The topic for the Real Estate Mortgage Shoppe program on January 7, 2012 is “How To Get Started In Real Estate–Your Real Estate Journey with Jo Garner, Mortgage Officer with Evolve Bank and Trust and co-hosts Richard Scarbrough, buyer and broker for First National Realty and Kevin Perk, investor with Kevron Properties and www.smarterlandlording.com
The Real Estate Mortgage Shoppe radio show airs every Saturday 9A to 10A CST on News Radio AM 600 in Memphis, TN. You can also listen live online at http://tunein.com/radio/WREC-600-s22371/
The Real Estate Mortgage Shoppe radio show covers a variety of topics including the latest mortgage news and rates and how it affects the homeowner or aspiring homeowners. Also covered on the show is helpful information about niche real estate mortgage products like the FHA 203K renovation and repair loan, the 100% VA loan, the 100% Rural Housing loan, Down Payment Assistance programs, Conventional combination loans, the My Community Mortgage and refinancing products.
The Real Estate Mortgage Shoppe radio show is led by Jo Garner with Evolve Bank & Trust, a mortgage officer with over 20 years experience and a passion for listening and helping her customers accomplish what they set out to do with the right mortgage product. Jo Garner, Mortgage Officer Evolve Bank & Trust (901) 482-0354 www.MoneyShoppe.NET and www.MortgageLoansBlog.com
In the real estate news this week, Jo Garner shared the highlights.
There sure is a lot going on for a short first week of 2012. . For starters, the Fed sent Congress a little missive on how to fix the housing and mortgage market. The large inventory of foreclosed properties owned by the bank, is keeping the house prices low and keeping households poor. The rent rates on houses are rising as more people leave homeownership and shift to renting. Here’s some ideas the Fed shared with the White House. They said “Try
#1.Creating a bank-owned property to transition from a home-to-rental program that relies on sales to third-party investors. This could work by(a) structuring competitive auctions; (b) making a more attractive deal to investors, or (c) providing investors with the debt financing.
2. Remove some of the obstacles preventing creditworthy borrowers from accessing mortgage credit.
3. Step up efforts to aggressively pursue loan modifications and work out plans for homeowners in money trouble instead of dumping larger numbers of foreclosures on the market
Other big news that will affect homeowners purchasing a home with a mortgage or refinancing one. Tongues are wagging and speculating about the Fannie & Freddie guarantee fee increase adding 10 basis points for each loan closed. Fannie Mae and Freddie Mac will increase their guarantee fee on all residential loans being pooled by 10basis points on April’s Fool’s Day. Many experts believe that this increase should start to reflect on mortgage applications in February, if not sooner. What that means to you, the homeowner, is that if you close on a mortgage for $200,000, you are going to pay over $200 more for cost at closing. If you were borrowing $100,000, you will be paying over $100 more in costs.
Rates are curiously still at their low mark. The 30 yr mortgage rate is around 3.875% to 4.25%. The 15 yr rates are running in the low 3’s to mid 3’s.
My assistant, Susan Belew, and I have a list of customers who are waiting on the new HARP 2 mortgage refinance program to fully roll out. This is the new government program to help homeowners who are making their house payments on time but who owe more than the value of their house. This program has some restrictions. -one of them is that the loan must be backed by Fannie Mae or Freddie Mac. Lenders are waiting for Fannie Mae and Freddie Mac to update their computerized underwriting systems with the new guidelines. The updates are expected in March.
If you want to take advantage of the extra low mortgage rates available, my very capable assistant, Susan Belew and I would like to review your mortgage terms to see if we can save you some money, call us at 901 482-0354. Susan is standing by our phone right now.
The Real Estate Mortgage Shoppe radio show has a mission to inspire and inform the public about relevant topics concerning real estate and real estate financing. Our purpose is to help homeowners achieve their goals in an economical and satisfactory manner.
This radio show covers answers to the questions on rent vs. buy, when does it make sense to refinance my loan, and more. Every week listeners get tips from the Real Estate Tip Of The Week and tips from the host and co-hosts of the program.
By clicking and listening to the podcast below you can catch some of the profitable ideas Richard Scarbrough and Kevin Perk offer to real estate investors starting out.
If you are planning a mortgage loan refinance and mortgage loan for purchase financing of real estate in the Memphis area and across the country, contact Jo Garner at Evolve Bank and Trust (901) 482 0354.