KNOW BEFORE YOU BUY—ABOUT THE HOME YOU ARE PURCHASING & YOUR FINANCING

In Appraisal, Benefits, Downpayment, financing, Financing & Refinancing, Fixing, Home Buying, Loan Programs, Mortgage Loans & Rates, Preparation, Property Management, Tips, Tricks & How To's by Jo Garner0 Comments

Buying a home is one of the biggest investments you will ever make. Your mortgage can make the biggest impact on your finances.  Today you will get some great info on items on your home maintenance list that can save you from trouble. Also some places that need to be inspected on a home you are about to buy.   I will be covering a handy mortgage check list tool for getting financing  terms right for now and for later. We plan to share some real live stories with you and more.

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.  Subscribe at www.JoGarner.com to get your weekly Real Estate Mortgage Shoppe podcasts with show notes. 

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS#757308  (901) 482-0354  Jo@JoGarner.com

(Sierra Pacific Mortgage )

LET’S GET STARTED….

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 KNOW BEFORE YOU BUY—ABOUT THE HOME YOU ARE PURCHASING & YOUR FINANCING. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com  Call us while we’re live today July 11th, 2020 at (901) 535-9732.

INTRODUCING BRANDON THOMPSON, HOMETEAM INSPECTION SERVICE

 Back in the co-host chair we have Brandon Thompson from Home Team Inspection Service. Brandon is a  licensed and certified home inspector in Tennessee and Mississippi. In his past life, Brandon spent 20 years serving full-time in the Air National Guard.  It’s great having you back in the studio again, Brandon.  Take a minute to tell us a little about yourself and what  you and Home Team Inspection Service does for your clients. Brandon intros himself (, thank you for having me on your program. My name is Brandon Thompson and I’m the owner of HomeTeam Inspection Service Memphis. I am a licensed home inspector in Tennessee and Mississippi, serving the midsouth area in those two states. I’ve lived in the Memphis TN area since 1998, and prior to starting my business I spent the past twenty years working full-time for the Air National Guard at the 164th Airlift Wing here in Memphis TN. I’m a University of Memphis graduate with a degree in business management, a graduate of AHIT (American Home Inspector Training Institute), a member of ASHI (American Society of Home Inspectors), an active Affiliate with Memphis Area Association of Realtors, Northwest Mississippi Association of Realtors, and an affiliate member of the Memphis area Women’s Council of Realtors.     I brought HomeTeam Inspection Service to the Memphis TN area in 2017, but HomeTeam Inspection Service has been a leading home inspection company and trusted brand in North America for more than 20 years. We provide a very detailed, easy to read home inspection report that helps buyers and real estate professionals understand everything about the house they’re buying or selling. We inspect all the major attics and crawl spaces… and everything in between. And just as the name Home Team implies, we make every inspection a team effort. Because your time is valuable, we bring a team of professionals to your home inspection. This assures you of an efficient and thorough inspection every time. We also provide pool inspections, mold testing, plus we can coordinate any other inspection needs you have. Please give us a call or visit our website to schedule your next inspection at 901-562-0988 or hometeam-memphis.com)

(Jo)  I saw something on the internet this week.  It was a picture of a sign that said, “I’ve learned so much from my mistakes, I think I’ll make a few more.”   Yes, try not to make the same mistake twice though.   Even better, focus on doing it right the first time.  My goal for almost 30 years in mortgage financing is helping people get the right terms on their financing right up front—that’s been my passion. For so many of my clients, weighing which loan product will be best for them is like two people on a see-saw.  When the down payment goes higher, the payment drops lower.  When the payment tilts a bit higher, the down payment moves lower.

SADIE’S STORY- WILL THIS MORTGAGE PAYMENT WORK FOR ME ONE DAY WHEN I AM LIVING ON SOCIAL SECURITY?

For example Sadie (now her real name) called me and was so excited about finding a house that was going to be perfect for her to enjoy now and a few years from now when she planned to retire.  A costly divorce and some medical challenges dried up her retirement nest egg.  What she did have in savings she wanted to keep for an emergency fund. 

