I will be sharing with you stories of people who uncovered some angles and ways you can structure your mortgage to truly recreate a better life for yourself. Ed Hill of Masters Roofing will be enlightening us on the concept of “Leakology” and why it’s important to understand. Brett Carter of ServiceMaster by Cornerstone, later in the show will sharing some tips to avoid fire, flood and other disasters in your home.
What do YOU want to accomplish with YOUR mortgage? Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today. Call me at 901 482-0354. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS# 757308
(901) 482-0354 Jo@JoGarner.com
Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is A REFINANCE TO RECREATE YOUR LIFESTYLE-HOME REPAIRS TO RESCUE YOU FROM TROUBLE. Real Estate Mortgage Shoppe is sponsored today by real estate closing attorneys, Rob Draughon and Shelley Rothman of Griffin Clift Everton and Maschmeyer. For your home purchase or refinance closing give Rob and Shelley a call at (901) 752-1133. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is September 12th, 2020.
INTRODUCING ED HILL OF MASTERS ROOFING
Ed Hill of Masters Roofing, so glad to have you back in the studio You have been in the roofing business since 2008 and have been Senior Consultant with Masters Roofing since 2010. You wrote the book on “Home Improvement” and our listeners can glean more from your podcast at For our listeners, Ed Hill shares even more of his knowledge and skills available for you to hear atMemphisHomeMaintenanceShow.Podbean. Ed Hill introduces himself and talks about what Masters Roofing does for their clients
THREE REFINANCE STRATEGIES FOR A BETTER LIFE
(Jo) Over the past 6 months I have heard countless stories from mortgage customers and callers who relate a common situation. They were just living life day after day, year after year in a comfortable rut. Suddenly, like a boulder bouncing onto their path, 2020 hit. They had to stop and ponder a new path. What felt like an obstacle for some turned out to be an opportunity for a better life.
Everybody’s story is different and so are the solutions they choose to their situations. But here are the three most common refinance structures that can recreate your life and rescue you from trouble.
1st scenario -Refinancing a mortgage you already have to get a lower rate and a lower mortgage payment. One of my very savvy mortgage clients found himself with some extra time. He did some calculations and figured out he could recreate a better lifestyle for his wife and himself by refinancing his mortgage to a longer 30 year with a much lower rate in the 2’s and take the hundreds of extra dollars a month and reinvest somewhere else—including enjoying life to a higher degree.
2nd scenario- Refinancing to lower the rate and shorten the term on your mortgage (getting rid of your mortgage sooner) This brings some great bragging rights to the borrower. When you are shortening the term on your mortgage, but typically you are saving a lot more money by getting rid of several years off your mortgage term.
3rd scenario – Refinancing to roll in other higher interest rate debt into one low, fixed rate mortgage. Another mortgage client called me and said, “I have a low mortgage rate already so I don’t know if it would be worth refinancing, but thought we could just compare some options. Since his mortgage rate was already in the 3’s, I really didn’t think it would be worth refinancing. But then he said, “I have all of this equity in my house, what if I refinanced to get some cash back to pay off some other high interest rate debts?” We worked that scenario and they ended up saving over $1,000 per month in over all monthly debt payments. They were also very smart. His wife said, “Let’s set up to pay the $1,000 we have saved per month toward principle and get this mortgage paid off faster.” This couple are shaving YEARS off the mortgage at thousands of dollars less interest costs.)
Don’t let this golden opportunity of artificially low mortgage rates pass you by. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
(Jo) We have been talking about A REFINANCE TO RECREATE YOUR LIFESTYLE-HOME REPAIRS TO RESCUE YOU FROM TROUBLE. I have shared some ways homeowners can get a big pat on the back and recreate a better life with a mortgage restructure. Let’s talk about how home repairs can rescue you from trouble. Com (Ed Hill of Masters Roofing defines “Leakology” and why it is important to understand how it works when it comes to avoiding troubles with water leaks at home and work.)
