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Good morning, Memphis! You’re on the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Officer with Evolve Bank and Trust and our co-host today is Attorney Ron Cohen affiliated with Ballin Ballin and Fishman and co-owner of Premium Title Group.

Ron, our regular listeners know who you are but tell our new listeners a little about yourself and what you can do for them at Premium Title.
Also with us around the coffee table this morning is Jenett Rochester, our closer for Premium Title here in Memphis. Jenett, you’ve been in the real estate closing business for how many years? I know you must love what you do because you are VERY good at what you do. My mortgage customers love you!

Our topic today is “Treat Yourself To A Great New Mortgage–Avoid Trespassing Tricks & Other Indiscretions” Want to talk about your mortgage, your property, your credit or ANYTHING else concerning your real estate? Give us a call at (901) 535 WREC. That number to call us on the air is (901) 535 9732.

Mortgage rates hit a record low October 3rd and have been inching up since then even though they’re still at record lows. The 30 yr fixed rate fell 1 basis point this week from last week to 3.61%. the 15 year fixed rate also dropped 1 basis point to 2.9%. Jumbo 30 yr loans (that’s loan amounts over $417,000 dollars) fell 1 basis point to 4.17%. The 5/1 adjustable-rate mortgage rose 1 basis point to 2.73 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
There’s a tug-of-war going on with the mortgage rates right now. The Federal Reserve is purchasing our mortgage-backed securities to the tune of $40 Billion dollars a month in an effort to hold the rates down. At the same time the Federal Housing Finance Agency is imposing Guaranty Fees, like a tax on borrowers getting new Fannie Mae and Freddie Mac and this is pushing rates up. The Federal Reserve and the Federal Housing Finance Agency are like two professional arm wrestlers–each offsetting the efforts of the other. An additional guaranty fee will be imposed on borrowers as of November 1st equally about $100 per every $100,000 thousand dollars borrowed.
Word to the wise – if you’re thinking about buying a house or refinancing one, hop off the fence and get your deal closed
It should come as no surprise that the government Home Affordable Refinance Program, more commonly known as HARP, is still the most popular refinance program. If you have a mortgage endorsed by Fannie Mae or Freddie Mac on or before May 31st 2009, you may be able to refinance your home WITHOUT AN APPRAISAL. If you or someone you know is underwater on their home -or even if they’re NOT–it’s a GREAT program to get you a low fixed rate in the 2’s or 3’s.
My very capable assistant, Susan Belew and I just need a few minutes to talk with your privately about your loan. We can put together some financing options for you to compare. This works for your primary residence, your 2nd home or rental property. You can lower your payment or shorten the term on your mortgage or get cash out or ALL OF THE ABOVE. Call us directly at (901) 482 0354. That number again is 901 482 0354.
If you have an FHA loan you can also do a streamline refinance to another FHA loan WITHOUT AN APPRAISAL with a VERY LOW rate in the 2’s or 3’s. If you got a quote before June of this year, call us again. FHA has cut a chunk out of their required mortgage insurance on loans endorsed by FHA prior to June 1st 2009 so the mortgage insurance is MUCH LOWER on these refinances. Call Susan and me at (901) 482 0354. That’s 901 482 0354.
Here’s some great news for our realtor friends and customers trying to buy houses on the shortsale program. You know, Ron and Jenett, its almost a paradox calling a shortsale a “shortsale” because it takes Sooo Looong to close them. Some banks selling on the shortsale program wait several months just to decide whether to accept your offer of not. As of November 1st, the shortsale process should get a lot shorter thanks to Fannie Mae and Freddie Mac. Fannie and Freddie are allowing mortgage servicers to streamline the short-sale process for borrowers who are in financial hardship and homeowners who have to sell their homes because of a divorce, disability or job transfer. Hopefully this streamlined shortsale process will cut down on the number of foreclosures too.
We can talk about any of these news items, we can talk about your mortgage, your property, your credit -ANYTHING you want to talk about regarding your real estate . Call us at 901 535 WREC. That’s 901 535-9732.
Ron and Jenett are with us today from Premium Title and our topic is “Treat Yourself To A Great New Mortgage–Avoid Trespassing Tricks & Other Indiscretions.”
Ron, I can’t wait to hear your advice on how to deal with trespassers and other troublemakers-especially after all the trouble we have had at this studio with Ms. O’Leary and her cow over the last several weeks. Attorney Ron Cohen begins talking about different forms of trespassing including subsurface trespassing or air rights trespassing and encroachments such as tree limbs from your neighbor’s property.
Questions to be answered by Jo Garner
1. We have been talking about how to avoid problems with trespassers and other nuisances. What kind of problems do you see at your mortgage office?
Jo answers: The most common challenges we tackle at the mortgage office are efforts we make to help our customers avoid unpleasant surprises at closing.
For example, we remind them not to go out and make any purchases (not even for the “no-payments-for-the-next-12-months type loans). Making large purchases or adding to credit card debt can affect your income-to-debt ratios at the very end of the loan process and result in your loan being denied. Don’t make any purchases and don’t open any new lines of credit until AFTER the closing. THEN you can make your purchases.
Other advice we give our customers is to bring ALL pages of their last months bank statements or other asset account. Most loan programs require ALL pages of the tax returns and ALL pages of asset account statements even if some of the pages are blank.
Another good reminder to prepare our customer for the smoothest loan process experience is be prepared to document the source of any large deposits appearing on their bank statement that is not a payroll deposit.
Here’s a good one–Don’t change jobs during the loan process. This can affect the type income we are allowed to count and could cause problems with you qualifying for the loan.
2. You were talking about the HARP refinance program with no appraisal required. What are some of the qualifications for getting the HARP loan.
3. We close a LOT of loans for your customers. Based on what we see in the closing office there are a lot of great loan programs available to homeowners refinancing or home buyers purchasing a home. What are some programs you think are most popular?
JO- of course the refinance programs that do not require an appraisal. (more details given on podcast)
Also, purchase loan products that do no require a large down payment. (more information given on podcast)
Real Estate Tip of the Week:
Jo or Ron- The Memphis Police Department has a step-by-step process of how citizens can deal with trespassers.
Step #1 : if you feel its safe to approach a trespasser, notify them in person to cease appearing on your property. Certainly if you don’t feel it safe to approach the trespasser, then notify the police the first time you see the trespasser on your property.
Step 2: When you see the trespasser on your property, you can call the police and they’ll get ID on the trespasser, register the complaint with an authorization agency and give the trespasser a warning. If the trespasser is caught on your property illegally again, the police will have notice through the authorization agency and can arrest the trespasser right then.
For more specific help with protecting your property from trespassers or getting help to stop noise nuisance locate your nearest police precinct by going to www.memphispolice.org.
Jo’s announcements:
We want to thank Dean Lanning and his troupe for providing the sound effects for The Storming Of The Studio By Bessie The Bovine. Investor Rehab Service
(Remodeling and Rehab of your most important asset–your home)
(901) 515-8180

