Tulsa Mortgage : Podcast 17 – Part 2
Steve: It will be on the field. “—and I want to build a house on it, what type of mortgage would you recommend and what would that entail? Also, the land is free and clear.” So you would have to do a construction loan unless you are going to deed the property to a builder who is going to come in and build it for you, which you probably wouldn’t want to do. It would be a little risky. So you do a construction loan and then when the house is complete, you’d come to me or you come to me in the first place and I would get you with a lender that will do — a local lender that will do a construction loan on a little house out on the prairie, and then we will come and do the permanent financing. We just did that for Julie Morris Bam; Bam — on her house. Tulsa Mortgage She built her house out in the country, so it happens. Ryan Owens says we don’t do pro bono work so — I think we kind of do. I mean, not my choice.
Tyler: Not my choice.
Steve: Sometimes we do a lot of work on loans and then they don’t use us or something else happens. Hey, Misty Norris, what’s happening? So we’re talking about does your lock mean approved. Mike, thanks for the question about the construction loan thing. I hope I answered that okay. Does my lock mean I’m approved? No. All it means is that you’re locked. There are some knuckleheads out there. They can lock your loan and then they could say, “Oh, by the way, I didn’t ever submit your thing to underwriting.”
Tyler: You know actually what means that you’re approved?
Steven: What Tulsa Mortgage?
Tyler: You’re approved.
Steve: That’s true.
Steven: That’s true.
Tyler: That’s what means that you’re approved.
Steven: Yes, sorry, Facebook friends. We had to go away for a second. Hey, Melissa Matthews. So what tells you’re approved is when you get approved?
Tyler: Yes, exactly.
Steven: Tulsa Mortgage How do you know when you’re approved?
Tyler: When you get notified that you’re approved.
Steven: I get it. How do we notify people that are approved?
Tyler: We call them, we Facebook them. We message them, we text them. We yell from the rooftops.
Steven: Yes. We get a little crazy. I was getting a little crazy in here earlier when we were doing photos, wasn’t I?
Tyler: Yes. I was nervous.
Steven: Tulsa Mortgage We were doing some photos. I wonder if they’re uploaded to the thing yet. Do you think he’s edited them?
Steven: Should I get to try to find a couple crazy photos of Tyler?
Tyler: Actually, it looks like he was working on a wedding. I don’t think people love weddings on Wednesdays.
Steven: He [unintelligible 00:11:18] working on the wedding.
Tyler: Wedding pictures. He was editing wedding pictures.
Steven: He was editing the wedding pictures. Okay.
Tyler: They’re paying customers.
Steven: That’s funny. I wonder if maybe you’re in — You know what you’re named, by the way. Just so you know. I just want you to understand this because I want you to — On Friday, when we get here, I want you to totally bust the chops of everyone here. Because they made a folder in our Dropbox that says, “Team member photos,” and in one folder it says, “CEO,” and the other one it says, “Team member one”. Guess whose pictures are in “Team member one”?
Tyler: That’s all I get. It is “Team member one.”
Steven: Tulsa Mortgage Tyler is not even a person.
Tyler: That’s why I don’t get paychecks. You can’t write checks to “Team member one.”
Steven: You don’t get anything, because you’re “Team member one.” I’m going to pull up some of the Tyler’s pictures. Tyler, you look good.
Tyler: Look at that stud.
Steven: Look at that guy.
Steven: Look at this freaking guy. Look at that. His head is chopped off. Hands behind the back, baby. What do you think about that, Tyler? Look at that. Little folded hands. You’re so pretty.
Tyler: I look buff.
Steven: Did you start our timer?
Tyler: I think actually I have a pectoral muscle. Yes. We still have some time.
Steven: I’m going to talk about next what happens if my rate lock expires and I still haven’t closed my loan, because we alluded to that a second ago. I’ll tell you what happens. It’s going to be painful, because it’s probably going to cost you money. Okay. That happened today, actually. I bet you know that, Tyler. We have a loan that’s closing Friday, but it’s a refinance, so it’s not going to fund until Wednesday, because you got Friday, you got Saturday. Monday is a holiday, so you got Tuesday, Wednesday. It’s going to fund on Thursday this week. The lock was only good through Friday. We had to extend it. I haven’t told the guy yet.
Tyler: Ouch Tulsa Mortgage.
Steven: I’m just kidding. I told him. It didn’t cost that much. It was like — sometimes you can pay for one day extension. Hey, Dylan, I got your — I talked to Krista and she told me about your [unintelligible 00:13:32] thing, so we’re going to check it out. Brian Woods likes rice, so I don’t know if that makes sense to anybody.
All right, so if your rate lock expires and you haven’t closed your loan, you’re going to have to pay to extend it or you have to let it bust and you’re going to have to relock it at a cost. Make sure you don’t let your rate lock expire and close on time. What happens if I lock and rates go down? Jack Collins asked this earlier like, “Can I get a lower rate?” No. Some lenders will offer what they call a float down rate. You can lock it in and float it in later. Trust me it’s built into their pricing across the board, so everybody is paying more just for them to be able to do that. Ryan Owens asked if I can sing some Michael McDonald. I don’t know who that is. Can we look up Michael McDonald?
