3/8/14 “Lighting The Way To Saving On Your Mortgage & Lowering Your Property Taxes”
HIGHLIGHTS FROM TODAY’S PODCAST:
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY TOM KING:
1. What is the time line for appealing your Shelby County real estate property taxes?
2. What is the time line for seeing the results of the tax appeal?
3. What makes the difference between you appealing your taxes vs having a professional appeal your taxes?
4. How is a tax appraisal different from a mortgage appraisal?
5. Can you use a mortgage loan appraisal to appeal taxes?
6. Do you have to physically inspect a house to appeal the taxes?
QUESTIONS ANSWERED BY JO GARNER:
- 1. What good advice to have for people stepping out and getting a mortgage to buy or refinance today?
2. How are some ways you can hang onto your money?
REAL ESTATE TIP OF THE WEEK (Jo) when you are getting preapproved for financing to purchase a home, go ahead and have the lender preapprove you for a higher loan amount than you expect to use. You can always come down on the price of the home you buy, but if the property taxes are lower or the mortgage rate is lower then when you prequalified, you may be able to comfortably afford the higher price. And if you are like me, the house you fall in love with will always be just a wee bit past the amount you planned to pay. But like a realtor told me many years ago, when you buy a house to live in, you want to buy one that you love so much that you don’t mind making the payment.
Good morning Memphis! Good morning across the country on IHEART radio. The sun is shining here in the Mid-South and spring is on its way. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust. Sitting across the coffee table from me and ready to talk with you today is co-host, Tom King, appraiser and certified Shelby County Real Estate Property Tax Appeal expert with King and Vaughan Consulting.
(Jo) Tom and I have been counting the days waiting for temps to move over the freezing mark and the sun to come out. Today we that’s all we can think about is the Tiger game and getting out in the sunshine. So our general topic today has to do with the sun coming out. “Lighting Your Way To Saving On Your Mortgage & Lowering Your Property Taxes.” If YOU have a real estate or real estate financing topic YOU want to talk about, call us on the air at <(901) 535-WREC or 901 535 9732>
<Tom asked something like “ The job situation report came out this week—what’s that doing to mortgage rates?”>
Yesterday the Employment Situation report came out stronger than expected, especially since a good part of the country has been snowed in with over 6 million workers missing work in February. The “mortgage-backed-securities” that most directly affect mortgage rates, reacted by sending rates up to higher than they have been since January 15, 2014.
- 30YR FIXED – 4.5%
- FHA/VA – 4.00%
- 15 YEAR FIXED – 3.375%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
Some commentators are saying our mortgage rates would have gone up higher and faster had it not been for the artic vortex partially paralyzing economic activity across the nation this winter. These same commentators are predicting that the rates will go up with the temperatures, so my advice to our beloved listeners is this —IF THE DEAL WORKS FOR YOU TODAY—DO IT TODAY.
<Tom said something about not procrastinating about appealing taxes and why it pays to do it now>
My father loved a great bargain. He used to tell me, “You can’t steal in slow motion.” That meant better get it now while you still have the chance. Right now for people with a mortgage rate over 5.75%, you had better get some numbers on how much you can save to refinance. Your window of opportunity may be closing. Susan Belew and I would like to work up some financing scenarios for you. You may be pleasantly shocked at how much more you can enjoy life just by restructuring your mortgage financing. Some of the loan programs we offer do not even require an appraisal value.
