Real Estate Explained

Mortgage Insurance Write-Offs, Builder Incentives, & How to Leverage the Big Beautiful Bill with Marcus Fields

• Nick Bush

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In this week’s episode of Real Estate Explained, host Nick Bush sits with mortgage broker Marcus Fields to break down the “Big Beautiful Bill” and what it means for buyers, sellers, and investors in 2025—especially in the DMV market.

They cover the bill’s three major housing provisions: restoring tax deductions for mortgage insurance (PMI), expanding low-income housing tax credits for builders, and increasing state and local tax (SALT) deductions. Nick and Marcus unpack how these changes could save you thousands, open up more housing opportunities, and shift market dynamics across the region.

You’ll also hear their takes on:

  • How to make PMI work in your favor (and even write it off)
  • Why new SALT deduction limits could boost higher-tax markets like McLean, Great Falls, and Bethesda
  • What expanded builder credits mean for affordable housing and community growth
  • The truth about interest rate trends—and why waiting for 2–3% rates isn’t the move
  • Actionable strategies for buyers, sellers, and investors to win in this evolving market

Whether you’re buying your first home, moving up, or building your real estate portfolio, this episode will help you understand the new rules and how to use them to your advantage.

Podcast Intro 

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Speaker 1:

We got you back, bro. Mortgage Coach Marcus, in the building FMG. What's happening? Fmg Fields Mortgage Group? Yes, sir, there we go, powered by by Jesus, by Jesus Shouts to God. You know what I mean.

Speaker 2:

You really tried to go technical on it, though no, I was just thinking, like Powered by. And then I forgot the, but it's.

Speaker 1:

Fields Mortgage Group is all you need to know. You've been here before. You've been here like four or five times now, but you're back on this version of the podcast where we got a professional setup, and so reintroduce yourself to the people in case they don't know who you are.

Speaker 2:

Marcus Fields, mortgage broker right here in Warranty, Virginia. So there's an argument right now that I'm actually pushing that Warranty is part of the DMV, but y'all try to say it's not. But I don't need to hear your mouth about it. Oh, it definitely is.

Speaker 1:

It's definitely not. That's the cutoff, though that's the cutoff it used to be. It is the cutoff, okay, I mean, there's cows everywhere there. I don't know if myself, to remind my Karen, shout out to Karen, my social media manager.

Speaker 2:

Your social media, karen.

Speaker 1:

Her name is Karen. Karen is my social media manager. That's her name and shout out to her she's a beast, she is fire. I have to keep reminding her to put out this clip where Eric and I talked about where the DMV actually is. And so, yeah, the DMV is definitely not in Warrington, but I'm glad you're doing a lot of business out there and you hold it down in Faulkner County.

Speaker 2:

Yeah, I'm out there in Warrington, that Piedmont area, that Blue Ridge area. I love the Culpeper area, rappahannock area, but it's nestled on the western side Of Prince William County. So yeah. Gainesville, haymarket, bristow, and, but I'm licensed in Soon to be seven states. I'm letting my Delaware license go, but I've been around.

Speaker 1:

What are?

Speaker 2:

those states DC, maryland, virginia, illinois, tennessee, georgia and Florida, boom and I'm tied to Delaware.

Speaker 1:

So if you want to buy a house, you need a loan.

Speaker 2:

Refinance anything in any of those states Home equity loans.

Speaker 1:

Holler at Mortgage Coast Markets, Inverse mortgages, all that, All right. Well, we're going to get into this big beautiful bill. We got like a 30-minute time slot right now because we've been yapping. We've been yapping in here for 15 minutes, but I do want to talk about the big beautiful bill because it's important right now. Trump just dropped it. I sent you the article this morning like yo, we're going to talk about this today. And that's also when I kind of started researching it too, because I had no clue.

Speaker 2:

Jump me right on in.

Speaker 1:

But I think that it's a cool thing to talk about. So this article comes from investopediacom and it just says the three key changes in the big beautiful bill. I like to shout out the person who wrote this, terry Lane. Basically, it says the key takeaways of the big beautiful bill. So the legislation I can't even. I can't even.

