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Tulsa Mortgage : Podcast 29 – Part 2

Tulsa Mortgage Steve: Or you spend the money.
Tyler: Yes, title issue pops up, we delay closing, you spent the money that you could have made your mortgage payment with, now you don’t have the money and all of a sudden –
Steve: Now you’ve got a loan, now I can’t give you a loan, because you’ve got a loan to make mortgage payment.
Tyler: Yes, I mean anything can happen.
Steve: Yes, it’s like that commercial we were talking about that earlier. It’s like it all starts like a snowball effect – hi Kinsey Johnson – the snowball effect is it starts rolling down the hills and then you’re just toast. All I wanted to do was skip a mortgage and your wife leaves you, your dog runs away, your car breaks down, you get foreclosed on your house all because you were doing a cash-out refinance and you didn’t make a mortgage payment. Where is that commercial? How does it go? It’s something like that.
Tulsa Mortgage Tyler: You end up with an eye patch and.
Steve: Yes, you end up with an eye patch. You end up with everything. Just make sure that no matter what, no matter what, no matter; always make your mortgage payments. Always make all your payments. Don’t miss them, because there’s a very good chance that you missing a payment is just going to hurt. It’s going to make it painful. It’s cold in here aint it?
Tyler: Yes, it’s a little chilly.
Steve: It’s always cold in the studio guys. It’s the sacrifices we make at six in the morning to come do a podcast as we sit here, and it’s freezing cold and we’re shivering and we’re trying to remember what we’re supposed to talk about. Make all your payments – don’t — especially don’t miss a mortgage payment. You can probably survive the loan process, maybe if you’re credit is pretty strong if you miss a credit card payment. But you’ll be surprised, I just pulled one the other day guy’s credit’s purfect, P-U-R-F-E-C-T, purfect. And had a late on a, it was 12,000 a little on the card, zero balance, as at late December. What happened? He didn’t know, he had no idea, he had no clue that it was reporting like, you don’t need it.
Tyler: Call them.
Steve: And guess what they did?
Tulsa Mortgage Tyler: Took it off.
Steve: They removed it. Put that in your pipe and smoke it. Do you like that? He just called in and they were moody. You know why? It was like an annual fee or something that he didn’t know about. He had a perfect payment history; in fact his rating was 99 months on time because it won’t go over 99 which I think is dumb.
If you have 200 on time payments, it should count them, but it doesn’t. It’s got 99 payments on time which is what the equivalent of 36 months is three years. What 678 years of on time payments on this credit card has a 30 day late. They removed it. You know what kind of effect that probably had on a credit score?
Tyler: [unintelligible 00:11:18]
Tulsa Mortgage Steve: The score went up 50 points easy. Now he’d had six on time payments with a good rating so it may well already gained some of those back, but just the fact that you’ve got it on there. His score was still over 700 but the fact that it was on their messed him up. That’s just one.
We had a doctor recently, makes a ton of money, that had some — going through divorce, had some mortgage lates. The gentleman I was just talking about, same deal, going through divorce had some mortgage lates. Wife was in the house, was supposes to make some payments, didn’t it. That mortgage It’s – think about it Tyler most of the times, someone’s mortgage payment is like the largest that they have.
Tyler: Right.
Tulsa Mortgage Steve: And you think the most important ones to be paid because it’s kind of where you live, pretty important, pretty big deal. If it’s pretty important that you pay it, and it’s where you live and you don’t pay it. What does that say to your creditors? They’re not even making their mortgage payments.
Tyler: Yes, that’s going to be tough to get a new mortgage for sure.
Steve: If you aren’t paying that, what else are you not paying?
Tyler: Yes.
Steve: You know what I’m saying, that’s where you live. If you don’t pay your rent at your apartment how long does it take for them to evict you?
Tyler: Two, it will happen pretty quick [sic].
Steve: A second, but on a mortgage it takes a little bit longer and maybe people take that for granted, I don’t know. Look, things happen to people so we get that, so I’m not dogging someone who has had a financial issue. They’ve gone through problems and they can’t make their payment. They’re reorganizing their mortgage or they’re trying to do something to get current. It’s not about that, I’m talking about sheer irresponsibility. It’s just, it’s not important to me or I don’t think it’s going to affect me so I don’t make the payment. I’m not talking about I lost my job, I don’t have income.
Nobody’s judging, that happens, what I’m talking about is being a knuckle head and just saying, not using basic logic. Basic logic tells you, make your payments. If something happens to you and you can’t make your payments or something happens to you, and you lose your job or your income or whatever look nobody’s dogging anyone, but that happens to you. We’re just saying, Tyler right?
Tyler: Yes.
Steve: Make your payments on time. What do you have to add to that because you’ve been kind of quiet and people can’t see you on the podcast?
Tulsa Mortgage Tyler: It’s pretty simple, make payments.
Steve: Make your payments, hold on a second. Hold on right one, it was in the intros. What was that again?
Tyler: Make your payments.
Bring it back.
Tyler: Make your payment.
Bring it back.
Tyler: Make your payment.
Steve: I bet people on Facebook live can hear you. Tyler said, make your payments. Got it, make them. If you don’t make your payments — hey it’s like I’m off on the room.
Tyler: Here we go.
Tulsa Mortgage Steve: Hey Tyler, don’t forget to make your mortgage payment or you toss your mortgage. Was that good? Don’t cough on the mic.
Tyler: Sorry.
Steve: As Zack Colin says,” Vegas, house payment later.” Probably not.
Tyler: Negative.
Steve: Probably not bro, bring it back bro, one more time. Make all your payments on time, all of them all the time if you do not, you are pained. I don’t know if we can beat that dead horse any harder than we beat it.
Tyler: Not really, no.
Steve: I don’t know a toss a mortgage company. You know like total in concert wait a minute we haven’t even mentioned. We’ve done a few podcasts we’ve even said. Who – we don’t even-
Tyler: People should know.
Steve: We already know who we be. Don’t be accent, hey go to stevecarrington.com, you’ll find out. Actually if you want to go to a — were on iTunes of you’d find us but I’m sometimes it’s hard to get in and on iTunes but we got a podcast on stevecarrington.com. You can click on the little link and it’ll take you to iTunes where you can subscribe to our podcast because look what we’re trying to do, a lot of basic stuff about the toss a mortgage process, right Tyler?
Tyler: Yes.
Steve: We’re just — we’re going to cut it, dumb it down in a lot of ways. We’ve got lots of work to do. It’s like mortgage 101 and so for people that I just heard someone the other day that said,” Hey, I have got some questions about the process. I want to talk to you. I’m like,” Hey bro, go to podcast.stevecarrington.com and just start listening.” We’ve got four – what are we on? 38 or 40 podcast that we’ve got up there that talk about all kinds of different subjects. It’s us, me and Tyler talking for 16 to 20 minutes on podcasts so, podcast.stevecarrington.com, toss a mortgage is what we do. Get on there if we’re going to continue to contribute to that with basic info, okay. If you need a deeper lesson on mortgage we’ll get there at some point but I think really were trying to have the basics, right Tyler?
Tyler: Yes.
Tulsa Mortgage Steve: And your action step on making sure you make all your payments as I said in the last podcast is going to be, make a calendar reminder. Make a calendar reminder. See, I didn’t yell into the mic, but that’s what they say, so. That’s Steve and Tyler, total learning concepts, TLC home loans with little TLC. And we are out. Thank you ladies and gentlemen.