Dr. Jerry, you got the whole world waiting.
Been ready for you to start the conversation.
No point of view, we got the haters confused.
Leave it up to you to bring us all the good news.
Positive five lives and the six appeal to Dr. Andre Jerry.
Can I get an interview?
You, you, you, you, you, you, you, you, you.
Good evening, good evening, good evening, everybody.
And welcome to the premiere episode of Live with Dr. Andre
Jerry.
I am your host, Dr. Andre Jerry,
and I'm so happy that you're joining me
for my inaugural broadcast on the Artist First radio network.
Shout out to my family and friends who are tuning in
and to every one of you who are supporting the show
with your listenership today.
Thank you for your support.
It's very much appreciated.
Now look, if not every day your brother gets his own show,
right?
So I definitely want to give praise and thanks to Jehovah
God for this and many other blessings.
Thank you to the Artist First radio network
for believing in my vision and trusting me with this platform.
And a very special thanks to none other than Ms. Renata
Morgan, who just a few months ago invited me as a guest
on her show to promote my book.
I sincerely appreciate her for opening up the door for me.
And not only that, extending a warm welcome to me
as a fellow host on the network.
She even called me a few hours before the show
to calm my nerves a bit and wish me well.
So Renata, I know you're listening.
Thank you once again.
And I want to encourage everyone listening to tune in
to Relevant with Renata every second Monday
at 7 PM Eastern Standard Time also on the Artist First network.
Listen, we got a great show in store for you today.
You guys are in for a treat.
So I know a lot of people out there
may have been wondering what's going on with the housing
market lately?
I mean, just earlier this year, we
were in what a lot of experts refer to as a pandemic housing
boom.
But now with inflation on the rise and mortgage rates
increasing, we seem to be watching the housing market
enter into a sort of recession.
But is this a true housing market recession?
Or is the market merely correcting itself?
And if you're currently in the market to purchase a house,
is it still advantageous for you to buy right now?
And what about the recent increase in mortgage rates?
How is that going to impact the affordability
of the type of home you want?
And if you're a homeowner currently looking to sell,
should you go ahead and sell them now
before the value of your home decreases?
Or should you wait and write this thing out
for a little while longer?
Well, thankfully, we have real estate professionals
and mortgage professionals on today's show
to help answer those questions and a lot more.
In the first half of the show, I'll
be speaking with North Carolina realtor Adria
Massey about the latest housing market trends
and to also find out what's hot in the Charlotte, North Carolina
real estate market this summer.
Also, a little later in the show,
I'll welcome Kyshell Bozier to the show
to discuss what's new in the mortgage lending industry,
as well as insider tips on how to get pre-approved
for a mortgage loan in 2022.
So be sure to stick around for this valuable insight.
Now, without further ado, let's introduce my very first guest.
I've known this young lady for a very long time.
And it's been amazing to watch her transition
from a young college student into the amazingly
hardworking professional that she is today.
Before she became a highly thought-after realtor specializing
in the Charlotte area, she graduated from Brunel University
with a master of business administration degree.
And prior to that, she earned her bachelor's degree
from East Carolina University.
She started her career in real estate
to address a need in the community
and to assist with providing more education
and added value about the home buying process.
And in relatively short amount of time,
she has become a trusted expert in the Charlotte housing
market, applying her expertise in being a guiding hand
in one of the most important purchases you'll ever
making your lifetime in this buying a home.
I now welcome to the show my very first guest,
Miss Adria Mathia.
Adria, hi, how are you today?
Hi, Dr. Jerry.
Thank you so much for having me.
And I am going awesome.
How are you?
I'm doing great.
Listen, I know how busy you are.
So I just want to thank you for being a guest
on my very first show.
I'm so excited that you're here.
So let's go ahead and get started.
Won't you start off by telling the listeners
a little bit about yourself?
OK, sure.
So hello, everyone.
As Dr. Jerry mentioned earlier, my name is Adria Mathia.
And I'm a local realtor here in the Charlotte area.
I received my bachelor's from East Carolina University
in public health.
And then I went on to receive my MBA in health care
administration from Brunel University in Georgia.
I've been in real estate for under a year now.
And it is amazing.
I absolutely love it.
And I'm excited to see everything that's
going to come from it.
Wonderful.
You have a very impressive educational background.
And one of the things I wanted to ask you
is what made you decide to take the risk to change career
fields because you were working in the health care
administration field before becoming a realtor?
So after investing so much time in the health care industry,
did you make the change to go over into real estate?
Yeah, that's a million dollar question, isn't it?
Especially after having so much experience in it.
But one of the great things about the health care industry
is that it's always going to be there.
So it can always, if I decide I want to go back, it's there.
I feel like I pretty much put in my time there.
I've enjoyed it.
It's been wonderful.
