Tulsa Mortgage : Podcast 27 | Part 2
Tulsa Mortgage Steven: Cathy Fowler is saying, “Or they don’t think it matters, not hiding, they just don’t realize it’s important.” Which is a good point. She’s talking about when people don’t tell their mortgage bankers something.
Tyler: Oh, yes.
Steven: Like they don’t think it’s important. Totally true I mean because they just don’t understand the process and that’s why you’ve got to get with a — We have a do’s and don’ts. In fact, we created a few of our podcast– thank you Cathy because that’s great information. We created a few of our podcasts recently based on do’s and don’ts list. This is going to be the things that you– well, it’s really a don’ts list. We used to have a do’s and don’ts but this one is a don’t list. The don’ts list is saying things you shouldn’t do. That’s what we’ve– we literally were able to make what 10 or 12 podcasts, just from things you shouldn’t do when you’re buying a house or doing a loan.
Cathy you’re completely right. Some people just don’t realize the effect. That is why you need to get with a Tulsa mortgage banker that knows the process and knows things to educate you on, so that you don’t make those mistakes. In our everyday lives of what we do, it’s really no problem when you change jobs or do whatever especially if you’re doing it for more money. It’s because you’re in the loan process that it messes things up.
Steven: Wendy Gethrey agrees. To real estate agents that are on here watching live at this time in the morning. It’s I think local– I think Japan time. It’s 2 a.m. I don’t know what time it is. Wendy said they just wanted a new car or furniture and could not wait, did not know to purchase after the loan closes, right?
Tyler: We’re going to talk about that actually.
Steven: Yes. We’ve got a whole podcast dedicated to people buying things before they close.
Tyler: They do it.
Steven: They do it. It happens. You do not have to be on the same job for two years to qualify. What that means is, even if — guys probably don’t realize this. Even if you were on unemployment, let’s say you worked at a quick trip and you were– worked as a second assistant manager and you were there for a year. Then you got laid off or you lost your job and you’re on unemployment for four months. Then you’ve been — say prior to QuikTrip you had another job so you got a two-year work history but now you’re in come and go and you’ve been there for five months. You have six months or about four months of unemployment. Then you have one year QuikTrip and one year of somewhere else, right? People would say, “Well, you have a job gap.” Nope, you have unemployment and if you received unemployment benefits, it’s actually part of your work history.
We just want some stability. Typically, we’re going to want you back on — back to work for three to six months depending on your credit, your debt ratios, your down payment, there’s lots of factors that go into that. A lot of people think, “Oh well, I need a way until. I need to wait until.” You don’t need to wait until you get your Tulsa mortgage right here by talking to a lender that knows what they’re talking about. Make sure that you don’t become part of that statistic that just thinks that, hey — I just did the Obama tap.
Tyler: Oh, no.
Steven: I tapped on the table. I’m going to smack myself a little bit later. Just make sure you know you get educated with your lender. Otherwise you’ll be that statistic that thinks– I wrote here to tell the chef story. We recently had a guy that worked at a country club basically as an executive chef. In the process of him buying his house, he was looking at other opportunities. I should say. In the process of looking at other opportunities, one of the places he was talking to called his current employer for reference not realizing that he still worked there.
That caused a problem because his GM was not happy that he was getting — he had been there that long — he was getting references, getting calls about his executive chef going to work somewhere else. Needless to say it messed things up but in his case, great credit, great debt ratios bunch of money down everything worked. He closed on his house before he got the first paycheck from the new job. That’s a little bit unheard of for a lot of people because it just doesn’t always happen that way. That is that is probably the exception of the rules so you can’t really count on closing and then getting your paycheck after. It just doesn’t work like that. Were you around? Do you remember that one?
Tyler: Yes, I was here for that one.
Steven: This is going to be the theme of a lot of our podcasts. What I’m going to say is the action steps that someone needs to take. Tyler we haven’t done — by the way we have monk sounds. [monk sounds] We should do monk sounds before we do any quotes from Stevencurrington.com. We have a quote from Stevencurrington.com and from our sponsor.
It’s really long.
Tyler: It’s very long. Still going?
Steven: I stopped it.
Tyler: Yes. There you go.
Steven: Okay, hold on.
Tulsa Mortgage Okay. Here’s the quote, talk to your lender. Your lender should be your best friend when in your loan process. If you have to go to the doctor and you have issues and they’re very personal. You should tell your lender. Just tell me everything.
Steven: You don’t know how that might affect your approval if I find out that you’ve got some medical issues. Tyler’s not anybody’s not saying anything. No?
Tyler: I don’t know.
Steven: You don’t think they should tell me if they got medical problems?
Tyler: If all of a sudden you’re better then you’re not going to work every day.
Steven: I’m just saying you better tell me everything that’s what I put, talk to your lender before you do anything that has to do with your employment ever, period. If you’re not getting a raise getting a promotion in the same company you need to tell your lender.
Tyler: If you’re taking a four-day weekend.
Steven: If you are taking a four-day weekend you need to tell your lender. Look here’s another thing. This isn’t even in here. I can’t tell you how many times this has happened. I’m buying a house so therefore I need to take some time off work. Well, I’m basing your approval on 40 hours a week. Now every pays tab I’m getting you’ve only worked 35. Now you’re only qualifying for 35 hours. That might change your debt ratios. It will change your debt ratios. You may not qualify or here’s a good one, I heard guy got fired. He got fired because he took off too much work while trying to buy this house. That is not productive. We don’t want you to get approval for a house and get fired from your job. Nobody wants that. Don’t do that. Don’t make those mistakes. Come on we don’t do gimmicks here.
Tyler: Don’t wake up in a roadside ditch.
Steven: Don’t wake up in a roadside ditch. Tell your lender everything. Tell me everything. If you don’t tell me everything then I can’t help you. I’m just telling you I can’t help you. All right people, that’s how it goes. Tyler I’m going to recap here, don’t quit your job, don’t change your job, don’t retire. We never really hit retirement but look just hold up a second. I’m guessing unless you’re getting paid to get for someone else to get promoted like seems to be happening in-
Tyler: Oh, [unintelligible 00:08:11].
Steven: Drop the mic. We need the drop the mic sound. Where’s the drop the mic sound? [music]
Tyler: Not it.
Steven: That’s juicy.
Tyler: Hold on
Automated voice: [laughter]
Tulsa Mortgage Steven: That made me laugh. [music] That’s how you get going in the morning. I think that’s from Price Is Right.
Tyler: I think you’re right.
Steven: Is that from Price Is Right?
Steven: Anyway, don’t quit your job, don’t change your job, don’t retire. Your income can change, your income type can change, commission, salary, hourly and your years in line of the work can change, lots of things can change. Be careful don’t mess that up. That’s all we got for today’s podcast. You’re listening to the Steven Tyler show and we do Tulsa mortgage. We’re out.