Mindy Hargesheimer (00:00):

Hey guys. Welcome back to the podcast. Today we are gonna get into the topic of buying a house and mortgages. I have Liz Doyle, who is a mortgage consultant with First Bank. Uh, she came on to talk to me all about basically how to avoid a mortgage disaster. Um, we talk about some really interesting things. We have some funny stories in there as well, some of the, uh, clients that she's worked with. But we talk everything from mortgage Myths. We talk about financial mistakes to avoid. We talk about the different types of loans that you can expect that you might not know about. Um, so if you or somebody that you know is in the market to buy a house in and around Casey, be sure to tune in, send this episode to that person. Um, and I think you're really gonna enjoy the energy and the passion that Liz shows for what she does, because she really truly loves the job that she has here. So I hope you enjoy. Well, I am so excited to have you on. Thank you. We met through Sarah, so shout out to Sarah. Um, actually, I know her. Sarah's my cousin Sarah

Liz Doyle (01:06):

Scoop. Yes,

Mindy Hargesheimer (01:06):

That's right. That's what I call her. Yes. I call her that

Liz Doyle (01:08):

Too.

Mindy Hargesheimer (01:09):

Yeah, we were just talking about how we met at, um, lc Capitan. Yeah. Which was really fun. And then you and I ended up talking about coming on the podcast. Yeah. And this is great. So Liz Doyle, you are Mortgage Consultant. Yes.

Liz Doyle (01:21):

Yes.

Mindy Hargesheimer (01:22):

Right. With First Bank. Um, and we're gonna talk all about what you do in the world of mortgages, but it's gonna be really fun. It's gonna be really enlightening, educational, all the things. But you are kind of falling into my category of like industry experts, which is actually one of my favorite things to do with

the podcast, is to have people come on and talk about like, what they do day to day, what they're super knowledgeable in, what they can really help guide people to improve any kind of facet of their life. So this is gonna be really fun. Yes.

Liz Doyle (01:49):

Yeah.

Mindy Hargesheimer (01:49):

Yeah.

Liz Doyle (01:50):

Page 1 of 27

Mindy Hargesheimer (01:50):

Tell us who you are.

Liz Doyle (01:51):

Well, I am Liz Doyle. I am have been a mortgage lender for over 10 years. I am at First Bank right now. Mm-hmm <affirmative>. Uh, I mostly work in the Kansas City area, even though I can do lending in almost all 50 states.

Mindy Hargesheimer (02:04):

Oh, wow. Yeah.

Liz Doyle (02:04):

I didn't

Mindy Hargesheimer (02:05):

Even realize that.

Liz Doyle (02:05):

Yes. Okay. Yeah. So when you work at a bank, you have the ability to lend in all 50 states. Um, got

Mindy Hargesheimer (02:12):

It.

Liz Doyle (02:12):

If you are like with a mortgage company, then you have to get, uh, like state specific licensing. Okay. But banks have the ability to lend in all 50 states. Um, I, I love what I do. I, I mean, I just sometimes feel like I live and breathe mortgages.

Mindy Hargesheimer (02:32):

You're just dreaming in dollar signs?

Liz Doyle (02:34):

Yes.

Mindy Hargesheimer (02:34):

Kind of.

Liz Doyle (02:35):

Yes.

Mindy Hargesheimer (02:35):

Yeah. Why did you decide to get into it? What led to this? And you've done it for a while, Liz Doyle (02:39):

Page 2 of 27

You think, right? Yes. Yep. So I, after I graduated college, uh, this is really funny. So, after I graduated college, I was living in St. Louis and I was working as a server and I would always go, so this was a long time ago, <laugh>. And I would always go into the bank across the street and deposit my tips from the night before, because I didn't wanna bring 'em all in. Smart. So the branch manager at the bank, it was Commerce Bank. He used to actually like, bring my tip money over for me to the restaurant and like hand write me a receipt and bring and bring it over so he would deposit it for me. 'cause I was like, I was, I ran late <laugh>, so <laugh>, and after I graduated, I was like, shoot, I need to get a job. And I mean, I was making a lot of money as a server, but I'm like, I, I need to get a job, you know, that has benefits and things like that. Yeah. And I had taught, said something to the guy from Commerce Bank, and he's like, oh, what would you like to be a personal banker? Because we could hire you as a personal banker at Commerce. And I was like, that sounds good. Yeah. So I got that job and I really kind of, um, gravitated towards the lending side of it. Okay. I was doing a lot of home equity loans mm-hmm <affirmative>. Which are like second mortgages on your house. And I eventually moved to Kansas City and, um, started doing mortgages.

Mindy Hargesheimer (04:02):

Did in Shaw bring you here?

Liz Doyle (04:03):

Um, no. I just kind of wanted, I just moved from St. Louis to Kansas City. My family was here. Got it. And at the time I was with UMB and it was just an easy Yeah. Move for me.

Mindy Hargesheimer (04:13):

Okay.

Liz Doyle (04:14):

And I love Kansas City. Oh

Mindy Hargesheimer (04:15):

Liz Doyle (04:15):

Gosh. A lot.

Mindy Hargesheimer (04:16):

Right. That's

Liz Doyle (04:16):

Why,

Mindy Hargesheimer (04:16):

That's why I love doing this. It's like people can talk all day long about what they love about the city, but also working here too. Yeah.

Liz Doyle (04:22):

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Which is great. So, yeah. And Kansas City, it, it's, it's great and the people are great and it's just, it's a great place to be. So

Mindy Hargesheimer (04:28):

You talked about how you love your job. Um, let's talk about what you love about it. Okay.

Liz Doyle (04:34):

And then

Mindy Hargesheimer (04:34):

Let's get into who the right people are that Yeah. Um, what I wanna do is for people who are listening to this, who should be listening to it Yeah. Who should be sending this to somebody that this would really be relevant for them. Who does that look like? Um, and then what they can expect to take away from Yes. Our episode.

