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P: (901) 482-0354 | E: Jo@JoGarner.com

P: (901) 482-0354 | E: Jo@JoGarner.com

ANSWERS TO YOUR QUESTIONS ABOUT HOME MORTGAGES & YOUR HOME’S ROOF

by | Mar 11, 2024 | Fixing, Home Buying, Loan Programs, Money, Mortgage Loans & Rates, Tips, Tricks & How To's

Today we are answering YOUR questions about home financing and questions you have about your home’s roof.

#JoGarner #MortgageExpert (901) 482-0354

#EDHILL #MastersRoofing (901) 273-6594

Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com

LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is March 9th, 2024. Call us in the studio while we are live at 901 535-9732.You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our topic today is ANSWERS TO YOUR QUESTIONS ABOUT HOME MORTGAGES & YOUR HOME’S ROOF. . Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin Clift Everton and Maschmeyer Law Firm for sponsoring this episode of Real Estate Mortgage Shoppe. When you are ready to buy a home or refinance one, call attorneys Rob Draughon and Shelley Rothman at 901 752-1133 to take care of your real estate closing.

INTRODUCING ED HILL OF MASTERS ROOFING, BARTLETT, TN

Back in the studio we have our expert to answer our questions about our roof, how to choose the best one, when it needs repair and when it needs replacing Ed Hill of Masters Roofing, I have heard SO MANY people talk about what an excellent job you do and how well you communicate with your customers. You know a lot about roofs and you can help with other repairs too Catch Ed Hill’s helpful podcast at MemphisHomeMaintenanceShow@podbean.com (Ed has about a minute and a half to introduce himself and talk about the services he offers his clients)

(Jo) Have you ever watched the detective show “Columbo?” Peter Faulk plays a detective who ALWAYS solves the crime by paying attention to details and asking the smart questions. People assume this scruffy-looking man, dressed in a cheap rain coat, is not that smart. He asked benign questions that take people off their guard—UNTIL- Columbo walks to the door and starts to leave. But he turns around and says, “Oh, just on more thing…” Columbo then drops the question that will bring the pivotal answer to solve the mystery and put away the bad guy.

Here Are Three Smart Questions to Answer

  1. What is the maximum mortgage payment that you can comfortably pay?

Know your budget limitations. Stay within those limitations with your house note. A number of financial experts suggest that your total house payment and other debt should not exceed 43% of your gross income. . Mortgage underwriting software will sometimes allow up to 55% on a customer’s debt ratio. Don’t depend on a mortgage company to tell you what you can afford. Your personal comfort level is the MOST important. You want to ENJOY making the payments on your new home.

  1. What is the maximum down payment you can comfortably pay down and still have money for emergencies?

You can find advice from financial professionals online and in books saying you need at least 3 months of living expenses left in your emergency fund at all times. For business owners, some advisors suggest one year of expenses to be available in an emergency. You have to decide for yourself how much you need to keep in your emergency fund. There are ways to reduce the amount of money you pay at closing. A good loan originator can hunt down the best down payment assistance to help you leave more money in your pocket on a home purchase.

  1. How can I improve my credit score?

Know one can guarantee how much doing this or that is going to raise your score. You credit profile is constantly changing. However, you can find these top tips and more in my book “Choosing the Best Mortgage- The Quickest Way to the Life You Want” on Amazon and Barnes and Noble.

  1. Review your credit for free at www.annualcreditreport.com Make sure there are no errors and make note of any derogatory ratings from your creditors. B. Make your payments on time. C. Make sure your credit card balances never show that you use more than 25% to 30% of your credit limits. The credit scoring software assumes you are a good credit risk because you leave most of your credit limit untouched on each revolving credit account. D. Stay away from 12-months-same-as-cash accounts or Buy Now Pay Later accounts. These accounts tend to score as brand new, maxed out credit cards. It can take your credit score down 50 points or more.

(Jo) Ed Hill of Masters Roofing, you are the expert on all things roofing. Let’s jump into the best questions a homeowner should ask about the roof? (Ed Hill has about 2-3 min to start launching into his topic to be continued after the 9:15 break)

OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back we will be hearing more wisdom from Ed Hill of Masters Roofing.. See you back in just a moment.

