Best Didier Malagies Podcasts (2024)

1
What happens after your home closing with all the mail coming to you? 3:55

4h ago3:55

3:55

After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect: Why You Receive More Junk Mail Public Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell produ…

1
Do you have enough insurance coverage with all the appreciation on your home 2:58

7d ago2:58

2:58

How long has it been since you have lived in your home? what did you pay for it back then and what is the value today after all of the home appreciation? Maybe it is time to call your insurance agent and ensure you have replacement coverage. Our home has been our wealth over the years and I think it is important to make sure you are well covered. t…

1
PMI is different on FHA, VA, and Conventional Mortgages 4:51

14d ago4:51

4:51

VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee. With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI. Now for Conventional Mortgages, the…

1
The loan limits for FHA, Va, and Conventional 3:28

21d ago3:28

3:28

For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional. Now for FHA the loan limit is $498,257. you can buy a home for $516,328 putting 3.5% down now A VA mortgage can go up to $2,000,000 with no money down. 100% financing up to $2,000,000 With th…

1
A DSCR loan uses rental income only to qualify for a mortgage on an investment property 4:49

28d ago4:49

4:49

A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a …

1
Needing only 1 year's return for the self-employed for the last 5 years for a Conventional Mortgage 4:15

1M ago4:15

4:15

I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for…

1
Why use a Mortgage Broker 6:33

2M ago6:33

6:33

Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide: Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to…

1
What you need to know about FHA203k 6:00

2M ago6:00

6:00

There are two main types of FHA 203(k) loans: Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations. Limited 203(k) Loan: This is for less extensive renovations and repairs, typicall…

1
What are the 3 different types of FHA Mortgages 4:34

2M ago4:34

4:34

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios 2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one. 3. I am going to catch you on this one, did you know that Reverse…

1
Mortgages and Inflation 5:38

2M ago5:38

5:38

The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels is it time to refinance your home to save money and then do another refinance as a rate term when the pivot ha…

1
What opportunities are their for First-Time Homebuyers 4:21

2M ago4:21

4:21

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. I am seeing more and more first-time home buyers coming out now and this is informat…

1
What is going on with interest rates 5:32

3M ago5:32

5:32

Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the…

1
What do you need to know about VA Mortgage 4:53

3M ago4:53

4:53

Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers. Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit…

1
Getting an FHA203k or a Conventional Renovation Mortgage 5:07

3M ago5:07

5:07

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home. An opportunity to include that in the mortgage so you do not have…

1
What different type of mortgages are there 6:44

3M ago6:44

6:44

You have Conventional Mortgages, FNMA/FHMC, FHA, VA, Reverse Mortgages, Bank Statement loans, DSCR, Reverse Mortgages, and 1099 mortgages. Depending on your particular situation, could be a choice based on credit scores, income, funds to close Buying a home using Bank statements to qualify for a mortgage Buying a home using a 1099 only to qualify f…

1
Refinancing your mortgage using the blended rate 4:08

4M ago4:08

4:08

What if you refinanced your lower-rate first mortgage into a higher rate but consolidated all of your debt into one low payment. Getting rid of credit cards, car loans, installment loans, and student loans. What would your savings be a month and how much would you save? Then if property values were ever to plummet and rates came crashing down. Just…

1
1% down for the purchase of your home 2:49

4M ago2:49

2:49

First-time homebuyers put down 1%, and the lender gives you 2% towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%. Working on a loan right now where the purchase price is $238,000, the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of…

1
Bridge loans for commercial loans and residential flip properties 3:18

4M ago3:18

3:18

Bridge loan to acquire, renovate, and stabilize a multifamily investment property. When the rents are under the market and the units are outdated. This program allows you to acquire a property below market value and make cosmetic upgrades to increase rents. how about capitalizing the fit-up of retail/office investment property? We also have flip-fi…

