On Real Estate Mortgage Shoppe today you will get 5 tips on how to get your mortgage approved at rocket speed but without skipping details that cost you money. Tom King, appraiser, with Bill King Company will offer tips on how to save time and money when you get an appraisal on your home. We talk with a special guest, a loyal West Coast listener and rocket scientist about some similarities of the launching of a rocket with a mortgage loan closing done quickly but with attention to important details.
Thank you for connecting with us at Real Estate Mortgage Shoppe. Please email to me the areas of real estate and lending that is of particular interest to you. Feel free to call me personally at (901) 482-0354. Check out this online loan application site: https://www.jogarner.evolve.mortgage. I look forward to connecting with you!
To Your Success,
Jo Garner, Mortgage Loan Officer & Host of Real Estate Mortgage Shoppe
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Good morning, Memphis! Welcome to our 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“5 WAYS TO GET A QUICK CLOSING MORTGAGE –YOU DON’T HAVE TO BE A ROCKET SCIENTIST.” Thank you to Chad Irwin, Mortgage Department Manager for Evolve Bank and Trust in Memphis, TN for sponsoring this episode of Real Estate Mortgage Shoppe. If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354. You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 Today is November 19th, 2016.
On Real Estate Mortgage Shoppe today you will get 5 tips on how to get your mortgage approved at rocket speed but without skipping details that cost you money. Tom King, appraiser, with Bill King Company will offer tips on how to save time and money when you get an appraisal on your home.
It’s always great having Tom King in the studio. Tom is all fired up and ready to launch over to the Memphis Tiger basketball game after our show this morning. Tom is the EINSTEIN of appraisals in the Memphis and Mid-South area. Tom’s experience appraising homes in the Mid-South goes back to when he was a little boy following his dad around in the appraisal business. <Tom introduces himself>
(Jo) Since we’re talking about getting your real estate and mortgage closed at rocket speed today, we have one of our West Coast listeners visiting in the studio, a physicist and a true rocket scientist in every way. Sonia Balcer, welcome to Real Estate Mortgage Shoppe. Tell our listeners a little bit about yourself and what you do. <Sonia has about 45 seconds to introduce herself> Sonia’s comments: “I work for a company that builds liquid propulsion rocket engines for launching people, hardware, and supplies into orbit. My area of responsibility is in the design of sensors that provide insight into the health and performance of those rocket engines by measuring temperatures, pressures, vibration, flow-rates — all kinds of parameters that are used by the control system to adjust the power and mixture ratio of the engine and, if necessary, to shut it down quickly and safely if there’s a hardware malfunction.” ( Jo asked, “Kind of like a temperature gauge and tachometer in a car?”)
(Jo) Speaking of rockets and propulsion—mortgage rates took off again this week, climbing higher than they have been all year. The election provided the rocket fuel. 30YR FIXED – 4 to 4.125%; FHA/VA – 3.75-4.0%; 15 YEAR FIXED – 3.375%. The Federal Reserve hinted that they very probably will raise the overnight rates in December and multiple times if inflation kicks in during the year. Word to the wise–If you have an adjustable rate or a home equity line of credit with your rate tied to the prime rate, you may want to take a look at refinancing to a low fixed rate—while the rates are still low. Let’s talk about YOUR financing scenarios. You can call me today while we are live at 901 535-9732 or after the show (901) 482-0354 or connect with me at www.JoGarner.com
<Tom King (comments about the market hopefully evening out following the election) >
(Jo) Some of my clients like to come in and meet with me face-to-face. Others want the 8-minute preapproval process over the phone and still others want to complete everything really fast online. Here’s a hint that probably won’t surprise you… the people who like to do business face-to-face or not always, but usually from the baby-boomer generation. A good portion of the mortgage customers who want to get their loan preapproved on a quick phone call are Gen Xers and Yers. The Millennials, ages 19 to 35 tend to lean toward the quick online loan application with a follow-up call later to compare some financing scenarios.