Sadie had good solid relationships with her family and wanted a nice house where her children would enjoy coming and bringing the grandchildren to visit. She took a deep breath and told me,  “I’m still working right now, but I have got to think about life when I retire  in a few years. I  need a house payment I can afford on social security!”

A much younger client, Jake (not his real name), shared with me his fear of being tied down and not able to travel and maybe not being able to relocate if he got a better job.  We went through the part of my “Get It Right The First Time Handy Mortgage Checklist” and found 2 or three exit strategies that looked to bring Jake a profit and not leave him stuck.   His realtor helped us do a cost comparison to compare renting versus buying.   Jake made a confident decision to buy.  He said he felt great too!  He was no longer throwing rent money away.  He was investing in his own future.

A couple came to me with a contract to buy their dream home but shared with me that they planned to retire in a couple of years.  They did not have a large enough down payment to get the mortgage payment low enough to be affordable in 3 years when they retired with less income.  However, they would be acquiring  significant amount of money within the next 12 months so that they could pay down the mortgage to less than 50% of the current balance.   

For them we looked at a possibly asking the lender to “recast” the payment once they prepaid 50% of the amount owed.  In their case, they chose to take an adjustable rate mortgage with strong safety caps on the rate.  After looking at the worst possible scenario if rates kept going up, for them, their payment would continue to drop even if the rate went up because every year the rate adjusted, the payment was figured only on the unpaid balance.  

What do YOU want to accomplish with YOUR mortgage?  Make your plan. Work Your Plan.  If the Deal Works for your today, Let’s do it today.  Call me at (901) 482-0354 or email Jo@JoGarner.com

We will be sharing the “Get It Right The First Time Handy Mortgage Checklist” later in the show.  But for now, Brandon, let’s talk about the Home Inspection. Why is the home inspection so important and what types of areas of the home do you inspect?   (Brandon)  Subject Matter – Today we’re going to talk about general home maintenance. It is officially summer so it’s time to get out, maybe get your hands dirty and perform a regular home checkup. A detailed checkup is just like a visit to the doctor’s office for your medical checkup. You want to know what’s okay and what’s not okay. And you want to take measures to fix things that need fixing before the problems get out of hand.

Home inspectors are always on the lookout for deferred maintenance. Finding problems early helps you preserve your home. And doing preventative maintenance can extend the life of equipment and materials, which generally proves to be less expensive than replacing these components. We recommend that checkups be performed on your home periodically throughout the year and that you keep records of everything you’ve done to keep your house in good order. Permanent records of maintenance will enhance the marketability of your home when the time comes to sell. When you’re ready to sell your home, just present your records to any potential buyers to show them the special care you’ve taken to keep the home in top condition. And we’re going to give you another option to make your house stand out to potential buyers a little later on by digging into pre-listing inspections.

(Jo) You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer.  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.   When we come back Brandon Thompson of HomeTeam Inspection Service will be sharing some important maintenance items around your house that you will be glad you covered.  See you back in just a moment. 

THE LOOK BACK MEMPHIS TRIVIA CONTEST

2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you  by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”.  View at JimmyOgle.com. .  The Look Back Memphis Trivia Contest is  sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project or you can do the big project in phases . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer.  If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.

Garner # 85   7/02/16

Mid-America Mall—

Question:    I opened in Downtown Memphis on the Bicentennial of the USA – July 4, 1976.  Who am I?

Hint:  I was the hope of saving a Downtown area that was losing tenants in the late 60s and early 70s.

Hint:  The President of the United States – Gerald Ford – actually dedicated me in celebration of Independence Day.

Hint:  I had a big circular fountain right in the center of me, in the front of City Hall in the Civic Center Plaza.

Final Hint: I was the longest of my kind in America – one mile.

Answer: Mid-America Mall.  In Downtown Memphis, the mid-60s will forever be linked with the slow process of integration, the sanitation workers’ strike, the riots, and the assassination of Dr. Martin Luther King, Jr. in 1968.  It also marks the decade when Main Street began its decline, with almost all retail stores and numerous offices moving out east, linked by the expressways. By 1970 Main Street was just hanging on. 