Next Wednesday 9A- 10A at the Better Business Bureau Talk Shoppe and the Small Business Chamber invite you to join us for the “Mastermind Principle: based on the book Think And Grow Rich by Napoleon Hill ” come prepared to share and receive ideas, resources and referrals from other business people in small groups. For more information about Talk Shoppe go to www.TalkShoppe.Biz.
Next week right here on News Radio AM 600 Holly and Don Swogger, real estate investors and owners of Homevestors franchise in Memphis will be sharing their wisdom on building your real estate empire.
Jo Garner, Mortgage Officer Evolve Bank and Trust (901) 482 0354 jogarner@mindspring.com www.MoneyShoppe.NET.
Ron A. Cohen
Of Counsel: Kusper & Raucci, Chtd.
30 North LaSalle Street
Suite 3400
Chicago, Illinois 60602
312-332-5000
312-346-1145 (direct)
312-332-4663 (facsimile)
rac@kusperraucci.com
proathleteinjuries.com

Jenett Rochester
Premium Title Group (Memphis office)
(901) 752 1587 option 2 for Jenett.

Dean Lanning
Investor Rehab Service
(Remodeling and Rehab of your most important asset–your home)
(901) 515-8180

Songs: “Beat It” by Michael Jackson, “Yakety Sax” by Boots Randolph, “Ghostbusters” by Ray Parker, Jr
For information on the best way to refinance in Memphis or other areas, Jo Garner can crunch the numbers for you to find the best mortgage solution. Attorney Ron Cohen and Jenett Rochester of Premium Title Group can assist you with property title solutions and a great real estate closing experience.