The Credit Authority interviews mortgage professional Daniel Coppola

and once again welcome back to another episode of the credit Authority I am your host Rhonda kulch and we always want to start by thanking our sponsors so once again thank you to equity first if you are experiencing credit and or financial challenges feel free to reach out to any one of their trained professionals they are bilingual Nationwide and looking forward to seeing how they can help create financial success for you so without further Ado we are in studio with our final guest for today's show we have Mr Daniel Coppola branch manager for Cardinal Financial how are you I'm doing well Rhonda how are you you know I just I'm just having a flashback to those good old days of you know 20 years ago more than 20 years ago I know we're looking better and better we are we're getting better with we're getting better better I love um when I have the opportunity to sit with people whether usually in studio it just you get a better Vibe right I can see you versus um during the pandemic when our our uh people would call in and then you can't really get a good sense of energy so you and I have known each other for Jesus over 20 years over 20 years I mean you were at my wedding yes I was I was I remember it distinctly like you were at my wedding so you know I love watching the success right so there's periods of time where I see you I don't see you I see you I don't see you um I would love I wanted the opportunity to bring you on because you're one of the people that when the market changes I know steady and slow and you've built your relationships so obviously tell us a little bit about how you're handling the market change right now well over the past few years I mean this business has has blessed me I've been blessed over the years hard work dedication um you know again with the with the phenomenal band Cardinal Financial uh has just uh you know added to the the success and that I've had and I've been blessed like I said so um you know the market has definitely changed significantly um it's it's almost like people are when they call me for a pre-approval and I'm explaining the current rates and the situation that we're currently undergoing now it's sticker shot people aren't even understanding why how we got from you know three to three and a half percent upwards of you know we're going to be I would say by first quarter next year we're probably going to be in the in the mid to lower eights so it's it's it's it's it's striking to a lot of people and it's definitely going to put you know uh somewhat of a burden on the housing market um as much as I hate to say it um it's definitely people are definitely reconsidering but the flip side of it the rental markets right now going through the roof so uh even though the rates are high I think the rental market right now people are just gonna be paying you know north of a mortgage payment anyway paying rent so um but it has changed I don't think it's going to get better until uh the actual you know presidential election um I think we're gonna weren't for a little rough ride over the next two years I would say so uh we just got to batten down the hatches keep our heads steady and uh you know just keep doing what we're doing we know we you know we know what we're doing and we just got to keep our heads and you know I've spoken to other people on the show that have come in from the financial industry and their predictions very similar to yours as far as where the market goes you know one of the concerns is obviously that you have people purchasing but the housing market hasn't really come down yet you and I have both gone through the market where we've seen you know those changes and we've seen people losing their home to foreclosure do you think that we're going to head towards another foreclosure Market no no that back in the you know back in 070809 unfortunately the The Lending uh criteria was someone loose to call uh to call it Loose is an understatement but yeah now you know all full income check loans lower ltvs uh the housing market has been increasing year over year over the past 10 years so um we're not going to head into something um as drastic as that the flip side of it is we don't have enough uh inventory right now so house prices are going to hold steady especially in your bigger cities your Florida New York's California there's just not enough inventory out there so um even with the rates being as high as they are there's still a demand for housing but we definitely have to get more inventory to keep this moving inventory is definitely a big struggle with uh you know especially on Long Island are you seeing that there's a change to the DTI to qualify or are you finding that look I say it respectfully right you you know my kids since they're babies you know they're 24 and 26 and they look at me to say Mom I'm relying on you when we want to now get our you know their first home are you seeing that more people are needing cosine owners and multiple people to qualify because I feel like the inflation rate is not necessarily keeping up with the income rate that's correct yeah the inflation has has superseded the um you know the cost of living um so now that dollar that somebody was making last year is basically 92 cents before you can get your paycheck so uh it's putting a big burden on a lot of people now you know most of your payments now have gone up you know eight nine hundred dollars a month for that same house um and yeah we're definitely coming across family members sisters brothers co-signing for a family members so we are seeing a lot more co-signing um recently um and I think that's going to continue that's I think it's just it's so expensive how about are you finding that people are settling now selling and then you are providing financing for a relocation there's quite there's quite a bit of people take a deep breath there Dan yeah there's quite a few people and uh that have been leaving the state it's I think the if I saw something correctly on the news the other day I think we're number three as far as people getting out people getting out of New York so um there's a lot to be said for that I mean especially you know um a college graduate something that's first starting making you know 50 to 75 000 uh to live on Long Island is is practically impossible um so you know the the income uh the income barriers that people have here on New York in New York um unfortunately well fortunately for them they can go to another state the Carolinas Florida and make the same amount of money with the cost of living being you know significantly cheaper yeah you know we we see clients all the time that come to us for different financial problems right credit problems financial problems and what we are noticing is that it's just the overall cost of living they're actually not afraid to take on the cost of a higher mortgage payment because they realize that the housing is so important right everybody needs a roof over their head the challenge that they're facing is everything else right so it goes back to when we're looking at that debt to income ratio and what they're qualifying for from your side what are you doing right now to keep yourself relevant with the people that still might be looking you know we talk to people and they're saying well we're doing social media we're going out and about where you know touching base with clients that we used to you know do business with loans that we've closed like how are you managing your staff during a period of time that the market is so shallow well a lot of our you know we've been doing this now for uh been doing this just as long as uh well I just thought at the same time but I've been doing this for north of 23 years now so uh my big client base you know all the people I've done mortgages for over the past few years just shooting them an email hey just checking in hope all as well um keeping relevant with my my realtors doing uh office meetings with them just uh market trends going over market trends at their office meetings um just trying to stay in in you know relative and um on top of the market with with the um with the most of the people that I'm doing business well my referral sources um education education just educating the Realtors hey this is this is the trend now we're in uh this is what I foresee is going to happen in the first quarter second quarter next year and and just give them the foresight as to what what I expect is going to happen and I think too if you have realtors that are also doing rentals it goes back to what you were saying before you know you can still purchase a home even with the accelerated interest rates and that mortgage payment is still less expensive than a potential rent payment absolutely and you're also getting the tax benefit too you're going to write off your property taxes your mortgage insurance let's see if that still holds true but for now it's still it's still a direct write-off so um you know you're gonna get that right off and the appreciation value I don't think house prices are going to dip much because again getting back to my my other comment with uh inventory there's just not enough inventory to bring the house prices down you know you think with everybody leaving something would free up somewhere but I guess not well based on today's amount of again we are in studio with Dan Coppola branch manager Cardinal Financial Dan obviously I know you a long time you are skilled at your craft if other people want to take advantage of your knowledge like I do how do they reach you uh we have an office in Hauppauge 1377 Motor Parkway we're on the first floor Suite 100 uh they can reach out to me on my cell phone the number [Music] 631-431-5554 and I'm available all day all night weekends and so some things never change some things never change so when you're bored and you need somebody to call I call myself I love it so with that in mind once again thank you for joining us on another amazing episode of the credit Authority until next time stay well the views and opinions expressed on this program are not necessarily those of this station JVC broadcasting management or its sponsors