“Do It For Love-Saving Money On Your Mortgage & Your Property Taxes” 2-8-14
Good morning, Memphis and around the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust. In the studio again we have Tom King, certified Shelby County real estate property tax appeal expert with King and Vaughan Consulting.
If YOU have a real estate topic You want to discuss, call us on the air at 901 535 WREC or 901 535-9732. “Do It For Love- Saving Money On Your Mortgage & Your Property Taxes”
- Tom, I was feeling some love from the mortgage market this week. Rates started going lower last week and continued inching downward slightly this week too. The jobs report was weaker than expected and that kept the mortgage rates on the low side. Market research says that about 40% of the homeowners who could qualify for the special HARP refinance program where you don’t even need an appraisal, so those of you who have missed the opportunity to refinance a home or buy one with these low fixed rates, give me a call and let’s do YOUR numbers. (901) 482 0354 if you want to talk directly off the air. That number again is (901) 482 0354. Or you can catch me on my blog www.mortgageloansblog.com
- 30YR FIXED – 4.25% -4.375%
- FHA/VA – 3.75% 15 YEAR FIXED – 3.25-3.375%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
You may think your mortgage rate is fine, but my assistant Susan Belew and I have witnessed some of our customers get shocked and overjoyed when they found out they could save a few hundred dollars per month AND shorten the term on their mortgage all at the same time!
Tom, when I refinanced one of my mortgages, I had a unique opportunity to lower my mortgage note by over $200/mo AND shorten the term. Not only am I enjoying a an extra couple of hundred dollars per month, but here’s the good part—-I FEEL good about myself and I am using the extra money for the important stuff—making life a little sweeter for the people I care about.
Susan and I have helped numerous families with financing so they could MOVE UP to a bigger home in the same neighborhood or nearby and either keep their payment the same or even better—REDUCE their payment from what they were paying on the old house. Talk about some bragging rights! Some families have been amazed at what a little bit smaller interest rate can earn for them. The biggest enjoyment of course is a monthly mortgage payment $200 to $600/mo less than what they were paying.
Another great way to ratchet you and your family into a better home with more amenities and a low payment is to purchase a home at a bargain price because it needs repairs that would be done after closing. We have a couple of home renovation and repair loans you can use to do this. These renovation and repair loans allow the buyer to purchase the home at the closing table and finance the repairs to be done AFTER the closing so there is not a delay in getting the family moved into the house.
Some people put off buying a house or refinancing one because they think there are no more real deals out there for them. One couple finally called me after putting off refinancing for years. They told me upfront they had a great rate and refinancing probably would not help them that much. Come to find out, this couple had children late in life and now it was time to send them to college. This couple said they would use the $600/mo savings to help get the kids through school. And here is the bonus they weren’t expecting…..on the old loan they had about 20 years left, and when we refinanced, we eliminated 5 years off their term so my customers could retire sooner.
We’re talking about “Do It For Love—Lowering Your Mortgage Costs & Property Taxes.” If we are really honest with ourselves, I think most of do almost everything for love directly or indirectly. Life is just not as much fun without people you love around you. Many years ago I took a Franklin/Covey Time Management class—and I still use the principles from that program too. Each year you review your Values –what’s most important to you and list them by priority. You restate your life mission statement if you have one and then put together some goals you would like to achieve as it lines up with your purpose and your values. Almost always there were action points I wrote down that involved saving time and money or both so I could spend more money and time on the people I love.
LOOK BACK MEMPHIS TRIVIA CONTEST 2-8-14
It’s time to play the Look Back Memphis Trivia Contest. The winner is the first person who calls with the correct answer to our Trivia question. This week our Look Back Memphis Trivia contest is sponsored by Cyndee Gratz of SendOut Cards. Cyndee can offer you a unique on-line greeting card system where you can select from over 15,000 greeting cards or you can create your own cards. You can send cards individually or in large numbers for home or for your business and SendOut cards will print them, stuff them stamp them and mail them for you and you can do it all from your own computer. Check with Cyndee on how this could work for you (901) 240-9700. Cyndee has donated a $25 gift card to Cosmic Coconut for our trivia winner.
Our Trivia ideas come from Jimmy Ogle, noted Memphis historian. Jimmy Ogle gives a free walking tours in Downtown Memphis in the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule:
Now for our trivia contest: Kemmons Wilson actually began his business career selling popcorn at a movie theatre on Lamar Avenue, and later owned twelve theatres in Memphis, including the Summer Drive-In near the first Holiday Inn site. Kemmons was building homes in Memphis before he began the motel franchise that placed him on the cover of TIME magazine (June 12, 1972), one of only two Memphians ever to grace a TIME cover!
Question: Everyone knows that Kemmons Wilson was considered the “Father of Overnight Roadside Lodging in America” for opening the very first Holiday Inn at 4941 Summer Avenue in Memphis in 1952. What was the name of the restaurant at that world’s first Holiday Inn?
