Dollar Bank Mortgage Hour

00:43 sec | 1 year ago

North Korea says Kim expressed "great satisfaction" with missile tests

"North Korea launched new missile tests this weekend in what South Korea says is in violation of a ceasefire agreement. Orden Chang is an Asia expert and the author of nuclear showdown North Korea takes on the world. He says the fact that North Korean leader Kim Jong UN observed the drills and claims quote, great satisfaction. Over them is significant. Treatments troops should keep a high alert or direct sporadic and South Korea. And this is despite all the efforts on the part of the South Korean government to reduce military tensions, including that September two thousand eighteen agreement that many people thought was more favorable to North Korea than South Korea is just shows one can't give concessions to North Korea. Unfortunately, the North Koreans don't think the way that

North Korea South Korea Kim Jong Un Orden Chang
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

01:46 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"No, Mike Henry with this senior vice president of residential lending at dollar Bank, and Mike how about if we start off right here at the beginnings of this. Why should people choose dollar Bank? I mean, there are a lot of institutions out there that are trying to get their business when it comes to mortgages and different aspects of home lending, why dollar Bank. Well, there's many reasons I believe and I'll start with that. We have a lot of experience the dollar Bank into doing mortgages, we have been in business for one hundred sixty seven years and residential mortgages is our primary loan that the Bank does our mutual savings Bank. Which means we have no shareholders our not a publicly traded institution. And that has allowed us over the years to be more flexible in our creativity and mortgage products and being able to offer lower interest rates to the market. So not only do we have the expertise. But we have the structure built at best suits. The customer for the type of loan that they're looking for. So that that gives us the ability to offer lower interest rates as opposed apparent sharing profits with stockholder's. We're able to pass it along in the form of lower rates. So we have very good interest rates, and you start to couple that with experience that when you talk about those really low interest rates they are across the board. Whether we're talking about mortgages, it seems as though dollar Bank is almost always a market leader. And every single time below the national average is when it comes to interest rates on mortgages. And and that's intentional. We we intend to be the market leader as far as mortgage rates go, and and I can support that with many people don't probably know this, but we also offer correspondent money, and that's where we're buying loans.

dollar Bank Mike Henry senior vice president one hundred sixty seven years
Millionaires tend to have these 5 characteristics in common

Bucket Strategy Investing

01:27 min | 2 years ago

Millionaires tend to have these 5 characteristics in common

"Tend to have five characteristics in common. That's according to financial expert in New York Times bestselling author. Chris HOGAN HOGAN is author of a new book titled everyday millionaires. Now four that book HOGAN went and sat down with ten thousand millionaires and talk to them about how they accumulated their wealth. One of the key findings was that all millionaires ended up being debt free through hard work, HOGAN explains getting out of debt is going to be that first of all whatever your income gets to stay with you and go or for you. I e n it's a much better plan than going off to someone else. Want people to attack their debt, and I'm talking about credit cards student loans. Carlos. Claim for that is to make a list of all the biggest write it down on paper. Look at it. And I watch attack the little ones I while making minimum payments on all the rest and throw everything, but the kitchen sink up that little bit you'll move onto the next one what you paid off. So getting yourself out of death getting yourself in control with learning. The skills of budgeting. We have a fantastic budgeting tool called every dollar Bank. Go to everydollar dot com and learn how to watch it for free and people to save. I want them to get a three to six month emergency funds set aside. So when the car breaks down or life happens they have money to reach to instead of begging for more debt and that finally investing. That's the best way to grow your money time and compound interest allow your money to grow HOGAN, also noted only twenty one percent of millionare's received any inheritance

Chris Hogan Hogan New York Times Bestselling Dollar Bank Millionare Twenty One Percent Six Month
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

05:48 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Take the mystery out of mortgages, this is the dollar Bank mortgage. Our? Welcome back on. You know, Randy Davis is with us. He is the reverse mortgage guru at dollar Bank. And when I say that he knows I'm just teasing him. But at the same time, it's also the you're in a level of doing reverse mortgages that you're in a very exclusive group across the entire country explained that well, there's approximately about one hundred sixty of us right now that are certified as a CRM certified reverse mortgage professional means we've closed over fifty loans we'd been in the business over two years. We've done background checks. We keep up with so many credits continuing credits every year. A lot of things like that that we do to keep the designation. The hardest thing to do is pass two three r test. I was on day icy committee. We just had probably thirty six people take the test. And I take only like thirty six percent pass the test. No, it's a very difficult tests. The past. That says you need to study for a good six months to year all the different guidelines with FHA all the different mortgagee letters. You really have to know all your stuff. So when you're talking with somebody you don't trip them up. When there's a nod barring spouse, you don't want to give him a reverse mortgages, somebody that's not sustainable. It has to be a solution for them to be able to stay in that house forever because that's the whole point. Right. And if it's not a solution for them, you need to be able to come on tell them why it's not even if they qualify to pay for mortgage, they might not get enough money, and based on what they have coming in that doesn't really work for them. Are you telling me you've told people know, this isn't the right product for you absolutely required to has to be a sustainable solution. This is not going to solve your problem. It has to be a solution for you in retirement to keep your home. And if it's not you need to move on maybe home equity, or maybe you need to move out of the house. That's a hard discussion to have allow. But nobody wants to have to hear that. I've actually had adult children just send their mom or dad to meet a talk because they knew that they needed to move out move in with them. But they needed to hear also from a Bank a banker on reverse mortgages why they wouldn't qualify for one. Why they wouldn't be able to keep their home because they're in such trouble with their back taxes or anything else. We've talked a lot of people with taxes. There's over ten thousand people in Pennsylvania a year that lose their homes over taxes and a lot of them. Wait too long to call for help. If they call for help earlier enough, we can if there's enough equity we can generally catch up. I mean, I've caught up on thirty thousand back taxes. Setup a full Lisa. That's a set aside account for where we pay their taxes shorts up to their at around ninety two years old before that would run out if they're in their sixties as an example, and maybe give them a couple of bucks and save their house. So there's a lot of reasons for people who are behind the taxes, not ignore that for the jump on it and see if there's something we can do to help you. That's terrible ten thousand people losing their home. Now, I trust you. I completely believe you what we're talking about this reverse mortgages. And I think everybody else should as well when it comes to that one on one conversation. But are also another step that takes place to sure you have to go through counselling to make sure that this really is right for you. And you're making the right decision after I talked to an individual or a couple, and it sounds like it makes sense. The next step is for them to call one of the HUD councillors, I give them a paper. It has a list of because you can't steer anybody to protect their counselor. And they pick who they want to go to they do it by phone, and it's either one or two sessions of an hour and a half long. So sometimes based on your age, they'll split that up into two sessions from still keeping you on the phone for an hour and a half. Maybe forty five minutes each time. And they're going to go over benefit program. See if you qualify for anything is there any other government programs. You might qualify to help. You does this make sense for you. Are you a good candidate? Do you know with with what you're paying for what you're getting this really fit into your solution? So that's a that's a good step because then they get what's called a heck of certificate. Once they get the heck I'm certificate. That's when they meet with me to actually apply for the lump. Okay. There we go from there. Somebody just called the show wanted to know how to get contact with you. What's the toll free number to call one eight hundred three four four five six two six, but you also till my producer just give them your cell phone number. Well, somebody called in here wanted to talk. That's fine. Tamar? Sure. The Bank is myself. You know, if you give out your cell phone number of people are going to call it. That's right. That happens. You know, sure. And who knows what you give your number out to everybody. It seems. Yes, I my card because you want to talk to people. Absolutely. You're not concerned about where your number may end up. I don't wanna call it. And hearing a beep, and then all these different options to do this and do that they're just if I'm on the phone to hear my voice, it's a voice mail. And it tells him to leave me a message with their name and phone number, and I get back to them that day that day, even if I'm busy, I generally get back just to say, hey, maybe tweet appointments. I'll call you tomorrow is ten o'clock. Good tomorrow. I'll get back to people people call you. They expect a phone call back. They do do that. Yes. Yes. And you actually pride myself on almost ninety nine percent of the time to getting back to people the same day. Randy you or different bird. You're giving out your cell phone number two people. You're giving them advice, and what's in their best interest and not in your best interest. You return calls not a financial planner. So when I'm giving advice, it's not financial plan. Now, I understand that highly recommended counseling them, and you're not giving them advice about what they should we doing because it's.