If you are thinking about purchasing a home, there are still plenty of bargains out there and with the interest rates being low, at least for now, you can afford a LOT more house today than you may be able to afford tomorrow. The Core-Logic Schilling report puts Memphis as one the very top real estate markets in the nation for 2014. Talk about an opportunity to build your wealth—and right here in our own Memphis, TN.. Local people are buying real estate in Memphis and so are people from around the nation and the world. Some of the biggest bargains are for houses that need fixing up. Susan and I have two renovation and repair loans that help the homebuyer buy the house and fix it up for very little money out of pocket. We have a renovation and repair loan available to investors too—although that one requires a little more money down. Seize the Day. Don’t let the opportunity to build wealth in real estate pass you by. You can reach me directly off the air at 901 482 0354 . My direct number off the air is 901 482 0354 or catch me on my blog www.mortgageloansblog.com
Tom <or call us on the air at 901 535 WREC 901 535 9732>
Sometimes I procrastinate. I follow Erma Bombeck’s advice “If it won’t catch fire today, clean it tomorrow.” But it sure feels great to cash in when preparation runs into opportunity . Susan and I run into quite a few customers who are procrastinators. The three biggest barriers to grabbing a real estate opportunity either to purchase property or refinance a property comes first from people who have credit issues. If you are willing to dedicate yourself to do what it takes to get your credit fixed, then Susan and I are happy to use our skills with the Credit Simulator software to put together a game plan for you to increase your credit scores, in the shortest time with the least amount of investment. We had a customer who need about 20 points higher on her credit score. She paid down some credit cards to a balance below 30% of the credit limit and we were able to get her credit scores up in a little over 30 days. A second barrier that causes procrastination is feeling like there is not enough money in the bank to make a deal work. You might be amazed at where Susan and I can find funds to close. We call it treasure hunting—and we’re pretty good at it. The third barrier is the condition of the property. If the property needs some fix ups, there are numerous possibilities for getting the property in an acceptable condition. Let’s talk!
<Tom gives his opinion on what he is seeing with real estate values in the Memphis MSA>
Memphis is like a gold mine—you can buy a lot more house here for so much less money. If you’re renting, the house note is usually lower than what you would pay on renting. If you are buying a house to use for rental property, you stand a lot bigger chance of getting a positive cash flow buying in the Memphis Metropolitan Statistical Area than in other cities around the country. We have a good standard of living and a cost-of-living factor that is not too bad either.
We have multiple opportunities to get our clients into a home for zero or nothing down because of the many down payment assistance programs available. Then there is the 100% USDA loan for the more rural less populated areas, we have the 100% veteran loan and also a 100% loan for medical doctors. We can also do a combination of a mortgage loan and an equity line or second mortgage and eliminate our customers having to pay unnecessary mortgage insurance .
We’re talking about “Lighting Your Way To Saving On Your Mortgage & Your Property Taxes.” Tom what are some ways to “light your way to save on appealing your taxes?”
LOOK BACK MEMPHIS TRIVIA CONTEST 2-8-14
It’s time to play the Look Back Memphis Trivia Contest. The winner is the first person who calls with the correct answer to our Trivia question. This week our Look Back Memphis Trivia contest is sponsored by John and Jennifer Lawhon of Lawhon Landscaping where they plan the project to the specific client’s needs and their budget. (901) 754-7474. Lawhon Landscape Design is donating a $25 VISA card to the first person who calls with the correct answer to our Look Back Memphis Trivia Contest. Call us with correct answer on air at 901 535 WREC or 901 535 9732.
Our Trivia ideas come from Jimmy Ogle, noted Memphis historian. Jimmy Ogle gives a free walking tours in Downtown Memphis in the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule:
Garner # 6 03/05/14
Davies Manor Plantation
Question: This development once spanned over 2,000 acres in northeast Shelby County and now includes the oldest dwelling in Shelby County. What is its name?
Hint: “Along The Old Stage Road” is the title of a book that chronicles the history of the area.
Hint: Hill’s Barn on the historic grounds was remodeled to become Hillwood Hall, a popular catering venue for special events of all kinds.
Hint: It is the only development abutting I-40 in the state of Tennessee, in which a dedicated bridge crosses over the Interstate highway that bisects an owner’s property, thus keeping the property connected!
Last Hint: Shelby County’s first County Historian was once the owner of this property.
Answer: 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.
