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Steve: This is stevecurrington.com and The Steve N’ Tyler Show episode number 74 Colorado Springs Mortgage.
Recording: Welcome to the Steve N’ Tyler Show, with stevecurrington.com and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: Oh,your pretty smart. Well, good for you man.
Recording: 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: What up Tyler?
Tyler: What’s up?
Steve: We got donuts this morning. Early in the morning and jinx America eating our donuts getting some sugar in us, so we can talk to you about Tulsa mortgage. That’s right. Does that’s sound fun. Little chilly Tyler?
Tyler: Yes, so chilly in here.
Steve: I’m not even going to tell you what Tyler just did to tell me that he was cold. Snoop a loop, snoop a looping. We’re talking about how to get money out of my property without refinancing. Tyler do you know how to do that? Do you know how get money out of your property without refinancing?
Tyler: Yes.
Steve: Home equity loan?
Tyler: Yes Colorado Springs Mortgage.
Steve: Get a home equity loan, get a Home Equity Line of Credit. They call it a HELOC. Does every body know what a HELOC is? Home equity and equity second mortgage? Do you know the difference Tyler between a second mortgage in a Home equity line of credit.
Tyler: Yes. I think so, I think I do Colorado Springs Mortgage.
Steve: Tyler, you sound so confident. Tyler sounds so confident, hold on a second. We need to get some music behind this because I’m going to tell you guys what it is. What do we want revolution or want to be your lover or this.
[music].
Steve: No, let’s do revolution now.
[music].
Steve: Here’s the revolution folks. A Home Equity Line of Credit is an open-ended loan. That means you can draw upon this multiple times and paint down, pay it off and then use it again because it’s a lot of credits, it’s like a credit card. You’re using it like a credit card. When you charge something you make payments, when the balance is zero you make no payments. It’s typically a variable rate Colorado Springs Mortgage.
Bet you didn’t know that. On a second mortgage, it’s a closed-ended loan. That means you just get one amount of money one time and you’re done. Then you got payments on it, and so if you use it right then, or put it in the bank or do whatever it doesn’t really matter. You’re going to have a payment on whatever that loan is. If your Home Equity Line of Credit is for 50,000 and you charge 10,000 then you’re only going to be banking payments on the 10,000, right Tyler?
Tyler: Yes.
Steve: If you get a Tulsa mortgage and you do a second mortgage for 50,000, you’re going to get a check for 50,000, let’s say with balance closing costs and all that. Then you’re going to have a payment on 50,000 because it’s closed ended. Then when you pay it off it’s gone, it’s done. You can redo it maybe, but you can’t just keep drawing on that money. Also if you pay it down to 40, you can’t just go charging another 10. That’s a pretty big difference, what do you say Tyler?
Tyler: Yes Colorado Springs Mortgage.
Steve: When you’re doing a cash-out refinance versus a Home Equity Line of Credit or a second mortgage, the terms are a little different. On a second if you’re a lender and you’re doing a second order for someone,little known fact, check this out. If you default on your first mortgage, you don’t make the payments, in order for me as the person who holds your second mortgage to protect my interest, I have to go pay off your first Colorado Springs Mortgage.
There’s a higher risk for the lender if you’re doing a second mortgage, because you’re in second lien position behind the first mortgage. If you’re in second lien position, that means you’re the second person to get paid. That means that if something happens and you don’t pay and there’s losses, who do you think’s going to take the biggest loss? You are, whoever holds the second mortgage, right. Be prepared to not get as good a terms on a second as you would on a first or HELOC same deal. They’re both a second lien position, they’re just a different structure of how you do it. You know what I’m saying.
Recording: This is stevecurrington.com and The Steve N’ Tyler Show. Go to getkoalified.com.
Steve: If you want to find information about a cash-out refinance versus a Home Equity Line of Credit which is a second mortgage and the differences between that, go to getkoalified.com and ask us. We’ll tell you, or listen to this second shortest podcast of the lifetime of our podcasting, because we can hit a [background noise] kick a [background noise], we talked about this earlier Tyler on a previous podcast.
