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Tulsa Mortgage : Podcast 20 – Part 2

Steve: Right.
Tyler: But they have–
Steve: Tulsa Mortgage  With all the dispensaries? Well I don’t know, we’ll have to ask our Colorado Springs mortgage people that, if that’s the case. The big thing there is deposits and specifically cash deposits, just make sure that you’re avoiding the cash deposits because we got to document it. The other type of deposit is, mom gave me a thousand bucks for my down payment and I deposited that. Talk to your lender, there’s way we document that.

It’s not a bad thing for you to get a gift from mom, dad, cousin, uncle, grandma, grandpa, we just have to document it, there’s a process of how we do that, so just make sure that you’re doing that. The second thing, we see a bunch of NSF, insufficient fund. It’s unfortunate, I think it’s just a mindset, some people just think, “Well, I’ve got $600 in overdraft protection, so if I don’t have the money, I got six hundred bucks available, right?” How many times have we heard that?

Tyler: So many times Tulsa Mortgage .

[background music]

Steve: Break it down for me Tyler.

Tyler: Well, I mean that’s fine in your everyday life but that’s what you choose to do with your account and that’s what your overdraft protection is for I guess. But whenever you look at it from our standpoint and we’re going to lend you a large sum of money, you’re NSF paints a picture of your ability to repay.

Steve: And your ability to manage your money. Especially when– we just had somebody recently that they have NSFs, they’re littered with NSFs in their bank account. They littered with large cash withdrawals in their bank accounts, so they’re overdrawn, they’re taking cash out, they’re doing all these things.

Tulsa Mortgage  And then their increase from what they’re currently paying in rent to their new mortgage payment is increasing by 5 or 600 bucks. It’s like, “Well, you currently are overdrawing your checking account with a $900 rent payment and you’re going to a $1,500 mortgage payment.” I wonder what’s going to happen then Tyler, I wonder what’s going to happen then.

Tyler: You know what? Maybe they would make every single payment. It’s very possible, they’d probably never miss a payment, they’d pay on the first of every single month, but unfortunately, whenever we look at it, before we hand over the check, that just kind of hurts.

Steve: Yes, it’s tough. I mean it’s what we call a layer of risk. That’s one layer, so if you’ve got other stuff like really strong credit or you got a bunch of savings, which if you have a bunch of saving and you’re getting NSFs, you’re a knuckle head but whatever, that’s just my personal opinion. It’s just a layer, a layer of risk, so hopefully you’re stronger in other areas.

Tulsa Mortgage  And then the third one we talked about from the beginning was transfer, transferring from one account to another account. Here’s the thing when you’re transferring money, I always tell people this, it’s not bad if you got a checking and savings and you’re moving money from checking to savings, it’s not terrible, it’s just that it’s going to create more documentation. I now have to bring in another bank statement or another asset statement that I maybe wouldn’t have to do.

I’m just suggesting that if you want to avoid more documentation from your required documentation from your lender then just keep that to a minimum. Because it really– let me give you an example, let’s say you have a savings statement that has $10,000 and your down payment is 8,000 dollars. You got 10 grand in your saving statement and you’ve had 10 grand in your saving statement for 2 months. You transfer $2,500 in there, two weeks ago and it comes from your checking account. In your checking account you have overdrafts, you have cash deposits, you have those crap that I have to go through.

So now, I have an asset statement that says if 10,000 bucks, 2,500 of that came from your checking account, so now I need the checking statement. Now that I get the checking statement, hey Jason Jackson in Jenks, Chad McGee paper trail, that’s right. Sorry guys I stepped aside from paying attention to my Facebook viewers here. Now, I have entered an entire new statement into the process, right Tyler?

Tyler: Yes.

Tulsa Mortgage  Steve: Now you have to go document all that. It’s not a death sentence when it comes to your mortgage, it’s just going to cause you a little bit of pain because like Chad McGee says, “You got to have a paper trail.” The paper trail sometimes leads to happiness and sometime the paper trail leads to unhappiness. Unhappiness means not getting approved for a loan. How we doing on time Tyler?