Speaker 1:

you know the legislation restores tax deductions for mortgage insurance. It also expands the low-income housing tax credit for builders who create affordable rental properties, and then it expands the state and local tax deductions, which could also benefit the housing market in those areas. So we're just going to hit on those three points and, you know, get your opinion. I'm going to tell you my opinion.

Speaker 2:

We're going to you know. See how your bias is affected. Give me those three again because I was listening to it in my head again.

Speaker 1:

So number one the legislation restores tax deductions for mortgage insurance and I'm going to talk about all those. I'll give you some more insight into those things. The second thing is it expands the low-income housing tax credit for builders who create affordable rental properties and it expands state and local tax deductions, which could also benefit the housing market in some areas. So if we just hit the first one right when it talks about mortgage insurance, yeah, so basically there was like a deduction that was removed for people to write off their mortgage insurance. And so we all know that first time homebuyers and I think also like savvy homebuyers they know, okay, principal interest tax insurance, that's what their mortgage insurance. And so we all know that first time homebuyers, um, and I think also like savvy homebuyers, they they know, okay, principal interest tax insurance, that's what your mortgage is, right.

Speaker 1:

And then if you're buying in a condo association or or in a townhouse community, you have a condo fee and HOA. And then there's that thing, that mortgage insurance thing, that people are always like do I got to pay PMI? Why PMI, what's PMI? And you're trying to break it down and the long and short of it is if you're not putting 20% down, right, you have to pay PMI, and PMI is not so bad because, especially in our market, home prices go up. You're paying your mortgage balance down. It drops off automatically at 78% On conventional loans. On conventional it's different.

Speaker 1:

Oh, FHAs are still lifetime Life of the loan, life of the loan right, and so people hate playing PMI because they feel like it's a waste of money. They're kind of throwing money down the drain. Is that how you get?

Speaker 2:

Yeah, and one side of me I understand from a consumer perspective like why am I paying for, especially someone that's got 720 credit scores and they pay their bills and I'm not a, I'm not a default risk, I'm not going to um, going to foreclosure, so why am I paying insurance? Just like, why would I pay car insurance on a car that's not mine? It's like there's no risk there, right, cause it's not mine. But that's essentially what it is. In the event that something happens death, loss of income, whatever it might be because you're not putting down the 20% you got to pay that insurance premium. It's broken down monthly, but it's not a bad thing, right? Because the truth is, in this area, the average sales price might be $500, $525, whatever it is. 20% of that's $100,000. Most people don't have $100,000 to put down, but they do have $15,000. And, depending on your credit situation and the loan and even the lender that you go through and the insurance companies that these lenders are doing the PMI through, your monthly PMI can be $60 a month, which is nothing.

Speaker 1:

And it all comes down to kind of like your file right, Like your profile as a buyer. Right yeah, case by case, Obviously you know 640 credit score, right, you're in the FHA bubble, you're going to have higher PMI, and then FHA has decided you're a risk forever, right? And so they're keeping it on a lifetime of the loan. Conventional 680 PMI is going to be more expensive than conventional 760 PMI. Right, correct.

Speaker 2:

Correct.

Speaker 1:

So it's just like you know, the higher your credit score, the better you know you're. I guess I'm calling it the rate, but that amount could be right. I know nothing is exact, but it could be. But also, if you're going conventional, you could pay the PMI off at settlement, right?

Speaker 2:

Yeah. So that's, that's a trick that a lot of lenders don't even think about the single premium. So you can say, well, I'll put down 3%, I can look at monthly PMI, or I can put the PMI into the interest rate. That's called lender-paid PMI. But then there's the middle ground. You say, well, what is the entire policy going to cost? It might only cost $6,000. So you pay it at the closing table. It's part of your down payment, part of your closing costs, it's part of that whole bundle of money that you bring to the table. And then you know you don't have to pay that PMI ever in life. You pay it at the table. So that's a single premium and it's a really good opportunity, a good option to look at. I've done it. I've actually won a bunch of deals because other lenders just don't know to do it.

Speaker 1:

They don't know to even do that right, they don't know to do it, and so this thing is cool and basically, like you know, however you feel about, trump is whatever, but the big beautiful bill and you know, my wife and I were in the house we're talking about the big beautiful bill because you know you care about some things and you don't care about other things. It depends on what affects you. But for homebuyers in particular, it just says taxpayers who qualified to have this PMI deduction get an average deduction of $2,300 a year, so $2,364 a year In 2021, the last year that the taxpayer that tax mortgage insurance deduction was available, and so it's getting ready to go up now. Right, well, now you can deduct again. Yeah, yeah, yeah.