Back Story: Ellen Davies-Rodgers, author of “Along The Old Stage Road” and Shelby County’s first County Historian (1965-1994) was a descendant in a long line of “Davies” beginning with Zachariah Davies, William Early Davies, James and Logan Davies (brothers), Dr. Julius Augustus Davies and Dr. William Little Davies, who left Davies Manor to his cousin, Ellen Davies-Rodgers when he died in 1931.
Today, spanning the “community” of Brunswick and neighboring the towns of Bartlett and Lakeland, the Davies Manor Homeowners Association area now consists of 879 households with almost 2,500 residents on large wooded lots in several subdivisions with illustrious street names named for family members and even a developer’s pets (Patches and Zorro!). Docent-led tours of the historic Manor House and grounds are given, and Hillwood Hall has become a very popular catering and events facility for all occasions. Don’t miss the annual Quilt Show each November! Davies Manor is listed on the National Register of Historic Places (386-0715, www.daviesmanorplantation.org).
Last Week: “Chickasaw Gardens” The Chickasaw tribe were some of the early Native-American settlers in this area. In 1922, Clarence Saunders began construction of a 36,000sf palatial mansion that he named Cla-Le-Clare (for his three children – Clarence, Lee & Clare) when he was at his peak in the self-service grocery store industry – Piggly Wiggly. Although Saunders changed the way America shopped for groceries, he could not whip the New York Stock Exchange in 1923 and lost his fortune, thus have to give up his dream estate, which also included the lake and lands being developed for a golf course.
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 TOM KING:
1. What is the time line for appealing your Shelby County real estate property taxes?
2. What is the time line for seeing the results of the tax appeal?
3. What makes the difference between you appealing your taxes vs having a professional appeal your taxes?
4. How is a tax appraisal different from a mortgage appraisal?
5. Can you use a mortgage loan appraisal to appeal taxes?
6. Do you have to physically inspect a house to appeal the taxes?
QUESTIONS ANSWERED BY JO GARNER:
- 2. What good advice to have for people stepping out and getting a mortgage to buy or refinance today?
2. How are some ways you can hang onto your money?
REAL ESTATE TIP OF THE WEEK (Tom and Jo have one each) (Jo) when you are getting preapproved for financing to purchase a home, go ahead and have the lender preapprove you for a higher loan amount than you expect to use. You can always come down on the price of the home you buy, but if the property taxes are lower or the mortgage rate is lower then when you prequalified, you may be able to comfortably afford the higher price. And if you are like me, the house you fall in love with will always be just a wee bit past the amount you planned to pay. But like a realtor told me many years ago, when you buy a house to live in, you want to buy one that you love so much that you don’t mind making the payment.
Jo’s announcements: Talk Shoppe offers free networking and education to anyone interested in business or real estate. This Wednesday Leeann Buttram and my personal trainer, Rita Connally of the YMCA will be talking about “Your Personal Fitness At Home And At Work: The Fastest Way Across The Finish Line” at DeVry University 6401 Poplar Ave 6th floor 9A-10A For more information about Talk Shoppe go to: www.TalkShoppe.BIZ. Rita Connally was my trainer during my Commercial Appeal weight loss Make Over project last fall. She’s going to share with you how she helped me lose over 30 pounds and is still helping me keep the weight off.
Next Saturday on the Real Estate Mortgage Shoppe, we will be talking with Evolve Bank about financing solutions using mortgage /bank loan combinations. For podcast of this show and others go to www.mortgageloansblog.com
- Transitional Songs: “Here Comes The Sun” by the Beatles; “Walking On Sunshine” Katrina and the Waves “Brighter Than The Sun” Colbie Caillat; Theme for Look Back Trivia Contest “Memphis” by Johnny Rivers; Sounder from the Memphis Tiger Fight Song
- Tom King, Certified Shelby County Real Estate Property Tax Appeal Expert (901) 487-6989
- 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.