I’m Jo Garner, Mortgage LoanOfficer. What do YOU want to accomplish with your mortgage? When we come back you don’t want to miss Ed Hill of Masters Roofing pointing us away from trouble when it comes to our roof. Brett Carter of Servicemaster by Cornerstone will pop in with some preventive tips we can do to avoid trouble down the road. See you back later…
9:15 AM segment TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROS
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe sponsor Brett Carter of Servicemaster by Cornerstone. Servicemaster by Cornerstone restores homes and businesses after a fire, flood, mold or bio hazard. They serve our community in many ways, not just by making Talk Shoppe’s networking and education free to our community, but you guys served our sheriffs department a few months ago by sanitizing their cars and sanitizing ambulances too. Brett, what is our Talk Shoppe Business Tip for Real Estate Professionals today? (Brett has about 1.5 minutes to share some budgeting tips )
Brett Carter of Servicemaster by Cornerstone, how do we contact you? (901) 624-9200
Brett’s Tip: Keep the drain line from your water heater clear of debris. Dirt dobbers and other creatures sometimes make nests in them and clog them up. Check it yearly by slowly draining water from your water heater, and make sure it flows straight through in case there is ever a leak.
TOPICS COVERED BY ED HILL OF MASTERS ROOFING
Leakology: Locating Home Water Leaks
You have just walked into your home to find water standing in your foyer. “Uh oh, better call the plumber! Wait, it rained really hard today, could it be the roof?”
There are three main sources of leaks to your home.
INSIDE, OUTSIDE AND TOPSIDE!
Check to see if there are bathrooms, kitchens or laundry rooms above the area where the leak appears, if so is there a leak in the plumbing? Turn off the water supply and if the leaking stops you will know you have a plumbing leak and should contact a plumber.
Are there brown stains like tea stains on ceilings where there are no plumbing pipes or air conditioner blowers above? It may be a roof or gutter leak and will need a roofing professional.
If there is an air conditioner blower pan above that area, check to see if there is water in the pan that may be overflowing and causing a leak. If there is either, you will need an HVAC professional.
Some inside leak sources are obvious such as an overflowing washing machine or dishwasher or ice-maker water supply line and may indicate the need for an appliance repair technician.
If there are wet spots on the walls or floors they may be an indication of a foundation issue or cracks in the brick work of walls or chimneys. Have your foundation and brick work inspected by qualified professionals.
Improper landscaping, gutter system installation or sprinkler system issues may lead to inside leaks coming from the outside. Consult an expert in landscaping design, gutters or lawn irrigation.
If water appears on the inside around windows it may point to the need for recaulking the window frames. A painter can help with that.
If your leaks appear only when it rains then they may be due to issues on the roof itself such as missing, creased, broken, wind-lifted, loose or hail-damaged shingles or flashing issues. You need an honest expert roof inspection to properly diagnose these leak sources.
Tree limbs may fall on a roof and cause a puncture on the shingles and roof decking and bend or knock off ventilation piping or accessories. These leak sources will require the help of a roofing professional.
Improper roof installation in valleys are a common leak source. A roofer will be needed to determine how to solve that problem.
Ed Hill, Senior Consultant, Masters Roofing Memphis TN is “The Happy 😃 Roofer” and is “THE Memphis Home Improvement Podcaster and can be heard free at www.MemphisHomeMaintenanceShow.Podbean.Com . Ed is happy to provide free roof replacement estimates and roof repair estimates or free, expert roof advice to homeowners. Call Ed today 901-273-6594.
TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:
- What are some rules of thumb to know whether refinancing is the right thing to do? Get the answer to the following questions:
- How long do I plan to keep this home? If you plan to keep the house for over 5 years, and you are saving enough per month on the new payment—OR you will save enough in principle reduction over the time you plan to keep the house, then refinancing will be a positive move for you.
A simple way to see what your saving over the life of the loan or just over the next few years is to compare the amortization schedule at the point where you are sitting right now to an amortization schedule on the terms of the new loan.Compare how much interest you will pay and how much you will be paying out of pocket each month on the Principle and Interest payment on the new loan vs your old one. I am happy to do this for you. Just call me after the show at (901) 482-0354.
