Episode 4 (maybe even better than episode 3):

What's the artist saying in our theme song? Do you know? Can you tell? Can you tell us?

In The Rundown, Michael and Brad highlight the latest mortgage news and real estate market stats. Michael makes his next prediction for where interest rates are headed. He's 2 for 2 so far!

In The Scoop, it's all about the home-buying process. It's a huge topic so we're splitting it up into two episodes (Episodes 4 and 5). In Part 1, we talk about what's involved all the way from launch (How do you know when you are ready to buy?) up to when you get under contract (hooray!). Our next episode (5) will pick there and go from contract to close and beyond.

In The Unreal, the guys discuss some scams that buyers sometimes experience, so you can be aware, informed, and on the lookout. It's unreal!

In The Spotlight, it's SoBo Cafe in Baltimore's Federal Hill - check them out!

Episode Highlights

• Brad fails to properly introduce Michael
• We have no idea what the words are in our theme song. Do you? 
• Do you know why you want to buy?
• How do you know when you're ready to buy?
• How to pick a great REALTOR®
• How to pick a great LENDER
• Why home-buying is like using a navigation app
• Tips for your online search
• Tips for touring homes with your REALTOR®
• Why it's important to wear socks
• Home-touring etiquette and making sure the water's on
• What to consider when you're evaluating a home
• You've found the one! What now?
• Tips on writing your offer
• Tips on negotiations
• You're under contract! What now? (Find out next week!)
• Most people are awesome, but some people suck
• Scammers suck
• Mortgage imposters, wire fraud, and deed scams - oh my!
• Next episode: Home-Buying Part 2: Contract to Close and Beyond...

Hosts

Michael Becker, Sierra Pacific MortgageNMLS #200085 [email protected] (443) 310-0012 (m) / (410) 252-9000 (office)

Brad Cox, The Vesta Group of Long & Foster Real EstateMD Lic #652795 [email protected] (410) 375-7550 (m) / (410) 583-5700 (office)

Links

Michael Becker, Sierra Pacific Mortgage Brad Cox, The Vesta Group of Long & Foster Real Estate @berealmdpod

Episode 3 (our best yet):

In The Rundown, Michael and Brad highlight the latest mortgage news and real estate market stats. Michael makes his next prediction for where interest rates are headed.

In The Scoop, it's all about credit - what goes into your credit score and tips on how to improve it. There are multiple credit scores, and there are multiple scoring models that look at credit scores differently, so your "karma" score may not be the same as what a mortgage lender will report. They discuss about the 5 most important things that go into your credit score: payment history, amounts owed, length of credit history, new credit, and credit mix. And they review some tips on how to improve your credit score.

In The Unreal, the guys discuss buyer regret, plus the head-scratching changes the FHFA made to loan level price adjustments (LLPAs). It's unreal!

In The Spotlight, it's Berri Purple in Timonium - check them out!

Episode Highlights

• Dispelling the bad information about credit scores
• There's never a shortage of unreal news stories
• Michael's crystal ball rating: 1 for 1
• Interest rates are the best they've been in 4 months
• Rates vary based on a number of factors, and everyone's situation is different
• 2023 mortgage applications are increasing
• Refinances are up too, but it's easy to see increases from near zero
• National trends are helpful, but real estate is hyper-local
• Holiday impact on sales volume in the last 7 days
• Sellers are offering credits more frequently
• Michael's crystal ball prediction for the coming week: rates steady, with a caveat
• The challenges and benefits of credit scores
• Do you know what FICO stands for?
• Who was Issac, and what's so fair about him?
• What you should do if you're going to be late paying a bill
• Why it's not always a good idea to close a credit account, or why you might not want to pay off a balance completely
• Brad is old, but not that old (and Michael is just as old)
• It's been scientifically proven that isteners of this podcast have a far greater attention span than most people
• "Like fine wine, whiskey and cheese, most credit histories only get better with age."
• Our first credit cards were from Bamberger's - who remembers them?
• Dangers of those "no interest, no payment" opportunities when you're buying a house
• Mortgage loan inquiries don't hurt your score as much as you might think, but not all credit inquiries are the same
• Teaser rates, and why you need a "direct line to God" to qualify for some rates
• 26% of all credit reports have a material error - so check your reports (for free)
• The huge impact of medical collections
• CFPB credit complaint
• National Association of Realtors (NAR) reports more than 3/4 of buyers felt buyer's remorse in 2022
• We're not sure if the FHFA uses actuaries - LLPAs don't make sense
• Brad has an acai bowl obsession (and never pronounces it correctly)
• Next episode: The Homebuying Process, Part 1

Hosts

Michael Becker, Sierra Pacific MortgageNMLS #200085 [email protected] (443) 310-0012 (m) / (410) 252-9000 (office)

Brad Cox, The Vesta Group of Long & Foster Real EstateMD Lic #652795 [email protected] (410) 375-7550 (m) / (410) 583-5700 (office)

Links

Michael Becker, Sierra Pacific Mortgage Brad Cox, The Vesta Group of Long & Foster Real Estate @berealmdpod

In our second episode, Michael and Brad discuss the format of the show:

• The Rundown - Mortgage and maryland market information and Michael's rate prediction The Scoop - The main topic of the episode (this week: First-Time Homebuyers) The Unreal - Something unexpected, unprecendented, unbelievable, or just unreal in real estate The Spotlight - Showing some love to local businesses

In The Scoop, Michael and Brad review some of the "normal" challenges first-time Maryland homebuyers face, like saving for a down payment and closing costs, other checks buyers write before closing, the 20% down payment myth, plus some of the "extra" challenges buyers face in today's market. In the second half, they discuss some solutions, sources of funds, mortgage rate buy-downs and mortgage assumptions, and how to make your offer stand out.