How many times have you watched soccer? I’m not [unintelligible 00:05:33] soccer for anybody out there, yes the whole thing. The entire soccer thing?
Tyler: Zero times in my entire life.
Steve: Not even like the world cup?
Tyler: No Colorado Springs Mortgage.
Steve: Not even when like the USA’s in the world cup?
Tyler: I have no patience to watch an entire soccer match.
Steve: Have you ever heard this live on television or in person?
[background noise]
Tyler: Only on ESPN highlights, that’s it.
Steve: Do you want to know why? I know the answer, I can tell you. Maybe you know the answer. Why you haven’t ever heard that except on ESPN highlights?
Tyler: Because we’re in America Colorado Springs Mortgage.
Steve: Because they don’t make goals. There’s only like — I like to ask Google that. Listen this is going to good, “Okay Google, what is the percentage of goals made versus goals shot in soccer, for kicked?” It says 6% of the time when they kick a goal it goes in. Now shooting percentages I was making that up, because all statistics are made up on the spot. 28.2% of the time and that’s it they kick one, but that’s the problem is they don’t kick them. They’re like on the other end of the field, that’s why we put this in our podcast because we wanted you people out there listening mom, dad, Tyler’s mom and dad Marshall’s Mom and dad. We wanted you to be able to hear what it’s like to get a goal in soccer since you’ll probably never witness it in person.
[background noise]
Steve: Don’t speak directly into the mic [laughs]. When you’re doing a cash out or you’re trying to get cash out or you’re trying to get a cash out, don’t forget you can do a Home Equity Line of Credit or you can do a second mortgage. A Home Equity Line of Credit or a second mortgage are both options when you’re trying to get cash out of your house. But expect that you’re going to have the same limitation as you probably would on a Home Equity Line of Credit on the amount of equity you can access, you’re going to be limited.
Don’t expect that if you owe 100,000 on your house and your house is worth 110 that you’re going to go with a Home Equity Line of Credit for 10 grand. The days of that happening over there. They used to do 125%. Did you know that Tyler? That’s before your time. Listen, you could do a cash-out [sic] re-fi to 125% the value of your house, because they’re like, “Oh the value is going to go up they’re always [unintelligible 00:08:20] and then 2007, 8, 9 happened. [laughs] That is what we — And I’m not laughing for anybody’s other — Mom, if you’re listening and you’re sticking in your home I’m sorry. I’m not laughing about that. I’m laughing about the fact that why in the world we’re they loaning people 125% the value of their house. Maybe that wasn’t so smart.
Tyler: No.
Steve: Maybe that’s a bad idea, maybe that was a bad plan. That might have been bad plan.
Recording: Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to The Steve N’ Tyler Show.
Steve: What else you got Tyler. What do you think? Can you think of anything else, we could possibly tell the listeners, your mom and dad about doing a Home Equity Line of Credit?
Tyler: If it works do it, if it’s better to do a cash-out do it — I don’t know — Do you need money? How much money do you need?
Steve: Right, let’s see what it comes down to, that’s really what it comes down to. Guys this is no surprise.
Recording: This is stevecurrington.com and The Steve N’ Tyler Show. Go to getkoalified.com.
Steve: I am stevecurrington.com and I do Tulsa mortgage loans and I appreciate you listening today mom. [laughs] If you’re listening I hope you went to stevecurrington.live when you we’re listening. If you didn’t, you can go to iTunes and you can find our podcast on iTunes. We have lots of episodes up, most of them range from anywhere from like 12-20 minutes long. Some are shorter, some are longer depending on the topic and how much we can really load.
This one we loaded some soccer stuff in it. We try to have fun. Mostly were just stupid, but we appreciate everyone out there that’s listening, all two of you. I hope you stick around and listen some more of our podcast. I’m stevecurrington.com, that’s all I got for today. I’m out Colorado Springs Mortgage.
[music]
[00:10:23] [END OF AUDIO]