Liz Doyle (04:51):

Yes. Okay. So if you are thinking about buying a house in the near future, I would definitely listen to this podcast right now.

Mindy Hargesheimer (04:58):

Near future, meaning,

Liz Doyle (05:00):

Meaning like, I don't know, within like the next year. Okay.

Mindy Hargesheimer (05:03):

Perfect.

Liz Doyle (05:03):

Yeah. Six

Mindy Hargesheimer (05:04):

To 12 months.

Liz Doyle (05:04):

Yes. Six, six to 12 months. Okay. Um, I also, any agent, any real estate agent that would, that is interested in partnering with a lender who's gonna take care of them mm-hmm <affirmative>. Um, I would love to listen to this podcast.

Mindy Hargesheimer (05:17):

Perfect.

Liz Doyle (05:18):

Uh, I think that those are the people, the groups that are really gonna benefit from it.

Page 4 of 27

Mindy Hargesheimer (05:22):

Yeah. Yeah. So when I was doing my research on you, of course I saw like these amazing reviews that you have and people are genuinely just so kind about what they're saying the experience was like with you. Um, you know, and there's obviously you can look up, you know, reviews in many different industries, but, um, what really differentiates you? Like, what's your superpower of being a mortgage consultant here in the K area? Yeah. Like how do you help people go through this process to avoid any kind of disaster? Yeah. Or like, make it really easy. Yeah.

Liz Doyle (05:51):

'cause

Mindy Hargesheimer (05:51):

My gosh, we know it's like one of the most stressful things you could ever go through

Liz Doyle (05:54):

Mm-hmm <affirmative>. So the first thing I do is I try to, um, tailor myself to the client, to the person. You know, I do have a big personality, but not everybody does. We love

Mindy Hargesheimer (06:07):

Big personalities around here, so <laugh>

Liz Doyle (06:08):

Love it. Right. <laugh>. But like, I have to make sure that I am giving what the client needs, you know what I mean? So I always have to make sure that they're comfortable and that they're heard. Um mm hmm <affirmative>. Communication is huge. So like, for example, I always invite every single person that reaches out to me for a loan. I invite them to come meet me in my office. Perfect. And that can be really helpful, especially if you're a first time home buyer

Mindy Hargesheimer (06:39):

Mm-hmm <affirmative>.

Liz Doyle (06:40):

Um, because there's just so much to go over. And one thing that I like to do is make sure that I'm not going over anything too quickly. Yeah. So it's kind of like when you go, I, I, I know about, uh, there's all these mortgage terms like escrow and recasting and PMI and the list goes on and on. And one thing that I always tell my clients, and I can always feel them just kind of like, relax on the other end, is that I talk about this stuff so much. Like I could talk about it in my sleep mm-hmm <affirmative>. So if at any point I go over anything a little bit too quickly Yeah. Don't, it's okay to be like, Hey Liz, I, you gotta back up that up. You gotta, yeah. You gotta explain that again because I, I don't understand. And that's okay. It's kind of like when we go to the doctor's office mm-hmm <affirmative>. And, you know, I didn't go to medical school. So if a doctor comes in and they're throwing around acronyms and this stuff, you,

Mindy Hargesheimer (07:35):

It's like a foreign language.

Liz Doyle (07:36):

Page 5 of 27

It's a, for you have to, you have to water it down Yeah. For your people because they don't do that for their career. People buy houses, you know, however many times in their life, but it's not a day in and day out activity.

Mindy Hargesheimer (07:48):

Yeah. And I kid you not, I called our bank last, uh, last week mm-hmm <affirmative>. Um, 'cause we had a situation where our mortgage payment shot up in August, September because we had an escrow shortage. Right. I have no idea how it works. I literally was like, I don't understand. Is it gonna go back down? Did we do something wrong?

Liz Doyle (08:07):

Is the

Mindy Hargesheimer (08:08):

Taxes, like, it is very difficult sometimes for me to understand this stuff. So you would be the perfect scenario for me

Liz Doyle (08:13):

To be

Mindy Hargesheimer (08:13):

Yeah. To be like, dummy it down and help me understand what is escrow, what is happening with it, you know? Right. 'cause there is so much that I am never in my lifetime gonna work directly in finance to understand it. Think goodness. Like, you could make that very, um, just more cool, calm, collected

Liz Doyle (08:29):

For somebody like you. Yeah. And that's the lender's job.

Mindy Hargesheimer (08:31):

Yeah.

Liz Doyle (08:31):

So I remember I wor, I worked at an office once and there was a guy that sat next to me and, um, I just remember him trying to explain escrow uhhuh to someone on the phone. And he was very, very frustrated, you know, and he hung up and he was like, oh my God, they, how? And I'm like, it's your fault. It's not that gotta own it. You, you, it's, you're the teacher. Yeah. That per, you have to, the way you said it isn't working. Mm-hmm <affirmative>. You have to think of a different way to convey that to the person on the other phone, because it's your job to make them understand. Yeah. Whatever you gotta do. Yeah. You have to explain it to 'em like they're a 5-year-old.

Mindy Hargesheimer (09:05):

Yeah.

Liz Doyle (09:05):

And

Page 6 of 27

Mindy Hargesheimer (09:05):

Well, and you said that they, they should be heard and we, we are completely living in a world where people need to be seen and heard. And it's clear that that's even in like, the world of buying a home. Yes. Not just my feelings in a relationship. You know? So. Absolutely. And I think you, you also mentioned too that people come into your office. Where is your office by the way?

Liz Doyle (09:22):

My office is in Leewood.

Mindy Hargesheimer (09:23):

Leewood.