Speaker 2:

So in 2021,.

Speaker 1:

You could deduct $2,300 when you did your taxes because you were paying PMI, and now that's coming back again. So what's that? So, if you're paying $1,000 PMI, which is like an insane amount?

Speaker 2:

well, those numbers $2,300 that you could write off is almost $200 a month worth of PMI.

Speaker 1:

I was trying to do the math and I was like wait that's not the math.

Speaker 2:

Can I keep the lender do the math so that's $200 PMI.

Speaker 1:

So now, when you're having conversations with the buyers, you could be like yo, it's tax deductible. You do have to pay this PMI out of your pocket every month, but it's tax deductible, right, so you're smooth, especially if it's up to $200 a month. So how are you coaching? What are you saying? Like pros, cons, are you telling them just get?

Speaker 2:

it done. What markets do you want to answer this? I want the real markets. The real markets say if you got 20%, then we ought to talk about it. Okay, because you're not paying it. Yeah, but of course, I say it a different way If you have 20% down payment, you don't pay PMI, but PMI, honestly, it's protection for the lender in the that you default on this mortgage.

Speaker 2:

You're not going to default, right? If you have any problems, call me and we'll figure it out. Do my loan modification or whatever. But it's very simple, because you don't have the 20%. The lender has to ensure they get their money back. It's okay, right? There's a large percentage of people that don't have the 20%, so it's okay, right. And the better your credit profile, the cheaper the policy is or the premium is, and we factor that in, and once they just adjust to that fact that they have to pay it, then we move on.

Speaker 2:

The other thing that I talk to them about is why do you have such negative feelings about the PMI? What is it? And usually it's only because someone, like their parents or whoever, said paying PMI is a bad thing. Ok, well, there's alternatives to not paying PMI. Right, because the reality is this, as if you flip the table and you say I'm going to lend money to somebody and they don't have what I need to feel comfortable lending this, so in the event that they don't, I don't get all of my money back. I have to have some security, like you, as a human being or consumer, would pay a little bit of money or require a little bit of money be paid so you can get all your money back in the event that your investment doesn't come back to where you want.

Speaker 1:

It's almost like you're paying interest on the loan every month, right?

Speaker 2:

It's not interest, but it is.

Speaker 1:

Well, in like a if I loaned you money personally, right, yeah. Or vice versa, and I'm like all right, marcus, your track record, your credit score, it basically says you don't pay your bills on time every month. So you owe me $1,000 a month? Right, that's going to be your payment, but I'm going to add another $50 PMI every month just to make sure that. I have something in the bank when that $1,000 doesn't come through.

Speaker 2:

Yeah.

Speaker 1:

Yes.

Speaker 2:

And in the event that something happens, because life happens.

Speaker 1:

And even better, like now, you can write that off. You can write the $50 off that you owe me. I'm implying that Marcus owes me money. We should just keep that narrative up. No, no, no.

Speaker 2:

Actually it's the opposite. You looked out for me, you know, yeah. So we want the house, we want the lower payment, we want the value to go up, but what we don't realize is we don't always have what it takes to get what we want. So let's figure out some compromise here. The values are going up on property so rapidly that if you take an FHA loan with the PMI or a conventional loan with the PMI and let's say you only put down 10%, 5%, whatever it might be, the value in the next three to five years very well could be to a point where you refinance and the rates are lower when it makes sense you refinance and the PMI goes away.

Speaker 2:

Yeah.

Speaker 1:

And as a first-time homebuyer. Depending on age, maybe, maybe if you're a 45-year-old first-time homebuyer, but if you're a 25 year old first time home buyer and you know that this isn't your last home, it's like why are we putting that 20% down? I've had that conversation also. Like you want to just put a hundred thousand dollars down because you could buy this house today, rent it, rent it out and buy another one the next year, and so on and so forth, you know. And so I don't even. I'm like yo eat that PMI. I actually, my DC house has an FHA loan and so I'm paying PMI forever. And what sucks is it doesn't? I mean I don't know if it sucks or not. I guess like I'm net positive because my interest rate is 3.6% and so I could be like PMI is a waste and I could refinance into a 7% interest rate and that would be an L Just for the sake of removing the line item it always is just about like what's your monthly payment?