dollar Bank Randy Davis FHA Pennsylvania Lisa HUD producer ninety nine percent forty five minutes thirty six percent ninety two years six months two years
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

04:03 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Eight hundred sixty thousand line of credit but down the road if she decides she doesn't want that. And she would rather just have a monthly payments that have drawn money out non then for a twenty dollar fee. We can recalculate the numbers and Puerto on a monthly payment. So you can change it. If you want to you're not set in you're not locked in anything a twenty dollar fee. Yeah. It's twenty dollars for us to read. Yeah. That's all that's one of the things that's wonderful about you guys at dollar Bank. Is that? The fees are so reasonable when it comes to stuff like this. I mean, you're allowed to charge a mortgage origination fee. We do not yes, you are. And how much could that possibly be the minimum twenty five hundred most people charge? It can't be a maximum of six thousand and you choose not to chart. That's correct. And that means six thousand extra dollars in the borrowers pocket true. Or if they needed to bring money, if they didn't have enough equity, it might mean that they don't need to bring any cash to the closing if they were shorts five or six thousand because we don't charge an extra money, and then for anybody that would be on a monthly payment basis. There's a provision that allows the lending institution to charge a fee for that too. Yes. Sometimes you don't have to worry about that with dollar Bank either. Currently we don't have a service fee. That's right. That's fantastic. Yeah. It's it's a nice program because there's a lot of reasons to come to dollar besides the fact that we have the new origination fee. It's one on one with the people it's me talking to you in the branch offices, and we're full service Bank. And if I think you're better off looking at a home equity or something I'm going to bring it up, and there's a home equity rapper usually right in a branch to talk to would you do then full service Bank. If I don't think I had a guy. Well, not long identity guy was only sixty three very young and all all he was gonna copy shot to pay off his mortgage was just that just paying off a mortgage be getting two or three thousand dollars leftover at sixty three years old. I said, look, you're still working you plan on work another ten years, right? Because that's what he told me. And then your mortgage will be paid off. So why don't you just get a home equity loan get a lower rate lower your payment because he has pain he could pay with a home equity, whether I swear and then call the Bank, I won't be here. But call the Bank in eight or nine years ten years when you're close to paint it off and take a look then then you'll get a line of credit a monthly pay. A little benefit you. And since he was still working that was fine. Now, I've had other people at that age. They want to retire. They want rid of that payments. So in that in that situation, it makes sense to do the reverse mortgage. So you really have to you really have to get into people's had figured out what their plan is what they're doing. They wanna keep working then he wanted to retire. And then see if the reverse mortgage fits. And I understand that dollar Bank doesn't pay commission. We're all on salary. That's correct. But you're still responsible for this department. That's right. That writes, reverse mortgages. That's right. Do you think that motivation alone would be enough to encourage you to then everything is a reverse mortgage product? Really? I mean, if I refer somebody to a home equity loan, they know I did that's the way we write all that down on referrals and everything they know I'm working for the Bank and the Senate somebody to get a home equity. They I'm doing my job, but was friendly. So I if if someone were to come to you, and they're looking to get the advice from you about what's best to do. You don't have any interest whatsoever in doing anything other than what's in their best interest to the right thing at the right time. That's how I've always looked at it. Randy Davis is with us. If you have any questions for him about a reverse mortgage product, maybe you'd like to find out what's available for you. You know, how old you are? That's important. You know, how much your home is worth or at least a ballpark. That's important. If there's any aspect of a mortgage of any kind that's already on the property, that's important to know. But if you call with just that much information we can ballpark back to you. What you could be eligible for maybe it's for you. Maybe it's for mom or dad. Maybe it's for grandma grandpa, whatever it might be take this opportunity to talk to rainy Davis yourself. Here's the phone number eight six six three nine one at ten twenty. You know, you're listening to the dollar Bank mortgage. Our most.

dollar Bank Randy Davis Puerto Senate twenty dollar ten years three thousand dollars sixty three years twenty dollars nine years
Indonesian Tsunami death toll reaches 222

Dollar Bank Mortgage Hour

00:35 sec | 2 years ago

Indonesian Tsunami death toll reaches 222

"Thursday. The death toll stands at two hundred and twenty two after a soon. Nami hit Indonesia the BBC's, Rebecca Hench key. Is there here at this local clinic desperate families carry out the grim task of trying to identify the dead facials believe underwater landslides caused by volcanic eruptions at the nearby mount. Anak Krakatoa may have triggered the huge waves. And the volcano remains active a warning that they could be another Sonam me and telling people to stay away

Sonam Nami Rebecca Hench Indonesia Mount BBC
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

01:46 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Angie. No, Mike Henry is with me senior vice president of residential lending dollar Bank and Mike for a long time. There's been talk that the fed is going to raise interest rates one more time before the end of the year. And then there's concern while go. Okay, great. If they raise interest rates there are number of race that are going to automatically go up as far as credit cards and cars and stuff like that. But what could it potentially due to a mortgage loan? Well, I think it's going to do a one of two things if they if they do raise interest rates in December on the short the federal funds rate, it it will impact prime interest rates, which then impacts all of your type of things that credit cards. But as far as mortgages, the actually be the same or could actually help them to be reduced house, then well, if the feds raising interest rates there. Is is debatable right now. But if they're raising interest rates now, it's they're hedging against inflation or that the Konami gets to overheated. So they're keeping inflation in check which is a good positive for long-term investments like mortgages or treasury bonds. If you have a thirty year bond, if you're invested in bond funds, or if you're invested in a mortgage banks curious, you don't wanna see interest rates rise too quickly because that begins to erode the value or I'm sorry inflation to rise too quickly because that begins to erode the value of that bond, though are those investments so you gradual increases in rates are are natural part of the interest rate cycle. But you don't want it to be too radical or let it get inflation get too high. So that's the theory is that as they keep the interest rates in check who's controlling the economic growth to the pink keeping inflation from spiking, and that's a positive for investments as we've.

