Transcription Tulsa Mortgage
Steve: This is stevecurrington.com in The Steve-N-Tyler Show, episode number 55.
Steve: Word up TylerWhyburn.com
Steve: How are we doing, Tyler?
Tyler: Doing well. How are you?
Steve: Late start this morning folks. Doing our podcast at six something in the morning,. but glad you’re out there. We’re talking about what I should look for in a mortgage loan today in your Tulsa mortgage. Before we get started, we need to make sure that– Tyler, I need to make sure that I get all my sound effects. Clay got a new keyboard in all its glory. It’s sitting there labeled perfectly and Nate said I can’t use it till Clay uses it. I’m going to have to use all the old sounds. We still need to get our outro built, so just be aware people, we’ve got crazy, fun sounds coming. [sound effects] There’s probably like — what do you see on there Tyler that’s fun? There’s Blues Brothers. It’s on the other side of the table, guys, so I can’t even see it. I can’t even see it.
But listen, we’re talking about today Tulsa mortgage. What I should look for or what should I look for in a mortgage loan. Look, this is pretty general. As we talked about in previous podcasts– I keep referencing Tulsa mortgage as we talked about previous podcast, because we’re on 55. That’s a lot. What is that? How much time has that took? Our podcasts are 15 to 18 minutes long so do the math real quick. Let’s say average of 16 minutes times 55. That gives us.
Tyler: Full over 14 1/2 hours.
Steve: 14 1/2 hours, how many minutes is that?
Tyler: I got to go back.
Tyler: Something like that.
Steve: 660 or 680 minutes of podcast. If you’re listening to this, and you found us on iTunes or through our website, email@example.com, go listen to all of them. We’re getting them all labeled so that you can see what topic and what subject, each thing that we’re talking about. Lots of good information.
We’re going to get general about getting a loan you feel comfortable with. What that might look like, Tyler, is a loan you’re comfortable with down payment, a loan you’re comfortable with the interest rate on, a loan you’re comfortable with the term, whether it be a 15 year, or 20 year, or 25 year, or 30, right?
Steve: Because we get people, they just get into loans that they’re not comfortable with, literally. They get into a 15 year when they should have done a 30. They get in to a 30 when they should have done a 15. They get into a Tulsa mortgage with a conventional loan with 20% down when they should have or could have put 5% down or done FHA. My advice to anybody that’s that buying is just make sure that you get with a lender, a Tulsa mortgage lender that is going to advise you of every program that’s available to you. Not just what you think. How many times does that happen a day where people call and say, “Oh yes. I need a conventional loan. I want to put 20% down.”
Tyler: All the time.
Steve: It isn’t because they want to put 20% down. There’s not very many people that if given the choice of keeping $20,000 in their bank account, or putting it into a loan, would put 20,000 down. Do you know what I’m saying?
Steve: There are some people that are just so opposed to tulsa mortgage insurance, and I can totally understand that, but people literally call us and they say, “Well, I’m going to put 20% down.”
“Well, because I have to. You’ve got to put 20% down.”
No one’s told them. They haven’t been advised with the lender that maybe has the– I always mess this up. People always says the cojones, [mispronounced] but it’s not cojones. [mispronounced]
Steve: Cajones. You get with the lender that has the cajones to tell you that you need, maybe a different loan. Right? If you don’t have a lender that’s willing to say to you, “Hey. Here’s all the programs that are available to you” then maybe you just got a joker that you’re working with. [sound effects- laughter] That’s the most contagious laughter, Tyler. I’m just going to play that over and over. [sound effects- laughter] Getting crazy with the sounds and Tulsa mortgage loans.
So just to make sure. Listen. Here it is. I want to be comfortable with my loan. You might be very comfortable putting a hundred thousand dollars down, and that’s great, but all I’m saying is you’re getting a Tulsa mortgage, you’re working with a lender, make sure that you’re getting a loan that you’re comfortable with.
Steve: Because how many times have you– Tyler, talk to me, bro. Talk to me. How many times do we talk to somebody who says they talked to another lender and the lender was telling them that they had to do this or there was this program that they had to do or this was the only thing that’s available?
Tyler: All the time. People come in, they don’t even know. They actually think that every loan you have to put 20% down. They don’t even know what else is out there, or they think that they have to go FHA because their credit score is a certain amount, but they have so much to put down and money to play with, so there’s so many options available to them. People just don’t know what they don’t know.