Tyler: We got a few minutes left here. I think we’ve pretty much hit on everything, maybe it’s story time.

Steve: Yes. Do we hit our notable quotable?

Tyler: Yes, we pretty much hit.

Tulsa Mortgage  Steve: I didn’t even look at my– I made a cheat sheet Facebook people for this and I just fly right through it like it’s nothing because I own it. We’re talking about the guy that makes cash deposits in his bank account from casino winnings and odd jobs that he doesn’t report to his taxes. So the question is, can he use that for assets?

Tyler: No.

Steve: No, not unless he is a professional gambler and he reports it on a Schedule C or at which by the way, a little known fact, Brian’s’ doing a loan for a professional gambler.

Tyler: Really?

Steve: Made 500 last year.

Tyler: Nice, nice. Is his name Dan Blitzen? Is that his name, Blitzeren? You know whom I’m talking about. Who’s Instagram star?

Tulsa Mortgage  Steve: No, it’s not that guy. I don’t know what the guy’s name is, he’s in somewhere in Colorado or something but pretty– I mean look they are professional gamblers, there’s professional poker players and guys that make a lot, and gals, that make a lot of money doing gambling. It’s not a problem if you’re a professional gambler, it is a problem if you’re a professional worker, quitcher and you go down to the River Spirit Casino which is across the river from us here and you take much cash out of your account, you deposit a bunch of cash in your account, it just becomes a pain.

Depending on loan program, you may not have to document certain deposits. If you make 10,000 bucks a month and it’s a $500 deposit, we’d probably going to be okay unless you only have 500 bucks in your bank account and you need to bring 500 to the table, then it’s going to be a problem. If you’ve got a $100,000 in savings and you make a $500 deposit or a 5,000 deposit for that matter and you’re bringing 50 grand to the table, I don’t care. It’s all relative to what your situation is. Hey Sam Carrington. Sam coming in from Michigan, there in Traverse City.

You know what I mean Tyler? It’s just relative to what your picture looks like. If you’ve got a bunch of money in the bank and you’re bringing money to the table and you’re left over with a ton of assets and I’m not going to care. You make a $20,000 deposit, if you’ve got 200 grand in the bank and you’re bringing a hundred, I’ll just back it out, I can do that because I’m the man, so I’m still stevecurrington.com.

Tulsa Mortgage  When we examine your assets, just a recap for you guys, we’re going to examine the deposits that go into your bank account, we’re going to examine any NSFs, we’re going to be looking for– and transfers, here’s another thing to that we didn’t even write down that we got to hit. Have you noticed recently we’ve been getting condition for, there’s a Capital One payment on the bank statements, then we need to verify it matches up to the Capital One account that’s on credit and make sure that it’s the borrowers and if it’s not the borrowers we have to document whose it is. Do you remember that?

Tyler: Yes.

Tulsa Mortgage  Steve: Because if you have something that’s not on your credit, that I’m not counting against your debt ratio and your making a payment to it monthly, like child support or to something like that you’ve never told me about it. That’s how we find it, we find it within those bank statements. There could be some planning that goes on when it comes to getting your mortgage and just make sure that you get with a good Tulsa Mortgage lender or a good Alamosa Mortgage lender. If you’re tidy bold out there and Alamosa or Farmington, if you’re down there make sure you talk to a lender so that you can plan for that stuff because– hey, what is this one do?

[background music]

That’s the gospel button. I don’t know what to think about that.

Tyler: I kind of dug it.

Steve: Was it–?

Tyler: Yes, I felt it.

Steve: We need to just listen to that for the whole remaining of the next podcast we come to, we just listen to that gospel music. Anyway, that’s the recap guys, watch your deposits, watch your NSFs and your transfers in between accounts and you will have a easier time getting your Tulsa Mortgage. That’s stevecarrington.com. I’m out.

[00:20:13] END OF AUDIO