But I was really looking for my next challenge.
And I really feel like real estate
was that educational opportunity for me to jump into.
Absolutely.
I understand that.
A lot of people don't know this,
but I was a realtor at one point in time.
I remember I was still pursuing my bachelor's degree.
And I was so anxious to get into the market to try something.
And so I tried to put my hand at being a realtor.
And I probably so wanted to help, but it just was not my thing.
It's not for the faint of heart.
You really have to have a salesmanship about you.
And you have to educate yourself on the market
that you want to be involved in.
You can't just step out there and say, OK, I'm a realtor now.
You really have to be out there in terms of what
you want to present to the buyers.
What are you having to offer?
What market are you going to specialize in?
So you can't just step out there.
It has to be very deliberate.
And I see that you're very active on social media
as it relates to your work.
And you're kind of doing an amazing job
with engaging your audience and using social media platforms
like TikTok and Instagram to educate your followers
about the home buying process.
Has your social media engagement impacted your business
and your clientele?
Well, to be honest, when I first started off as a realtor,
you hear all these different strategies and tricks and tips
to kind of get yourself out there,
to kind of build up a clientele.
And a lot of it was the door knocking,
do the cold calling, send out a bunch of mailers.
And I'm like, you know, there honestly
has to be a better way.
There has to be a way that I can reach thousands of people
at one time without knocking on 100 doors for four people
to answer the door for me.
So I kind of started researching different realtors
who had built up a great following
or were really experienced in their areas.
And a lot of them were really heavy on social media platforms.
So, you know, I'm really an introvert.
So it took a lot for me to finally be like, OK,
I'm just going to put myself out there on social media
and see what happens.
And I did my first video.
And of course, you know, those don't get a bunch of likes.
They don't go viral.
They don't do all of that unless you're
doing something crazy, right?
But I kept at it.
I stayed consistent.
And, you know, I started getting more and more followers,
more and more views.
I started getting a lot of feedback.
I started having people, you know, reaching out to me
in my DM saying, you know, hey, I saw you're real,
or I saw your post.
And I'm really interested in what you were saying.
And I would love to work with you.
So, you know, that's pretty much been my experience with it.
It's been a game changer, honestly.
And for any realtors or anyone who's
wanting to get a little more hands-on
or have a few more eyes on their business,
I would highly recommend stepping up your social media
platform.
Well, like I said, you've been doing an amazing job with it.
And I remember seeing your very first post.
I think it was on TikTok.
And it was just a simple video.
But it was informative.
It got your name out there.
And it was a great start.
You have to start somewhere.
You can't expect to get out of there and just
have 10 and 20,000 views right out the gate.
You have to start somewhere.
And I've watched you just increase your interaction
and your likes going up and your followers.
So there really is something to that.
And I think if you're in the real estate market,
if you're a realtor, really social media
is a great way to get yourself out there
and to promote your brand and to let people know, hey, I'm here.
And I'm looking forward to working with you.
So excellent job on that.
I want to stick with you a little bit
and talk about, I'm sorry, not to cut you off.
But I want to talk about some of the changes that we've
seen with the real estate market this year.
Because I've noticed in the first two quarters of the year,
we were in a bit of a housing market frenzy.
Home prices were through the roof.
And there was so much activity.
Now it seems like things are changing a little bit.
In your opinion, what's happening?
What's going on?
Well, the biggest thing, of course,
is going to be the interest rates.
A couple of months ago, the interest rates were still low.
The supply was still pretty low.
But the demand for homes were just extremely high.
It was out of the roof.
So that caused the home prices to really drive up.
Because people were being able to be qualified for loans
because of the interest rates were so much lower
than they currently are right now.
And that pretty much created a frenzy in the whole housing
market.
It was people were bidding $10, $15,000, $50,000
over asking prices.
You had investors coming in that were just
dropping crazy amounts of cash and pulling everyone else
out of the water.
And what has happened over the past few months
when they raised the interest rate,
unfortunately, that pulled a lot of buyers out of the game.
So things kind of flowed it.
They ended up slowing down a little bit.
Now, of course, it's still a great market.
People are still able to buy homes.
But things are kind of slowing down and correcting,
which is pretty much honestly what we're needing right now.
Yeah, I can see that.
About the frenzy that we were talking about earlier in the year,
even I got caught up in it.
Of course, I own a home in Warner Roberts, Georgia.
And when I first purchased my home in 2015,
I sold that house.
I mean, I paid less than $45,000 for that house.
So earlier this year, I noticed that it's now
worth close to $200,000.
And I was very much pitching to fail
when I saw how much my home had appreciated.
And I even put it on the market.
I did the whole thing.
And then a good friend of mine, shout out to Obi,
he told me, he said, look, you may want to just
hold on to your house.
You may want to hold on to it.
