Transcription Tulsa Mortgage
Steve: This is stevecurrington.com and the Steve N’ Tyler show, episode number 69.
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: You’re pretty smart. Good for you man Tulsa mortgage.
Announcer: 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 ‘N Tyler.
Steve: Tyler, I just dropped. I don’t know if you heard that on the recording, but I got up and was acting crazy, and I dropped my whole headset, and it came– did you hear that on the thing?
Tyler: Could hear it now Tulsa mortgage.
Steve: Could hear. Okay. Well, I just outed myself. Hey, today, we’re talking about Tulsa mortgage, and, “Do I have to close my loan within 30 days, or can I wait to see if rates drop further?” That’s a fair question. Somebody asked me that yesterday, remember? The lady you’re talking to. By the way, have you heard from her?
Steve: Is that handled and all Tulsa mortgage?
Tyler: Yes, I have.
Steve: Good, okay. Sometimes Tyler and I work together all day long, and we have open loops in our head I call it. It’s like, “Oh, did you talk to so and so?” We just have to handle them when we remember, because I just remembered. No, but this just came up. This just came up tulsa mortgage with this lady. She said to me, “Well, I know that the Fed isn’t going to meet this week.” I’m thinking, “Godly lady. Do you-“, I was impressed, because I was like, “Do you watch Rate Stat. Are you that into rates?” But she was worried about what’s going to happen today or tomorrow, and whether she should lock.
Here’s what she said. This is from a customer, okay? Here’s what she said, “I don’t want to lock, and then if something happens and rates drop, then I can get a lower rate.” I’m like, “Hey, join the club.” I just told her that, “You can’t have your cake and eat it too. You’re either going to lock, and you’re going to–.” I told her this, “If you like it, lock it. If you’re happy with that rate, and it’s decent rate,” which it was, it’s a good rate, “Lock it, and then don’t worry about it. Don’t worry what the market does, because you’re locked. You don’t have to mess with it.”
Literally, people want to be like– it’s like playing the stock market. Like I want to buy Apple stock, but can you tell me when it gets low, and then I can buy it and then when it’s about to spike up, “Oh, yes. Okay. Oh, yes.” I’ll be sure and tell you that. We don’t know. I don’t care who you are, and what people say. They don’t know.
Announcer: Broadcasting live from the tulsa mortgage Koala Studios in Tulsa, Oklahoma, you’re listening to the Steve N’ Tyler Show.
Steve: You know that I’m saying. We don’t know what the stock market is going to do today. We can speculate, but how many times has anybody been right about that? There’s entire algorithms dedicated to trying to figure out how X happens. Mortgage rates are the same, it’s just how they are. Do I have to close my loan in 30 days? No. If you’re doing a refinance, close your loan whenever you want to. We got one we’ve been working on that won’t go away. They won’t close. It’s being going on for– it’s like the loan that never ends tulsa mortgage.
Okay, their loan is locked. We locked it in an extended period. We’re still jacking around. They’ve got things they got to do that aren’t happening. You can close in 60 days if you want to. Now, if you’re doing a purchase, it depends on your contract date. Close in 30 days, but if your contract date is for 25 days, you’re out of contract. The seller of the house isn’t going to wait on you to see what the market does. “Well, I’m not ready to lock it.” I’m not making fun of anybody, but I’m, “I’m not ready to lock yet.” “Okay. Well, find a different house, because you’re out of contract now” [laughs].
The seller is selling their house to someone else now because you took too long to decide what you want to do. You can set your closing out for 45 days, 60 days, and you can wait till a week or two before your closing to lock. Your risk, you pick. I’m going to give you a lock float disclosure; you’re going to pick if you’re going to lock or you’re going to float, it’s up to you. Take your pick. If you pick lock, I’m going to lock your loan. If you pick float, I’m going to float your loan. Your risk, right? You want to close your loan in 30, close it in 30 if you want to close it in 45, close in 45. But you cannot be protected from the moves in the market. Like I said, “If you like it, you need to lock it.” When you lock it, this is how you’re going to feel.
Football Announcer: Goal.
Steve: There’s like 35 seconds of that by the way. We could listen to goal the entire time. The entire time.
Tyler: Let me say something along that too because that one that we’re talking a little bit ago. When rates move down, they move a little. But when they move up, they move pretty quick, a lot. What is that? What is going on? You have a commercial?
Steve: Do we have a commercial playing? This is cool. We just had a commercial break into our podcast.
Tyler: Did we get a new sponsor Tulsa mortgage.
Steve: We did. Oh, my gosh. Apple is sponsoring us now?
Steve: Check this out, bro. Tyler, we’re going to be rich.
Steve: This is amazing. Oh, my God. Anyway, what were you saying?
Tyler: Whenever rates move down, it seems like they move down just a little bit.
Steve: It’s like gas. I always have it like that. People are like, “Well, what’s gas going to do?” “I don’t know, ask Quick Trip.” But seriously, it’s the same thing. Gas spikes, it’ll go up 10 cents a gallon, and then it goes down at one cent a gallon or less, 0.9 maybe. I don’t know how they do it. It’s like 20.99, just make it 20.3. I may want to assume why they do it, but you’re exactly right Tyler. Rates are just like that. Here’s what happens. The market makes a move, everybody freaks out, they raise rates.
Let’s say rates move by an eighth; they go from 2.875 on a 15 year to three in a minute, they might do that. They might make four days, five days, six days for things to calm down, and then everybody moves the rates back down. That’s just how it goes. It might take five months, they might hang out there. You just don’t know. For me, if you don’t want to be sound like this guy, [bird chirping] that’s the sound you’re going to be making if you don’t lock and loan and rates move like that.
