Transcription Tulsa Mortgage
Speaker 1: Code number 47.
Announcer: Welcome to “The Steve N’ Tyler Show”. With stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: Oh, You’re pretty smart about Tulsa Mortgage
Tyler: Yeah i think i know a lot about Tulsa Mortgage
Steve: Well, good for you, man.
Announcer: They’re talking about everything you need to know about Tulsa mortgage, home loans and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.
Steve: [Hums] Too bad it’s too early in the morning to be doing a podcast.
Tyler : [Laughs]
Steve: Just kidding. Jeez, whats happening Tyler?
Tyler: Just hanging out. We’re here to talk about Tulsa mortgages.
Steve: Oh yeah. Hey, it is early, we are in the Clay Clark Studios, I call them the thrust studios in Jinx America. Out here doing our podcast, doing our thing early in the morning on a Wednesday basically, that’s when we do this thing. For those of you’d listen, today, we are talking about, “My lender turned me down. What do I do?” What do I do Tyler, if my lender told me I couldn’t qualify, because my credit score was too low.
Tyler: You rent forever.
Steve: Yes, you’re toast and cant get a Tulsa Mortgage
Tyler: you’re stuck.
Steve: You are going to be a renter, you just need to get used to it.
Tyler: Just kidding.
Steve: That’s [Laughs]. That’s what you do. When your credit score is terrible you just rent, okay. That’s the deal. This happens all the time. This shouldn’t be a surprise. I’ll tell you this, I’ll tell you like this. I always make these doctor references, I don’t know why, Tyler.
Steve:- I learnt them from somebody, I guess. Here is the deal, Tyler If you went to the doctor today, and they said, “Tyler, you’ve got a week to live. You have this rare form of cancer, and it’s progressing very rapidly. In fact it’s gotten worse while we are sitting here. You are going to die. So get your affairs in order, your bucket list.” What are you going to do?
Tyler: I’m going to see somebody else.
Steve: Interesting. So you’re not just going to be like, “Oh, doctor, can you please tell my wife?” No, you are going to go get a second opinion. You don’t just die. [Laughs]
Steve: You don’t just assume that you are toast for a Tulsa Mortgage. I don’t anyway. That would be my idea of it. I’d go get a second opinion too Tyler, that’s what I’d do. In fact, if I would get a second opinion and they said, ” You’re dead, bro. It’s going to be eight days.” Or 14, whatever, then I’m going to get another opinion. You know why? My life is important to me.
Steve: Living is kind of one of those things that; for whatever reason, us humans like to live. We also like to live in nice houses. If you wan to live in a nice house that you own and you are trying to get a Tulsa mortgage, maybe you’ve been turned down by somebody else. Look, unfortunately there is a statistic out there that I’m going to make up, I don’t know what it is. There is a large percentage of people every year that die due to malpractice or due to doctors making errors. Do you know that? It’s a significant number.
Tyler: Yeah. Tulsa Mortgage is a great opportunity
Steve: Go google it if you are listening. How many people die per year from errors made by doctors. These are guys that have gone to school for what, how many years? Eight, nine years. They have training. They have– I mean there’s a lot that go– I got a couple of friends that are doctors. There’s a lot that goes into it. But doctors make mistakes right? I mean they do. And unfortunately, sometimes when they do, people die.
The great news is when you are doing a mortgage, because you were turned down by a lender it doesn’t mean you are necessarily that you are going to die. But if a lender says your credit score is too low, or whatever reason it is that you don’t qualify, get another opinion. Go see another guy. Google Tulsa mortgage. I’m certain that you are going to find us and we can give you a better– We were just talking last night about a lady who just got an application on and she has low credit scores. I mean they just do. But there are some circumstances where– that low credit score, you can get some help in getting them approved. You know we talked about that last night Tyler. She’s getting the score up and some people are just not willing to go down that path with you. They just won’t. They’ll see the score, they know that it’s below the benchmark of what they can qualify. A lot of banks have a higher credit score requirement, like a 640 or even a 660 just to qualify for a FHA loan, where we can do… What, Tyler?
Tyler: Down to a 580.
Steve: A 580. Now that’s a very small percentage of people that are going to qualify for a 580 score to be honest with you. If I pool your credit today and you’ve got a 580, probably I’m not going to give you a pre-approval letter today, there’s probably going to be some work that goes into it, but you are talking about a 60 point swing. Really, from a 580 maybe to a typical 640 that a lot of places are going to require you to have in order to qualify.
