Today we are going to share some stories of people who thought they missed the boat buying their home, but are feeling really good about their home purchase this year. We will cover some tips on how to find and finance the purchase of your home.
Host- #JoGarner #MortgageExpert (901) 482-0354
Co-Host #PatGoldstein #MemphisRealtor Crye-Leike Realtors W TN and N Mississippi 901 606-2000
What do YOU want to accomplish with YOUR mortgage? For your home purchase or refinance, I can help you find the right mortgage program. I can make the mortgage process EASY for you.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
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LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is February 2, 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 general topic: Feeling Like You Missed The Boat Buying A Home? Top Tips For Finding & Financing A Home in 2024.
Thank you to real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer Law Firm in Memphis for sponsoring this episode of Real Estate Mortgage Shoppe. When you are ready to buy a home or refinance one, call attorneys Rob Draughon and Shelley Rothman at 901 752-1133 to take care of your closing.
INTRODUCING PAT GOLDSTEIN, REALTOR WITH CRYE-LEIKE INC
Back in the studio we have realtor Pat Goldstein of Crye-Leike Realtors. Pat has over 35 years experience in the West Tennessee and North Mississippi real estate markets. She was voted Realtor Associate of the Year from the Memphis Area Association of Realtors and earned many other designations. Pat, people in our networking groups call you the “Gold Standard” in real estate. You certainly are! Take a moment and tell our listeners a little bit about yourself and what you do for your clients. (Pat has about 1.5 minutes to tell our listeners about herself and what she does for her clients.)
(Jo) Most of our listeners know I have served as a mortgage loan originator for over 30 years. The list of “Hall-of-Fame-Mortgage-Clients” really seems endless. Today we are talking about missing the boat buying a house, but the story of Raynee Rendall happens too, when you think you have missed the boat but a better one comes along later.
Raynee Rendall Misses the Boat, But Did She?
Raynee felt like she was missing the boat on everything. She missed an opportunity at a better paying job because she waited too late to apply. She won a free trip to a Caribbean island but when she tried to cash in, she discovered the offer had expired. Now she had her heart set on buying a cute little house that was finally on the market in her neighborhood.
Raynee had been renting for most of her adult life and felt she was throwing money away with nothing to show for it. Everyday when she drove to work she saw a little house with an unusual style and would say to herself, “if that house ever goes up for sale, I’m going to buy it. That house is made for me.
One day the little house did go up for sale. Raynee called her realtor to set a time to go look at it. Her realtor sent Raynee to me to get a mortgage prequalification letter and talk with Raynee about mortgage terms. Once Raynee had the mortgage letter, she went with her realtor to check out the house. There was some rotted wood that would need to be replaced and the roof looked like it would need to be replaced soon. There were other people viewing the house, but, even with the expensive maintenance needed on the house, Raynee made her offer that night.
The next day the realtor told her the seller had taken a different offer. Disappointment dampened the whole day for Raynee. She looked at other houses but still felt she had missed the boat buying the house she really wanted. But, did she really miss the boat?
A month or so later, her realtor called Raynee to tell her that the deal on the house she really wanted had fallen through because the buyers had something come up and decided not to buy the house after all.
When Raynee called me to make sure her mortgage prequalification was still good, I was able to tell Raynee that the mortgage rates had dropped since we last talked and her payment was going to be over $200 per month less than when we priced the home purchase before.
The realtor gave Raynee another surprise. The sellers had repaired the rotted wood and gotten a new roof.
Raynee did not miss her boat after all. She got to buy the house she had always wanted and the mortgage payment was less than it would have been had she bought the house a couple of months ago and the repairs were done and she would not have these repairs coming out of her pocketbook.
It is February 2024 and mortgage rates have plummeted since back in October 2023. Call me after this show and let’s explore new mortgage terms and possibilities for YOU. Connect with me at 901 482-0354 or at JoGarner.com We can find the right mortgage program for you, and I can make the process EASY.
(Jo) Pat Goldstein, a realtor for Crye-Leike Realtors in West TN and North Mississippi. You have almost 40 years preventing home buyers and sellers from missing the boat with their real estate transactions. Share with us some of your real estate wisdom (Pat launches into her topics until 9:15 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 Pat Goldstein of Crye-Leike. See you back in just a moment.
