3-15-14 “Hitting A Home Run Setting Up Your Mortgage & Your Financial Trust”
Highlights From The Podcast 3-15-14
Real Estate Financial News
Look Back Memphis Trivia Contest
QUESTIONS ANSWERED BY ANDY COOK:
- What exactly is Litigation Trust Services and what type of clients are served by your team?
- How is Litigation Trust different than Traditional Trust?
- What type of Real Estate issues do you encounter in the Litigation Trust area?
- Are there benefits to having a Trust own a home or other Real Estate?
- Can you give us an example of a situation that involved Home Ownership for a Trust Beneficiary?
- Are there other areas of expertise at Evolve Trust Services that you would like to share with our audience today?
QUESTIONS ANSWERED BY JO GARNER:
- 1. You do some loans that combine a first mortgage with bank products to save your customers from having to pay private mortgage insurance. What are some of the things you can do combining your product with the bank’s products?
2. What are some other mortgage products that you offer on the mortgage side?
3.You have had quite a number of success stories with your customers using an Evolve Bank product. What are some of the success stories you have heard about?
(Jo) * I have some self-employed borrowers with good credit scores but with a credit item or tax return calculation that would not work on the mortgage side but was not an issue to the bank since they have a few different loan guidelines. Becky Bowers, our branch manager at our main office at Shady Grove and Poplar in Memphis, has helped a number of my clients get closed early on purchasing their homes.
REAL ESTATE TIP OF THE WEEK
Good morning we have Andy Cook, Senior Vice President of Evolve Bank’s Litigation Services Division. We want YOU to be around the coffee table with us. If you have a real estate or financing situation YOU want to talk about, give us a call on the air at 901 535-WREC. That number to call is 901 535-9732.
Andy, its great having you on the show. Tell our listeners a little about yourself and what Evolve Bank does for our clients through the trust department. <Andy has about 1.5 minutes or so for his intro>
(Jo) Andy, I know you love the game of baseball and pitched for the New York Yankees back in 1993. There’s a lot of folks out there who love the game of baseball. Today our general topic is “Hitting A Home Run Setting Up Your Mortgage and Setting Up A Financial Trust.”
- This week mortgage rates eased down 5 days in a row which is not something we have seen since early December. Most of the move was not based on logical data—just a herd mentality as everybody followed other markets who were moving first in response to the situation in the Ukraine. Whenever bad news abounds, mortgage rates tend to slip lower. In this case it was mostly over geopolitical instability that had investors running for the safety of bonds. But stay tuned. Things can change in a day—things could change on Monday. Rates ended yesterday 30YR FIXED – 4.375%
- FHA/VA – 4.00%
- 15 YEAR FIXED – 3.375%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
<Andy makes a brief comment here>
(Jo) With the bond market running blind with herd, its anyone guess as to what rates are about to do. The experts say the rates are going UP and UP some more. The score board for rates right now look great for the home team though. Call your loan officer and do the numbers on what your options are for financing to buy a house or refinance one. Here’s my advice—IF THE DEAL WORKS FOR YOU TODAY—DO IT TODAY.
Susan Belew and I would like very much to talk with you on the phone or in person. You can call us on the air right now at 901 535 WREC or 901 535-9732. Or you can talk with us off the air more privately by calling with 901 482 0354. That number again is 901 482 0354. Or catch me on my blog at www.mortgageloansblog.com
<Andy makes a comment>
(Jo) I just talked with a friend of mine from Talk Shoppe and she told me she had tried to refinance her home multiple times but the value was never high enough and she didn’t have a loan that could be done without an appraisal value. (And we do have a number of loan programs that do not even require an appraisal value). While my friend and I were talking on the phone, I plugged her address into some data sites and we discovered that values had gone up quite a bit in her neighborhood. By refinancing and rolling the costs into the loan, she is going to save over $400/month. That’s a lot of cash flow! You may never know how much money you are leaving on the sidewalk until you let us do the numbers for you. Call me on the air now at 901 535-WREC or 901 482 0354 or catch me on the blog www.mortgageloansblog.com
If you’re currently renting and you plan to living in the area for at least the next 2 to 3 years, consider buying. Get with an experienced realtor with a good reputation and take a look at what you can get for less than you are paying in rent—you will probably be PLEASANTLY surprised. Susan and I can do the numbers with you and usually get you a preapproval letter the same day.
If you find a house you want to purchase you will need the preapproval letter first in most cases. We can look for the best products out there for your unique situation. If you need down payment assistance, we have multiple programs at our fingertips. Are you self employed with good credit but have been turned down by a different bank for lack of income? Susan and I have come up with tens of thousands of dollars for income for self employed borrowers in the BACK pages of the tax returns. We are happy to help you.