If a lender does that, then you just need to get another opinion. And if another lender tells you, get another opinion. It’s not going to kill you. We’ll talk about it in a future episode what those inquiries do to affect your credit score. I won’t go into depth in that, but a lender typically is not just not going to approve you or decline you based on a number unless; I pulled one the other day, they were in the low 400’s. If you are in the low 400’s, you need some counseling about your credits. Literally, because you are doing something– It could almost be looked at as intentional.
Steve: If your score is that low for a Tulsa Mortgage Tyler, you’re buying stuff and financing things with no intention to pay it. It literally is an indicator that you don’t pay anything. There can be flukes, things happen. We talked about– Podcast last week about student loans. About how they can get severely [unintelligible 00:06:27] while you are in the deferment period and they are reporting incorrectly. And if you have ten student loans that go 90 days past due, it’s going to put you in the low 400’s probably. It doesn’t mean that you are a professional better and you’ve– But you’ve messed it up. It’s pretty bad if it gets there. If you are in that score range, you can count on it. You are not going to qualify. Just–
Tyler: Well wait, the conversation should never end with, “You don’t qualify, because your credit score is too low. See you.”
Tyler: There’s a lot more to that, that people just need to know. They need to know that they can get help. There’s things that they can do.
Steve: That’s why we say we don’t send people packing. A lot of lenders will just send you packing. Not just Tulsa mortgage lenders. We try to at least give people an option of what they can do to get qualified if they aren’t in a position to do it today. Right?
Steve: We’ve got lots of resources for that if you are talking to a lender that just says, “Hey, your credit score is too low, see you, have a nice life.” then call somebody else. Call us, go to stevecurrington.com. You can fill an application and we’ll help you. There are some loans– We talked about FHA conventional; has a hard and fast number of a 620. That’s pretty much across the board and that’s mainly because you can’t get mortgage insurance issued at a 620, but conventional loans are more stringent on credit scores and that type of thing, so we can actually do a conventional lend to a 620 at this moment in time.
But every loan program’s going to carry a different number when it comes to what credit score you are required to have. If you are looking at doing a conventional loan versus doing an FHA loan, versus doing maybe a USDA or VA loan, then be aware that you are looking at a different credit score requirement per loan. Listen, I can’t stress this enough, your credit score; really, to a certain extent, if you have one that allows you to qualify, congratulations; but it really doesn’t mean jack if you don’t have income. If you don’t have income you can prove. People tell us all the time, “Well I’ve got an 800 credit score.” Well happy freaking day, that’s awesome you have an 800 credit score. I’m so proud of you, you should be proud if you have an 800 credit score, but that is just one little piece of the puzzle, one little piece of the pie. It’s literally, Oh, you credit qualify; but Tyler, under that 800 credit score, they could have $180000 in credit card debt. They could have a $1500 car payment. They could have all kinds of debt that’s included in it. Right? They just pay it on time.
Steve: And maybe they don’t have the income for a Tulsa Mortgage. That’s kind of important.
Tyler: It happens a lot.
Steve: So don’t just focus on your credit score, you need to be aware of what your income is and your income is something that affects that credit score. We are pulling data for you guys from lots of different places on experts and– there’s other people, Tyler, that claim they are experts, besides me and you. Believe it or not there’s books written on credit scores. Be aware, that if you’re reading about credit scores– because anybody can go to Google and look, okay? There’s a lot of information out there that’s just written by some dude that he put on the internet, he put in a blog, that is wrong, right?
Steve: In fact, to prepare for our podcast we have a book that we got, that is kind of like a mortgage 101 type thing that goes through. I think for the most part a lot of the stuff is accurate, but some of it is out of date and some of it is just flat-out inaccurate, it just is. And remember, just because someone wrote a book doesn’t mean it’s right and just because www.stevecurrington.com says it doesn’t mean it’s right, or does it?
Tyler: I’m surprised you admitted that. [laughs]
Steve: Or does it? When you’re out there online looking at this stuff and looking up information, just make sure that you’re doing your research and researching deep enough to get the information that’s accurate so that you’re not getting information that’s inaccurate and then you’re planning your entire life around some knucklehead who’s 19 years old, who wrote a blog about credit scores, that doesn’t know what he’s talking about. Call an expert. I’ve been doing this for, gosh, 11 years now, almost 12 years, I think. I think I know some stuff about credit. Before I did credit or mortgage I was a debt collector, so I saw that other side of credit. My entire adult life, which is now about 20 years, I’ve been doing things that involve credit, so I know credit like a lot of people don’t. Nate probably doesn’t know, back there in the sound booth, as much about credit scores as www.stevecurrington.com does. Although he’s a very nice guy.