I understand that it's appreciated a lot.
You'll get a lot of money.
But it'll be worth so much more potentially in the future
if you just hold on to it.
And I know so many people who have got caught up in that frenzy
and they sold their home and got a good payday.
But there's always that future appreciation that could happen.
So I certainly understand how people could have got caught up
in that.
Right.
So now that we are in a different type of demand,
where supply was low earlier.
Now the supply probably is a lot different
than it was before.
And we're seeing how prices go down.
People are no longer able to get the $15,000 and $20,000
plus over their asking price.
Do you feel like the home prices will continue to go down?
Honestly, a lot of people are under the impression
that the home prices are going down when, honestly, the home
prices are just correcting.
The homes were originally overpriced.
And so now they're going back to the price in which
they should have been.
But so many people are looking at like, oh, everyone's
just lowering their price.
No, they're just getting back to the regular price
that it really should have been a few months ago,
now that everything is calming down.
So no, I don't feel that home prices are going down.
But I'll definitely say home prices are correcting.
Totally understand.
That's a good point.
So for anyone out there that may be looking to buy a house,
and they're looking at this decline in home prices,
what would you tell a person that's looking to buy our
sale right now?
Would you discourage them from entering the market right now?
Or would you say, no, this is a good time.
Let's go ahead and move forward?
What is your opinion on that?
Well, for anyone, let's just start with the buyers.
If a buyer is interested in buying a home right now,
I would definitely highly encourage it.
It's never, even though, well, it's always going to be a great
time to invest in real estate, because you can always buy,
hold, and sell later.
Like you just mentioned about appreciation.
That's still going to happen no matter what rate is still
going to happen.
Right now, the interest rates are still at a very good rate.
A lot of people are saying, oh, well,
there's so much higher than what they were last year.
But you also have to think about it.
Would you rather have a 5% interest rate on a home
versus that 29% interest rate that you're currently
carrying on your credit card?
So I tell people to look that way.
I still always want to take that 5% regardless.
And even if you still feel that, hey,
you know that 5% is high, still go ahead and buy while this home
is still at a great price.
Because next year, you can always just
go and refinance the home if you feel
you want a lower interest rate.
So for buyers out there, if you're wanting to buy a home,
no, definitely find your great realtor
and get you a good deal on a home.
Absolutely.
Yeah.
And for anyone who is wanting to sell their home right now,
I mean, even though things are calming down,
we are very much still in a seller's market.
We still have extremely high demand on homes.
And we are still experiencing a lower supply of homes.
So right now, if you're willing to put your home on the market
and that's what you're wanting to do,
you're going to have someone that wants to come in and buy it.
The whole process and the key is to have in that great realtor
that will help you strategize and actually price your home
at the best price to go ahead and bring a buyer in there
for you.
Absolutely.
So we're not so much in a frenzy like we were before,
but it's still a good idea to sell
if that's what you're in the market to do.
And even if you want to buy, this is still a good time.
It's just that the market is correcting itself.
And we're seeing home prices normalized back
to what they should be because they've been overpriced is
what I'm hearing you say.
So that certainly makes a lot of sense to me.
Absolutely.
Now, what is hot in the North Carolina Charlotte, the Charlotte
North Carolina housing market right now?
I've seen on your page where you advertise
a lot of newly constructed, what is the word I'm looking for?
The town homes.
They're actually beautiful.
Is that what you're getting a lot of?
You know?
Yeah.
Everyone loves a brand new town home, right?
I mean, I can accept that.
I live in a brand new town home.
I mean, they're a hot thing right now.
They're beautiful.
They're easy to maintain.
Usually it comes with all type of different incentives
and amenities and stuff along with the HOAs.
They're really hot.
When you drive through Charlotte,
if you've ever been in this area,
you'll see that there are a crazy amount of town home
communities that are being built up in the area.
So if there is one type of housing that I would say
is just on a high streak, it would definitely
be the town homes.
Right.
And in your experience, how long are these homes
that are staying on the market once they are fully
constructed and out on the market for sale?
Some of these homes are there being sold before they're
even finalized.
Oh goodness.
There isn't really a lot of new construction town homes
that you'll see sitting on the market forever.
These things, as soon as they have them up
and they have the plans ready, the buyers are coming through.
They're taking a look at what it's going to be like.
They're talking about the interior
and how they want it all set up.
And those are being sold.
They're doing their walkthroughs.
And they have their sold for sold fines in them
before they even have everything finalized.
So those don't stay on the market too long, not at all.
Right.
So for these newly constructed town homes,
if you see something you like and you're in the market to buy,
you really have to jump on it right away
because it doesn't sound like they're
staying available for very long at all.
Correct.
Not at all.
I mean, and that's for any home.
It's not just new construction.