If your credit is just a wee bit low and you need to increase your credit score 20 or 30 points in 30 to 60 days, we can use our Credit Simulator tools to find the fastest way to higher credit scores. We WANT to help you. If you get bragging rights on your financing with us, we will benefit from the people you refer to us over and over again.
We are talking about “Hitting A Home Run Setting Up Your Mortgage Terms & Setting Up Your Financial Trust.” We’ve been talking about ways to knock it out of the park on getting mortgage terms. We have Andy Cook , Senior Vice President of the Litigation Trust Services at Evolve Bank and Trust. Andy tell us how you help our clients Hit A Home Run when setting up a Trust. <Andy launches his topic until first break> (We may continue his topic after the first break in the 2nd segment, or we can go right into the trivia contest & then come back to his topic in the 2nd segment.)
LOOK BACK MEMPHIS TRIVIA CONTEST sponsored by Jo Garner (that’s me) and Susan Belew of Evolve Bank and Trust. Susan and I have use our 20+ years experience in the mortgage business to help you get bragging rights on your mortgage financing terms. We know the fastest way to get you approved and on your way to reaching your goals. Connect with experience—take home the results. For the first person to call with the correct answer to our trivia contest, Susan and I are giving away a $25 Kroger fuel card. If you know the answer to the trivia question call us at 901 535-WREC. 535-9732
Garner # 7 03/12/14
Poplar Avenue
Question: Developed by animals centuries ago, and then used by Native-Americans, then European explorers during the discovery of America, this popular (path) thoroughfare lies on the crest of a ridge, thus always insuring its route from the ravages of Mother Nature’s flood waters! What is its name?
Hint: It is the longest continuous road in Shelby County.
Hint: Its western terminus is in Downtown Memphis at Front Street and its eastern terminus is the “county line” (actually two county lines!
Hint: It is a part of the only U.S. Highway to have both termini in the same state having passed through two other states!
Last Hint: Its named is derived from the State Tree for the State of Tennessee.
Answer: Poplar Avenue. One of two (the other being Lamar Avenue) notable “high ridge” trails developed by transient animals centuries ago during Spring flood seasons so they could keep their little paws dry from the flood waters of the Wolf River and Nonconnah Creek basins as they migrated eastward. These tow “high ridge” roads lead westward to the highest piece of ground on the Mississippi River between Cairo, Illinois and Natchez, Mississippi – Downtown Memphis (and it will never flood either).
Back Story: The Tulip Poplar is the State Tree for the State of Tennessee, as it grows in all 95 counties. Tall tulip poplars grow as high as 180 feet in the Old Forest in Overton Park. On the south side (Adams Avenue) of the Shelby County Courthouse in Downtown Memphis, a tulip poplar was planted in 1984 to commemorate the 75th birthday of the beautiful courthouse, and is the only landscaping on the exterior of the building. There are 44 stoplights on Poplar Avenue between Downtown and Germantown!
U.S. Highway 72 has an eastern terminus in Chattanooga, runs though Alabama and Mississippi and then into Shelby County where it “forks up” with U.S. Highway 57 in Collierville. How ‘bout that!?! The only U.S. Highway in America with both termini in the same state, having traveled through two other states. In East Memphis between Cherry Road and Yates Road, there are over 60 restaurants within two miles on Poplar, a very congested and dense retail and enjoyment area of Memphis.
Last Week: Davies Manor Plantation (the oldest home extant in Shelby County). From the early beginnings in 1807 as a small log cabin that received several modifications over the decades. It is unknown when or who built the original one room log cabin (parlor). Between 1831 and 1837, Joel W. Royster made additions to the house, including the addition of a dogtrot, full extension of the loft above the “parlor” and the two story bedroom area on the east side. In the 1860′s, the present dining room was added to house. The present kitchen was added after 1950.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations:
Shelby County Courthouse: Third Thursday each month at 12:00 noon
Memphis & Arkansas Bridge Walk: Sundays (March 30, April 13, May 18) at 2:00 p.m. at Crump Park
TUESDAY TOURS: Tuesdays from April 1 to June 10 at 11:45 a.m. for about four blocks from a different
street corner each week
QUESTIONS ANSWERED BY ANDY COOK:
- What exactly is Litigation Trust Services and what type of clients are served by your team?
- How is Litigation Trust different than Traditional Trust?
- What type of Real Estate issues do you encounter in the Litigation Trust area?
- Are there benefits to having a Trust own a home or other Real Estate?
- Can you give us an example of a situation that involved Home Ownership for a Trust Beneficiary?