1
Is a Reverse Mortgage tabboo 6:17

4M ago6:17

6:17

Do you not tell anyone that you have one? Are there others in similar situations Spouse and has passed on, only fixed income such as social security. Are food costs going up along with Medical? It is time to get a HECM - a line of credit to help you in your later years of life, Have your children be involved and everyone learn how a Reverse Mortgag…

1
DSCR - using the rental income only to qualify for an investment property 5:11

5M ago5:11

5:11

DSCR (Debt Service Coverage Ratio): DSCR is a financial ratio that measures a company's ability to meet its debt obligations. In the context of loans, it typically refers to the ratio of a property's net operating income to its debt obligations, including mortgage payments. A higher DSCR indicates a better ability to cover debt payments. Non-Qualif…

1
Using Business Bank Statements to qualify for a mortgage 3:48

5M ago3:48

3:48

12-month business bank statement loans" typically refer to a type of loan program where a borrower's income is determined based on their business bank statements rather than traditional income documentation such as tax returns or pay stubs. This type of loan is often categorized as a Non-Qualified Mortgage (Non-QM) because it doesn't meet the crite…

1
Buying a home that is still in probate, what could go wrong? 5:05

5M ago5:05

5:05

Why list a home when it is in probate? Anything can happen during probate, it is hard to lock in an interest rate and notify the landlord if you are a renter giving a 30-day notice. They never seem to work out on schedule which is why it makes it difficult for all parties. When you are told that it is almost done, like my present client who has bee…

1
A list of things you need to know about Condos 6:24

6M ago6:24

6:24

Find out if you have a dog and what is the weight they accept. I just had a deal fall through due to the dog weighing 40 pounds and the weight allowed was 25 pounds. If they have an engineering report done review it. Are they going to charge an assessment? or association fees going up? You need to do your homework. If the budget has more than 10% r…

1
Need a little extra income to qualify for a mortgage and over 59 1/2 years old 5:25

6M ago5:25

5:25

If you are over 59 1/2 and have a retirement account, you can use monthly distributions to qualify for a mortgage. You must have 36 months of payments in order to use the income. If you need 500 a month and if you calculate out 36 months that is 18,000 in your retirement account and you have that or more then you can use that as income. It's a grea…

1
Is it time to think about a Reverse Mortgage to help supplement income, health care, home repairs, etc., 5:53

6M ago5:53

5:53

10,000 people a day are turning 65 years old, some have social security, pension, or 401k. I see a lot with just Social security Is it time to think about using your equity in your home to help supplement your income? Wouldn't be great to have access to an equity line and all you have to pay is the property taxes and insurance on the home. Need a n…

1
Should I lock in my interest rates when I am under contract on a new home 4:54

6M ago4:54

4:54

As you can see every day the market is insane without reason. We Have just dropped big time with rates over the last month. When you are buying it is a snapshot in time with rates. You are closing in 30 to 45 days, anything can happen in that time frame If you are comfortable with the mortgage payment then it is good to lock in. You are looking for…

1
Happy New Year and when is it time to refinance your mortgage 4:59

6M ago4:59

4:59

If you have purchased your home in the last 2 years maybe it is time to see this year when it makes sense to refinance your mortgage for those with a low interest rate already is it time to consolidate credit card debt, installment loans, student loans, etc., I believe this is the year to get the house in order, with the uncertainty in the market a…

1
Cyber attacks now at title companies 5:10

6M ago5:10

5:10

I have had several closings where the title company has been cyberattacked and shut down for days. I had a closing last week and still shut down and another title company the month before shut down. These are national companies and that means this affects us all in every state. If you read housingwire.com you can see the fines they are paying. I ha…

1
wishing you a Great Holiday and my prediction on rates for 2024 6:43

7M ago6:43

6:43

Thank you for 37 years of letting me have the opportunity to serve you. This is not a job but a wonderful opportunity to meet new people and develop new relationships Wishing everyone a Great Holiday and my prediction for 2024 tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls212566 DDA Mortgage nmls324329 Support the S…