Hint: The restaurant name does not include any “Memphis” or “Wilson family” significance in its name.
Hint: It was the first and only time that this name was used for a restaurant at a Holiday Inn.
Last Hint: Like the motel, the restaurant was not “The Second One” but . . .
Answer: “The First One” – well not exactly what you expected, but original and it works! The name of the motel was not exactly original as it was derived from the movie starring Bing Crosby = “Holiday Inn”.
Questions for Tom King to answer:
1. Is it too late to appeal taxes?
2. What is the difference in how you appeal a commercial property vs residential property
3 How did you get into the appraising business and what keeps you in the business?
4 What are the benefits of appealing now since you missed last year?
QUESTIONS FOR JO GARNER TO ANSWER:
1 You talked earlier about the renovation and repair mortgage loan that would allow people to buy at a bargain a fixer upper and finance the fix up costs. Talk a little more about that.
Talk about FHA 203K loan and HomeStyle Fannie Mae and how it can work with Fannie m
2. What holds people back from refinancing or purchasing a home?
Credit and Funds to Close—go into more detail about how you offer solutions for p
3 What good advice to have for people stepping out and getting a mortgage to buy or refinance today?
Tip 1: Stop procrastinating and refinance
Tip 2: Buyers, get moving
Tip 3: Compare FHA vs. conventional loans
Tip 4: Ensure that your credit is golden
Tip 5: Want to pay off your mortgage earlier?
Tip 6: Underwater refinancers: Don’t take ‘no’ for an answer
Tip 8: Shop for a low rate and good service
Tip 9: Approved for a mortgage? Leave your credit alone
Tip 10: It’s not over until the loan closes
4 How are the new government Qualified Mortgage rules going to affect borrowers this year?
The gist of one of the main rules is simple: Lenders are required to make sure their borrowers can feasibly repay their mortgages. borrowers must show the ability to repay their mortgages. In return, lenders will be protected from borrower lawsuits so long as they issue “safe” mortgages that follow guidelines.
A mortgage that falls outside of the conforming and Federal Housing Administration loan limits (which vary between $417,000 and $625,500) will not be considered a qualified mortgage if the borrower’s debt payments exceed 43 percent of monthly income. Evolve Bank and Trust, at least for now, simply uses the Fannie Mae and Freddie Mac automated underwriting report to determine if we can close a loan without hampering our customers with the heavy burden of an extra set of rules. After registering the loan application, If the computerized underwriting report says Approve/Eligible on the status, we close the loan. Of course, approval is subject to getting satisfactory supporting documents from the borrower and other parties.
REAL ESTATE TIP OF THE WEEK
Jo’s is “Don’t take no for an answer” If your credit is good and a lender has turned you down, talk to an experienced loan officer with another lender. Some lenders are get their loans funded through third parties and they have extra, over the top loan restrictions called “investor overlays” that may require them to turn your loan down, while someone else—like me at Evolve Bank and Trust—do not have the extra hurdles to jump through. Call me at 901 482 0354. Susan and I have also gotten good at helping self employed customers find qualified income in the back pages of their tax returns. So many times other lenders turn down self employed people with good credit because they do not know or do not want to take time to add back any hidden income.
Jo’s announcements: Talk Shoppe offers free networking and education to anyone interested in business or real estate. This Wednesday Terri Murphy, best-selling author, CIO of US Learning will be presenting “Relationships & Romance: Both Require the “E” Factor” Wednesday February 12th 2014 at DeVry University 6401 Poplar Ave 6th floor 9A-10A For more information about Talk Shoppe go to: www.TalkShoppe.BIZ
Next Saturday on the Real Estate Mortgage Shoppe, we will be talking about financing solutions using mortgage loan-bank loan combinations. For podcast of this show and others go to www.mortgageloansblog.com
Transition Songs: “Love Is All We Need” by the Beatles; “Nickel” by Pam and Terry; “Love Will Keep Us Together” Captain and Tennile
<<Tom to thank Sherry from the YMCA at Schilling Farms for the suggesting the song by Captain and Tennille>>
<<Pam and Terry Hollahan, Memphis musicians and song writers. Pam and Terry wrote the love song “Nickel” to each other. For more info on Pam and Terry and for more of their songs, go to www.pamandterry.com >>
Tom King, Certified Shelby County Real Estate Property Tax Appeal Expert (901) 487-6989
Rita Connally, personal trainer YMCA Schilling Farms. 901 413-5298
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.com
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 17 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.BIZ She is currently the host of the Real Estate Mortgage Shoppe program 9A-10A CDT Saturdays on News Radio AM 600 WREC and IHEART Radio http://www.iheart.com/#/live/2145/?autoplay=true and currently publishes on her blog www.MortgageLoansBlog.com
For real estate financing 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 real estate, money-saving tips and more.