Beards on the Street
Parry Ward and Aaron Pehrson, two Real Estate agents in Salt Lake City, Utah, with a team at Century 21 Everest called "The Luxury Agency". Beards on the Street is two seasoned agents chatting about Life Experiences, Love, Family, Friends and of course the Utah Real Estate Market conditions. Parry and Aaron primarily focus on a system coined "My Top 50" based around showing up for the people in there sphere consistently and with purpose.
Beards on the Street
Beards On The Street Episode 21 - Mastering Mortgages and Mixing Life Stories: Unraveling the Utah Housing Market, Hiking Adventures, and Community Engagement
Are you ready to master the world of mortgages? Prepare for a fun-filled, informative chat with mortgage expert, Lisa Mayby, as we breeze through the complex landscape of the mortgage industry and the unique programs offered by Utah Housing. Lisa provides rare insights into a $20,000 grant program, guiding you through the intricacies of grant repayment, current mortgage rates, and the realities of buying down a rate.
But it's not all finance - we also dive headfirst into personal stories and life discussions, from my son's dentist dread to our adrenaline-pumping rattlesnake encounter. Ever curious about the beauty of Bell Canyon? Let us take you through our hiking adventures and our mesmerizing encounters with cascading waterfalls. Also, stay tuned for the details of our upcoming mixer at the Second Summit Hard Cider Company, a fundraiser for the residents of a Hawaiian town devastated by fire. This episode is a mix of personal anecdotes, mortgage advice, and a strong sense of community - join us for a roller-coaster of a conversation!
Top of the morning. People, top of the morning. How's it going? Morning, morning, morning. Let me check that off. Hey, check that out, dude. Can you see it on your end or not?
Speaker 2:I can yeah.
Speaker 1:We're doing our very first ever remote Beards on the Street. How about that dude?
Speaker 2:Can you I guess can you hear me in your microphone and your headphones?
Speaker 1:Yeah, oh yeah, I can hear you just fine, brother. Isn't this slick dude? Yeah, this is slick as can be. We need to do a lot more of this man. Hell yeah, I didn't know it would be this easy dude.
Speaker 2:I love it, dude, we got to be doing like preview those flips. We've been looking at one, walk through one, talk about and have, like the property information in the middle. You know.
Speaker 1:Yes, we can. We can always do whatever we want to.
Speaker 3:That'd be awesome, because we're good like that, we got middle here.
Speaker 1:We got middle here, oh yeah, so welcome our guests, miss Lisa Mayby. Hello, how are you, lisa, lisa?
Speaker 3:Good, how are you guys?
Speaker 1:Good, I'm just on the street. Thank you for having me. We're going to chat with Lisa here in just a little bit about some conditions of the mortgage industry and also, more specifically, some special programs that Utah Housing has. Correct, correct, perfect, perfect. So what's been going on, aa Ron?
Speaker 2:Well, gabe, my boy, has been having some tooth problems so I'm out in Taylorville at a dentist. He's inside right now getting his getting the molar pulled out. So Yucka. Kind of the precursor to the rest of his, his wisdom teeth. But he's about that age.
Speaker 1:Oh man, I remember when my older brother had his wisdom teeth pulled and dude. He was so sick he got the dry socket.
Speaker 2:Maybe, yeah, yeah, Gabe's a little bit nervous he's getting. They told us a story at the front desk today about some kid who flailed his arms and jammed the needle all the way up into his nasal cavity. I'm like hey, stop the story.
Speaker 1:Why did they tell him that? Stop the story? What in the hell are they thinking, dude? That seriously is funny.
Speaker 2:Dean, I'm actually out here and you met this guy. His name is David Blanco. He's one of my top 50. He's a. He's a dentist, a doctor, and anyways, takes super good care of my family. Got us right in taking care of him, so I'm super Nice.
Speaker 1:Well, you know what's funny? I got a. I got a rag on my, on my son a little bit. So you know Jaden, my big muscley bearded son, he is deathly, deathly afraid of Dennis, Like literally, he goes there, he passes out and throws up every time. Oh, my God Tell me, that's not the funniest thing ever. You know what?
Speaker 2:You build stuff up in your head, dude, and all of the experiences, whatever you make of it, in your head.
Speaker 1:Yeah, that's true, I don't know, I make up. I make up snakes in my head, you do, and spiders yeah.
Speaker 2:You never. We should have posted this, but you never. Did you ever post the rattlesnake you ran into?
Speaker 1:No, I should huh.
Speaker 2:Yeah, Dean Dean's showing me a video from our high class.