In 1976, Memphis blocked off Main Street altogether and created the one-mile-long, pedestrian-only MID-AMERICA MALL, between Exchange Avenue and Peabody Place – dedicated on July 4 – the Nation’s Bicentennial by President Gerald Ford.  It was the longest pedestrian mall in the nation at one mile in length. Surprise!  But the opportunity to walk along a tree-lined and sculptured-filled mall full of store and cafes never really attracted the shoppers that it was predicted to do. Memphians didn’t walk. 

So, it which was later renamed the more-appropriate MAIN STREET MALL.  The few stores still around now had no traffic at all, and Goldsmith’s Department Store lasted until 1993. So the city began hijacking tourists – stopping cars along the interstate and bringing them to the mall.  But it still didn’t work. Even with the Main Street Mall, Main Street was dead and boarded up.  Two decades later, the City Government finally figured out what was wrong.  They came to realize what others knew at the beginning: Memphians don’t walk!  So with the help of the U.S. Government, Memphis invested in a system of antique trolleys, which opened in 1993. After some maintenance issues two years ago, the antique trolleys ceased operation. Hopefully, soon the antique trolley cars will return to the Main Street Mall. 

Bonus: Jimmy Ogle’s four distinct tours of Elmwood Cemetery that were scheduled for Saturday, April 25 are postponed until Autumn. For more information, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walking tours in Memphis.  Twelve of his Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling by Jimmy Ogle, and now more than ten hours Downtown Walking Tours are FREE on the internet at . . . You Tube Jimmy Ogle.  
           
                                                   View JimmyOgle.com for more info!

___________________________________________________________

TOPICS COVERED BY BRANDON THOMPSON, HOMETEAM  INSPECTION SERVICE

1.  But for now, let’s talk about some summer maintenance tips. Inspectors can smell deferred maintenance a mile away and can cause you problems when you’re trying to sell your home.

  1. Have your air conditioner serviced- have a licensed heating and air specialist perform a thorough cleaning and checkup. This is a maintenance that requires a professional. Beyond having your heating and air system serviced by a professional, it is good practice to keep the exterior of the condensing unit clean. Dependent on your location and how much you use your air conditioner, the exterior should be cleaned regularly. Using a water hose is an easy way to wash debris off the fins. The dirtier the condensing unit, the harder it has to work, thus shortening the life of the system. Keep it clean and it will last much longer.
  2. Change out your air filters – This is one of those chores that should be done year round, every 60 to 90 days depending on use and whether there are pets in the home. If you have pets, you may have to change the filter more often.
  3. Change the batteries in your smoke detectors – It is recommended that batteries be changed out every six months. If it’s hard to remember the last time you changes the batteries, put yourself on a twice a year schedule like July 1st and January 1st.
  4. Clean your gutters – This task isn’t just for fall, leaves and other debris can dirty up your gutters throughout the year. But traditionally, the fall and winter months are the worst. If you don’t keep your gutters clean, they get clogged and overflow. This can wreak havoc on your home, causing rotten wood on soffits and fascia boards, water draining too close to your foundation, and water infiltration on the interior of your home. Water is the enemy for any home and your gutters are there to help control it. You can hire a professional come perform this task or if you’re comfortable, pull the ladder out of the shed and do the job yourself, but either way it is one of the most important maintenance tasks you should be doing regularly. A lot of the deficiencies we find on our home inspections are a direct result of poor gutter maintenance.
  5. Inspect your roof – A strong storm season may have left you with loose shingles or fallen tree branches. Take a walk around your house and look at the shingles on your roof. Use a pair of binoculars if you have them. Make sure there aren’t any missing or damaged shingles, tree branches in contact with the roof, and cracks in vents around boots. If you’re not comfortable performing this task, hire a professional roofer to come take a look. Many roofing companies will perform an inspection for free.
  6. Check your deck – Look over your deck for any signs of rotting and reset any nails that are sticking out. You can also check if your deck requires sealing. Sprinkle some water on the deck’s boards. If the water beads up, you’re good to go; but if it soaks in, it’s time to reseal it.
  7. Examine your clothes dryer vent – This is an important maintenance issue and should be done regularly – once or twice a year. Not only will a clean vent make your dryer run more efficiently and dry your clothes faster, but it will also help keep your home safe. “Dryer vents accumulate highly flammable lint, and failure to clean out lint is the leading cause of dryer fires. According to the National Fire Protection Agency, over 15,000 dryer fires occurred in the U. S in 2010. A plugged dryer vent can also burn out the heating element.
  8. Seal cracks around doors and windows – inspect the weather stripping around all exterior doors. With the door closed, can you see daylight coming in around the door? If so, you need additional weather stripping to prevent the cold air from entering your home. Check the caulk around all window and door frames. Over time, caulk begins to crack or fall away, creating a void for moisture intrusion. Remove any old caulk before applying new caulk. You can purchase exterior purpose caulk and a caulk gun from your local hardware for a few dollars and get the job done yourself.
  9. Do a leak check – Its likely that your utilities will cost more in the summer because of the expense of cooling your home, so every little bit of savings helps. Check your hoses and exterior faucets for leaks. Even a tiny drip can add up to a big waste of water.
  10. Prune your plants, trees, bushes – Get rid of the yard debris.