If you're seeing something that you like,
I would definitely, hey, put an offer in on it.
See what happens because even though we're in a better position
than we were, let's say back in March and April when things
were staying on the market for like sometimes a couple of hours,
maybe just over the weekend to kind of get all the bags in
to see who was going to have the highest and best offer.
Right now, things are staying on the market for about,
let's see, for the Charlotte area,
it's approximately 15 days or so.
So that's still what we're expecting.
Yes.
So my advice, if you're seeing something out there, go for it.
Wow.
That's amazing.
Well, listen, I wanted to kind of shift here
and ask you about something else.
Now, there is a USDA loan program out there
that encourages buyers to purchase homes in rural communities.
What experience have you had with that program?
And can you tell us a little bit more about it?
Sure.
The USDA loan program is an excellent program.
It's one of the home loans that provide 100% financing.
Of course, just like any other loan program,
it has its own set of eligibility requirements
that vary based on the different states.
But what it is is that it offers loans to people
who would like to live outside of the city limits a little bit,
kind of like away from those metro areas.
So let's just say I'm going to take up
a real popular city, for instance.
Let's just say Atlanta.
There's a bunch of the outskirts cities and stuff
surrounding Atlanta that may have areas that are considered rural.
You'll definitely have to check the guidelines and stuff
for that particular area.
But if you're finding a home in an area that
is eligible for a USDA loan, what you're able to do
is get 100% financing with no down payment, which
is a really great option for many people who may have,
they don't have that type of down payment to put down,
or are they are OK with living not right in the city?
So of course, I'll let Caciel kind of touch on all
of the eligibility and all of that,
because I know that's her world.
But it's a really great program, a loan option,
for those people who are wanting to move in those particular areas
and do not currently have the down payment to put down
on a home.
Well, that sounds like a great program.
I like the idea that you can get 100% financing.
And you may have to live outside the metro area,
but I think that you can get 100% financing for your home.
I think that's something that you
can do as a trade-off, and especially
if you are a first-time buyer who may not
have the $5,000 and $10,000 that you
have to put down as a down payment.
So definitely something to look into.
If a person finds a home that they're interested in,
that they think may be within the confines of the USDA loan
program area, is there a website or something
that they can do to type in the address to maybe search
and see if that home is even eligible?
Oh, most definitely.
There is a website that they can go to.
And it's actually eligibility.sd.egov.usda.gov.
So of course, I'll provide that again for anybody
who may have missed that.
But there is definitely a website you can go to.
You can put in the address and see
if the property that you're interested in buying
is eligible for that particular loan, most definitely.
Thank you.
I appreciate you providing that website as well.
With that program, and we'll move on from this in a second,
but will the buyer have to work with a particular or specialized
real estate agent if they want to pursue the USDA loan
program?
Kim, I work with you, for instance.
Oh, yes.
They can definitely work with me.
There is not a certain real estate agent
that you have to work with in order to get the USDA loan.
Whatever real estate agent that you are connected with
or that you already have or that you may be seeking,
they will be able to assist with getting
that particular loan.
However, what I would recommend is providing,
we're getting a lender that is extremely knowledgeable
about those particular loans that will help you best along the way.
Absolutely.
And before we go to a break, I want
to ask you to touch on one of your posts I saw recently that
encouraged your audience to consider their first home not
having to be their dream home.
Can you expound on what you talked about in that post?
Of course.
So many times, when we're in the home hunting process,
we get so drawn into all of these beautiful homes,
things that people may consider their forever home.
And what I want to make sure that everyone understands
is that your first purchase doesn't
have to be that dream home.
It could be more of that starter home,
more of the lower price affordable home that you go in and maybe
fix up, and that you can hold and build up equity,
and then take that particular equity that you built up
in that starter home, and then take it to get
into your dream home.
You know, there's starting points to everything.
And if you're not quite ready with your funds and everything
to go and purchase the home that you want to be in forever,
I definitely want people to remember and understand
that there are still options.
It may not be the home that you want to be in forever,
but it'll definitely be an investment outpayout
for you in the future.
Absolutely.
I'm so glad you mentioned that.
I remember when I first purchased my home,
I was a little weary because I know it needed some work.
And I'm not exactly Mr. Home Improvement.
But something told me that this deal would be a great home
to purchase.
It's on a great plot of land.
And so I made the decision to go ahead and buy it,
even though it needed a lot of work.
And it's one of the best decisions that I ever made,
because now that home is a rental property for me
and is a source of passive income.
So I definitely would encourage anyone
who's looking to buy their first home,
it doesn't have to be perfect.
You'll find the people.
And Realtor can help you network with people
who can do plumbing and do roofing.
And they have those relationships.
So use your real estate agent for the contact that they have.
But I just thought it was such a great post
that you put out there to educate the people
about buying a first home.
