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Tulsa Mortgage : Podcast 20 – Part 1

Speaker 1:  Tulsa Mortgage  This is episode number 20 of the Steve N Tyler Show. That’s right people – the Steve N Tyler show.
Automated voice: Welcome to the Steve N Tyler Show with stevecurrington.com and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: Oh, you’re pretty smart. Good for you man.
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
Steve: What up Tyler?
Tyler: What up.
Steve: What we talking about today bro?
Tyler: Talking about what’s going to be included when examining assets.
Steve: What are assets?
Tyler: Monies.
Steve: How much money do you have?
Tyler: On me or?
Steve: How much assets do you?
Tyler: I have big assets.
[laughter]
Steve: That’s awesome. Do you keep all your assets with your Tulsa mortgage? Oh, snap did you hear that?
Tyler: Oh. Well, I’m going to need my assets if I get a Tulsa mortgage Alamosa mortgage, Farmington mortgage, Colorado Springs mortgage, Pueblo mortgage or Columbia mortgage.
Steve: Oh, you are going to need all your assets.
Tyler: Yes.
Steve: What kind of assets do you have bro?
Tyler: Big ones.
Steve: They’re– hey, they are huge.
[laughter]
Thank You the Donald for all the fun that you brought us because we like it and it’s fun. Hey there’s a Beer Barrel Polka, is our soundboard.
[background music]
We’ll have a barrel talking about examining assets. What are typical assets that we examine? What’s the most common one that we have, one we’re doing at Tulsa mortgage?
Tyler: Bank statement.
Steve: That’s correct. Hello Alan Bromley. Alan Bromley is– when is today, Wednesday?
Tyler: Today is Wednesday.
Steve: Alan coming back from Vegas, what’s up dude. Bank statements, is that right?
Tyler: Checking accounts, savings account.
Steve: We see some interesting things on bank statements, don’t we Tyler?
Tyler: Yes.
Steve: Very interesting things.
Tyler: They paint pictures.
Steve: They paint a picture for sure. Like I take a bunch of cash out and then I have an assess and it’s all at the casino. That happens. It’s all in Catoosa Oklahoma or I take all my cash out.
Tyler: Banks love those people.
Steve: Right because that’s how they get paid.
Tyler: Exactly.
Steve: That’s exactly right. That’s how they get paid, is from people taking money out of the casino and then over drafting the next day. There we’re going to double our money though. We’re looking at deposits. We’re looking at in assess like I just said when you overdraw your checking account and then transfers– I put transfers down. What are transfers?
Tyler:  Tulsa Mortgage  Well, whenever you move money from savings to checking there is normally a record of that on your bank statement and you can see it.
Steven: It is really not necessarily an issue but we do get a lot of people that just give us what they think that we need. They may just give us a checking statement and never tell us anything about savings and then we see transfers from savings to checking. We have to figure out what that is.
Tyler: Yes.
Steven: Then it opens up that other bag of worms. Where we go, “Well, now I need your saving statement.” Why? Why Tyler? Why do you need my saving statement?
Tyler: Have to make sure that you’re not trying to open up an Al Qaeda selommes in Oklahoma.
[laughter]
Steve: We are going to make sure the money transfer is coming from your account. If there’s a transfer in your bank account, from account number 18765502, that’s all it really says typically. It doesn’t say who’s account it is. It just says you transferred money from there. It could have been your Al Qaeda friend.
Tyler: Or your Swiss Bank account.
Steve: Or your Swiss Bank account. We don’t know or someone else’s Swiss Bank account. We don’t know. Hey Marshall. All we ask is for a little bit of privacy in the studio when we’re recording our podcast. That’s all. Just a little bit of privacy in our studio when we’re recording our podcast. Just kidding, but not really.
Hey JB Hawkins what’s up girl? JB is on live on Facebook Tyler.
Tyler: Hello JB.
Steve: Tulsa Mortgage  All right, talk to me about deposits. Do you have to examine all deposits in my checking account?
Tyler: For the most part, yes. Well, for the most part yes.
Steve: Oh, that’s a bombshell for you. What type– What do you mean by basically?
Tyler: Well, I mean you got your payroll deposits. Definitely got a check to make sure that you’re getting paid what you say you’re getting paid. If that money is there then cash deposits are a hairy deal. That depends on really where your average balance is in your account and how important those are going to be but they can– they can make or break a deal.
Steve:  Tulsa Mortgage   What’s the most common mistake that people make in– I’ll tell you what the most common mistake people make in making deposits, and its cash deposits. Because look, in your normal everyday life, here’s the deal, deposit what you want when you want. Hello Danielle Spring. Danielle is on live on Facebook.
Tyler: Good morning.
Steve: Tulsa Mortgage   Deposit what you want when you’re not buying a house. All of us do the normal things that you do like in the normal course of living as a human being in America. Is that do what you want with your bank account. All I’m suggesting is be careful what you do with your bank account when you’re in the process of doing a loan because it’s just going to cause you more pain. That’s all.
It’s just more pain Tyler. More documentation, more things you have to go get from the bank. When you’re making deposits – that’s the biggest mistake is that we see is that people make cash deposits into their bank account. Cash deposit and I just made a big spill. Every single time we do a podcast somebody spill something.
Tyler: It wasn’t me today.
Steve: It wasn’t you today. Make sure that you’re not– you’re avoiding, I would just say. Look, if it has to happen it has to happen. if you’ve already done it then it’s already done. You can’t go back and make time go backwards. Just try to avoid making any kind of non payroll deposits into your bank account.
What I like to suggest to people if they are planning, and a lot of people are big preparers and they plan to buy a house, is pick an account that you’re going to put all your down payment money in and just get it in there and leave it there. Then don’t do any transfers in and out of it. Don’t do anything with it. If it’s a savings account that’ll be great because there will be what Tyler? No transactions, right?
Tyler: Exactly.
Steve: Tulsa Mortgage  There’s no ATM withdrawals or there’s no check card purchases, there’s no– nothing. It’s just an asset statement with very little activity and nothing else. I get that all day from Tyler.
Tyler: What about this state? I’m buying a house today and I have to bring five thousand dollars and I have five thousand dollars in cash but it’s not in my bank account. Is that an asset?
Steve: Nope. I mean no, not technically.
Tyler: It’s my money.
Tulsa Mortgage  Steve: Well, you can document it. I had a guy one time say, “I have gold”. And I said, “I can’t prove it’s your gold so I can take a picture of it.” Well, I guess maybe if you could take a video of you mining for that gold, finding it, weighing it, and then selling it and getting the money I might be able to convince an underwriter that was your gold.
Tyler: You mean he can take a selfie with the gold and have today’s paper so we prove it.
Steve: Yes. That’s exactly what he suggested. Is just, I’ll take a picture of it. No, you can’t take a picture with your cash either although that’s pretty fun to take a picture with cash. Look large amounts of cash, Travis Robertson from Dallas how’s the going? Mike Lowrey. Large amounts of cash.
Tyler: Michael Lowrey.
Steve: Mike Lowrey. Do you know Mike Lowrey?
Tyler: Well I’m pretty sure I’ve seen Bad Boys once or twice. Mike Lowrey, Mike Lowrey.
[laughter]
Steve: Here’s the problem with cash Tyler. What’s the problem? We don’t know where it came from.
Tyler: Exactly.
Tulsa Mortgage  Steve: We don’t know where your gold came from. It could have been drug deal, could have been, and we have done a loan or two. For some people that were– we probably knew that maybe we could prove it but there might have been some cash coming from interesting places.
Tyler: That probably happens a lot in Colorado Springs by the way.