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Tulsa Mortgage : Refinancing

Steve: This is episode 19 of the Steve and Tyler show.
Announcer: Welcome to the Steve and Tyler Show with stevecarrington.com and Tyler Wagner.
‘They’re negotiating a concert for you. Oh, really. Oh, bogus. They’re very smart. Well, good for you, man.’
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: What is happening, Tyler?
Tyler: Just hanging out Steven. How are you?
Steve: I’m good. Are you awake this morning?
Tyler: Barely.
Steve: Well we’re broadcasting live from the Jinx Studios where we do these Tulsa mortgage, and it’s like 4:00 AM. Not really. It’s pretty early, though, it feels like 4:00 AM.
Tyler: It’s like 4:00 AM in Colorado.
Steve: Well, Colorado Springs Mortgage is more, yes, it is. It’s like an hour earlier. I don’t know if we can deal with that. But Columbia Mortgage over there our little Columbia office there. They’re Central Time, so I guess it’s roughly around the same time as me, like us.
Tyler: Alabama’s mortgage.
Steve: I guess-
Tyler: They’re earlier.
Steve: I guess they’re earlier there too.
Tyler: Pueblo.
Steve: Pueblo mortgage.
Tyler: Farmington.
Steve: Farmington, New Mexico. What time is it their Farmington Mortgage?
Tyler: I don’t know
Steve: I guess it’s about the same time as Colorado. They’re in the same zone. Tyler talk to me. What are we talking about today?
Tyler: Today, we’re going to talk about a 30-year mortgage versus a 15-year mortgage.
Steve: What do you think about a 30 year versus a 15 Tyler?
Tyler: It’s just depends on what position you’re in.
Steve: Is a 15-year mortgage more expensive than a 30-year Tulsa mortgage?
Tyler: Not necessarily, actually-.
Steve: Depends on your definition of a more expensive?
Tyler: Right. It’s a little bit cheaper when it comes to interest. But, it might be a little bit more expensive when it comes to payment.
Steve: Your payment might be higher, that’s right. We wanted to go over basically three or four things that have to do with the differences between a 15 year and 30 year and I’m having a hardest time getting my phone to get– I mean, can someone in the studio, please get my phone to where it will prop up and I can go live on Facebook? okay. I think that’s how we’re going to do it.
How much does it increase my payment?
Do I get a lower rate?
How much interest do I save?
I’m going start with the third point because I always do 15-year mortgages personally. Just something that I do and here’s what I tell people. I’m going to make 180 payments, and you’re going to make 180 more. That’s the difference between a 15 and a 30.
180 times 180 or plus 180 [laughs] multiplied by plus is 360 payments which is which you make on a 30-year mortgage and that’s expensive, I think. I mean, that’s my opinion. I mean, I don’t blame anybody for doing a 30-year mortgage but honestly, if you got the money, you might want to look at the 15. Do you agree, Tyler Tulsa Mortgage ?
Tyler: I do agree.
Steve: The interest that you say which is my original question is going to be a lot. In fact, here’s the easiest way to look at. It’s going to be at least half [laughs]. Right? Because you’re making at least half of the payments and although, you do have a higher payment because that was our point one, is how much is my– does it increase my payment? That depends. We got a client right now that we’re doing a 15-year mortgage for. Do you remember them? Enrique?
Tyler: Yes.
Steve: Tulsa Mortgage  Yes, in his case, his payment goes down. He’s going to refinance. He’s currently on a 30; he’s going to a 15 year and with a combination of his going from a 30 to 15 and that’s getting him to insurance and that kind of thing. His payment is going down like 100 bucks a month to go from a 15 or from a 30 to a 15. Depending on your situation, it may not necessarily increase your payment to go a 15. It just depends on what you owe and really if you can just change your mind set and thinking of what you can afford then, my advice is buy less house, do a shorter term. Buy less house, do a shorter term. How much interest do I save, Tyler?

Tyler: Well, not only are you’re going to save half of what you owe on a 30 year but yes, number two, you get a little rate. You might save a little bit more there too.
Steve: Yes, I always make reference to me and Nathan. I probably use this like a thousand times because we did the same loan amount, we close two days apart so our first payment was the same day and it was end of March 2013, and that was Tulsa Mortgage, three years ago, right?
Tyler: Yes
Steve: A little over three years ago and when you compare on—and he and I have done this a bunch because we’re consulting like everybody does here measuring who has the best rate [laughs] and all that good stuff. At 2.625% three years ago, on a 15 versus 3.625% on a 30, I’ve paid about $68/69,000 in principal and interest, or in principal off on my loan balance, and he’s paid about what did he figure, about 20,000 maybe 18,000. Is that right?
Tyler: Roughly.
Steve: 22,000 somewhere where.  Tulsa Mortgage  That’s the difference. Now, if you do the Math, I’ve also made more payments than him. My principal interest payment is five or 600 bucks more a month on my loan size. I’m still paying more interest and more– my payments are a lot higher and that factors into it too. Here’s my answer to how much it’s going to increase your payment, ask your lender. And it’s a super easy exercise to go through.
“Hey, I’m buying a house. I’m refinancing.” Whatever it is that you’re doing and here’s the question, “Do you have a way of showing me what my payment is if I did a 15, a 20, a 25 instead of a 30?”
And it’s that easy. Your lender should be able to do that pretty quickly. How long does it take us in our system, Tyler?
Tyler: Not very long.
Steve: About two seconds?
Tyler: Yes.
Steve: To just say “click, click.” And we say, “Oh, here’s what your payment will be.” Don’t think that you can’t afford that would be my advice. Ask somebody and they can talk to you about what it is increases your payment, what it does rate wise because the answer to number two is absolutely, it will get you a better interest rate Tulsa Mortgage .