THE

The Look Back Memphis Trivia Contest is sponsored by Mike Aukerman of National Property Inspections. Before you buy, call Mike Aukerman of NPI National Property Inspections 901 674-6868. Mike is giving away a $50 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.

Rhodes College

Question: What is the name of this school located in Memphis, Tn


Hint: Historically affiliated with the Presbyterian Church (USA),

Hint: In the 1830’s this school was called Montgomery Academy, and was located in Clarksville, TN. In1925 this school moved to Memphis, TN
Hint: It is a private liberal arts college

Final Hint: This school has a Collegiate Gothic campus on 123 acres in Memphis, TN

TOPICS COVERED BY ED HILL OF MASTERS ROOFING

 

Ed Hill, Senior Consultant, Masters Roofing

901-273-6594

These questions are answered in the broadcast!

  1. What are the dark stains on my shingles?

  1. What is the difference between 3 tab shingles and architectural shingles?

  1. Is it OK to install a new roof over and existing roof?

  1. Why does my roof leak in the winter?

  1. When is the best time to replace a roof?

  1. Should I pay a contractor any money prior to building the roof?

  1. Won’t my insurance company automatically pay for a new roof after a storm?

  1. What is the best way to protect myself from shady, dishonest storm chasers?

Ed Hill started working in the roofing industry in 2008. He has assisted well over a thousand homeowners replace their roof and has repaired hundreds of leaking roofs. To ask Ed a question or to schedule a free, expert honest roof or exterior inspection or an estimate for replacement or repair call Ed direct at 901-273-6594.

3rd SEGMENT 9:35 AM-9:45AM)

TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER

More Smart Questions to Ask

#4. Determine if homeownership is right for you at the present time. How long to you plan on staying in the geographic area? If you plan on living in the area for at least 3 years or more, you need to look into owning your home instead of paying rent. If prices on homes continue to increase at a steady rate, you could be building quite a bit of wealth for yourself instead of your landlord. If you have listened to me long on the radio, you have heard me say, “trying to decide whether to rent or buy a home? You’re going to make a mortgage payment either way—yours or your landlord’s.”

Paco Perez and Paz story- How to Get Over Credit and Income Issues?

Paco and Paz put their heart and soul into their family. Both Paco and Paz had immigrated to the United States with their children to live close to their parents. Every day Paco worked in his own business as a construction contractor. Paz had a part-time salaried job and spent most of her time at home taking care of their young children and his parents. The cramped house where they were living was too small. Paco and Paz needed a larger home with a shop for Paco’s tools and equipment.

The bank where Paco had his business account turned them down for a mortgage because they said they could not find enough net income on the tax returns from his business. They could not help him with a different loan program because their credit scores were too low. The heartbreaking news of being turned down for the loan set a pall of discouragement over the household. Their realtor sent them to a different lender who also turned them down for not showing enough income and low credit scores. Now what?

Paco and Paz led into my office two of their children and one of their parents. We ask a lot of questions to determine what mortgage payment would be comfortable for the Perez’ to pay. Once we knew this and the maximum they could comfortably pay down, then we set about working on overcoming the credit challenge and lack of income problem.

The problem with the income was fixed right away. Paco Perez had a good CPA who deducted his car payments and depreciated some of his equipment. Once we showed where Paco had paid the car payments from his business account for the last 12 consecutive months and we added back to his income the depreciation paper loss, his income to debt ratio problem was fixed.

The credit situation took a little longer to fix. It took a few weeks to get some erroneous late payments removed by the creditor who reported them. The Perez’s started working on paying their two credit card balances down to show they were only using less than 30% of their credit limits on each card. Just showing that the credit card balances were paid down to show less than 30% usage –This improved their credit score by about 35%.

Paco and Paz brought their entire family to the closing for this well-deserved celebration of buying their first home.

#5 How do I get financing when the house I want requires repairs?

