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Tulsa Mortgage : Podcast 19 – Part 2

Tyler: I think you covered it pretty well.

Steve: Do we have any questions from the live Facebook audience? I forgot to do story time Tulsa Mortgage.

Tyler: You did.

Steve: You can’t hear this on Facebook but we have a story time music play. Chris Darwin says this is very educational. Chris Darwin Tyler says, “Right the sellers name on the contract.” No one understands that, no one understands Tulsa Mortgage.

Tyler: Owner of records.

Steve: Owner of records something to get us going. So while we’re talking about interest rates and we’re telling stories about the people that paid too many discount points or too much cost. Why are some the lenders– we talked about why are some lenders much lower than everybody else. So how do I get a good rate quote from all competing lenders? So Tyler I have written down because I spent about an hour today just for these podcasts and writing down what I thought to be educational and valuable information for a consumer who might be watching this. So I came up with, on my own Tulsa Mortgage—

Tyler: [laughs]

Steve: I don’t why you’re laughing, but, on my own—

Tyler: I just want to know where did you find that hour and where can I find one. Was it a 4:00 AM?

Steve: Yes, so funny, I text Greg last night, at 8 o’clock, and I said, “Are you awake?”, and at 3:30, 3:29, he said, “I am now”.

Tyler: That’s the hour. Found it Tulsa Mortgage.

Steve: To which I said, “Sleep in today, you did?” At 3:30. Anyway, how do I get a good rate quote from all competing lenders? There’s four things that I think you should absolutely do in order to compare apples to apples. Now remember, Tyler. I wrote this. This is my material, and I printed you copy over there, in case you needed it. So number one is; get your rate quotes on the same day, at the same time of day. Well, why do you think that is, Tyler?

Tyler: Because rates change. They always change.
Steve: How likely is that you’re going to get the rate quote from several lenders at the same day, at the same time?
Tyler: Right. That’s –
Steve: Probably not likely. So I’m going to say, while I was writing that down, that I was probably wrong. So I would say, just try to get—I didn’t write this. Here’s the deal. That’s the point. I didn’t write this. I found it online. Number one is try to get a rate quote, try to get it at the same day, because rates move and we tell people that all the time. I see that you got a quote from somebody, but it was three days ago. By the way, the market has moved and so, whatever quote they gave you, I can’t quote you based on a rate that was available three days ago, right? Tyler?

Tyler: Right.

Steve: Some engagement, I’m trying to get Tyler engaged here peeps.

Tyler: I’m watching my microphone fall was.

Steve: Tulsa Mortgage  Hey, what else? I wrote it down for you, so what’s the number two thing that I put down there?

Tyler: Get your rate quotes on one loan program, like compare apples to apples basically. So you’re not going to get an FHA quote from one person on, say, an FHA 30-year, and then go get take an FHA 15-year, and try to say, “This is comparable”. Make sure that your quotes are apples to apples.
Steve: What happens if you get a quote that’s not apples to apples?
Tyler: Then it’s completely inaccurate. It’s like me comparing the price of a Chevy truck to a Ford Mustang.

Steve: Comparing Ford to Chevy? I think I need to do something crazy.

Tyler: What Tulsa Mortgage?

Steve: You’re saying weird [unintelligible 00:12:44] for your Chevy. And Robert Upton said to make sure you’re comparing apples to apples. Lender paid mortgage insurance versus bar paid mortgage insurance, and maybe I’m quoting a large credit for interest chosen to help with closing costs versus a part rate. What we talked about earlier, the opposite: I have a low rate and high cost is I have a higher rate and lower cost, or no cost, right?
Tyler: Yes. We actually had people take that option today.
Steve: That’s right. We did. We had a lady that took — how much high of a rate?
Tyler: I think it’s only about an eighth, an eighth higher maybe a quarter.
Steve: It was a quarter. I was setting him up but I already knew the answer. She took a quarter higher rate so that she could get a credit to her closing costs. Rob has done that before clearly. So that can get a little handy, here’s the thing, just make sure you talk to a lender that you trust, and get a rate quote from a couple, unless you’ve already got one from me and then don’t get any quotes, because I’m the best. What’s number three Tyler?
Tyler: Get a rate quote from a timeframe long enough to cover your transaction Tulsa Mortgage.
Steve: Make sure it’s good, and they can lock it, and you can close [unintelligible 00:13:53].

Tyler: Right. Make sure it’s not a 5-day lock, 15-day lock. Something like that.
Steve: Yes. They quote you something that’s impossible to do. Closing in five days. It’s impossible to do that. The other thing I wrote down, that I didn’t write down, is get a quote for all the lender fees associated with that rate and that’s what Rob was just referring to on Facebook. You got to compare-I talked to a guy I don’t know, this was in February I think – and he said that he had this online lender that was quoting him a really low rate, and when I went in and looked at rates, Tyler, I said, and I looked at the quote that he got from the guy. It was a $100,000 loan, and they were quoting $2,400 in discount points, and I said, “Okay, you’re paying like two and a quarter in discount points to get that rate”. The rate I was able to offer him was about a quarter of a percent higher, but it was at no cost, and I did the math for him. What do you think the math came out to an 100,000 loan? It was like five-six bucks a month. Get your calculator, because I know none of us can add, right? You got to have a calculator to do that. But you take $2500, divided by six bucks, and it was 416 months before it was going to pay for itself. I think it was $12, but so, it was 200 months. That’s the kind of thing we don’t want to get in trouble with, right?
Tyler: Yes.
Steve: We don’t want to do that. Just make sure that if you get a quote, and you’re going to do that, compare apples to apples, because there are some guy out there that can be very tricky. I hear there are some guys, at this really big bank, that will go unnamed, maybe located somewhere in South Florida, who have been known to do that. Rob, have you heard of that? Just kidding. Rob is a mortgage guy, he’s in Florida. I was trying to throw him under the bus. How did I do?
Tyler: Good. Good.
Steve: You should just say Tulsa Mortgage.
Tyler: I don’t know.
Steve: We didn’t set a timer on our first podcast, but that’s okay. You know when you’re in Tulsa and you’re doing home loans or mortgages? You know what the deal is? It’s busy right now. Tyler, I hate to admit this, but I can’t pull my hair out. I’m kind of busy. Rob, are you busy? Out there in Florida? Because it’s freaking busy in Tulsa. I’m telling you right now. Hey, I think that’s going to wrap up our episode for the interest rates and getting interest quotes and that kind of thing. We’ll cut that one off and I’m going to keep Facebook live rolling, and we’re going to kick right into the next episode, so you guys can see all the outtakes and whatnot. So here we go. That’s the end of the podcast.