1
Now able to buy a duplex, triplex and quad owner occupied with 5% down 4:45

7M ago4:45

4:45

You could only buy an owner-occupied duplex, tri, or quad with FHA, now you can buy it with a Conventional loan with 5% down. Think about having a home where you can live in one unit and rent the others out to help make the mortgage payment You can also use the rental income to qualify up to the mortgage payment to offset the debt. Think of first-t…

1
Mortgage loan limits are going up January 1, 2024 5:39

7M ago5:39

5:39

Conforming loan limits going to $766,550 FHA loan limits going to $498,257 HECM going to $1.1 million That will allow you to get more home without having to go to Jumbo pricing when rates come down it will be a great opportunity to consolidate debt and have the ability to larger loan amounts. With home prices continually increasing there is more op…

1
What else you need to know about condos when purchasing 5:43

7M ago5:43

5:43

thenWhat is a limited review and what does it mean? 25% down for owner occ and 30% for second homes and investment properties What is required? A condo Questionnaire The underwriters review and them check for assessments coming due? Delinquencies, etc., A full review is where the budget is required and the number one item is reserves. Do they have …

1
Review your monthly mortgage statement in November 5:05

8M ago5:05

5:05

Review your statement to see if your property taxes jumped up, especially the homeowners insurance. I reviewed mine before doing this video and my insurance went up from 1900 to 2700 a year. I am going to shop it and see if I can do better. Do you have a monthly PMI? cab you get rid of that now with values going up? It is important to make sure you…

1
Check on the property taxes when buying a home, was it sold last year? is it an estate sale? 4:27

8M ago4:27

4:27

When purchasing a home now are you looking at the property tax bill the seller just received? or are you looking at 2022? If you go under contract on a home now, how long have the sellers owned it? was it a flip, did they live in it for years I have a couple of homes that were purchased last year and the 2022 tax bill showed much less than the 2023…

1
Mortgage Interest Rates 5:51

8M ago5:51

5:51

Rates have been steadily increasing and now seem to have been coming down. Take advantage of locking in your rate - for now, this seems like a bit of a break but with all the money printing, it could take off Long term down the road you will refinance and save a lot of money. Concentrate on getting a home for the payment is comfortable and the time…

1
Down payment assistance - the good and the bad 5:15

8M ago5:15

5:15

up to 5% of the purchase price can be used for the downpayment assistance program there are forgivable and nonforgivable loans, which one do you want? rates are typically higher but it helps if you have no funds whatsoever. What happens when rates come down, are values up, the same, or down, and how does that affect your refinance when the time com…

1
you can't make this stuff up - mortgage story 5:40

9M ago5:40

5:40

Beautiful loan, 800 credit scores, 38 years on the job, huge 401k, everything going on 1 week before closing - the lender denies the loan because the listing agent is blackballed from ever going there. This is for real, I had to flip the loan to another lender and relock interest rates. close in 6 business days, go and do photos of the home, meet t…

1
What you need to know about Condos when getting a mortgage 5:58

9M ago5:58

5:58

Putting down 25% on a primary and 30% down on second and Investment properties is called a limited review. When you put less down then there is a full review if the project is not already approved. You need to see the approved budget. if the reserves are less than 10%, no deal also reviewed the insurance policy and the sinkhole coverage was 10% whe…

1
23 millions young Adults are still living at home 4:43

9M ago4:43

4:43

45% of young adults are still living at home. 23 million is the number today. Everything changed, in 2020/21 it was all cash buyers or conventional. 2023 FHA and VA are back in and the seller is more negotiable to paying closing costs. The change from 2020 to 2023 is higher rates and no inventory. Now what will happen in 2024? Everything in life is…