Speaker 1:

what's your, what's your, what's like your cash flow in a month? Like, how much are you paying monthly? Can you afford that? It's all good. Yeah, yeah, and mine is rental, so even with my PMI on my mortgage, I'm cashing out yeah. I mean, yeah, it's all good.

Speaker 2:

Yeah, yeah, and we moved from Herndon when I was like nine.

Speaker 1:

So what's so? What about financially, like from like a financial standpoint and price point standpoint, what makes Falk here more attractive than somewhere like McLean or Fairfax County, etc.

Speaker 2:

Number one. I don't know about the price. Well, the price points are better. You can get more for your money out there right In my home, in my neighborhood we've got average sales prices probably about $800,000. In our neighborhood we're in one of the more exclusive. It's not a gated community but it's called Brookside. Good schools, people are friendly, it's quiet. Now there's not a lot of stores and things like that. They like to keep Falk here a little bit slower, so they've been trying to get a Trader Joe's and different things. I mean we don't even have a Lidl or nothing like that, so they try to keep it really mom and pop, small town feel. We got Panera and things like that. But I like it because it's a really comfortable pace for me. I do not like the city from that standpoint Because it moves too fast. It's just too. I don't need all that noise.

Speaker 1:

So it's interesting because you have places like DC, you have New York, cali, where taxes are high, home prices are high and taxes are high, right. And so when someone's making money high earner, they also are giving a lot of that money back in taxes, yeah, right. And then their home values are high.

Speaker 2:

Great segue, by the way.

Speaker 1:

Yeah, you see what I'm doing here, hey y'all, they're getting better.

Speaker 1:

So the other thing that this bill does, the big beautiful bill it increases the state and local taxes deduction so it's called the SALT deductions, which lets taxpayers deduct what they pay in state and local taxes deduction so it's called the SALT deductions, which lets taxpayers deduct what they pay in state and local taxes from their federal tax return. So the bill increased the SALT deductions from $10,000 to $40,000. So if you're in a place, if you want to get out of the country and the slow vibes right, and you want to move to a place like New York, cali, dc, where it's a little more expensive, but you know you're like I make $150,000. Yeah, or $120,000, which is what our area is decided. The AMI is right $150,000. $150,000? Oh it's $150,000?

Speaker 1:

80% is the $120,000. Oh, okay, that's where I'm at. Yeah, okay, so $150,000,. Right, it's like you can deduct $40,000 now from your federal tax returns and not have to take that out, and that's good, because Loudoun County has a really high tax rate.

Speaker 2:

Fairfax does. Prince William I mean Prince George's County is one of the highest tax rates around Montgomery County. So you've got these more affluent areas, if you will, that even from the national viewpoint are more affluent. They have a higher tax rate, not like New York, not like California, yeah, but outside of that in Hawaii, outside of that they're on the higher side of things. Right, so you can write off if your taxes, even if they're 1% of your assessed value, assessed value $750. So you're talking $7,500 a year for taxes, which breaks down to about $600 a month. Right, so you're talking like a really good amount that you can write off.

Speaker 1:

Yeah, and this is from your federal tax returns.

Speaker 1:

So it's like, if you're a high earner, so you got to think what this does to the housing market.

Speaker 1:

Because if you take a place like McLean, you take a place like Great Falls or Montgomery County, Bethesda right, these are places where the wealthy live right, when if you have a lot of money or you make decent money $150,000, $200,000, right Household, $300,000. You're in Vienna, You're in Vienna, you're in McLean, you're in MoCo right, that's $2 million, that's what you do, right. But you have to pay that whole ticket and you got a place like the country, like Western Prince William County that's built up, or even like Loudoun County that has grown so much over the last 15 years, because you get no benefit from living in those areas except the prestige. So then the market is stagnated, right, it's stagnated right. What happens if all of the first-time homebuyers bought the houses that the downsizers are selling in McLean, when the market continues to increase? Instead, they're like we're going to Loudon, we're going to Prince William County. Now there's an incentive for homebuyers buying in those areas that make a lot of money. You can deduct the $40,000.

