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Transcription (Tulsa Mortgage)

Steve Currington: This is stevecurington.com in the Steve N’ Tyler Show, Episode Number 65.
Automated voice: Welcome to the Steve N’ Tyler Show with stevecurington.com and TylerWhyburn.com
Steve: Who negotiated the contract for you Tulsa mortgage.
Tyler Weiber: A realtor?
Steve: You’re pretty smart. Well, good for you man Tulsa mortgage.
Automated voice: They’re talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler.
Steve: Here we go.
Automated Voice: Broadcasting live from the Koala Studios in Tulsa, Oklahoma. You’re listening to the Steve N’ Tyler show.
Steve: Tyler Weiber, what is happening my brother? It’s a beautiful Wednesday morning in Tulsa, Oklahoma. I am your Tulsa mortgage lender. I close more loans than anyone ever did in a day. Just kidding. We’re closing a lot of loans right now.
Tyler: We are Tulsa mortgage.
Steve: But today were talking about, why would I want to refinance my mortgage? We’re doing a lot of refinances right now.
Tyler: Yes.
Steve: Working on quite a few actually and I’m going to tell you something. There’s lots of reasons why you would want to refinance your mortgage and there’s lot of reasons why you wouldn’t want to. Tyler tell me a reason why I would want to refinance my mortgage?
Tyler: I want to lower my payment Tulsa mortgage.
Steve: I want to lower my payment. How much can you lower my payment? We got to thrive guy that — I mean what was it? $400-
Tyler: Yes.
Steve: – and wanted to lower his payment?
Tyler: That’s a big one, yes?
Steve: Yes. One of the guys here at the Clay Clark Studios that were talking to about a refinance. About $400 a month is what it reduces payment to. What’s another reason why I would want to refinance my mortgage man?
Tyler: Maybe you want to go to a shorter term?
Steve: Tell me more, tell me more. I’m on a 30 and I want to go to a 15?
Tyler: Yes. Get it all faster.
Steve: Doing one of those right now too?
Tyler: Yes.
Steve: Probably a couple actually. Get it paid all faster?
Tyler: Yes.
Steve: Or pay less interest? You might be on a 30 and I can take you to a 15 like we’re doing with a couple of people right now and your payment doesn’t go up.
Tyler: Yes. Crazy to think but if you got higher interest you’re going to much lower interest.
Steve: Yes. Say you’re on a 30 and you’re at five and you go to the 15 at three and you’re 25 years left on your 30 and I’m going to take you into 15, you’re not 10 years off your loan, you’re going to pay like– instead of paying, you’re going to pay 100 — I said that wrong. These are my quotes that I keep messing up. I’m going to make 180 payments and you’re going to make 180 more because that’s in between a 15 and a 30, that’s how it goes. That’s another reason is, because I want to shorten my term. What’s another reason to refinance. Tyler?
Tyler: Well, that might be a reason that you have to refinance.
Steve: Maybe getting divorced or-
Tyler: Divorced.
Steve: – got divorced and I need to get the ex-wife off the loan or ex-husband off the loan?
Tyler: Yes.
Steve: It just happened. It might be that–
Tyler: Maybe you want some money.
Steve: You want some cash? Yes, this is true. You could have some cash money. I have a bunch of equity in my house and I want to build a pool and I’m going to get a cash out refinance to build a pool. People have done that. You might get a cash out refinance and lower your term at the same time. What do you think about that Tyler?
Tyler: Mind blowing.
[background noise]
Steve: This is like a minute long. That’s what happens when you get to refinance, you go. If you’re in the studio right now I’m pretending like I’m the one doing this. Look Tyler. Does it look like it’s me? Here’s the deal, I might want to refinance because I can get a lower interest rate, because I can shorten my term, because I want to lower my monthly payments, because I want to get cash out, because I got a divorce and I want to get the spouse off the loan. Maybe I want to refinance because I bought my house and my mom and dad cosigned for me on an FHA loan and we’re not [unintelligible 0:04:28] or now I want to get them off. That’s another reason, right Tyler?
Tyler: Yes.
Steve: We have a little bit of a scenario here. Let’s say you bought a home a few years ago and you borrowed $200,000 with the interest rate to about 7.5%. With a 30 year fixed rate mortgage that payment would be $1,398. Later, mortgage rates drop to 6.375% which would give you a new monthly payment of $1,247, so you save 151 per month taken out of the full term that’s the same as our $54,000 of mortgage interest while at the same time freeing up a $!51 every month back into your bank account.
