HIGHLIGHTS FROM OUR PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY WENDY GREENLAW:
- How we help property owners stay informed about local real estate trends with our complimentary reports and publications including the Pulse Report, our market trend reports and the new Chandler Review.
- Ways for homeowners to download reports for their property including our Neighborhood Profile Report, Foreclosure Effect Report and comparable sales reports through www.mychandlerreports.com
- How property owners can estimate property values and appeal their property tax appraisal values with our Tax Kit available at www.mychandlerreports.com
- How much would it cost a homeowner for the tax kit?
- What are some successful stories you can share from homeowners who have used your $49 tax kit?
- What are some take-aways from the “Master Your Real Estate Market” seminar from early this week in Memphis?
- What do you love most about working for Chandler Reports?
QUESTIONS ANSWERED BY JO GARNER:
- Where can homeowners go to find tools to help them pay off their mortgages faster with the least amount of investment?
- What information does a homeowner need to justify eliminating private mortgage insurance on their conventional mortgages?
- What information upfront is the most important for a lender to determine the best product and best pricing for the client?
4th segment REAL ESTATE TIP OF THE WEEK
Good morning Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Officer with Evolve Bank and Trust. The Real Estate Mortgage Shoppe program today has been brought to you by Alliance Title and Escrow. Joe Rojas and the team over at Alliance go the extra mile to make sure your closing is a smooth one. They have helped my clients work through title issues and have met with them to close after hours if it works best for the client. Give them a call at 901 333-7999.
Today’s topic is “DATA TO HELP DETERMINE YOUR HOME’S VALUE & INFO TO HELP ELIMINATE MORTGAGE COSTS” Joining us around the coffee table is Wendy Greenlaw, the Business Development Manager for Chandler Reports responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She has been with the Chandler Reports for 7 years and provides real estate professionals and businesses premium residential and commercial real estate data that can be used to determine fair market value on their properties—residential AND commercial. Wendy, was instrumental in putting together the “Master Your Real Estate Market” seminar earlier this week. I think we may cover some points from that seminar on the show today and a lot more. Wendy, tell us a little bit about yourself and about Chandler Reports. <Wendy shares about herself and Chandler Reports>
<Jo> This week investors got spooked and the mortgage rates started up again but yesterday when the GDP reports came out and Janet Yellen at the Fed spoke, investors’ minds must have been on spring break because no one batted an eye and the price on mortgages actually IMPROVED a little. Yesterday ended with 30YR FIXED – 3.75-3.875 FHA/VA – 3.5 15 YEAR FIXED – 3.125 Evolve Bank has a special running right now on some of our Jumbo mortgages with a rate of 3.99% or LOWER. Watch out for next week when the jobs report comes out again though. MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. My very experienced assistant, Susan Belew and I would like to compare numbers with you to see how much we can save you in mortgage interest costs just by restructuring your mortgage financing or find the right structure on your home purchase for your primary residence, a second home or investment property locally to Memphis or in any state in the country. Call us on the air at 901 535-WREC . That number again is 901 535-9732. Or call us directly off the air at 901 482-0354 (901) 482-0354 or catch me on my blog www.JoGarner.com
<Wendy makes comments here—about mortgage rates being still very low >
<JO> Wendy, what you do at Chandler in gathering the real estate data and running the charts and statistics is so important for businesses who want a picture of real estate trends in the area and your data is important for homeowners or potential home BUYERS who want to make an educated guess on what a property’s approximate current market value is today.
Some of our refinance products don’t require appraisals but most loan products do. Your tools and some of our tools at the mortgage office give us a chance to make that educated guess on what the appraised value will be. I have suggested to my clients to consult with an experienced realtor for up-to-date comparable sales information on houses like their house in their neighborhood over the last 6 months to a year. Their information is more accurate and up-to-date than Zillow.com And of course the Chandler tools are full of details on the latest sales can give homeowners an educated idea of what to expect from a full blown appraisal.
