Tulsa Mortgage : Podcast 31 – Part 2
Tulsa Mortgage So that makes you want to punch yourself in the face, let alone the other person in the face. So don’t finance furniture, electronics, home or model supply, any of that stuff. Anything while you are buying a house. Tyler, what else you got to say?
Tyler: That pretty much sums it up. Just don’t do it, never. Period. And people do it all the time.
Steve: Yes, it’s unfortunate. So, again, guys, we are talking about new payments affecting your DTI and the new credit lines lowering your credit score. And we just kind of talked about- not a specific example but we had a– I’m trying to think of why we can’t use the guy’s name but we had a guy recently that– and we kind of looted this a little bit ago that– did the car refinance and did it because he thought he wanted to lower his payment because he could qualify for more house but then talked to us about it.
Tulsa Mortgage And the unfortunate part about that was that it didn’t help his credit in any way. It hurt it and the reduction of the payment wasn’t significant enough to make a difference. If he had sold it and it was gone which by the way is fine, I think, to do. Talk with your lender to make sure that everything is good but if you are going to pay-off an account for a car or something like to lower your debt income ratio then that’s not necessarily a bad idea because we just get proved that it’s paid off.
Tyler: Well, unless that’s just like maybe their only credit line or something, that might-
Steve: Yes, so again it’s just like– We could do podcast after podcast, and every single one– the last thing that I want to say to somebody is talk to your lender. And we talked about it in the office the other day, that the communication is number one. You’ve got to communicate with your lender, otherwise it’s just– look, we’re pretty good at what we do, so we’ll figure it out but it’s just going to be less painful for you. You know what I’m saying?
Steve: So, talk to your lender. That’s– the lesson for the day is make sure that before you do anything regarding your credit you talk to your lender. If you don’t talk to your lender, you’re not getting a mortgage not in Tulsa, anyway. Not getting the Tulsa mortgage, what do you think? Not getting the Tulsa mortgage at all.
Tyler: [chuckles] No.
Tulsa Mortgage Steve: You’re toast. I’m going to be mad at you. We’re jumping on Facebook because I just thought, “Why not?” We might as well jump on Facebook. See, if we can get some activity from some of the peeps that are out there. See if anybody has got any questions about financing new stuff on their credit.
And, again, we are – I’ll just recap for you here so, I’m buying a house and I want to go finance something new, open a credit card, open a furniture store account, open a new credit card. I want to buy remodeling supplies. I want to get a home depot account. I want to refinance my car. I want to buy a new car. I want to pay off the current car. I want to do something with my credit. Stop right there. Don’t do anything. Talk to your lender. Talk to www.stevecarrington.com and make sure Steve–
Hi, Ryan and Tracey Myers and Trevor Gray, what’s up, guys on Facebook. Talk to your lender and Ryan says it’s a little too early for a Facebook live. I’m like, “Hey, we are early. It’s early day, early day.” Hi, Harrington, what’s up, man?
Tyler: Hey, it’s six, almost seven. It’s about half way over, actually.
Steve: I know, for www.stevecarrington.com and Tyler Wagner, this is lunch time. Are you kidding me?
Tyler: Seriously, I just had a [unintelligible 00:12:21]. Five seconds ago.
Steve: We just ate it– what’s that place called, that really nice restaurant?
Tulsa Mortgage Tyler: McGill’s?
Steve: Yes, not McGill’s, the other one?
Tyler: Which one, Mahogany?
Steve: Yes, Mahogany. We just ate a steak at Mahogany. Instead of a steak at Mahogany, we had a steak at Ryan Myers House because he knows how to cook a steak. That’s for sure. Thanks, Ryan Myers. Ryan said I’m pretty.
It’s cold in here, in case you can’t tell. Guys on Facebook, you missed it, but we’re talking about financing new stuff when you buy a house and Josh Harrington knows that that’s a no-no. Because all you’re going to do is make your lender very mad at you and things start to fall apart on the loan. Tyler, what’s another example of something they– can you think of– I’ll put you on the spot here. Recently something regarding credit that– either affected someone’s DTR or lower their credit score that we’ve run into.
Tulsa Mortgage Tyler: Something similar to what we talked about, but they’re really hit on. We actually had a lender call– lender– a realtor call us and told us that so and so showed up to look at houses in their brand new car. Keep the tag, everything, brand new, just got it.
Steve: Yes. Bought a new car, smooth move, excellent, that’s a good one.
Tyler: Luckily, the realtor was savvy enough to call us and say, “Hey, do you think that a new payment is going to affect them?”
Steve: Well, they barely qualified in the first place so I’m thinking that isn’t going to work.
Tyler: Not at all.
Steve: Just saying.
Tyler: It’s over.
Steve: Yes. Well and we haven’t heard from them since that day?
Tyler: No. [laughs]
Tulsa Mortgage Steve: Look, and that’s okay, If you opt for a brand new car instead of a brand new mortgage on a brand new house, that’s your prerogative. Opt for a brand new house and a brand new mortgage and a brand new house or — what did I say, a brand new car instead of brand new mortgage?
Steve: That’s your option, do what you want, I don’t care. Ryan said, “Should I quit my job and start a new business before deciding to buy a home?” We have an entire podcast dedicated to that; I think we hit it, no.
Steve: That’s the easy answer. I’ll even tell everyone that’s in the studio in here, “No, do not quit your job.” Okay, I told everybody. Josh said, “Don’t buy anything. Don’t close anything. Don’t breath. Get the house, then splurge.” [chuckles] Yes, that’s true.
Tyler: Yes, sums it up.
Tulsa Mortgage Steve: Do you splurge after– [chuckles] like, it’s like– what is splurge? Josh, what’s splurge? Then you buy the Bentley.
Steve: Hey, then you buy it after you close because then you can’t make your mortgage payment, no. Hey, Steve wants you to make your mortgage payment so don’t splurge. Hey, Bill Thorne, what’s up?
Anyway, we can beat that dead horse all day long but the lesson of the day really is, is just talk to your lender. If you can’t talk to your lender, communicate with them and you’re going to make mistakes in a long process that are going to be painful for you to fix .Just make sure that you don’t do that. And, I think that’s about all we got for this episode, folksies [sic]. So, we’re going to jump on episode next, will be back soon with more stuff from www.stevecarrington.com and the Steven ’n Tyler show and we’re going to end you with some– Tyler, don’t mess up my monk sounds. We’re out www.stevecarrington.com, out of here.
[00:16:09] [END OF AUDIO]