We're going to have to go to a break in a minute.
But before we do, Adria, I just wanted
to let you know that it was a pleasure having you on here.
And you were able to give us a lot of insight on what's
been happening in the market.
And I certainly appreciate your time this evening.
But I want you to let the listeners know,
especially the ones who may be in the Charlotte, North Carolina
area, if they're looking to hire a real estate agent,
please share your social media and contact info
so they'll know how to reach out to you.
OK, sure, definitely.
So I have a very unique name on Sixhawkin Instagram.
It's actually Houses and Fields, and it's H-O-U-S-E-S-N-H-E-E-L-S.
And you can find me again on TikTok and Instagram
under that particular name.
On Facebook, it's just my name, Adria Massey.
And if anybody wants to directly contact me,
they can reach me at 980-710-3367.
Outstanding.
Well, thank you again.
And we're going to take a quick break, and we will return.
We're going to talk to a mortgage lending expert
from Rapid Mortgage.
We'll be right back.
Waves of sadness from out of nowhere.
Instantly, you feel a weight of despair.
A subtle heaviness that leaves you drained.
And a lingering loneliness that remains.
Suddenly, there is no reason to smile.
And then, you become angry for a while,
lashing out at anyone near, especially the ones you hold dear.
Imprisoned by your own emotions, unsettled by the lack of control.
Trying to make sense of it all, meanwhile, it takes its toll.
Distancing yourself from family, pushing your friends away,
knowing in your heart that maybe you'll
need their support one day.
As your despondency becomes palpable and more real,
you find it difficult to express how you feel.
So you become quiet and do your best to disguise it.
But there is no denying it.
There is something wrong, because nothing you do feels right.
The sadness is overwhelming.
But you're too angry to cry, deep into the pit of self-pity
you're hurled, where you realize you're not depressed.
You're mad at the world.
This poem, written by Dr. Andre Gerry,
is entitled, Mad at the World.
From his literary debut, Right or Die, Expressions of Life, Love,
and Loss, Volume 1, available exclusively on Amazon and Kindle.
Right or Die is more than just a collection of poetry.
It's a lifestyle, a call to action to its readers
to consider expressive writing, such as poetry,
as a catalyst for healing, growth, and change.
Right or Die assists the reader in a way that's
relative to them and helps to identify their own emotions.
Each expression is poetically written in an elegant style
that's helpful to the reader, for each expressed title
motivates in a personal way, providing pure insight and introspection.
Having triumphed over his own trauma and adversity,
Dr. Andre Gerry has proven how powerful expressive writing
can be to the healing process.
If you're feeling stuck in an emotional state that's keeping you
from achieving your highest potential, consider expressive writing
as a tool to help identify and release negative thoughts.
Purchase your copy of Right or Die, Expressions of Life,
Love, and Loss, Volume 1, by Dr. Andre Gerry,
available exclusively on Amazon and Kindle.
Let this comfort overpower your sub-discipline,
things you love now you'll eventually lose interest in.
And in this world full of hate, let love be the emphasis.
Hold on to your innocence, no matter your predicament.
Know you are significant in this symphony of life.
Let your voice be your instrument and never watch from the crowd,
be a participant.
So much positivity you try to implement,
you never take your own advice but always will distribute it.
The life you're living is in how you had envisioned it,
like the happy place in your mind that you're often visiting.
But based on your experience of terrible conditioning,
you shall highway from intimacy, questioning the feelings that you had originally.
When you should just follow your heart and let your spirit be free.
Hey, it's Joe Brown, Joe Brown what they call me.
And I'ma change life, well probably.
Man, I ain't think bout the future till I was 23.
I can't believe I bought a home before 2023.
I talk to God because I know that God's in me.
Soon as the door opens, the devil tries knocking me.
But I won't let it happen, not at all, not to me.
I got a plan but I'ma leave it up to God to see.
I remember being alone in that dark room.
You wanna ask for help but it's so hard to.
Then you find yourself at a bar on that bar stool,
trying to flush away everything that's ever harmed you.
Don't know how many times your family warned you.
Only a matter of time before they mourn you.
And they just want you alive.
And I hope you don't base your life successes off of everything you didn't do.
Search deep inside, try to find a kid in you.
Close your eyes, reminisce, get a visual.
Try and pinpoint the moment that was pivotal.
There's gotta be a reason why these certain things trigger you.
Did your parents love enough that other people pick on you?
Believe me, it all matters.
Everything in life's residual.
Just because you let it go, don't mean it doesn't stick with you.
Even though you feel invisible, we still see the good in you.
We know you feel you've done some things that's inexplicable.
We know you feel you've done some things that's unforgivable.
But we just want you home.
The family's already forgiven you.
Just try and find that missing piece before we have to miss you.