Speaker 1:I'm like look at this little cute snake. Where was that? On one of our hikes up we do end up a mutler park up in bountiful and now I was just booking down and and all of a sudden I saw something move and and I about stepped on it. That had been awesome.
Speaker 3:That would have been not bad. Yeah, bad news, it had. It had the copperhead head.
Speaker 2:I knew into the tail and I'm like Dean, that's a rat rattlesnake bro.
Speaker 1:Yes, it was. Apparently. We all know how much I like snakes right, right, right. So a couple of things we want to chat about today. Really quick, we have our upcoming mixer, guys, this is for September I believe it's on the 14th and this one's going to be a good, good, good one. So I've never been to the second summit hard cider company, but one of our team members, shauna, went there and said it's out of control, cool. And then we had a really good chat with the uh, with one of the owners of it, and I guess they've got all kinds of pickleball courts and and cornhole and, and, and, yeah, all kinds of really, really cool stuff.
Speaker 1:And, and our theme, or our, our, our charity, is to try and help these poor folks over in Hawaii that, uh, their whole entire town burnt down. So, as you can see on the screen, guys, uh, that's going to be our, our charity. We're going to be pulsing this out. It's a, it's a straight up cash donation period. We vetted these guys. They're the same one that you see on KSL TV. Uh, it goes straight to the community and 100% of it goes into to helping those people. So I just want that QR code, that QR code there goes directly to them, right.
Speaker 1:It goes directly to the, that community fund. It's the exact same QR code that that KSL is is using. I sought this morning on the news, so, really, really important that we step up as, as, as good people and and I mean, these people have lost everything, including lives. Uh yeah, sad, sad and it's. It's the and the the. The cool part about this is the lady that owns. This is, uh, the second summit. They're actually theming the whole entire night to Hawaii.
Speaker 3:So so we can dress up.
Speaker 1:Yeah, so they're. They're having all their bartenders dress up in in Hawaiian type gear, yeah, and they do for their food. They do uh food trucks and they're bringing in uh a Hawaiian based food truck and yeah, so everybody's going to have to uh support it. And you know, let's all act like we're in Hawaii for a night.
Speaker 3:Let's do it.
Speaker 1:You know, on September 14th. So that's going to be a good one, guys. Just wanted to throw that out and let you know what's up with that one. Uh, another thing I want to talk about and actually, lisa, you came with us on this one is our weekly hike. Guys, we go out every Thursday morning at eight o'clock. We do a new, a new hike every week. Um, that was fun, it's awesome.
Speaker 3:I mean so fun.
Speaker 1:We meet, we just. You can go at your own speed. You can go as far as you want to know. Lisa had a meeting, so she went up with us to a certain point and then said see you and boogie.
Speaker 3:It was in there an hour, I believe.
Speaker 1:Yeah. So we ended up going. I got it, I got a chat about this, okay, uh, we ended up going up to this is bell canyon and we went all the way up to the falls, which I don't know if you've ever had bells canyon. But, guys, it is a no joke, hike man, it's, it's. It's a good half a mile, maybe even a mile, of straight up and it's like you're on stairs cause you're stepping over boulder after boulder after boulder. It was gnarly, and here I'm going to, I'm going to let you see what the present was.
Speaker 3:Yeah, that falls gorgeous.
Speaker 1:Tell me that isn't cool. Stunning yeah, baby yeah, and I mean I I had to pick and choose some of the the pictures I was going to put up, but I'm just telling you guys it was uh what, what a fantastic, freaking hike that one was. I really, really, really enjoyed that one, even though it kicked my trash. We I think we ended up going seven miles, aaron.
Speaker 2:Dang man up and down. Huh yeah, and your buddy.
Speaker 1:Nate, your buddy, nate, freaking, rolled right with us man.
Speaker 3:He was a good hiker.
Speaker 1:Yeah, and Darian even made it all the way up. So, cause you know she, she didn't have her, her inhaler and and she's got asthma and it was, I can't believe she made as far as she did, yeah, so, yeah, fun times, guys, just reach out to us and then come out and hang out with us, man, it's, it's one. It gets you out and get you enjoying the freaking gorgeous mountains that we live next to. It literally took me I think it was 14 minutes to get from my house and Draper to the trailhead.
Speaker 3:Yeah.