Tyler: That sounds familiar-
Steven: Let’s download some Michael McDonald. I’m going to download some. I don’t know who Michael McDonald is. We’re going to figure that out. What happens if I lock and rates go down, Tyler?
Tyler: You’re stuck.
Steven: You’re not going to get a lower rate.
Tyler: You’re not going to go get it.
Steven: It’s like lock-
Tyler: It’s basically like — I go to Walmart today and I buy a — What did I buy at Walmart today? I don’t know. I can’t even think of anything that-
Steven: Right. Today, you did go to Walmart, because you went to go get new [unintelligible 00:15:06]. Tyler got some new shoes today at Walmart.
Tyler: I got [unintelligible 00:15:11] and I thought they were a good deal, and I think I paid 20 bucks for them.
Steven: That was $17,99, I remember seeing the receipt. He tried to expense it since he doesn’t get paid.
Tyler: Tulsa Mortgage They might go on sale next week and I might take them back next week and might take them back next week. When I take them back next week and they’re on sale, they’re only going to return it to me at the sale price. See what I’m saying here?
Steven: I see what you’re saying, but you know I don’t get it.
Tyler: You don’t get it.
Steven: I pretty much think that Tyler did not go buy [unintelligible 00:15:40] today. He was trying to make that story up and it just didn’t work out.
Tyler: No, it works.
Steven: Basically, here’s the point. If you like it, lock it. And if you lock it too soon and you have to extend it, you’re going to pay the cost. I’m going to tell you something. You’ll be so much happier if you lock your loan and then rates go up then you are going to be if you don’t lock your loan and rates go up. It’s not very often that they go down dramatically, do they, Tyler?
Tyler: No, very, very rare.
Steven: If you don’t believe me, ask John. He’s watching. He knows. He knows what’s up. We’re not allowed to say his name on here, because it’s live on Facebook.
What happens if I lock and my rates go down? I’ll tell you what. You’re going to be stuck with that rate man unless something happens, like you get a new property. That could happen.
Tyler: Tulsa Mortgage I figured out who Michael McDonald is.
Steven: Who is Michael McDonald?
Tyler: The Doobie Brothers.
Steven: The Doobie Brothers. Can we play little Michael McDonald maybe?
Tyler: Yes. We can.
Steven: Guys we’re about to-
Steven: We’re about to get to Michael McDonald music.
Tyler: Yes. We need it in our life.
Steven: Hello, Daniel Blake. Daniel Blake said, “Boom.” I think Clay Clark coined that phrase, “boom.” It says it will be on the wall around the corner.
Tyler: Did you trademark that?
Steven: Are you going to play some Michael McDonald?
Tyler: I got it.
Steven: Right now I think we’re going to get some Michael McDonald. Let’s place it over here where they can hear it.
Steven: Oh, I know this song.
Tyler: Yes, do you recognize that beat.
Steven: I know some Michael McDonald.
Tyler: No, I recognize the beat, but I don’t think I recognize from Michael McDonald Tulsa Mortgage.
Tyler: That’s right, reminds me of Snoop Dog song a little bit.
Steven: Dude, I think this is on a Snoop Dog song.
Tyler: So who do you think did it first?
Steven: I think Snoop Dog did it with him first.
Steven: Hey, [unintelligible 00:17:45]. “Big overwhelmingly optimistic momentum, that’s what boom stands for.” Thank you, Daniel Blake.
Tyler: I don’t know. This is a Warren G, that’s where it came from Tulsa Mortgage.
Steven: Does it look like I’m singing it right now? [laughs] Okay, that’s all the Michael McDonald we’re going to be able to do.
Steven: Ryan Owen said, “Please stop.”
Tyler: I figured it out. It was Warren G regulators.
Steven: We do need to get a little regulators up in here. That’s going to be our next — By the way, we need to get some requests, I guess, because Tyler and I have to come up with our own music, and nobody got time for that.
Tulsa Mortgage We’re talking about — I didn’t lock my rates, so here’s what happens, bro. You’re toast. I mean, you did lock your rate, you want a lower one. You’re toast. It’s not happening. We covered in this, just in case anybody didn’t know, all about rate locks, when do you lock? What happens if I don’t — If I lock and it expires? What happens if I lock and then I don’t close in time? What happens if I lock and rates get better? All of that stuff. If that happens, then talk to your lender, talk to a good lender, a Tulsa Mortgage lender or a Colorado Springs Mortgage lender. Get somebody that knows what they’re doing and they can advise you properly. Then you won’t get messed up. That’s what I say and that’s all for episode number 17 of the Steven and Tyler show.
Steve: I think we’re going to go out with America.
[00:19:48] [END OF AUDIO]