Tulsa Mortgage : Podcast 30
Steve: This is stevecurrington.com and the Steve and Tyler show for Guaranteed Rate, episode number 30.
Speaker 1: Welcome to the Steve and Tyler show. With stevecurrington.com and Tyler Wilburn.
Steve: Who negotiated a contract for you Tulsa Mortgage ?
Tyler: A realtor.
Steve: Oh, you’re pretty smart. Good for you man.
Speaker 1: They’re talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.
Speaker 2: Bring it back.
Steve: That is my new favorite-
Speaker 2: Bring it back.
Steve: There’s two scratch rewinds, they’re exactly the same. Tulsa mortgage, that is like a gigantic gunshot. It’s called truth cannon.
Tyler: [laughs] Truth juice.
Speaker 3: What? You’re saying-
Steve: What are you saying hot rod. So anyway. It’s Steve Currington here, Guaranteed Rate, Tulsa mortgage, home loans with a little TLC. Tyler Wilburn. NMLS 203687 for me. Our company NMLS is 1043976. These are some of the legalities that we’ve got to get out of the way because we have to, we’ve got to tell you who we are, and we do. Tyler, what’s your NMLS number?
Steve: You can look us up. You go to consumer access for the nation-wide mortgage licensing system and you can find everything about us. Hey, interesting fact before we get into our topic today. Do you know that now, as a mortgage lender, mortgage banker, every loan you close, your name and NMLS number is recorded on the note in the mortgage?
Go look at closing docks on a file that closes. On the mortgage, where the notary signs directly below it, it has our company name, our company NMLS, it has your name, as it is on your license, and your NMLS number. So you’re actually recorded in county records. Go figure. What do you think about that? Interesting? What’s our topic today?
Tyler: Talking about things not do in the mortgage process and don’t let the balance of any of your credit cards increase substantially during the mortgage process.
Steve: That’s right. Why?
Tyler: Because it can hurt.
Steve: It can be painful.
Steve: It can be painful if you just jack up all your balances on your credit cards, for sure. You don’t want to do that, do you?
Steve: No. Don’t want to do that. So Tyler, an increase can reduce your score, it can — We talked in a previous podcast about the fact that it literally represents 30% of your score, your revolving accounts only, credit card accounts. As revolving debt grows, so do your monthly payments, which can affect your DTI, your debt to income ratio. I put DTI mortgage term there. So let’s talk about that.
Tulsa Mortgage The increase can reduce your credit score. All right, so, and this goes hand in hand with revolving representing 30% of your score. So I have one credit card, I have a 645 credit score. On that one credit card I have a balance of $300, a $1,000 limit, so I’m at 30% of my available credit. I use that card to pay for my appraisal. Now what am I at? 800 bucks. Now what am I at?
Steve: 80%. It’s my only card, so I’m at 80%. I’m at a 645. Now, my lender, my credit report is expired because we did a to be determined underwrite, we underwrote you ahead of time, your credit report’s 90 days old. Now you’ve charged your appraisal on your credit card, now your balance is 800, your limit’s a 1,000, what does that do to your credit score Tyler?
Tyler: It’s going to drop big time.
Steve: Bomp-bomp-bomp. Where’s the bomp-bomp-bomp sound? I don’t even know if we have a bomp-bomp-bomp sound. We have a-
Speaker 2: Bring it back.
Steve: Your credit score’s going to drop. I mean, it will probably drop below 640 and what does that mean Tyler?
Tyler: More expensive, maybe don’t even get the loan.
Steve: Up goes your cost, up goes your rate, up goes everything. That’s hot sauce right there. That is like, take hot sauce, pour it in your eyes, ouch. That’s going to hurt. All because, why?
Tyler: Charged it up.
Steve: You charged on your card. I mean, but it’s meant to do that, Tyler, it’s a credit card, I’m supposed to use it. Yes. Now, here’s the good news. If that does happen experts like Steve, since I’ve done Tulsa mortgage for a long time and I know what I’m doing, Tyler’s done Tulsa mortgage, I’ve done Tulsa mortgages, we’ve done them, we know. Since that’s the case, hi Georgia draper, I can get your score back up, but it’s going to require you to pay that card back down, and it’s going to cost you 35 bucks per trade line, per bureau.
