Tulsa Mortgage : Best Loan Programs
It won’t necessarily get you a better rate if you go from a 30 to 25 or from a 30 to a 20, but going from a 30 to a 15, that’s the money shot. That’s the hot sauce as Martial says, “That’s the hot sauce.” We got Sharon Dunlap, Kevin Carrington, Rob Napton, Shannon Dougherty, Angela Branson, Shawn Keith, all hanging out on Facebook; looks like we got a few people watching. Pretty early guys so I’m going to raise up and chilling on the Facebook Tulsa Mortgage.
Okay, I do get a lower rate; I do save a lot of interest and ask your lender what it does to your payment because everybody’s different. We could take live on the show, some scenarios and we could go run the numbers, but it’s going to depend on a lot of factors; your loan amount, what type of loan you’re doing. All those things going to it. What else, what am I missing there, Tyler? What am I missing Tulsa Mortgage?
Tyler: Well, for the most part, probably about 95% of people do a 30-year mortgage versus the 15.
Steve: Yes, this is true. I mean, I would say like– I don’t know what the actual statistic is but based on our customer base, 99. I mean a lot of people will just do what people do. It’s just the– “What’s my payment?” And you base it on the 30 and then when most people don’t about the 15. Not because they can’t afford it, I think people just don’t look. They don’t look at their options when it comes to a 15. The only difference between doing a 30 year to 15 year is on a 15 year I didn’t realize that my notable quotable that I already hit it but hit that again. The difference between doing a 30 and a 15 is on a 15 year; I make 180 payments, and when you do a 30 you make 180 more.
Tulsa Mortgage So that right there is one heck of a bombshell because 180 plus 180 is 360, and that is what — I don’t know, I mean it seems to me that if I was the big giant conglomerate of bank you would think if you are borrowing over a shorter term you would charge a higher interest rate. But it’s lower. Do you know what I mean?
Steve: Like I’m going to go longer term so give me a lower rate because you are going to make more interest over the life of the loan, I don’t know, just what I’m thinking. But maybe not, maybe I’m crazy Taylor. Maybe that’s why I’m not the giant conglomerate of the bank.
Tyler: Probably not.
Steve: Well I’ve already like jumped all the way through our notable quotable, our statistic and our stories.
Tyler: Yes, we heard about the story.
Tulsa Mortgage Steve: [laughs] all the stories, so when we talk about action steps, these are action step time. Nobody can hear this on Facebook. In addition to looking at all loan programs that you may qualify for be sure to look at different terms as well and we talked about that a minute ago or two. It’s not hard to ask your lender to give you a quote for a different term, 15, 20, 25. You don’t have to do a 15. You’ll get the best interest rate like I said break in the rate if you do a 15.
Tulsa Mortgage But you’ll still reduce the compounding interest over the life of your loan significantly by reducing it to a 25 or a 20. And so if you haven’t done that, and you are watching on Facebook right now, and you want to look at it then you should call or go to stevecarrington.com or go to getqualified.com. Because we just talked to a guy yesterday, remember that? He’s on a 15; he’s five years in, he wanted to go to a 10. He’s a doctor, makes a bunch of money. He’s been paying additional principal on his loan and in his case, what did I tell him, Tyler?
Tyler: It wasn’t worth it.
Steve: It didn’t make sense.
Steve: He was going to change his current payment that he’s making by $50, and he’s going to reduce it. But he’s already; he just paid $12,000 on the principal. So I just said, “Keep doing what you are doing men. I mean you owe $300,000. I’ve hated to tell you guy, I’m not going to do a loan for you.” Kicking myself now, what did I do that for Tyler?
Tyler: Well I talked to a girl yesterday that she’s still on a 10% interest on a 20 year. So, unfortunately, we couldn’t help her, but there are still people out there with ridiculously high-interest rates.
Tulsa Mortgage Steve: Yes she didn’t owe much right?
Steve: She had very small balance. And that’s another thing that we run into when we are looking at — If you are going to go from a 32 to a 30 and you’re going to do a refinance make sure that you check what your savings is because it’s easy to do. It’s going to cost me three grand of refinance; It’s going to save me 100 bucks a month. My breakeven point is 30 months; that’s easy to do. But in this person’s case, as you are saying Tyler, she had so little on her loan.
First of all, we couldn’t do a loan that size. Secondly, even if we did, her going from 10% to 4% was going to save her maybe $35 a month, and it’s going to cost her the same to refy as anybody. Now you flip that now it’s 100 months that it takes you to pay for it, and it’s just not always a good idea. I’ve got one particular client that I get a call from every year that she looks at refinancing and every year I tell her, “It’s not worth it because you owe 67,000 bucks, and if you look at the news you are on a what you would consider maybe a crappy rate but is it crappy?”
I mean, if you want a sexy rate that you can brag to your friends about then let’s refy. If you want to save money [laughs], stay where you are at. So that’s what it comes down to, right Tyler?
Tyler: That’s it.
Steve: That’s what happens when you [music] that is the break it down thing.
By the way, we’ve got like all kinds of new cool sounds [music]. Do we have this one before?
Steve: I need to go all the way down to [music]. What’s funny is that I was reading that on the keyboard, and I thought it said Let’s set it on.
Let’s get it on, here’s Charles guys [music]. So that’s not a new one either [music]. So anyway, it’s time to be done playing with sounds. So guys, to recap how much does it increase my payment to go from a 30 to 15? Ask your lender. They can do that math for you pretty quick. It’s all dependent on your loan size. I can give you some scenarios, but it really won’t matter. Your specific loan is going to be what? Is going to be important.
Do I get a lower rate? Yes, you do. You are going to get a lower rate for a 15 versus a 30. And how much interest do you save? At least half, that’s what it comes down to so without the breaking interest rates that you get over the life of the loan you’re going to save a ton of money, a ton of money. That’s it for this episode of The Steve and Taylor Show. Thanks for listening people Tulsa Mortgage.
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