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Transcription (Tulsa Mortgage)

Steve: This is stevecurrington.com and the Steve ‘N Tyler Show episode number 66.
Announcer: Welcome to the Steve and Tyler show with stevecurrington.com and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: You are pretty smart. Good for you man Tulsa mortgage.
Announcer: They are 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: Broadcasting live from the Koala studios in Tulsa Oklahoma, you are listening to the Steve ‘N Tyler Show. Tyler are you awake? Wake up Tyler. Dude I think you have the sounds on that laptop in front of you if you ever open it. They are probably in there.
Tyler: Really.
Steve: You can make a Tyler Whyburn sound that give me crap. Open it and see if it has the sounds on there.
Tyler: Probably not.
Steve: I’m telling you, you are sitting in Zee’s desk, I mean you are kind of a big deal sitting over at Zees desk. Hey so it’s stevecurrington.com we are talking about refinancing today. We’ve hit the center of the episodes but here the thing should I wait until the interest rate is 2% lower than my current one to refinance? That’s the question no sounds there Tyler?
Tyler: I need a password.
Steve: Oh men he’s locked out so I can literally do this all day long. Tyler are you awake? Wake up Tyler. I told Tyler I had a surprise for him today on the podcast [laughs] and we are going to keep adding to that something that only have two pages. We have one, two, three, four five six, seven, eight, nine, ten. We have got like 13 different sounds that I get to play with now, that are on my sound board.
Anyway so should I wait until my interest rates are 2% lower than my current one to refinance? Here’s what I am going to tell you, it depends on what you owe. Because if you owe 62,000 then it probably isn’t going to make a difference.
Steve: That’s the breakdown for you. If you owe like 150,000 on your house, and you are going to save 2% from it, it is probably going to make sense, if you owe 15,000 no, not so much.
Tyler: No.
Steve: When you are on a car loan and they are like, “We can give you 4.9,” and someone else says they can give you 2.9 and you borrowing 10,000 over 60 months.
Tyler: Big difference not-
Steve: Not a big difference at all [chuckles]. You are going to be surprised because you are going to be like, “Oh that’s like $4 a month in my payments. Yes it’s not that a big a deal. It’s the same thing as a mortgage and even worse you are amortizing it over 30 years, or even 15 not over five. If that’s the case, and you only owe like 15 grand then you probably ought to just stay where you at. You need to get with the Tulsa mortgage one that is not going to rope you into a refinance that you don’t really need to be in. You know what I am saying? You know what I am saying Tyler?
Steve: Tyler are you awake? Wake up Tyler. Okay so here’s the deal. Let’s do a real life scenario of a refinance. I am stevecurrington.com, I have to be me. You are the person who needs to refinance. I am got to put my refinance gloves on. Tyler this is stevecurriton.com. I understand in addition to listening to prince you want to refinance. Tyler I am listening to some different prince because you aren’t got no money and you want to refinance.
Tyler: I need some money.
Steve: You need some money; you want some cash out bro right?
Tyler: Yes.
Steve: Okay how much do you own your house?
Tyler: A hundred grand.
Steve: A hundred grand, what do you think your house is worth young man Tulsa mortgage.
Tyler: About 200 grand.
Steve: Oh that’s interesting. That makes it easy; you know how much money you can borrow on that there house of yours?
Tyler: About 160 Tulsa mortgage.
Steve: So how much cash are you looking for?
Tyler: All of it.
Steve: All 60?
Tyler: Yes, all of it.
Steve: He’s all in folks. He’s all in. Okay when did you buy your house? How long have you owned it?
Tyler: About three years Tulsa mortgage.
Steve: About three years. Did you have a 30 year mortgage, what did you do?
Tyler: Did it 30.
Steve: You put a bunch of money down I am assuming because you’re three years in.
Tyler: No I just got a heck of a deal.
Steve: Oh you got a really good deal on the house. What makes you think it’s worth 200 Mr. Borrower?
Tyler: The guy next door-
Steve: Don’t you say Zealo.
Tyler: Yes show me on the interweb Tulsa mortgage.
Steve: Ah you looked on the interweb. Here’s what’s going to happen, if you want cash out then it’s going to depend on the value and what the appraisal comes in that, because as you are saying it’s worth 200,000 doesn’t mean anything. Secondly, what kind of rate are you at? Did you get a good rate when you bought it three years ago Tulsa mortgage.
Tyler: I am like six.
Steve: Okay so I am going to be able to lower your rate anyway and you are going to be able to get cash out so probably makes sense. But what you need to be prepared for Tyler, is the same thing I just told the Browns that we just closed a couple of weeks ago, is you need to be prepared for the value coming in at whatever the value comes in at. If it doesn’t come in at 200, and it comes in at 190 you are going to be limited to 80% of that.
