“Mortgage 101” offers education on local real estate issues
Whether you are thinking about buying your first home, or you are a seasoned real estate investor, you cannot learn too much about the local real estate market.
That’s the premise of the radio show called “Mortgage 101” hosted by John McClellan, a seasoned mortgage broker with over 12 years of experience in the Austin mortgage industry.
“About two years ago, I was approached by 1370 am to do a real estate show on Sunday afternoons, and I jumped at the opportunity,” says McClellan. “Our original focus was specific to the mortgage industry, which is where ‘Mortgage 101’ comes from. I quickly realized that mortgages are really more about the local real estate market and that I had to expand the show’s format to encompass more wide ranging topics about the Central Texas real estate market in general.
“That’s when I found Kevin Bown. Kevin, who is born and raised in Austin, has over 10 years of real estate experience,” notes McClellan. “Kevin and I clicked instantly on the radio, and so now the show has become banter back and forth. Having both of our insight provides a nice dimension—I give the financial side, and Kevin’s got his feet on the street.”
Mortgage 101 airs from 1-3pm every Sunday afternoon on Talk Radio 1370 A.M, and features different segments such as The Mortgage Manager, talking about different aspects of mortgages and what you can do with them; The Consumer Credit Corner, offering secrets about how to improve and keep credit scores high; and How to be a Flipper Not a Flopper, providing sound advice to investors that “flip” homes. Once a month, the show features a top-ten countdown of the hottest MLS areas in town, which is always popular with the listeners.
One of the most popular aspects of the show is its call-in format. “Sometimes, we only get through about 20 percent of our intended content for the show because of the amount of calls,” says McClellan. “We love when that happens because the show morphs into different directions. And those subjects are very relevant to our audience and issues facing the local real estate market at the time.”
“Real estate is like a roller coaster,” notes McClellan. “It goes up and it goes down. If you are an investor, you want to take advantage of the dips and peaks. Over the last 30 years, Austin’s real estate market has gone in four year cycles. Our real estate market is doing well now because we are coming off of a three year down cycle. In fact, if you listen, you can hear the tick, tick, tick as the roller coaster climbs the hill. When it gets quiet, however, we are about to go down the first hill. My crystal ball broke a long time ago, but assuming that interest rates stay relatively stable, I believe that we have another 18 months of solid growth in the market.”
Who is John McClellan?
John has over 12 years of experience in the mortgage business, and he has been ranked in the Austin Business Journal in one of the top ten mortgage brokers in Central Texas for the past five years. He has grown his business through referrals and by providing education and sound advice to his clients.
“The mortgage industry has changed dramatically over the12 years I’ve been in business,” says McClellan. “For example, when I started, you couldn’t do a cash-out loan. Not only did Banks not use credit scores, but not very many of them offered loans through brokers. And, you didn’t have to have a license to be a mortgage broker—so there were a lot of fly-by-nights (I call them Loan Rangers!). Now, there are hundreds of mortgage products—there are more lenders out there competing for business, and that’s good for the customer. But it is important to get educated from the beginning, because the wrong mortgage can cost you thousands of dollars over the life of your loan.”
Team McClellan
“My first job when I meet with a client is to sit down with them and go over the loan process,” explains McClellan. “I help them determine what their needs are and what loan programs are going to be best suited for them. Since there are so many different programs out there, you can tailor fit to the needs of each borrower. After that, I introduce them to the staff, and we walk them through the process step by step
“There are many entities involved on both sides of the real estate transaction,” Says McClellan. “There’s a buyer and seller, agents on both sides, a mortgage broker, appraiser, surveyor, title company, attorneys, inspectors, the city and county taxing authorities, insurance and so on. Our job is to be the hub of where all that is coordinated, and you can’t do that if you don’t have good communication.
“We provide successful communication to coordinate all the moving parts because of my team, which consists of myself, two loan officers, an assistant and a processor. Vanessa, my processor, has been in the business for over 20 years. Jason and Josh each have over five years experience, and my assistant has been with us for over a year.
“The true benefit of our team is that you always have someone knowledgeable to pick up the phone,” notes McClellan. “Someone is always available.”
1370 AM, Sunday’s from 1-3.
