Tulsa Mortgage : Podcast 18 – Part 1
Steve Carrington: This is podcast number 18 of The Steve & Tyler Show.
Automated voice: Welcome to The Steve & Tyler show with stevecarrington.com and Tyler Wagner.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: That was pretty smart. Good for you.
Automated voice: They’re 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.
Tyler: [unintelligible 00:00:38] on that.
Steve: We’re live on Facebook folks, Tulsa mortgage here.
Steve: Tyler woke up. Tyler just awoke and he said Colorado Springs mortgage.
Tyler: Alamosa mortgage. Pueblo mortgage.
Steve: Hey hello, did we just open an office in Farmington mortgage?
Tyler: We did Farmington mortgage opened up.
Steve: What is her name, Riva?
Tyler: Riva Huskins.
Steve: No. It’s Haskin.
Steve: Ha ha, got you busted.
Tyler: Columbia Mortgage.
Steve: We got Columbia Mortgage. Hello Shannon, hello Sally. My beautiful wife just showing live on Facebook, Sally Smith, howdy sister and Shannon’s on and Tyler is on but Tyler is on the show. He’s live on Facebook and he’s live here. That’s amazing.
Tyler: Tulsa Mortgage Coming out to you double live.
Steve: Shannon Dunlaps even on the dead gum. Shannon, what’s up? Ryan Wells, shout out to show the flow. Shout out to Flow Real Estate Photography. Show the flow. Check out Ryan Walls, he’s a man. We’re doing our podcast because we’re trying to promote our company [unintelligible 00:01:53] concepts. We are trying to get some good content out there for people to be able to access so that they’ll know what we’re about, right Tyler?
Tyler: Yes and they’ll be a little bit more educated on the whole mortgage process.
Steve: We’re doing a lot of these and like I said, we’re on episode number 18. One of the really fun things I should show the people on the Facebook– [bang] Op. That was killed already on Facebook. We have the- I ought to show you like this, you see that Tulsa Mortgage
?- we have our soundboard which is cool. We have our intro and then have notable action steps, downloads all that cool stuff. What the Facebook people don’t hear is- Halo Melody Tris and Ivan, halo. Thank you for the complement on the on the pocket square. The people on Facebook can’t hear Tyler that we hit this [background noise] steps. I didn’t use action steps today. This is like matching orders.
You’re going to miss out if you don’t listen to the podcasts. If you only watch on Facebook live then you’re not going to hear all the funny stuff that goes on like our intro and that kind of thing. What do you think about that Tyler?
Steve: Tulsa Mortgage guys, listen. You guys tried to do a podcast with Tyler when literally I think checked out. This is the problem. I have to be responsible for running the entire podcast because Tyler sits over there. I’m going to put the camera on now, put it on. Tyler is checked out.
Steve: Tyler is like, “Please don’t talk to me.”
Tyler: I’m way too ADD to sit still and do one thing.
Steve: Tyler will be like, “Don’t make me speak. I don’t want to speak.” I want to change it to the Steve Show. Tyler its fine. I wasn’t paying him anyway so it doesn’t matter. Ryan Moore says she needs to put up his Facebook Live game for sure. Somebody said, I was trying to settle what I get to drink at work, blue moon it is. LOL.
Tyler: I wonder what gave him the craving for blue moon.
Steve: I don’t know.
Steve: Tulsa Mortgage It’s really weird. I don’t know where he got that information. But seriously though, this is like a really different call of thing to do, I just want you guys to know is to do a podcast with another person who is your co-host kind of. Tyler is like– he’s not just like the sidekick, are you the sidekick Tyler?
Steve: Are you the sidekick?
Steve: No, he’s not the sidekick. He’s like the co-host.
Tyler: I’m co-hosting.
Steve: You’ve got– Tyler? Tyler goes, “Yes.” Tyler goes, “I don’t know.” Anyway, today we want to talking about Tulsa Mortgage and Alamosa Mortgage and Pueblo Mortgage and all those places that we’re in; Oklahoma, Missouri, Kansas, Illinois, New Mexico, Colorado– Did I get them all?
Tyler: I think you did.
Steve: Did I say Missouri? Yes, I included Missouri mortgage. In this podcast, I wanted to talk about closing cost because it’s a hot topic. In fact, just today, Janice Stone called me and was asking me about a contract that she’s- what’s happening?
Tyler: I don’t know.
Steve: Where does that come from?
Tyler: I have no idea.
Steve: Tulsa Mortgage There’s a ghost in the studio. It was Clay Clark. Clay Clark’s in the studio. I think he was over hitting buttons on us.
Tyler: Was he? [laughs]
Steve: Hey Clay, we’re live on the podcast bro. It’s good to see you. Anyway, people come into the studio because we’re kind of a big deal and they will come and wave at us, sounds kind of funny. But, that’s not all.
Steve: This is a raw podcast that’s why I like to-
Steve: That’s why I like to push those buttons but– closing cost Janice just called me and was making an offer for Bill and Sally and she was asking about what closing costs are. Even realtors who do this every day, even us who write the closing cost are like we have to do the math on closing cost. It not just it’s like it’s on our mind right Tyler?
Steve: It’s that part of like the most time consuming part of your job.
Tyler: Yes definitely.
Steve: Hey Chris just joined we were just talking about Jenny’s. Hey Chris, unlike you, Jenice is writing an offer for one of my customers Tulsa Mortgage.
Tyler: Chris is on Facebook.
