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Tulsa Mortgage : Podcast 34 – Part 2

Tulsa Mortgage Steve: Just don’t try to do it on your own. Don’t try to figure things out on your own, whenever all you have to do is ask your lender, and he’ll tell you what to do. Stevecurrington.com will not hold that near and dear to his heart and keep it as a secret from you. He’s going to tell you what to do.

So just ask me. Don’t go around behind my back and do things that are going to cause you more pain. Nope. We’re going to do it, because, otherwise you’re going to be sad. Talk to your lender always, because like we talked about a moment ago, you take money out of your account, now you don’t have enough money for closing.

Your loan approval is affected because you don’t have reserves anymore. Your loan closing can be delayed because we’ve got to verify more funds. We got to get a new bank statement. That’s the other thing too, as people think that– Like I said, “I’m getting paid Friday, and that’s when the money goes in there.”

Tulsa Mortgage We just had– Don’t even get me on this tangent. We talked about commission breath. Well, let’s talk about clients just flat-out; lie. Yes, just lie, for a month. “Where’s your money coming from?” “Oh, it’s in my bank account.” “Well, give me your bank statements.” In the bank statements, there’s a 187 bucks, right?

Tyler: Right.

Steve: “Where’s the money coming from?” “Well, we are getting it from our 401(k).” “Well, that’s funny because you never talked about that before. You said you had the money and now you’ve never verified it. Dude, we’re going to find out. We’re going to find out what the story is, whether you like it or not. We know. We’re resourceful.

Tulsa Mortgage We knew this for a long time. You are not pulling the wool over your lender’s eyes. We know stuff. It’s happened. Whatever you’re trying to do, it’s happened. We’ve done it before. We’ve caught somebody doing it. Just tell me the truth. Don’t try to hide crap from me.

Don’t tell me you have money in the bank when you don’t have money in the bank. Don’t try to sneak in a deposit from your grandma that’s cash, without telling me about it. I’m going to find it. I find everything. I found an IRS payment on someone’s bank statements the other day because they are making payments to the IRS.

It’s okay. They still qualify. It’s not a big deal. It’s just, we see everything. We are going to find everything. It’s going to happen. Don’t try to hide it from your lender. Your lender is going to know, just like in this person’s case. We’ll go all the way down to the wire, and they had their judgment that was on their credit that they said it wasn’t theirs.

It was removed from two beers, it wasn’t from another– And they say, “Well, Oh, that’s not us.” “Okay. Well, that’s fine. Get some proof that it’s not you. I’ll help you. We’ll get it updated on your credit.” What did they do Tyler? They just kept sending us the same piece of paper that had no bearing, and then guess what happened?

We verified it was them. But in their case, he only said, “Oh well, just because they have my wife’s social, doesn’t mean that she owns it.” I don’t even know how to respond to that.

Tyler: I don’t know.

Steve: I don’t even know how to respond to that. “Just because they have my wife’s social that doesn’t mean it’s her.” Well, here’s the deal. I’m not making judgment at all. Maybe it isn’t your wife, but it’s on her credit. So, unless you are going to give me some significant proof that says it’s not her so I can get it removed, it’s hers.

So you say what you want. It’s 9,000 bucks. And if that wasn’t a big enough issue, they got a 187 bucks in their bank account. They are supposed to be bringing five grand to the table. So, when asked, “Where the money’s at? Where the money’s at? Where the money’s at?” “Oh. Now it’s going to come from a 401(k), and oh, by the way, we’re closing next Tuesday.” And this was on a– what? It was on a Friday.

Tyler: Right.
Tulsa Mortgage Steve: “No, you are not.” And so here’s my point is, if you have plans for money to go in the bank for your down payment, just tell me what that is. Let’s plan around it and figure it out. It’s not the end of the world. You can’t just show up magically with cash at the Title Company, or if you close on offers like we do, then you can’t just show up with a wad of cash and be like, “Hey. Here I am. I’m ready to close. I’ve got my money for closing.”

Tyler: No, doesn’t work that way.

Steve: No.

Tyler: It doesn’t work out that way.

Steve: No. I’ll have to verify it. It takes time. There’s a process. There’s things that have to happen. And if you are not going to have your closing funds until the day of closing, let’s move closing a couple of days. Let’s do it now. One day into  your loan process, five days in the loan process. I just got your contract. Let’s call the Realtors. Let’s call the seller and say, “Ooh. Gosh. We’re a little too aggressive on that closing date. Let’s move it out five days.”

If you’re a seller and you are selling your house, and you just agreed to a contract on a Tuesday, and the buyer calls or their realtor calls on a Thursday and says, “Hey, We scheduled this for the 5th of July and we really want to close on the 5th,” and they will never. Just kidding. I don’t know, I had to say that.

“Let’s close on the 10th instead because for scheduling purposes it’s better for the buyer. Is that okay?” 99.999% of the time, unless you just have some seller, they are going to do it. And here’s the other thing; there’s five days built in the contract for a Tulsa Mortgage. That’s already there.

If you’re in Oklahoma and you’re using the Oklahoma real estate contract, there’s five days built into it. So they don’t have to extend it if they don’t want to. We can just close five days late. But deal with that up at the beginning. Don’t do it at the end. Don’t.

Because you’re going to be mad, and you’re going to be mad at me and I’m going to shake my finger at you, and say, “Don’t be mad at me.” I’m the Mr. Tough Guy on the podcast, but I’m going to tell you, “I’m going to help you. It’s in my nature. I’m going to take care of people. I do what I can to take care of people.”

But when I hang up the phone, I’m just going to shake my head. I’m going to take my head, I’m going to draw a square with an ‘X’, and I’m going to place that here, and I’m going to smack my head right onto the table, over and over, until I go crazy. Right, Tyler?

Tyler: It’s funny because it’s true.

Steve: Oh my God. Oh my God. How did they do this? So, if you’ve got funds in your bank account, keep them there. If you are waiting on funds to go into your bank account, communicate that to your lender. A 401(k) loan or a cashing out of 401(k) doesn’t happen overnight, dude. It doesn’t. It’s going to take some time.

Tulsa Mortgage In fact, sometimes it takes like three weeks. Getting a gift from mum, dad, uncle, cousin, grandma, grandpa, doesn’t happen overnight. It can, but we don’t want it to happen overnight and you can’t do it at the day of closing or the day before. Getting a gift from someone and sneaking it in your bank account is not a good idea.

Tyler: No, never.

Steve: Selling drugs and using the cash for your down payment, isn’t a good idea either, just putting that out there. We have a hard time documenting drug money. And when I say, ”Hard time” it’s impossible. So, just communicate it. Let’s put a plan in place. Let’s figure out how to get your down payment, when it’s going to get in there, and then you’re happy. It’s good. No problems, right Tyler?

Tyler: Right.

Steve: Hey, I could talk about this one. We can go on with this podcast for the next 37 years, but we’re going to stop. That’s the end of our episode for the day. Don’t forget Tulsa Mortgage, SteveCurrington.com, The Steve N’ Tyler show. And if you want to go download all of our podcasts, you can go to podcast.stevecurrington.com. I should have said that on our other episodes. But podcast.stevecurrington.com, you’ll see Tyler with a tie on his head, and kind of some funny photos of us.

Tulsa Mortgage And all of our episodes are updated about every couple of weeks. I think we’ve got all the way up through episode number 23 or 25, or something like that. And that will continue to grow. So I’m Stevecurrington.com, and I’m out. See you.

[00:17:57] [END OF AUDIO]