Here’s a formula that has proven successful for making changes not so scary, when it comes to your real estate. Guidelines to follow, ideas to develop and inspiration for your journey.
BUYING A HOME THROUGH NEW SEASONS IN LIFE DOESN’T HAVE TO BE SCARY
Sat 10-26-24 9AM CT News Radio AM 600 WREC 92.1 FM & on your iHeartRadio app
#JoGarner #MortgageExpert (901) 482-0354
#SherryHarbur #MidsouthRealtor www.HarburRealty. com
#TimFlesner #HomeHelpers (901) 414-9696
Listen live. 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! . 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 BUYING A HOME THROUGH NEW SEASONS IN LIFE- IT DOESN’T HAVE TO BE SCARY. Today is October 26th, 2024 Call us in the studio while we are live at 901 535-9732.
This episode of Real Estate Mortgage Shoppe is sponsored by real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton, Maschmeyer Law Firm. For title work and closing on your home purchase or refinance, call Rob and Shelly at 901 752-1133.
Introducing Sherry Harbur, Real Estate Broker with Harbur Realty
(Jo) Our co-host today is Sherry Harbur, Real Estate Broker with Harbur Realty.
Sherry Harbur is the author of the book “Senior Housing Roadmap-Step-by-Step Guide to Choosing the Right Option for Your Family.” Sherry has decades of experience as a residential and commercial realtor. She goes the extra mile helping her clients who need to buy or sell a home. You are a member of the WISH group of pros helping downsize or make transitions to a different life style. (Sherry has about 1.5 minutes to intro herself and talk about the services she offers her clients)
(JO) They say the one thing that never changes is that everything will always change. Here’s a formula that has proven successful for making changes not so scary:
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Make a plan for the changes you need to make. Make a list of barriers you need to overcome.
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Start small and take regular baby steps
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Involve a buddy
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Ask for support
Here are some of my hall-of-fame mortgage customer stories from the book “Choosing the Best Mortgage-The Quickest Way to the Life You Want.” First-time homebuyers-The Johnanasen’s were faced with challenges affording a down payment and monthly payment on the house they wanted to buy. To overcome these barriers, they qualified for a special lower-than-market interest rate for a lower payment with down payment assistance to protect their emergency fund.
Do you need to buy another home but can’t sell your current home right away? Check out Zana Zager’s story in the book. Zana Zager’s current home was worth a lot of money and she did not owe a lot on her mortgage. Ideally, Zana wanted to sell her current home and take the huge profit to invest in the new home where she was moving. This would keep her new mortgage payment very low, but her current home needed some repairs and she didn’t want to sell it cheap. Her answer was a temporary bridge loan to use as a down payment on the new house that she would pay off when she eventually sold the old home.
Opal Osborn was a widow and owned her house free and clear. She wanted to continue living in her home, but the house needed some repairs for Ms. Osborn to live there safely. She did not have a lot of other investments and her budget was tight. The reverse mortgage was a god-send for Ms. Osborn. She was able to get a lump sum of money up front to repair her home and the mortgage company pay HER a monthly payment each month. Ms. Osborn was able to enjoy living in her own home and, with the additional income, she could afford to have an agency come in a few times a week to assist her with light house work, simple meal preparation and helping her run errands.
The Bingham’s always handled their finances well until their daughter fell ill with a life-threatening disease. They had to take time off from work to support their daughter in her fight to survive. With the lesser income and mounting debts, the Bingham’s racked up thousands of dollars on their credit cards. Once the Bingham’s daughter was stable, the answer for the Bingham’s was a cash out refinance to combine all of their debt into one fixed rate 30-year mortgage, saving them almost $1,000 per month in debt payments. They planned to pay off the new mortgage early.
You can find these customer stories and more in the book “Choosing the Best Mortgage-The Quickest Way to the Life You Want” available on Amazon and Barnes and Noble. What do YOU want to accomplish with YOUR mortgage? Whether you are buying a home or refinancing to achieve goal, put my experience to work. I know about traditional mortgage products, alternative mortgage products and even combinations of products that can help you get some bragging rights on your next mortgage. Let’s work together to get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
(Jo) Sherry Harbur, you are an experienced realtor and broker with Harbur Realty. You are also an author of the book “Senior Housing Roadmap-A Step-by-Step Guide for Choosing the Right Option for Your Family.” You have a handy workbook that goes with your book, and I believe you are giving this away to people who need it. We have a couple of minutes before we go to break. Please share some of your wisdom with us. We can continue after the break. (Sherry has 2-3 minutes to launch into her topics before break. She can continue after the 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 from Realtor/Broker Sherry Harbur of Harbur Realty and Tim Flesner of Home Helpers will be joining us with a helpful tip.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business or health and wellness. Talk Shoppe is made possible by the financial support of its sponsors. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe Premier Sponsor Tim Flesner of Mid-South Home Helpers-non-medical assistance like light meal preparation, bathing, errands and more. You have a reputation for giving Home Care With A Heart. Tim Flesner of Home Helpers, what is our Talk Shoppe tip today?