________________________________________________________

TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

  1.  How do I know what financing truly FITS me?
  2. Determine your true income vs what your true debts and obligations are costing you.

Get your last 3 to 6 months bank statements in front of you (your paper statements or your online account information)

Get your last 3 to 6 months credit card statements in front of you.

Set a timer for an hour or more and commit to FOCUS

Now, start counting up what you actually get for income going into your asset accounts and what you actually spend on bills and other stuff you may or may not need.  

What bills come due only once or twice a year?  (Car tags, club memberships, car insurance etc)

What can you do without? Cut it out of your spending plan. 

After writing out your true income and your true expenditures, what is the maximum house payment that is comfortable for you? 

What is the maximum down payment that is comfortable for you?

Let your lender know your maximum comfort level on the monthly payment and the down payment. The current mortgage software programs many times prequalify you up to 45% or even 55% debt-to-income ratio.  But who wants that much debt??

(if you need some help with getting a flexible but workable budget worked out, call me and I can connect you with someone who can help you.)

  • Linden Lancey’s Story—4-Bit Budget, Big Dreams—and a Brilliant Idea

Linden Lancey (not her real name) reached out to me via email. She was a first-time homebuyer with big dreams but with a limited amount she could pay for a house note.

Kudos! to Linden for taking a full inventory of what income she had coming in each month and how much of her hard-earned money marched out each month to pay her bills.  She knew her own comfort level on what she could pay down and how much she could comfortably pay per month. She told me no more than $1,200 per month and no more than $5,000 down.

Linden also knew all the things she wanted for her home. She knew the general area where she wanted to live and all the built in gadgets, bonus room-over-the-garage workshop and sitting areas with a view she had to have in the place she would call home. 

  • But…the home she wanted would tie her down with a monthly payment of $1,500 per month ($300 per month over her maximum comfort level.) The down payment plus some other costs would strap her with $7,000 to $10,000 depending on how much the seller would be able to help with her costs. She would be dipping into her emergency fund to pay out almost double the amount she was comfortable paying. 
  • Linden’s voice wavered a bit, the enthusiasm dying off to resigned sigh, like someone giving up after almost winning a race. She really wanted her own home and she wanted it to be all that she dreamed.  She and I talked a little more.
  • Linden and I swapped stories of people we knew who, gradually over time made little upgrades to their home as they could afford each project.  I shared my personal story of learning from my mortgage clients over the years how to buy a home that needed some upgrades and clean up. My first home needed a LOT of things.  But I started right away gradually adding things to my first house, like replacing an old sliding door with beautiful French doors, and  building the pantry I wanted in the empty corner of the kitchen. Over the years living in my first home I scrapped the linoleum and added ceramic tile to the kitchen and bathrooms.  Then added amenities to the front garden area, the garage and more. 
  • I confessed to my client Linden Lancey that it was fun each time I was able to do that extra improvement.  It was really a celebration when, one day, I sold the house and made a nice profit so that I could continue leveraging up on the quality of my personal home which feels like my castle. 
  • Linden had some brilliant ideas of her own.  She was hanging up with me to call her realtor.  Linden Lancey had discovered how she could buy a lower priced home in the area she wanted to live and gradually finish out the bonus room upstairs to make into her dream work shop. She was off to find the home she would love. 
  • Common recommendations on income and debt ratios. 