<Wendy makes comments—about the importance of the official appraisal from a licensed appraiser being the “real fair market value.” >
<Jo> We are talking today about reliable data and information that helps real estate professionals AND consumers make wiser decisions earlier in the refinancing or real estate buying or selling process. I know as a mortgage professional, it is important to get as much information from my client as possible as early in the process as possible—information about what kind of mortgage terms will work for them and what type of loan product will best meet their current plans and their plans for the future. My clients and the real estate professionals who are serving them want a strong preapproval letter from me, setting out the pricing boundaries and other restrictions so that the time they spend can be directed toward homes and programs that will work for the client. It’s important to know about my clients/ credit and what is their QUALIFIED income and what assets can be properly verified—all of this peace of mind BEFORE they start driving around spending their time and money looking at houses. Susan and I try and get our clients’ income and asset documents along with reviewing the credit report so that we can strengthen the preapproval letter. Sellers will sometimes choose a STRONG offer on buying a home rather than a HIGH one. If you need a STRONG preapproval letter to give you that advantage when you are making offers to buy, call me right now on the air at 901 535-WREC . That number again is 901 535 9732. Or call me directly off the air at 901 482-0354 901 482-0354. Or if you’re driving, catch me on my blog www.JOGarner.com I would like to talk later in the show about the government’s CFPB;s plan to bring an END TO THE PREAPPROVAL letter, so stay tuned for that.
Wendy, we’re talking about DATA TO DETERMINE THE VALUE ON YOUR HOME—what kind of tools & information do you offer consumers and professionals at Chandler? <Wendy launches her topic>
The Real Estate Mortgage Shoppe program today has been brought to you by Alliance Title and Escrow
2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com. Our Look Back Memphis Trivia contest is sponsored by Lawhon Landscape. John and Jennifer Lawhon want you to know that this time of year is a great time to plant trees. They also have a hydraulic Root Feeding System for Shrubs and Trees. Give them a call at 901 754 7474. Lawhon Landscape is giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer, call us at 901 535 WREC 901 535-9732.
Garner # 47 03/28/15
Memphis & Charleston Railroad
Question: I am probably the most misunderstood and under appreciated transportation routes in Memphis today!
Hint: To win, you must say my correct name! (Not much of a hint, huh?).
Hint: When I was completed in 1857, today’s historian compared my accomplishment with the modern day of “going to the Moon”!
Hint: My Grand Opening Celebration was entitled “Wedding of the Waters”.
Final Hint: I am a railroad track, and I was the first to connect the Atlantic Ocean with the Mississippi River in the history of America!
Answer: Memphis & Charleston Railroad. Centuries ago, animals, then nomadic Native Americans, then European explorers all ventured along the high ridges in this area, later to be known as Memphis. Then the American settlers decided to lay claim in the latter part of the 18th century. In 1796, Tennessee became the third state to join the Union after the original thirteen colonies, as America expanded westward. The Louisiana Purchase of 1803 made Fort Adams here an important location for all explorers, both by land and by river. The town of Memphis was laid out in 1819. Memphis was developed as a steamboat town in the early part of the 19th century, then the “iron horse” (railroad) began making tracks along the Southern countryside. In the middle of the 19th century, there was no national railway network, and most rail lines were “local” and about only 100 miles long.
The ambition of developers to connect the cotton industry in the Delta with the East Coast and European shipping markets became a reality in May, 1857, when the Memphis & Charleston Railroad was co.mpleted in May of that year. The big celebration entitled “Wedding of the Waters” is where water was brought from the Atlantic Ocean and sprayed into the Mississippi River, and water from the Mississippi River was taken and sprayed into the Atlantic Ocean! It could be said THAT was our first Memphis In May celebration!!!
When the University of Memphis was being built in the early 1900s, materials were brought to the location by the rail line, as West Tennessee Normal School was still outside the City limits! Today, Memphis continues to be a big freight rail town, being only one of three cities in America with all five Class 1 freight rail operators. Many people today call me the Southern Rail Line, and my main user is the Norfolk Southern Railway.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Bridge Walk being April 12 and the first TUESDAY TOUR being April 7 (Union Avenue Manhole Cover & History Tour). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
QUESTIONS ANSWERED BY WENDY GREENLAW:
- How we help property owners stay informed about local real estate trends with our complimentary reports and publications including the Pulse Report, our market trend reports and the new Chandler Review.
- Ways for homeowners to download reports for their property including our Neighborhood Profile Report, Foreclosure Effect Report and comparable sales reports through www.mychandlerreports.com
- How property owners can estimate property values and appeal their property tax appraisal values with our Tax Kit available at www.mychandlerreports.com
- How much would it cost a homeowner for the tax kit?
- What are some successful stories you can share from homeowners who have used your $49 tax kit?