190 you are going to be able to borrow about 152,000. Unless you want to go FHA take you to about 85% but probably it won’t be worth it because you are paying mortgage insurance, it’s expensive you are paying upfront. Here’s what we can do, it’s really easy. Give me your most recent mortgage statement because that’s going to give me how much you owe, it’s going to give me your rate, it’s going to give me your taxes and insurance.
I am going do a quick analysis for you and tell you what I can save you monthly if you go from 100,000 to 160 and you get a little cash out. Also I can put a scenario together to tell you how much cash, if your house is worth 200,000 how much cash you can get. Fair enough?
Tyler: I like it.
Steve: All right what are you waiting for bro I am waiting on the email. Send me that mortgage statement.
Tyler: I already filled out the application.
Steve: Dude you are so fast. How did you do it? I’ll tell you how he did it folks. For more information — No, this is stevecurrington.com and the Steve and Tyler show, go to getkoalified.com.
Steve: He got koalified at getkoalified.com that’s how he did it because he is the man. Tyler you are the man. I am so glad that you woke up. Tyler are you awake? Wake up Tyler.
When you do podcast like 3 o’clock in the morning, four o’clock in the morning, five o’clock, six o’clock in the morning, and you worked till nine o’clock last night closing people’s loans, man you can get a couple of yawns in the studio, right? But Tyler gets extra inspiration because he is sitting at Dr. Zee’s desk with the giant horse head. Have you noticed that? Have you shown the horse any love?
Tyler: No.
Steve: The horse needs love.
Tyler: The horse looks cold.
Steve: Dude if I refinance you on that the little scenario that we just talked about, I mean-
[background noise]
Steve: Hush tag winning.
Tyler: Yes you end up with money in your pocket, a higher loan amount and a lot of payment.
Steve: Okay what do I got? Got cash in my pocket. What else was it? A lower rate-
Tyler: A lower rate.
Steve: Lower payment.
Tyler: Even though I am borrowing more money.
Steve: I am borrowing more money. If you really want to make it the triple, triple, triple tri-factor you know what you do, oh my God this amazing. Do a 25 year instead of another 30 and then we said you are actually knocking two years off your home. If you are okay with the payment going up Tyler, you know what we are going to do for you? Quote you a 15, because you will probably go up on a 15 but that is smart. If you are listening right now and you haven’t refinanced in this wonderful time of refinancing, just look at it. You don’t have to get real deep into to figure out if it will work right?
Tyler: Right.
Steve: You just call your favorite Tulsa mortgage guys stevecurrington.com you go, broadcasting live from the Koala studios in Tulsa Oklahoma, you’re listening to the Steve ‘N Tyler show — you can getkoalified.com and find out. Go to getkoalafied.com, go to stevecurrington.com go to tylerwhyburn.com go to any of those .coms and you are going to find out if you can refinance and if you can refinance what’s going to look like.
Hey what some people do Tyler is they go pay cash for a house, and then they call me like three months later and they want to refinance because they want their cash back out. [chuckles] That doesn’t always work because there’s like seasoning requirements like how long tulsa mortgage you have to be on title before you can get your cash out even if you own your home free and clear.
I’ve said this before, you know what’s great about having cash is having cash. If you pay cash for your house and you call me one month later and want to get cash out this is what you are going to get Tulsa mortgage.
[background noise]
Steve: An angry koala. You are not going to get koalified it is going to be difficult for you. Just make sure that before you set the whole deal up be a good koalified person like Tyler and talk to your lender first. Make sure that you get all the information before you decide whether a refinance is best for you. It’s not always good to get cash out. Sometimes you can’t. We were just talking about a guy yesterday who’s putting a bunch down. He’s actually having to put more down than he was expecting to put down. He’s like, “I want to refinance later and get cash out because I know the house is worth more.”
Well, it is, but I’m going to have to get a new appraisal then, and I hope it appraises for more. You never know. It depends on the comparables. It’s a higher end house. It was like over $400,000, so I mean I hope it is, but you just don’t know. You just don’t know, Tyler, you just don’t know. This is like me in a tunnel. What are you listening to? The Steve N’ Tyler Show. It sounds like you’re playing the drums and hitting the high hat.
What are you listening to? The high hat, right? I must’ve completely bored Tyler to death with that last one. We need to get some fun going on. I think we can beat this up even more because what you guys need to understand is, call your Tulsa mortgage lender, talk to him or her, whoever it is. Call stevecurrington.com and the mortgage experts at Guaranteed Rate. We can tell you if refinancing is a good deal for you or if it’s not a good deal for you. Know what I’m saying?
Broadcasting live from the Koala studios in Tulsa, Oklahoma, you’re listening to the Steve N’ Tyler Show. If you like that, go to getkoalified.com. I’m Steve Currington. I’m here with Tyler Whyburn. That’s our show for today. Thanks for listening guys. We’ll see you.
[00:11:50] [END OF AUDIO]