Good morning, Memphis. You’re on the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Officer with Evolve Bank and Trust. Today around the coffee table we have Clint Cooper, of Redeemers Group. Clint, tell our audience a little bit about you and what Redeemers Group does for their customers
Also, around the coffee table with us we have Rob Richardson, owner of the local franchise 1-800-GOTJUNK. I see your trucks all around town, Rob. Tell us a little more about you and what you do for your customers.
Our topic today is whatever you want it to be. If it concerns your real estate, your mortgage, your credit or cleaning out junk or fixing up your foundation—call us and let’s talk. While everyone is getting their coffee and dragging up a chair, we’ll get started talking about “Clean It Up, Fix It Up—Adding Value To Your Home & Your Mortgage”
Mortgage rates went up this week as many investors bailed out of bonds to ride the stock rally. Is this a sign that low rates are about to become history? What do YOU think is going to happen? Rates are determined by your loan type, loan amount, loan-to-value and credit score. The benchmark conventional 30-year fixed-rate mortgage rose this week to 3.77 percent from 3.66 percent. The FHA rates are a little lower than the conventional rates. The 15-year conventional fixed-rate mortgage rose to 3.03 percent from 2.94 percent. The mortgage rates are higher than they’ve been since September 2012.
If you haven’t refinanced your loan yet or if you haven’t purchased that house, don’t miss the boat. Call me now at 901 535 WREC. Or you can call me off the air directly at 901 482 0354. My direct number again is 901 482 0354. My very capable assistant Susan Belew and I would like very much to put together some scenarios for you to compare.
Also in the news FHA-HUD says they’re broke. Gotta’ go up on their monthly mortgage insurance again and it’s going to cost you more unless we can get your FHA case number for the FHA appraisal ordered before April 1st 2013 –and that’s no joke. Some of the conventional mortgage insurance companies are going up about 2.7% too. Word to the wise: If the financing deal works for you today—do it today. Call on the air at 901 535 WREC or directly at 901 482 0354. If you’re driving and can’t write just remember to go to my blog later at www.mortgageloansblog.com
Steady price increases are helping fuel the housing recovery. Would-be buyers are hopping off the fence before they lose a great opportunity and sellers are jumping to get their homes cleaned up and fixed up to sell. Whether you’re buying or selling a mansion or a cracker box palace, better do it while you can still get some bragging rights on the deal.
The special HARP refinance program is still going like gangbusters. On mortgages currently endorsed by Fannie Mae or Freddie Mac prior to June 1st 2009, you can refinance to ultra low interest rates with no appraisal value needed.
FHA still has their streamline refinance loan to a lower rate. And, oh by the way, if a lender has said you have to come up with a lot of money to close on this refinance, you need to call Susan and me. We’ve been getting people into FHA Streamline refinances with no appraisal and not very much money needed at closing. Call me directly off the air at 901 482 0354. Or go to my blog: www.mortgageloansblog.com
And I saved the best news for some of you for last. The U.S. Treasury Department and members of Congress are preparing to move forward with plans to expand government-backed refinancing programs to underwater homeowners whose loans are NOT backed by Fannie Mae or Freddie Mac or any government agency. This hasn’t passed yet. But it you want to get on the follow up list for when it does, call me .
Rob Richardson of 1-800-GOTJUNK is our clean it up expert today. Clint Cooper of Redeemers Group is our foundation, crawl space and basement expert. Whether you have a mansion or a cracker box palace how can you guys help us get a higher price for our house?
Questions answered by Rob Richardson :
1. What is 1-800-GOT-JUNK? And what service do you offer?
2. Who should call 1-800-GOT-JUNK?
3. What types of items do you pick-up?
4. What happens to the stuff you pick-up?
5. Have you ever had to clean out junk from a hoarder’s house?
6. What clean up experience sticks in your memory?
Questions answered by Clint Cooper :
1. What is a foundation failure?
2. What signs are clues that there is a foundation failure?
3. How do you fix a foundation failure?
4. How long does the repair lasts?
5. What foundation, crawl space or basement repair experience sticks out in your mind?
Questions answered by Jo Garner:
1. What type of renovation and repair loans do you have for people wanting to fix up their homes or people buying a fixer-upper house?
