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Steve: This is in the Steve N’ Tyler show episode number 79.
Male : Welcome to the Steve N’ Tyler show, with and Tyler Wilburn.
Steve: We’ve negotiated the contract fully Colorado Springs Mortgage
Tyler: I wrote it.
Steve: Very smart. Good for you man.
Male: 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: Yo-yo-yo, what up Tyler?
Tyler: Hello?
Steve: here, the Steve N’ Tyler show. Broadcasting live from somewhere. Whoa, that sound bite was not going to work.
Tyler: What happened Colorado Springs Mortgage.
Steve: Someone’s asking on my Facebook Live what I’m drinking. It’s Smart Water, with a little genesis pure energy. For those that don’t know what that is, then sorry. But hey, I hope everything’s awesome in your world. Today we’re talking about, What Happens When My Loan Gets Sold? This is a very common question that we get. “Are you going to sell my loan? Do you guys sell your loans?”
Tyler: Yes.
Steve: Yes?
Tyler: Yes, we do.
Steve: Yes, we do.
Tyler: All of them Colorado Springs Mortgage.
Steve: All of our loans are sold.
Tyler: Every single one.
Steve: A lot of them. Unless we can’t sell, which is not part of the plan. If we close it we’re probably going to sell it. We are what we call a non-depository lender. What that means is we’re original and fund our own loans, but we don’t really have a servicing portfolio yet. When we do then we will probably service some loans, but any lender that tells you that they service all their loans probably doesn’t. I’m just telling you. So there it’s by the way. What’s the stat? 93 to — by the way, all statistics are made up on the spot including this one. Excuse me, 67% of all statistics are made up on the spot, including that one. But it’s something like 93% of all loans are bought or sold at some point. It just happens, they get sold. So anyway what happens Tyler? I close my rates three and a half, 30-year fixed, and I total any concepts on my loan. What happens to my rate?
Tyler: It’s at three and a half.
Steve: So it doesn’t change?
Tyler: No, not going to change Colorado Springs Mortgage.
Steve: What about my term? Does my payment date change?
Tyler: No. Everything’s going to say the exact same. There’s just going to be one big difference.
Steve: What’s the big difference? Hey, Facebook Live people that are watching, what is the big difference between now I sold my loan? What’s the major thing that’s happening?
Tyler: I used to write my check to this person, now I write my check to this person.
Steve: Oh, it’s just where I make my payment.
Tyler: That’s it.
Steve. It’s where you go online to pay nowadays. I said nowadays.
Tyler: I don’t even — I forgot how to write checks.
Steve: So nothing really except that you’ll be sending your mortgage payment to another lender. Right?
Tyler: That’s it.
Steve: They can’t change your payment date, they can’t change your payment amount, your interest rate, your nothing. Your escrows can change, but it has nothing to do with your loan getting sold. If your insurance or taxes goes up or down then that can change your payment, but when you get a 30-year, 15-year, 20, whatever happens. Rich said, “Nothing, just make your payment.” Someone’s asking why they’re still paying 5% on their in-house. That’s a good rate.
Tyler: Yes, because it’s an investment property.
Steve: Stay there [laughs].
Tyler: Unless you want to live in your own house Colorado Springs Mortgage.
Steve: You want to move into your own house we can do a refinance for you. You ought to do a 15-year. That’s what you ought to do. That’s what we’re doing a lot of, but really nothing changes. Nothing, except who you make your payments to. Some people will be like, “I need to refinance. I just hate this lender that’s servicing my loan. They’re just terrible.” What are you talking about? Don’t you just make your — I don’t have a relationship with the lender that I make my payments to. It’s not like they call me on Wednesdays and they’re like, “Hey, how’s it going Mr. Currington?” and I say, “Excuse me, it’s” then, “Oh, how’s it going” No, I make my payment they don’t mess with me. In fact, yesterday was the first. I have it set up on automatic, it came out of my bank, everything’s good. Right?
Tyler: I can’t say that I’ve ever talked to the people servicing my loan.
Steve: Ever Colorado Springs Mortgage.
Tyler: Ever.
Steve: So why do people say that I need to refinance because my lender sucks?
Tyler: Pay your mortgage on time.
Tyler: Pay your loan.
Steve: It’s usually — we’re not picking on people, but honestly if you’re having trouble a lot of times it’s because there’s something wrong, like maybe your payment went up because of your escrows, or maybe there’s some kind of issue with your loan because you’re not paying it. I had a lady that was adamant, “Do not sell my loan to Wells Fargo because they are just terrible. Oh my God, that is the worst ever.”
Tyler: [laughs]
Steve: “I just hate them.” I’m like, “Why do you hate them so bad?” like, “They’re just terrible. I had my loan with them before and they were terrible.” Of course on her credit, she’s got a whole bunch of weights on her Wells Fargo loan, and I’m like, “Well, you didn’t pay it, so maybe there’s a reason why. Were they calling you?” Let’s have a look. Hey, let’s have a little talk about that. We’ll do that when we’re back.