Speaker 2:

So it's like okay, we can be in this wealthy district, in the right school district and it makes sense because that extra $200,000 we might have paid for our house we get to deduct $40,000 from our taxes and it might be tight throughout the year, not as comfortable throughout the year, but when you file your taxes you get some back of what you've had to sacrifice it offsets.

Speaker 2:

But then you also have people with this other part of the bill where you've got the low to moderate income and a home buyer, and it's affordable housing. And affordable housing is a buzzword and it has so many different connotations to it and, truthfully, depending on how you look, I mean, I've got my own mindset about it. You might have your own thought about it, but I think this also gives people the opportunity to well, it gives builders and investors, developers, the opportunity to go ahead and build something that helps people move in. Yeah, and it also increases the population, but it increases the opportunity for there to be shared wealth amongst the people move in. Yeah, and it also like increase the population, but it increases like the opportunity for there to be like shared wealth amongst the people.

Speaker 1:

Yeah, Look at that, look at, look at Marcus with a segue. You know what I mean. So like, yeah, that's the other thing, right? So another key provision in the bill expands the low income housing tax credit for builders who create or rehabilitate rental housing for low and and medium income rentals. So that's everywhere. But that could be a place like Baltimore, right?

Speaker 1:

I remember like 2017, 2018, it was like opportunity zones. Everyone was talking about them and I think, like places in DC like Deanwood got popping, in Trinidad got popping in because everybody was investing in opportunity zones and this is like a good thing. So people are like, oh, the rich getting richer, like da right, so a builder can go buy in a neighborhood where prices are low or where it's cheap to buy and they can buy that real estate and rent it out. It's like, yeah, but if they're creating a solid product for people to live in, they get a tax credit for it, but they're incentivized to do that. So it's like that is why they will do it. So I always think it's a positive and I'm on this side of the aisle right where I'm just like, yeah, rich people.

Speaker 1:

And I think I'm going to do a take about this today where it's like yeah, wealthy people are getting, the rich are getting richer, right, but they're getting richer because they qualify to get richer. Like you have to make a like the tax code is for every American, it's for every american, but you have to qualify for the incentives. So you have to make x amount of dollars to qualify for that incentive. And I feel like if you make x amount of dollars, you should qualify for the incentive. When we were in pontiac right and and I say, okay, there's a billionaire dude like walking around the campus, but he employs 9 000 people. It's, it's 60,000 people in Pontiac, I looked it up and 48,000 people that are adults. He's the economy in this joint. Let's give him some incentives you know?

Speaker 2:

Yeah, I'm glad you looked that up.

Speaker 1:

Yeah, I looked it up because I have this debate with my wife and mother-in-law all the time, because around the election time we were debating, I was, you know, we were debating on time and I was like. I was like like why do we hate the billionaires? Like why am I supposed? I need to know, why am I supposed to hate the billionaires? Are we mad because they got money, or or or like is there something else? And it's like, well, and how many employees does Jeff Bezos employ? And it's just like, yeah, he probably should get some incentives. You know what I mean. And so when I looked at Matt shout to Matt Ishby he owns the Suns I'm like, okay, he's probably getting some incentives, but he employs 9,000 people of the 48,000 adults in Pontiac. Like what happens if he moves his shop?

Speaker 2:

Yeah, that economy crashes in a very, very real way.

Speaker 1:

I'm like you should be appreciative of a billionaire who took a risk to build a big company so you can work there.

Speaker 2:

Yeah, and additional shout out to him there's nothing negative you can say about that dude. Yeah, he's the dude. I've been under his voice and mentoring. He told me something, uh, for almost three years. He told me something, uh, about two months ago and he was like, he looked me in the face. He was like you're the, you're the expert, right, nobody else knows what you know. Tell the people what to do. They don't know, right, like, lead them. And I was like you know, sometimes, and it was on, it fell on the heels of what you and I were talking about, like yo, how come you don't do this? Why you're doing?

Speaker 2:

I'm second guessing myself so right after you and I were having look and and after 22 years in the business, there's still self-doubt. There's still this thing that I battle myself regularly, right? Because even when Javier was standing there, like I'm listening to him, I'm like, hmm, yeah, I do that, I used to do that. You flip into this competition mode, but it's really not about him, it's about me, right. And if I tell myself I can't do it enough, then I won't do it.