Jo talks about the FHA 203K renovation and repair loan. Its an R&R loan but R&R doesn’t stand for rest and relaxation unless you are hiring someone like Rob with 1 800-GOTJUNK to haul off stuff and Clint with Redeemers Group to fix the underneath on the house. or Kim Shumate with Key Homes to do the other fix ups while you go fishing.
On the 203K loan you can borrower the money to buy a house or refinance one. We add in the cost to repair your home and add some reserve money to make sure you have enough. You pay in about 3.5% of the total plus some closing costs and money to set up an escrow account for taxes and insurance . If you’re buying a house you can ask the sellers to pay a lot of the closing costs and money to set up the escrow account.
2. What are some repairs or renovations that can add the MOST value to a home?
If you’re trying to sell or refinance your home on a program that DOES need an appraisal and you want to get the value as high as possible for the least amount of investment, first make sure repairs are done that affect the habitability of the house—like a leaky roof, rotted wood, malfunctioning electrical and plumbing or heating and air systems, peeling paint, torn or broken flooring or holes in the wall. Obviously if there are problems with the foundation of the house that will be a priority to fix. If the crawl space or basement has water in it or mold, that repair would be a priority. If junk in or around the house is a safety hazard, then the junk would have to go.
If you are upgrading the house, then adding heated space can add value if you aren’t over building for the neighborhood. Upgrading a bathroom or kitchen is usually a good choice. Swimming pools and landscaping usually does not add value dollar-for-dollar but it can sure add enjoyment.
After the 9:45 break, we do the Real Estate Tip of the Week: Rob and Clint each offer a nugget of practical wisdom to homeowners.
Jo gives two announcements after the Real Estate Tip of the Week:
Talk Shoppe offers the business and real estate community free education and networking every Wednesday 9AM to 10AM . This Wednesday Talk Shoppe will be at the Better Business Bureau. Don and Holly Swogger of Homevestors will be presenting “Building Wealth Buying Real Estate”. For more information about Talk Shoppe, go to www.TalkShoppe.BIZ
Next Saturday on the Real Estate Mortgage Shoppe program Tom King, an appraiser and certified Shelby County tax appeal expert with King and Vaughan Consultants, will be here helping you know how to get your upcoming property tax assessment value lowered.
Catch us live or listen to our podcasts on www.mortgageloansblog.com
Transition songs: “Cracker Box Palace” by George Harrison; “For The Love Of Money (Money, Money, Money) by the O’Jays; “Things Will Only Get Better” by Howard Jones.
Jo Garner, Mortgage Loan Officer Evolve Bank and Trust 6070 Poplar Ave Ste 200 Memphis, TN 38119 direct (901) 482 0354. www.MoneyShoppe.NET. Blog is www.MortgageLoansBlog.com For mortgage refinances and purchase loans for primary residences, second homes, and investment properties. Rates in the 2’s and 3’s. Remember, Rates Are Low, Call Jo”
Clint Cooper, Redeemers Group (foundation, crawl space and basement repair) (901) 355-8936.
Rob Richardson | Franchise Partner- Memphis |1-800-GOT-JUNK? | Mobile: 901-828-5842
For foundation, crawl space and basement repair, Clint Cooper with Redeemers Group can help. For help getting the junk professionally hauled off your property, Rob Richardson with the Memphis 1-800-GOTJUNK is your answer.
Also featured on the radio show:
Gwen Christensen, owner of Builders Floors and Interiors (901) 382-2155 www.buildersfloorsandinteriors.com
Duane McCrory, Top Quality Service (HVAC) 901 644-3303
Graham Stuckey, Seals and Ducts. Provides energy efficient adjustment and repairs to homes, saving homeowners money on energy cost. (901) 219-3806
Mark van Stolk, Business Coach with Calaveras Business Coaching http://www.calaveras-coaching.com/mark.html
Kim Shumate, Key Homes and host of the Fix-It-Up show on AM 600 (home repair and renovations) 901 386-6084
For real estate financing solutions and insurance 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 money-saving tips for insurance and more.