TIP:
TOPICS BY SHERRY HARBUR, HARBUR REALTY
Real Estate does not have to be Scary — There are different Real Estate Seasons for every family.
Season 1: Remember your FIRST HOME? That is such an exciting time, but can be scary if you are not aware of the areas, the process or how to be sure you are not making a financial mistake of overpaying or getting the wrong type of loan. While recently it has been hard for First time home buyer’s to get into the market with the investors competing for their inventory as well, we have more homes on the market now and our buyer’s are having a chance to win their offers PLUS get some of the down payment assistance or closing costs help needed.
Season 2: There is also a lot of frustrations when families start to “grow out” of their first home! Children are fighting over the bathroom, maybe a parent needs a quiet office space or even the children need homework space, or space is needed for a parent or grandparent to move in. The exciting part about moving this time is that the first home now has equity that can be used to put more down on this next home. Accessing that equity can allow you to have time to find a replacement home before putting your home on the market many times making the move less stressfull.
Season 3: Job promotions can often have you moving across country or across town. Many times the new commute will dictate that a housing change needs to follow. Having someone experienced in working with relocation companies is very essential to take advantage of the perks the company may offer in this move.
Season 4: This phase is exciting because you are looking to RETIRE! With the right financial plan in place, this is NOT a scary time at all – but some decisions need to be made because this can be the fastest changing season of off of them!
1. Do I retire in my current home,
2. Move to my vacation home, or
3. Do I move to be nearer children
4. Stay in my current city and find a place that is simple to maintain to give me freedom to enjoy my retirement. Often this phase will be accompanied with the loss of a spouse or health issues. It is super important that you have someone working with you in your real estate journey that understands these tricky steps so it does not turn into a nightmare. Ideally, the choices can be made while health allows you to make them yourself instead of your family needing to make these tough decisions for you.
Book — Senior Housing Roadmap introduction..
This book was written because we were working with several in the 55+ group and we were seeing some mistakes that were being made that caused families to lose a lot of their hard earned home equity by waiting too long to make some correct housing choices. Some stayed in their current home long beyond their ability to maintain it and deferred maintenance had gotten out of hand making the value decline. Some failed to put their home in their will or trust and it made it impossible for the family to sell in a timely manner after their passing. And even more frustrating, one lady failed to get the correct power of attorney for selling real estate before she was incapacitated and the neighbor that was handling her other affairs could not sell the home for her, so it went into foreclosure and all the equity was lost that could have been used to move her to a nicer long term facility for her last days. Our aim was to take the scary out of senior housing – and help the community as a whole with education to help themselves, their family and neighbors keep all the equity in their real estate investments that was also their HOME!
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Allison’s story-Be frugal-Be Focused to live the adventurous life
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Know your personal comfort level on a monthly house note. Don’t depend solely on the mortgage software to dictate your qualifying levels. You might be approved for a loan that puts you at a 50% debt-to-income level—leaving you eating beans and crackers Amelia with no room in your budget to travel, go out to eat or enjoy life.
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Let me introduce you to Amelia Allison (not her real name.) Amelia’s story inspired me. Amelia left her parent’s home right after high school and launched into an adventurous life traveling around the country. Amelia planned ahead. She got financial aid for college. She wanted to see the world, so she signed up for school in a faraway area of the country, supporting herself by working part time job and sharing a home with fellow students at the college where she attended.
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Amelia was frugal and focused. After graduating college she already knew she wanted to buy a home. But adventure still called her name. In order to travel and dive into life head first, she needed to figure out a way to get a second income without having to work a second job.
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Amelia’s answer was to purchase a four-plex—a home with four living units. Her plan was to live in one unit and let the rent coming in from the other three units more than pay her house note. As rents would be going up over time, her 30 year fixed rate mortgage would remain stable and low, creating more and more positive cash flow to fuel her excitement-seeking habits.
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Here is how it worked for Amelia: She had a knowledgeable realtor who knew the home market and the right professionals—the lender (me) and a good home inspector, title company, insurance professional and trustworthy handyman. I got her approved for a government, low fixed interest rate, low down payment loan program. With a little help from the seller on the closing costs, Amelia and I went treasure hunting for down payment funds to get her into the property without disturbing her emergency fund. I have to admit, hearing Amelia talk about her plans made me yearn to step back in time for just a little while- to be in my 20’s again. Ameila had her whole exciting life ahead of her and she knew what she wanted and how she was going to get there.
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Use a cash-out refinance to upgrade and modify the home-The Franklin’s Story
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The Franklin’s decided it would save a lot of money to bring her mother home to live with them. The cash out to a low fixed-rate mortgage gave them the funds they needed to modify the home so her mother and the Franklins could live together but enjoy the privacy of their own space. The money the Franklin’s saved with having their mother in their home was enough to allow them to hire part-time caregivers for their mother when they needed them.