Speaker 1:It's quick, and then you're up in the mountains and you're hanging out and so good, so beautiful. Yeah, we are lucky, really quick. There's a QR code, guys, for our website. You know we talk about this every week. We've got our book club every single morning at 9am, where we, where we, read something that's that's going to help you make your life better. We've got our newsletter that we send out. That's also posted on there. We've got you know when the next mixer is. And we've also got our business directory, where, if you're looking for anybody in a trade or or whatever, I mean, we have so many categories in there. If you're not utilizing our business directory, man, you need to start, and if you're not, if you have something you want to add to it and you haven't sent it out to us, get it to us and we'll we'll add it in there for you. So, all right, enough of the house cleaning, right? Oh, we lost Aeron.
Speaker 3:Aeron is gone. Aeron, what did you?
Speaker 1:do he's out of there.
Speaker 2:Why'd you have to?
Speaker 1:do that, dude? Oh well, so Aaron's gone.
Speaker 3:He might be back.
Speaker 1:He might be back.
Speaker 3:We don't know.
Speaker 1:All right. So now on to our guest Lisa. Maybe I've known Lisa for years and years and years. She's a dear friend.
Speaker 3:I love her to death and you know, for about 13 years yeah it's been a long, long time.
Speaker 1:So Lisa came on the hike and I said hey, you, why don't you come and come on our on our program and and let's chat about some mortgage options that people have, because I know it's it's kind of a tough market right now, with the feds messing with the interest rates over and over and over, and so talk to me what, what do you got for me?
Speaker 3:So we just came out or Utah housing just came out with a program Um, you get the first and second um and then they give you a $20,000. You can use up to $20,000 for this grant. Um, they're doing it to target more people that are kind of priced out of the market with the rates right now how high they are, and then the home prices are really high. So with that grant they can use it to buy down closing costs, reduce the principal balance on the mortgage, buy down the rate. I just did one the other day and right now I think the first time home buyer rate is at seven. You can buy it clear down to 5%.
Speaker 3:Wow 5% Yep. Well, so this is a great program. Um the qualifying income on it is about 141,000.
Speaker 1:Okay.
Speaker 3:But, um, the grant is you do have to pay it back, but it's a silent second. They don't have to make any payments on it. But if they're going to stay in the home for a long time, chances are they're going to get that back.
Speaker 1:Okay, so what, uh, um, what does it cost to buy something down like that?
Speaker 3:It just depends on your, on your loan program. I actually have some charts. I can go in there and go look at it, but typically let's say that you're going to buy it down two points. You're looking 300,000 maybe. Oh no, sorry, about three, eight, I think. A price for now it is about for 15, 16,000. Yep, you have the whole grant, but you're also buying down the rate to two points Exactly On a 30 year fixed.
Speaker 1:And the way those grants work. I mean explain to me just so. I get it has to be on new construction has to be on new construction and you have to use so. So let's say somebody bought a rate down and it was only 14,000. Does the other 6,000 go to something else?
Speaker 3:You can use it to buy down the balance on the first mortgage. Oh okay, and so you're saying they don't have to pay this back until they sell the home or refinance it Correct Once they go out of that or refi which could happen, I mean at the rates, but at 5%.
Speaker 1:I mean I don't know. I don't know when we're going to see 5% again.
Speaker 3:Yeah, exactly. So I mean, here's the thing, like it's going to help these buyers that did just were priced out.
Speaker 1:Yeah, exactly.
Speaker 3:So it does help a lot.
Speaker 1:And what's the max you can? You can buy on on that program.
Speaker 3:You can buy it down to two points.
Speaker 1:No, no, no. What's the max loan?
Speaker 3:Oh, loan amount I want. I just looked at that it was 450.
Speaker 1:Okay, so hey, you know I mean first time home buyers that don't have a whole lot of money. What a great program to jump into. Love it, love it.
Speaker 3:And it's a great program.
Speaker 1:So give us an overall view, lisa, of what's going on with mortgage rates and just kind of where we're at. Give us just your you know, your insight on what's what's happening right now.
Speaker 3:I mean they've kind of gone down. They're predicting them to go even higher, so they are going to raise rates again, most likely.
Speaker 1:Dirty feds.
Speaker 3:Dirty feds, but there's a lot of programs out there. You know they help our first time home buyers. There's a lot of you're talking about your investment products. We have a good DSCR loan, you bet, so there's some good programs out there that'll help. The government's always going to help, yeah, because we don't want a housing market crashing.
Speaker 1:We do not, nope, we do not, and it's not even close. So I mean, let's, let's be clear there. This is, this is not 0809.