fed Mike Henry senior vice president dollar Bank Konami Angie. No thirty year
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

02:29 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Mortgage experts can come into play and help you with that that talk about the mortgage experts. How much experience do these people typically have? Dollar bank. I would say our average. I've never really calculated that completely. But I would say it's anywhere from eighteen to twenty years of experience in the mortgage. Mrs majority of our originators today and some go back into the late like myself in in the eighties. When we started in the mortgage business, and we have many in our department like that. So there's a lot of experience a lot of resources that if we have relatively new mortgage Representative they're able to tap the knowledge of Snowville, most six more experienced people, very very nice and they've seen just about everything to. So it isn't a cookie cutter stuff. They're just looking to be able to process through. They understand the complexities and difficulties. And even though each mortgage is a bit different. It isn't as though they're getting hit with something that is just never seen before. And not know how to be able to help they they've had that experience that really is just so valuable rising. Exactly. And and they. Really just go into problem solving mode right off the bat, if there's some sort of issue, they're just going to the mode, and and they'll tell you if this is something that can't be done right now, they'll tell you right away. You're, you know, you're not ready or you need to do this or that to get to your point of being able to get the mortgage you want will on a personal basis. I am so thankful for the times that I've used all Bank for two loans for a house today own for refinancing it and for a condo that I purchased because you guys have been absolutely wonderful at figuring out a way of saying. Yes. And that's what I love about dollar Bank to is that it's not about. Okay. How can I tell you know, because I really don't want to write this mortgage unless it's absolutely sweetheart. It's really how do we get to? Yes. And what does it take to do that? Now. It may not be today that we get to say. Yes, right. It may be a couple of months from now. But it's always about trying to get there. And what's not only getting a yes? But a yes that really is in the best interest of the person who's borrowing down each. Exactly, I'm glad you said. Because really sometimes there is a yes. But it might not be the right thing yet. I mean, you still might need to wait a little bit like you could get this loan. But I don't know if that's really the right thing for you to do. So we try to get to that level as well. And then then alternately you make the decision, but it really is about you know, you want to buy a house you need a mortgage. We're going to figure out how to.

Dollar bank Representative Snowville twenty years
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

03:44 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Vice president of residential lending dollar Bank, and Mike you're mentioning about how Donald Bank is at four point seven five percent right now on a thirty year fixed rate mortgage where the national average is five percent. Maybe a little over five percent in some areas. How is it? The dollar Bank is able to be a market leader like this. Well, I it's it's by choice as much as we can. But we're mutual savings Bank in what that means is we have no stockholder. So we're not required to worry about the earnings. We're going to give back to shareholders we can pass along the income savings to our customers in the form of lower interest rates and better deposit rates. So mortgages is a big division of dollar Bank and very important loan for us to have and as as a mutual savings Bank. That's part of our mission is home ownership and savings. So that is something in the forefront that we. We feel that it's good for the community to offer competitive loan products. And so by not having to share revenue was shareholders, we can pass that along to customers in the form of lower interest rates, and we portfolio a lot of our loans with is that mean that means we're not selling them to another investor. For example. You know, there is some activity. We do with Fannie Mae that thirty year fixed rates may be sold to Fannie Mae as an asset. But you're were still servicing your loan that that's transparent to you as a consumer. But any other long product, we really put into our portfolio. So we're making that decision to hold that loan for the term. And that is how the Bank makes money off of the interest rate and Russia that matter to a consumer, well, we're going to have a concert. We have a mutual investment here as opposed to us. Giving you a mortgage and selling it some someone else we're gonna make sure you're a product that you can repay we're going to be servicing your loan. You'd be able to talk to us daily. If you wanted to or monthly when you stop at a branch, they can look up your loan. You're not going to be pushed around into different lenders and have problems with ask grows and things like that will always be able to to help you. So we have a obviously a vested interest in that mortgage. That's not something we'd just simply originating sell to somebody else. So even though you're very aggressive when it comes to interest rates, and you're also very aggressive in helping people get mortgages where they may have been told no someplace else, right? But at the same time, either very low default rate, and you have a great confidence in the loans that you make the people and their ability to repay and not get them into a London. They can right. Exactly. And that's done by this good underwriting. We never have strayed from good underwriting. And that is qualifying the borrower. That's also helping you struck. Picture the loan to be approved finding options for you that that that will work you. Maybe there's an obstacle there that we try to find a solution to help you qualify for the mortgage. So it's working with you on structuring the transaction at combined with underwriting. Fact, our underwriters will will look come back. We'll maybe it'd be better if we did this and we're doing that usually at front with a loan officer. But many times the underwriter will make a suggestion. Why don't we do this? And that way I can approve this loan. So, yeah, we're looking at all the detail of every line is not a, you know, it's not a machine looking at is not a factory were trying to get as many loans through as we possibly can. We're looking at every loan to make sure that the loan for you. And that you will be able to repay this loan. But we offer hundred percent financing. We offer three percent down loans. So we always have. And that's never really been an issue. We didn't we didn't participate in the subprime mortgage business. And so we've been able to sustain a mortgage portfolio with a low default rate the entire time all the way through. Today. We're about I'd say.

dollar Bank Fannie Mae Donald Bank Vice president Mike London Russia officer five percent thirty year seven five percent hundred percent three percent
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