Liz Doyle (09:23):

Okay. Uhhuh

Mindy Hargesheimer (09:23):

<affirmative>. Um, do people, does that mean that's, people are still like doing it over Zoom or video or,

Liz Doyle (09:29):

I didn't

Mindy Hargesheimer (09:29):

Know if that was a COVID thing. You

Liz Doyle (09:31):

Know what, Mindy? I do whatever the client wants. Okay. Yeah. Because sometimes, and this happens a lot Yeah. That we, people are okay with Zoom and people are okay with just a phone call. Yeah. But especially for my first time home buyers. I mean, I just think that there's something about just being together in an office. Yep. And, and, and if they can't make it to my office, then I would meet, I'll meet them at a coffee shop or whatever. Yeah. It's whatever they want. And sometimes I have amazing clients that are like, how do you wanna communicate? And I'm like, no, no, no, no, no. <laugh> you tell me how you wanna communicate number. Yes. Yeah. Some people like texts, some people like email.

Mindy Hargesheimer (10:05):

Yeah.

Liz Doyle (10:05):

Um, yeah. Well,

Mindy Hargesheimer (10:07):

I just, there's such a benefit obviously to being in person and people gravitating towards like your energy and your confidence, and so it makes total sense. Yes. You know, and I would expect that you're probably somebody that people become friends with, like, oh, that is long after you've worked with them and close that.

Liz Doyle (10:21):

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It's, it's like really awesome Yeah. To be able to have, and like agents I work with, I mean, they're not only my agents, they're my friends. Yep. You know, and I work with some amazing agents and I am so thankful for them. Yeah. Because that is, uh, I, I get a lot of referrals from agents and it is just because they, you know, they know me, they trust me and they know that I'm gonna take care of their clients. Yeah. And, but it gets deeper and it gets deeper with my clients too. You know, not to sound like a big weirdo, but like I will do, I will do anything for my clients Yeah. And the people that I work with, because I just want them to have good experiences. Yeah.

Mindy Hargesheimer (11:01):

Well, and obviously, you know, you're gonna work off referrals too. Yes. So that's gonna go a long way. Mm-hmm <affirmative>. Um, okay. So right now, Kansas City Market, what's kind of happening with, um, what you're seeing? Is there anything trending? Are you seeing a lot of new home buyers? Yeah. Are you seeing a lot of people investing? Like, what's happening?

Liz Doyle (11:18):

Yeah. I'm so glad you asked that because what I'm seeing a lot of right now is a lot of step up buyers. Okay. And what I mean by a step up buyer is a buyer who is, has outgrown the house they're in and wants something bigger mm-hmm

Mindy Hargesheimer (11:34):

<affirmative>.

Liz Doyle (11:34):

And this leads me to like, something that I want to talk about so much. Okay. And that is a word called recast.

Mindy Hargesheimer (11:42):

Recast

Liz Doyle (11:43):

Re recast.

Mindy Hargesheimer (11:43):

Educate

Liz Doyle (11:44):

Me. Yes. So this, so if you're a person who is, has a house and you're getting ready to sell it and you wanna buy a new one, the ears like, ding, ding and antenna should go up. Okay. So, so many people right now have homes with a ton of equity in them mm-hmm

Mindy Hargesheimer (12:01):

<affirmative>.

Liz Doyle (12:01):

And they're not really gonna get that equity out until they sell. Well, also, we have to remember that when we go to buy a house, what, in a perfect world, we would be non-contingent. Okay. And what non-

Page 8 of 27

contingent means is not contingent on your current home selling. Right. Well, then you think to yourself, well wait, like let's say I have $200,000 in my current house and I need that to buy my new house. Mm hmm. Mm-hmm <affirmative>. So then I start to think of creative ways to help them with that. And first off, to buy a new house, we can do it with as little as 5% down.

Mindy Hargesheimer (12:40):

Okay. That was one of my

Liz Doyle (12:41):

Questions. Yep.

Mindy Hargesheimer (12:42):

Okay.

Liz Doyle (12:42):

So there's always been like a idea out there about, um, having to have 20% down

Mindy Hargesheimer (12:48):

Even for a new home buyer. Yeah.

Liz Doyle (12:49):

You don't need to worry about

Mindy Hargesheimer (12:50):

That.

Liz Doyle (12:50):

We, no. And that, that's a whole, like, we could even do it as little as zero down. But like, let's just talk about a, a person who's bought a home before and you're going to buy a new house, we need to have at least 5% down mm-hmm <affirmative>. Okay. So people can get that from savings, they can get it from their retirement, they could get it from a gift. Mm-hmm <affirmative>. They could get it as a home equity line of credit on their current house.

Mindy Hargesheimer (13:15):

Okay. Good to know.

Liz Doyle (13:17):

But they need to do it preemptively. Okay. So if a person called me today and we were having like that initial conversation and they're like, we wanna buy in six months, all our, all our money is in our current house, we don't really have any other money. What do you suggest, Liz? Mm-hmm <affirmative>. I would say, let's get a home equity line of credit on your current home. Mm-hmm <affirmative>. And then that we do it at my bank, there's no fees for it. Okay. And that is basically giving you the ability to access that equity with a check.

Mindy Hargesheimer (13:48):

Got it.

Page 9 of 27

Liz Doyle (13:48):

So then, so you said

Mindy Hargesheimer (13:49):

Preemptively, is there a way you could do it wrong then? Where you

Liz Doyle (13:52):

Do it outta order? Well, yeah, because you can't do it once you're selling your house. Okay. Once, so make sure you

Mindy Hargesheimer (13:57):

Don't miss that.

Liz Doyle (13:58):

Yep. Because once you've listed your house for sale mm-hmm <affirmative>. You can't get a home. Like with us, you can't get a home e it gets messy. You can't get a line, a home equity line of credit on a house that you're getting ready to put on the market or have put on the market. Yeah. But even like a couple months preemptively. And that is a, an okay source for down payment. Okay.

Mindy Hargesheimer (14:19):

Liz Doyle (14:19):

Then you have just turned all that equity you have into your home mm-hmm <affirmative>. Into cash.

