Are you trying to detect, decipher and deduce the best way to achieve a financial goal? Are you trying to find the source of the leak in your house? Let’s explore some methods Sherlock Holmes used to solve his conundrums. You can know that you know that you know you took the best path.
Host: #JoGarner #MortgageExpert (901) 482-0354
Co-Host: #EdHill #MastersRoofing (901) 273-6594
Special guest: #ReverendJoRookHuggins #ChurchoftheHarvestOB www.JORook .com
Let’s stay connected! Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner .com
#homeowner #bestrefinance #findingtheleak #memphismortgage #memphisroof #debtconsolidation
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 Finding Leaks in Your Home- Deciphering the Best Fix for Financing with a Refinance. Today is October 5th, 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 Ed Hill of Masters Roofing in Bartlett, TN
(Jo) Our co-host today is Ed Hill of Masters Roofing in Bartlett. Ed you have been extremely busy lately helping people find leaks in their roof, repairing roofs and scoring A pluses with your clients. Take a minute or so and introduce yourself to some of our new listeners and tell us what services you offer your clients at Masters Roofing. (Ed Hill has about a minute and a half to say something about himself and talk about the services that he offers at Masters Roofing)
(JO) Do you remember reading some of the Sherlock Holmes detective stories? It was always amazing how he could take tiny clues to figure out “who dunnit” in a crime. Sherlock Holmes used several methods to decipher the clues and find the culprit.
#1 Sherlock Holmes, spent quiet time going over the testimonies and clues in order to read the situation. He considered each testimony and clue to determine what steps to take to find the criminal.
#2 Sherlock Holmes emptied his mind of any preconceived ideas. A good detective does not jump to conclusions. Just because often in a crime, the husband is often the guilty party, does not mean that the husband is guilty in the current case.
#3 A good detective uses logic to arrive at the correct conclusion.
Here are some common mistakes people make when they are buying a house or restructuring their finances with a refinance mortgage.
#1 Jumping too fast. They see a nicer home a friend bought and now they just want to have a house like theirs. Spending some quiet time to consider the situation would reveal that they really want is to enjoy more vacations with the family and have enough in their emergency fund to handle expensive surprises without the stress—not a higher house note.
#2 Preconceived beliefs. These customers assume they can’t buy a vacation home or an investment property to improve the quality of their life because the income-to-debt ratios would be too high. I have been on the journey with mortgage clients that had accumulated a lot of credit card debt with double digit interest rates. These customers wanted to buy a home for their kids or elderly parents but the monthly debt would choke them. In this case they decided to refinance their current mortgage and roll into the new mortgage the credit card debt. This took the monthly payment down several hundred dollars per month on a fixed rate mortgage stretched out over 30 years. Now they could afford to help their son buy his first home.
#3 Buying on emotion instead of logic. This creates buyer’s remorse. Gather facts first. Work on your budget. Make adjustment to debt. Consider logically how to rearrange your finances to get to the house you want AND the other important things in life you would like to enjoy.
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, non-traditional 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
Mr. Ed Hill of Masters Roofing, you have your Sherlock Holmes hat on this morning. What happens if we have a leak at our home but we don’t know what is causing the leak? (Ed has about 3 to 4 minutes to start launching into his topics until we go to a commercial break. Ed can continue after 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 Ed Hill of Masters Roofing and Reverend Jo Rook Huggins 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 sponsor Reverend Jo Rook, Director of Healing and Wellness at Church of the Harvest in Olive Branch, MS. Rev Jo Rook Huggins, you always have some great advice you share with us at the Talk Shoppe events on “You Might As Well Be Awesome.” Reverend Jo Rook Huggins, , what is your Talk Shoppe Business Tip for Real Estate Pros?
(Jo Rook Huggins gives her 1-min or so tip Rev Jo Rook Huggins, how is the best way for us to contact you?
TOPICS COVERED BY ED HILL OF MASTERS ROOFING IN BARTLETT, TN
How To Be A Leak Detective
Problem: Your home, business, school or church has leaking to the interior.
Solution: Be a leak detective then if help is needed call the appropriate service or trades people to resolve it.
Pointers
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A leak is the appearance of water or staining from water where water shouldn’t be
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A leak may show up a in a place distant from the source
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A leak may have more than one source contributing to the appearance of water or stains
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A leak is not always from a roof, though it often is roof related
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A leak should be analyzed concerning factors such as weather, proximity to water sources
and frequency
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A leak may occur on a range from a nuisance to catastrophic
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A leak should be photographed and videoed, measured and documented
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A leak is often an early warning of a major issue that must be addressed quickly
Areas And Sources To Inspect
Roof. Air Conditioner Blower. Plumbing. Freon Line. Water Heater. Refrigerator. Washing Machine. Gutters. Irrigation. Supply Lines. Fire Sprinklers. Foundation. Landscaping. Exterior Cleaning. Windows. Siding. Wood Rot. Winter Ice Dams. Bullet Holes…
Ed Hill, Senior Consultant, Masters Roofing Memphis and Host of MemphisHomeMaintenanceShow.Podbean.Com welcomes your questions and requests for leak detection and repairs. Contact him directly at 901-273-6594.
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Jack and Remy Renner’s Story- Refinance to a higher interest rate to save hundreds per month.
