Tulsa Mortgage : Podcast 32 – Part 2
Tulsa Mortgage Tyler: I’ve no idea.
Steve: When you were a realtor did they do that?
Tyler: No, we didn’t do that.
Steve: Tyler was a realtor. That’s how he negotiated the contract on his own house.
Tyler: It’s like a total gamble too. I mean, we live in Oklahoma. One minute of it, tornado real sir, takes out the house? As realtors you’ve got this outstanding loan on this closing she’s expecting, and it cannot happen ever now?
Tulsa Mortgage Steve: Exactly. So it’s kind of like– Well it’s not really the same. If you get paid– If you earn a salary, and you make $50,000 a year, and you went to a payday loan company and got an advance on your pay. Okay, I get it, people do that. It’s understandable. But, you’re getting paid on the 15th, provided you don’t lose your job, you’re getting a check, it’s happening. So, when you’re a real estate agent, and you’re banking on a loan closing, there’s all the– I mean, the appraisal could come in bad, it could come in low it could, you know– You got to count on a borrower not opening up new accounts with no interests and no payments, and screwing everything up. There’s so many things that go into it. And then when you’re trying to figure out why your realtor is acting so crazy about making sure that the loan closes by a certain date, or by a Friday, or by a Monday, or whenever. I would question what their intentions are. Are they really, really focused on the customer or are they more focused on getting their commissions so they can pay back a loan that they got against their own future commission?
Tyler: Don’t count your chickens before they hatch.
Steve: Snap, listen to that wisdom. Tyler Whyburn just said, I’ve never– Did you invent that?
Tyler: I did.
Steve: I’ve never heard that. How do I count my chickens– If I’m a person that believes that the chicken became before the egg then wouldn’t I not count my chickens before they were unhatched?
Tyler: I mean, maybe, if we were talking about millions of years ago, sure, why not.
Steve: Zack Collins is on Facebook live. Hey Zack, we’re talking about realtors with commission breath. Zack bought a house didn’t use a realtor. You know why? He bought new construction went directly to the builder. Sometimes a good idea, sometimes not. In his case he’s a very intelligent individual and he listened to .com and everything went perfectly. Zack’s closing Friday, aren’t you Zack? Congratulations bro. So he got his closing disclosure out yesterday and he’s clear to close yesterday, closing Friday. Exciting, isn’t it Tyler?
Tulsa Mortgage Steve: Saw him last night, he poked around the Bentley. A little Zack Collins in the Bentley. This is what you get when you close with .com, you drive the Bentley. So, maybe, not everybody, but you have to have a driver’s license. That’s the disclaimer. So we’re talking about new credit items lowering your credit score substantially, counting payments against you when you think you’re getting a loan with no interest. And really it’s going to count against you. We want to have people avoid doing things like going and buying appliances for their new house. Going and, “I bought a new refrigerator, I bought a new washer and dryer and, they were really cheap and I ended up getting them for 25 bucks and I got zero interest.” Because here is the other thing that we even didn’t put on here Tyler, but guess what, here’s what’s going to happen, I’m going to do what they call, pre-close credit, right?
Steve: It’s a condition on every single file. We’re going to pull pre-close credit. Don’t worry Zack, yours has already been done, but don’t sell into anything with your credit until Friday. Pre-close credit means – within ten days of closing I got to do a re pull of their credit to see if there’s any new items reporting. Any new accounts reporting and any new inquiries. And so, if you think you’re being Mr. Smarty pants or Mrs. Smarty pants– Hey Josh Harrington. Then here’s the thing – you’re not. Because if you applied for a Lowe’s card so that you could get interest for your zero interest appliances, it’s going to show up on your credit. Guess what’s going to happen Tyler, what’s going to happen? You know what’s going to happen.
Tyler: It’s going to hurt.
Steve: What do I have to do now though?
Tyler: We have to [unintelligible 00:13:03] the whole payment.
Steve: Well, I have an inquiry Tyler. I’m saying I have a–
Tyler: Well, we have to prove it.
Steve: Tyler is not listening.
Tyler: I’m listening, there’s several different answers to your questions Steven.
Steve: [laughs] Tyler, if there’s an inquiry on the pre-close credit, what do we have to do? Explain what the inquiry is. Did you open new credit and if you open new credit and it isn’t reporting it, now what do you got to do? Dig up the statement, we have to figure out what the balance is, we have to do a credit supplement, we have to get it added to your credit report because it’s not on there yet. It’s a pain in the butt. Now maybe we’re. what, five days because we don’t always pull ten days before closing we pull right when we’re getting ready to be done with it, right?
Tulsa Mortgage Steve: If we pull it right before then, you’re going to be ticked because you’re going to have to go start digging and digging for things. Josh Harrington says we’re his new music as he gets ready for work so that’s good. Are you taking a shower? [laughs] Awkward. Anyway, we’re talking about making purchases under no interest no payments and again guys, you just want to avoid doing any of that because if you do we put in all caps. Tyler what’s all caps on our stories?
Steve: Denied, not like de-nice [laughs], denied. This is the overarching message to everyone all the time, talk to your lender, talk to your lender. We had an SEO, talk to your lender. Our Google Ads should just say, “Talk to your lender. Talk to your lender. Click here to talk to your lender.” Talk to your lender, if you’re going to Tulsa mortgage talk to stevecurrington.com and the Steve N Tyler Show because we will make sure that you don’t–
Tyler: What happened? What happened?
Steve: Because that’s what it feels like when people make little mistakes like that, it’s farm logic.
Tyler: I got no sound.
Steve: You lost sound in your mic?
Tyler: Yes, it’s not there.
Steve: I hear you.
Tyler: I didn’t hear that.
Steve: Your headphones, you didn’t hear the farm logic? I wonder if it’s– Let me try that again.
Tyler: There it is. Got it now.
Tulsa Mortgage Steve: Sorry my people, I thought we were playing farm logic and it wasn’t even live. Hey Joe Jones on Facebook. So, don’t make any purchases under no interest. New credit could lower your credit score substantially. The new full payment might be counted against you. I’m going to do and inquiry before you close, I’m going to know about it. Don’t try to hide crap from me, I’m going to find out. I know everything. I’m like the god of mortgage, I’m the mortgage whisperer. You don’t get anything passed the mortgage whisperer. Make sure you don’t apply for new credit even if it’s zero interest. That’s all we got. If you’re watching on Facebook, give us about two minutes, we’ll be right back and that’s stevecurrington.com and Tyler Whyburn for Steve N Tyler Show.
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