Mindy Hargesheimer (14:26):

Love it.

Liz Doyle (14:27):

And I'm

Mindy Hargesheimer (14:27):

Assuming you see a lot of people who don't know that that's an option.

Liz Doyle (14:30):

Absolute. You wanna make the word out. Yeah. And then what happens is, it's kind of that we're doing everything in a rush mm-hmm <affirmative>. And we can do that. I can roll with a punches Sure. <laugh>, but

Mindy Hargesheimer (14:38):

Not ideal.

Liz Doyle (14:39):

Yeah. But if we could just, it's, if we could just make everything easier, that's what everybody loves. Yeah. And I, and it just makes me feel so good to see somebody do the plan and then execute it and it's

Page 10 of 27

like, oh my God, this was amazing. Yeah. But anyway, so back to that whole 5% down thing. Okay. So Mindy, like, you're like, okay, so we're buying this new house, we're putting just 5% down. Well then what mm-hmm <affirmative>. Well, at my, at First Bank, we keep our own loans. So we don't serve, we don't send them out for servicing. So when the person sells that house, let's say they make like $200,000 off of their sale mm-hmm <affirmative>. They will call me and I will set them up with my recast department. It is a wonderful young lady named Lauren. So they'll have like a shout to Lauren. Yeah. Shout out to Lauren, who they will call and say, Hey, I'm ready to do this recast mm-hmm <affirmative>. So what she does is takes that $200,000 and applies it towards the principal and redoes the loan at a smaller payment.

Mindy Hargesheimer (15:40):

Okay.

Liz Doyle (15:41):

And it costs $250 to do it. That's

Mindy Hargesheimer (15:44):

It. Yeah.

Liz Doyle (15:44):

And, and for that major

Mindy Hargesheimer (15:45):

Bonus,

Liz Doyle (15:45):

Yes. So at any time you could just do a principal reduction. Okay. Like you could, at any time on most programs, like let's just say 30 year fixed loan, you could do a principal reduction, however, it's not gonna redo your payment to make it smaller mm-hmm <affirmative>. And that's the huge benefit of the recast. Okay.

Mindy Hargesheimer (16:03):

Yeah. 'cause one of the things that I wanna know is, you know, for you working with a new client or repeat whichever, um, what are some of the mistakes that people make that cost them more money?

Liz Doyle (16:16):

Yeah.

Mindy Hargesheimer (16:16):

And then of course, on the reverse,

Liz Doyle (16:18):

What people can

Mindy Hargesheimer (16:19):

Do to save

Page 11 of 27

Liz Doyle (16:21):

More.

Mindy Hargesheimer (16:22):

Yeah.

Liz Doyle (16:22):

Make

Mindy Hargesheimer (16:22):

More.

Liz Doyle (16:23):

Yeah. So the biggest thing that I see that costs people more money, that's extremely, extremely cringe for me, <laugh> is, I'm not gonna name any names, but if you have a lender who's able to advertise during the Super Bowl Mm. Which I think you know what I'm talking about, fill

Mindy Hargesheimer (16:41):

In the gaps.

Liz Doyle (16:41):

Yeah. So yeah. The there, that money is coming from somewhere. Yeah. And it's coming from fees and, um Right. Okay. Because I mean, I am not gonna be able to advertise during the Super Bowl. Right? Yeah. So you just no plans

Mindy Hargesheimer (16:57):

Liz Doyle (16:58):

The near future. Yes, yes. You just have to think about that. Like,

Mindy Hargesheimer (17:01):

So look at the fees. Mm-hmm <affirmative>. Look

Liz Doyle (17:03):

At the fine print of mm-hmm <affirmative>. Yep. Look at the, there's a thing called a loan estimate. Okay. And I recently had somebody who I saved almost $10,000. Yes. Wow. It was a, it was a refinance. And refinances can be really, like, you really want to look like, sharpen your pencil and look at your loan estimate mm-hmm <affirmative>. Because when you are buying a house, like you're gonna write a check at closing and that you, so it's, you're really very, um, like, it's very fine. Like there's no escaping it. You're bringing in the money, but like on a refinance, it's rolled into the loan. So a lot of, more than likely, people are

Mindy Hargesheimer (17:42):

Maybe just overlooking,

Page 12 of 27

Liz Doyle (17:42):

People are overlooking it, everything. Oh. They're just looking at the rate and they're looking maybe, and they're looking at their payments mm-hmm <affirmative>. And this is what they want their payment to be. And since they're not bringing any cash to close, that's rolled into the loan, if you don't look at it, you could be really getting raked over the coals. And I have seen some very disturbing figures out there that people have sent me, and I'm like, no, no, no. Like, this should not be your, my deal's like 10 grand cheaper.

Mindy Hargesheimer (18:10):

So are they bringing you something that they already got

Liz Doyle (18:12):

A Yeah, it's called a loan estimate.

Mindy Hargesheimer (18:14):

Okay.

Liz Doyle (18:14):

Yep. And then, and

Mindy Hargesheimer (18:15):

Can you just do that with as many

Liz Doyle (18:17):

Yes.

Mindy Hargesheimer (18:18):

Uh, what vendors? I was gonna say vendors.

Liz Doyle (18:20):

Yeah. Lenders. Lenders. They do, yeah. As

Mindy Hargesheimer (18:22):

Many as they want. So then they can come to you and they realize, oh, this is the way to go.

Liz Doyle (18:26):

Yes. Because

Mindy Hargesheimer (18:26):

We're going to say that.

Liz Doyle (18:28):

Got it. Yes. Absolutely. And then, and you'll see very quickly, like who's totally out of left field. Yeah. You know what I mean? Uhhuh, <affirmative>, like mo like good, reputable lenders will be very close to

Page 13 of 27

each other. Mm-hmm <affirmative>. And then the ones that are just collecting a lot of fees Yeah. Are gonna stand out like a, a sore thumb.