Steve: Ooh, good one, yes. They don’t know what they don’t know. They’re unconsciously incompetent, that’s what I’d say.
Tyler: Yes. They need somebody to help them out.
Steve: They need a lender. They need a lender.
Tyler: Plus a mortgage lender.
Steve: That’s what they call us. Hey. I want you guys to know that literally I started the show with “there’s all these sounds” and I feel like I’m handicapped right now because I’m looking across to the keyboard. Is it hooked up? Tyler, touch it. I know Nate’s standing right there but touch one of them and see if it works.
Steve: Do it. I’m going to do it.
Tyler: It’s kind of like the pan that’s hot. You don’t want to touch it. Nope. No go.
Steve: He turned it off. This is bad.
Tyler: Too much temptation.
Steve: Oh no. I literally stood up, reached across, touched it, and– [sound effects] By the way, name that sound, Tyler.
Tyler: Price is Right.
Steve: Yes sir. Tyler got it. Good job man. Good job. All right. So referencing the book, if you’re playing Blackjack guys and you get a card, this is what I always do, “Dealer, what does the book say?” and he says, “The book says you should hit”, so okay, I’m going to hit. That’s what the book said. Forget perusing through your mortgage lenders loan book exploring all the possible alternatives, get it fixed, or get an ARM. Get it fixed if you’re in it for the long-term or are risk-averse, get an ARM if you see this purchase being short term, say three to five years, get a hybrid if you’re in between. Why such narrow choices? Pricing. Be careful what you read on the internet. Let’s talk about ARMs, Tyler.
Steve: Ask me how many adjustable-rate mortgages I’ve done in the last nine years.
Tyler: How many adjustable-rate mortgages have you done in the last nine years?
Steve: Thanks for asking, Tyler. Let me tell you. Zero. Do you know why? Because for about the last, maybe nine years, interest rates have been low enough on a fixed rate that you don’t need, most people don’t need an adjustable-rate mortgage. It’s like, if I can get an adjustable-rate at 3.25% or I can get it fixed at four, why wouldn’t I just take the fixed? Especially if you’re going to be in the house for a little bit. Really what that’s saying is, you got to look at how long you’re going to be in the property but, hey, I talk to people every single day, and here’s what they tell me Tyler, “This is our retirement home. We’re going to live here forever”. This is a stat. Okay.
[sound effects] [music]
Recording: 67% of all statistics are made up on the spot.
Steve: Just like this one. That just keeps going, doesn’t it? Here’s the statistic. The statistic is, that people say this all the time, “This is my retirement. We’re going to live here forever. This is for our forever home. This is the one. We love it. I just love this house”, and then [knocks] 23 months later, lWe had another kid. This house isn’t big enough. We need to have another house.”
“Aren’t you glad you paid two points in discount to get that lower rate that you’re never going to pay for, and aren’t you glad that you–”
Most people just don’t stay in their houses that long, but the rule in my book is if you can get a fixed rate, and you can get a pretty [unintelligible 00:09:58] fixed rate, take the fixed rate. What I would tell you is, if you can afford it and most people can. It’s just a matter of planning. Tyler, are you having a heart attack there, bro?
Tyler: I think so.
Steve: Tyler is having a heart attack on the set. On the set. Listen, this topic is so boring that it gave Tyler a heart attack. I mean that’s the thing.
Tyler: Wouldn’t it be the opposite?
Steve: I don’t know.
Steve: That was Snoop Dogg up in there, Tyler. No, Tyler literally just about had a heart attack. And by the way, Tyler yesterday– I’m going to segue for a second because Tyler saved my life yesterday. Yesterday I was trying to eat healthy and I was talking to one of my realtor partners, JB. Nate’s recording this so I can show you my thumb. I was cutting an apple but I couldn’t find my big pocketknife to go slice up that apple, because I wanted to cut it into like nice little sections. So I got this little bitty, really sharp, apparently, pocketknife and I’m in the bathroom, not the bathroom but the kitchenette area, cutting my apple, while I’m on the phone, while I’m talking to JB and I literally sliced a giant gaping hole in my finger yesterday.
We talked about Tyler having a heart attack. Tyler became EMT, I mean, he went to the CVS. He came back with everything you can think of. There was this cauterizing stuff that you pour on the thing that creates its own scab and you just leave it there and it makes it stop bleeding and then there’s the liquid bandage that like the superglue. Basically, you put superglue on your cuts now, and then all kinds of band-aids. I mean it’s amazing.