My assistant, Susan Belew and I have a terrific team and we want you to experience your mortgage approval to closing positively the way you prefer to do business. We can meet you face-to-face in my office, or on Facetime. We can go through the loan application quickly and easily on the phone in less than 8 minutes. You can go online and in just a few short minutes at your convenience, your loan can get preapproved. If you are short on time or work out of town, Susan and I have a system of doing the heavy lifting for you on getting your income and asset information without you having to do the foot work. Quick and easy.However, all I ask, is that you give me a few short minutes to explore 2 or 3 other options to make sure you are not missing out and leaving any of YOUR cash on the table .
<Sonia makes comment about not going to the cheapest vendor for rocket engine parts because the mission is important—just like the mortgage transaction is important for the borrower> Sonia’s comments: “I work for a company that builds liquid propulsion rocket engines for launching people, hardware, and supplies into orbit. My area of responsibility is in the design of sensors that provide insight into the health and performance of those rocket engines by measuring temperatures, pressures, vibration, flow-rates — all kinds of parameters that are used by the control system to adjust the power and mixture ratio of the engine and, if necessary, to shut it down quickly and safely if there’s a hardware malfunction.”
(Jo) Picture this –you’re sitting at your real estate mortgage closing. You’ve finished signing the papers. There is a stack of hard cash sitting on the closing table –YOUR CASH–$10,000 of YOUR CASH. But you’re in a hurry and you jump up and run out of the closing. You’re driving down the road when you remember, “OH! I should have picked up my cash! What was I thinking?” You drive back to the closing but the money is no longer there—you lost the opportunity to put that money in your pocket. How would that make you FEEL? I see that happening with mortgage borrowers who tell me later their experience with a 1-800 company. I asked them, “Why did you go through that 1-800 number company?” They say, “they sent me something in the mail, or email. I just wanted to get it done fast and they offered me a really low rate.” In some cases, they ended up with a higher rate and paying WAY TOO MUCH for private mortgage insurance. Let’s talk before you get you get strapped in with an online mortgage company. Check THIS loan application web site https://jogarner.evolve.mortgage instead.
But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
Tom, what are some tips you can give homebuyers, sellers, and others who are ordering a real estate appraisal to get the appraisal completed as quickly as possible? <Tom launches topic>
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[2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Jimmy Ogle offers free historic walking tours downtown in the spring and fall. For information about Jimmy Ogle, go to www.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 . 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 # 94 11/18/16
TRIVIA ANSWER:
Dr. Greene Fort Pinkston
TRIVIA QUESTION:
Question: I was a doctor in the Cordova area, known as “The Gentleman Farmer”. Who am I?
Hint: I was born in Forest, Mississippi and I graduated from Meharry Medical School in 1904
Hint: I was the only African American doctor to practice in the Cordova area in the middle of the 20th century.
Hint: In 1915, I purchased 257 acres on Lenow Road in Cordova and also began farming.
Final Hint: In 1963, TVA claimed most of his land by eminent domain, and the TVA Cordova Station is located today.
Answer: Dr. Greene Fort Pinskton. The man known as east Shelby County’s “gentleman farmer” was honored with a historical marker from the Shelby County Historical Commission last Saturday across from the TVA substation/transmission service center on Lenow Road in Cordova. The late Dr. Greene Fort Pinkston once owned the land where the TVA facility sits. His life as a rural framer/physician and how he reluctantly sold part of his 258-acre farm to the TVA in 1963 presents an interesting look at a piece of Shelby County history. He was born in Scott County, Mississippi, in 1875 and graduated from high school in Meridian, Mississippi, and taught school there. A 1963 story by the old Press Scimitar’s Clark Porteous said Greene Pinkston was 24 when he decided to attend medical school. The story said a woman to whom he was engaged died of tuberculosis and that made him want to become a doctor so he could help people.
He graduated from Meharry in 1904 and began his practice in Memphis with Dr. A.D. Byas. In 1908, they started the North Memphis Drug Co., one of the earliest black-owned drug companiesBy 1915, he had purchased 258 acres of land in Cordova and moved into a home with his wife, Penella Horne Pinkston, on Lenow Road. He paid $50 an acre for the land. He was among the earliest black doctors to practice medicine in rural Shelby County. Because of his education and large farm, he was known in the community as the “gentleman farmer.” He treated patients not only in Cordova, but also in Memphis and surrounding rural communities.