Mindy Hargesheimer (18:47):

Okay. So for somebody who's looking to buy in the next six to 12 months, what do they need to do to connect with you? What do they bring to the table? How does that

Liz Doyle (18:57):

Start? Yeah. Like

Mindy Hargesheimer (18:58):

What do they need to know to start mentally preparing or creating their checklist of things?

Liz Doyle (19:02):

So the first thing is we have our initial consultation. Okay. And once we, then once we talk, I send them a link to apply mm-hmm <affirmative>. And then we set up another, either a call or an in-person meeting to go over like what their payment's gonna be, what their budget looks like mm-hmm <affirmative>. What their credit looks like, if there's anything that they need to work on. We have all those conversations. Um,

Mindy Hargesheimer (19:25):

That was actually a

Liz Doyle (19:26):

Question I had for

Mindy Hargesheimer (19:27):

You. Um, do we need to know anything about credit scores?

Liz Doyle (19:31):

Yeah. Do

Mindy Hargesheimer (19:32):

You need to have a certain credit score Yeah.

Liz Doyle (19:33):

To buy a house in kc? So, yeah. So like, it's always lender specific. Okay. My company, our minimum is five 80. Okay. And they'll be, um, you know, it, it just depends on like other, other factors. So like,

(19:49):

If you have not the best credit, but then you have like a lot of money in savings and you're putting more money down, you're gonna have a better chance of, of getting approved for a loan. Right. Now there is one thing, which is, this happened like in the beginning of my career, so over 10 years ago, I, I was do there, I was doing a loan for such an, an awesome guy. We had a great relationship and I did not know that he was planning on getting engaged during the process. Okay. <laugh>, which that's to, that's fine.

Yeah. That's, that's totally fine. However, um, we, in lending, we look at something called debt to income. So we divide your monthly debts, including your new mortgage payment mm-hmm <affirmative>. Into

Page 14 of 27

your monthly income. And that can't go over a certain threshold. Okay. So at the place I was working at at the time, we did something called a soft pull on the credit like two days before close to see if any new trade lines had been opened mm-hmm

Mindy Hargesheimer (20:45):

<affirmative>.

Liz Doyle (20:46):

Or anything had changed in the, uh, buyer's financial situation. So my processor was like, um, somebody went jewelry shopping, <laugh>, um, could she kind of a big investment? Yeah. Yes, yes, yes. So he had financed a, something from like Zales or whatever, some of one of those jewelry places, and it put him over the limit to where he no longer qualified for the house because of the, what we assumed was the ring. So I called him because that just kind of made sense, Uhhuh <affirmative>. So I, and he was so cool. So I called him and I really, you know, cared about him. And I'm like, Hey, so it looks like you opened a new trade line with a jewelry store. And he was like, oh, yeah, I asked my fiance to, or I asked, you know, my girlfriend's my fiance now. She said, yes. Yeah. I put the ring on a new trade line that I opened and I'm like, okay, well first off, cool, but <laugh> first off, like, congratulations, I'm so glad she said yes.

(21:45):

That's amazing. That's amazing. But we're gonna need you to return that. Okay. But wait a second. And then Yeah, <laugh>, we, I'm like, listen, return it in the bite again later. Yes, yes. I'm like, listen, I will, I'll call her with you if you want. I know that she's going to be cool with it, but we just need to take it back just until we close. We're closing in two days. Oh, I'm sure she wants that house Uhhuh, you know? Yeah. So just call the, call the jewelry store, tell 'em just to hold it for you, and then after we, and then return it so it doesn't show as a new, um, payment on your credit. Yeah. You'll qualify for your house and then you go back there and you take her back there and get that ring.

Mindy Hargesheimer (22:19):

Okay. So we need transparency.

Liz Doyle (22:21):

Yes.

Mindy Hargesheimer (22:22):

Let's make one big decision at a time. Not within

Liz Doyle (22:24):

<laugh> so many after that happened. Yeah. I have a, like on my, on my, um, congratulations. Email when people go under contract, Uhhuh <affirmative>, it says like highlighted, do not make any, um, purchases Do not change jobs, do not do anything to impact your financial profile. Sure. Between now and close

Mindy Hargesheimer (22:44):

Yeah. Things that we as a general public are not thinking about Right.

Liz Doyle (22:48):

Page 15 of 27

Mindy Hargesheimer (22:48):

Happening on the back end.

Liz Doyle (22:49):

Yes.

Mindy Hargesheimer (22:49):

Have you had any other crazy stories like that? Other words of wisdom of

Liz Doyle (22:52):

Like,

Mindy Hargesheimer (22:53):

Whatever you do. Oh,

Liz Doyle (22:54):

Don't do this

Mindy Hargesheimer (22:55):

Because it'll,

Liz Doyle (22:56):

I did have one guy that told me, um, that he had done that his wife did change jobs. She became like self employed, which, I mean, here's the thing, like sometimes it will be okay, sure. But you just have to run it by me first. Yeah. Do you know what I mean? Like, a lot of times it's, it

Mindy Hargesheimer (23:14):

Needs to be a very Yeah.

Liz Doyle (23:15):

Trusting

Mindy Hargesheimer (23:15):

Open

Liz Doyle (23:16):

Dialogue Yes. Relationship building. Yes. It has, it has to be open dialogue and you'd have to just judgment by me. Yeah. But he had said that like yeah. That he had actually researched it and he decided that he didn't need to tell me. And like, it still ended up being okay. Yeah. So, but like, sometimes, you know, I couldn't, so Yeah. I'm on the buyer's side. Yeah. A hundred percent. Yeah. I am on your side. You wanna make

Mindy Hargesheimer (23:36):

It work for them.

Page 16 of 27

Liz Doyle (23:37):

Yeah, for

Mindy Hargesheimer (23:37):

Sure.