2nd segment 9:18 am – 9:30 am
Our Look Back Memphis Trivia Contest is sponsored by Mike Aukerman, Home Inspector with National Property Inspections Before you buy, call Mike Aukerman at NPI- National Property Inspections (901) 674-6868 Mike is giving away a $50 gift card to the first person with the correct trivia answer. If YOU know the answer, call us in the studio at (901) 535-9732..
QUESTION: What was the name of the person who built the Memphis Queen III and the Island Queen riverboats in Memphis?
ANSWER : Captain Tom Meanley
Memphis Riverboats, formerly Memphis Queen Line, was a family business. Then this boat builder designed and built a tug, the Capt. Jake, in his own backyard. He went on to bigger and better when he designed the 65-foot yacht LORAC with a dream of sailing around the world.
Meanwhile, this boat builder decided that the backyard was ready for an even larger boat. This time he designed and built the 300 passenger Memphis Queen III which was completed in 1978. The current fleet was not quite satisfying enough, and with Mud IsIand, a Mississippi River theme park in the works, the Island Queen was born. Construction began (again in the -backyard) on the Island Queen, a 300 passenger triple-decked sternwheeler, which was completed in 1984. What was the name of the person who built these riverboats in his backyard?
TOPICS COVERED BY PAT GOLDSTEIN-REALTOR WITH CRYE-LEIKE INC
PAT GOLDSTEIN’S TOPICS
If someone thinks they missed the boat buying a house two years ago, what advice do you have to give them for buying in today’s market?
What are your top tips for homebuyers in the 2024 market?
What are your top tips for home sellers in the 2024 market?
Please share some examples (without identifying the actual customers.)
3rd SEGMENT 9:35 AM-9:45AM)
TIP # 1 Know What You Want and What You Can Afford
Do you WANT to buy a house? Are you tired of wasting money on rent? Are you ready for the money you spend each month to help you build your OWN wealth? Do you need more living space?
What is the maximum house payment that you can COMFORTABLY afford on a house payment? Can you restructure some debt to make more breathing room with the house payment? Can you make a list of products or services you use that can be substituted things that can give you the same benefit but at a lower costs? Can you trade or barter with others for things you need instead of spending your cash?
How much will you keep in your emergency fund after paying money for closing when you buy your home? There are plenty of financial advisors online and in books who suggest that you keep enough in an emergency fund to cover 3 – 6 months of living expenses. Some say you need a year of living expenses put back if you are self-employed. We can look at various down payment assistance programs for you to use so that you can leave yourself an adequate amount of savings in your rainy day fund.
How does your credit look? The higher your credit score, the better terms you can get on a mortgage. There are some three things you can do to boost your credit scores. Check your credit for free at www.annualcreditreport.com Call me and we can go over ways to get your credit scores higher.
How to Look Your Best To Get Your Mortgage Approved
Assets- The top priority is to have Assets available for the down payment and any other closing costs or prepaid property taxes and insurance with plenty of reserves in case of emergencies down the road. Some borrowers make the mistake of running out and paying off their VISA and Mastercard accounts because they think it will make them look better to an underwriter. Don’t pay off the credit accounts unless the mortgage loan officer specifically tells you to pay down anything. Showing more available funds in the bank can cover a lot of other not-so-good other factors in your loan file.
Credit-. Equally important is the quality of your credit history and how high your credit score is. A good credit score is over 700. An average score is around 680. Anything lower is considered low with possible mortgage rate pricing increases to cover the extra risk. Get a copy of your report from all three bureaus or from www.annualcreditreport.com.
Check www.MYFICO.com to get some tips how your credit scores is calculated. According to this site and a recent article from USA TODAY, 35% of your credit scores is made up of how you use your revolving credit card debt. If you want to put some credit score points on the board, try keeping the amount of credit you use less than 30% of your credit limit.
Make your payments on time.
Don’t get too many companies pulling your credit.
Watch out for 12-months-Same-As-Cash. These can act like maxed out credit cards and drop your credit scores.