06:38 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Meaning it's not as driven on your credit score as a conventional loan would be where a high credit score gets a better rate than low credit score. Okay. Now, there is a break point on both of these. It's around six eighty and the interest rate moves about an eighth of a percent. So it's not significant of an instance, just one band of credit scores. The third fourth option. We have is four first-time homebuyers, the has income limitations to it as the rent. No more program, which is our own proprietary loan. Okay. Before you get to that. Can I ask questions regarding the home ready for? Yes. When you say qualifying income what qualifying income as compared to what is it just what I bring into my house. Now, I it it's it'll make sense with the the random more program. But household income would be all the income and your family, including over time. If you're if you're married or there's two of you who are buying the house. But only one of you is going to be on the mortgage. We would still use the other person's incomer or validate their income to make sure you're not over the income limits when it's when the term household income is us. Okay. Let's back up little bit more. How do people buy a house in only one person has their name on? Sure. Well, only one person on a mortgage on the you can both be you can buy a house together to people and only one person beyond the mortgage the person who is not on the mortgage can be take ownership of the property, but they also signed the mortgage, which is the instrument securing the the loan. They don't sign the note, which is the. Agreement to repay they do sign the mortgage, which there's subordinating their interest to the property to the Bank. So if for example, if that if there were two people on a property together and only one of them is on the mortgage if that loan went into default, the person not on the who's not the borrower cannot say. Well, you can't foreclose because I own this house. You can't foreclose on me. I wasn't obligated to pay the debt so they have to sign the mortgage, which subordinates their rights to the banks of the Bank could foreclose if it ever came to that now so you can purchase two people can purchase a home and only one of them be on the loan. And there there are some logical scenarios for that. Especially if it comes to credit or interest rates are, you know, if you have one borrow that has the better credit score in enough income to qualify. You might be have a better interest rate. A typically both people are on the mortgage because they both want to build that credit and have a mortgage on their credit profile. But there are certain certainly scenarios where it makes. Sense for that not to how can you add someone to a mortgage at a later date or do you have to refinance to make that you have to refinance to make that happen? And so it would just be a new one. You can't just simply add somebody to the to the note qualified you you just mentioned a couple of upsides to the idea of doing this whether any concerns, well, if you're the non borrower and the borrower doesn't pay the borrower doesn't pay. Then you run the risk of losing your home. When you never obligated to pay a mortgage. Now, you you know, that going in because you're going to sign documents, you know, releasing your rights to that property in the event of a foreclosure, so you're you don't have I lean over the mortgage lender. Okay. Yeah. I a possible. Okay. If person a is the one who obligated themselves to pay back the mortgage person be is an owner position. However, their subordinate to the Bank could person be make the payment if person A decided. To stop. If somebody was making the payment nothing will happen as long as the payments being made on the mortgage. Nothing you won't go to a foreclosure situation. So it doesn't really matter who makes the payments. It could it could be somebody. You're not living in the property. If my kids were to buy a house, and I wanted to make their mortgage payment through I could do that. And have no ownership interest in the house. Okay. Eating a scenario where you have a couple and the one decides I want out, and I'm gone and the person who's left doesn't have the allegation to pay the mortgage, but they're the one who's they're living the person who actually has the legal obligation to pay back. The mortgage is living on the other side of the country. Right. The person who's living in it can stay there. Keep on making the payments if they can afford to do so and not have to worry about refinancing it back into their own name in theory. No. 'cause if you're an owner of the property, and you're paying that mortgage. Now, you're not getting any credit for it. If you tried to ply for new mortgage, it's viewed differently. So there's there's some pitfalls to that especially in that scenario, and that is a common scenario where the b one person on the mortgage with two people on the property or one to simply living in the property. The other one decides to leave and potentially stop making payments. You do see that? We've we've talked about foreclosure here. The still number one reason we see for foreclosure is to force. Somebody doesn't want to make the payment for whatever reason. So it. There. There's that would be something where you could stay in the house as long as you were still making the mortgage payment if they need to consult an attorney about their interest. I mean, if you have somebody who decides to leave a no longer be a part of this anymore, but their name is still on the property. They are still listed owner. And you decide you're going to paying in order to be able to stay. They could come back and claim ownership rights in next thing. You know, they get the value of the property in share in. What it is that you've been paying all this time. Yeah. Yeah. You're both. You're both still own the property only ones obligated to pay the mortgage, if you're worried about equity or staying in the house or somebody wants to hurt somebody. Then at that point. That's where you'd get to in. The don't can maybe get a lawyer. And the only solution that really is to you really would be buying out that person paying that existing loan, and you could use a new mortgage to do that. Okay. All right. Let's get back on that rabbit trail. It was a fun one to be very interesting, and it's very real at all. Yes. Quite a bit. I'm sure there are people who are listening right now. So oh, yes. I lived that situation yet we have cases right now where the more typical is where you have a couple of getting divorced and one is leaving one wants to stay the other one doesn't want to help make mortgage payments or they want their equity other properties. It's it's a very there. There's always a transaction in our pipeline where that that exact scenario. Okay. Let's go back to the first time home buyers and the retina more program, the dollar Bank has to offer. I tell you what the the clock says we have to pause here for a moment, we will do that. And we'll come back and talk about first.

Bank dollar Bank attorney
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

04:17 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Susan, you're on the dollar Bank mortgage, our yes, my cannery just said something that was very interesting, and he may not be able to answer this question. Okay. I'll try. He was talking about divorces in deeds and titles, right? Okay. My husband has been long gone twelve years. Okay. And I never had with two pieces of property next to each other. Right. I never had his name removed. Would that be a problem for me? No, I want to sell this. No. Because if you go out and sell the property when when the when the title is transferred to the new buyers it will then go from. And they know your husband's deceased that. It will actually go from you to they'll just probably have evidence of it. But that'll it'll go from you to the new buyer. So you really don't need to do things in term and do anything in terms of a sale, even if you were to refinance it up typically certificate overrides that from a title perspective, we're still going to title exams and things of that nature, but you can have the deed put into your name only. But on a sale that will happen when they close on the purchase. So it wouldn't be something you'd have to worry about right now. You could sell never thought about it until I just heard you talking about couples that were getting divorced, right? Yeah. Okay. Thank you very much. Sure. Thank you. Susan. Thank you very much. Now. What is it that makes it so that even though she's married and he's gone? And his name's there that somehow is able to get taken care of. Well is he not need to sign anything. Well, we have free by can't number one can't sign anything. So. If he's deceased. Oh, okay. I I I believe oh, I'm sorry. See I wasn't under the standing that. She that he was passed on at point. Okay. There's two different scenarios cleared up if he's passed away then doll. She needs to be able to produce a death certificate. Right. Correct. Yes. And I did say that. And she didn't correct me some swimming this. That's what she meant. Okay. The the second would be if they are on the deed, and you've been divorced or separated if you can prove through a divorce decree that that's your property that can that can take care of that. If never did that or not was never settled into the divorce, and that person was towing on her have to track them down and and get them to sign with. They know where they are. But they would have to sign off on that deed is part of the transfer. Okay. Divorce? You can you can work around that. Then there are also people who separate and I've heard of individuals who just never get a divorce. Right. Sure. And then they just go on living their lives in one's in one state. Once who knows where doing who knows what? And now you have this house you want to do something about it. You actually have to go track down the south. Yes, they would actually have to sign off on the deed as as you're both on the deed. You both have to sign off if you're selling date. Okay. And that's all the seller has to do just signed the deed. All right. Simple as that. All right. Here's the phone number eight six six three nine one at ten twenty interesting story in the post gazette over the past week about home values in many neighborhoods in Pittsburgh, and how they're going up and how it's difficult for people who are first time homebuyers to get into some of these homes and. What we've been talking about on this show for years. Now is that there are programs through dollar Bank to make it possible to not only get into the homes get into pretty nice homes and do so at income levels that may be surprising to many. Yeah. Absolutely. And I think what the article is pointing to that the prices that the median price in Pittsburgh exceeding what the median income can afford. But in Pittsburgh, our our housing market is still very affordable. So for example, if the meeting income is fifty six thousand dollars a year, you can qualify assuming you don't have a lot of other debt and relatively good credit. I did this analysis is based on kind of an average credit score.

