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Tulsa Mortgage : Podcast 167


Tulsa Mortgage  This is Steve Currington dot com in the Steven Tyler show episode number 167.

Steven Tyler with Steve Curry Tom and Tyler one. Negotiating partner. Is. Very smart.

Good for you that they’re talking about everything you need to know. Is. No no. It was like just get ready. Here’s Steve.

Yo yo it’s Steve and Tyler what’s up. If you’re watching on total ending you or you’re listening on.

Tulsa Mortgage  Our podcast on iTunes or maybe you’re on Steve current and live and you’re listening. Well if you’re watching you’ll know this. Tyler are you awake. Wake up Tyler. Tyler’s not here. I don’t know do guys. I miss him. Just kidding. Hey So we’re in our series on the do’s and don’ts of the merge process. This series is probably my favorite because it’s the most effective. I could literally have the do’s and while I do have the do’s and phone conversation every day but like 10 times a day. So now what I wanted to do is have a place where I can say hey that’s a great question. I did 10 podcast on that and I did them. I’m breaking them down by the don’t like what don’t you do. So today is by stuff like. Besides the house like you’re getting a mortgage for a house right. So that’s OK. Because remember here’s what he’ll see what we are trying to design. Loan officers that are watching is a painless or pain free mortgage process. That is from my Canadian friend Damon with the DDE. OK. So he says Process it to us. But we’re we’re designing a process where people don’t have any pain. So I’m just trying to.

Tulsa Mortgage  Convey to loan officers so that they will tell their clients this and I’m trying to convey to the clients that might listen to this in my mom who I know listens to this trying to convey to them these are the things that you don’t want to do because if you do them there will be pain involved in the process of you buying a house and you will be frustrated and you will be ticked off and you will be cussing your loan officer your mortgage. You’ll be like that. Why didn’t he. Well he should of told me this. Why didn’t he tell me this right. That’s what’s going to I’m guarantee it I guarantee it because it happens every single day and I’m only going to talk about one very specific one. And that’s the one about buying stuff like you’re buying a house when you buy a house. You need other stuff don’t you. I get it. Yeah. You’re making plans man. It’s like hey I got this new house we’re moving out of a one bedroom apartment. We’re moving into a three bedroom house. We have a living room and a dining room now. We have a kitchen. We have two bedrooms that we don’t even have furniture. We don’t we don’t have a kitchen table. We just had this like a little round thing that went in like the kitchen it like breakfast nook in our apartment like we don’t have dishes. We I mean we did we just we don’t have all the stuff that one might need when they move into a big house.

I’m going from I don’t know maybe a 900 square foot apartment and I’m moving into a 2500 square foot house. Doesn’t that mean I need like three times the amount of stuff I get it.

I’ve been there. I too have bought a house. And by the way if you are a mortgage guy.

You should go through the loan process. If you don’t own a home. I believe it’s blasphemy if you you’re a mortgage guy and you are not a homeowner. So if you are a mortgage guy or girl or gal and you are listening to this podcast right now and you do not own a home you should not be able to originate a loan for anyone until you actually go through the loan process. Now maybe you own a home and then you sold it and now you’re you know you’re running for whatever reason that’s fine.

Tulsa Mortgage  I’m just suggesting that it might be a good idea if you’re a loan originator that you should maybe have gone through the process at some point like in the recent years because it’ll give you a perspective that you wouldn’t get unless you were the customer. So that kind of makes you the customer you kind of see the pain. You know the people gather. So I did this a few years back a couple of times. You know and it was the most nerve wracking thing trying to do my own loan right because I knew all of the problems and all the stuff right. So but even I had to know. I mean we we moved into a house and this isn’t like bragging I’m just telling you I moved into a house that was the you could take my last two houses and combine the square footage and it wasn’t as big as the newest house that about. Right. Because that’s what you do. By the way I mean this first house you buy is only going to be like second to the next house you buy which is going to be second to the next box. People do that. They upgrade. Right. So we upgraded we. So I get it. I got like way more rooms way more square footage. I need more stuff. I mean crap used. I mean who owns a big screen.

