Mortgage 101 Podcast: Episode 33 – The Road Home: Mile Marker 1 – Don’t Be a Turkey (Thanksgiving Special)

In Episode 33, Anthony Valentino (from 82°F Hawaii) and Manley Haines (from freezing Wisconsin) kick off the brand-new 12-month series The Road Home – a step-by-step guide to owning your own home in 2025–2026. Mile Marker 1 is all about getting a real, lender-grade pre-approval (not a 30-second online pre-qual). They break down the four pillars (Income, Assets, Credit, DTI), debunk the four biggest Thanksgiving myths you’ll hear at the table, reveal live mortgage rates in the low 6s, and introduce Rate’s revolutionary 5-minute fully underwritten digital pre-approval app. All with Planes, Trains & Automobiles humor and zero turkey jokes… until the very end.

[00:00] Welcome & The Road Home Series Launch

Manley (freezing Wisconsin): I can literally see my breath.
Anthony (82°F Hawaii): Aloha from barefoot paradise!
Happy almost Thanksgiving – don’t be a turkey.
Today we’re launching The Road Home – a 12-month mile-by-mile guide to owning your own home. This is Mile Marker 1: Real pre-approval.

[02:17] The Four Pillars of a Real Pre-Approval

You need all four or you’re sleeping in a burned-out rental car.

1. Income – 2 years tax returns, 30 days pay stubs, W-2s/1099s, overtime/bonus documented.
2. Assets – Down payment + closing costs + reserves, seasoned 30–60 days, every deposit over $500 sourced.
3. Credit – Full tri-merge report. Fannie Mae just killed the 620 minimum – lower-score borrowers have a lifeline!
4. Debt-to-Income (DTI) – Conventional 31–43%, FHA up to 56.9% with comp factors.

[04:37] The Future Is Here: Rate’s 5-Minute Fully Underwritten Approval

• Download the Rate app → answer 7 questions → link payroll & bank.
• In most cases → fully underwritten pre-approval in 5 minutes, zero docs needed.
• Real client story: 9:12 a.m. eating a burrito → 9:17 a.m. $682K approval texted.

[06:33] Live Rate Update – November 24, 2025

• 30-year fixed now in the low 6s (MND 6.34%, MBA 6.37%)
• 175 bps off the 8% peak
• Inventory 35–45% below normal → buyers finally have leverage
• Official 90–180 day forecast: 5.875% – 6.25% by mid-spring 2026

[08:20] Four Thanksgiving Myths That Will Get You Carved

1. “Prices are about to crash” → No crash without 10% unemployment.
2. “Rates are going back to 3%” → Keep dreaming, Uncle Larry.
3. “You need 20% down” → We closed 0% VA, 3% conventional, 3.5% FHA last week. PMI cheaper than Netflix.
4. “Student loans kill your chances” → FHA uses only 0.5% of balance or IBR payment; forgiven SAVE plan loans can be excluded completely.

[13:28] Buzzword Breakdown (Thanksgiving Edition)

• Soft Landing → Fed praying they don’t crash the plane like Neal’s rental car.
• Sticky Inflation → Cranberry sauce on white pants.
• Liquidity → 2022 was drier than my dating life in college.
• Price Discovery → Seller wants $900K, buyer offers $680K, appraiser needs therapy.
• Risk Premium → Extra spread for riding in a frozen truck with Del.

[17:00] Knock-Knock Finale

Anthony: Knock knock.
Manley: Anthony, no…
Anthony: Turkey who?
Manley: Turkey is you if you listen to your drunk uncle instead of us and you’re still eating leftovers on your mom’s basement floor in 2030. Gobble gobble, losers!

FAQ

What is a real pre-approval vs a pre-qual?
A real pre-approval is fully reviewed by an underwriter using verified income, assets, and credit. A 30-second online pre-qual is worthless.

How fast can I get fully approved with Rate’s app?
In many cases, 5 minutes after linking payroll and bank accounts – no documents required.

Are mortgage rates really in the low 6s right now?
Yes – as of Nov 24, 2025, 30-year fixed rates are 6.34–6.38%, with forecasts of 5.875–6.25% by spring 2026.

Do I really need 20% down?
No. VA = 0%, conventional = 3%, FHA = 3.5%. PMI is the cheapest it’s been in 20 years.

Will student loans stop me from buying?
Not anymore. FHA counts only 0.5% of the balance or your IBR payment (whichever is lower), and forgiven SAVE plan loans can be excluded.