It's Jibro.
Jibro what they call me.
And I'ma change life, well probably.
Man, I ain't think bout the future till I was 23.
I can't believe I bought a home before 2023.
I talked to God because I know that God's in me.
Soon as the door opens, the devil tries knocking me.
But I won't let it happen, not a door, not to me.
I got a plan, but I'ma leave it up to God to see.
You're back live with Dr. Andre Gieri.
Hey everybody, welcome back.
So over the break, you got to hear brand new music
from independent recording artist Jill Brown,
entitled Adolescent, written and performed by Jill Brown
and produced by Bond Make Hit.
If you're an independent artist who like your music featured on our show,
send my team an email at livewithdrandrejerri at gmail.com.
That's livewithdrandrejerri at gmail.com.
So I want to take a moment to give a special shout out
to our listeners in Nigeria.
We truly have listeners from all over the globe tuning in
and we sincerely appreciate your listenership.
Thank you so much.
Before the break, we had a robust discussion
about real estate with Adria Massie.
Now we need to get to the money because unless you plan on paying cash
for that house you're so in love with,
you're going to have to get some financing, my friend.
So let's get to it.
My next guest came highly recommended, not only by Adria,
but by many of the real estate agents who work with first-time buyers
in the Charlotte, North Carolina market.
She brings a lot of energy, passion and professionalism
to her work in the mortgage industry.
Allow me to introduce my second guest of the night,
representing Raffi Mortgage out of Charlotte, North Carolina,
Miss Kyshell Bozier. Kyshell, how are you this evening?
Hi, Dr. Jerry. I am doing all right.
I'm happy to be here. Thank you for having me.
Oh, I'm so glad to have you on the show.
Thanks so much for taking time out of your schedule.
I know you're busy to be a guest on my show.
And I'm just so glad that you're here to help inform our listeners
about the mortgage pre-approval process because,
Kyshell, this is where a lot of well-intended people
drop the ball. But before we get into that,
tell our listeners a little bit about yourself.
All right. Well, I am a mortgage lender for two years now,
as of yesterday, so I just reached a milestone.
What drove me into real estate was when COVID hit
and the kids had to be home doing virtual learning,
and I really wanted to switch gears and be able to be home
with my daughter and president during that moment in time that we had.
Originally, like Adria, I was in the medical field
and I did some nonprofit work in project management,
so I had no idea the warmth of being a mortgage lender,
the feeling that it would bring me until I was able to tie it back
to the feeling of gratitude I would get when spending time
with families in my previous career of health care.
Well, that's amazing. Well, congratulations first
on having made two years in the mortgage lending industry.
I know that's quite an achievement, and I love how, even though this pandemic
was and is a negative situation that we're on,
only a lot of us have kind of used that to parlay into other modes of working,
and different side gigs and things like that,
so it's really been a blessing, a mixed blessing for a lot of us.
And, you know, I'll ask you the same question
that I posed to Adria earlier in our first segment.
There's definitely been a noticeable change in this housing market.
What's your take on where the market is today, and where is it hitting in the future, you think?
If I feel like the market is in a great place today,
I feel like it is a wonderful time to buy a home.
We are just getting out of that dip we had from the COVID
housing market, and now things are kind of balancing out,
so we'll say it's a balancing act. Yes, some people have been phased out
who would have been able to buy before, but it
gives the opportunity for that correction, making less
people be able to get homes, and then there's more homes available
on the market. So, and even if there's not more homes, at least there are
homes now, because not as many people are in a rat race.
So, I think it's a good time. The prices are even
out, and I'm seeing where our buyers are
being able to kind of get back in there, where they couldn't really get in there before.
So, I think it's a good time.
Absolutely. Well, thank you for your take on that, and you
sort of agree with Adria that this isn't a housing market
recession, this is just a market correcting itself. So, there's no reason for anyone to
get into a panic or anything like that. It's just that the housing prices
are stabilizing. So, this is not a bad thing. This is actually a good
thing, right? Yes, it is a good thing.
Okay. Well, listen, I have a question
When in the process should
a buyer contact you? Should we reach out to Andrea first,
or should we contact your office first? What comes first? The chicken
or the egg? Phyllis? Well, I think it kind of go
hand in hand. It depends on who you're going to be asking.
I know a lot of times people, my clients that I get, the families
that I work with, have come from my realtor partner.
So, therefore, I will say, in trusting that realtor partner,
your realtor partner is going to know your
circumstance from a surface level and give you the best lender for the
job. All lenders are not created equal.
Some may have programs where other ones don't, and
your real estate agent can definitely be able to help
cipher some of that out for you. So, other than that,
I do have leads that come to me, and then that affords
me the opportunity to kind of see what situation they're in,
check them out, and then send them to a realtor ready to roll
boots on the ground already. So, it just depends. I guess
in a way it will do. Yeah, so it really just depends on the
client and their circumstances. You know, I know a lot of realtor
they don't even want to deal with a buyer unless they're already pre-approved.