Speaker 1:No, it's not even close, matter of fact. I mean we were. We just sent out our newsletter and I think last month there was damn near 3000 homes sold last month here in Utah. So people, they're buying and selling homes. You know, if you want to sit around and wait, then then she just told you the rates are probably going to go up. So you know, you take it, you take advantage of different programs that that they have out there to help you get in at the very best interest rate and price that you can, and then, if and when the rates do go down, then use refi, refi and there you go. You know the bottom line is is don't wait around. It's it's not doing any favors at all and there is not another investment that you can put your money into. That's been proven over time, no matter what the market's doing. That is that is better than real estate to put your money.
Speaker 3:That's. I was period. I was saying that I'm like you're never going to get prices. They're never going to go where they were in 2010. No, they roll back, they're going to roll forward.
Speaker 1:Well, and that's it. I mean, you know there's there's still a shortage. I mean literally there's a shortage. I think the last time I looked there's only two months, maybe three months max of inventory which thing is that we're not qualifying people like we were in 2010.
Speaker 3:This market is not going to crash.
Speaker 1:Right? No, it's not, it's not even close. So bottom line is, guys, is, if you, if you've, if you've even been thinking about it, give us a shout. We can set you up with Lisa and she can tell you what you do qualify for and where you're at and what program she has, and and then she hands you off to me and Aaron and we go out and find you the right place that works.
Speaker 3:And think about this program. If it's nice, because they will have money left over to go, you know, buy house furniture or you fix things up. You know what I mean. Like that grant's a great grant.
Speaker 1:Yeah, it is. I didn't realize that. I mean it's cold cash. So if you don't use it all, it's your money.
Speaker 3:Yeah, Well, you have to use it to buy down there. But if people have to come in with closing costs or you don't mean like that right Right. And if you're a first time home buyer, this is a great program.
Speaker 1:Oh, I like it.
Speaker 3:Construction always goes up in value.
Speaker 1:It always does.
Speaker 3:You're going to have instant equity.
Speaker 1:Yeah, yeah, I mean, I was just with some clients out and we've been looking for land for forever and buying land right now is a pain in the Yahoo, and then you got a build on it, and it's just so. We went and looked at some homes and we actually found a home with a pretty big builder that you know, I think. I think that they like their product. You know, we actually were going to put in an offer and then those suckers went and undermined us and let somebody else have it while we were trying to get it. So what happens with the big builders, man? They lack of communication and they're all about first come, first serve Money in hand, right, right, so it is what it is. So what have you been doing for fun, lisa, over the summer? You?
Speaker 3:know what I do? I go back and forth to Florida.
Speaker 1:So those of you that don't know, lisa, she, she, she. What two or three years ago?
Speaker 3:Two or three years ago I bought a house.
Speaker 1:Yeah, she bought a house down in Florida and and is always out and about on the road. She's always been out on the town in the ocean showing off all the fun stuff down in Florida, making us all, you know, wish that we were in Florida. And then on top of that, she went and had to start a business down there as well. So she has her business here. So she trades her time back and forth between Florida. But the beautiful thing about what Lisa does is she can do it from anywhere.
Speaker 1:Pretty much Right as long as I'm working as long as she's working and she's a hard worker man. I'll tell you guys, she's a freaking hard worker, big time. As time as I work, until like 12 o'clock at night, there's been times where I've been bugging her at 12 o'clock at night to get something I needed. To get her done, right Mm? Hmm, that's what we like.
Speaker 3:But I'll get it done.
Speaker 1:She will get it done. So, uh, yeah, I was thinking about going up on my boat this weekend.
Speaker 3:I've only been boating once this year.
Speaker 1:Do you still have your boat?
Speaker 3:Sold it Sold it, wasn't using it. Oh, that's, true, I was back and forth to Florida as I couldn't use it.
Speaker 1:Do you have a boat in Florida?
Speaker 3:No, I'd rather go on somebody else's boat.
Speaker 1:I was gonna say do you know a ton of people that have boats? Yes, Well, we all know Greg and Nancy.
Speaker 3:Yes, that's who I was Actually. That's the last boat I went on.
Speaker 1:Yeah, so there there, greg and Nancy Peck, they got, uh, quite the yacht, what 120 foot yacht that they, they, they basically chartered out and they obviously they get a lot of them in a boat like that. You're chartering it for like a half a day, so like four hours.
Speaker 3:They're my Utah Florida people too. Yeah, they are.
Speaker 1:They, they live here in Utah and they're part of our my Davis County crew.
Speaker 3:Yeah, yeah.
