Strategies for Staying Safe & Sound with Your Home and Your Home Mortgage

In Appraisal, Credit, Downpayment, Finances, financing, Financing & Refinancing, Home Buying, Housing Market, Loan Programs, Money, Mortgage Loans & Rates, Uncategorized by Jo Garner0 Comments

Strategies for Staying Safe & Sound with Your Home and Your Home Mortgage

Today we will be sharing some ways home buyers and homeowners have used wise strategies to keep themselves safe with their home and with their financing.  You will get some good-to-know tips about home warranties and home inspections.  I will be covering some ways to reduce or eliminate some borrowing costs on your home financing.

WELCOME TO REAL ESTATE MORTGAGE SHOPPE!

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 Strategies For Staying Safe & Sound With Your Home And Your Home Mortgage- Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com  Call us while we’re live today February 29th, 2020 at (901) 535-9732.

INTRODUCING BRANDON THOMPSON, HOMETEAM INSPECTION SERVICE

In the Real Estate Mortgage Shoppe studio we have, back by popular demand, Brandon Thompson of HomeTeam Inspection Service. Brandon, my clients and referring partners  love what you do for them on their home inspections.  Take a moment and tell our listeners a little bit about you and what you do for them at HomeTeam Inspection Service. (Brandon has a about 45 secs to introduce himself and talk about the services he offers)

INTRODUCING CHRISTY STOKES, CHOICE HOME WARRANTY

(Jo) Also, in the studio for the very first time we have Christy Stokes of Choice Home Warranty. Christy, you are well-known and well-loved in our real estate community.  You serve your customers with excellence. You are engaged with so many of the realtor events too. Take a moment and introduce yourself and talk about what you do at Choice Home Warranty for your clients.  (Christy has about 45 seconds to introduce herself and talk about the services she offers her clients )

(Jo) I have served my clients as a mortgage loan officer for over 25 years.  These clients have taught me A LOT!   Let me share with you one of these astounding truths about how they set up Safety and Security in their finances.   These people diligently and daily worked toward eliminating debt and plowing more of their income into investments and an emergency fund.  Today they enjoy living financially free.   

Later in this show I plan to share with you some genius strategies some of my clients have been able to blast through real barriers to whack off thousands of dollars in borrowing expenses and stack up more and more cash and investments. 

But for right now, let’s explore Ways To Keep Thousands Of Dollars In Your Pocket Using These Three Home Refinance Strategies :

#1 Refinance To A Lower Rate-Let’s look at how much money you get to keep by just refinancing your existing mortgage to a rate much lower than you are paying now?    If you are paying less interest on for your mortgage for the entire remaining term, how many thousands of dollars can you save?

#2 Refinance To Lower Your Rate AND Shorten Your Mortgage Term-Let’s look at how many thousands or tens of thousands of dollars you can save if you refinanced your home on a lower mortgage rate with a shorter term?  Talk about burning the debt candle down by lighting both ends! It would be like taking some giant scissors and just cutting off a chunk of your mortgage payments.  Picture this….Living life with no mortgage payment just a few years from now.

#3 Refinance Combining Your Into Your Mortgage Other Higher Interest Rate Debt- Let’s look at combining some of your higher interest rate debt into one mortgage with a low fixed interest rate cutting the interest over all of your debt. Then let’s put in place step two to set up automatic prepayments every month from some of the savings you got from the refinance to go toward paying your mortgage off in less than 10 or 15 years.  Imagine what it would feel like to get up every day DEBT FREE? 

MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.   Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com  or just call me at (901) 482-0354. 

(Jo) Brandon Thompson of HomeTeam Inspection Service and Christy Stokes of Choice Home Warranty, before we go to break, let’s launch into some of the great wisdom you have to share with us.(Brandon and Christy start launching into their topics until the 9:15 AM break..)

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 and Christy Stokes will be giving you more of the inside scoop on home inspections and your home warranty. . See you back in just a moment. 

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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 # 173 * 02/29/20

Edmund Orgill

Question:  I have a large park in Shelby County named for me.   Who Am I?

Hint:  I was Mayor of the City of Memphis from 1956 to 1959.
 
Hint:  I was the first Mayor not backed by the Crump political machine to be elected in Memphis.

Hint: I helped begin to ease the City with desegregation of public places in the late 1950s.

Final Hint: My family name has been in business since 1847 – the oldest in Memphis!  Who am I?

Answer: Edmund Orgill.  In 1955, Edmund Orgill became the first Mayor of Memphis elected without the backing of E.H. Crump in almost five decades.  During his administration (and afterwards), Orgill was key in convincing the Memphis business community to peacefully desegregate department stores, parks, libraries and eating establishments.

