We jump into the top 3 strategies you can work on to align your finances best for buying a home. Subscribe for weekly Real Estate Mortgage Shoppe podcasts and show notes at www.JoGarner.com

ECLIPSE EXPERIENCE-GETTING ALIGNMENT OF YOUR FINANCES WITH YOUR HOME PURCHASE Sat 4-13-24 9AM CT News Radio AM 600 WREC 92.1FM iHeartRadio app

Host: #JoGarner #MortgageExpert (901) 482-0354

Co-host: #TomKing #Realestateappraiser 901 487-6989

LISTEN LIVE. Subscribe for weekly 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 April 13th, 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 ECLIPSE EXPERIENCE-ALIGN YOUR FINANCES WITH YOUR HOME PURCHASE Listen live. Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com

Introducing Tom King, Real Estate Appraisal

Tom King, our expert real estate appraiser has come back around to the Real Estate Mortgage Shoppe studio. You have been calculating the path of our Mid-South real estate market. You can see value and sales trends and know first hand the ups and downs of home values and mortgage rates. Take a moment and tell our new listeners a little about yourself and the services you offer your clients as an appraiser. (Tom has about a minute and a half to introduce himself and talk about the services he offers)

(Jo) This past Monday we April 8^th, 2024, millions of people witnessed a solar eclipse. If you were in the center of the path, you witnessed a 100% totality solar eclipse with over 4 minutes of dark dusk where you could see the stars and the sun’s corona. In order to see the full solar eclipse, there has to be perfect alignment of a number of things. In order to experience the right moment to buy a house, nothing has to be perfect. Here are ways you can prepare your finances:

ADVICE FROM THE MORTGAGE DESK TO HOME BUYERS WHO GET A MORTGAGE

1. Know Your Comfort Level For A House Payment In Your Budget

You need to take some time to go over your bank statements and credit card statements to see what you are actually spending each month. Remember those bills you pay once or twice a year.

Look at your actual income.

Can you eliminate some bills? Substitute something you like and enjoy for something else that you could learn to like but is less expensive?

Once you have adjusted you budget, realistically, what is the maximum house payment that you can comfortably pay?

Don’t rely on the loan officer to tell you how much you can afford YOU need to stay within your personal comfort zone, even if you qualify for a higher payment. Stay in your comfort zone.

2. Make sure you have enough emergency funds left over after closing to take care of your moving expenses and other emergencies that might come up. If you don’t feel you have enough emergency funds, then we can explore some down payment assistance programs if you qualify for them. Also, do you have a supportive family who can help you financially if you got into a bind?

#3. Be ready and willing to think creatively about buying and financing your home. You may want to buy a home with a bonus room, a workshop and a deck out back for entertaining, but budget is limiting you to a less expensive home. Imagine if you could buy the lesser priced home and use part of the garage for your workshop, finish out the bonus room above the garage later as you can afford it. You can also save your money and build a deck out back for your bar-b-que pit and entertaining area. You can improve the house you buy over time to BE your dream home.

1. next home? If you are planning to move away from the geographic area in the next 3 to 4 years, you may want to consider renting. Seek qualified financial advisors in your decision. Depending on how the market moves, real estate tends to be a better investment the longer you own it.

2. If you plan to stick around for five years or more, let’s explore some financing options available to you. I can make getting the mortgage on your next home EASY. Connect with me at (901) 482-0354 www.JOGARNER.com

(Jo) Tom King, as our appraisal expert, what are some points you will be sharing with us?

You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with YOUR mortgage. I can make the mortgage process EASY. Call or text me at 901 482-0354 or at JoGarner.com

When we come back we will be hearing more from Tom King, our real estate appraisal expert about our housing market in the Mid-South. See you back in just a moment.

^{THE LOOK BACK MEMPHIS TRIVIA CONTEST}

^2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is sponsored by Mike Aukerman, Home Inspector with National Property Inspections. If you are considering buying a home, don’t buy until you get with Mike Aukerman of NPI National Property Inspections 901 674-6868, Mike Aukerman is giving away a $50 gift card to the first person with the correct trivia

We can look back and remember the solar eclipse we viewed in Memphis April 8^th, 2024

QUESTION: What is the next year that you will be able to see a partial solar eclipse and drive from Memphis in less than half a day to be in the path of totality?

( ANSWER-the year 2045)

On August 12, 2045, a total solar eclipse will occur in the U.S., the Caribbean, and South America. In the U.S., the path of totality will cross over California, Nevada, Utah, Colorado, New Mexico, Oklahoma, Kansas, Texas, Arkansas, Missouri, Mississippi, Louisiana, Alabama, Florida, and Georgia. In the Caribbean, the path of totality will cross over The Bahamas, the Turks and Caicos (United Kingdom), Haiti, the Dominican Republic, and Trinidad and Tobago. In South America, the path of totality will cross over Venezuela, Guyana, Suriname, French Guiana (France), and Brazil. The maximum duration of totality for this eclipse will be 6 minutes and 6 seconds. The maps below show the path of totality over the U.S., the Caribbean, and South America. To experience the total phase of the eclipse, you must be located within the path of totality represented on the maps below. Areas outside the path of totality will get a partial solar eclipse only.