Here’s the biggest thing that I’ll tell you. Look at the cost because we do get quite a few calls from people that maybe like 70, 80, $60,000.
Automated Voice: Tyler are you awake? Wake up Tyler.
Steve: Every single time Tyler yawns in the studio I’m going to play that. I got that–
Automated Voice: Tyler are you awake? Wake up Tyler.
Steve: You got to look at your cost because you know this Tyler, people call me and they’re like “I owe 70 grand, I’m in your number 16 of my 30 year mortgage, so I got 14 years left and I want to refinance because I met 7% and I heard I can get a 30 year fixed at four.” Yes, you can.
Tyler: Yes.
Steve: You’re going to reset back to 30 years, now you’re starting over and your payment is going to go down by $42 because you don’t owe that much money because if you take that — let’s say three percentage points and you amortize it over three or 30 years or 360 payments, right? Then you’re going to–
Automated Voice: Tyler are you awake? Wake up Tyler.
Steve: Is it a tick? Tyler hates it because I got this new wake up Tyler thing and I can see him and he’s not looking at me because he must be afraid to look at me. He won’t look at me but every time I see him yawn–
Automated Voice: Tyler are you awake? Wake up Tyler.
Steve: There you go. If you’re going to say 42 bucks a month and you have — listen to the cost, here’s what it is. We’re in Oklahoma, okay? Maybe it’s different if you’re listening in California or whatever but we’re a heavy title state so you’re going to spend about two grand just for Tyler abstracting and all that stuff, right Tyler? Appraisal, underwriting. Let’s say just for greens that your closing cost not including set up your Escrow Account, all that stuff, it’s like say 3,500 bucks. Do the math here. Let’s say it’s going to save you $40 a month. This is easy, okay? It’s going to cost you 4,000 refinance divided by $40 a month. Your break even is a 100 months which is 8.3 years. It’s going to take you 8.3 years to pay for that refinance and that’s what people don’t look at. If you’re going to a 15, it don’t matter. It’s probably going to pay for itself in about, what do you think? 12 months Tyler?
Tyler: Yes, pretty close.
Steve: Less? It depends on your loan size but you really want to look at not only the rate that you’re getting but look at the cost because some other toll some mortgage guy might refinance you just because he wants to do another loan this month when it really doesn’t save you what you think it’s going to save you, and nobody wants that because — think about it. I looked at one the other day, here’s what the numbers look like, okay? It was going to save them $33 a month and it was going to cost them because their credit scores were low and they’re going to have to pay some discount punches to get a better rate. It was going to cost them about $5,200 in closing cost and it was going to save them, what did I say? 32 bucks a month?
Tyler: Yes.
Steve: In their case it was a 162 months or which is about 13 years before it was going to — they’re not going to live in the house for that long. I don’t care who you are, you’re just not. This is what I would tell you. If you’re comfortable with your current payment, shorten your term. You don’t have to go to a 15 or 10 you can go to a 20 or 25. We do 25 year terms every time.
Tyler: Yes.
Steve: We don’t do 17 year terms. That’s a weird one.
Tyler: Definitely multiples of five?
Steve: Yes, but 15, 10, we do that kind of thing. You got to get it with your lender, your Tulsa mortgage guy and make sure that they do that analysis for you. When we do a 30 to a 15 what we do is we’ll give you what they call an amortization schedule, right Tyler? You worked with one of these up yesterday for Nathan’s dad. Not Nate in the studio another Nathan, and we’re giving in the comparison of his current 30 mortgage if he stayed on it like he is right now with the current rate that he’s at. A comparison of where he’s going to be in 24 months on the principal balance versus if he goes to a 15 year today, right?
Tyler: Yes.
Steve: It’s a no-brainer if you put it on there. We did that also with this realtor that we’re doing a refinance for and do you remember what the numbers were? They are like 340,000 or something and in two years their current loan was going to be 30,000 and if they go to a 15 year it’s like 300,000, 290,000, 287,000 in 24 months. Is that what it was? Does that sound right?
Tyler: Sure Tulsa mortgage.
Steve: You sound like “I have no idea.”
Automated voice: Broadcasting live from the Koala Studios in Tulsa, Oklahoma. You’re listening to the Steve N’ Tyler Show.
