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Tulsa Mortgage : Podcast 166


This is Steve Currington dotcom and the Steven Tyler show episode number 166.

Steven Tyler. With Steve Curry tom tom and Tyler one. Negotiating partner. Are. Very smart.

Tulsa Mortgage Good for you. They’re talking about everything you need to know about mortgages. Home loans. No. One knows what it is like to get ready. Steve.

Yo yo it’s fast talking Steve courage and and the Steven Tyler show Welcome welcome. Today we are continuing our series on the do’s and don’ts of the mortgage process really focusing on the don’ts. You know why because the dues are good and you should do the dues but you should definitely not do the don’ts. And the whole reason the whole premise behind doing the don’t like not doing the don’ts is so that we can help you avoid pain and the whole reason that we’re talking about it today. Because we probably had. This happen recently. There was probably some pain for one of our clients recently and we really want people to be happy.

That’s why I like the song Sam. Like this song on our. Podcast. It kind of fits because he’s. Got no money. If you want money. To buy a house. Just follow the rules man. I get the rules but also we want.

Tulsa Mortgage Your home buying experience in your loan process to be what fun exciting memorable painless. You know no pain. They say no pain no gain right. But not when you’re buying a house. You want to be. No pain no pain no no fights with the wife. No screaming no yelling at your lender. No. No negotiating. More time from the seller because you didn’t get your loan done to cause yet a problem. So what we’re doing is trying to preface the reasons why we don’t do some stuff. So. One of the reasons that we don’t do some stuff are one of the things we don’t do I should say is pay off debt and you know this seems weird like everybody asked me this law what does it matter if I go pale if I just go pass some debt. Well I’m going to tell you for two reasons OK. One of them is that we have people all the time that call us. So this is point number one. People call us all the time and they go hey kirtan my friend referred me to you he said you’re the mortgage guru. OK. So if you’re listening on podcast land that’s verified because I said it. If you’re if you’re a loan officer that’s what you are in total and if you remember the current is a mortgage guru. I’m a wizard. That’s what he’s just telling you what other people say. I’m just telling you what other like her might have been my mom but a person said this at some point that I might be a ledge.

Tulsa Mortgage I don’t know if you get the point. So they say Steve I hear you are the man. When it comes to getting people proper looks and the good news is this is the customer talking. I recently got $25000 from my grandmother. Yep that’s right Steve and. You know what I did. I paid off all my bad debt paid it all off. I took that money and paid it all off.

That’s what I did. And so you know it’s you current it calmed us if I’m on the phone. Have you seen this bit Moji. It’s like you can’t see it if you’re listening on but I’m like look at my phone like with my eyes real wide because I’m like I’m like oh I’m like oh no.

Tulsa Mortgage Please tell me you didn’t go pay off all your bad debt. And then people cringe and I’m like have the checks cleared yet. Is there a possibility that the check hasn’t cleared. Because here’s what we come down to. Here’s what the deal is when you’re paying off debt. Especially when it’s bad debt because this is point number one bad. I paid off all my debt. What people don’t realize is that by paying off an old collection you’re actually potentially reactivating a collection that the credit bureau doesn’t even really put any weight on because now that it’s paid that credit or that has it may report that it’s now a zero balance and the algorithm that is the credit scoring model doesn’t recognize the fact that it’s an old collection that’s now zero it just recognizes that it’s the debt collection that’s now zero and now an account that maybe was a medical bill that was $187 that didn’t report since 2010 and it’s 2017. Now. That is reporting as a paid collection. And guess what happens. You were attempting to make your credit score go up when in all reality all you did was make your credit score go down. So. That will help not help my chances of getting your furlough. So before and here’s what I’ll tell you I tell everybody this so. Customer if you have a moral obligation to pay something if it’s like hey. Owe this and I don’t feel right. I don’t sleep good at night if I do not pay Victoria off because I owed her. That’s why she sued me.