So the least I can do is stop the episode when Tyler seems to be a heart attack. That’s why we’re here. That’s why we’re here.
Anyway, I don’t even know what I was saying. I know what I was saying, most people are going to be able to afford a payment more than what a 30-year fix is. Okay so here’s what I’ll tell you. If you’re trying to decide- put more money down, put less money down, pay mortgage insurance, do a fixed, do an ARM, whatever, here’s what you need to think about- my opinion. Do a shorter term because everybody just does a 30-year fixed mortgage because that’s what everybody does. But if if you’re in the mortgage business, you don’t do a 30-year fixed. You do like a 10 or a 15. You buy less house, your mortgage payment is about the same as it would be for the 30, but the difference is in 15 years, here’s what happens. We’ve talked about this before Tyler, you do a 30, I do a 15, you know what the major difference is? I make 180 payments and you make 180 more, like 180. So take your mortgage payment, minus taxes and insurance. Let’s say it’s 1,000 bucks a month. So me and Tyler buy a $100,000 house, each of us. I do a 15, he does a 30. He’s going to make 360 $1,000 payments, so how much is that? Easy math, right? $360,000. I’m going to make 180 $1,000 payments. How much is that? $180,000. Big difference.
When you’re thinking about we’ll put more down, think about doing a shorter-term, that’s my vote. Why wouldn’t you? Especially if you’ve got the money. If you’ve got the money, if you can afford it don’t buy a car and have $600 payment. Buy a car with a $200 payment, add 400 bucks to your mortgage. Trust me, you’ll be glad that you did, because in five, six years when you do so, you’ll be in a better equity position, you’ll have paid less interest. All that is good and if you are paying mortgage insurance and you’re only putting five or 10% down, the premium’s a lot lower. Do you know why your premium is lower, Tyler?
Tyler: You’re less risk.
Steve: You’re less risk and your coverage is less because you’re going to pay your principal down quicker on your Tulsa mortgage.
Steve: You’re going to get to 80% a heck of a lot quicker on a 15 year than you will on 30. To me it seems like it’s– we’re going to go down. It seems like it’s common sense. If you’re out there today and you’re in a 30-year fixed mortgage, I’m here to tell you Steve N Tyler can get you into a 15. That’s kind of good. I kind of feel sexy right now. Wait, this is even better. Here we go.
Steve: Folks, if you’re on a 30-year fixed mortgage on your Tulsa mortgage, think about doing a 15 with Steve N Tyler. You know why? Because we can get it on with your 15 year. Don’t trip, we got you. We’re doing it right now for Kristen, trust me.
You know what? It takes a very talented idiot to be as stupid as I am. I’m just kidding. Anyway, so I’m going back to the book. It says, look at this way, if the single most common item on the market today is available with most every lender on the planet and if the loans are exactly alike, then what do you think that does to the price? It keeps it low. What they’re saying is like ” Hey, everybody’s offering a 30-year fixed mortgage, everybody wants your business, they’re going to offer you a 30 year fixed loan.” Well yes that’s true to a certain extent, but then there’s this federal reserve rate that kind of drives what interest rates are, but at the end of the day what I want you to — when we talk about being comfortable with your Tulsa mortgage, what we want you to do is look at all the options, okay? Get with somebody who is going to give you the options that are available to you on all loan types, whether it be a 30-year fixed, 25-year, 20, 15, 10 and whether it’s conventional FHA, you name it. You come to me, you tell me that you need a Tulsa mortgage, I’m going to tell you “Great, here’s what’s available to you, take your pick”. It’s like coming– Hey, we’re like Burger King, man. “Have it your way.” You come in, you pick your right burger, “which number do you want? You want a 30-year fixed, that’s number one. You want fries with that?” It’s that’s easy. But what if you walked into Burger King and they said “No. All we got is the number one- 20% dow, 30-year fixed”. That’s stupid, right Tyler?
Steve: Don’t give the wrong answer.
I’m stevecurrington.com. I’m here with tylerwyburn.com. We are the Steve N Tyler Show, firstname.lastname@example.org. If you’re there already and listening, share it with somebody. Go to getkoalified.com to find out how you can koalify for a home loan. While about getting qualified for a home loan, check us out on Facebook. We don’t do gimmicks here, we just get people koalified for a tulsa mortgage home loan. That’s all for this episode. Have a good one. See you guys.