Let’s say, for easy math, it’s 50 bucks. It cost you a 150 bucks for me to rescore your credit and it takes anywhere from four to five days. We don’t want to do that. I love you and I’ll help you, but I don’t want to have to rescore your credit, so the point is don’t let — and I think our topic says, “Don’t let them increase substantially.” [laughs] They don’t increase on their own. It’s kind of like guns don’t kill people, people kill people. You know the gun didn’t shoot itself and your credit card didn’t charge itself. Well, the other day Kaylie’s credit card charged itself.
Steve: If you have fraud on your card. [laughs] We had a customer that paid off her card and then she was like, “Oh, my gosh, there’s charges from Chicago on my card.” So sometimes your card can charge itself, but that’s typically fraud, meaning someone else has stolen your info. You’re not going to let the balance on your card increase, you’re going to charge on it, so just be aware of that, especially when you’re in the loan process.
Look, if you’re not buying a house, don’t worry about it. Use your card, max the thing out, go over the limit for all I care. You know what I’m saying? Don’t matter to me. Do whatever you want to do, but if you’re trying to buy a house, that’s where the issues come in, right Tyler?
Steve: We had a little bit of a quote that we put together Tulsa Mortgage.
Tyler: Well a lot of people don’t consider the increase in monthly payment when they increase the balance on their credit card.
Steve: -Which is another issue.
Steve: Let’s say you’re at the top of the debt ratio requirements, like you’re barely approved, you’re barely under. Don’t matter, your 780 credit score and you jack that balance up? What happens then?
Tyler: You are maxed. You’re going to have to buy less house than what you were originally planning on. If your credit score stays the same in all those things, fine. It can be as simple as taking a $25 payment to a $75 payment.
Steve: That’s right.
Tyler: That $50 difference can affect your approval.
Steve: I had somebody that literally didn’t get approved over a dollar.
Steve: No, we figured it out, but a dollar you can fix, but $50 is a lot harder to fix. I mean your rate would have to go down by, on a $200,000 it’s going to come down by a quarter to 0.375, maybe a half just to get a lower payment by 50. Your interest is going to have to go down substantially. Something’s going to have to change and there’s only so many things that can change, taxes on the property will stay what they are.
Tulsa Mortgage You’re just jacking up your balance, right, because you’re buying stuff, which is a whole another podcast that we’re going to get into. You’re buying stuff and then your balance goes up on your card, your payment goes up; your debt ratio goes up. It’s a snowball effect and it’s going to hurt, like a bomb blast.
Just be aware that if you increase your balance on your card it’s going to increase your monthly payment and hope to God that you’re not at the max of the debt ratios that are required. The other thing that people don’t think it’s going to affect their credit score substantially, if they charge a few things on their card during the loan process, “I’m just going to charge a few things.”
Listen, it all goes back to what my overarching message for the last three or four podcasts has been, it’s talk to your lender, communicate with your lender. You have to tell your lender what’s going on and you’ve got to ask questions so that you don’t make mistakes. You would punch me in the face if I just sat down and told you everything, every possible issue, or everything that could come up.
We also don’t have the time to do that. We would only close one loan a month, and we close — our Tulsa mortgage company closes more loans than that, so we don’t have time to do that. Right Tyler?
Steve: Tyler literally, I think, just fell asleep in the podcast.
Tyler: I’m here, it’s just very cold. It’s affecting me.
Steve: Tyler’s cold, he’s yawned, and it’s just been off camera off mike, but I’ve watched him. I almost fell asleep watching him yawn.
Steve: That’s how bad it is and I’m giving him crap about it because I’m about to kick him off the podcast if he doesn’t wake up.
Steve: You know if you get kicked off of a podcast that no one listens to that’s terrible.
Steve: [laughs] Like, “What happened? Did you get fired?” “Not really, because no one watches it or listen to it.
Tyler: Hey I’m just here so I won’t get fined.
Steve: Yes I’m just here so I don’t get fined?
Tyler: I’m just here so I don’t get fined. You remember that? A football player?