dollar Bank Pittsburgh Susan fifty six thousand dollars
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

02:27 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Fee aspect of covering. Exactly. Yes. If you into a conventional mortgage enough to worry about that any longer, but this is a wonderful way. If you're a veteran to get into being a homeowner. Yeah. Absolutely. In fact, I as you know, we. In the last several years we purchased a Bank in Virginia Beach, and there's a large naval base there. So we'd forty percent of the loans. We do in that area are VA mortgages. And they're much more in tune with the process and negotiating that price. And there is actually provision in the VA mortgage that if you had a let's say you had a credit card you want to pay off to help qualify for the loan. The seller can also pay that that can be negotiated into your sales price. So okay, or maybe you had a rent deposit, you're losing or had to pay you stay in your apartment for another two months, and you couldn't get out of your lease. So you had that expense. You could actually go sheet that that's very uncommon around here. But it is possible to do and it's fascinating. Because many in the military I've done this over and over, and they know how to properly use this long. Now, see I know people that have served and really wouldn't classify themselves as a veteran, right? They don't think of themselves that way, you know, they serve for maybe two four years was completely during peace time. And they don't really walk around saying, I'm a vet. I did. But they're eligible for this. Yeah. Absolutely. And they're missing out if they don't at least explore the possibilities. Yes. Because you can use to refinance as well. I mean, you can borrow a one hundred percent use it as cash out like we talked about earlier paying off other debt or credit cards, or whatever you might have that if you wanted to use the equity in your home, a VA mortgage, you can go to one hundred percent of the value to to pay down other things or do home improvements. Is there an age limit at all? No there is none no not on any mortgage. Actually, your service could have been twenty thirty forty years ago. And if the VA mortgage makes sense. And all you have to do to find out. If it does make sense that when you call dollar Bank say, oh, by the way, I served and I have an honorable discharge what kind of alone product is available. And should I be considering it? And then you guys run the numbers just part of processing. Right. Exactly. And in the Vietnam Veterans Administration. What they do is. They issue you or certificate of eligibility, which we have to get a lot of this electron now, but a certificate of eligibility and sometimes as confusing because it's showing.

VA dollar Bank Virginia Beach Vietnam Veterans Administratio one hundred percent twenty thirty forty years two four years forty percent two months
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

04:29 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Sometimes we don't know what we don't know. We don't. Know what the questions are that were supposed to be asking. Correct. I mean, especially for a first time home buyer, and you just don't all you know, is I have a job, and I'm a renter, and I've been doing this now for a couple of years, and I wanna be a home owner. And I don't even know where to start is a good place to start calling that phone number, absolutely. And talking to one of our mortgage representatives and getting a plan. So even though I may not be eligible for a loan right now dollar Bank and help put me on the right path in order to become eligible in the not too distant future. Yes. We have an excellent products through our credit enhancement our community development program that would help people enhance their credit and teach them what what the important factors of homeownership. Nice and go ahead and teach them about spending money, and how to allocate funds for homeownership, and how to live learn to live within their income and. The rains forming that budget, and then realizing that you have a goal in mind. And if the goal is I want to be a homeowner, then this these are the steps you take in order to do that. And then you have to ask yourself. Do you really want that? And if you do live within these guidelines, and then you're going to get to that goal. And if not then then you're not rice dollar Bank has their mortgages for men coming up September twenty second all night, and which is going to be an in Pittsburgh, and that is a wonderful place to get started for people that are looking to look into homeownership and just get a path started. Okay. What happens at this event? They have different speakers talking to them about budgeting. They talk to them about products. They talked to them about credit. They talk to them about all the different aspects. You're not going to get started in the program at that point is just to give you a synopsis of what we do. And what we offer and how we can help you is it kind of similar to mortgages from others. Yes. Yes. Now, I remember from mortgages for others. The men were invited to attend to correct. So with mortgages for men or the ladies welcome as well. Yes assets. Just what the title is. I guess no. I know I understand. But did. I'm guessing that there is a aspect of catering toward the particular impecunious situations of each group, but at the same time others are welcome to attend to correct. So if you fellows, if you want to show up, and and you have somebody wanna bring along with you. That's also encouraged as well. Get as much information as you can. And then make your decision. Yes. I it's a very good event to attend. If you want to understand what dollar Bank has to offer. Okay. What's the phone number once again for dollar Bank, one eight hundred three four four three four four five six two six five six two six and the website dollar dot Bank. And you can go there and get all kinds of information about getting that mortgage. I mean, you may be a lot more learned it in the process and not feel as though you're in the first time home buyer situation, you want to you know, what you want. You know, what to house is? You know that you can otherwise get a loan. You just want to go through the process jump online. And then go and do it. Can you can do that online? Right. Yes. There are calculators online that can help you figure out what your payment would be what the down payment requirement would be what the closing costs would be just to give you a, you know, an indication of where you are. And what you need. But it's always good to. Talk to a mortgage Representative as well because they can help you understand how to get there. I know it. All okay. So I don't need anybody's help. I feel very confident that I can go online and do it all on my own. So we begin with the the mortgage application get pre-approved, and then have all that taken care of. I can do all of that online. If I want to write you can now what if I am a little overconfident. I have been known to be that from time to time. So I feel as though I can go do this and not need anybody. If I get to a particular point. And then reality strikes that no you did not know as much as you didn't am I able to then call.

dollar Bank mortgage Representative rice dollar Bank dot Bank Pittsburgh twenty second
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

