How to Keep Your Mortgage Payments Low- Tips and Tools for Appealing Your Shelby County Real Estate Taxes

In Mortgage Loans & Rates, Organize, Real Estate & Foreclosures by Jo Garner0 Comments

In this episode of Real Estate Mortgage Shoppe, Wendy Greenlaw of Chandler Reports in Memphis will be sharing with you a great tool that will help you appeal your Shelby County TN real estate taxes like a pro. From the mortgage point of view, I will be sharing with you some reminders on easy things you may have forgotten that you can do grab thousands of dollars back into your savings from your mortgage expenses.  

What real estate and financing topics interest you?  Do you have questions or are you dealing with a real estate conundrum?  Call me at (901) 482-0354 or email me at Jo@JoGarner.com or simply connect at www.JoGarner.com.  Subscribe to our weekly blog posts and let’s stay in touch.

To Your Success,

Jo Garner, Mortgage Loan Officer and Host of Real Estate Mortgage Shoppe

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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.  Thank you to Evolve Bank and Trust the Memphis Mortgage office and the manager, Chad Irwin for sponsoring today’s episode of Real Estate Mortgage Shoppe.  If you or someone you know wants to kick their mortgage career a notch and have fun doing it, call Chad about joining the Evolve Mortgage team (901) 260-1480.  

Our general topic is HOW TO KEEP YOUR MORTGAGE PAYMENTS LOW- TIPS AND TOOLS FOR APPEALING YOUR SHELBY COUNTY REAL ESTATE TAXES

If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354.  You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 Today is  March 4th, 2017.

IN THIS EPISODE

Can you remember that feeling when you purchased a car or a home or something you really, really wanted and you negotiated a sweet deal and got it?   Boy, I can name a few times when that happened to me.  And I think the best part is getting to tell the story over and over to friends and family—you get to relive the good feelings.   In this episode of Real Estate Mortgage Shoppe, Wendy Greenlaw of  Chandler Reports in Memphis will be sharing with you a great tool that will help you appeal your Shelby County real estate taxes like a pro.   You will get some reminders on easy things you may have forgotten that you can do grab thousands of dollars back into your savings from your mortgage expenses.  

INTRODUCING WENDY GREENLAW

In the studio we have Wendy Greenlaw, of The Chandler Reports of Memphis. Wendy has been Business Development Manager at Chandler Reports since 2008. Responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County . If we ask nicely, Wendy may give us the latest real estate trends and hot spots in our fair city.  

Wendy Greenlaw

MARKET NEWS

  • Does anyone remember the television ad for E.F. Hutton?  Everyone at the party suddenly drops to quiet when E.F. Hutton speaks.  The same thing happens in the financial market with Janet Yellen, our current Federal Reserve Chairman speaks.   This week the mortgage rates inched up to around  FIXED – 4.25% to 4.375% and the 15 year hit around 3.375% or 3.5% with out points in most cases.  
  • FHA/VA – 3.75-4.25%
  • 15 YEAR FIXED – 3.375-3.5%

This week Tennessee Housing rolled out the $15K Hardest Hit Fund Down Payment Assistance program for qualified home buyers buying in one of the 21 zipcodes in the Memphis area.  There are other designated zip codes around the state of Tennessee too.

This program is sort of like having a rich uncle or cousin who says, “you really want to buy that house but you don’t have the down payment?  I’ll loan you enough to get in for little or nothing and pay down the balance enough so you can handle the payment.”

For more about the Tennessee Housing Development Agency and the 15K down payment assistance fund, call us in the studio today while we are live at (901) 535-9732  or go to www.thda.org 

SMART DEBT VS BAD DEBT

Jo tells story about customer who had the big high interest rate bills and we did cash out paid off he big interest rate bills and once, his medical situation improved, he used the extra dollars that he used to have to pay on the bills to pay extra on this house and get it paid off early.   

But you have to talk with me personally so I can work with you.  You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!

THE CHANDER REPORT TAX APPEAL KIT

Wendy Greenlaw  talks about the Chandler Reports offering a good tool to help make a effective tax appeal for lower real estate taxes.    The Chandler Report shows comparable sales reports, neighborhood trends, tricks and tips for making the appeal and a panel of data analysts that are ready to help.   The Chandler tool makes appeal much easier.  If you purchase the tool, the going price is around $49, but if you order and give the promotional Code from this show “Radio 15”, you can get a 15% discount on the price.  

First Step: Once you get the reappraisal value notice in the mail, then you fill out the first round of forms to appeal if you don’t agree and submit on the tax assessor’s website .   You are not allowed to use bank sales, foreclosures or some investor sales.  If you have a question about what comparable sales you can use, the panel of experts.   

You have from May 1st to June 30th for filing an appeal if the board did not approve your appeal or if you just got busy and did not sent the first round, then you can appeal to the board of equalization.

www.ShelbyTaxAppeal.com is the location online where you can argue your case.   Having the hard comparable sales for your home, but you cannot use any comparable sales in 2017.   Pick the comparable sales that best represent homes like your house.  You cannot use  bank sales and sometimes not investor sales on properties that might have been a flip.  You can usually determine if the property is an investment because the address on the assessor’s site for mailing the tax notice is being sent to an address other than the subject property.  In that case it is probably a real estate investor and not a homeowner that is living in the property.  

