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Tulsa Mortgage :  Podcast 2

Episode two of the Steven Tyler mortgage show is very common and I is is is is is is is is today we’re going to be talking about the some of it is Monday among other things and tolerable talk about really talk about the biggest mistakes people make in the mortgage process as I write this mortgage mistakes I say dummies of the results and people but don’t be a mortgage dummy that’s what I say comment Tulsa mortgage dummy so right Steve Carlton.com Tyler Liber to learning concepts this is just an opportunity has to learn some of the stuff that annoys your mortgage banker the things you shouldn’t do the mistakes people make in the mortgage process Tyler talk to me about somebody that that we many had recently that

Tulsa Mortgage Poland knucklehead move in either applying for or during the process of the mortgage person comes to mind is this is pretty funny believe one of the realtors are we doing business with actually sent you an email and said hey by the landed you know that so-and-so got in car and they drove to the house and there are looking at in membrane you can’t I do remember that this that Bell wasn’t those not a good idea to those not a good idea to limit Tehran it’s a good idea I have spent hours upon hours with a very difficult buyer who had some credit challenges had some income challenges on commission so I had to average therein, Roscoe Bierce several jobs are us couple years spirits what three weeks getting all those together and so that we can determine what they qualify for there’s lots of stuff in the background that you know the the there’s a bankruptcy in the past no big deal no

Tulsa Mortgage one’s fault you for that we got commission income you call these layers of risk we call them and then write when I get you just worry need to be in your buy new car don’t be a mortgage dummy Karolyi are in the process, until after we talk a lot why is that time is it when he wants me your house band that you find house earnings based on your debt to income ratios and minute you buy new car talk about that works for people don’t know what’s the debt to income ratio what does that will only thing that we look at the rear debt to income ratio our liabilities thereon your credit as well as what your house payment is going to be including taxes insurance mortgage insurance homeowners Association news coverage we don’t look at what you pay month for insurance or which electricity bill is needed McData things are under credit report so been on SOA liabilities and they are for you mean daycare amounting to want to combine houses and electricity but when you online a car in the process they been in conference about $500 and your approved and Max and use out a $500 monthly liabilities to grade 500 bucks a month even if they don’t happen every bright house knowledge afforded but in my exceed what we have you for your debt to income ratios and news for yourself in a position to buy less house without worrying figure 7 position window qualified all exact and the Euros Mattice because you’re supposed to help them get a house and then you were mortgage dummy needed you bought another car so right yeah that’s a very that’s a very good point and really excited his cars guys it’s any type of credit you may not know but when you apply for credit and you open new accounts many times you will see a dip in their credit score wall that new trade light of reports and before you make any payments you shall can drop a little bit as well as it completely rocks out your entire qualification three cobalt defecation

Tulsa Mortgage I should say qualification soap get pre-qualified.com right exactly something soak so on that point think of it like this is the rotate ask your mortgage guy before you do anything if I were mortgage guy asked.com is a recovery.com so I tell my customers before you do anything change jobs by Dakar “a card you do anything when I got you qualified the Corolla gets very mad he jumps up and down on the table screens he scratches stuff he gets mad if I get you qualified and you go do some knucklehead thing like quit your job or maybe you by Dakar in the credit card absented at soak definitely of the quote for today is ask your mortgage guy before you do anything because you know one of your mortgage dummy and the mess things up so us that’s a good that’s a good story I guess you could say of something not too was one of the more I wish I could’s executive that wasn’t that, but so this happen a lot and what’s another common mistake in your eyes think of something that you that we run into just even in the last week or two that you seen that some is done that his caused us some issues in their qualification you actually dealt with couple of these your recently we’ve overcome issues but not every

Tulsa Mortgage time you get so lucky but people changing jobs in the process is a you mention quick been cleared out on the quick and don’t change down at least not until we talk about it and that you know the repercussions it could come from that sale went on anybody death not get great position and make more money but one again change jobs in the middle the process that changes quite a few things as well so ask your mortgage guy is what the what it comes down to is you got a ask them before you do anything and it’s not a death sentence if you if something happened to you lose your job or get the starting new job or any of that happens then the its is no Dr. Morcha but so do people live said Ava change jobs and they had an opportunity to make more

Tulsa Mortgage money that’s great your immediate thought is Hamaker more money I can qualify for more house why don’t we go by one this weekend well you know depending on what that position is that you taken a could be another 30 days want to start that job before you can actually close under house so we have to with the verify that income they are making from the new job is not just the past on Monday By Houston: Friday just doesn’t work that way in most cases so that there’s ways to handle the things which we have been with the non-revocable contracts of people gotten from positions not help but they’re still waiting. So you totally change your time frames when you do that so people we says thought people don’t know what they don’t know but the unconscious incompetence we call it you don’t and that’s about it just you don’t know what you don’t know and if you don’t know what you don’t know them make sure you ask your mortgage guy before you do anything I’m really good at what I do so I can I can fix it most of the time but love the stuff that people do is it’s not to the result was that a death sentence of Selig WHICH you done now know I can get you qualified but but it some

Tulsa Mortgage problems it can delay things it can it can met literally can dismiss stuff up for you and do so again ask your mortgage professional before you do anything that would change the aspect of of your of your loan and all talk to little bit about you know one of the things that will call our pet peeves us were often make sure we keep track the soon-to-be recap of the input. Here’s a big pet peeve a stickler to.com when people try to hide things for me in arms Antar they you think I’m not going to find out that you work for your dad or that you changed your income to see you can qualify or even in the case think I’ll judge people I’m just try to help you get I get paid in Michael’s wants some discharge help you meet the guidelines make sure that you follow rules make sure you qualified qualify and if you hide things from your lender or you don’t tell them certain things guys were really good