Liz Doyle (23:38):

I wanna make it work.

Mindy Hargesheimer (23:39):

Yeah. Um, any mortgage myths that we should?

Liz Doyle (23:42):

Yes. Let's talk about that. Let's, let's talk about mortgage myths. Let's

Mindy Hargesheimer (23:44):

Mortgage myths. Okay.

Liz Doyle (23:45):

Okay. The biggest mortgage myth that I've, that I've ever heard recently is the 20% down myth.

Mindy Hargesheimer (23:51):

Okay. Yeah. Yeah.

Liz Doyle (23:52):

So we just

Mindy Hargesheimer (23:52):

Talked about

Liz Doyle (23:52):

That. Yes, yes, yes. Did

Mindy Hargesheimer (23:53):

That change at

Liz Doyle (23:54):

A certain point or no? I don't know, but I do know, like, even my mom recently was like, well, don't you have to have 20% to buy a house? Mm-hmm <affirmative>. And no, that's not the case. Okay. Like, we have programs that you could put zero down. Another thing that has a really, like, has kinda like a boogeyman throughout the years is PMI Private mortgage insurance. Yes. Let's talk about that. Yeah. People are like, I don't wanna do, I don't wanna buy a house because I don't have 20%. I don't wanna pay PMI. Yeah. PMI can be ridiculously cheap, so Okay. Like crazy cheap. So like I

Mindy Hargesheimer (24:26):

Page 17 of 27

And what is PMI?

Liz Doyle (24:28):

Is it? Oh, thank you. Sorry. Oh my god. I'm doing the acronyms. PMI is pri

Mindy Hargesheimer (24:32):

<laugh>. I just, I remember it from like my early days

Liz Doyle (24:34):

Mindy Hargesheimer (24:34):

Like the first place

Liz Doyle (24:35):

That I ever bought. Yeah. But I

Mindy Hargesheimer (24:36):

Can't

Liz Doyle (24:36):

Even

Mindy Hargesheimer (24:36):

Remember. Yeah, it's

Liz Doyle (24:36):

Private mortgage insurance. Okay. So it's what you pay whenever you don't put a full 20% down. Okay. Because it ensures the lender and some programs don't even have it. Like VA programs are, do not have PMI, which is a huge benefit for them. Yeah. But it's really not, it's not as bad as you would think. I recently had a first time home buyer, the purchase price was 300,000. He put 3% down and his PMI was like $60 a month.

Mindy Hargesheimer (25:04):

Okay. Not bad.

Liz Doyle (25:05):

Yeah.

Mindy Hargesheimer (25:06):

Yeah. And maybe that's where the confusion comes from about the 20% that uhhuh,

Liz Doyle (25:10):

Page 18 of 27

Mindy Hargesheimer (25:10):

You don't put 20%, then you do have to know that you'll pay

Liz Doyle (25:13):

PMI. Yes. That

Mindy Hargesheimer (25:14):

Liz Doyle (25:14):

Across the

Mindy Hargesheimer (25:14):

Board.

Liz Doyle (25:15):

Yes. And then it gets cheaper for like conventional financing. Yeah. Not to get too, like specific, but it gets cheaper at 5% increments. Okay. So like if you, it would be like a little higher at 5%, it gets cheaper at 10% and crazy cheap at 15%. Like I've seen people like $15 a month or something. Yeah.

Mindy Hargesheimer (25:35):

Seems pretty nominal at

Liz Doyle (25:36):

That point. Yeah. Okay. Absolutely. Especially when you look at what that could keep you liquid.

Mindy Hargesheimer (25:41):

Mm-hmm <affirmative>. Mm-hmm <affirmative>. Um, I think I saw too, so you have different programs for, correct me if I'm wrong. Yeah. But do you have programs for new home or like first time home buyers? Yeah. Or um, military. Yeah.

Liz Doyle (25:54):

Is that a think I think that's really important to note. That's, yes. I think it's great to note. Yeah. Um, we have first time home buyers that we could do as little as zero down. Um, especially Missouri has a really good zero down program that I utilize a lot. Uh, our veterans, we have amazing programs for veterans. Veterans can put zero down. And also my bank does not even charge them a lender fee. Okay. So our usual lender fee is like, I don't know, like maybe around like 1400 or something. And we don't even have that for veterans. So that's a really, that's Thank you for your service. Yeah. Thank you for your service. That's awesome. It's a really great benefit. Yep. Um, I love helping veterans and yeah. It's, it's awesome that we do that for, for them.

Mindy Hargesheimer (26:36):

Yeah. Do we need to know anything more about, um, mortgage rates and how to prepare for them? Can you, do they change, can you change them over time? Like how do you

Liz Doyle (26:47):

Page 19 of 27

Well, so mortgage rates, you know, they, they change. I ki sometimes I tell people it's just kinda like gas prices. Yeah. You know, like they good analogy, they Yep. They go up and down. Um, sometimes what people like to do is I've, is pay points and what pay point. That's like some lingo that you'll hear about in the mortgage world. And that is paying money upfront for a lower interest rate. Okay. And that's also

something that people need to keep their antennas up when they're shopping mortgage lenders. Okay. Is somebody might be like, we have a 5% interest rate mm-hmm <affirmative>. Well that's way below market right now, so that sounds great. Well, what they might not be being transparent about is the money that it costs to get that rate.

Mindy Hargesheimer (27:33):

So again, going back to the fees

Liz Doyle (27:35):

That fine

Mindy Hargesheimer (27:36):

Print that you

Liz Doyle (27:36):

Wanna to the transparency and that would be in that loan estimate. Okay. Just like what we talked about earlier. Yep. That they're mandated to disclose that mm-hmm <affirmative>. But you will find unfortunately some fast talkers that, you know, it's kind of like that. If it sounds like it's too good to be true, it probably is. Yep. So if somebody throws out a, I would just, if someone throws out a rate that is aggressively below market, you need to make sure you're reading through through everything and Yeah. That's right. Mm-hmm <affirmative>.