06:23 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"I'm Angie, no along with Mike Henry senior, vice president of residential lending dollar Bank, and Mike something I don't know that we've ever talked about this before land contracts. There are people who buy homes with land contracts, and may no longer want to be in that land contract relationship and want to be able to convert that into a mortgage, how has dollar Bank able to step in and play a role here in hell. Yeah. And and actually the the reason we were talking about it off the air was that is come up a lot lately. And so it's kind of interesting thing that we've never really talked about and land contract is where you have purchased the home, but really sellers holding the financing. That's the easiest way to explain it. Although they don't really follow mortgage, and you may not have transferred the deed, typically a land contract. You're you're still don't have the D transferred into your name. But it also typically has a some sort of balloon payment. So let's say five years ago. You took you signed a land contract. With the seller. You've been paying the seller every month, and you've agreed on paying that you're paying the taxes. You're you're making a payment to the seller. And it could be amortized like alone. It may not be, but they'll be giving you credit or building equity into the property as you own it. So you really are you have a vested interest or beneficial title to that property. It's kind of preliminary ownership you technically own the property. So if you've owned it, or if you've had the land contract for more than twelve months, we consider that a refinance. So they'll come to us and say, okay, I'm ready to get out of the land contract. We can treat that like a refinance mortgage where we use then your loan to value determined by how much you need to borrow the path land contract. You can't take out additional money like cash out. You can't borrow additional funds above what it would take to pay off the mortgage, plus finance any closing costs. Emily, use the current value to determine the loan value or how much equity you have in the property, and if it's less than twelve months, so you started this twelve months or less now, we consider. That to be a purchase. So you're you're looking at a little bit differently, but we can still credit you some of the equity that's paid monthly. Okay. Now, there's a off you hear the term lease purchase or rent to own or something like that. That's actually very different than something to be careful about if you're deciding to go down this road. So if it's something where it may be as a credit issue, or you don't have the down payment or a combination of it, or, you know, someone that's willing to sell the house this way where you give them some money up front, and they're really carrying carrying you for that time in the form of allow you to make monthly payments, and then move whether they have a balloon payment in their balloon payment would be for example. You got into a land contract at the end of five years you have to pay off the seller. So you have to get along to pay them off or I guess you could sell the house. A lease purchase or rent to own as you're actually renting the property. There is no type of ownership. It doesn't have the same effect as a land contract. You're just you're just attendant renting the property, and that can be okay. Could be the same situation where your credit is not where it needs to be. Or you don't have the cash yet for the down payment the difference being at the end of the lease purchase. Whatever you've negotiated with seller. Your credit is really only a portion of the rent that you paid. There's you're not making any kind of real equity payment. You have no ownership of the property, and then you would transfer the deed after the lease purchase many times that doesn't work very well land contracts, work fine. At least purchase doesn't work because the rules are in the mortgage industry for qualifying you that if you're making a rent payment, and let's say let's say a thousand dollars a month and the seller said four hundred of that goes towards the equity in the property the only way that we can allow the four hundred dollars to be credited towards the equity in the property would be if that is above the fair. Market rent for that property, and when the praise or does his appraisal. He says well, the fair if the fair market value for rent for that property was the thousand a month, then you none of that equity can be credited towards your down payment and closing cost. So that's that's something most people don't think about and we certainly wouldn't know about when they're signing a lease purchase or rent on. You have to be careful when you get into those types of agreements if you're doing it or if you're in one now and you'll run across this. Now, I've been able to work some of them out by advising both parties involve that well, the equity that you were willing to give them we could do it in the form of lowering the actual purchase price. So let's say you to cumulated five thousand dollars in rent credit, the seller could sell the house to you for less than five thousand. But it doesn't help you very much. You still need the down payment you need your closing costs. You're not getting the cash help. You're getting the the discount the price of the house. They're doing it. A different form. But it's it's it's not quite as you still have to come up with some money. Right. That you may not have had to if those numbers worked correctly. So it's kind of interesting that we, but we do see them, and it would make sense that they're coming up after five years five years ago was around two thousand twelve two thousand eleven thirteen somewhere. You know, any of that time where it was little tougher to get a mortgage and sellers are willing to do that. So we're starting to see that come to fruition that they're ready now to turn those into mortgages. Okay. And the best thing to do at this point is make the phone call. Yeah. Absolutely. If you're in one of these, and you you want to pay off the land contract or at least purchase sa-, call us at eight hundred three four four five six two six. We'll have you connected to one of our representatives. And they can explain exactly how you need to do. It. I come across a lot of people who say well. Yeah. The mortgage market is tight banks. Don't wanna loan the money. You can't get a good enough frayed. I don't have a good enough inch. Credit score and they're telling themselves. No. And every one of them. I say listen you need to contact dollar Bank. Because if there's an institution out there this trying to figure out a way of saying, yes. And do it responsibly. It's dollar Bank. And you guys are doing this all the time. Yeah..

dollar Bank Mike Henry vice president Angie Emily five years twelve months five thousand dollars four hundred dollars thousand dollars
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

02:52 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"So what's happening is if you're a dollar Bank customer, and you have a dollar Bank account with us you would have received in the mail by now a vote now because we have to have fifty percent of the available votes. Fifty one percent of the votes in order for this to pass. So you as a depositor has some stake in this. So we're encouraging management senior management and board of directors is requesting that we all vote for the mutual holding company because this will give the benefits benefits you see from dollar Bank today will continue and so if you're account holder with dollar Bank and you've received that and you don't vote that's the same as voting. No. So you're absent it counts. So your votes as a depositor count. So a no vote or not vote. Yeah. Not. Yeah. Right. Not voting is as voting against it. Oh, wow. We really look at it as you're either for it or you're against it or not for it. Okay. And for a lot of people, I wouldn't be surprised if some people thought it may have been junk mail didn't really realize the significance of what was being sent. And thought I don't know. Enough about this really interest me that much. I'm just gonna go ahead and toss it away, and they just voted. No by doing right, right? No, no activity or no action is is a no vote or are you're voting against it. So okay. And so we're we're encouraging. The voting has started it ends on October fourth once it passes, and this has been approved by the OCC the FDIC the Federal Reserve they've put a lot of work into structuring this correctly. So that we can maintain that mutual institution. Like, you said actually a hundred sixty three years. Okay. Because it's two thousand eighteen right? So. Yeah. To really to keep that going for the longtime. This is not a public stock offering or anything like that at all this allow the Bank to form and be able to if they have to make an acquisition. A good opportunity. There's nothing on the horizon. No talk of anything, but they wanna be physician to to do this correctly. And I'm so we're encouraging you to vote you can vote online you can vote by mail. You can text you can make a phone call right making his easy as possible. And I mean, I did it already. It took me two to three minutes. If you go to our website and just click on there, you have a code that you enter which is in your Mailer. And if you have any questions, you can go to one of our branches, everybody's informed as to what's happening, and in many people ask for why would I be for this? And it's for the very reason of keeping that mutuality model in place. This will help to do that. All right. Mike Henry is with us..

dollar Bank Mike Henry OCC Federal Reserve FDIC hundred sixty three years Fifty one percent fifty percent three minutes
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