Tulsa Mortgage at figuring stuff out anything that you think is a really good idea were your warrior mortgage-backed we seen it before and were going to catch it and so I’m not trying to catch people doing things and also snap but here’s the thing if you just tell me everything I can help you if you don’t tell me everything I start finding things out it becomes a prominent example you have child support that you pay and I ask you modification if you pay child support you say no because you think there’s Nowak and find out the patrons is not an credit is not anywhere well and get found out just well because we have ways of finding out that you have a kid we find out that you’re not married or that you been divorced before there’s public records of all kinds of stuff that

Tulsa Mortgage comes up that we can find stuff out and then all you’ve done is you wasted your time I time everybody’s time because if that child support payment that you have to make pops up right in the middle the process of underwriting or whatever it’s other we can go in and restructure your loan and configured out but anything that you tell me or that I told underwriter after they found it is incredible to just what happened here well you just don’t just doesn’t care as much right so that we want to do is address all that stuff affronts of the window going end from the beginning this is what the story looks like so that there aren’t any surprises and if you will just be full disclosure with your mortgage banker and don’t try to hide things that were to find out anyway because we laugh you were seeing her chuckling at each other in our own kicking power under the table but all my God I just wrote Mike strangle

Tulsa Mortgage people some time because sometimes because they just that you don’t really did you didn’t think I was a figure that out you didn’t think out to find that out and look again I’m not judging it’s just really funny because like working to find out you will about this is something happened years ago but privileges have unlimited sources of cash they just just show up yet up some that the bed that’s about what it can be a bad thing if you just have

Tulsa Mortgage Showing everywhere now that’s right we had some pretty funny stories we had the one of the guy that was a we can’t about idea that maybe something was up but we can’t really make assumptions from people and then not give somebody alone because of something that we might assume without having any evidence but he may or may not have been not in Colorado and not having a license to do some extracurricular activities I should say actually true not guilty to not goes on until we found out soap but that Daschle is a pretty funny story the we closed on the house and while he was moving out of his other house his house got rated right you show you the and I was one of those were literally has around a tough time with the debt to income ratios we talked about it he said mantises not work and talk to you need to put another $10,000 down to get what you want and that’s ingrained to shut up the next day nonissue and when that didn’t work and they needed some more money and it should load gift money desk in Vermont which is about the punishment up not to write news, ask your mortgage guy that’s the quote of the day ask your mortgage guy before you do anything what’s another dummy dummy in the processors a done in the process I would I want my mom to give me $10,000 for a down payment but she just can you give me

Tulsa Mortgage cash or I have $10,000 in cash in my safe and it Are working from Summit give it to my mom and my moms getting in a gift are not your post because we have to prove the donors ability to gift we have to get a basic from the donor there’s so you think you’re being too smart note: mortgage guy ask him will tell you the money needs to set your account need to be seasoned and you can’t no longer are the days that that that you can call that launder money

Tulsa Mortgage because that’s what it is something for seminal thunderbolts the big deal with the big deal is that we don’t over the From critical from the seller to come from near the realtor anybody that you*make sure you get that house and we got a document everything so be careful as Tyler said about making cash deposits in your bank account be careful about Mr. getting a gift to century disclose that information up front to your mortgage guy because is to come to.com find out later he’s not going to punch you or hate you he’s just going this shake his head on a shake my head ago come on really now to figure out and luckily we were resourceful in problem solving and we can definitely figure it out most of the time but I don’t want that pain and neither do you so and I’m try to think of dollars we talk about those those dummy mistakes or mistakes people make and work process a statistic about the mortgage process about people to get qualified qualified what’s a good mortgage to the do we have some stats on the number of people they get qualified that messed things up for themselves 53.5% of people to get qualified end up doing something on their own semester qualification up I just made that up they say that the 67% of all statistics are made up on the spot is like that one but I don’t know what the number is but you know if the end of the day my job is to make it is least painful as possible for you when you’re buying house and for you not to know) is not feeling trying to take the pain away like the ring here’s a stat and 33% of all purchases of purchases last year were first-time homebuyers 33% 30% once they number 30 that’s it you that is a huge number so you are first-time buyers are buying a lot of people just aren’t educated on the the process I think this information within here will help you so let’s run down through what we call our or takeaways from from the podcast is I think the quote is no matter what always talk to mortgage banker

Tulsa Mortgage don’t hide things from your mortgage guy will start stuttering just the disclosure tell your lender everything so that your lender can work with you to get it done don’t buy a new car in the process don’t open a new credit card in the process don’t change your job in the process of federal call us and tell us that their insurance premiums are gone up as I can affect their approval on the sides of thanks that people are great pages know that’s not enough that your approval but thank you for realizing the need to talk to us whenever bills go up in these come up unit two things in my change your income right to have think that’s the message is just tell your if you had one take away that you had from this mundane or exciting your definition of it podcast are

Tulsa Mortgage doing is Dr. mortgage guy find out you trust and that’s the printer dock, Tyler Wiberg and Ptolemy concepts and talk to them disclose to them what is going on constantly tell them tell us mortification is better than the rest and make sure you don’t make those rookie dummy mistakes were you up a new credit change jobs may cash deposits that type of thing in the process and that’s it for us today guys will say that the dummy dummy in the process and make sure that your communicating with your mortgage banker so that he can help you prevent so I cannot the government all those mistakes that might cause you pain in the mortgage process so from Stanford to.com and Tyler Wiberg sodded off our podcast and hope you enjoyed that check out Steve trying to.com or get qualified.com for more information