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Tulsa Mortgage : Podcast 169 – Part 2


Tulsa Mortgage  This is the most impressive ever been with history because I actually know stuff and I’m going to tell you something the reason that I learned things like this is because. I had a problem letting go fix it some I did. Let me get this straight you just deposited twenty four hundred dollars in cash in your bank account. Please tell me no. Please tell me to do that. So I get in the guidelines and I’m like are always doing a conventional I’m OK with 250. It’s a $250000 loan. OK. Well it says here that I don’t have to document. Any deposits that are cash or otherwise that are less than 1 percent of the purchase price.

QUESTION Yeah there’s a real question is a documentation nightmare is it bad only because it makes it more difficult for the loan officer to document or is that for the buyer.

Tulsa Mortgage  Yeah it’s both. It’s bad because it’s not documentation nightmare. It’s bad because you may not be able to get around it right because you just can’t. And it’s also bad because of the pain that it causes to the client because if you can talk to them about this and not be scared to just bring it up and just say Hey dude don’t make any cash deposits while you’re in the process because other people say things while I pay my brother’s cell phone bill and he gives me four hundred eighteen bucks every month to pay the bill and I put that in I’m like we’ll keep that in your pocket this month. I mean just like you’re walking around money or something. Don’t deposit it because at the end of the day is it going to kill anything for your $400000 deposit. No but you’re going to have to like go to the bank. I got to get a copy of the deposit slip I’ve got to get a copy of this I’ve got to get a copy of this. I got to get a letter of explanation explaining what it is and you’re just going to be annoyed by that. So yes to make it more difficult for the many times it’s painful but sometimes you can’t back up. So it’s just kind of like. All right we did that. Congratulations. Now everything screwed up and now we’re going have to wait. Or there’s going to be some issue where you have to go get a gift or we have to figure out some other way to do it.

And listen at TLC we are problem solvers So it’s great. We’ll figure it out but I don’t want to. OK so it’s not like what I wake up in the morning and want to do is for you to be pissed off for you to have pain as a client and. I’m going to have pain because we just didn’t have a conversation with you.

Yeah it sounds like you’re trying to better serve the yeah.

Tulsa Mortgage  But the other thing I will tell you and I tell clients this all the time. Do what you have to do. OK because if your bank account has a dollar 80 in it and you got you just paid your earnest money that’s five hundred bucks and the check’s going to bounce unless you put some money and then do what you need to do. But just understand that there may be negative consequences as a result of it. So it’s not like just like we talked about with you with making your payments on time in a previous podcast it’s not necessarily a deal killer every time. It’s not like oh look at you. I need that because you.

Yeah right this one up. Boys here I don’t qualify. Put a fork in. He’s done. It’s just pain. You know and that’s what we need. If you educate us it’s just we’re trying to focus on not having pain. And so the more that people make amateur mistakes because we don’t educate them the more pain they’re going to have and therefore no five star view on Google. You know like those commercials we’re like I don’t know it’s like a Geico commercial where the guy like every single thing that he does. It all started with one little show dead in a ditch on the road with oh he’s got his head shaved and all. That’s what it is. It’s like what happened was I made a cash deposit in my. So we’re just trying to help you through this. When you’re talking about the don’ts and you’re trying to get a Tulsa mortgage we’re talking about not doing things that are going to cause you pain.

Quick question do we in this one so let’s say hey you know we’re talking about somebody they’ve been they want to save money right there one to hold money back not spend it. Would it be wise for them to transfer that money to a savings account or just leave it in a checking and be diligent and not spend it.

I would leave it in the checking or I would have a separate bank account that I’m only using for my down payment on my house that’s what I did because I’m in the business so I know. Yeah. So a couple months before I even started I put my down payment in an account and I didn’t touch it. There were no transactions that came out of that and I gave only that bank statement to them. So it’s very stable. Yes because there is nothing to there’s nothing to explain. I’ll touch on this for a second so we get bank statements.

Tulsa Mortgage  Like on every client. And we literally get. I mean you know people check hearts there’s like I mean so these things are 15 20 pages long. And our underwriters have to go through every line of your bank statement because if there’s a payment to Capital One. But there’s no capital one on your credit report. It’s a fraud detection system right. Well there’s a payment to capital in your bank statement but there’s not one on your credit what account is it. Is it the spouse’s what. Why are you paying this. There might be a there might be a check for a $500 car payment that isn’t on because there might be something in there. A team with trials at the casino every two days. And you don’t have the money to pay. I mean honestly so if you don’t have to reveal your every day checking bank statement if you don’t need to then I would just put all of my money into a savings. But what people do is they will have a savings account and they will systematically move money over and checking as they need it. Like they’ll just be like well I need a thousand bucks I’m going to move it over from savings. And when you do that if I have your checking statement and there’s a transfer from another account now I have to have that account. So it doesn’t really help if you’re doing that because then I don’t get it. Now I’m like well scrutiny. The only way that I can document everything on this account is by getting that makes him or for that account.

And then if there’s problems on that account. Now I’ve entered all those problems in there so.

And how far back does the underwriter look at.

Tulsa Mortgage  We typically look at the last 60 days of bank statements 6 0 60 days. So as your cycle runs you know based on you’re basing it prints but also we might have you go get a print out to cover the full 60 days like for example I might have a bank statement for 30 days and then I might have it might be like mid-month. So I have to get a print out that covers the 15 days before that first 30 days and 15 days after because strategically it makes sense. So you know that’s what we got for today guys. Remember cash deposits are bad.

Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to this entire show