Founded in 1847, Orgill Brothers & Co.  is Memphis’s oldest operating business. The hardware distributor was founded when the City was yet thirty years old and with a population only about 7,000 citizens. The Orgill name is legend in Memphis and has become a synonymous term for “hardware”.

Edmund Orgill Park and Golf Course, located on the northern side of Millington, covers 268 acres with a 6,436-yard, Par 72, 18-hole golf course, in a peaceful rural setting alongside 67-acre Casper Lake (with boat launching ramp); an 18-hole Disc Golf Course; and three pavilions and a football/rugby field.

Bonus: Jimmy Ogle will be giving four distinct tours of Elmwood Cemetery on Saturday, April 25. To register, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walking tours in Memphis.  Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed for FREE on the internet by Googling “JIMMY OGLE PINK PALACE”.  View JimmyOgle.com for more info!

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Covered in end of first segment right before (9:15 break and after Trivia Contest in the second segment before 9:30 Fox News)

TOPICS COVERED BY BRANDON THOMPSON, HOMETOWN INSPECTION COMPANY

  1. Drainage Problems —
  2. Roofing
  3. Systems- Plumbing, Electrical, HVAC
  4. Foundation and Structure (rotted wood, termite damage, foundation problems)  

(Added hot spot is the swimming pool for certain properties)

  •   What sets you apart as a home inspector?
  • How much does it cost to get a home inspected?
  • How long does it take for the inspection and how long does it take to get the completed report?
  • What are the advantages of getting a home inspection?­­­­­­­­­­

TOPICS COVERED BY CHRISTY STOKES, CHOICE HOME WARRANTY

  1. Home inspection vs home warranty, what’s the difference?
  • Do I need to pay for a home inspection if the seller is buying a home warranty?
  • What are examples of things that a home warranty covers? What isn’t covered?
  • If something is identified as defective on my home inspection and I don’t get it fixed, can I use my home warranty to have it repaired after I move in? pre-existing conditions?
  • What is the most common home warranty claim? Is that something the inspector should have caught?
  • How does the home inspection report help when using the home warranty?
  • Do home warranty companies provide a lower rate if the buyer has a home inspection?

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

  1. Explore Ways To Keep Thousands Of Dollars In Your Pocket Using These Three Home Refinance Strategies
  1. Refinance To A Lower Rate-Let’s look at how much money you get to keep by just refinancing your existing mortgage to a rate much lower than you are paying now?    If you are paying less interest on for your mortgage for the entire remaining term, how many thousands of dollars can you save?
  2. Refinance To Lower Your Rate AND Shorten Your Mortgage Term-Let’s look at how many thousands or tens of thousands of dollars you can save if you refinanced your home on a lower mortgage rate with a shorter term?  Talk about burning the debt candle down by lighting both ends! It would be like taking some giant scissors and just cutting off a chunk of your mortgage payments.  Picture this….Living life with no mortgage payment just a few years from now.
  3. Refinance Combining Your Into Your Mortgage Other Higher Interest Rate Debt- Let’s look at combining some of your higher interest rate debt into one mortgage with a low fixed interest rate cutting the interest over all of your debt. Then let’s put in place step two to set up automatic prepayments every month from some of the savings you got from the refinance to go toward paying your mortgage off in less than 10 or 15 years.  Imagine what it would feel like to get up every day DEBT FREE? 
  4. Eliminate private mortgage insurance. If you have a conventional loan and you owe 78% or less of the value on your mortgage, you may want to ask your mortgage company what steps you need to take to get the monthly private mortgage insurance eliminated since it only insures the lender and does not insure you or your family.   
  5.  Examples of people who have made their home pay them.
  6. Carter and Claire Caldwell story–  Bounding over Barriers To Be With The Grandbabies

What about making your home pay YOU back? Have you considered a reverse mortgage if you are over 62 years old?

Here is a brilliant idea from one of my past “rock star” mortgage clients.  Carter and Claire Caldwell were both over 62 years old.   They loved their home next to the lake and their longstanding neighbors and friends.  But, the Caldwell’s yearned to spend time playing with their toddler grandchildren who lived several hundred miles away.   These grandparents were motivated to financially mastermind a way to get a second home near their grandkids.  Want to know their brilliant idea????

Since the Caldwell’s  were over 62 years old and they had paid off their mortgage early, they applied and got a Reverse Mortgage.    The  Reverse Mortgage on their primary residence was now paying them each month, so they had the income to afford to spend a five whole months at a time playing and making memories with the grandkids. If you want to see STUNNINGLY BRILLIANT strategy, observe what happens when grandparents are determined to spring themselves across the miles to hold their grandbabies in their laps.