What happens if you now have like a formal living room and a living room and a bedroom and a game room.

I mean how many Sam how many big screen Steenie worth the Thrive time studios you know big screens they have here they’re literally there so many big screens that some of them they don’t you have to turn on. They’re just like I guess we’ll put this one here. There’s one right behind the camera if you’re that if you’re the total and you people you’re watching right behind the camera on the wall were has cleared the dirt has a big screen. I’ve never seen it on. It’s a Vizio. Does it come on. Well maybe we’ll use it next time. Actually I want to use the next podcast. I’m going to I’m going to make him turn it on. Just so you guys can see it. Here’s a point. The more space you have. The bigger living area. All that right you just need stuff. I get it. You need stuff but it’s kind of like a joke around the mortgage business because we’re kind of talking about stuff in the house. OK.

Tulsa Mortgage  But there’s another thing that people get is they they buy a house or they get into contract on a house and then they’re like honey I and I know you really like that Lexus Yeah.

You know the one I’m talking about the elex five 570. It’s a beautiful car. I want to buy that for you. Stop don’t freakin do it.

This is what happened. The koala the Fickell are getting evicted. That’s what happens when you add a thousand dollars a month car payment to your loan process.

That’s what happens. So number one do not go buy a car now. After I do your mortgage and you move in and everything’s good go buy whatever you want. By car by six big screens by all that crap. I don’t really care because you’re close right. I’m trying to keep you from having pain before you close. So go buy all the stuff you want to buy after you close but until you close I mean tell the problems that happened because this has all happened have a couple and they go to the furniture place and they buy a bunch of furniture because they’re they’re moving into a house they’re like tripling their square footage.

Tulsa Mortgage  They need furniture. I don’t doubt that they needed it.

Right. So they go to the furniture store and they’re like oh man. They have a sale going on. Gosh we can’t really pass this we need to buy this honey. So guess what they do. They buy. But here’s the cool thing. Zero percent. Zero interest for six months. I’ve got no interest on this Steve. Don’t worry. I know you told me that I shouldn’t buy anything with zero interest for six months so I don’t really have any payments for six months is great.

Tulsa Mortgage  Doesn’t this is like a perfect day. Why haven’t more people thought this is great now. Because here’s the problem. I still have to factor in some payment because in six months are going to have a payment got to factor in your debt ratio. And this has literally happened.

People did that didn’t qualify. They were that tight on their debt ratios that they didn’t like it messed things up. So you know what the other problem with that was they already bought it. So they had a bunch of furniture for a house that they don’t know it sucks. We figured it out by the way we unraveled it. We get their loan closed. But it was not without pain that a lot of pain involved in that. Had another couple of they were like the refrigerators that come with this house. So we need a fridge.

Tulsa Mortgage  And so they had a whole bunch of stress around when this fridge was getting delivered. They took eight hundred nine hundred bucks out of their bank account to go buy said fridge. And it showed now that they did not have enough money to bring their down payment. So they had to go get a gift from the mom just to show that they had enough money just to be able to close in the house. It was just a thing because they’re scheduling. I mean it’s all it’s cart before horse stuff. Like they’re worried about scheduling delivering the fridge when they haven’t even delivered their down payment on their new house so that they can even have a place to put the fridge. So here’s the moral of the story guys. Just don’t like. Resist the urge just don’t go buy crap. Just stop to stop. Chill. Make a list. Register at the place do all that stuff like keep track of all the stuff you want. And then after Steve Currington dot com the man the mortgage guru closes your loan then you can go buy anything you want go get six big screens go get anything. You’ll get a whole new car. Hey change out your whole fleet of cars for all I care. It doesn’t matter because now you’re already closed boom. That’s the deal.

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