Transcription Tulsa Mortgage
Steve: This is www.stevecurrington.com in “the Steve ‘n Tyler show” episode number 46.
Speaker 2: Welcome to “the Steve ‘n Tyler Show” with www.stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated the Tulsa Mortgage contract for you?
Tyler: A realtor.
Steve: That was pretty smart. Very good for you, man.
Speaker 2: 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.
Steve: Steve Currington on the mic, Tyler Weibner on the soundboard, boom. What’s up, my people out there in podcast world. It is to www.stevecurrington.com, your Tulsa Mortgage lender, here with www.tylerwagner.com, your other Tulsa Mortgage lender. The only two guys if you ever need to call for a mortgage in Tulsa and you’re listening to our podcast broadcasting live out of Jinks America and today we’re talking about how do I get a credit score. We’re also going to talk about– and we’re on the same theme as the previous podcast you’ve been listening to the credit of, we’re not telling Tyler what the podcast is about. Look, it’s early in the morning. I was just telling Tyler, I’m literally throwing Tyler under the bus. My podcast must be so boring. Tyler yawned like 88 times, I counted it. It’s kind of like people saying “um”. I hope I’m not saying “um” all the time but, I think Tyler, I want to go– [slapping sounds] I wish there was like a slap sound.
Tyler: I don’t think we have that.
Tyler: You’ve got a good sound on there that might wake you up?
Tyler: I don’t know. I’ve been wanting to click this ever since I’ve seen it.
[Star Wars audio].
Steve: What is the problem? Look, a little fun to start you out. Hopefully Tyler won’t yawn 88 times in this podcast, but that’s okay.
Steve: We’re going to talk about how do I get a credit score, which to me is pretty basic, but to a lot of people out there listening that are trying to get a Tulsa mortgage maybe it isn’t so basic. I’ll try to dumb it down and make it easy and then the minimum credit score I need to qualify for a mortgage loan, and we can go in-depth on that one, because that is assent. We talked about being an hour-long podcast on credit. Dude, we can do our own podcast on minimum credit score, because a lot of stuff goes into that. Tyler, right now, if you want to get a Tulsa mortgage, what’s the minimum credit score?
Steve: I love that, because listen, I’ll tell you like this– and this isn’t us, but this is some other people that are out there, that also maybe might attempt to do mortgage loans or Tulsa mortgage loans. They might tell you “oh yes, man I do” — I don’t know why I get into character. I think Clay Clarke taught me to get into character, “oh yes man. Hey, I’ve got — I’m a mortgage guy. I got these I got these. We can do a 580. I can do a– Tyler. I can do a 580, a 580 credit score. Hey man, I can do a 560, a 560 credit score. Hey man, your credit’s messed up? I can do your loan. I can do your loan.” Well, the truth of the matter is –
Tyler: More often than not, probably they’re not going be able to do that 580.
Steve: Yes, that’s the truth, because there’s a lot of other things that go into that. We call them what you would call overlays. It’s just–
Tyler: It’s like, “I’m a 580 but I don’t pay rent, can I get a loan?” probably not.
Steve: I’m a 580, but I don’t have any open trade lines, can I get a loan? probably not. I’m a 580 and I have a bankruptcy yesterday; probably not. When you’re talking about the minimum credit score you need to qualify for a mortgage loan, it’s a factor, it’s a piece of it, but it isn’t the whole thing. It’s like a piece of the pie– credit score. Okay, piece of pie. I have a 580– heck, here’s a good one. I have a 780 credit score but I don’t have a job. Well… probably not getting a Tulsa mortgage, just telling you.
Steve: You’ve got a mom who wants to co-sign? Now you maybe can. Okay, so let’s say I’m doing a conventional loan, Tyler what’s my minimum credit score there?
Steve: Six, two, zero. “Hey man, I’ve got a loan program for you bro. I can do a 620 conventional all day long, all day long. 620 isn’t a problem for me. Hey bring it to me, bring it to me.” Not necessarily.
Tyler: I just had two late payments on my mortgage last year.
Steve: That’s going to hurt. It already hurts. I should have said that’s going to leave a mark. It already left a mark. It left a skid mark on the road. That’s not good. We’re talking about the minimum credit score, but there’s so many other factors that go into that, but let’s, real quick, let’s hit on, “how do I get a credit score?” This is very basic and I know a lot of people out there listening are like, “Duh, I know the answer to this.” I’m just going to read it from the book. It’s like when you play blackjack, we talked about this before. What do you do when you play blackjack? You say, “What does the book say?” and the dealer says, “The book says to hit.” so you hit, because that’s what the dealer does every time and they win seems like 90% of the time.
I’m going to tell you what the book says. Now this is the book based on a book that someone else wrote, that we’re looking at, and I think, would you say, Tyler, for the most part, has a lot of pretty accurate information?