Speaker 1:So I haven't. I've never been down on their boat. I've you know, we've talked about it but it's never happened. But I want to go down because, yeah, I mean they have. Uh, graham, you know, lysia's son used to used to work for him down there on the boat. He was, yeah, he was uh the first mate or whatever they call him.
Speaker 3:They have a great chartering business yeah.
Speaker 1:I mean Graham met all kinds of pro football basketball, you know the chief's out when the chief's won the Super Bowl.
Speaker 3:Yeah, I took them out on the crazy.
Speaker 1:So yeah, I mean I love Bowton. You know, I love Bowton.
Speaker 3:I know you do.
Speaker 1:I have not been on my boat enough this this summer. I need to. I mean, I've been up there a few times, but A Ron and I have been talking about we need to go up and spend some time.
Speaker 3:Yeah, you do.
Speaker 1:You know what I was thinking. I was actually talking to Darian and uh, I think we're going to pick a day It'll be during the week, but uh, we're going to pick a day and just to have our whole team and and and people that support us, like you, and we'll just all go up and hang out on the boat for a day.
Speaker 3:You know what that would be fun.
Speaker 1:Wouldn't that be fun. Just go up and chill out. We can take some food up and have a, have a good lunch, maybe a dinner, and, yeah, everybody can bring in their paddleboards and floaties and cause. You know how I boat, I I drive across the lake, I throw out anchor and hang out. Yep, that's what I do, and it's fun. All that running around and and wave jumping and and surfing and all that that's. That's a young man's game.
Speaker 3:Well, your boat's too big for that.
Speaker 1:It's way too big. It puts out a great weight, though.
Speaker 3:Oh, I'm sure it does.
Speaker 1:Oh my gosh, alrighty people. Well, we uh, I think that's about it, unless, lisa, you got something else you want to throw out there.
Speaker 3:Oh, I'm good.
Speaker 1:So uh once again, guys. Lisa, maybe she's with uh next some mortgage, next a mortgage. Why don't you throw out your phone number?
Speaker 3:801-604-5878.
Speaker 1:There you go, Call her, let's, uh, let's, let's, let's get her some deals and uh that's not programs only around for so long.
Speaker 3:Yeah, exactly, that's free money.
Speaker 1:Don't let grass go grow under your feet.
Speaker 3:Oh, we got to pay rent, so you might not pay rent on your own house.
Speaker 1:Might as well. Alrighty guys, Well we, uh, I appreciate, since Aaron freaking that guy. He just can't seem to stay online. He keeps cutting himself off cause he's so busy and has so many calls and that Dennis must have called them in. Right? I doubt it. He hit a wrong button. I know my buddy.
Speaker 3:We don't know yeah.
Speaker 1:So, anyways, guys, appreciate you, appreciate you. Thanks for uh supporting us here at Beards on the street. Uh, if you haven't done so already, I know I sent out a big thing on social media and I'm going to keep doing it. Uh, and I know the last one, the, the, the. The button I was pointing at didn't work, Um, when they said it would, but it didn't. Uh, please go to uh our YouTube channel, which is the luxury agency, and uh subscribe to our Beards on the street and I'll throw out some uh posts where you just have to hit the button. It'll take you right there, if I can figure it out, or I should say if Darian can figure it out you know, this team's got it.
Speaker 3:We got it.
Speaker 1:We're always trying to be better and you're always doing it. Alrighty, people have a fantastic weekend and, by the way, next weekend is Labor Day weekend. That's so crazy.
Speaker 3:I can't believe this year is gone by.
Speaker 1:It's gone by so fast.
Speaker 3:Like wow.
Speaker 1:It. We're almost in September.
Speaker 3:I know.
Speaker 1:Like, before we know it it's. I'm going to be dragging my boat down to freaking. Have a suit, probably Well, yeah, but sometime between now and October.
Speaker 3:Yeah, nothing, half You're gone.
Speaker 1:Not okay. I do like winter, but I don't really do any winter sports anymore, so that's when he's going to come out and visit me in Florida.
Speaker 3:Him and Lisa are coming out. I got his bedroom waiting for him.
Speaker 1:Baby, let's go to Florida there you go. Especially when it starts snowing and getting cold.
Speaker 3:Cause it's 80 degrees down there.
Speaker 1:Right.
Speaker 3:Sunny shot, the sun sky. Okay, you guys all heard it.
Speaker 1:She gave me the invite.
Speaker 3:I did.
Speaker 1:Thank you so much, lisa, maybe you are very. I appreciate it.
Speaker 3:Thank you for having me.
Speaker 1:All right, kids, have a fun freaking weekend and I will see you next Friday. Have a killer week.