04:28 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Down payment in the closing cost Occasionally and this is rare but I've seen where the, seller of the investment property will hold a second against your primary residence, and that becomes the down, payment that's a little. Trickier the this we won't allow the seller to hold a second against the subject. Property but if they were, to hold some sort of financing against something else. Whether it's a secured asset which would be rare but. I have seen several times where the seller holds a. Second against the primer so, that's a little unusual but, it is possible to, do you are limited we'll only finance on in residential properties up to ten It's, really? A. Lower number but we can get, to ten it's five would be the standard that we would finance and that includes your primary residence we can go to. Ten, based. On. The equity having the properties and the your credit score so there are some exceptions to that but we won't that's, the maximum we would ever goes ten if you had ten finance property not including any commercial properties, you might own okay and that. Property may be and. You brought. Up something I had not thought about it could be the house that, you decide to get for your child who's going away to college right, yes and once the trial, graduates college you're completely. Free to keep the property and then rented out and use it as an investment. Property from that point forward, right right exactly and then there are some cases. Where that can actually be treated as a second home That is not going to be used for rental is, just? Being. Occupied by family member or that, family member can be on the loan and then it's owner occupied so you can do it many different ways but but. Your, down, downpayment. Requirements are higher when you're doing non occupied property and that's a common usage for it And whether they keep the college students down the road or sell it it's it's up to you but we? Offer, that either way. Okay now for those that are interested in, getting into a home you mentioned how you can purchase a building that has up to. Four units and it would be under, conventional financing how does that apply to those who are willing. To live in one of the units and then rent out the other yeah it changes it so if you're looking at owner-occupied multi, units then you don't get. Some of the benefits of some of the first time homebuyer. Programs those are users limited to one unit but certainly FHA which. Is not necessarily first time, home buyer you can use that and put as little as three and a half percent down live in the property and rent the other three you're getting into. Conventional financing we get into, a little bit of a larger down payment, it's usually going to be depending on how many units there are if there's, more than two it's going to be Somewhere in the ten, percent down range I to four then you're twenty or thirty percent down just because a four unit almost becomes what seventy, five percent of its investment, property but you do get the. Advantage. Of the lower interest rates that you would as owner occupied, now are you able to use any of that Brent that you're expecting as, a qualifier to be able to get. The loan in the first place or are you expected to be able to afford the entire mortgage as though none of? The, other three units. Are rented at all this yes to both, it depends that's the standard answer it depends on you know we'll look at the property. And the rental history of it if, we needed to qualify we can use it if it ideally. If you qualify without the rental a different world when you start having tenants and additional cost and you know maybe attendant that doesn't, pay you we want to. See that you're able to support this without totally relying on. The rental to cover it now from your own personal flow basis. You may be able to, buy something like that And, have enough rent to cover your mortgage payment and that's kind of an ideal scenario and we've seen people do this with several property they'll? Do, it and. Then a. Couple of years later. They'll go buy, another one, and convert that to around a complete investment property and live. In another multiunit property so, there's a lot of different ways, to, look at it but ideally we'd like you to, qualify on your own without the rental income Mike Henry is, with a senior vice president of, residential lending at dollar Bank Mike what's the phone number for anybody who's interested to call is eight hundred. Three four four five six two six, and the website is dollar dot Bank from neighborhood.

dollar Bank FHA dot Bank senior vice president multiunit Mike Henry Brent thirty percent five percent
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

02:14 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Henry senior. Vice president of residential lending a dollar Bank. All right Mike we? Talked a little bit about those who are looking at getting into a jumbo mortgage home values? North, of four hundred five hundred thousand dollars, now for the more typical person the damore typical loan you said one hundred seventy five, thousand dollars is that loan value what are we looking at to be able to qualify for the. Typical loan of dollar Bank. Well as far as far as income, goes I mean if you're looking. At an average loan amount of one, hundred seventy five thousand I mean you're, probably going to need to have income somewhere in the fifty. Thousand dollar, annual range and that's your, gross, income whenever, we're qualifying. Somebody for a mortgage we're using your gross before taxes so. If your salary is fifty thousand we're. Not using your take home pay. Which would be much less than that. After all your deductions So. About fifty thousand year not depends on how much other debt you have because when we look at ten come ratios were typically looking at, the principal interest taxes and insurance on your first on your mortgage and that would. Be your. Front, in ratio and you want that to be somewhere between twenty eight percent and thirty three percent of, your gross monthly income that's what the industry's. Us for a very long time, and that can vary, based on your credit how good your credit. Is how much other? Debt you have and how much money you're putting down so if you're buying a two hundred? Thousand, dollar house and putting a hundred thousand, dollars down there's a lot more flexibility in that debt income ratio than if you're borrowing, ninety five percent or ninety seven percent of the two hundred thousand so those that's there's a variable. There but but if you're. Looking for them advice it would be, to stay do not exceed those. Ranges that'd be my advice okay so, someone with an income of around fifty, thousand dollars could comfortably afford the payments on a house that That would be valued around two hundred thousand dollars now that fifty thousand dollar income are we talking about individual income or we're looking, at household income where you have both the. Husband and the wife and their combined income would then be that fifty thousand dollar number yeah if you're looking. At the combined income is what we would use so it would be a verifiable income that's what, we would consider so if, you're if you had one person making thirty and one person making twenty..

dollar Bank Vice president Henry Mike principal fifty thousand dollar thousand dollars four hundred five hundred thou two hundred thousand dollars ninety seven percent thirty three percent twenty eight percent fifty thousand year ninety five percent Thousand dollar
Reversing decades of US policy, the Trump administration says conserving oil is no longer an economic imperative

Dollar Bank Mortgage Hour

00:22 sec | 2 years ago

Reversing decades of US policy, the Trump administration says conserving oil is no longer an economic imperative

"Keep on. Truckin pickups now make up fourteen percent of sales a rate not seen in a dozen years Edmonds analyst, Ivan Drury says the average transaction prices approaching fifty thousand dollars. To see a lot of high trim levels being sold and these really are supplementing. The you can really by a pickup truck driver as a daily driver.

Ivan Drury CBS Edmonds Walgreens Jeff Gilbert Jim Taylor Analyst Silverado United States Detroit Fifty Thousand Dollars Fourteen Percent
Turkish Central Bank takes steps to provide liquidity

Bloomberg Daybreak: Europe

01:24 min | 2 years ago

Turkish Central Bank takes steps to provide liquidity

"Cornyn Besley with the European sports now let's turn back to Turkey and the central Bank took steps today that would allow commercial lenders to hold more. Funds and gold as it tries to stabilize the tumbling lira and improve liquidity in the banking system the central Bank lowered the amount of. Lira and dollars banks must park at the regulator against the liabilities to free up liras dollars and gold and earlier in the day the central. Bank eased co lateral rules are nearly triple the amount. Of lira's banks can borrow in return. For their foreign exchange holdings to twenty billion euros pita too good CIO. And bought group joins us, in the studio to talk through Turkey and the rest of the markets Peter what we've heard from the central. Bank today is this in the words of my colleague Mark cub more just rearranging deck chairs on a sinking ship The answer is probably yes, I mean the lira's forty percent down this year so far You've got very you got. Double digit digit inflation very big character deficit hundreds of. Billions star borrowed by Turkish corporates we can all site this particular incident with the. Pasta but the reality. Is this boom in Turkey's being for decades growth at all costs this. Is what happens ACA Asia in the ninety s this is nothing new in this story. And the American thing is it was just the catalyst at the end of. The day this is a heavily indebted heavily credit orientated