I have been in the mortgage industry long enough to know and be a witness to when interest rates moved .75 in two days. They got a little bad, then they got worse, then you are crying, then you’re mad, then you’re in a fight with your wife, then you’re losing money, then you had customers screaming at you because they don’t lock their loan. Let’s say you are getting in a 4% rate, and you’re just trying to hold out. “I’m just going to hold out Tyler. Tyler-Tyler, I’m just going to hold out.” I’m going to do the Clay Clark, “Hey bro. You know what bro, I was going to like–,” you like that Nate? I’ll do the Clay Clark, “Oh, I was going to like you know like wait. You know, and like see if rates go down a little bit you know. Because I know that I can get four, but I want 3.875.” Then, “Boom,” guess that happens.
Tyler: Four and a half.
Steve: Four and a half, “I’ll tell you what, I see your 4%, and I’m going to raise you half a point.” “No-no-no, leave it at four.” “No, it’s too late.”
Tyler: All because you thought you might save 14 bucks month.
Steve: 14 doll hairs
Tyler: 14 bucks a month in savings, turned into $100 of cost.
Steve: Turned into zero. I’m just playing this music, just so you can relax after finding out that your rate just went up by half a point [laughs]. Listen, the lesson is, just be careful. This scenario that we came up with that Tyler typed out and took all this time to do. I’ll just share this with you guys Tulsa mortgage. This is fun actually. We’re just making up stuff. Let’s say you borrow 200 grand at 8%, your payment is 1,467 principal and interest. Guess how much– are you looking at the sheet Tyler?
Steve: Oh man. All right, Okay. Well, pretend you didn’t see it then, guess how much goes to principal?
Tyler: 140 bucks.
Steve: Dang it. How did he do it? Okay, it’s on the sheet like that. Goddamn it tulsa mortgage.
Steve: Here’s the deal. This is one of my favorite things. We actually do this onset. Tulsa mortgage Snoop-a-loop. If you’re doing a $200,000 on loan and you’re at 8%, your principal is 140 bucks out of 1,467. Can you imagine that dude? Now, if you’re at 7% and you’re deciding whether you want to refinance, then your payments going to drop 1,330 bucks which is going to save you a $137 a month. But you’re waiting to see if you can get below 7% to say 6.875 which would drop your payment down another 17 bucks to 1,313. Instead of taking 7% and the 137 reduction you wait another month for it to drop further still. Okay, you could do that and rates could go to seven and a half [laughs], right? The other thing too is you’re still making the payment on that other loan at the higher amount so it’s one more month and you’re paying interest on that.
It’s a very complicated Tulsa mortgage calculation that you want to get with somebody like stevecurrington.com.
Announcer: Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to the Steve N’ Tyler show.
Steve: You can go to stevecurrington.live if you’re not already there. If you found us on the podcast on iTunes or any of that, you can go to stevecurrington.live to get all of our Podcasts. We have 69 of them because this is episode number 69. We have 69 of them maybe by the time you’re listening to this will have 6069 because all we do is we park our butts in a studio and record like 60 Podcasts a day, not really.
Every topic you can possibly think of is there, and if you’re out there and you’re one of our customers, you’re one of our referral partners, you’re one of our happy listeners, I think there’s three if you count, me, Tyler and my mom. If you’re out there and you’re listening, and there is a topic that you’re like, “Dude you guys have never covered this,” then please, give us that feedback. We’d love to go cover a topic that we haven’t covered that is interesting to you or is something that you want to find out because we’re always looking for good content and information to give out to our peeps that be listening. Do I have to close my loan within 30 days or can I wait to see if rates drop further? My advice is always Tyler what?
Tyler: If you like it, lock it.
Steve: If you like it, lock it. Just close your loan when you want to close your loan but don’t be like a– just don’t –I think the word’s greed.
Steve: I don’t mean that like negative to anybody tulsa mortgage that’s waiting to lock their loan, it’s just like gambling. Gambling is probably the better thing. It’s like, “Well, I’m I going to put it on black or red on the roulette table?” “I don’t know, pick one. It’s got to be one or the other.” It’s like when I see the forecast for rain, it’s like I think it ought to be 50% always, you know why? Because either will or won’t [laughs] so it’s either going to rain or it’s not going to rain so you’ve got a fifty-fifty chance it’s going to rain. You put it on black, I don’t know I think maybe the odds are like fifty-fifty that you’re going to win and it’s the same thing. If you’re betting on rates moving up or down, they’re either going to go up, or they’re going to go down.
Tyler: There’s only one situation that you’re going to be happy with.
Steve: Yes, you only be happy when they go down, but you’re gambling, you are gambling with the market. If you like to gamble, you like to do that, do it. I don’t care, I’ll play along with you can, it can be fun until rates go up [laughs]. It’ll be fun, it’ll be a great conversation. We will laugh about it, it’ll be great until I have to call you tell you that rates went up a quarter per cent and then you’ll be like, “That sucks.”
Tyler: Hey, but at the end of the day it’s your loan, it’s your rate, we don’t make rates. You want a lock? Let’s get it lock.
Steve: Yes, if you want to lock it, you just lock it. If you like it, lock it, that’s what I say, and then you will get a-
Football Announcer: Goal
Steve: You’re listening to stevecurrington.com, tylerwhyburn.com, The Steve N’ Tyler show. That’s all we have for today again talking about locking loans and whether you should wait. Lot of information there for you guys to consider. See you.
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