Mindy Hargesheimer (28:04):

So going back to people who are looking to purchase a home in the next six to 12 months, what do they need to, what's some words of wisdom that you can give to them to prepare working with you or anybody else who's involved in the process?

Liz Doyle (28:18):

Yeah. Yeah. So first off, to definitely call me, I would love to help mm-hmm <affirmative>. And we'll go over what your budget looks like. And also you really need to be working with a real estate agent who knows the market, who knows where you're buying. Mm-hmm

Mindy Hargesheimer (28:32):

<affirmative>.

Liz Doyle (28:33):

Uh, I have a lot of really knowledgeable real estate agents that I work with on a day-to-day basis, and they can really help you to get what you need. Yeah.

Mindy Hargesheimer (28:44):

I have

Page 20 of 27

Liz Doyle (28:45):

Another question that's very important.

Mindy Hargesheimer (28:46):

Yeah, absolutely. I fully uhhuh,

Liz Doyle (28:48):

Um,

Mindy Hargesheimer (28:48):

Support that too, just in my own experience. Yeah. Um, when working with you, is there like an average timeline of like how long people would generally be working with you from start to finish?

Liz Doyle (28:58):

Yeah. Or does it

Mindy Hargesheimer (28:58):

Really just depend on

Liz Doyle (29:00):

Well, so I would say the average contract time is about 30 days. Okay. That's just a kind of like a, a good rule of thumb. That's a good rule of thumb. Mm-hmm <affirmative>. Sometimes it's shorter. I mean, I can get a deal done in like two and a half weeks Yeah. If we need to. Um, it just depends on what the buyer and seller have negotiated. Sometimes it's a long close, sometimes it's like 60 days or something. Sure. You know, it just depends on what their individual situations are. But I really pride myself and I have an amazing team. Yeah. I need to give a shout out to my team. Um, I have a boss named Steve who, oh, by the way, I kind of did a little rehearsal of this podcast, but right before I came, Ooh, I wanna hear about this <laugh>. Yeah. And he told me that I, um, was kind of coming off as like I was teaching a class or like doing a presentation.

Mindy Hargesheimer (29:47):

<laugh>. Well it sounds like you are

Liz Doyle (29:48):

Fully

Mindy Hargesheimer (29:48):

Capable of doing that then. So maybe we should find a spot for that.

Liz Doyle (29:51):

Yeah. <laugh>. Um, and he is like, you need to relax. It's a podcast. You're not like in the front like doing a presentation. But anyways, see hilarious whiteboarding.

Mindy Hargesheimer (29:59):

Yeah.

Page 21 of 27

Liz Doyle (30:00):

Yeah. Right. Um, and then I have an amazing assistant named Crystal and a processor named Jen. And they, we are just like a well-oiled machine. Love it. We, we work together so well and a at any time our clients need us, one of us is gonna be there. So I think it's really nice to know that you have, it's not just me. Yeah. It's, it's, I have these other people that are so important to me that support me. Yeah.

Mindy Hargesheimer (30:25):

Safety in numbers,

Liz Doyle (30:26):

Uhhuh <affirmative>

Mindy Hargesheimer (30:26):

And the fact that you love who you're working with too is gonna show through of course, everything that you're doing too. Um, okay. So people, if they're moving into kc, they can get in touch with you. Um, you said that you can sell 'em all 50 states, but I'm sure you're not selling in other states besides Kansas. So, I, I, Kansas, Missouri, or,

Liz Doyle (30:44):

Yeah. So I mostly lend in Missouri and Kansas, but like I have family that lives in Illinois. That, so you're fully capable of that. Yeah. I just think that's interesting to note.

Mindy Hargesheimer (30:54):

'cause I did not know

Liz Doyle (30:55):

That that was

Mindy Hargesheimer (30:56):

Possible. I was thinking you'd have to like do something in all 50 states

Liz Doyle (30:59):

To pass,

Mindy Hargesheimer (31:00):

You know,

Liz Doyle (31:00):

Whatever. Yeah, yeah. And you do if you're not backed by a bank.

Mindy Hargesheimer (31:04):

Okay.

Liz Doyle (31:04):

Page 22 of 27

But First Bank, which is based out of St. Louis, Missouri, is a bank. So I, like, I recently just had clients, um, move to Texas. Okay, perfect. And I was able to help them and Okay. I helped them here in Kansas City and they relocated. Hi guys. If you're watching <laugh> or listening, um, we

Mindy Hargesheimer (31:21):

Hope so.

Liz Doyle (31:22):

Yeah. And uh, yeah, so I that's really neat that we didn't have, I didn't have to like pass them on to someone else. Good

Mindy Hargesheimer (31:28):

To know. I love that. Good little nugget there. Mm-hmm <affirmative>. Um, okay, we're gonna do some fun rapid fire. Okay. But anything that we haven't covered that you want people to know about working with you, um, anything happening in the world of, um, mortgages, Kansas City real estate, things that are important to you that you might want to add in?

Liz Doyle (31:47):

You know, I think, um, the best advice I can give is just to just pre preemptively and communication. And when you're working with a lender, you want somebody that can communicate very straightforward to you and be transparent and you can tell within speaking to someone very quickly if that's what you're gonna get. Sure. And that's one thing that I really feel that I bring to the table. Mm-hmm <affirmative>. Is I am going to set be very straight with you Yeah. And help you as best as I can.

Mindy Hargesheimer (32:18):

Yeah. And again, I just wanna go back to earlier what we talked about vouch for you, the fact that we met and it's like we became fast friends out at the restaurant. And so I think that that is such a testament to how people's interactions, what they can expect working with you. Thank you. I mean, we were just communicating Yeah. Like so freely and had such a fun time. And then we obviously have been in communication since I think. Absolutely.

