Tulsa Mortgage : Podcast 24 – Part 2
Tulsa Mortgage Tyler: Yes.
Tyler: Yes, I was gone for a moment.
Steven: Hey, wake up or I’m going to have to play [unintelligible 00:12:24]. No, this is good.
Steven: We call that the monk chats.
Steven: Tyler’s yawning, so we got to get in the right state. What to — Tony Robbins said, “You got to get in the right state.” We can’t do it on the podcast, but in between I think we need to run around the building.
Tulsa Mortgage Steven: We’ll run, right? You chug your red bull. We’ll run around the building and then we’ll talk about down payment.
Tyler: Fair enough. You’re telling the guy that doesn’t even walk to his mailbox to run. That’ll be difficult.
Steven: He just dropped that bomb. Listen, I’m going to tell you something about Tyler. I remember when I liquidated another mortgage company in town. You were around then, right?
Steven: Okay. So we bought filing cabinets and we bought a bunch of stuff, but we had these like really nice filing cabinets that we loaded up in the back. This is story time right now, okay? Where is my story time thing? I need to find the story time.
Tulsa Mortgage Steven: This is stevecurrington.com and story time. Today we’re talking about Tyler and work, real work. We have all these filing cabinets in the back of a big truck. I have the biggest truck in the state. Hello, Lindsay Scott, how are you? We have the biggest truck ever and we have all these filing cabinets loaded in the back, and I’m in my suit and we have four people, and we’re unloading these. Tyler has made himself the supervisor, right? Would you say that would be accurate?
Tyler: Yes, I gave myself a promotion.
Steven: What were we doing? What were you doing while they were being –? Do you remember this specific time that this happened? I was three or four years ago.
Tyler: Vaguely, but yes.
Steven: Do you remember what you did while we’re unloading filing cabinets?
Tyler: Give everybody a pat on the back? I don’t know.
Steven: Do you remember me screaming at you? Like, “Don’t just stand there, help.” That’s a long story. Bryan Woods is tracking our viewers on Facebook Live. He’s like, “You’re losing viewers; five, six, seven, goodnight.” Brian, it doesn’t show you all the live viewers. I can see the live viewers and there’s [sic] 618. I don’t know what you’re seeing, but when I get live on Facebook, a lot of people watch; like 618. It actually just went up. It’s at 622. That jumped. We got four viewers in like four seconds or something like that.
Steven: Brian’s commenting like, “Five, six, five, six, five, six, five, six, five, six, five, five, six.” Listen, when you’re getting a Tulsa Mortgage — NMLS 1043976. Tyler, what your NMLS number?
Steven: You don’t even know your name NMLS number?
Tyler: It’s [mumbles].
Steven: Oh my gosh, I’d really kick Tyler right in the face. How do you not know your own NMLS number? That’s like your license number. Where your business card?
Tyler: In the truck.
Steven: Oh my God. We’re going to have to kill him. We’re going to have to kill Tyler.
Steven: -in the middle of summer. That is not cool.
Tyler: It is six numbers.
Tulsa Mortgage Steven: That is totally not cool. Hey, Mark Anthony. Yours is six numbers, but I want to make a comparison here. I’m going to look yours up.
Tyler: I think I know it. I think I do.
Steven: We’re going to look it up, because anybody can go to NMLS consumer access and you can look somebody up. But more importantly I have an email from you that I’ll just pull up. It’s on your email signature, isn’t it?
Tyler: Yes. It starts with an eight.
Tyler: See? knew it.
Steven: When did you get your in NMLS number?
Tyler: When was that?
Tulsa Mortgage Steven: Mine is 203687. Between me and you there were 600,000 people that got an NMLS number. Isn’t that crazy? 600,000; is that right? 858012. 203687. That is about 600,000 people between me and you. That, my friends-
Steven: That’s a bomb that was just dropped, because that is the difference between my experience and Tyler’s; 600,000 people. That’s how many – that, my friend, is when you’re like, “I’m as good as Steve.” Just remember there are 600,000 people in between us from the time I got my license to the time you got yours. You know what? That’s increasing every day.
Steven: He just said, “Yes.” I was just trying to say something to see if you’d agree with me. It can’t increase. It’s already happened. The number can’t increase from 203687 to 858012, but it is higher, isn’t it?
Steven: In fact, it’s jumped into seven digits, into the millions. Who’s somebody that we can we can look up? Lindsay Scott was on here earlier. I wonder if we should look up her NMLS and just see for fun. I think there’s somebody that I know that recently worked with us that is literally 1,000,108 107. It’s literally that much. You think you’re way better than that, Tyler. You have 300,000 in between you and that person. That’s a lot. Guys, we’re talking about down payment, so that was a little bit of a tangent. We had to go into story time.