Steve: You’re on Facebook. Come on bro. Go write a contract please.
Tyler: [inaudible 00:06:49] the seller on the contract.
Steve: What types of closing costs can I expect Tyler?
Tyler: You have title work.
Steve: Title is expensive in the city of Oklahoma. I must tell you.
Tyler: You’ve got the lender fees.
Steve: The lender, you know we’re going to charge you Tulsa Mortgage.
Tyler: Taxes, insurance.
Steve: Ooh, insurance. That’s a big thing. People don’t realize you pay your first year of insurance at closing. How much is your first year of insurance? It depends on how big your house is, depends on your insurance records and how many claims you have. Only the other day, I got a lady. I got a lady right now. You know what? Her insurance is $3300 a year.
Tyler: That’s a lot of money.
Steve: 33– 3-3-0-0.
Tyler: I guess it’s not a lot of money if you have a very, very expensive home.
Steve: No, she doesn’t.
Tyler: Then that’s a lot of money Tulsa Mortgage.
Steve: It’s expensive. Think about it. You’re paying your first year of insurance at closing your insurance at $3300, your closing cost are $3300 immediately before you even talk about title and lender and escrows and taxes and all other stuff. Tell me more Tyler. Maybe you might have like a list of potential charges and services divided between lender and non-lender fees that you can anticipate when you get your mortgage loan. Not all lenders charge them all, but the fees are estimates and can vary according to where the property is located.
Tyler: I lost my list.
Steve: I’m reading from this and Tyler is like, “What are you talking about?”
Tyler: It’s gone. Where’s my list?
Steve: I know there’s no list at the end.
Tyler: That was a lie.
Steve: Here’s the list of fees that should be on your loan and they’re not. There’s no list. This thing that we fevered from the online is terrible. I’d already know whether we got it but here’s the deal; I told Jenice a little moment ago, on a $92,000 contract, is what she’s making, an offer I said she said what should I ask for I said 6%. That’s pretty good Tyler? That’s a pretty good estimate.
Tyler: I think that’s pretty good.
Steve: You know why that’s pretty good; because it’s a percent. The higher the loan size, the less percent I need. I know that this customer is owning a FHA loan and I know that at $92,000 6% is oops I did that wrong. 92000 times 6%, $5520. Now, let’s backwards that. That’s a lot of closing cost Steve. $5520? Does that seem hard to you Tyler?
Tyler: There are some costs that are kind of out there.
Steve: Five grand though?
Tyler: Well, it can be Tulsa Mortgage.
Steve: Five thousand? Five thousand. You know why it cost so much? Because we live in [music]. It’s called free and oppressed homey, deal with it. But really, it’s not just the lender, so don’t blame your lender. Who are going to blame Tyler? Bureaucrats in Washington, just kidding. Who are you going to blame?
Tyler: There are certain politicians. I don’t want to know their name. I don’t want to-
Steve: It’s all his fault. You know who we’re talking about.
Tyler: Yes. That guy.
Steve: You know who we’re talking about. Listen. We’re going to do the math backwards, because – for those Facebook people that are on the IF 5520 up on the board. And then we’re going to subtract out for what? Insurance.
Tyler: Let’s say insurance. Yes.
Steve: Let’s say 200, yes? That’s pretty good, am I right? So minus 200. Now I have 4300 in closing cost.
Tyler: What about taxes?
Steve: Okay. Tulsa Mortgage My taxes and insurance are set up in my escrow account, okay? Let’s say we got three and three. You got 300 for insurance, 300 for taxes. Let’s say taxes are 1200 too, because that’s an easy math, right? Now you got $600 just set up in your escrow account. Minus 600. Now we got 3720 left. What’s left? Appraisal, 500 bucks, right? We got 3720, minus 500. I can’t even do math on this thing. Okay, so 3220. Now, what else do I have? Underwriting fee? Maybe your lender has an underwriting fee of like 1000 bucks. Where am I at now? At 2200? Then I’ve got title, title insurance, I’ve got my recording fees, I’ve got all that. We just did one of these.
Tyler: Say your titles are around $1400.
Steve: Without title insurance. When you add title insurance in there, because you want owner’s title on a purchase right.
Tyler: Right. Give it a 1600.
Steve: Tulsa Mortgage Roben Upton clarified that prepaid items are closing cost. Well, I agree. But you start to bring them to closing. They are in a different box, but if you don’t pay them, then you’re going to – if the seller doesn’t pay them, then you bring them to closing. Now, you’re 2200, and let’s say it’s 1800 with title insurance. Title insurance it’s expensive here in Oklahoma, Rob. I don’t know if you knew that.
So minus 1800. You’re left with about 420 bucks and you got prepaid interest. What’s your interest? Well it’s like 4%, maybe that’s 17 bucks a day. Now your time’s 10 days, you’re at 170 bucks. You can see how we can get to zero pretty quick, and a lot of times, especially on the lower loan amounts, because the loan program restricts what the seller can pay. On an FHA loan for example, the seller can only pay 6% of your closing cost. What’s 6% of 50,000 Tyler?
Steve: What’s 6% of 50,000 Tyler?
Tyler: 50,000. 50,000.
Steve: It’s $3000
Tyler: I added a five. Sorry.
Steve: He’s used to getting a calculator, so that’s okay. I won’t blame him [background sound].
Tyler: Tulsa Mortgage There it is again. There it is.
Steve: I think someone in the studio is messing with us. That has to be happening.