Liz Doyle (32:40):

I feel the same about you. Yeah.

Mindy Hargesheimer (32:40):

I'm a firsthand testimonial to what it's like to, you know, work with you in a different sense. So I love that.

Liz Doyle (32:45):

Thank you Mindy.

Mindy Hargesheimer (32:46):

Okay. So ready for some rapid fire.

Liz Doyle (32:48):

Okay. I am ready.

Page 23 of 27

Mindy Hargesheimer (32:49):

Okay. Beach house or mountain lodge?

Liz Doyle (32:52):

Beach house. Okay.

Mindy Hargesheimer (32:54):

Anywhere in particular?

Liz Doyle (32:55):

Um, I can't, I can't think of it. Put you on the spot. It's, yeah, you can put me on the,

Mindy Hargesheimer (33:00):

We can come back to it.

Liz Doyle (33:01):

Okay.

Mindy Hargesheimer (33:02):

Okay. House style. Cape Cod. Mid-century modern or ranch style?

Liz Doyle (33:06):

Uh, mid-century modern.

Mindy Hargesheimer (33:07):

Love it. Me too. New build or fixer? Upper,

Liz Doyle (33:10):

Um, new build.

Mindy Hargesheimer (33:11):

Okay. Heated floors or infrared sauna.

Liz Doyle (33:16):

Heated floors.

Mindy Hargesheimer (33:17):

<laugh>. I would've gone sauna <laugh>, although I want heated floors

Liz Doyle (33:20):

Too. Yeah. <laugh>.

Mindy Hargesheimer (33:20):

Okay. Um, can't we have it

Page 24 of 27

Liz Doyle (33:22):

All? I just get a little bored in the sauna.

Mindy Hargesheimer (33:24):

Well, it's fair. Yeah. <laugh>. Okay. Penthouse downtown or a lake house?

Liz Doyle (33:29):

Um, Lakehouse. Okay.

Mindy Hargesheimer (33:31):

Bad neighbors or bad layout?

Liz Doyle (33:34):

Oh my goodness gracious. <laugh>. That's so hard.

Mindy Hargesheimer (33:38):

It's a tough one. I knew it.

Liz Doyle (33:39):

I would say. Um, okay, so which would I rather have? Would, would

Mindy Hargesheimer (33:43):

You rather have bad neighbors

Liz Doyle (33:45):

In a good layout

Mindy Hargesheimer (33:45):

Or would you rather have good neighbors and a bad

Liz Doyle (33:48):

Layout? Oh, I think maybe good neighbors. Yes.

Mindy Hargesheimer (33:50):

Yeah.

Liz Doyle (33:51):

Good

Mindy Hargesheimer (33:51):

Answer. We'll figure out the layout

Liz Doyle (33:53):

Later. Yeah.

Page 25 of 27

Mindy Hargesheimer (33:54):

Okay. Barbecue tacos or McDonald's?

Liz Doyle (33:57):

Um, tacos.

Mindy Hargesheimer (33:59):

Okay. From anywhere in particular?

Liz Doyle (34:01):

Um, I love Taco Bell.

Mindy Hargesheimer (34:03):

Me too.

Liz Doyle (34:04):

Yeah, but I would, I would, I would be

Mindy Hargesheimer (34:05):

Burrito girl

Liz Doyle (34:06):

<laugh>, but I would go a bean burrito. That's exactly what I was about to say. I love

Mindy Hargesheimer (34:09):

Taco bells. Bean burritos. Just sorry, shout out. Um, okay. Favorite Kansas City restaurant.

Liz Doyle (34:15):

Um, antler Room.

Mindy Hargesheimer (34:18):

Love. Yeah.

Liz Doyle (34:19):

That's

Mindy Hargesheimer (34:19):

Always my, one of my top answers too. Um, favorite cocktail lounge or bar that you like to go to?

Liz Doyle (34:24):

Um, oh my gosh, I don't really go out that much anymore. Where do I like to? That's okay. You don't have what? We don't know where you used always go to is Graham and Dunn.

Mindy Hargesheimer (34:36):

Page 26 of 27

Yes. I love Graham and Dunn.

Liz Doyle (34:37):

Yeah. I don't go there that much anymore.

Mindy Hargesheimer (34:39):

You can never go wrong with Graham and Dunn. Yes. Graham and Dunn. Plus they have a great patio, so love that. Okay. Where can people find, follow you, connect with you? Obviously I'll put all of that into social and everything, um, but tell us where they can

Liz Doyle (34:49):

Tell you. Yeah, so definitely you can call me. I have a website. Um, my phone number's (913) 687-0674. Uh, yeah, I'm right here in Kansas City and I'd love to talk to you and help you. Perfect.

Mindy Hargesheimer (35:03):

Well thanks so much. This is so fun. This is so fun. I love learning a little bit about a lot. Yeah. That's kinda my whole mo and um, you know, I knew with having you come on, I was gonna learn some, a few new things in this world. Um, and so you you did I really app and you did. Yes, I definitely did. I mean, I think there are even some of those things that are out there that I would assume too. Like I had the question, do you have to put 20% down Right. And things like that. So I just think it's really important for people to know that there are different options. I didn't know that there were programs for veterans. Um, you know, I didn't know that you could put 0% down. I don't know because I'm not currently in the market. Right. Because it's not Yeah. But I think there are a lot of questions. It's such a complex kind of Yeah. Space for people that don't work in it. And I think to show your passion and your expertise in it really will come through. And so I'm excited for people to hear about it. Me

Liz Doyle (35:51):

Too. Yeah. Thank you so much for having me, Mindy. Yes. Thanks for coming on. This was really fun.

Mindy Hargesheimer (35:55):

All right. Thank you so much for tuning in and finding inspiration in these incredible stories. If you love what you hear, be sure to subscribe so you never miss an episode. Leave a rating and share the show to help these Kansas City voices reach even more listeners.