In episode 16 of The Real Talk, Raquel Ramirez interviews Phil Stevenson, a mortgage broker from PS Mortgage Lending. They discuss the burning question of where mortgage rates are headed and explore the topic of loan eligibility. He also talks about his background in economics and his journey in the mortgage brokerage business. 

Tune in to get valuable insights and dispel common myths about mortgages.

TIMESTAMPS

[00:01:31] Mortgage Rates and Market Fluctuations.

[00:03:48] Real Estate Market and Interest Rates.

[00:07:13] The Housing Market's Future.

[00:11:38] Calculating Someone's Eligibility.

[00:14:29] Pursuing a Career in Mortgages.

[00:18:07] Veterans Affairs (VA) Loans Misconceptions.

[00:24:08] Veterans Affairs (VA) Benefits.

[00:31:15] AI and its Potential.

[00:40:59] Interest and Tax Strategies.

This episode delves into the complexities of reverse mortgages and VA loans. Raquel Ramirez and Phil Stevenson emphasize that each case is unique, underscoring the necessity of conducting a comprehensive evaluation of an individual's financial situation. They stress that eligibility is not solely determined by income but also takes into account expenses and obligations, such as car loans, student loans, and credit card debt. 

In addition, Raquel and Phil shed light on the rapid advancements in artificial intelligence (AI) and stress the significance of staying updated to avoid falling behind. They highlight the swift pace at which AI is progressing and emphasize that individuals must make an effort to keep up with it; otherwise, they risk being left behind. 

Overall, the episode emphasizes the importance of carefully assessing one's financial situation and considering factors like outstanding debt, bankruptcy, and foreclosures when applying for a loan. It suggests that having a clear understanding of how lenders evaluate eligibility is crucial and advises against wasting time by embarking on a loan search without knowing if one meets the necessary criteria. Hence, this episode encourages listeners to seek professional advice before making any decisions regarding these loan programs. 

QUOTES

• "Once unemployment starts going up or job loss starts being affected in a negative way, that's a positive thing for mortgage rates." - Phil Stevenson
• "They have to do what the buyers and sellers want, which if there's more buyers than sellers, then the values are going to keep going up." - Phil Stevenson
• "Don't wait, because some people have waited thinking that the rate would drop from a five back to a three, and then they eventually got priced out of the market." - Raquel Ramirez
• "So especially in the legal industry, they have to be very careful because it'll just spit out some made-up case law and it just doesn't exist." - Raquel Ramirez
• "Before you get advice from your neighbor, your coworker, your friends, your aunt, whomever, reach out to a professional who does this for a living and who has the reputation to back it up to answer the questions that you have." - Raquel Ramirez

SOCIAL MEDIA LINKS

Raquel Ramirez

Instagram: https://www.instagram.com/featured_properties_intl/

Facebook: https://www.facebook.com/featuredre

LinkedIn: https://www.linkedin.com/in/raquel-ramirez/

Phil Stevenson

LinkedIn: https://www.linkedin.com/in/phil-stevenson-crmp/

Facebook: https://www.facebook.com/phil.stevenson.12/

Instagram: https://www.instagram.com/mortgage_nerd_tm/

WEBSITES:

The Real Talk: https://www.therealtalkpodcast.net/

Featured Properties International: https://msha.ke/featuredre