In the U.S., a partial solar eclipse will also occur in Alaska, Arizona, Connecticut, Delaware, Hawaii, Iowa, Idaho, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Virginia, Vermont, Washington, Wisconsin, West Virginia, and Wyoming.

 

 

TOPICS COVERED BY TOM KING, REAL ESTATE APPRAISER

Real estate values in the Mid-South are staying stable in spite of mortgage rates going up over the last few weeks. Still short supply of homes for sale and healthy demand from homebuyers.

Tom is seeing a significant number of sellers offering to pay allowed costs for home buyers. Lenders are giving some help where allowed also, depending on which lender you use.

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

TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER

The right mortgage can get you quicker to the life you want…and the life you want to leave for your loved ones.

1. Derrylyn Dancy—Help! The higher mortgage rate is a bit daunting

 

 

Derrylynn was a young woman on a mission to win in life. One way she knew would get her on track is to stop wasting money renting and put her monthly shelter costs toward owning her own home.

Last year the challenge was finding a house that she really liked. After making offers on houses over a several months, somebody else always offered more money and did not need any help on costs from the seller. She lost out to competitors every time.

This year mortgage rates had gone up a few points higher than last year. In the mid two-hundred thousand price range the payment was over $400 per month higher than it would have been last year. But, she had a better chance of the seller accepting her offer this year

In the professional job where she worked, her income was going up every year. If she could just get the payment down the first couple of years she could enjoy owning the house a lot more.

The answer for Derrylynn? The 2/1 Buydown mortgage. She could enjoy a low payment with a mortgage rate in the low 5’s the first year. The second year the payment would inch up a little higher with a rate in the low 6’s and the third year and thereafter the rate would be in the low 7;s.

Derrylynn consulted with her financial advisors who pointed out that her income was going up regularly to compensate for the payment increase. Based on the current market trends it looked probable that, if she needed to sell the home later, she could sell the home profitably, or use the home for a rental property. Her mortgage was an assumable government product, so there was another possible exit strategy for the future too. In other words, Derrylynn multiple exit strategy possibilities for the future. She also planned to refinance to a much lower fixed-rate mortgage if mortgage rates every dropped back down low enough.

Derrylynn’s realtor negotiated for the seller to pay for the 2-1 Buydown. On a home priced in the mid $200 thousand range, the 2-1 Buydown costs approximately $6,000

Derrylynn saved about a few hundred dollars per month on her payment the first year. She saved a little less the 2^nd year. The third year the rate would become fixed.

By starting our with a mortgage rate 2 points lower than the market rate, the home was more than affordable to Derrylynn.

The last strategy was a plan to refinance Derrylynn’s loan when and if the fixed mortgage rates drop back lower one day.

NOAH AND NORAH’S STORY-ASK AND YOU SHALL RECEIVE WHEN YOU THINK AND ACT OUTSIDE BOX

(Jo) My favorite thing about being a mortgage loan officer is that I get to meet the most amazing people on their journey to homeownership or sometimes as they explore scenarios for restructuring their debt to get to a better life. Even if we just converse over the phone and I only get to meet them in person at the closing table, I feel like we are friends sitting around their kitchen table working together on a common project.

I am remembering a young couple with their one-year old son, Noah and Norah Nowling (not their real names.) Noah and Norah had been renting a home for over a year in a neighborhood they loved and they loved being close to family who helped them take care of their son. It was convenient and inexpensive having the family members nearby for child care on demand.

The Nowling’s finances were not in alignment though. They had student loans and were trying to save for a down payment to buy a home. Then some unexpected bills started coming in after they had their first child. They kept putting off looking for a home because they loved the neighborhood where they were living and they did not have a lot of money to put down.

“You have not because you ask not,” Noah told me. “We just picked up the phone and asked our landlord if he would sell us the house where we were living. Amazingly, he said yes. Now, we are asking you as our lender-‘can you get us the money for a down payment?’”

Since Noah was a first responder with the Fire Department, the answer was yes. For Noah and his wife we got them a low down payment government-backed mortgage funded with a Down Payment Assistance program under special guidelines for veterans, police, fireman, and other first-responders. Noah and Norah only had to pay a very small amount of their own money and everything else was paid by this special down payment assistance program.

By using this special mortgage, the Nowling’s finances quickly began to align with their dream of homeownership. The interest rate on the mortgage was lower than the current loan rates. This made the Nowling’s house payment a little lower too. The down payment assistance and some help from the seller helped Noah and Norah keep some emergency funds in place too.

