Do you want to buy a home but you are not sure if now is the right time? Perhaps you are not sure if you can AFFORD the home? Tom King shares the forecast for the real estate market for summer and fall of 2024. I share some creative solutions on how my clients have rearranged their finances and credit to make the home they want AFFORDABLE.
Let’s stay connected! Subscribe for weekly Real Estate Mortgage Shoppe podcasts and show notes at www.JoGarner.com Call Jo directly at 901 482-0354.
Host #JoGarner #MortgageExpert 901 482-0354
Co-host: #TomKing #realestateappraiser 901 487-6989
#memphisrealestate #memphismortgage #memphisappraisal #homebuyer
#realtor #mortgageofficer
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . 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 general topic Are Storms Coming or is it Smooth Gliding for the Housing Market. Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer in Memphis, TN for sponsoring this episode of Real Estate Mortgage Shoppe. For your home purchase or refinance, you can get your loan closed with Rob and Shelley as the closing attorneys 901 752-1133.
INTRODUCING Tom King, Appraiser with Bill King Company
(Jo) Our special guest on Real Estate Mortgage Shoppe today is Tom King, expert real estate appraiser with Bill King Appraisal Company. Tom has been appraising homes in Shelby, Tipton and Fayetee County TN for over forty years. Tom, with that kind of experience you have seen how real estate values move during a lot of different market conditions. Take a moment to introduce yourself and talk about the services you offer your customers. (Tom King has about 1.5 min to intro himself and talk about the services he offers)
(Jo) Tom King, our expert real estate appraiser. As far as real estate in the Mid-
South, you do YOU see for our local real estate market? Are storms coming or will we see some smooth gliding? (Tom as about 3 minutes to start launching into his topics on the market)
(Jo) Inflation, Interest rates and Home Affordabilty
Do you want to buy a home, but the home price and the mortgage payment is making it difficult to fit your budget?
Here are some things you can do to make your home purchase and your mortgage more affordable:
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Save more money to use for a larger down payment. The smaller loan amount allows you to enjoy a lower mortgage payment. Have you thought about borrowing against your 401k retirement fund instead of pulling the money out for the larger down payment? Gifts from family? Applying for down payment assistance?
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Boost your credit score: The higher your credit score, the lower your mortgage rate and the more affordable your mortgage payment.
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Pay off debt: You don’t have to pay off your debts completely. Paying your credit card balances down to show that you only use less than 25% of your credit limit on each card, has helping many of my clients enjoy a lot higher credit. Some of my clients have managed to restructure their debt without having to pay all of it off in order to make the new house purchase more affordable. I know plenty of ways others have done this successfully. Let’s explore YOUR options.
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Research loans and assistance: Government-sponsored loans like FHA , VA. USDA , traditional conventional loans, can offer lower, fixed mortgage rate programs
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Shop around for lenders: Remember the lowest rate is not always the Best rates. Get the official Loan Estimate from the lender. Review this with the Loan Estimate from the other lender. Check each line item because some lenders may charge a large fee for a different expense other than points to buy down the rate. I am happy to review these estimates for you to make a true comparison.
MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
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 from Tom King, real estate appraiser. Realtor Pat Goldstein will be joining us too.
2ND SEGMENT 13 MINUTES
2nd segment 9:18 am – 9:30 am
2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Our Look Back Memphis Triva contest is sponsored by Mike Aukerman, a home inspector with National Property Inspections. Before you buy, call Mike Aukerman of NPI at 901 678-6868. Mike Aukerman is giving away a $50 gift card to the first person with the correct trivia answer. If YOU know the answer to our our trivia question, call us at 901 535 WREC 901 535-9732.
4) One of the most famous female aviators in history, the Air Traffic Control Tower at Memphis International Airport is named for this person? Phoebe Omlie – she was also a stunt pilot and one of the first wing walkers in American aviation!
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TOPICS COVERED BY TOM KING, APPRAISER WITH BILL KING CO
Basic message : Home values in the Mid-South are stable and anticipated to remain stable through the next few months, unless there is a surprise market mover that occurs.
Supply and demand and inventory in balance
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Let’s talk again about Inflation, Interest Rates and Affordabilty
The nemesis of low mortgage rates, is INFLATION. Contrary to what most people believe, mortgage rates are NOT tied to the Federal Reserve rate. Mortgage rates are more closely tied to the yield on the 10-yr US treasury bill. When inflation runs high, the yields
on the 10 yr bonds tend to go higher, taking the price of mortgage rates with it.
During the pandemic years, mortgage rates were abnormally LOW because the Fed had to ride in and start buying billions of dollars in mortgage-backed instruments in order to keep money flowing. The Tresury printed a bunch of money and put it in the money supply which caused too much money chasing too few goods. When demand is high and the supply of something is low, this pushes up pricing causing INFLATION.