Many of the financial authors suggest keeping the total monthly house note (principal, interest, taxes and insurance, mortgage insurance, association fees, if any) under 25% to 28% of gross monthly income. Some of these gurus recommend keeping your total monthly obligations including your house note under 38% to 41% of your gross income. 

Common recommendations on total debt ratio (includes the total new house note (including principal, interest, taxes and insurance, private mortgage insurance, association fees, if any)  plus any other debts per month  divided into your gross income.

Example: 

Gross income:  $7,000/month

New house note-  $1,400 (principal, interest, taxes and insurance, with some mortgage insurance)  + $25 per month for neighborhood association fee if applicable.

Car loan $400/month

Minimum payment on the credit card account =$50/month approximately

Total House note + association fee= $1,425/$7,000=20% Housing ratio

Total debt = $1,875/month / Total income $7,000= 27% total income-to-debt ratio

  •   How do you know what loan fits a certain person?

THE GET-IT-RIGHT-THE-FIRST-TIME-MORTGAGE-CHECKLIST

BY:  Jo Garner, Mortgage Loan Officer NMLS# 757308

(901) 482-0354 Secure online loan application  https://jogarner.evolve.mortgage

  1. What is the maximum house payment I can afford right now?

A.  Several financial gurus say that your total house note including principal and                interest, taxes, homeowners insurance, and/or mortgage insurance and homeowners association fees needs to be between 25% and 30% of your gross income.    Your total income-to-debt ratios, including the new house payment and payments on other debt does not need to exceed 38% to 45% of your gross income.   

  • Mortgage underwriting software can sometimes approve you income-to-debt ratios of 45% or upwards to 55% of your gross income.  Stay within your PERSONAL comfort  level though, regardless of what the mortgage software tells you.
  • Consider where you plan to be in the next year, the next five years, and the next ten years.  
  • Are you planning to retire?  What will your income be when you retire? Will you still be living where you are living now?
  • Are you planning to get married?  Do you plan on expanding your family?  Do you plan on taking an aging family member into your home?   How much do you estimate your living expenses go up?  Will your income likely increase too?  How much? 
  • Are you just getting started in your career?  Is it likely your income will go up? Will you need to relocate? How long is it likely you will keep the house? What would it cost to rent versus buy a home like the one you want?
  • Do you own a house with a lot of equity that you plan on selling within a year of buying the new house?  Do you plan to make a very large prepayment to principal once you sell your old home? 

-Try doing a bridge loan  so you can enjoy the benefits of a much lower payment on your new home without having to sell your old home right away

– If you decide to close on your new home first and then, later sell your old home, here is an example of how that can work for you.

Edward and Elisa Eldridge had both lost their former spouses to cancer several years ago. Edward had lived alone in the same home for over twenty years. Elisa had continued to live alone in her home for over ten years.   Both Edward and Elisa thought that finding love again would be a one-in-a-million chance.

When I came in contact with Edward and Elisa, they shared their serendipitous story of how they met and fell in love.  They got married and wanted to start a new life in a new home. But they did not want to have to sell their individual homes before moving into their new home.  Elisa said, “It’s like getting the cart before the horse. Once I sell my house and Edward sells his, we want to use our profits to pay   50% as a down payment on our new house,  just so we can enjoy a very low house note.  But where do we get the money to make pay that much down on the  new home if we haven’t sold our old houses yet?”

There are a number of ways Edward and Elisa could get the funds to pay down on the house. One way is to talk with a lender about getting an equity line of credit secured on their current homes. Since there was more than $100,000 equity in Edward’s old house and over $100,000 equity in Elisa’s too, that would give them the $200,000 they wanted to pay down on the new house. One day, when they were ready to sell their other homes, they could pay off the mortgages and credit lines on their current homes. 

