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Tulsa Mortgage : Podcast 142 – Part 2

Tulsa Mortgage  He just did it because and I am taking care of him and we have very good competitive rates. And if he did get into the quote he would find that out. But rather than not talk about the pink elephant in the room that hey did you have really good credit and you’re going to get the quotes. I just laid it out in front. Hey. I know you’re going. You ought to. You’d kind of be ridiculous not to get other quotes and a lot of times people they don’t like me I don’t want to mess with it. And if I feel like Tyler shoot me straight and he’s taking care of me and he’s giving me a good deal then I’m just going to I’m just going to go there. But someone else will kind of let that hang out there. And it’s like the thing you don’t talk about you know. And then. The clients kind of uneasy about it. So they’re like I’m sure you’re going to quote ANOVA. But when I just lay it out there and say hey I would go get the courts. It shows my confidence in my ability.

Tulsa Mortgage  To take care of that customer in my opinion would you agree. Totally. How do you do it.

I dress it up front. You know I I tell the borrowers say look you know there’s no harm and let me quote the deal right.

No I don’t charge anything.

Look at your credit. So if I can beat that deal I can beat that deal. Typically what I find is you know we we do things different in Colorado than we do out here in Oklahoma. So we charge one point origination on the fall where you guys don’t what we do now. No. Well but but. So the the my competitor will say well look at all the closing costs that he’s charging and I look at it and tell the borrower Absolutely I am OK.

Tulsa Mortgage  There’s two ways you can make money on a loan. I can make it when I sell the loan or I can charge up front if I charge up front and we can make seller pay it which typically we ask the seller pay some of the closing costs then the seller pays it you get the tax write off and everybody’s happy. If not I got to build it into the rate. And so for every eight I build into the rate on a $200000 loan is 17 more dollars. You figure $17 a month over three hundred sixty payments you’re talking about $15000 interest so would you rather pay two thousand a day and save 15000 or do you want me to build the 15000 into you on the back because I don’t care at the end of the day we’re getting to the same point in 99 percent of the time. Because you’ve got that one percent you can’t lead in the water.

Tulsa Mortgage  Right. And I think what what you’re what I see is you doing there’s you’re educating people on how the game works and that’s where a lot of guys try to. I think a lot of lenders try to trick not really trick but it’s like their game they’re like oh yeah my fees are way low. Well your rates a quarter higher that’s why you know so then everybody’s different because just like you said you probably had to have that concert said. I’d rather have my payment here and bring less to the table because I don’t have or I don’t want to I don’t want to pay it. And that’s their choice. But once you’ve explained to them what the deal is and how it works. People feel educated about it and then they know so then here’s what happens then when their friend or Mom Dad because that person that they trust says well you’re getting no already talked to about it. I know I can get a lower rate. I know I can get a lower rate if I wanted a lower rate I’d pay about $2000 more but I didn’t. I chose to bring less to the table and get a little bit higher rate and that’s OK because they’ve been educated about it. And so you’re for not educating your customer about how the fees work. That someone else is going to. And unfortunately they’re going to educating them according to what they believe which may not be right. Correct.

Tulsa Mortgage  Yeah. It’s always about education and it’s about giving them options. I mean I worked on a loan for a bar last night that went into Iraq. So I worked it up doing a first refinance first mortgage refinancing set with 75000 cash out. And then I worked up just a straight 75000. He thought well all he locks have an intro rate of you know 3.7 for whatever it is. But eventually the rate goes up because they’re at that rate forever. So when everything worked out the block payment was about $140 but higher than what it would have been to do a cash out on just first right after the hit. After everything it was it was just cheaper.

Yeah. And so give your customer the education on what your expertise is instead of there is a such thing such a thing as. Talking over someone’s head when it comes to like the way that stuff works so you kind of have to find that happy place in the middle that says. I don’t want to like boggle their mind but they do but you need educated Right. So. So we’re going to wrap up. But tell me about the two that you said you had this week did you get them.

Absolutely being both. You called them. Yeah.

Tulsa Mortgage  Good. So that’s what the that’s what the deal is guys. I mean if it was Brian and I talked about this yesterday if we as a company get a competitive quote and we need to match or beat somebodies deal to get the client then what’s better for you to get the client or to not get the client I think it’s better for you to get the client. So get the client always get the client because we do loans for people. Multiple times. And but it takes getting that first loan for them for them to get an experience with us. And then the next time they’ll call us and then we’re first there’s a huge value to just getting a customer one time.

Broadcasting live from that koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show.