Speaker 2:

But this man, who is a billionaire that owns the team that we watch regularly, right? You know, I think the KD trade was a good trade. By the way, they got to get rid of Bradley Beal, but that's another story. He said, yo, you're the expert, tell him what to do, tell him what to do. And like when I say, yo, take this loan with the PMI or you can buy this house or buy that house, depending on what you want or what you don't want, yeah, one thing I wish that I would see like even in Falkier, it's like there are a lot of dead spaces.

Speaker 2:

If you look up Brookside, brookside is on the old Army base for Vent Hill. Yeah, vent Hill Army base, that's what they used to call it there are barracks that are there. There's like an old gym that they continue to refurbish and they kind of like put Band-Aids on it, whatever, but these barracks have been boarded up, windows broken or whatever. You could build affordable housing. You could do something with these dead spaces in so many different areas, but the politics of it, all the people who got their hands greased it drives me nuts, man, and literally.

Speaker 1:

That's what the bill is geared for, right.

Speaker 2:

How do they shut these people down?

Speaker 2:

Low-income housing tax credit for builders who create or rehabilitate rental housing for low and medium income rentals so you can do that and that's why, like in in the space that I'm in now, like I can do land development, yeah, I can. I can put the thing to put the team together. Yeah, that could go in and be like this is what the plan is. They're trying to do it in some other spaces over in the area, but I'm like yo, we could revitalize this area because the issue is that people, even with the prices and the rates and all the things, people can't even afford to live in a house that you might rent out at fair market rent, but because everything else is so expensive, they're struggling to pay fair market rent to you. So we need some other spaces that are still good green spaces, they still have the amenities, but because you make 5,000 less than what you, let's say you need, or whatever, to be able to live comfortably, you shouldn't have to live in the hood, and you know.

Speaker 1:

I don't know. I don't know this as a fact, right, yeah, but what I'm assuming is that when you're building or you're investing, you win on the buy side, right A flipper. When you're flipping a house, you win on the buy side. You try to buy as low as possible so you can bake in your return. When you're building, you have to build at the cheapest cost so you can bake in the return, because the market can do anything right. And so this says the low income housing tax credit remains the nation's most effective tool for building and preserving affordable rental housing, said David Dworkin, president and CEO of the National Housing Conference. Right, and what that sounds like to me is that like, okay, if I'm going, I use Baltimore, as you know, because that's the easiest. Okay, I can buy a house for $60,000 in Baltimore, I could buy, you know, and there might be five of these on this block and everything's bandos, right, there's five bandos and the other ones are still there.

Speaker 1:

Usually in Baltimore it's like 15 bandos and then two houses that are not abandoned, and so it's like, okay, well, if each of those costs 50,000, I can buy them at 35,000, which doesn't affect the pricing in the neighborhood, because people think like, oh, somebody wealthy that can buy all these properties are going to come. They're going to buy them at a premium. Then housing prices are going to go up and now we can't afford to live here. Well, no, an investor is buying on the cheap, right? Because they need to make their money on the back end. So it's like, okay, these houses that are 50,000, I can buy them now for 35, really positive for someone if you have a great developer, investor, builder to come in that's going to build a quality product that you get to chill in, something that's nice and it's geared to affordable housing. Yeah, so they're not saying like you're going to buy this and we're going to move in the recent college grads. It's like, no, this is for low income people.

Speaker 2:

Yeah, Families, I mean everybody needs to start. Man, you got to find a good place to launch your dream, Because if nobody gives you some help, a hand, it's not even a handout, and sometimes a handout is okay, right, yeah, but it's really a hand up Like man. Somebody's got to take the step and reach out to these people who are hardworking. People have dreams that are just watching everybody else accomplish their dreams, and that's where that self-doubt just like you and I face sometimes, that self-doubt like man, we'll never be able to get it. And then time goes on.

Speaker 1:

All right. So we just went over this big beautiful. Are we shouting Trump out? Are you shouting Trump out or are you not shouting Trump out?