A second way for the Eldridge’s to get funds to pay the big amount down on the new house they wanted to pay would be to only pay a small amount down on the new home and pay the much higher payment for a while on the higher loan amount until they could get their other two houses sold.  At that point,  they said they wanted to pay the new mortgage down.

Since Mr. and Ms. Eldridge were paying well over 50% of the unpaid balance on their new mortgage as a prepayment to lower the loan balance, they could refinance for a lower payment or shorter term once they  had made the huge prepayment. Instead of have to make the large payment on the large unpaid balance, they could enjoy a much lower payment on a much lower unpaid balance.

In some cases, if you are making a lump sum prepayment over 20% of the unpaid principal  mortgage balance, you can ask the lender to give you a “recast” instead of “refinance.” Lenders have the option to say yes or no to this request. The recasting of your payment to a lower amount would make it as if you never borrowed the larger loan amount.   After you make the large lump sum prepayment to lower your mortgage principal balance, a recast reamortizes the payment as if you never had the larger loa

 Do you plan on starting your own business or acquiring income-producing real estate?  This might require you to keep your mortgage payment low so that you can afford to finance other investments.

  • What is the maximum down payment that is comfortable for you? 

Several financial gurus say that if you enjoy a stable, salaried job, you probably need about 3 months of living expenses in an emergency fund.  But, if you are self-employed or  get a 100% commission income, you probably need about 1 full year of living expenses in an emergency fund

  •  What kind of property are you purchasing?
  1. If the property is a fixer-upper with lots of needed repairs, you may want to consider a Renovation and Repair loan so you can finance some of the repairs.
  2. Is the property you are purchasing going to be your primary residence, a second home or a rental property?
  3. Is the property you are financing a condominium  or a manufactured home? 
  • Is the property located in a place where special financing is available? 
  •  What special mortgage programs are available to you specifically?
  1. Are you a military veteran? Are you eligible for the Veteran Administration 100% VA home loan? 

B. Are you a first-time homebuyer, not having your name on title to real estate within the last 36 months?   There may be down payment assistance programs available to you, even if you are not a first-time homebuyer.

  • What methods can we use to develop more than one exit strategy?
  1. Is the property in an area that is going up in value?  If you really needed to sell the home one day, you could probably do it profitably if the value is stable or headed upward.
  2. Is the property in an area that is a strong rental market?  In a pinch, you could possibly rent the house and get a nice income from the home.
  3. Is the mortgage you have an assumable loan?  If mortgage rates go up, one day someone may be willing to pay you good money to have the opportunity to quality to assume your low interest rate mortgage when they buy your home.

What do YOU want to accomplish with YOUR mortgage?

  1. REAL ESTATE TIP OF THE WEEK (Brandon Thompson, HOMETEAM INSPECTION SERVICE shares a real estate tip- getting a pre-listing home inspection can give you and your buyer peace of mind.  It may save your contract negotiation from failing because of the second round of negotiating that sometimes happens after the buyer’s home inspection is done.
  2. Jo’s TipThere are so many mortgage rate choices available to borrowers today.  How is the best way to determine which is the BEST rate scenario?

Most mortgage borrowers call and ask “What’s the lowest mortgage rate I can get?”  Here’s a word to the wise—the “lowest mortgage rate” is RARELY the best deal.  There are plenty of low teaser rates being advertised everywhere, but  many of my customers forward to me those companies’ official estimates on terms, I find the lowest rates come with higher closing  and points, making it more affordable to go with a little higher rate without the  extra costs.  For instance ; 

As a rule of thumb, you want to be able to recapture the closing costs you pay on a refinance within less than 2 years if you plan on keeping the house for 5 years or more.  In this current market, it is easy to recapture your closing costs in about a year or less.  If you are refinancing your 30 year mortgage to another 30 year loan with a lower rate and you save $300 per month and you paid $3,000 in closing costs, you would recapture your closing costs in 10 months $3,000 in costs divided by $300/mo savings –that’s pretty good.

