Loan Officer Carrie Wales on The Morning Blend
At Veterans America, we know that achieving the American dream of homeownership is a top priority for those who have served our nation. That's why we're proud to share insights from our Executive VP and Senior Loan Officer, Carrie Wales, who recently appeared on TMJ4's "The Morning Blend." Carrie's advice is particularly relevant for our military community, focusing on her "marry the property, not the rate" philosophy. She sheds light on the current housing market, discussing how you can secure your ideal home even with today's rates, and highlights the availability of 100% financing options, including government programs like USDA loans that may apply to you. Her message is a powerful reminder that with the right guidance, the door to homeownership is wide open.
Interviewer: Welcome back. Well, people who want to buy a home in southeastern Wisconsin are in a bit of a pickle. Interest rates are relatively high and so are prices. So, the big question is, should you just wait until everything starts to go down? Yeah, can you wait, right? Our next guest has a simple way to think about it: "marry the property, not the rate." We're going to explain that. Joining us now is the executive vice president for Provisor, Carrie Wales, with some advice for first-time and repeat home buyers. It's great to see you. Good to have you here.
I feel like it's that quintessential question about rates and waiting. But first, let's get to this idea, this concept, of "marry the property, not the rate." Why is that important? What do you mean by it?
Carrie Wales: Well, right now in a rising interest rate environment, we want to look at the fact that there's still inventory out there to purchase. However, when rates start to drop, that inventory goes scarce. There's going to be more bidders on that same property, and you're going to actually be overpaying for that property because now you're getting a lower interest rate.
Interviewer: Oh, that's interesting. Okay. So, is now a time to buy? You might be up against two or three other families on any given purchase versus 20 or 30 families as rates start to drop and more buyers come into the market.
Carrie Wales: So, it's a matter of competition, really. So right now when rates—you're thinking they're a little higher, and they're not at historic highs. Let's let's keep it—they're down at least a point from last year.
Interviewer: Okay. So waiting doesn't make sense. It's about the property. So when you say "marry the property" it's like, look for the house you want when you're needing it, and right now is a good time.
Carrie Wales: Correct. You always can take advantage of lower interest rates. You can always refinance. You can always drop that rate at any time during your ownership on that home.
Interviewer: I don't know why, but as a first-time home buyer, I feel like I should just get a house for free, like interest-wise. But because there's always been so many historically good deals for first-time home buyers, so you're always like, "Oh, what can I get?" So, like, what what is there available for first-time home buyers?
Carrie Wales: There's a lot of down payment assistance programs available for first-time home buyers. Maybe they haven't saved up enough money to purchase their first home and they're feeling like, "Oh, you know, I need to have that 20% down." That's not the case anymore.
Interviewer: It isn't?
Carrie Wales: No. I mean, we have many programs available for first-time home buyers, um, with down payment assistance, 100% no-money-down programs, seller-paid assistance. The biggest thing is just coming in and sitting down with one of our advisors and talking it through and seeing if now is the right time for you.
Interviewer: Understanding your options. Okay. You said something that I find very intriguing. You said the 100% thing. That's what I—and we teased this—is there such a thing as 100%? Not free. Okay. I don't want it for free.
Carrie Wales: It is 100% financing. There is 100% financing. Um, our state—uh, the state of Wisconsin has a very great WHEDA program that you can do 100% financing on. It's actually a 97% first mortgage and a 3% down payment assistance mortgage. So, that gets you to 100%. And then there's also, um, about 98% of the state is eligible for USDA. It's a government program, and that's a straight 100% program. No money down.
Interviewer: Wow. Wow. Oh. So, do you assess this for people when they meet with you, or do they have to kind of know what they're asking for when they come in?
Carrie Wales: No, we um, go over all different programs to see what's going to be a very good fit for them because not everybody—you know, some people have 20% down, some people have 30 or 40, or they're moving up from a different home and they have that equity.
Interviewer: Remind me, how long have you been with Provisor?
Carrie Wales: Since the beginning. Wow. Yes. 26 years.
Interviewer: Holy smokes. Because I want to know your thoughts on why it's important for people to work with a local lender, especially maybe somebody who has a lot of years of experience in this area.
Carrie Wales: You know, the best thing is that you you get to sit down with me personally or any of our advisors. You're sitting face to face. You know, they can call you on a any given weekend and say, "Hey, Carrie, I'm having an issue here. Can you run a payment? What is this house going to cost me?" Um, it's a more personable experience and we're going to sit down and go over all those options with you. as you're not just going to be a number, an online number.
Interviewer: Yeah. Well, I think when you have that personal touch to it, it feels less intimidating because just submitting your information somewhere feels a little like, "Oh, where am I putting this?" Right. And it is like a lot of people, it's hard to talk about your finances with someone. So, someone you can trust and somebody that's local. I'm sure you've seen that make a huge difference over the years.
Carrie Wales: Correct. And, you know, we're constantly giving back to our communities as well. Yeah. you know, Provisor is very big in helping with the schools and, you know, our veterans, our local veterans and our local establishments in each of our towns all through.
Interviewer: I know you have a take a lot of pride in that as you should. So, I think really the key here for people because they're worried about inventory, they might be worried about rates, they want to they're interested in like what's that 100% deal, sit down with you, get a consultation, see what your options are, stay alert, she swears. So, great to see you, Carrie. Thank you so much. Yeah, we appreciate it. And right now, Provisor has a special offer for Morning Blend viewers. When you mention the show, you're going to get a $500 closing cost credit that can be used for a purchase or even a refinance. Call today to speak to one of their licensed loan officers to get the process started. The number 262-754-4444 or for more information, visit our website!