Is that been your experience as well? That is
definitely been my experience. So, I try to pump the message out there,
but first, get pre-approved. Right.
And so, your clients are mostly first-time home buyers, or do
you have sort of a mixed clientele?
Yes, I have a pretty good mix, but first-time home buyers are definitely
number one on my chart. Next
up, I will have to say, it's probably clients who are about to buy
another property. So, either they are selling
so that they can downsize, or because their family
have grown, maybe they're relocating for work,
or a separation of assets. So, that
will be another mix. Third, will be people wanting
just to have a second home, or a vacation home, and then
investment properties, and refinances. So,
it's a pretty good mix of the things that I am able to do,
and the services I'm able to provide. Okay, so you deal with a good
mix of people, from first-time home buyers to people who are looking to refinance
their home. So, I imagine your phone is ringing off the hook constantly.
Speaking of first-time home buyers, what
in your opinion are some of the most common mistakes you see them making? Because
this is their first home purchase, and so there are just a lot of things
they don't know. So, what are some of the common mistakes you see
in your career? Mistakes I have
seen. Alright, so, let's
say we already have the client pre-approved.
So, their credit has checked out, and we kind of balanced out
all their ratios. I've given this letter, explained all the details,
and send them out to go look, tell them happy house hunting. Mistakes
that I have seen is when I say, save, save, save,
don't spend, make sure you have extra cushion, just in case of an emergency,
or if any quotes or anything comes up,
that needs to be overly compensated for.
Well, in doing that, I will notice that people will start spending their credit
cards more. No!
Yes, yes, so that can really mess this up, because the debt
to income ratio, then that varies, and if it tips them
over the edge of where we have them, then we may have to either reconsider a loan
product, and it could just, it could cause delays.
So, another thing I've seen is people purchase a car
during the middle of the process. You never want to do that,
because then that adds another debt to your record, and it takes away
from the income that we can use. So, if you were qualified for a certain
amount before, this may take your amount down even
lower. I've never seen an instance where someone
is in the middle of their home buying process,
and getting pre-approved, and they get laid off.
What happens if something like that occurs?
Unfortunately, when that occurs, then they will no longer
be qualifiable, because one of the
qualifying factors is that they have been on their job working
or in that same field of work for at least the last
two years. So, we have to be able to
call and get verification that you are still working.
So, we do that probably like the week before
you close, just to make sure that you're still on your job, nothing has happened.
If not, there's no income to qualify, and then that disqualifies
the person.
Well, I've been through that process, and it is very stressful.
The mortgage lending experts are always on
talk to you about not making any purchases on your credit card,
no huge purchases. You can't even, I have to
find this out the hardware, you can't even just say you have some cash laying
around, and you just deposit it like five grand in your account. That's going to call some problems.
Yep, it definitely is.
Now, you can deposit some money, but
rural thumbers just don't. The money has to be able to be
tracked, it has to be able to be qualified, it has to be able to have
a record of where it's coming from, and it just really convoluted things
if you're just throwing in more than a thousand dollars
in there at a time, and it shows up when we sing
underwriting. They're going to want to know where this money is, where it's coming from,
and why did it show up?
A lot of these young people, they're making a lot of money
on internet, and I host them things like that,
and they're getting paid via cash app a lot, and different
paying mechanisms like that. For those individuals that want
to purchase a house, what is your advice to them in terms of how to
account in terms of how it would
look well on your end to account for those money that are coming in on these
platforms like cash app and Venmo?
You just have to make sure that that money can be tracked back to a source.
If you're doing invoices, or if the money is coming from a job that
was done, just be able to have a paper trail showing where it came from.
Understood.
On the seller side of the aisle, things
typically go smoothly until the appraisal process, but then on the buyer
side we see when a loan process kind of can go
wrong in certain impacts that you've talked about.
The Federal Reserve has sort of increased the
interest rate recently, just in an effort to tame inflation.
I want you to talk a little bit about what impact that has had
or is having on the mortgage rates currently.
Yeah, so the mortgage rates have definitely gone up,
but my focus that I try to get people to
focus on when they're thinking about the fact that now they can't get a 2.7
interest rate is that there were really only four times in history
that rates have ever been that low. And I want to
over emphasize that this was not something that was normal
for the rates to be that low. So now
we just have the rates back up where they normally would be
or they could definitely be higher. So they're still at a pretty good
rate to where you're able to buy.