- Are there other areas of expertise at Evolve Trust Services that you would like to share with our audience today?
QUESTIONS ANSWERED BY JO GARNER:
- 2. You do some loans that combine a first mortgage with bank products to save your customers from having to pay private mortgage insurance. What are some of the things you can do combining your product with the bank’s products?
(Jo) Using a combination of a mortgage and a bank loan gets rid of the private mortgage insurance. On a conventional loan private mortgage insurance is referred to as PMI. PMI insures the lender in case the borrower defaults on the loan. It doesn’t help the borrower—just the lender so the least amount you pay the better. If you buy a house with a conventional loan and put down less than 20%, you are probably going to pay private mortgage insurance. But I have had customers who put only 10% down and the bank came to closing with a 2nd mortgage home equity line to piggy back onto my 80% first allowing my customer to avoid having to pay private mortgage insurance. Once the customer has paid off the little home equity line loan, they can reuse the line of credit if they ever need too.
2. What are some other mortgage products that you offer on the mortgage side?
(Jo) a. FHA loans 3.5% down and for qualifying buyers, they can get a number of down payment
b. VA veteran loans up to 100% with zero down in most case
c. Rural Housing USDA 100% loans
d. jumbo financing with a rate still in the 3’s.
e. Home Equity Lines of Credit
f. FHA 203K renovation and repair loan programs for people buying or refinancing their primary residence AND a conventional renovation and repair loan for owner occupants, 2nd homes, and even investment properties. If you are an owner occupant, you only have a down payment of about 3.5% to 5% down.
g. 100% physician loans
3.You have had quite a number of success stories with your customers using an Evolve Bank product. What are some of the success stories you have heard about?
(Jo) * I have some self-employed borrowers with good credit scores but with a credit item or tax return calculation that would not work on the mortgage side but was not an issue to the bank since they have a few different loan guidelines. Becky Bowers, our branch manager at our main office at Shady Grove and Poplar in Memphis, has helped a number of my clients get closed early on purchasing their homes.
- A. REAL ESTATE TIP OF THE WEEK: (Jo) Get rid of the private mortgage insurance. If you can put at least 20% down on a home purchase with conventional financing, you can avoid having to waste money on paying PMI. (A) If you have LESS than 20% down on a conventional loan, the lender might try and pay the private mortgage insurance for you, but that would take you to a higher interest rate. (B) The seller could offer to pay a big lump sum to keep you from having to pay it, but usually sellers don’t want to pay that much. (C) I could do an 80% loan-to-value on your first mortgage and have the bank come in with a piggy-back 2nd mortgage or home equity line to eliminate you paying private mortgage insurance . (D) Another way to get rid of private mortgage insurance, if you have already been paying on the loan for a year or two is to ask your current lender to remove it. If they think the value on the house puts your loan at 78% loan-to-value or less, then they need to remove it. They may get an appraisal just to make sure you have paid down enough ( and you will probably have to pay for the appraisal.) and you have to wait 2 to 5 years into the loan to even make the request. But if you can eliminate the monthly pmi payments, the investment you make in the lender’s appraisal will soon pay for itself.
Jo’s announcements: Talk Shoppe offers free networking and education to anyone interested in business or real estate. This Wednesday Sarah Shepherd and Pedro Machado will be presenting “How To Find The Best Tenants” Hassle Free Homes www.hasslefreehomesmemphis.com/about-us at DeVry University 6401 Poplar Ave 6th floor 9A-10A For more information about Talk Shoppe go to: www.TalkShoppe.BIZ
Next Saturday on the Real Estate Mortgage Shoppe, we will be talking with Attorney Ron Cohen of Premium Title Group. For podcast of this show and others go to www.mortgageloansblog.com
Transitional Music: “Take Me Out To The Ballgame” from Ed Sullivan’s Show with some Yankee baseball greats;
“Centerfield” John Fogarty; “Boys of Summer” Don Henley
Andy Cook
Andy is Senior Vice President – Litigation Trust Services with Evolve Bank & Trust in Memphis. He has close to 20 years of experience in wealth management, financial planning and trust services. Andy has been with Evolve since 2006 and his team provides an array of trust and custody solutions for individuals, law firms and other professionals. Andy is a former professional baseball pitcher. He pitched in Major League Baseball for the New York Yankees in 1993. (901) 260-1480
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.com
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 17 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.BIZ She is currently the host of the Real Estate Mortgage Shoppe program 9A-10A CDT Saturdays on News Radio AM 600 WREC and IHEART Radio http://www.iheart.com/#/live/2145/?autoplay=true and currently publishes on her blog www.MortgageLoansBlog.com
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.