If you are refinancing your $220K 5% 30 year mortgage  with 22 years left that has a $1,200 principal and interest payment  to a  15yr term, you can calculate how many principal and interest payments you are eliminating from the term by shortening the number of months left on the mortgage. $1,200  x 84 months eliminated by shortening the term by 7 years and you have saved over $100,000 dollars in total principal and interest payments.   Is it worth paying $3,000 or so in closing costs?  You bet it is because ultimately, if you keep the house over the next 15 years, you would have spent around $3,000 to save over $100,000. you have some numbers to compare to determine if it is worth it to YOU to refinance but you want me to run the calculations to see how long it will take you to recapture your investment, I am happy to help you.  You can call me directly after this show at (901) 482-0354. Or email me at jo@jogarner.com

ANNOUNCEMENTS:  

Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Go to www.TalkShoppe.com and click on Upcoming Events Tab for virtual meeting location website address.Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday July 15, 2020,  Barbara S Moore, RN. Care Manager of Mid-South Home Helpers  “  Inspiring Journey After A Devastating Accident—An Accomplished Horsemen’s Unique Perspective”

Talk Shoppe welcomes Earl Leake of Leake Agency Insurance.  Earl Leake specializes in getting   your business and its assets protected with insurance.   Thank you Earl Leake for financially making it possible for our business community to get free education and networking at Talk Shoppe’s weekly events.  Contact Earl Leake of Leake Agency Insurance at 901-737-9352.

Thank you to Nita Black of www.901elearn.com for making free education and networking available to our business community.  Nita can show you how to monetize your online presence using learning modules.  Go to www.901elearn.com

2.  It’s hot outside.  Check on your pets, your neighbors and your family members who may need help.  They will appreciate your thoughtfulness.

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.

QUOTE CORNER:  

Coolfunnyquotes.com  “ I finally discovered what’s wrong with my brain: On the left side there is nothing right, and on the right side there is nothing left.”

____________________________________________________________________________________

REJOINDERS:  

  1. Greg and Kelly Inman,  of www.NextDayAccess.com  helping your aging or handicapped loved one stay comfortably and safely in their home by providing stair lifts, wheelchair ramps, grab bars and more  
  2. Mark McLaurine, Refrigeration Unlimited.  Mark is a sought after heating and air repairman and is also known as the heating and air strategist.   www.myhvacman.com
  3. Eric Eurich, Business Coach www.ericeurich.focalpointcoaching.com  Business coaching  Eric Eurich is Talk Shoppe’s business coach too.

Transitional Music: “Check it out” by John Mellencamp;  “Take A Closer Look”   Supremes; “Our House”  Madness;  “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest  

________________________________________________________________________

                ABOUT BRANDON THOMPSON, HOMETEAM INSPECTION SERVICE OF MEMPHIS

Brandon Thompson, Home Team Inspections

Direct (901) 848-2388

Appointments (901) 562-0988

TN Home Inspector License#: 1553

ASHI Member#: 263050

NACHI Member#: 17020732

Home Team Inspection Service – Memphis

Brandon Thompson – owner of HomeTeam Inspection Service Memphis. I am a member of ASHI (American Society of Home Inspectors) and NACHI (International Association of Certified Home Inspectors), Memphis Area Association of Realtors, Women’s Council of Realtors, BNI, and I’m a licensed home inspector in the state of TN.

HomeTeam Inspection Service is the leading home inspection company in North America. For more than 20 years, home buyers, home sellers, and real estate professionals have recognized HomeTeam for being fast, trusted and accurate. And just as the name implies, we make every inspection a team effort. Because your time is valuable, we bring a team of professionals to your home inspection. This assures you of an efficient and thorough inspection.

I’ve lived in the Memphis TN area since 1998 and have spent the last 19 years working full-time for the Air National Guard as an IT Specialist. I earned my degree in Business Management from the University of Memphis with a minor in Real Estate Finance. My love for real estate started early on while working with my father on a couple of remodeling projects and developed over the years as a home owner and DIYer. I’ve always wanted to work for myself and I wanted do something to help people. I love the fact that I’m able to help buyers make one of the most important decisions of their life.

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.JoGarner.com    (901) 482 0354  jo@jogarner.com  twitter @jogarner  NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)

“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  

Leave a Comment