- How fast do I need to recapture my closing costs? The answer largely depends on you and your financial goals. But, the rule of thumb is you need to recapture your closing costs in less than 18-24 months if you plan to be in the house 5 years or more.
- Karen Kenner (not her real name) had worked hard throughout her career. She had sacrificed to invest in her retirement funds and hoped to have her home paid off by the time she retired. Retirement loomed ahead and she realized with a slight bit of panic that her income would be cut but her bills would still be high.
Karen told me, “It suddenly hit me that I do NOT have to pay off the house. If I can refinance my mortgage back to a 30 year term on a rate this far below what I am currently paying for the 15 year loan, I can do more and live better with the extra freed up cash flow each month.”
For Karen, whose goal was to just lower her note, the extra freed up cash flow each month would more than cover the mortgage closing costs in a few months. She divided the mortgage closing costs (not her prepaid taxes and insurance) by the amount of cash flow she was saving each month. $400/month savings into $4,000 settlement cost- 10 months to recapture he closing costs in her mind. But if you wanted to go a step deeper and look at the years of payments Karen added back from the 13 years she owed and now going back to 30, I can show you a simple formula to calculate it. For her, just having the freed up cash flow was exactly what she wanted to give her a since of security.
BRENT AND BELINDA BARTON’S STORY-LOOKING PAST THE OBVIOUS FOR PROFITABLE OPPORTUNITIES
- For Brent and Belinda Barton, (not their real names) their story was different. Brent called me and said, “Okay, I’ve heard you challenge me over the radio to just call and explore my refinance options. We really are fine with the mortgage we have in the upper 3’s. What are our options?
Brent gave me some information about his loan and I agreed at first with him that he had a good rate and he should just keep the loan he had. Then, he suddenly pointed out, “Hey, but I have these 3 high interest loans still plaguing me from a couple of years ago when we went through a bad situation. What if we paid those off with the new mortgage at the much lower rate?
“Brent, you are brilliant,” I said to him! He and I worked through a couple of scenarios and found one that would pay off his current mortgage and roll in 3 of the large high interest rate bills, saving Brent and Belinda about $1,000/month.
At that point Belinda, asked me how fast they could get their new mortgage paid off if they applied back to prepayment to principle the $1,000/month saved from the refinance. Because of the lower rate and the amount of regular principle reduction each month, the Bartons would be completely rid of the mortgage in a shorter time than the original loan they had. We celebrated together at the closing table. Kudos! to Brent and Belinda for finding a quicker, less expensive way out of debt.
Now, back to how to calculate how fast you can recapture your closing cost on a cash out refinance. You can look at it from several angles, but the way the Barton’s saw it, they were saving $1000 per month of cash going out of their bank accounts each month. The closing costs, in their minds was recaptured in in less than 6 months.
There are some fancy formulas you can find on the web to calculate recapture times. At Real Estate Mortgage Shoppe, we recommend that you consult with your licensed financial adviser or investment adviser when it comes to your money.
Whatever it is that you want to accomplish with YOUR mortgage, don’t wait until your train has left the station to decide to go do it.
No one has a crystal ball,l but some of the mortgage market consultants say that there are signs that inflation edging in closer. Inflation has historically been an archenemy of the bond market. When inflation hits, the bond market, that affects your mortgage rates, is forced to raise bond yields which pushes mortgage rates up. Mortgage rates tend to go up faster than they come down.
REAL ESTATE TIP OF THE WEEK (BRETT CARTER 1 to 1.5 minutes to share a real estate related money-saving or time-saving tip): Know the location of the main water shut off valve to your home or business. Test it once in a while to make sure it isn’t stuck when you need to use it. In the event of a leak from your water pipes, you’ll want to be able to shut it off quickly to minimize damage.
