Tulsa Mortgage : Podcast 17 – Part 1
Steve: This is episode number of 17 of the Steve N’ Tyler Show.
Announcer: Welcome to the Steve N’ Tyler Show with stevecurrington.com and Tyler Widner.
Steve: Who negotiated the contract for you?
Tyler: [unintelligible 00:00:15]
Steve: Yes, you’re pretty smart.
Steve: Good for you man.
Announcer: They are talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.
Steve: What’s happening Tyler?
Tyler: Just hanging out Steve.
Steve: Just one of those days? We did some cool photos today, didn’t we?
Tyler: We did.
Steve: Where were we, in Tulsa?
Tyler: We were in Tulsa?
Steve: We are in Tulsa now. That’s where we do Tulsa Mortgage. Bet you didn’t know that. [laughs] Bet you weren’t expecting that whoever is listening to this podcast. Hey, did you guys know that we just opened an office in Farmington, New Mexico? We actually have Farmington Mortgage now and Tyler set the Facebook page today. It started on anyway.
Steve: And we have Farmington Mortgage. We have Colorado Springs Mortgage.
Tyler: Columbia Mortgage, Puebla Mortgage, Alamosa Mortgage.
Steve: Tulsa Mortgage; All of those places. We are taking over the country one city at a time, and today, on our podcast, you should be excited to know that we are — I don’t know if I am as hot sauce as I want to be.
Steve: Is that more hot — that’s the hot sauce. Does that throw you off when I start talking about hot sauce all the time? I am one of those guys that picks up a term and I just can’t stop it, so I just keep going; Hot sauce, hot sauce. So what are we on? What’s our topic today, bro? Don’t you know? What are we going to talk about?
Tyler: I don’t know.
Steve: Have you not even prepared for this?
Tyler: I don’t know.
Steve: I don’t know. Hey, Tyler, we should have prepared today. I took the time —
Steven: We are doing a raw [laughs] podcast, because the truth of the matter is, I was telling Marshall when I came in that the book [unintelligible 00:02:29], you have read it right?
Tyler: Yes. I have.
Steve: Okay, so it talks about being a technician. It talks about those things, but it talks about working in your business and working on your business, right? I said I’m thankful for the fact that we have this thing scheduled, because if we didn’t, we wouldn’t do it, because this is definitely working on the business end. We could have been at the office for what another two hours?
Steve: And sometimes you just got to cut big and go. I mean Tyler and I have started getting snippy with each other.
Steve: I mean Steve and Tyler don’t get snippy with each other, okay? But today, there’s a little snippiness going on. Jason Gable, Chester West, Mike Bryan, how’s it going guys Tulsa Mortgage?
Steve: We can’t get snippy, so we leave. That’s how it goes.
Tyler: What’s the topic today, Steve?
Steve: Tyler, I don’t know. Remember we didn’t plan for this so we are winging it.
Tyler: [laughs] We need a topic for SEO.
Steve: What do I do with my two best quotes? That’s dumb. I’m not using that one.
Tyler: Yes, I know. That’s not the topic.
Steve: Zach Collins asked about locking his rate.
Steve: Can we talk about that?
Tyler: I guess. Yes. We can talk about that.
Steve: Do you have any information on where I wrote that down Tulsa Mortgage?
Tyler: Yes. You wrote it down somewhere.
Steve: See, I wrote it down right there in the middle. How do I lock in my mortgage rate? Chester West says, “What up yo [sic]?” and Jason Gable says, “What up?” So what up? All right, so how do I lock my rate?
Tyler: You call. You tell your lender to lock it.
Steve: [laughs] You actually have to specifically request that you lock your rate, and if you haven’t locked your rate, you better just trust the lender that you’re working with. Some things have to go in us, what Zach was talking about earlier. Tyler, he asked, “Should you lock your rate more than 30 days away from your closing date, because rates might fluctuate, so you are protected?” So I saw Tyler cringe there. You don’t see him on camera, but he is like, “I don’t know.” The risk that you take is that either you can’t close for some reason; maybe it’s a title issue, maybe appraisal, repairs, whatever. In Zach’s case with new construction, I was telling him that the house might not be done, and if you lock it and then it takes more time for the house to get completed, you have to pay for an extension. Are extensions free?