If you have repairs that fall under the category of Structure, Sanitation and Security of the home and the appraiser mentions these repairs on the appraisal, your mortgage company is probably going to require these type repairs to be completed BEFORE closing.

If you are in that situation, feel free to call me and we can discuss specific remedies you may be able to use, depending on your situation

Renovation and Repair Mortgage Programs

Negotiating the seller to pay for the repairs, especially if you are paying full price or a little over full price. The seller might only agree to pay for the repairs if you are fully approved with the mortgage company you are using.

If the repairs are weather-related and the weather is not suitable to complete the repair, OR windows or other components are on back order, you might be able to put up 1.5 times the cost of that repair and hold it in escrow at closing until you can get the weather-related repair completed or the components are delivered and installed. If the cost did not exceed the quote, then you would get back the extra half percent you paid into the escrow account.

4th segment following 9:45 am break about 9:48 to 9:56 am

REAL ESTATE TIP OF THE WEEK – ED HILL the process of getting your insurance claim accepted is a lot harder today than in years past. Many times you have to go several rounds with the insurance company before getting all or part of your claim accepted.

Having a local roofing company with an excellent reputation helps so much. Masters Roofing does a free inspection and takes pictures and writes up a professional report to give to the insurance company.

Watch out for non-local roofers or roofers who want to get any money up front. If they are asking for money up front, they do not have adequate credit lines to cover normal business operations. You are taking a chance they will leave with your money before doing the job or after doing a poor job.

Jo Garner’s mortgage tip: Statistics show that very smart people tend to be people who ask a lot of questions. Statistics show that, generally people who ask a lot of questions tend to be liked by others.

When you are in the mortgage process, ask questions to your mortgage professional. A good, reputable mortgage originator should be able to answer your questions and help you get the best loan program to fit your situation.

Please call me, text me or connect with me however you wish. I would like very much to be on your mortgage journey, whether you are here in the Mid-South or wherever you are in the country. What do YOU want to accomplish with YOUR mortgage? I can help you find the right product and make the mortgage process EASY.

(901) 482-0354 Jo@JoGarner.com www.JoGarner.com

ANNOUNCEMENTS:

Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower).

Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday March 13 2024 9AM CT “Gardens: Growing Beauty One Garden at a Time” Kim Halyak from the Garden Walk ExperienceMemphisGardens.org

Talk Shoppe events are free thanks to sponsors like Mark McLaurine of Refrigeration Unlimited. Mark is known as the heating and air strategist. He solves the underlying problem with your heating and air so you can avoid the cost of fixing the same problem again. Contact Mark McLaurine at 901 216-7782

3. Thank you to Talk Shoppe’s business coach, Keith Potts of Evolve Business Coaching. Keith has coached large companies and small businesses on best strategies. Connect with Coach Keith Potts at Keith@EvolveBusinessCoaching.net

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: Talk Shoppe sponsor and retired US Navy Line Commander, Peggy Lau reminds us to when solving a problem or completing a task, ask the 6 Honest Servicemen. They are: Who, What, Where, When, Why & How

Somee Cards “A person soon learns how little he knows when a child begins to ask questions.”

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REJOINDERS:

  1. Taylor Morse of Cartridge World of Collierville Why Pay More to Print 901 853 3230

  2. Leah Anne Morse All Things New moving and organizing (901) 488-9733

  3. Santa Claus Chuck Bohannon Booking agent for Christmas In July 901 619-6436

Transition Music: “Songs With Questions” Frozenintimee;; “How Will I Know: by Whitney Houston;; “Good Advice” by Allan Sherman; ; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER

An essential guide for real estate professionals and their customers.

Now on Amazon and Barnes and Noble

ABOUT ED HILL OF MASTERS ROOFING

Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010.  He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs.  He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind.  He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers!  For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com

Ed Hill, Senior Consultant

Masters Roofing

2845 Stage Center Cove

Bartlett TN 38134

901-273-6594

EdHill.MastersRoofing@gmail.com

________________________________

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 Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner

www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “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 grew up in West Tennessee and got her start in real estate 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 Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”