Wendy and Jo

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QUESTIONS ANSWERED BY WENDY GREENLAW:

  1. Talk about the types of real estate information the Chandler Report contains
  2. Who can best use the Chandler Reports as a tool?
  3. How can the Chandler Reports Tax Kit work for someone wanting to appeal their Shelby County Real Estate Taxes?
  4. Talk about the seminar coming up next week on trends and stats for the Memphis real estate market.

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QUESTIONS ANSWERED BY JO GARNER:

  1. What are some ways you can help people reduce their mortgage expenses?
  1.  Prepaying their mortgage on a 30 year loan by paying one  extra principal and interest payment per year, can knock off about 7 or 8 years on the term.  If you had a principle and interest payment of $1,000, knocking off seven year off your loan term would save you about $84,000 in payments.
  2. Getting rid of your private mortgage insurance even before it is originally scheduled to go away.

Notes from 2014 Real Estate Mortgage Shoppe blog:

  • “The first way we try to help our clients lower the cost on their mortgages is to help them get rid of the private mortgage insurance they are paying each month.  If the client is paying private mortgage insurance, this insurance is not helping them. It is there to protect the LENDER. So, if they have had their conventional mortgage for over 2 years and the loan amount owed is less than 80% of the current value, I suggest they contact their current mortgage servicer and ask about getting the PMI removed.  In some cases, the lender will require an appraisal be done to determine the current value of the home. “
  • “Another way to try and help my clients lower the expense of the mortgage is to compare the extra low rates in the 3’s for a 15 year or 10 year term and see how many years we can eliminate from the mortgage term and still keep their monthly mortgage payment the same or lower.   Lowering the Rate, the Payment and the Term is obviously the very BEST scenario that saves the client the MOST money over time.”
  • “Here’s an interesting twist—-for clients with some other debt other than the mortgage or credit card debt that have high, variable interest rates – we can compare scenarios that replaces the bad, variable high rates on the other debt with instead a fixed LOW rate on a mortgage that allows them to pay off the old mortgage and add enough cash out to the new loan to pay OFF the high variable rate credit cards.  Of course, it’s important that if you are pulling cash out on a refinance of your home to pay off credit card debt, you need to have a plan of action in place and working where you are NOT continuing to rack up the credit card debt anymore.   Once you get the credit cards paid off, you can start paying extra principal payments on the new mortgage and get rid of it sooner too.”

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ANNOUNCEMENTS:   

  1. Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday March 8th, 2017 9A-10A CT at Nova Copy Conference Center 7251 Appling Farms Parkway Cordova, TN.  This Wednesday March 8th, 2017 Talk Shoppe  presents: Andy Wise, Chief Consumer Investigator,  WMC Action News 5, Most Common Scams, www.facebook.com/AndyWiseWMCActionNews5 For more information about Talk Shoppe, go to www.TalkShoppe.com
  2. Talk Shoppe events are free thanks to our advertisers like Leah Anne Morse of Cartridge World of Collierville, TN  (901) 853-3230  Global Brand Local Experts.   You can get recycled cartridges and save 30% or more on your company’s printing costs.  
  3. Gwen Christensen owner of www.BuildersFloorsandInteriors.com  Gwen is a flooring expert and a decorator.  She can help you pick out the right flooring and she can install it for less price than the big box stores.  (901) 382-2155
  4. Thank you to Evolve Bank and Trust the Memphis Mortgage office and the manager, Chad Irwin for sponsoring today’s episode of Real Estate Mortgage Shoppe.  If you or someone you know wants to kick their mortgage career a notch and have fun doing it, call Chad about joining the Evolve Mortgage team (901) 260-1480.  
  5. Wendy Greenlaw announces the Chandler event coming up in Memphis to talk about real estate trends and stats.
  6. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
  7. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

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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.

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REJOINERS:  

  • Pat Goldstein, Realtor with Crye-Leike, Realtors (901) 606-2000 The gold standard in real estate in Tennessee and Mississippi.
  • Kevin Yee, Save Energy Solutions  www.sesinfo.biz   Getting bad air out of your house.
  • David Lenoir, Shelby County Tennessee Trustee

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About Wendy Greenlaw:

Wendy Greenlaw

Business Development Manager at Chandler Reports since 2008. Responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She provides real estate professionals and businesses access to premium residential and commercial real estate data.

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About Chandler Reports

Chandler Reports has been publishing Real Estate Market Data since 1968. 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. www.chandlerreports.com

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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

Jo Garner, Mortgage Loan Officer
cell: (901) 482 0354

 jo@192.232.195.219

www.JoGarner.com

  Twitter: @jogarner

Jo describes her job description: As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM–  What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they 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. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”

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.com  Jo is host of Real Estate Mortgage Shoppe  and currently publishes on her blog www.JoGarner.com

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