Jo Garner’s tip from mortgage desk: Inflation indicators are flashing warnings for the future. The mortgage rates and pricing is closely tied to the bond market (also supply and demand, government regulations, consumer sentiment etc). In the past, we have seen how the inflation seems to be the archenemy of bonds. When inflation pressures are active, the bond market tends to hike yields, sending the mortgage rates up. Mortgage rates tend to go up faster than they go down. Don’t wait around the let the low-mortgage-rate train leave the station before you have had a chance to lock in and close on a the best mortgage seen in a life time.
Call me at (901) 482-0354. Email me at Jo@JoGarner.com Let’s evaluate your options and get you closed on a mortgage that till give you bragging rights.
The situation of having the lowest mortgage rates in a lifetime is driving the housing market, making buying a house an AWESOME opportunity for home buyers. High equity levels and a competitive market is advantageous to sellers too. Both home buyers and sellers are at an advantage in this real estate market.
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A by going to www.TalkShoppe.com (shoppe), then click the Upcoming Events tab. You will see the virtural zoom web address. This Wednesday September 16, 2020 9AM Mary Lou Nowak of Mid-South Home Helpers presents “How Routines & Rituals Impact Your Physical & Mental Health”
Talk Shoppe events are free thanks to sponsors like Bill Emmerling of Vista Points. Talk with Bill about your plans to create a special needs trust for someone you love, so that they can continue to live a quality life even after you are gone. Call Bill Emmerling at (888) 422-4076
Another way to prevent disasters is to make sure your business is adequately insured to protect you from liability, property damage and data breaches, call Earl Leake of Earl Leake Insurance Agency (901) 737-9352. Earl Leake would like to talk with you.
2. Thank you to real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer for sponsoring Real Estate Mortgage Shoppe today. If you are thinking about buying a home or refinancing your mortgage, call Rob Draughon and Shelley Rothman at (901) 752-1133.
3. Let’s remember this weekend the heroes and cherished people we lost on 9-11-2001. Reach out and do something kind for someone on your path who is going through a hard time.
4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
The quote of the week: Here is a quote from pintrest to consider “Sometimes when things are falling apart, they may actually be falling into place.”
- Mark McLaurine of Refrigeration Unlimited Memphis, TN www.myhvacman.com (Heating and Air Conditioning Strategist. Fixes the problem that is causing the problem at the least expense to the customer (901) 216-7782
- Mark Loden, MKL Budgeting Service (901) 624-0052
- Leah Anne Morse of All Things New in Collierville, TN helping people and families downsize or make lifestyle transitions by organizing the transition and keeping the focus positive (901) 488-9733
Transitional Music:”Drip Drop” by Dion and the Del-Satins; “Rescue Me” by Fontella Bass; “Better Life” by Keith Urban; “Taking Care of Business” by BTO for the Talk Shoppe Business Tip for Real Estate Pros
CALLER: TROY AND LYNN MCDONALD, ERIN MCDONALD INSURANCE AGENCY
Troy and Lynn McDonald reminded our listeners to call their insurance agent first, in the case of an accident or disaster, instead of calling the 1-800 number. When you call the 1-800 number the incident you are calling about might get counted against you as a claim, even if no claim ends up being processed. Call your insurance agent first. Your agent can determine whether the cost of repair compared to your deductible would make it better to file or not file a claim.
Troy and Lynn also reminded us that, when you get a new roof, let your insurance agent know. Many insurance companies give their customers a nice discount on the costs of insurance when you can document that you have a new roof.
ABOUT BRETT CARTER , SERVICEMASTER BY CORNERSTONE
ServiceMaster by Cornerstone is an independently owned and operated franchise of ServiceMaster Restore. We restore residential and commercial properties and their contents when they are damaged by catastrophes resulting from water, fire, mold, odor or biohazards.
ABOUT ED HILL OF MASTERS ROOFING
Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010. He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind. He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers! For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com
Ed Hill, Senior Consultant
2845 Stage Center Cove
Bartlett TN 38134
TN State Licensed Contractor #00067521/ Reciprocal Licenses MS & AR
BBB A+ Accredited Member Business
Platinum Preferred Contractor Owens Corning / GAF Master Elite Installer
Guild Quality Member / Angie’s List
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 25 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com