Dr. Pinkston traveled throughout the Cordova area in a horse and buggy until he got a Model T Ford in the 1920s. The Pinkstons had eight children, seven of whom he sent to college, except Howard, who wanted to farm. Howard, who is 94, still owns the portion of the farm not purchased by the TVA and lives across the street from the facility. The TVA came knocking in 1963. Greene Pinkston was 87 at the time and semi-retired. His son Charles said the giant utility was looking for a place to build a substation to bring electricity to Memphis Light, Gas and Water Division.
The news that the $8.3 million facility would be built was a big deal in 1963 because it signaled that Memphis was rejoining TVA. The pact between Memphis and TVA had official after official describing the deal in glowing terms as a major economic development lift for the city and a harbinger of lower electric rates for homeowners and businesses. As we have seen 53 years later that was not hyperbole. Dr. Pinkston did not want to sell. He loved his farm, plus he realized that Memphis was growing eastward, which meant that the land would be extremely valuable one day. He told Porteous that he had done well financially because of the farm and his medical practice, saying he really did not need the $100,000-plus TVA offered him for 188.66 acres of his farm, roughly $530 an acre.
Station on the site of the old Calhoun Street Station.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next being the Judge D’Army Bailey County Courthouse Tour (indoors): one Thursday each month at 12:00 noon – the next being Thursday, December 15. Go to jimmyogle.com for more
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QUESTIONS ANSWERED BY SONIA BALCER:
- As a physicist and rocket scientist, what similarities do you see between what you do in rocket science and the experience people have when they buy a home or get a mortgage?
Sonia answers: “Even though the fields of study are very different, I know what it is to have a need for a product or service that requires having someone on the other side who really knows the ins and outs of that hardware. Sometimes the cheapest and quickest purchase isn’t the best value, because there’s a lot riding on that hardware and I need someone who can help keep me out of trouble because they know in-depth what it takes to build it, and they know what questions to ask including ones I might not have thought of but that will affect how well that hardware will operate in our system.”
- What are some rules in the rocket propulsion business that we can apply to the real estate business?
Sonia’s comments here: “You need a good team working with you. Like many fields, there’s a lot to know, more than any one person can have at their fingertips. That’s why you need to be able to call upon others who are deeply knowledgeable and can bring their expertise to bear and thereby ensure that all the necessary aspects are properly covered.
To prepare for a rocket launch, we need a team of many people — from materials scientists, structural analysts, welding specialists, test operations engineers, mechanical and electronics designers — a broad spectrum of skills that come together in meeting the ultimate goal of a successful mission.”
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QUESTIONS ANSWERED BY TOM KING:
- What are some tips that will help homebuyers, sellers and others get their real estate appraisal done really fast?
- Talk briefly about the “firewall” between appraisers and mortgage officers
- What are some improvements people can make to their homes that tend to bring the most increase in value?
- What are some of the different type appraisals you do for your customers?
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QUESTIONS ANSWERED BY JO GARNER:
- Talk more about the top 5 tips for getting your mortgage closed a record speed without losing money in the process.
- Know the maximum house payment that is comfortable for you to pay. Know the maximum down payment that you are comfortable paying and still keeping money in your emergency fund.
- If you have time, before completing a mortgage application, you can go to annualcreditreport.com and get a free credit report. Look it over and make sure there are not any mistakes.
- If possible, have your last 2 years tax returns, latest paystubs, W2s and bank statements handy. It helps to know your exact income and the amounts you have available in assets. If you want your mortgage to close at rocket speed, it will be important for you to send to your loan officer all the documents requested within 24 to 48 hours. The longer you delay getting paperwork to the loan officer, the longer it will take to close. My assistant and our team have systems in place to get some of your supporting documents without you having to do all the footwork, but be ready to supply the information if your other resources are delaying too long.
- Don’t put the appraiser off. Let the appraiser come complete his part as early in the process as possible. Then if there are needed repairs or other issues from the appraisal report, we can get them resolved quicker. If you or the seller are required to complete repairs, get them done right away. Many times real estate closings are delayed due to parts and repairs taking longer than expected.