Steve: That’s right people because when you listen to the Steve N’ Tyler Show, you get a — [background noise] It’s not a home run. It’s like European football, Tyler. That’s what we need to do when you get a touchdown in Oklahoma State football. I mean, that is long. How long is that? 34 seconds of goal. That’s how they record it. Let’s break it down for a second. This is what we need to break down, okay? Here’s what you got. You need to refinance. I got good news for you. All you got to do.
Automated Voice: For more information, go to getkoalified.com, that’s G-E-T-K-O-A-L-I-F-I-E-D.com. This is stevecurrington.com in the Steve N’ Tyler Show. Go to getkoalified.com.
Steve: All you have to do is go to getkoalified.com. Everything you need is at getkoalified.com. Hey, you need some toilet paper for your house, getkoalified.com. Hey, you need some cereal for your pantry, go to getkoalified.com. You need a pantry to put the cereal in, go to getkoalified.com. We have everything. You could get koalified for a koala at getkoalified.com.
I’m going to Missouri today, Tyler, and I’m going to go get — I don’t know if we have enough koalas in our Columbia office, so I’m going to take — I have to come back to the office before I leave just to get koalas. That’s what I’m going to do. By the way, we could play this song, and it would make me excited the entire podcast. It’s like five and a half minutes, maybe not the entire podcast, but pretty close. Know what I’m saying? What do you think about that, koala? [koala noise].
Listen, here’s the deal, refinancing tulsa mortgage can be a great thing, but you just need to know your numbers. Work the math out. Make sure that you have looked at everything because you don’t want the cost to outweigh the savings. Now, I have had people call me, Tyler. They have said — Tyler didn’t yawn, but I’m playing this anyway.
Automated Voice: Tyler, are you awake? Wake up, Tyler.
Steve: Because he’s looking at something on his computer, but it isn’t me. I need to get Tyler engagement.
Automated Voice: Tyler, are you awake? Wake up, Tyler.
Steve: Here’s the deal. Look at the cost, tulsa mortgage that’s all it is. It’s like look at the cost because people will call me and they’ll say, “Dude, listen. I’m broke right now so if you can lower my payment by $50 a month, then I’m going to do it.” To which I say, “Let’s shop your insurance.” I mean you might be able to — the guy we were talking about earlier is going to save like 400 bucks a month to go to a 30-year, right? He’s going to save another $100 a month just by changing insurance because he’s paying too much.
Oh, geez, you know what I heard yesterday? Listen to this. A customer is paying $11,000 a year for home owner’s insurance; $11,000. Now it’s a big house, I mean it’s a $600,000 or $700,000 house. $11,000 a month or a year in insurance. They went and got a quote which is still tulsa mortgage high, but just take one guess how much it was. 11,000 to 2,800. Listen here’s the thing. You want to save some monthly on that? Okay, so $11,000 divided by 12 is $916 a month. That insurance was more than a lot of people’s mortgage payment. $916 a month. Now, they’re going to go to $2,800; it’s $233 a month. $682 a month savings. You know what that is?
Tyler: Big? [laughs]
Steve: That’s a Toyota Sequoia. I mean you could buy another car. You could have another, you could have an exotic vehicle in your garage for that, for $682 a month. All I’m saying is you can’t reduce your taxes probably a significant amount. I mean you could go gripe at the county, your taxes are going to be what your taxes are going to be. But if you’re just trying to save $30 or $40, I mean check your coverages on your insurance. You might be able to just reduce your coverages by a little bit and save a little bit of money. Maybe increase your deductible. Maybe you haven’t had a claim in a while. Increase your deductible, maybe do something that would allow you to kind of lower the payment which wouldn’t cost you $4,000. Maybe I’m stupid because I do refinances for telling people that, but honestly if that’s what you’re after, then you’re after a refinance for the wrong reasons. We can help you refinance if it’s worth it, but you need to get with a Tulsa mortgage lender that’s not going to pull the wool over your eyes, right? They’re going to educate you, be honest and make sure that the loan that you’re getting into is the right loan. Know what I’m saying? Know what I’m saying, Tyler?
Tyler: It don’t make dollars if it don’t make sense tulsa mortgage.
Steve: That’s right.
Automated Voice: For more information, go to getkoalified.com; that’s G-E-T-K-O-A-L-I-F-I-E-D.com.
Steve: Steve N’ Tyler, you can find us like we just said at getkoalified.com. We are your Tulsa mortgage. We’re out here in Tulsa, Oklahoma. That’s all we’ve got for today. We out Tulsa mortgage.
Automated Voice: Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to the Steve N’ Tyler Show.