Steve: But here’s what it says about Tulsa Mortgage Loans and I don’t think they can mess this up. I’m going to quote it right from where we found this, because I don’t think it can be messed up. “By buying things on credit, drop, drop, drop the bomb bro, isn’t there a bomb?” Let me set that up again. Okay, all right. Here we go.
Tyler: I’m ready.
Steve: All right, here we go. All right so Tyler, how do i get a credit score? Okay, here’s the answer I’m reading it from the book. Are you ready?
Steve: “By buying things on credit” [bomb sound]. Thank you. Do you like that Nate? Nate is in the studio looking like, “You’re an idiot.” He’s going crazy over there. Listen, it’s by buying things on credit, that’s how you get a credit score. These computer models, they give you a score, they need a credit history typically of two years. We’ve seen credit reports that had no– we just pulled one yesterday that had no score.
Steve: Did they have no score and no credit, no open accounts or did they just have collection accounts?
Tyler: They had one collection account that just opened last month.
Steve: Well why don’t they have a score?
Tyler: They don’t have anything, they don’t have any credit, nothing. They haven’t bought anything on credit.
Steve: Yes, that’s not good. So tell me again, how? See if maybe you say it and then we’ll drop the bomb if it’s more effective. Okay, Tyler, how do I get a credit score?
Tyler: By buying things on credit.
Steve: Oh my god, this is happening. Dude, you are a certified FICO professional. Oh my gosh. We should have wrote this book. Anyway, look, I’m kind of making fun, because a lot of people get information online and we derive something, like the technical information, that we want to provide to our listeners for our podcast from various places, books that we’ve read, things that we know about. It’s funny, because you really can’t have to dumb it down and this one particular article that we found literally just dumbs it down. We talked about that before; that you’re only going to get a credit score if you buy things on credit, if you utilize your credit. So to me maybe it’s common sense, but to some people it’s not, so I’m just saying. Maybe open an account, pay it on time, that might be a good idea, that might help you generate a credit score. Just in my humble opinion and all I do is Tulsa Mortgage Loans for, you know– ever, like 11, 12 years I’m just kind of like– a professional, kind of done like 20,000, 40,000 hours of this stuff. I probably know what I’m talking about.
But it is not rocket science people, it’s not rocket science. All you have to do is open up accounts and then pay them on time. Even if you do open up an account and you pay it on time and you’ve been doing that for three months, don’t expect that all of a sudden you’re going to have this perfect credit score. Although, I have seen people that have 780 credit scores and I look at their credit and I think, “How in the world do they have a 780?” Because they have two accounts and they have six months reviewed on them.
Steve: It’s crazy, so you just don’t know. Don’t have any negatives and you’ll be good. If you keep collection accounts and derogatory accounts off your credit; I’m knocking the table, and if you can keep those off your credit, it will help your credit score. Again, we’re doing the podcast without Tyler knowing the subject, so we’re messing with Tyler. Today is mess with Tyler day. So the minimum credit score you need to qualify for a mortgage loan, we talk about conventional being a 620, FHA being a 580, USD down to 580, VA down to 580. But here’s the other thing that people don’t realize, for the most part you’re not going to pay like a much higher rate if you have a 640 vs a 660 or 680 when you’re doing a government loan like FHA or VA. But when you get under a 620, there’s not a lot of lenders out there that are offering those products, are there Tyler?
Tyler: No. Why not?
Steve: No there’s not. Just plain and simple, they just think about it. I’m not dogging anyone, we all make our decisions, we all have the scores we have because of whatever, things happen to good people, bad things happen to good people, all that stuff. But listen, statistically if you have less than a 620 credit score. you’re not going to pay. Am I right?
Tyler: True story.
Steve: Statistically. There are exceptions to every statistic, but as we’ve said before, 67% of all statistics are made up on the spot, just like that one. Statistically, and this is years and years– you remember the 2007, ’08, ’09, ’10 the debacle of the mortgage industry? They’ve a lot of data, Tyler, you weren’t in the business back then, but did I ever tell you? We were talking about doing an FHA loan down to 580 and we said even if you’re 580 or 600 it still is going to be difficult because you have to have the ratio requirements, you have to have income, you have to have open trade lines, you have to have all that stuff.
But did I tell you, that back in the day, we could do an investment property for someone who works at McDonald’s. We could state their income, we could just say that they made it up and they had a 600 current score. And here’s the kicker, no down payment. You could buy; you, a McDonald’s worker, making eight bucks an hour, 10 bucks an hour. You could buy a $200000 investment property. You don’t even own a home, but you are going to buy a $200000 investment property with no money down with a 600 credit score.
And, I get to make your income up. I would literally like, “He needs to make $8000 a month to qualify. Okay, he’s getting a Tulsa mortgage today, folks. He’s getting a Tulsa mortgage.” This is the data that they’ve gathered and we’ve learned; you know what we’ve learned about that?
Tyler: It’s not a good idea for a Tulsa Mortgage to do that?