- MR. AND MS. LANCASTER-BUYING HOME NEEDING REHAB-203K
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Mr. and Ms. Lancaster (not their real names) found a house in the country and close to other family. It had a perfect layout for enjoying their retirement with a bonus room for entertaining their grandchildren when they came to visit. The property was priced well below the other homes, making it very affordable to the Lancaster’s on their income. It was truly a needle in a haystack
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The flaw in the arrangement was that there was rotted wood that needed to be replaced and painted. There were some fixes that needed to be made to the electrical systems. The Lancasters were in a Catch-22. The mortgage company would not allow them to close on the home until the repairs were done. But they couldn’t make the repairs until they owned the house.
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The solution? An FHA 203K Renovation and Repair loan. Even with the price they paid for the home and the cost of the repairs, the home was worth quite a bit more than they had to spend. The Lancasters had quite a celebration day at closing and bragging rights when they went home to their new digs.
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4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Tim Flesner’s second tip: (about 1 min or so)
Sherry Harbur’s Real Estate Tip: (about one minute or so)
Jo Garner’s mortgage tip October 2023 30-year mortgage rates were in the 8’s. This October 2024 mortgage rates are in the 6’s. On a $400K loan, you pay over $500 per month LESS than a year ago.
Opportunities. If forecast are correct and home prices continue going up next year, are you really going to win buy waiting? Marry the house. Date the interest rate. Buy the house you want at today’s price and refinance to a lower rate and payment later if the mortgage rates go down enough.
Are you short on funds to close? There are loan programs that provide help for the down payment buying a home. Loan secured on retirement funds, gifts from family, loans secured on a different asset.
Can’t verify all of your income? Get around having to use paystubs and tax returns. We can calculate qualified business income deposits from your last 12 consecutive bank statements.
Credit issues? We have credit simulators that can show you the fastest method for improving your credit scores with the least money out of your pocket.
Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today. Contact me for exploring your mortgage options at 901 482-0354 and at www.JoGarner.com
Connect with me, Jo Garner,licensed Mortgage Loan Officer, 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 October 23rd, 2024 9AM CT “ The Power of Branding” presented by Hadonica Murphy, photographer.
A shout out to Genell Holloway of Eagle Hollow Enterprises for her support of our business community. Genell Holloway is a trusted advisor to many who want to know they have the best insurance coverage for health, life and long term care. Set up your personal consultation with Genell Holloway of Eagle Hollow Enterprises today at 901 653-5323.
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors.
Thank you to Talk Shoppe sponsor retired US Navy Line Commander Peggy Lau. Peggy is with Club Seacret and can show you how to travel on first-class vacations at a bargain price. Connect with Peggy today at 901 289-0747
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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.
6. Subscribe today for weekly podcasts with show notes at www.JoGarner.com
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:
To improve is to change; to be perfect is to change often.
REJOINDERS:
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Tresa Todd of Women Rein In Real Estate, Dallas , TX Real Estate Trainer
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Nick Sammons, Truvine Renovations LLC Memphis, TN
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David Corwin, USDA Director of Partnership Services Harrisburg, PA
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Transitional Music: “I’m Not Scared of Halloween” Jonathan Mann; “Monster Mash” by Bobby Pickett; “Taking Care of Business” by Bachman Turner Overdrive for talk shoppe business tip
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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
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SHERRY HARBUR, REALTOR WITH HARBUR REALTY
Sherry Harbur, Broker and Owner of Harbur Realty. 1984 started my real estate journey in New Mexico and it has been a pleasure assisting buyers and sellers in the Memphis/Midsouth market since 2000! I’ve worked through up and down markets and we get creative to make things happen for our clients best interest, no matter what the market decides to do!
Today, we still work hard for our first-time home buyer, relocation buyers and sellers, and helping our buyers and sellers right size for their current housing needs. We’ve appreciated working with multiple generations in the same family! We also love helping investors build their portfolios while making sure they truly understand our Memphis market before investing here.
We are very passionate about representation for our 55+ community. We have witnessed some serious senior abuse in their housing sales and it is heartbreaking to know their one asset that they could live on was sold at steeply discounted prices. We are adamant about taking education to our communities to help protect this class, so this last year we wrote a book called “Senior Housing Roadmap”. We want to get this into as many hands as possible for our senior community or their families. We deliver the books for free or can send them a digital link if they want to read it on their phone or iPad.
We then offer free workshops and provide a free workbook for them to work with — we call it a “Roadmap”, because it helps avoid a WRECK in their real estate planning. This is for anyone that owns a home and do not have a PLAN for what to do going forward. It allows them to know what their “Scenic Route” ahead would look like if all goes as planned, but it also gives direction for their family in the event things turn and they have to “Fast Track” into different housing. It’s always nice when we know what our loved ones desire and we can work towards that goal even if they are not able to communicate that to us at some point.
Sherry Harbur, Realtor
Harbur Realty
(901) 496-8193
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
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”