- What are some take-aways from the “Master Your Real Estate Market” seminar from early this week in Memphis?
- What do you love most about working for Chandler Reports?
QUESTIONS ANSWERED BY JO GARNER:
- Where can homeowners go to find tools to help them pay off their mortgages faster with the least amount of investment?
- The most important tool to use for determining the fastest way to pay off a mortgage early with the least amount of investment is the amortization schedule. You can get them free by googling “Mortgage Amortization Calculator.” Be sure you enter your original loan amount and the date of your first payment, including the year. Then scroll down to the balance that matches your current balance, draw a line and add up the principal portions of each payment after the regular full payment. You can also use the schedule you got when you financed your loan—it should be in your closing papers. Or call me and I can walk you through it. The earlier in the mortgage you start prepaying the principle the more interest you will save with the least amount of money out of your pocket because a larger part of the principle and interest payment makes up the interest compared to principle in the beginning of the loan rather than at the end.
- What information does a homeowner need to justify eliminating private mortgage insurance on their conventional mortgages?
- What information upfront is the most important for a lender to determine the best product and best pricing for the client?
- Credit, Income and assets. A low credit score can affect the price of the mortgage more on conventional products than the government products. Some loan products have a maximum debt-to-income ratio and some loan products require more money down that others. Some of the down payment assistance programs, USDA Rural Housing loans, VA loans require no money down or very little. Its good to have reviewed income and asset documents from the client as well as the credit because sometimes the type of income the client has may not be verifiable under certain loan program guidelines. Some types of assets may not be permitted to use on one loan product but may be fine on a different product. Especially for realtors and other professionals—they want to use their time and their client’s time wisely on properties where the client will have no trouble getting the financing.
- Preapproval letters from mortgage companies have given mortgage clients and the realtors who represent them a lot of peace of mind. However the Consumer Finance Protection Bureau has been talking about passing a regulation prohibiting lenders from being able to see the income and asset supporting documents from a client before that client has selected a specific property. There was an article that came out recently entitled “The End Of the Pre-Approval.” This regulation has not been passed yet, but if it is, this can severely restrict a lender’s ability to offer that client and their realtor the peace of mind that means so much.
- 4th segment REAL ESTATE TIP OF THE WEEK: (Wendy can offer a practical real estate tip that is time-saving or money saving
- Jo’s announcements:
- Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday April 1st 2015 Dotty Giuste of Summerfield Associates, “Consulting & Recruiting –Getting the Job” at University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. For more information about Talk Shoppe, go to TalkShoppe.com
- Ellis Rankin of First National Realty wants to remind everyone that tomorrow Sunday March 29th, 2015 is Vietnam Veterans Day and the Vietnam Veterans of America Chapter 875 honors our Vietnam Veterans at Veteran’s Plaza in Overton Park @2pm There will be entertainment, games food and karaoke.
- The Real Estate Mortgage Shoppe program today has been brought to you by Alliance Title and Escrow
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
Transititonal Music: “25 or 6 to 4” by Chicago; “21” by Roger Miller and Dean Martin; “Counting Stars” by One Republic; “Memphis” by Johnny Rivers
ABOUT WENDY GREENLAW: Wendy Greenlaw is the Business Development Manager for Chandler Reports responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She has been with the company for 7 years and provides real estate professionals and businesses premium residential and commercial real estate data. She also provides data to property owners that want to determine the fair market value of their property or appeal their property tax values to the Assessor and Board of Equalization.
About Chandler Reports
Chandler Reports has been publishing Real Estate Market Data since 1968. That year, we began collecting residential sales information for the Chandler Residential Report, considered the authoritative source for residential real estate sales information. Over the next three decades, the publications have been continually refined, enhanced and expanded. In 1987, Chandler Reports began one of the first on-line real estate market data services in the country, and is a nationally recognized leader in the industry. In 2004, Chandler Reports was purchased by The Daily News Publishing Co. In 2007, we introduced RegionPlus, including property research for Nashville and Middle Tennessee. What started as a simple way for local appraisers to share information with each other, soon developed into the most comprehensive property data resource available. Today, Chandler Reports is a must-have for anyone who deals with real estate transactions or development.
Wendy Greenlaw, Business Development Manager, Chandler Reports & The Daily News Online
Tel 901.528.5273 | 877.711.0200 FAX 901 454-2329 www.ChandlerReports.com
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @jogarner
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 20 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 20 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.BIZ She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.