Lira Turkey United States Aca Asia Peter Short Cornyn Besley Grosseto CIO IMF Mark Cub Forty Percent
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

04:28 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Was paid in full from dollar Bank, and we have a, letter, saying, that the that the. The loan has been paid, in full and it the satisfaction. Of mortgage are released from deed is in the process of being prepared we'll. Be sent to the county of record. Does that mean that It will be a lean on our property until we get, that released from, the from the county. Is that correct I mean technically yes but but at the same time. It's a it's been filed as being paid off so Suzie get that released from the county I mean. The the lien is from the Bank in the lane would be zero so technically. It is there but it's it's verified that. It's been paid off So yeah so I mean I guess officially once that gets processed through and yeah. You'll get your? Mortgage why, ask the, question, is we're in our my wife and, I run our eighties and we're contemplating. Selling our homing and moving on and just. Wondered whether, we did this and unless you know next month or two would we. Be subject to the you, know up penalty or property no not at all What would happen, I mean, first of all it? Doesn't, take that long I sold a property not too long ago and I think it took about three or four weeks to get. The the, mortgage paid off, loan in the mail and That seems somewhere around there but by the time. You saw it would be off the record anyway but what, they will, do in the title exam they'll pick up the fact, that the the loan has been satisfied they just want to see it satisfied of record and we you know we support documentation if there's a short window of time but there's clearly evidence. That the loan? Is. Paid off, and it's just a matter of, technicality of getting banks letter that's important for, us to have the as confirmed that that's taking place is that correct absolutely so theoretically if somebody came to Pat tomorrow And said we want to buy the house and we want to give you cash for it right then he has all the documents in his. Hand right now? In. Order to, facilitate that transaction yes he does Yeah And it was just that if the buyer is, concerned whether or not he paid the mortgage, offer not if you were paying cash and getting a title insurance policy tiling, Sam the title insurance, company but then turn around and verify that's been paid off and we have backed back transactions happening all the time and. That so that's scenario it's easily covered and recognize that that loan is paid. Off and even occasionally we'll get a. Fine you, know we'll do a mortgage on a property and find a alone that wasn't paid off eighteen years. Ago it was paid, off but it wasn't satisfied with the public. Record and so the title company does a little bit of searching to make sure that it really was paid off and and try to create a. Satisfaction but this will happen relatively quickly compared to the timeframe of selling your. Property. Okay pen should have no. Problem Thank you thank. You very much for calling in and when you. Were saying back to back this happens all the time right the house and let's say you still owe one hundred fifty thousand. Dollars, in the, house but, you're selling it to go buy something else well you have to have that, debt settled in order to be able to transfer, it over to. Somebody else right yeah yeah for example let's say you're selling your house and paying off the loan, you buying another house and you're doing it the same day and that person, has a mortgage they're, paying there's none of that satisfied with the courthouse at this at that point in time I mean by the time the. Paperwork goes through I mean you know but but that's what that's what the. Title companies really they're the attorneys that. Close the, transaction they're there to facilitate all of that so they're the ones that will I know it's paid. Off because I'm doing, it so that's really what it's about the. The verification of that has been paid off if you've paid it off on your own sometimes for example that letter that's why that exists to show. Anybody that that if if it crosses over I mean it's highly unlikely that. It. Will crossover but it would Then you'd have documentation and you could certainly speak up the phone and, call us and we would verify that the the. Loan, has been satisfied dollar Bank you've been around seemingly forever hundred and sixty three years in this month but, at? The, same. Time you, are out in front when it comes to interest rates but. Also technology to I mean you you have a system set up to where if one wants to they. Can go online and complete the entire application process right there online correct yes do. It all, online you sign all of your disclosures. Electronially but, you can, do, the complete.

dollar Bank Suzie Sam sixty three years eighteen years four weeks
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

01:33 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"A discounted interest rate for the first five years or the first seven years so if you said to me man i'm going to buy this house but i'm only going to be here for five years i don't think it would make sense to take thirty year mortgage if that's really what you're planning is and there's a lot of protection built into those five year arms and seven year arms so it's they're not as risky as many people believe when they hear an adjustable rate loan if you go back to two thousand eight an adjustable rate loan was a four letter word but they were not the kind of adjustablerate launch those were much different than what i'm talking about here mike henry is with senior vice president of residential lending a dollar bank i'm and you know when it comes to income i was having a conversation with a senior couple just the other day and the question about whether or not they could even get a new loan could they get a mortgage considering they're both retired living off of a pension and i tried to explain to them that well yes you are and since i don't work for a bank they didn't necessarily take my word as absolute so so i want them to hear you talk about this as senior vice president of residential lending dollar bank cannon individual who's living off of pension 401k disbursements can that person by a house and take on a mortgage or refinance their current mortgage yeah absolutely that's considered verifiable income and qualifying income that we can use whether it's a pension social security if it is a withdrawal from a savings.

mike henry senior vice president dollar bank five years seven years thirty year seven year five year 401k
"dollar bank" Discussed on NewsRadio 1020 KDKA

NewsRadio 1020 KDKA

02:27 min | 2 years ago

"dollar bank" Discussed on NewsRadio 1020 KDKA

"Katie k radio hi how you doing good but i have a i wanna make a an offer on a house they're asking around fifty but it's government owned or something and the realtor told me that i could probably offer thirty thirty five south okay i've got thirty five thousand in shavings but you know i don't want to put the whole i don't i don't want to put the whole thing down i wanna have some money for closing costs a few appliances things like that right you know i actually i have an account with dollar bank actually stopped in alone office last week and i called the mortgage lady laurine somebody i didn't get a response back i would need a very small mortgage ten fifteen maybe twenty thousand the problem is i don't have a lot of credit history okay i have a credit score of around six eighty five but not very much history and i'm wondering if you can give me any advice well first of all i guess when you're looking at a house in that price range if you feel you can get it for that and you think it's government on do you think it's a hot property does that sound familiar could be that could be medicaid i'm really good point if it is that kind of property the condition of it is important to financing it as well condition is fairly decent decent roof you know furnace water heater that kind of thing you know in my opinion i mean if you if you have a limited credit that doesn't mean you can't get a mortgage if it's bad credit that's a different scenario but i mean in my opinion i don't know if i would you're getting ten to fifteen thousand dollar mortgage you're gonna pay a lot of costs for that low of a balance of alone that in some cases it could be better to just a thought just to pay cash for the property then turn around and borrow the money in the form of maybe a home equity loan when you're talking you borrow it back after you own the property and then replenish some of your cash sometimes that's easier 'cause you're cost or lower on home equity shorter terms when you're talking ten to fifteen thousand you'd probably want to look at a home equity versus a mortgage anyway you're you're looking at fifty to sixty dollars a month in a mortgage.

dollar bank fifteen thousand dollar sixty dollars