You want to get with somebody that knows their stuff and you want to make sure that you’re getting your information from somebody who knows their stuff, otherwise- [musical sound] -you’re just going to have a barrel of fun and you’re not going to know anything. You’re not going to have the correct information, so just be aware that. What we’re talking about here is, “I can’t qualify because my credit score was too low.” and really, what that means, as Tyler and I said before, just because your credit score is a certain score isn’t necessarily– with the exception of you being a 400 or 300 credit score, the only reason why you’re going to qualify or not for a loan.
There’s a lot of other factors that go into it and for those of you that think that; well, if you just have a perfect credit score then you can just get qualified for anything, it’s just not true. It happens all the time to people that just don’t make enough money. The couple that we talked to yesterday; the wife makes $600 a month. It doesn’t matter what her credit score is, it really doesn’t.
Tyler: No. Tulsa Mortgage loans are amazing
Steve: She could have had the highest credit score on the planet, it wouldn’t matter, because she wants to buy $140,000 house, the mortgage payment alone is more than what her total income per month is. Do you see how it didn’t work out? It’s a real easy ratio. Your mortgage payment is $1,000, your income is $600, that’s more than 100% of your income.
Tyler: It’s not going to work, at all.
Steve: No, it just doesn’t. Don’t fool yourself into believing that it’s all about credit score, because it’s not all about credit score. If someone literally just says, “Your credit score is too low and you don’t qualify” get another opinion. That’s what we’re talking about today, get a second opinion. Some of the other factors that we look at when we’re qualifying people are, what we would call reserves, or money left in the bank after your loans closing. We have a couple that has a higher debt ratio, has good credit, has a higher debt ratio and Tyler, you know what I’m talking about, but they’ve got a ton of money in the bank.
Steve: They’re going to put 20% down which is about $85,000 on the house they’re purchasing and then when that’s all said and done they’ve got about another couple of hundred grand sitting in the bank. This is a big factor. You take somebody that has– maybe they are risky because they have a higher debt ratio and it’s above the program guidelines for a conventional loan, maybe; but they also have $200,000 in the bank when everything’s said and done. They take that $200,000 divide it by the mortgage payments to settle the mortgage payments. $2,000 a month. That means they’ve got how many months? A lot of months. That’s like 100 months worth of mortgage payments.
Steve: They’re doing a 30-year, so you’re talking about a third of their mortgage payments just sitting in a savings account essentially. So that’s one of the factors that they look at other than credit scores. Are you upwardly mobile with higher earnings ahead? Are you in a position like, “Hey I’m a doctor, I just finished my residency and I just got into a practice where my income is going to increase over the next several years” is a factor that an underwriter might look at. Do you have a large down payment rather than just a minimum? Have you been in the same line of work for a long time? We had a really good customer that has worked for the same company for like 9 or 10 or 11 years. That’s good, it’s a strength in your file. He had a little bit lower credit score, but he had some stability, because he had time on job, 10 years. That’s pretty stable if you ask me. He’s making good money, his credit is a little jacked up, but at the end of the day he’s stable in his job and he’s been there a long time.
Those, what we would call compensating factors, are things that we can use and we’re talking to an underwriter and we say someone has a low credit score. Here’s how it goes, yes, Windy, they have a 605 or they have a 600 credit score, but they’ve been on the job for 10 years. Their debt ratios are at a half of what the guidelines say and they’ve got $100,000 in the bank when this thing’s all said and done. That’s somebody that might be a bigger opportunity for them to get a loan and less risk for a lender. So if someone is telling you, you don’t meet the minimum credit score requirement, what’s the lesson Tyler?
Tyler: Get a second opinion.
Steve: Get a second opinion, because if you don’t– get a third opinion if you have to, but get a Tulsa Mortgage company or lender that you can talk to, that can make sure that the information they’re giving you is accurate. You might come to us and we say, “Yes, you know what, you’re right.” You’ve never paid a bill on time in your life and every single thing that you have is the only one and you have no open accounts. That’s okay, we’ll help you. We’ll figure it out, right?
Steve: It’s going to be a long road. You didn’t mess it up in a day, but you’ve got to get with somebody that first of all knows what they’re talking about. I’m losing my mic here, Tyler. First of all, knows what they’re talking about. Secondly, somebody that will help get there instead of just saying, “Here’s your credit score.” and then kick you on down the road. Don’t forget, get a second opinion. I’m Steve Currington. I know you are listening to our podcast right now, but you can get all our podcasts on iTunes, you can go to podcasts at www.stevecurrington.com and find all of our podcasts. We do a bunch of these. I think we’re on 50 or 60 at this point. If you have questions, you can call us, but go to stevecurrington.com or email@example.com. I’m stevecurrington.com and I’m out.