The Nowlings got to remain in the house they loved in the neighborhood next to family members who were always at the ready to take care of their little one. Except now the Nowlings monthly payments were going to create more and more wealth in owning their own home instead of paying for someone else’s home.

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

REAL ESTATE TIP OF THE WEEK –Tom King shares a tip from his industry about 1.5 MIN

Jo Garner’s mortgage tip: mortgage rates to come down, here is something to consider. Currently, mortgage rates have started up again. Some sellers are willing to pay some closing costs for buyers. Lenders are offering special down payment grants and programs for people meeting the guidelines.

If you have enough money to pay your down payment and closing costs, but you really need a lower payment until the car is paid off or until your income goes up, have your thought about a 2/1 buydown?

. For example, If the seller is willing to pay about 2% or 2.5% of the loan amount ($300K loan, the seller would pay about 7,500 at closing to offset your lower payments the first two years) You can enjoy a 2/1 buydown, you can pay less per month the first 2 years if the going mortgage rate was 7.25%. where you pay about 5.25% the first year and 6.25% the second year. The third year and thereafter you would be making the payment on the full interest rate. If your mortgage amount was $375,000,

.

Once you close and buy your home, we can watch to see if rates drop enough over the next year or so to make it worth refinancing to lower your interest and your payment.

Let’s explore the best mortgage program that will give you some bragging rights. I can make the mortgage process easy. It is easy to get started. Connect with me at (901) 482-0354 Jo@JoGarner.com www.JoGarner.com

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 1^st 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 April 17th, 2024 9AM CT “When Your Health Causes A Move” presented by author and realtor Sherry Harbur, Realtor and broker of Harbur Realty This is a health talk powered by Mary Lou Nowak’s Resource4Care, sponsored by Mid-South Home Helpers (Tim Flesner) and hosted by Talk Shoppe

(Are you considering how to realign your life and your living space so you can care for an aging loved one in your home? Are you comparing the costs to renovate your current home to add the mother-in;law suite? Perhaps you have been exploring options to sell our home and buy a bigger home. Wednesday’s free Talk Shoppe event with author and realtor Sherry Harbur helping us align our goals when our health or our loved one’s health require us to make a move. This is the Talk Shoppe event you don’t want to miss.

Thank you to Peggy Lau of Club Seacret. When traveling is on your bucket list, Peggy can help you make wonderful memories with people you love. Contact Peggy Lau of Club Seacret for lotions and potions and beaches and oceans. 901 289-0747

3. Thank you to Talk Shoppe sponsor Kelly Inman of Next Day Access. Kelly can help you modify your home with wheelchair ramps, grab bars, stairlifts and more. She can make the home accessible and safer for your family members who need help with mobility. Connect with Kelly Inman of Next Day Access at 901 258-2626.

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 Pinterest—“ Where there is a will, there will be 500 relatives”

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REJOINDERS:

1. Lynn and Troy McDonald of Erin McDonald Insurance Agency 901 849-7101

2. Genell Holloway, Eagle Hollow Enterprises (901) 270-1127

3. Suzan David of www.webandstorymedic.com Web designs

Transition Music “Circle of Life” Elton John; “If You Get There Before I Do” by Collin Raye;; “Forever Young” by Rod Stewart; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe business tip.

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

Let me provide you with peace of mind as you face life’s uncertainties. Come see for yourself why I continue to be the go-to lawyer for estate planning, probate, business law and bankruptcy clients in Memphis, TN and the Mid-South since 1978.

Talk Shoppe events are free thanks to sponsors like Donna Roach of Hearthside Senior Living. Go see Donna at Hearthside Senior Living in Bartlett. She can help you when you are trying to decide the best place for you loved ones to live who need assisted living. Call Donna Roach at 901-651-2503

Talk Shoppe events are free thanks to sponsors like Donna Roach of Hearthside Senior Living. Go see Donna at Hearthside Senior Living in Bartlett. She can help you when you are trying to decide the best place for you loved ones to live who need assisted living. Call Donna Roach at 901-651-2503

. 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: Emily’s Quotes “Don’t compare your life to others. There is no comparison between the sun and the moon. They shine when it’s their time.”

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REJOINDERS:

1. Pat Goldstein, Realtor with Crye-Leike Realtors in West TN and North MISSISSIPPI (901) 606-2000

2. Taylor Morse of Cartridge World of Collierville, TN 901 853-3230

3. Leah Anne Morse of All Things New, Organizing and Moving company 901 488-9733

Transition Music: “Eclipse” by Pink Floyd; “Total Eclipse of the Heart” Bonnie Tyler; “Here Comes the Sun”: by the Beatles; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

 

ABOUT TOM KING, BILL KING APPRAISAL COMPANY

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

“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”