Good morning Memphis! Happy Mother’s Day weekend to everyone! You are are on the Real Estate Mortgage Shoppe program with me Jo Garner, Loan Officer with Evolve Bank and Trust. In the studio with us today we have Deanna Vaughan of King and Vaughan Consultants–certified Shelby County property tax appeal appraisers
Jeremy Veldman is visiting today- Jeremy was one of our January shows. His company is Memphis Turnkey Properties.
Today our topic is “Get More Mileage Out Of Your Money: Lower Your Mortgage Rate and Your Property Taxes”
It is a full time job just trying to stay up with all the news these days. Is it because a lot more than usual is happening? Or is it because we are bombarded with more and more media devices everyday?
But we do have some mortgage and real estate highlights for you.
Let’s start out with some GOOD news… Home sales in the first quarter of 2012 were the highest seen in any first quarter since 2007 according to data released today by the National Association Are we starting to come up for air? In some of the more in-demand areas in Memphis the city made a slight conversion in March of this year from a buyers market to a sellers market. What are values doing in YOUR neighborhood?
In other good news mortgage rates stayed steady on the low end due to a disappointing jobs report back in April. The 30-year fixed-rate mortgage fell 3 basis points to 4.02 percent.The 15-year fixed rate fell 5 basis points to 3.2 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 8 basis points to 4.54 percent. The 5/1 ARM fell 3 basis points to 2.99 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
More good news is that the HARP2 program (that stands for Home Affordable Refinance Program) is going like gang busters. If you have been paying your mortgage not more than 30 days late over the last year AND your mortgage has been backed by the quasi government agencies Fannie Mae and Freddie Mac since before May 31, 2009, you just may be qualified for the HARP program. The HARP program is designed to help any one who’s underwater on their loan. In other words they owe more on the house than the property is currently worth. There is no appraisal needed in most cases. Oh, and this program works for your primary residence, second homes AND RENTAL PROPERTY.
Just as you thought there could not be any more good news–politicians and banking organizations have been tossing back and forth the idea of expanding the mortgage refinance opportunities. They have several ideas on the board.
My very capable assistant Susan Belew and I have been working from early morning to late nights making sure OUR customers get to closing as quickly as possible. It is normal for our customers to save about $300 or $400 per month on a refinance–or MORE. We would like to give you a free mortgage evaluation to see if we can save you money on your mortgage by lowering your rate and payment or shortening your term. Our direct number off the air is (901) 482 0354.
One good thing about being teamed up with Tom and Deanna at King and Vaughan Consulting is that while we are getting you more mileage on your money by lower your interest and payments, Tom and Deanna can try and save you quite a bit by lowering your property taxes Deanna, tell us a little about what you see on a daily basis when you go out to lower someone’s property taxes….
(more info on the podcast)
Questions answered by Jo Garner: What other refinancing programs besides HARP are available to help homeowners get some relief?
1. Right now the Harp program is the most popular of course, but there are other plans to give homeowners relief too.
2. FHA is coming out on June 11th with a program for homeowners who currently have an FHA loan and just want to refinance into a new FHA loan. The mortgage insurance is going to be a WHOLE lot less. Call me and I we can talk about it
3. VA has a streamline program too
Questions answered by Jo Garner : You have referred some of your refinancing customers to us to lower their taxes. What are some examples of how the refinance benefits your customers.?
Real Estate Tip of the Week: If you are short on funds to close when you are purchasing a home, ask the sellers to pay all of your closing cost and prepaid taxes and insurance. In order to make the real estate transaction work for you AND the seller–be willing to pay a higher price for the house if you ask the sellers to pay all of your costs. (Remember the house will need to appraise for a value of at least your offer) If you offer more for the house in lieu of asking the sellers to pay your costs, the sellers can still make a net profit that is acceptable to them and YOU get in for the least amount of money–especially if you use a down payment program.
Deanna Vaughan answers questions about how the property tax appeal process works and info about the deadlines and cut off times
Jeremy Veldman spoke briefly about the advantages of buying real estate investment property
Jo Garner, Loan Officer Evolve Bank & Trust (901) 482 0354 www.MoneyShoppe.NET
If you are looking for real estate financing solutions, let me be on your team for solutions. If you have questions about mortgage refinance rates and terms, a home purchase, or anything else related to real estate financing, contact me.
Jo Garner