Tulsa Mortgage That’s why I have to pay her. I can’t sleep at night knowing that I owe this person this money and it’s a creditor whoever it is. Maybe it’s Victoria. She just walked through that’s why said that. So if you have a mortgage to pay debt. But if you’re paying it because you think that by paying it it is going to improve your credit score. Then don’t pay it. If they’re suing you garnishing your check simply pay it. Of course if you’re getting like they’re going to get a judgment against you for a credit card for twenty five hundred bucks pay the thing. Please go take the money. Pay them. But don’t do it if you think that by paying it you’re somehow going to increase your credit score. Here’s the point number two. You’re in the process of buying a house. And people do this. They’re like they just go pay off something they just do that just take them out some extra money so I just won’t pay off my credit card I wouldn’t pay this off. Well I have to do what I call a pre-Clovis close credit check. So basically what I’m looking for is for activity on your credit card. And now the credit bureaus question it know this might date if you’re watching this in six years. But we had like live credit reporting basically now is what it is. So there will come a point where we don’t have to pull. A new credit report we don’t do a pre close because the credit report that we have is updating live with when you’re when you do stuff.

Tulsa Mortgage So you might be thinking that by paying off one of your credit cards during the loan process that that somehow is going to help your approval when in all reality. It might might do something to your credit score like decrease it. Right. We just had this happen had a guy. Has a 680 credit score. He does some stuff pay some stuff goes through some stuff a score drops. He’s like why he paid off that I don’t know why. I mean I’m a certified Fikile professional. I know some things about credit but I don’t know. There’s this what if simulator and it’ll tell you you pay a credit card down to one dollar and from 300 and you get 26 points but if you pay it down to zero you get eight points or you get zero. I don’t know this how they designed it. That’s the kind of stuff that they they don’t let everybody in on. That’s their like their recipe of how the credit or the credit bureaus like score you. OK. So all I’m suggesting is before you do anything like Don’t don’t do anything like talk to me. Talk to your loan officer. And what what I’m suggesting that you do is don’t go paying off stuff because you think it’s a good idea and it’s something that is going to help. The approval process unless your lender Steve Currington dark home unless. I tell you. Or your loan officer tells you that’s when you should. That’s when you should. Pay it off. And guess what. There’s very specific ways on how we do that. So do not get this idea.

Tulsa Mortgage So point number one is do not go take a bunch of cash and pay off your body before you go apply. Just call me and let’s look at it and do not decide a week into the process that or if you’re from Canada we learn the Sylhet a process when you’re in the process do not go pay off debt. Just don’t Whoa. I mean it’s good because I have lost it. OK look you do whatever you want to do because you’re going to anyway so do whatever you want to do. But just understand that if your credit score drops because you got cute and decided you wanted to go do something then guess what’s going to happen. You pay a higher interest rate. You can potentially get approved. They’re going to be problems. Right. If you are listening out there.

I had to get a little music for this. This is true. We’re going to end it with this. But if you are listening and you have an anecdotal score and you just do stuff and you pay off stuff you trust. Here’s what I want you to do. I want you to continue to do exactly what you’ve been doing. You know why. Because you my friend are an expert and that’s why you have an 800 credit score. But if you’re in the mid 600 and you’re barely getting approved. You need to do what I say listen to your lender so that I can provide you with less pain during the process the process.

So if you have a credit score you like you listen. You clearly know how to handle your credit because your car is perfect. OK. It’s perfect. So just keep doing that. OK. Don’t you. You don’t worry about it. I’m really talking to the people who have borderline credit or their credit is not a hundred if you’re below you know if you’re below a 740 if you’re below a 760 then those are good scores. But we just don’t want to mess with them. You know if you’re an eight 20 and you’ve just consistently been there just keep doing what you’re doing. But if you not remember number one is don’t pay off bad debt before you start the process. And number two is do not pay off debt while you are in the process. That’s all I got today folks.

Tulsa Mortgage Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show