In The Unreal, the guys discuss new home construction contract cancellations. It's unreal!

In The Spotlight, it's Michael's Cafe in Timonium!

Episode Highlights

• Michael loves rainy-day football
• Activity is up...from the chasm we fell in - but it's improving
• The doves in Japan
• The art and science of when to lock a loan
• Buyers are finally getting some seller help, and sellers are waking up
• Sellers still getting close to list price, but it's not like the Covid mania
• Who "they" are
• What "they" announced about loan-level price adjustments (LLPAs)
• There are too many acronyms in real estate
• How interest rates and inventory affect affordability
• Geography is challenging
• Brad's daughter is a financial wizard
• Michael's kids like iced coffee
• How much you'll spend on your home search and where you'll spend it
• Did you know you don't need to be a veteran to assume a VA loan?
• Shout out to our partners at Blue Crab Inspections
• Why you don't need 20% down to buy a home
• Minimum down payments by the type of loan
• Don't drain your savings to buy a home - keep an emergency fund
• What NOT to do when buying a home
• The impact of interest rate on your monthly payment and purchasing power
• We're not in Boise anymore, Toto
• Savings, Gifts, and Grants - oh my!
• We don't do love letters
• It's a tough time to be a home builder

Hosts

Michael Becker, Sierra Pacific MortgageNMLS #200085 [email protected] (443) 310-0012 (m) / (410) 252-9000 (office)

Brad Cox, The Vesta Group of Long & Foster Real EstateMD Lic #652795 [email protected] (410) 375-7550 (m) / (410) 583-5700 (o)

Links

Michael Becker, Sierra Pacific Mortgage Brad Cox, The Vesta Group of Long & Foster Real Estate @berealmdpod

In this introductory episode, Michael and Brad discuss why they decided to create this podcast, to cut through some of the noise and bad information, and to provide local, insightful perspectives on Maryland real estate. They also discuss the recent few years since just before Covid-19 and how the pandemic and other factors influenced what happened in the real estate market.

Episode Highlights

• Brad realizes he's wearing rose-colored glasses
• Is there going to be a housing crash?
• Crystal Ball vs. Magic 8-Ball
• How the local real estate market differs from the national market
• How Covid-19 impacted real estate
• How interest rates and inventory affect affordability
• Why mortgage loans are more stable now
• The difference between 2008 and today
• How employment levels impact the housing market
• How Maryland's job market is a bit more stable than the national market
• How the lack of housing supply is keeping values up
• Why you shouldn't read headlines
• Buy within your budget
• The Long and Winding Road was our high school class theme song
• The 2019 market - our last "normal" benchmark
• Maryland's relative good fortune after Covid-19 hit
• The correlation between the 10-year Treasury rate and mortgage rates
• Quantitative easing versus quantitative tightening
• Covid changed the way we think about work and about home
• Covid also made us crazy about what we were willing to do to buy a home
• How the market made it very difficult especially for first-time home buyers
• How investors, and particularly institutional investors, impacted the market
• How increasing inflation turned the market around
• Increasing rent is a big part of inflation
• The rapid increase of mortgage interest rates in 2022
• Why the gap between the 10-year Treasury and rates is a little wider than where it's typically been
• How important CPI has become
• Hopefully interest rates have hit their height and may moderate by the end of 2023
• Life should get a little easier for homebuyers

Quotes

• "The only thing I know about Boise, Idaho, is Napoleon Dynamite."
• "Not only is [real estate] localized, it's hyper-localized."
• "With regard to home equity, it seems like we've learned a collective lesson."
• "In 2021, 64% of first-time homebuyers had some form of regret."
• "Just because your lender says you can afford X, doesn't mean that you have to spend X. You have to spend within your budget, where you feel comfortable, and don't subject yourself to eating Ramen Noodles (with no disrespect to the fine makers of Ramen Noodles)."
• "Rates stayed low until the last day of 2021. As soon as 2023 began...we saw bonds selling off, and it almost continued unstopped through the first five months of the year. It was not an easy time to be a loan guy."

Hosts

Michael Becker, Sierra Pacific MortgageNMLS #200085 [email protected] (443) 310-0012 (m) / (410) 252-9000 (office)

Brad Cox, The Vesta Group of Long & Foster Real EstateMD Lic #652795 [email protected] (410) 375-7550 (m) / (410) 583-5700 (o)

Links

Michael Becker, Sierra Pacific Mortgage Brad Cox, The Vesta Group of Long & Foster Real Estate @berealmdpod