Steve: How much do extensions cost?
Tyler: A lot of money.
Steve: They’re expensive. If you extend your lock, it can be expensive. If it expires, it can be expensive, because if it expires, guess what happens? You go to worst case and worst case is if rates are better now, then they will let you lock at what you locked at originally with a penalty, and if they are worse now, then you have to take the worst rate with a penalty. That’s what they call worst case.
Steve: That was a wrong button. So I’m looking for a button to push. How about this? That’s American, people.
Tyler: Nothing in this country is free Tulsa Mortgage.
Steve: Nothing is free. Make America great again. Okay. Nobody on Facebook can hear that, but we literally have — If I put the headphone up to the phone, so they could hear America.
Steve: Maybe that would work. We tried last time. It didn’t work. Hi, Chelsea Ward. So how do I lock my rate? I got to call my lender and tell him that I want it locked but just be careful. Make sure that it is locked for the correct period that will get you through your closing date.
Steve: Otherwise, what happens, Tyler?
Tyler: Then it’s going to cost money.
Steve: It’s going to cost money, and if you’re made of money like Chelsea Ward; she is just rich, loaded — maybe you got a husband working up at UPS, killing it — I’m just kidding. I’m just making up stuff.
Steve: So I just wanted to see. Chelsea Ward said, “Hey, Brad McKinney is on Ryan Owens.” What up, Bryan from Florida? That’s the Tampa guy. I told you about Ryan. He is a good guy. So carrying on about rate locks, we are talking about does my lock mean I’m approved? I hate to laugh about that, but what do you guys think? Hey, Elizabeth Ann. Ryan Owen said, “Sup, ninja”.
Steve: I’m a ninja. I’m a mortgage ninja. So, Tyler, does my rate lock mean I am approved Tulsa Mortgage?
Steve: If you were with Steve Currington, it does, because I seriously don’t lock a loan until they are approved.
Tyler: That’s true.
Steve: Talk about that, Tyler. What’s the rate lock? What’s the significance of it when it — as it pertains to your loan getting approved?
Tyler: Really, rate locks, as far as underwriting goes, your ratios and those types of things. Maybe as a mortgage banker you can only sell a loan to a certain investor, so you are not servicing a loan. You are going to sell in a secondary market. You are working on a loan, then for some reason or another that loan in particular can’t go to certain investors that you sell to. Then you are limited on where it’s going to go, so you can’t really lock until you have the full picture. You can, but things can change and have to-
Steve: Plus, it’s just a rate lock. I can lock your loan today and you could have a 400 credit – I can’t really do that, but I can lock your loan today and with a 700 credit score you have no income, and are you going to qualify, Tyler?
Tyler: No, that’s not going to happen.
Steve: Tyler has no income. He does not qualify for mortgage.
Steve: He is a volunteer at Total Lending Concepts.
Tyler: I haven’t been paid in two months Tulsa Mortgage.
Steve: Tyler, hasn’t been paid — seriously?
Tyler: I’m living in my truck.
Steve: You keep texting me about your paycheck. I think I have been too busy closing loans.
Tyler: Yes. [laughs]
Steve: Guys, I feel really bad, because I just realized that Tyler hasn’t received a paycheck in two months so-
Steve: But not really. It seems like we are profitable though as a company now.
Tyler: I think it looks like it. Yes Tulsa Mortgage.
Steve: Tyler is saving up. He is like, “Yes, I am good. I am just going to take all that pay for three months at once.”
Steve: Hey, when he cashes that 400 Dollar check, it’s really going to hurt.
Tyler: It’s cool. Maybe I can get my lights turned back on.
Steve: That would be great. Mike Bryan said, “If I own land in the country –” Why is it got to be in the country, Mike? What about the city?
Tyler: Is it in the field Tulsa Mortgage?