  • Amelia Allison’s story-Be Frugal-Be Focused to live the adventurous life

Have you considered buying a 2 to 4 multi-unit home, living in one side and renting out the other units for an amount that would completely pay your mortgage payment? If you did not have to come out of pocket with a mortgage payment, how would your life change?  (Remember to keep an emergency fund for repairs and other unexpected)   This strategy of buying a multi-unit home, living in one unit and renting out the rest, reminds me of another younger client that you have probably heard me talk about.  

Cutting debt, creating more income and investing in your personal future.  That reminds me of Amelia’s story.  Let me introduce you to Amelia Allison (not her real name.)  Amelia’s story inspired me.  Amelia left her parent’s home right after high school and launched into an adventurous life traveling around the country. Amelia knew that, in order to keep herself financially safe and secure,  she had to keep her debt low and her emergency fund high.  How could she possibly accomplish what she wanted to do?

Ameila planned ahead.  She got financial aid for college.  She wanted to see the world, so she signed up for school in a faraway area of the country, supporting herself by working part time job and sharing a home with fellow students at the college where she attended.After graduating college Ameila already knew she wanted to buy a home.  But adventure still called her name.  In order to travel and dive into life head first, she needed to figure out a way to get a second income without having to work a second job.

Amelia’s answer was to purchase a four-plex—a home with four living units.  Her plan was to live in one unit and let the rent coming in from the other three units more than pay her house note. As rents would be going up over time, her 30 year fixed rate mortgage would remain stable and low, creating more and more positive cash flow to fuel her excitement-seeking habits.  

Here is how it worked for Amelia:   She had a knowledgeable realtor who knew the home market and the right professionals—the lender (me) and a good home inspector, title company, insurance professional and trustworthy handyman.  I got her approved for a government, low fixed interest rate, low down payment loan program.  With a little help from the seller on the closing costs, Amelia and I went treasure hunting for down payment funds to get her into the property without disturbing her emergency fund.   I have to admit, hearing Amelia talk about her plans made me yearn to step back in time for just a little while- to be in my 20’s again. Ameila had her whole exciting life ahead of her and she knew what she wanted and how she was going to get there. 

  • Perhaps you do not live in a multi-unit home like Amelia found.  Have you looked into renting your bonus room upstairs or renting out the tiny house out back?  Check with your local zoning and subdivision restrictions before jumping out in this direction.
  • Can you operate your business from your home, saving the costs of having a separate location miles away?
  • What other ways can you think of right now to make your house pay YOU back with an income ?

Make your plan. Work your plan. If the deal works for you today, let’s do it today.  Connect with me at www.JoGarner.com (901) 482-0354.

  • Keeping Your Credit Scores High Decreases the Cost You Pay For Credit
  •  The bargain properties are fixer uppers.  Let’s talk about some very attractive special financing to help you finance the purchase and fix up of properties that need renovations and repairs.

4th segment after 9:45 AM

REAL ESTATE TIP OF THE WEEK (Michael Brooks, National Renovation and Repair Loan Manager for Sierra Pacific Mortgage, shares a renovation loan tip regarding measure twice, cut once. ) 

ANNOUNCEMENTS:  

Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (The Clark Tower).  Tax Attorney Wis Laughlin will be presenting, “Everything You Want To Know About Taxes But Were Afraid To Ask”  

Talk Shoppe events are free thanks to supporters like Kaizen award-winning business coach, Eric Eurich of Focal Point Business Coaching. Eric can get you to where you are to where you want to be. Contact Eric at (901) 340-9558

Thank you to Taylor Morse of Cartridge World in Collierville for your help and support for Talk Shoppe sponsors and advertisers.   Contact Taylor Morse of Cartridge World to cut your printing costs by using quality recycled cartridges.  (901) 853-3230

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:   (attributed to Warren Buffett)

Warren Buffett-“ On Saving-Do not save what is left after spending, but spend what is left after saving.”

Warren Buffett- “Never test the depth of a river with both feet”

Warren Buffett- “On Earning- Never depend on a single income.  Make an investment to create a second source”

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REJOINDERS: 

  1. Leah Anne Morse, owner of All Things New in Rossville, TN.  Helping you to organize to downsize. Coordinator of estate sales  (901) 488-9733
  2. Troy and Lynn McDonald, Erin McDonald Insurance Agency in Bartlett, TN  You are in good hands with Lynn and Troy (901) 849-7101
  3. Bill Emmerling, Vista Points in West TN  Get some peace of mind for your loved ones. Talk with Bill about setting up a Special Needs Trust  www.vistapoints.org  615-594-4617

Transition Music:   “Safety Dance” by Men Without Hats; “Theme from Bob the Builder”; “Safe and Sound” by Capital Cities;  “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

ABOUT BRANDON THOMPSON, HOMETEAM INSPECTION TEAM

4 hot spots for home inspections

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 CHRISTY STOKES, CHOICE HOME WARRANTY

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  

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