Steve: That’s right they interviewed him and every question, “I’m just here so I don’t get fined.” Hey Peter? Peter just hopped online. What up Peter? I’m throwing signs out of peace signs stuff like that. Now that Tyler has awoken from his slumber he’s beyond 18 times cause median, we’ve almost fell asleep. Notice all so mortgages are getting close today because Tyler’s going to be sleep at his desk.
Tulsa Mortgage We might have to go run around the building. Let’s do an exercise where we take our headsets off and run around the table, yelling for our podcast. It will keep you woke up, come on Tyler.
Tyler: I’m going to watch.
Steve: You must or you’re fired from the podcasts no one watches or listens to. Come on take your headset off.
Tyler: No way.
Steve: Do it.
Tyler: No way.
Steve: Tyler, I’m live on Facebook but no one no one’s listening to this. This isn’t like happening right now. He will not take off his thing and run around.
Tyler: No, that’s physical activity. I’m anti physical activity.
Steve: All right. Well, I’m going to scream and run around, you’re going to still be asleep. I don’t have my headset on so I don’t know if this is hot sauce or not. [sreaming] Wake up Tyler. We are doing a podcast. Did it pick that up.
Tyler: Yes. It definitely picks that up. This guy.
Steve: Oh yes. Georgia Draper said we’re not nobody’s — because she is watching, sorry Georgia. I hope everybody enjoyed that exercise. I need about six minutes to relax. Tyler please talk while I catch my breath.
Tyler: I forgot where we were.
Steve: We just talked about the increase in monthly payments that result from an increase in bouncing your credit card, and I said that people think it won’t affect their score substantially just by charging it.
Tyler: Yes, it can and definitely and probably would.
Steve: Tyler you’re a weak stick for not running around the table with me, just saying. Do you have any stories to tell?
Tyler: Yes, I’ve got a little story to tell.
Steve: Hello Ryan and Tracy Meyer’s, Ryan Myers I should say I think it’s you. Peter Boa fits said, “whatup.com.” Georgia Draper is really mad about us saying nobody’s watching.
Tyler: Well you said nobody’s listening.
Steve: Oh nobody’s listening; well they are kind of listening.
Tyler: Are you sure they’re not just hearing? Or something like that, I think you hear me but you’re not listening to me.
Steve: You stole that from CD playing it. Did you really listen? Did you did you hear me? Or you listen?
Tyler: Yes, I got you.
Steve: That’s good Tyler. That’s like some good — you like doing some little marriage counseling on your marriage. Well done sir. Falls asleep and podcast but good marriage counseling.
Tyler: Got it.
Steve: Anyway if you are feeling tired, you should run around the table in the studio screaming. Do you think that picked that up all on the mic?
Tyler: They take every bit of it up, Yes.
Tulsa Mortgage Steve: I screamed at the top of my lungs. All right so this guy Peter said I looked crazy running around in circles. How do you know I was running around in circles? I could have been running around in squares.
Tyler: In your defense I mean you look crazy just sitting there too.
Steve: I need the bump bumps. I wish I had one.
Steve: I don’t know what that is, here we go.
Steve: Oh I think this is a Nathan’s favorite song.
Steve: It said shake it off. I was thinking it was Tyler’s favorite. That’s what I should have played whenever I was running around; we should have played the shake it off. Because that’s what you needed to do, was to shake it off. So this guy is about to buy a house, so guess what he does?
Tyler: Whips out the old credit card.
Steve: Whips out the card, gets the credit card is like, “Honey we’re going shopping today. We’re going to buy furniture, and appliances, and paint because we’re going to paint our new house.”
Tyler: Which she doesn’t own yet.
Steve: “I don’t own it, but I’m going to paint it. My daughter really needs her room to be pink.”
Steve: But I use my credit card.
Tyler: I need a paint sprayer, need some brushes, I need it all.
Tulsa Mortgage Steve: You want to be a knucklehead and go buy a bunch of crap for a house you don’t own. Pay cash for it. Just got an idea I had because this guy jacked his credit card up from a $200 balance to a $700 balance. And what happened? His credit score dropped.