Speaker 2:

Personally I ain't shouting him out, but I mean, like as a human being, I only rock with how he rolls, yeah, but as a businessman, I think that, like he's made some you know, businesses rise and fall right, yeah, and he looks at himself and things he does as a business, yeah, so I'm cool with the things that he does from that perspective. But again, some of the other stuff is just, it just does too much right, I'm not going to the UFC fight, you going to the UFC fight.

Speaker 1:

Yeah, so Trump's trying to pull off a UFC fight?

Speaker 2:

on the White House lawn with 20,000 people which you know.

Speaker 1:

Obviously that's a lot of taxpayer money to pull that off right Because you have to protect the White House. So that's you know. You got to use Secret Service.

Speaker 2:

It's hard to get a tour at the White House how you going to have all those people come to the lawn and do it. Rob.

Speaker 1:

Markman and we have to pay for that event to happen. So yeah, I'm already paying for the event to happen. Rob Markman, I watch UFC. Rob Markman, I would definitely go to the UFC. That's dope bro. I don't care who's in office, I'm rolling. Rob Markman, you going, rob? Fight Plus inside TV is better entertainment. But if someone's like yo, we're about to hit the White House, I'm doing it. I'm doing it.

Speaker 2:

We might have to.

Speaker 1:

Yeah, stop being, you know, get out of here, bro. So, before I let you out of here, bro, lender, on the podcast, we, uh, so that was a big beautiful bill. That was good, bro. We just like you liked it. Yeah, we crushed, bro. I feel like we crushed. We gave a lot of good advice. Let's get it. So, lender, on the podcast, in 2022, 2023, marry the house date. The rate came out, every real estate agent, lender, was saying it for six months 2-1, buy down, 2-1, buy down. And all those people that 2-1, they did not have the ability to refinance. So why have interest rates not gone down?

Speaker 2:

Honestly, I don't know. I don't think that any of us really know. It's so many different moving parts, right? They talk about inflation, they talk about the job report, the employment reports. They could move them down if they really wanted to. I think now we've flipped into this buyer's market, right, would you agree?

Speaker 1:

Yeah, I think we're balanced. I don't want to say we're buyers, but we're balanced.

Speaker 2:

Okay, I think that it's coming. The rate decreased, yeah, I mean because here's more. It's okay, I think that it's coming. The rate decreased, yeah, I mean because here's the thing like, you've got people that have been seeing the programs and seeing you know all the social media stuff, and a lot of people have gotten prepared and said I'm going to get pre-approved or their pre-approval ran out, right, and they're willing to do it again quickly, no big deal. But now there's inventories up 80% or whatever it might be. So now there's more opportunity out here. So, with more people in the market, it's time to drop these rates, right, yeah, because I mean, a lot of life is just unaffordable and honestly, I think it's time.

Speaker 2:

I thought the rates were going to be lower by the end of the first quarter, but they may be a little bit lower by the end of the third quarter, but we're still down. We're still under seven percent, like across the board. So so the 40-year historical average is seven percent, so we're beneath that. If they get to six and a half by the end of the summer, by the end of the third quarter, great, yeah, but like, but, like by now and like. I think people just need to stop thinking about the two and three percent like that was get out of your mind.

Speaker 2:

It was it was an anomaly, right, because here's, here's the reality. If you want the two and three percent interest rate, you got to go back to that environment that that gave you the two and three percent interest rate. Do you want the masks again, right? Do you want the masks again? Yeah, right. Do you want the shot? You know all that stuff. Do you want COVID again? No, nobody wants that. So we're still winning. We're under 7%, so let's just keep it moving. Man, buy real estate. Buy real estate. Buy real estate.

Speaker 2:

Do it All, right, man 25 South 4th Street, warranty Virginia, 201-86. Cell phone 703-867-9152. At Mortgage Coach Marcus at Fields Mortgage Group easily found.

Speaker 1:

Fieldsmgcom. I'm all over the place and follow Marcus on Instagram Mortgage Coach Marcus for sure, because he's always dropping content and he's excited about it. He's got these little graphs. He sends them to my DMs all the time.

Speaker 2:

He tags me, so I add him.

Speaker 1:

So if you follow me you'll see some of it. But like he's in the game for real trying to give you information, so shouts to you, bro.

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Nick Bush

Host