- Go ahead and have a Plan A and Plan B for how you will proceed at closing. I can give you a check list to remind you that you may need to have your spouse sign 3 or 4 documents if you are buying or refinancing your primary residence, even if that spouse is not on the loan. Check with the title company too, to make sure you are prepared on the day of closing.
- What tools do you and your assistant Susan use to get loans approved and a clear to close in less than 30 days?
- https://jogarner.evolve.mortgage This is an online loan application site where you can complete your loan application in the comfort of your own home on your own time. The difference in this online site, is that you will have an experienced loan officer dedicated to you from the start to the finish of your loan process. You can talk with me or email me at any time during the process.
- You get a Tip Sheet from us when we start working together, which helps you avoid unnecessary time delays and costly mistakes. You get follow up communication regularly to help keep you on track.
- If you want the loan officer team to help get your supporting documents into the bank without you having to do all of the work, you can sign authorizing the team to get information from your CPA, banker and employer.
REAL ESTATE TIP OF THE WEEK (Tom King a money-saving, time-saving or trouble-saving real estate tip. Make sure you have the correct seller name with correct middle name or initial listed on the home purchase contract that matches the owner of record to avoid delays in making this correction ):
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 the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday November 23rd, 2016 Talk Shoppe presents: “Open Microphone.” You get to share with the group a little bit about yourself and what you do. Talk Shoppe events are free thanks to sponsors/advertisers/supporters like Gwen Christensen, owner of Builders Floors and Interiors. Gwen is an interior decorator and knows how to get your wood flooring, ceramic tile and carpet installed for less than the big box stores charge you. Connect with Gwen at www.buildersfloorsandinteriors.com (901) 382-2155.
- Thank you to Chad Irwin, Mortgage Department Manager of Evolve Bank and Trust in Memphis, TN. If you are looking to be successful as a mortgage loan officer in the Memphis area or anywhere across the country, contact Chad Irwin at (901) 260-1480.
- 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.
- FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
- Real Estate Mortgage Shoppe reminds you that MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!.
- Hello to our fellow Memphis Tiger fans out there heading down to the Fed Ex Forum. The Tigers vs Savannah State. GO MEMPHIS TIGERS!!!!!!!
QUOTE CORNER:
From unknown—a letter from one of the planets to NASA “Dear NASA: Your mom thought I was big enough. Love, Pluto.”
From unknown—“Never trust an atom (spelled A T O M) They make up everything.”
From unknown—“Stand back, I’m about to try science!”
From unknown—“The scientific theory I like best is that the rings of the planet Saturn are composed entirely of lost airline luggage—and all those mysteriously disappearing socks.” Some people think they got eaten by the washing machine but I think they got sucked into space-time continuum and exist now in a different dimension.
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REJOINERS:
- Lee Ann Foster and Dr. Dale Foster MemphisNeurofeedback.com Helping you retrain your brain to restore memories, healing from brain injuries. Non-prescription drug treatment of Attention Deficit Disorder and help with Autism cases. (901) 624-0100
- Eve Sotiriou, Literacy Board Waterville, Maine
- Sherry Fincher, VP, Branch Manager of Evolve Bank West Memphis, AR (870) 735-6100
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Transitional Music: “Neutron Dance” Pointer Sisters; NASAs Orion Space Launch set to Intersteller Soundtrack; “Rockets” by the Infamous Stringdusters; Memphis by Johnny Rivers for Look Back Memphis Trivia Contest
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ABOUT SONIA BALCER- PHYSICIST & ROCKET SCIENTIST
Sonia is a physicist who provides engineering technical support in designing sensors for liquid propulsion rocket engines, with a specialty in temperature sensors, speed and flow measurements, and pressure sensors. Responsibilities include product development and integration, test operations and flight support, anomaly investigation, and data analysis. Her goal is to advance the state of rocket propulsion by listening carefully to sensors and the hardware they monitor in the service of space exploration.
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ABOUT TOM KING
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client to determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they 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. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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 20 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 She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com