Tyler: Big time.
Steve: His monthly payment went up. Now guess what? This is great. Hold on wait for it, wait for it. Hold on I have something good here. This is it.
Steve: This is Steve Carrington monk sound logic. Okay, ready?
Steve: It’s also like form logic.
Steve: That’s not form logic.
Steve: All right listen here’s what happened, loan denied. Those are my droppings.
Tyler: What is happening is all because he went and bought a ton of stuff for his house he doesn’t own.
Steve: I dropped the mic that time. He got denied. Okay mic dropped. All because of what Tyler.
Tyler: He bought stuff for his new home that he doesn’t own on credit card.
Steve: Well, I’ll tell you what, he’s going to have fun painting his apartment pink.
Steve: I mean I hate to be that harsh but that’s kind of what happened. I think we need to be racier in these things. Let’s start cutting people down, become stupid.
Steve: Okay, I’m just playing. But seriously, the guy was a nice smart guy and everything, but look we’re going to get him fixed. Okay? Because that’s what we do. We are the fix it. We don’t not do Tulsa mortgage we Tulsa mortgage. We close loans; that’s how we get paid. By the way at TLC, total any concepts, Toilsome Mortgage Company; we get paid when we close loans. I mean literally.
Tulsa Mortgage I mean every single person in the company is tied to loan production. So if we don’t close loans nobody gets paid. Do you think we’re trying to find a way to not approve somebody’s loan?
Steve: It’s the opposite in fact. We’re trying to find a way to prove it. Just sometimes human being get in the way of that. Here’s what I’m going to suggest to you people, communicate with your lender, talk to your lender before you’re charged any of the credit card balances. Talk to your lender before you do anything. I have a phone that I answer all the time. I’m not going to get offended if you call me and ask me about something so that you don’t make a mistake. So just call your lender. I might even run around the building for you screaming like I just did on this podcast. There’s nothing wrong with that is it Tyler?
Steve: Do you think I’m weird?
Tyler: Did I or do I?
Steve: Do you?
Tyler: Oh yes, every day.
Steve: Tyler for the record does not have fun, will not run around screaming and yelling with my Facebook going.
Tyler: Just saying
Steve: That was like we’re going to have to like go edit that. I’m going to save that video, and I’m going to edit that part where I run around and I’m just going to post it and see how many views we get of me running around the building. “In squares not circle.” says Peter Barbet. Exactly.
Not everybody can do a Tulsa mortgage and also be really good at running in squares. I can run around in squares. In fact it was like it I don’t know if anybody knows but we have a triangle table, so for me to run around in squares around a triangle table, mind blown. I mean do you even know anybody that can run around in a square around a triangle building, or a triangle table?
Tyler: Only two people.
Steve: It seems to me that it’s almost physically impossible. I’m just saying. I don’t know I mean I’m just saying, I don’t know. I wish I could find the video for that guy because it so funny like in everything, to look it up. Anyway, here’s the deal. We’re talking about don’t let the balance on any your credit cards increase substantially. What we mean by that is don’t jack up the balances on your card because you didn’t let it happen, you are in charge.
Increases can reduce your credit score revolving credit make represent service in your credit score as we evolve into great debt grows, so does your payments on that debt. Right Tyler?
Steve: The statistic we talked about is it won’t affect my credit score substantially, if I charge a few things on my card which is not true. A lot of people think that. Many people don’t consider the increase monthly payment that result from an increased balance on a credit card. That’s pretty amazing, they don’t think it’s going to matter but it does.
Some people think it’s easy to run around in squares around a triangle table, I’m here to tell you it’s not. Don’t go buying a bunch of stuff for your house you don’t own yet. It’s just not a good idea.
Tyler: Don’t do it.
Steve: So that’s it, stevecarrington.com tlc.mortgage that’s our website, or if you want to go and subscribe to the podcast, you can go to podcast.stevecarrington.com. You can go there, you can subscribe, you can share it if you’re getting something out of it, please do. We appreciate all of our 462 online Facebook live viewers, and that’s it for the podcast for today. Don’t jack up your credit cards people, because it can hurt; Steve Carrington out.