Jerome Powell , Chairman of the Federal Reserve was talking about lowering the Fed rate a little before the end of the year. This may or may not affect mortgage rates, depending on how the bond market reacts.
Certain other voting members of the Federal Reserve have said they do not think we are ready to lower the Fed Rate.
MARKET OUTLOOK: Our local real estate market should remain stable through the next rew months—home prices, mortgage rates, inventory of homes for sale.
BUT watch the economic reports that gauge inflation. If reports are indicating higher inflation, chances are good the price on mortgage rates will be going up too.
Moral of the story: Whe it comes to buying a home or refinancing for consolidating detts, we say on Real Estate Mortgage Shoppe “Make Your Plan. Let’s Work Your Plan. If the deal works for you today, let’s DO IT TODAY.
WIN, WIN SOLUTION FOR RESTRUCTURING DEBT -THE KNIGHTING’S STORY
The story of a couple who really wanted to buy the bigger home but the wife’s car loan was causing the debt ratio to be too high.
The Knightings were self-employed shop owners. Mr. Knighting and Ms Knighting each had a nice car and a high car payment.
“Due to Mr. Knighting’s income showing higher than his wife’s, we put them both on title to the home but only Mr. Knighting was on the mortgage. But, the wife’s car loan was in both her name and his. Their debt ratio was showing TOO HIGH for Mr.Knighting.
I asked the Knightings, “Can someone in the family refinance the car loan and put it in their name? The finance company told them no, they could not refinance an existing debt. I asked the Knighting’s, “Can you sell Ms Knighting’s car so that the car note can be paid off right away?
Mr. Knighting almost gasped, “No No. My wife really likes driving around in her nice car”
But Ms. Knighting also really really wanted to own that beautiful home.
End of the story—Since the car finance company would not allow a family member to refinance to car loan into the family member’s name, Ms. Knighting asked to see some other nice looking cars on the lot. The dealership agreed to let Ms. Knighting trade her existing car for a smaller but stylish car on the lot. When she traded the car, the old loan was paid off and the new loan was put only in Ms. Knighting’s name. Problem solved—Ms. Knighting’s car loan was no longer on Mr. Knighting’s name and he now qualified to buy the house they BOTH liked.
What do YOU want to accomplish with your mortgage? I can make the mortgage process EASY. Connect with me at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Tom King has about 1.5 minutes to share a real estate tip with
Jo Garner’s mortgage tip together: …
If you are in the process of getting your mortgage loan approved do not apply for a credit card or any other credit account. Certainly, do NOT open any new credit or add balances to existing credit accounts until AFTER your home loan is closed and funded.
Mortgage companies are required to do a soft pull on your credit right before you you go to closing to make sure you have not opened any new credit accounts.
Stay away from 12-months-same-as-cash type accounts too. Not only will this mess up your income-to-debt ratios, but it can drop your credit scores over 50 points in some cases.
If you need to shop for furniture, don’t allow anyone to make an inquiry on your credit. Just shop but do not buy until AFTER your loan has closed and funded.
Connect with me, Jo Garner,licensed Mortgage Loan Oifficer, at JoGarner.com (901) 482-0354.
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 July 17th, 2024 9AM CT
“Five Wishes- Giving Your Family Healthcare Peace of Mind”
Mary Lou Nowak, Founder, and Fearless Life Coach
Resource4 Care & Living, 901-379-6870
Talk Shoppe is free to you because of the generosity of our sponsors
Like Brett Carter of Servicemaster by Cornerstone in the Memphis area. When you have a fire, floor or biohazard, don’t go it alone, call Brett Carter at ServiceMaster by Cornerstone 901 832-6005.
3. Thank you to Reverend Jo Rook Huggins for supporting our local business community. Head over to the Healing Service this morning at Church of the Harvest 14707 Hwy 302 in Olve Branch, MS
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:
The house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.—Koki Adasi
REJOINDERS:
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Rob Draughon and Shelley Rothman of GCEM Law Real Estate Attorneys 901 752-1133
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Sherry Harbur, of Harbur Realty realtor for real estate investors www.HarburRealty.com
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Pat Goldstein, Crye Leike Realtors West TN and North Mississippi 901 606-2000
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Transitional Music: “
“Storms Never Last” Waylon Jennings & Jessi; “Charles Lindberg Flight Simulator X”; “Fly Like an Eagle” by Steve miller Band; “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 TOM KING, REAL ESTATE APPRAISER
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of 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 appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
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 Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
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 30 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 30 years.
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
Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”