Steve: Currington had to go drop a couple bombs on people
Steve: I haven’t blown the air horn recently.
Tulsa Mortgage Steve: I think I’ll blow the air horn next time I have to cough. I got to [unintelligible 00:18:49] my throat. Okay, Tyler, I’m going to ask you. You have to hit a home run on this answer. I’m not going to set you up. You just got to figure it out, okay? Figure it out. Most commonly when we’re doing a loan for someone, there is a question that they ask commonly that has to do with down payment, closing costs, what is it?
Tyler: How much am I bringing to the table?
Steven: Yes. He just hit a home run. I need to find like the — where is the home run button? It’s the holy cow button.
Steven: I think that means you just hit a home run. But that’s exactly right, so what does all that mean, Tyler? Down payment, closing costs, all of that. Big factor is homeowners insurance, because people — You got to ask for the seller to pay your closing cost before you even know what that premium is, right?
Steven: You pay your insurance and closing, so if I estimated or your lender estimates your insurance at 1,200 a year, because he’s trying to make your payment look lower, and it ends up being 2,400 a year, that means your closing cost just went up by 1,200 bucks minimum. Lindsey Scott gave us her — She’s 918529. You’re 858012. She’s less than a hundred thousand behind you.
Tyler: About 60.
Steve: But she closes a lot of loans.
Tulsa Mortgage Steve: It really doesn’t have anything to do with where your NMLS number is, because you can still be brilliant like Lindsay down in the Oklahoma City area and close a lot. Congratulations, Lindsay. There are 700,000 people between us, but that doesn’t matter if you close a bunch of loans. Tyler, I don’t even know what I was talking about. I was talking about-
Tyler: How much you were bringing to the table; closing cost, down payment-
Steve: Yes, insurance. You’re paying a year of that and closing, so if you don’t factor that in, then you can be very confused on how much money you’re bringing to the table. It can be a real problem. We just talked to a guy yesterday. We show him bringing 8,400 bucks to the table and what does he think he’s bringing?
Tyler: 5,800 bucks.
Steve: Because he’s out of his mind. Nobody told him that. In fact, we’ve told him completely different to that, but people hear what they want to hear and they believe what they want to believe. 5,800 is his down payment roughly, right?
Steve: Actually, no. It’s not. 5,800 is less than what his down payment is. 5,800 was less than his minimum amount that he had to put down. That was $200,000 purchase, right?
Tyler: Yes, pretty close.
Steve: It’s FHA. His down payment — 3,500 times two which is what – 7,000 bucks. He believes that he is bringing $1,200 less than he’s required to bring just for his down payment. The lesson is, get that stuff together. Britt Minks [unintelligible 00:21:57] and I know a guy that can get you an accurate insurance for you, so that your buyers can know exactly what they need to bring to the table; to eliminate the last minute surprises and whatnot. It won’t surprise you to know that Britt Minks works for Allstate and so he doesn’t charge. [laughs] He brings up a good point. You just want to make sure you get, whoever your real estate your insurance agent is, just get with them and get that information.
When you buy a new car, Tyler, what’s one thing that a lot of people do when they buy a new car? They call the insurance and they go, “Okay, if I buy this car, how much is my insurance going to be?” There’s no reason why you can’t do that with a home as well. When you go, you should have an insurance agent in your pocket or a good lender that can get you that information and make sure that you’re getting some type of an idea, because sometimes it has nothing to do with you and your claim history. We had one the other day that the house that they were buying, that particular house, there were so many claims on that house that they attract, the premium is astronomical. It was going to go down in August, so the insurance agent said, “Just wait until August to close.”
Tyler: This is the same home we were talking about with the confusion with the down payment; probably the reason why it’s so high right now.
Steve: Really, yes. That’s right. When we talk about down payment, we’re not just talking about down payment. We’re talking about all the costs that are affiliated or associated with your loan. Make sure that you know your down payment, you know what your closing costs are, you know if the seller is paying any closing costs, and if they are, what they’re paying, before you enter into that agreement or that contract, because you don’t want to have any surprises. That’s what it comes down to.
I’m ending Facebook Live. We’re losing viewers like crazy.
Steve: We went from 618 to 622, down to 3.
Steve: When I say 618, I mean 6.
Steve: That’s what I mean. Tyler, anything to add before we wrap up the podcast?
Tyler: I think we got it.
Tulsa Mortgage Steve: We’re hammered, so hey, Steve and Tyler are out. See you.
[00:24:11] [END OF AUDIO]