1
The different income/debt ratios on Conventional, FHA and VA Mortgage 5:32

9M ago5:32

5:32

Conventional will allow up to 50% income-debt ratio, FHA is up to 55% and Va has gotten approvals for up to 59.5% income/debt ratio. you take the monthly mortgage payments, plus car payments, student loan payment and credit card payments and divide that into your gross monthly income. conventional allows up to 50%, FHA up to 55%, and Va can get app…

1
With rates in the 7% range does it make sense to purchase or refinance? 6:53

10M ago6:53

6:53

Yes, rates are in the 7% range, does it make sense to purchase or refinance? Purchase - are you comfortable with the payment? the probability is that you will be able to refinance down the road on a Refinance - does it make sense to pay off credit cards, student loans, car and save money? Does it make sense to get a Hecm to help supplement income y…

1
Would a Hecm help supplement your retirement 5:19

10M ago5:19

5:19

Age and Eligibility: HECMs are typically available to individuals aged 62 and older who own their home outright or have a low mortgage balance. The older you are, the more funds you can potentially receive from the reverse mortgage. Financial Needs and Goals: Evaluate your financial needs and goals. Are you looking to supplement your income, cover …

1
FHA has more changes you need to know about 5:34

10M ago5:34

5:34

When a borrower is turned down by FHA, a warning flag goes out and stays in the connection for 6 months as well as the appraisal. FHA is now waiving that where it will not be put into the FHA Connection so the next Lender will not know. I feel it is important for them to know and to explain what you did differently to get the loan in the status of …

1
Does it make sense to refinance and consolidate your student loans 5:04

10M ago5:04

5:04

Advantages: Lower Interest Rate: Mortgage interest rates are typically lower than the rates on unsecured student loans, especially if you have a good credit score and a favorable financial situation. Refinancing can lead to substantial interest savings over the life of your loans. Tax Deductibility: In some cases, mortgage interest may be tax-deduc…

1
Does it make sense to refinance or purchase with these higher rates 4:42

10M ago4:42

4:42

Whether it makes sense to refinance or purchase with higher interest rates depends on several factors, including your individual financial situation and the specific terms of the loan or mortgage you're considering. Here are some factors to consider: Current Interest Rates: If the interest rates are significantly higher than what is currently avail…

1
What happens after I close on my mortgage 6:00

11M ago6:00

6:00

You get a month off of not making a mortgage payment, close in August your first payment is in October File for your homestead in the weeks after closing Do you have portability, did you own a home and sold to buy a new one? set up to do your mortgage payments online tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls#21…

1
Is it time for your kids in their 20's still living at home to think about buying a home 4:21

11M ago4:21

4:21

Financial Stability: Before purchasing a home, it's important for your kids to have a stable source of income and a good credit score. They should also have a handle on their existing debts and expenses. Long-Term Plans: Are your kids planning to settle in the area for an extended period? Buying a home can make more sense if they intend to stay in …

1
Technology in place to keep you updated during the mortgage loan process from beginning to end 5:41

11M ago5:41

5:41

We use a system called Arive, which will update the realtors and the borrower on the status of the file from beginning to end so you always know where you are at automatically. When we take a loan, within days it is submitted to underwriting, no time at all and we du/lp approve loans that day we get the contract so we know where we stand from day 1…

1
Are you in underwriting and nothing is moving forward with your mortgage and no more answers 5:28

11M ago5:28

5:28

Are you in underwriting and no one is getting back to you on the status of your loan? Do they keep asking you for more information and nothing seems to be moving forward? Maybe it is time to get a second opinion on your status. I am closing on a loan today where the borrower originally went to their bank and 2 months later nothing happened. We clos…

1
What you need to know about FHA Mortgage 5:02

12M ago5:02

5:02

Mortgage Insurance: FHA loans require borrowers to pay an upfront mortgage insurance premium (MIP) at closing and an annual MIP as part of their monthly mortgage payments. The mortgage insurance protects the lender in case the borrower defaults on the loan. Credit Score Requirements: One of the benefits of FHA loans is that they are more lenient wi…

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