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Tulsa Mortgage | Podcast 27 | Part 1

Steven: This is and the Steven Tyler show, episode number 27.
[introduction song]
Steven: What up Tyler?
Tyler: Good morning.
Steven: It’s podcast day bro.
Tyler: Yes sir.
Steven: Little technology problem here in the Tulsa mortgage studio.
Tyler: Was an operator error, I guarantee.
Steven: [chuckles] It was not operator error. Tyler wants you to know that it’s not operator error, it just didn’t work. We had a little bit of a technology problem. For those of you that are just tuning in, just kidding we’re not live. We are live. We are live on Facebook. So we are a mortgage and real estate, what you call mortgage related podcast. We are pod casting live from Tulsa Oklahoma, actually we’re in Jenks but we say Tulsa mortgage. Tulsa mortgage is what we do. And what are we going to talk about today, Tyler? What is our subject?
Tyler: We are talking about the loan process, and things not to do, and the big one that we’ve got today is, don’t quit your job, don’t change your job, do not retire.
Steven: [Chuckles] That’s a good one. Don’t retire?
Tyler: Yes.
Steven: You know, “Hey sir I am really working hard to get your loan approved please don’t retire in the middle of the loan process, that would be a really smart thing to do.”
Tyler: You could do it after, that’s fine. Whatever you want to do but-
Steven: Yes, you could, because otherwise this is what it’s going to sound like, this is what it’s going to sound like in the under writing room when they realize you’ve retired. [cricket sound effect]. Followed by a lot of cursing, maybe.
Tyler: Tons.
Steven: Let’s talk about that. I think this all revolves around — excuse me I’m messing with Facebook live right here and it’s just being weird, all right. This kind of all revolves around communication with your mortgage banker, with whoever it is that’s doing your loan, right?
Tyler: Yes.
Steven: And the issue that we have most often is that people don’t communicate with their lender about things that are happening, because sometimes people think — Good morning Allan Brumley and Cathy Fowler on Facebook live. People don’t communicate with their mortgage guy, so they just do things random, right?
Tyler: Yes.
Tulsa Mortgage Steven: That they don’t realize have a big affect. For example, I will never forget this, this is one of my favorite ones, and we have a story we’re going to tell you here in a minute, but I will go through three awesome things. But did I ever tell you about the guy that worked at Village Inn, he was a fry cook. Remember this guy?
Tyler: Yes.
Steven: Great guy, fry cook, twelve years he works at Village Inn. [Chuckles]. And four days before we close we call the dealer for certification of employment, maybe three days, something like that. And they say, “He doesn’t work here anymore.” And we’re like, “No” and this was back in the wild wild west of the mortgage days and he probably had a 300 credit score or whatever. I called him and he said, “Oh yes, Ruby Tuesday opened up, and they gave my family soft opening, we got to do free dinner for like three or four days. And I got a 50 cent an hour raise. What?
Tyler: Nice.
Steven: Listen, most of the time it’s recoverable, and that’s the funny part about it is he ended up having to wait 30 days, actually about 45 days to close. Which luckily he had a seller that would work with him, but it just delays your process, so be careful. In that point his income went up, but that’s one of our main points is, your income could change, the income type could change, you go from a salary to hourly, you could go from hourly to commission, there’s lots of things that can happen that can mess things up.
And then one of the things that isn’t I think in most people’s minds, Tyler, isn’t a big deal, but kind of can be, is that your years in the line of work could affect your loan approval. Let’s say you left and went into a whole different industry, that could be a problem, because if you’ve worked as a fry cook and you move into the mortgage banking industry, even if you are making another dollar an hour, that could affect your approval. Because you’ve never done it before. That’s what we are going to talk about. My notable quotable, Tyler, is, “You want to go through that?” Because it says my name, so you have to quote it.
Tyler: That’s true, that’s true.
Steven: Okay, go ahead.
Tulsa Mortgage Tyler: Steven Curington says that there are times that you can change jobs during the process and it will still work out, but you need to speak with your lender before you make that decision.
Steven: I’d like to point out that when writing this, we put ‘but’ in all caps, and Tyler didn’t really accentuate that.
Tyler: Oh, I’m sorry.
Steven: And it will still work out, BUT you need to speak with your lender before making the decision. So recently we might have talked about it, we had a gentleman that was another cook who changed jobs in the process, and it worked out. It kind of was a screwy deal, but we ended up figuring out, but he communicated that with me so it worked out. Alan Brumley is on Facebook live here, and he says, “Is it true that you should not refinance your home unless you can drop your interest rate at least one full percentage point?” That’s what Alan says.
Not necessarily the case it depends on your loan balance, and for a lot of people one really good thing to do is refinance to a lower term, and so if you are on a 30 year and you can move to a 15 year, and it depends on your loan balance. Hello, Wendy Ward-Gethrey. If your loan size is big enough, then it might lower your payment enough, or save you enough interest to refinance, even if it doesn’t save you a full point. What you should do Alan, is call and I will run some quick numbers for you, and see if it makes sense for you to do it. With love in my heart I say, and I would love to rematch Robbi and Dale, even though I think we killed them, so I don’t know why we should have to rematch them. Little golf talk there guys.
Anyway we talked about changing jobs, communicating it with your loan officer or your mortgage banker because we know the tricks, and you just need to tell us everything. That’s the problem, people try to hid things from us, Tyler. People try to just hide it.
Tyler: Do you think it’s just a Tulsa mortgage problem, or do you think it’s everywhere?
Steven: I don’t know. That’s a great question. I think it’s everywhere, I’ve done loans all across the country, not just in Tulsa, and I don’t know, I think people don’t think you’re going to figure it out. Know what I’m saying?
Tyler: Yes, I love it when people do those things. That was sarcasm, I’m sorry.
Steven: Yes, no one noticed.
Tyler: I don’t love it.
Steven: Hi Greg McGuffin. Again we’re Facebook live, so you will hear me communicating with a few of those people that are watching. We literally have thousands of followers on our Tulsa mortgage podcast, thousands. And when I say thousands I mean six viewers. Okay, so all right a stat. Tyler, give me some statistics.
Tyler: Well, some people think this, maybe a lot of people actually think this, but you don’t actually have to be on the same job for two years just to qualify for a loan. But there are some exceptions there, I mean when jobs change or what have-you, maybe you get commission, overtime, bonus, those types of things where we have to actually get that two year average.
Steven: There you go. So because we hear people all the time they’re like, “Well I just changed jobs a month ago”. Oh we just had somebody in our office yesterday, that her husband was laid off and she said he went to do the same thing in the same field, but went to work for a different company so they were going to have to wait. I said, “No you’re not going to have to wait.” You know? You don’t have to wait.