I like to tell people to look at it as like Adria said,
look at your card note, look at your credit card statement, what is the
interest rates on those things and then kind of really get the clients
engaged with the fact to look at that and see these 18%,
these 26% and ask them, is that an asset
or is that a liability? Like those things are going against
you. You're buying a house, the biggest purchase of life at a 5% rate
and that is helping you build wealth. That is becoming an asset.
So it's really worth that 5%.
That 5% is not as much when you look at it at a grand scheme of things.
I understand. That's a really good point.
I really hope that people got that. You really want to look at,
especially when you're buying a home, you want to be careful about
investing in depreciable assets like cars. It's one thing if you're going to
use it to make money. But if you're just buying a car,
just because you want a new car, that's probably not going to have a good impact
when you're looking to purchase real estate. So just be careful
about that. Now I want to ask you about something else. So I've been seeing a lot
of information online, people posting about this.
I just want to know, is it true and get your take on it?
Can you buy a home with a
credit score less than 600?
Yes. You can buy a home with a credit score less than 600.
With my company, we go down to 580.
But I'll tell you what, you better have some real serious compensating factors for that.
Buying a home
with that credit score means that the investor is taking a higher
risk. So it's going to cost you a little bit more. And then they're really
going to dig down into a whole lot of stuff like your
payment history, your long standing work history. Do you
have reserves? Do you have residual income?
There are a lot more factors that are going to be critiqued
on your loans when you're getting at a credit score
less than 600, less than 640 really.
So what I like to do is offer a plan to the clients
and if it's something that they don't need right away, a house they don't need
right away, your mortgage lender should be able to kind of build
up a plan from your financial profile to help you
with your credit score, get you where you need to be, tell you how much money you're going to need.
Tell you do this, this and this and then
your credit score will come up more. But you really have to be committed to
following that plan and sticking to it in
just listening.
So it sounds like communication is key. Definitely stay in communication
with your lender, with your real estate agent and
be forthcoming about what your situation is, what your goals are,
what you're trying to do. That way someone can steer you
in the right direction if you're sort of veering off course and what you're
able to afford or what you're able to do.
Yep, absolutely. We are the professionals so just let us
professionally guide you and lead you with intent
into your new home.
Right, well we're running a little bit long time but I did want to get you to
cover this question really quickly because I got a lot of emails about this.
For consumers out there who have experienced a bankruptcy
how does that impact someone's ability to get
pre-approved for a home loan rather? Are they just
you know done for or is there some hope for
them? Tell us a little bit about that.
There is some hope. It really just depends on the loan
program as far as how long they would have to wait but I'll give for
an example. You know you can apply for an FHA loan
just two years after a Chapter 7 and 12 months after
a Chapter 13 but provided that the borrower
has made timely, verified payments over the last
12 months and that they're just really taking on that
responsibility of building new healthy credit
habits. So long story short, yes it can be
done. You just check with your lender as far as what
part of the process you're in and you can get a timeline on when
you can get started.
Outstanding, well that's good information because there are a lot of people out there that have the impact
on bankruptcy and sometimes you know life happens and so it's good to know that
even after or post bankruptcy there's hope if you
want to purchase a home like Kyshell you can
utilize the FHA loan and basically just have a good
repayment or payment history for 12 months
prior and then maybe you can reach out to someone like Kyshell and they can
kind of steer you in the direction of getting pre-approved for a mortgage.
It's not the end all be all if you get a
bankruptcy on your record. There's really good information. So before
we go I want you to just kind of talk to our listeners
about how to get started with the pre-qualifying
process and how they can get in contact with you, your contact
details and so forth.
Yes, so to get the pre-qualified
you just need to call a lender. I will definitely leave my information.
You need to have two years of work history and your taxes
filed. Those two years need to be in the same field. If there are any
gaps there just need to be explained. Credit score of 580
are better and you need to have some savings in your account
and we can definitely take it from there. Each file is going to be different
and your professional will be able to tell you
where you need to go. What that means for you.
So I can be reached at
kbozier.com
so I'll fill that out for you.
kbozier.com
and my phone number is 704-912-2965
Alright, Kyceal
from RAP. Thank you so much for taking time. I should
schedule this evening to be a guest on my show and help inform our listeners
about the mortgage pre-approval process because as I mentioned
this is where a lot of people get tripped up and there's a lot of information
out there online. So we definitely appreciate going over
these points. For our listeners if there's anything during
this interview either the first one or the second one that you missed
then we definitely encourage you to check back on our webpage
at artistfirst.com
and you'll see a link to go to my webpage for live with Dr. Andre
Jerry and you'll see a link for past shows. So just keep that in mind
in case you missed something that you want to refer to later.
But this has been a great show. I appreciate both of my guests. Thank you again
Adria, thank you again Kyceal. I'm very
excited about the next show which will air on September 21st
right here on the Artist First Network. This is
Dr. Andre Jerry, signing off. Have a good evening everybody.
Thank you.
You