Steve: Those people don’t pay. Think about it, they’ve got rent, they’re just paying rent, they’ve never even exercised the ability to pay their own mortgage and now they have a renter. What do you think happens one month when the renter doesn’t pay? They don’t pay, it’s just how it goes. I remember we had a rep for one of these companies that we used to do these loans with, Tyler, that came in, and he was like, “Oh man.” We had a website that was literally– and by the way, if you guys haven’t seen, there’s a movie and there’s a book. Do you remember which one I’m talking about that talks about the whole mortgage meltdown? It’s called The Big Short. If you haven’t listened to, or watched The Big Short, go watch it, because it talks about this but they were literally– there was a website dedicated to keeping track of lenders that were going out of business.
And it was sad, but we just watched it everyday and we’d see someone like, “Oh man, there went someone. Oh, there went another one.”
I remember we had this guy come in and he goes, “Hey, man, we’re solid, we just got bought by Lehman Brothers.” And I’m like– I’m still doing Tulsa mortgage, I’m still trying to get Tulsa mortgages done, I’m still trying to get loans done and I’m like, “Dang, bro, you’re solid, Lehman Brothers is huge.” Watch The Big Short? They were one of the ones that went, “boom, they got us.” They went, “boom.” You know why they went “boom”? Because they bought a bunch of these mortgages that are out there and we’re servicing them; of these 600 current score stated income McDonald’s worker and listen; no offence to anybody who works at McDonald’s, I’m not saying that, just the point is, if you have an eight or $10 an hour income and you don’t own a home and you’ve never exercised your ability to make mortgage payments and you have a 600 current score and I’ve got to state your income for you to qualify that’s a pretty bad idea. That’s all I’m saying.
All that to say, they went out of business even though the guys said, “Oh, we’re backed by Lehman Brothers now.” They’re gone, all the data that we have comes from that– those people that didn’t pay; and if you’re below 620 we really have to exercise as much as we can and we have to document– I’d say exercise, we do exercise, because it’s good for your health. We have to document “out the wazoo” the reasons why we should loan money to you. It’s not that people with that score are bad people or you didn’t have bad things happen to you, it is what it is, but we’re just going to have to dig a little deeper to make sure that you get qualified. Right Tyler?
Tyler: Yes, that needs to be said, that we talk about eventually too. How much we’re going to ask from people?
Steve: Yes, it’s true. The other thing too, that I’ll leave you guys with, is– don’t decline yourself, we talked about in a previous podcast about you can go to annualcreditreport.com and your credit report. People all the time decline themselves for loans like, “How am I going to qualify, I just can’t buy.”
Tyler: I love talking to those people.
Steve: And I’ll tell you what, I love doing loans for those kind of people, because they’re the most satisfied customers you’ve ever had. I had a lady that was the first to ever graduate college in her family and she’s the first in her entire family to ever own a home. Her mom, her dad, her sister, her son everybody was at the closing, she was in tears at the closing table. It was amazing and I love that, but guess what? she didn’t prejudge and just declined herself. If you think you have messed up credit, just go to stevecarrington.com go to podcast stevecurrington.com. Go to Google and put us in, find us, and let us look at and get a professional opinion. You won’t diagnose yourself of cancer or a heart murmur or any of that stuff, so don’t try to diagnose your own credit and say whether you qualify or not.
If you’re a professional debtor and you open up stuff and don’t pay it purposely, you can definitely diagnose yourself and understand you’re not going to pay. If that’s you, tell me, when you’re applying, that you’re not going to pay the mortgage so that I can save myself the time and trouble. I think most people aren’t going to be that way, but look, if you just think, “Oh man, my credit’s messed up, there’s just no way I’m going to buy.”
We just saw a really cool guy last night, Tyler, that you met for the first time, that did that for a long time. He worked up at the AT&T store where I constantly crack phones, it’s how I got to know him; and he’s just now getting his stuff together. I’m so proud of him, because he’s done what needs to get done to get qualified, but it started with talking to his lender. Not judging his own credit and trying to determine if he qualifies. I had a guy texting me yesterday, asking me all these questions about debt ratios and this stuff and I’m like, “Dude, fill out an application.”
It’s like calling your doctor on your cell phone and saying, “I’ve got this thing on my elbow and it looks gross, what do you think it is?” I don’t know. Come in and let me look at it. Let’s get an X-ray. Crap, what do you want me to do? Diagnose you over the phone? I can’t diagnose your credit or whether you qualify without having the information. Don’t diagnose yourself, that’s the deal, all right? podcast.stevecurrington.com has all our podcasts, you can find us on Itunes, you can find us on tylerweibner.com. We’re kind of crazy we have a lot fun and we do Tulsa mortgage loans and we want to do one for you, so don’t forget to visit our website. Also, getqualified.com. We’re all over the place and I’m Steve Currington, that’s the end of our podcast for today, have a great day.
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