Income- Mortgage underwriters want to see that the income is adequate and stable. Most loan programs have a maximum limit of 45% for the proposed house payment with taxes and insurance, mortgage insurance and any association fees PLUS the minimum required payments on other debt. Sometimes mortgage underwriting software will approve a customer’s debt ratio at 50% of their income or higher. Stay within your personal comfort level on debt.
Watch out if you receive a 1099 instead of W2. If you are self-employed or commission only, you need a history of this income over a year or 2 years minimum.
Don’t change jobs during the mortgage process.
Don’t even change the way you are paid from your job. Albert Abbott was freshly out of the military with a job as a new hire. The salary wasn’t great but, at least he could qualify for the mortgage to buy the house that he wanted.
As we our mortgage team was processing Albert’s mortgage papers, we noticed that, in the middle of the loan process, Albert had switched from a salaried employee where the employer withholds Federal Income taxes and other deductions, over to a 1099 subcontractor position.
As a 1099 worker, the employer no longer withheld Federal Taxes and other deductions. Now, that Albert was self-employed, he would have to pay his own taxes because now he was self-employed.
When I asked Albert about the switch from being an employee to being self-employed he said, “Because I can make a lot more money.” His eyes bulged outward when I informed him that the government mortgage program he wanted would not allow us to count any of his self-employment income until he had been on the job or at least 2 years to set up a track record.
Albert decided that “less is more” and arranged with his employer to return him to his employee status, even if he was making less money. At least he would be able to qualify for his mortgage.
Some of my mortgage clients who have been self-employed for 2 years or more still have problems getting qualified for their mortgage loan because they don’t show a lot of income on the front page of their tax return. An experienced lender can go into the back pages of the tax return to look for certain expenses that are allowed to be added back to the income. Keeping your income-to-debt-ratios under the 45% is important but sometimes the automated underwriting system will approve a borrower with a debt ratio of over 50% if they have a lot of assets in the bank. So, assets are still very important.
Appraisal on the home – Underwriters want to make sure the house is in acceptable shape without any repairs needed that would affect the habitability of the home. If there are any obvious repairs to be done, it may be a good idea to work out if the buyer or seller will be paying for the repair work.
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK – Pat Goldstein has about a minute and a half to share a real estate tip.
Jo Garner’s mortgage tip: Market forecast. Mike Fratatoni chief consultant at Mortgage Bankers Association gave his forecast last week on where mortgage rates are headed into 2024. He says if inflation numbers remain low, we can see mortgage rates stay in the 6’s or ease down into the low 5’s. He warned that the lower rates we are seeing now are luring more people into the home buying market. Since inventory on homes is still very low, the higher demand with the still-restricted supply of homes is predicted to push home prices up.
Will you really win buy waiting? Competiton is projected to be stiffer with less help for the homebuyers on closing costs from sellers and lenders.
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
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 February 7th, 2024 9AM CT Feb 7, 2024
What Property Owners NEED to know about
Memphis City Code Enforcement, Anthony Muhammad, City of Memphis, Neighborhood Improvement
Talk Shoppe events are free thanks to sponsors like Manny Corless and Ben Hunter of Independent Planning Group. Manny and Ben are advisors who offer individualized planning to help improve your complex financial situations and specialize in coordinating with your existing advisors to identify gaps and opportunities Contact Ben Hunter and Manny Corless 901 674-7745.
3. Thank you to Craig Jennings and Marla Roethe of Avalon Capital (private short-term, real estate money lenders to help you buy and/or rehab income-producing real estate homes) Contact Avalon Capital at 901 417-8427.
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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.
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Transition Music: “Sitting on the Dock of the Bay” Otis Redding; “When My Ship Comes In” by Clint Black; “I’m Your Captain” Grand Funk Railroad; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT PAT GOLDSTEIN, REALTOR WITH CRYE-LEIKE, INC
Helping homebuyers and sellers in West TN and North Mississippi.
Pat’s tip: When you are buying a home or selling a home, use full-service professionals. Use a full-service realtor like Pat Goldstein. Use a full-service lender. Hiring experienced and full-service professionals can help you because they take care of you on the transaction with behind-the-scenes details.
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
(currently working with Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner
www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “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”