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Steve: This is and The Steve N’ Tyler Show episode number 78 Colorado Springs Mortgage
Recording: Welcome to The Steve N’ Tyler Show, with and Tyler Whyburn. “Who negotiated the contract for you?”, “A realtor.” “Oh, you’re pretty smart. Well good for you man.” 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 is Steve and Tyler.
Steve: What’s up Tyler?
Tyler: Morning.
Steve: It feels like it’s been a long time since we’ve been in podcast land bro.
Tyler: It has been a while Colorado Springs Mortgage.
Steve: We’re talking about today. I’ve damaged my credit since I bought my house. Is that going to hurt me? You know what I’m saying? I bought my house, everything was good, I talked to a dot-com, he got my scores up. But now I’ve gone and messed it up again.
Tyler: Gone and done it Colorado Springs Mortgage.
Steve: I’ve gone and done it. What do you think that means Tyler? I’ll tell you what it means. You have to qualify all over again [laughs] It’s fine actually, unless you’re going to buy another house sometime soon. Really it’s fine, it’s really not a problem at all unless you’re going to buy another house sometime soon, right.
Tyler: Then you’re going to need some help.
Steve: Then you’re going to need our help and we’re not going to be upset with you, we’re just going to say, “Why, oh why didn’t you not mess your credit up?” I’m going live on Facebook right now that’s what that beeping is for the folks out there in podcasting land. I don’t know if I like this orientation of it.
Tyler: Well, I guess that’s good.
Steve: You bought the house, you had some credit problems, you had collection, you had late payments, you made a bankruptcy but now you’ve got another late payment on a car, you got laid on a credit card, something like that has happened, so what do you do? If you’re going to buy another house you’re trying to refinance, you’re trying to do something you have to credit qualify again, unless, you know one of them streamline refinances. FHA will let you do a streamlined refinance without credit and without appraisal. Right?
Tyler: Yes.
Steve: If you did that maybe not so much because you know you’re lowering your payment, as long as you’re current on the payments now we get a mortgage on the credit report. So there’s some stuff but here’s the thing. Anything and everything that you do to your credit is about I would say a 100% recoverable. That’s right.
Tyler: Yes Colorado Springs Mortgage.
Steve: It’s just time, it’s just going to take time. Hey Clayton Hicks is watching live on Facebook and Lisa [intelligible 03:06].
Tyler: Nice.
Steve: Steph Blaylock Whyburn is also watching. Steph we’re going to need to talk to you about pain. She’s probably texting you right now, “What’s Currington talking about?” What we’re really talking about is, if you have fixed it, you’ve and gone and got a loan on a mortgage and then something has happened, you’re in your house, maybe you’re in there for a year, maybe you’re in there for two years and you want to do something else so like, “Hey I want to buy a different house, I want to upgrade, I want something to happen but I’ve let my credit go or I’ve gotten some late.” The lesson is, you need to maintain that same credit that you had when you bought your house, so that it doesn’t limit you when you’re going to buy a new house, right Colorado Springs Mortgage.
Tyler: Right.
Steve: Because you will my friends have to qualify again. You’re not just going to — Casey Jones is watching, Casey get to the office.
Tyler: Hey, this means she has no excuse to ever be late again. She’s is awake at seven, she can definitely be in the office by-
Steve: Yes Casey Jones, new time for the office is seven. If you can watch Facebook live then you can get on at seven. Let’s say I’ve got a bunch of equity in my house and I put a bunch of money down and now I have an expense, I want to put in a pool, maybe I need to have a repair done. Maybe I need to upgrade my kitchen, I want to-
Tyler: You mean you need to put in candle lights in your entire house.
Steve: Like Tyler’s doing right now. No kidding, that’s true. Maybe you need to rip all of the popcorn ceiling off of your living room and your entire house, scrape it down, take the lights out, put candle light again, upgrade the entire house to the 2000s from the ‘60s or ‘70s, whatever it is. You got to have to qualify for that. Or you’re got to have to have the cash. And if you’ve got a ton of equity in your property it doesn’t necessarily mean that you can access it because you had to do that, right. You had some cash, you’re able to go use your cash to do something like that but some people maybe aren’t able to and they’re going to say, “Hey Steve. hey Tyler. Steve N’ Tyler I need to get some money out of the equity of my house.” I’m going to pull your credit again, I’m going to find out about all your dirty deeds. [laughter] all off them. Lisa [unteligable 05:43]’s just said, “Who still has popcorn ceilings?”
Tyler: Not me now Colorado Springs Mortgage.
Steve: Not anymore, they’re gone now. You just — the lesson is you got to maintain your credit and make sure that you’re not doing things to screw it up, because you never know what you’re going to need it. I’ve talked to very, wealthy, people that could pay cash for anything and they’re like, “I don’t care about my credit.” But one day it all — it happens one day they’re like — Even if it’s just for the embarrassment and just for being able to use it when they need to, you’re going to need your credit one day. I don’t care who you’re, one day you’re in it – “I have a billion dollars, I don’t need my credit.” Well you know what, when you’re tryingColorado Springs Mortgage to turn that billion into 10 billion and you need to finance a big project because you don’t want to use all your cash, you’re going to need your credit. Don’t just get into your house and then say, “Forget it I’m going to let everything go.”