If you discover you have several thousand dollars in debts that are raking you for double digit interest rates that are variable and can go up with very little notice, you may want to look at ways to get that debt at a stable fixed rate.
.Here’s how Richard and Rena Renner stopped the bleeding from their credit cards in a rather clever way.
The Renners owned the house where they had raised their family. Their home was worth about $300,000 and the Renners owed about $100,000 on their first lien mortgage with fifteen years left to pay. Rena had quit her job and borrowed some money on a second-lien home equity line of credit on their home to go into a business partnership. Richard continued working, but Rena’s partnership business ran into money trouble. The Renners found themselves racking up some double-digit credit card balances that was eating them alive.
Finally the business was closed, and there was light at the end of the tunnel for the Renners, but they needed a plan to get rid of the high interest rate debt that kept gouging at their budget every time the interest kept going higher. The Renners owed about $20,000 on their home equity line. They owed about $30,000 on credit cards too. The monthly debt was paralyzing, even though the continued borrowing had stopped.
The Renners compared some financing options. They chose to refinance their current home and pay off the $100,000 mortgage with the fixed rate in the single digits. They replaced the mortgage with a $150,000 loan to include paying off the Home Equity Line of Credit and the credit cards. The new mortgage was a 15- year fixed rate loan with a rate of about about a half a point higher than their old mortgage rate.
Why would the Renners trade a lower mortgage rate for a higher mortgage rate? Because, by refinancing to a 15 -year FIXED RATE loan, they moved all of their debt into a stable, fixed rate that would not continue to go up and up and up every time they turned around. The overall principal and interest payment on the original first mortgage had been about under $1,000 per month. Paying off the first mortgage, the equity line and the credit cards on one low, fixed rate loan of $150,000 made the principal and interest on that loan about $400/month higher than the old mortgage. However, they got rid of the payment on the equity line that had been interest-only of $150/month and they got rid of the more-than $700/month they were paying on the credit cards. The refinance plan saved the Renners over $400 per month on their over all cash flow. They would still pay their mortgage off in 15 years and no more nail-biting worrying about interest rates continuing to go up.
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That’s the Renner’s story. What’s your story? Let’s do some comparisons on ways to reduce what you are paying in debt costs. I’ve heard it said that, “It’s free to talk.”
If you have to go back to a 30 year mortgage when you include the paying off of other debt in order to make your cash flow work, we can set up some ways you can pay the mortgage off early that would break the bank. You have to talk with me personally to work with me personally. Call me at (901) 482-0354. You can also connect with me at Jo@JoGarner.com
When Is It Smart to Use an Adjustable Rate-The Dodd’s Story
Example: A couple, The Dodds, (not their real names) came to me with a contract to buy their dream home but shared with me that they planned to retire in a couple of years. They did not have a large enough down payment to get the mortgage payment low enough to be affordable in 3 years when they retired with less income. However, they would be acquiring about $100,000 from an inheritance within the next 12 months so that, in a year, they could pay down the mortgage to less than 50% of the current balance.
For The Dodds, we looked at asking the lender to “recast” the payment once they prepaid 50% of the amount owed. If the lender had chosen to “recast” their mortgage, the Dodd’s payment would be re-amortized to a lower monthly note based on the remaining mortgage balance after paying down the $100,000 lump sum.
In their case, they chose to take an adjustable-rate mortgage with strong safety caps on the rate. After looking at the worst possible scenario if rates kept going up, for them, their payment would continue to drop even if the rate went up because every year the rate adjusted, the payment was figured only on the unpaid balance. In the Dodd’s case, the rate on the adjustable stayed low for many years due to the market rates
If you know you have a large lump sum of money coming to you within the next year or two, we need to explore the adjustable rate option for your purchase loan or on a refinance. To decipher the secret remember that most adjustable mortgages have annual safety caps limiting how much an interest can move up or down. These adjustable rate mortgage programs also have a life time safety cap on how much the interest can go up or down. If you will be pre-paying more than 20% of the mortgage balance within the next 12 to 24 months, each time the interest rate adjusts, the payments are being calculated on the lower UNPAID BALANCE on the loan.
If I went to fast on that story and lost you, call me after the show and we can look at scenarios that show you over the next 5 to 10 years what your mortgage payment would be if interest rates went all the way up to the safety caps each year how low your mortgage payment would still be.
The Reverse Mortgage-Opal Osborn’s Story
Let me introduce you to Ms. Opal Osborn. Let’s start with Opal Osborn’s story. Ms. Osborn’s husband of 50 years had passed away. She did not have much money left after her husband’s death, but she owned her home free and clear of any mortgages.
Her son called me after listening to Real Estate Mortgage Shoppe, radio show I host, and told me his mother wanted desperately to continue living in her home but needed money to make some repairs and, after her husband passed away, she lost some of the income they had been enjoying. She was going to be forced to move unless we could find a solution.
For most customers who have other investments they can change over to income, the reverse mortgage is NOT the best mortgage. Ms.Osborn, on the other hand, did not have other investments to help her. We were able to get Ms. Osborn approved for a reverse mortgage where she could get part of the money upfront to make the needed repairs on her home and then she could receive income each month from the reverse mortgage program. The reverse mortgage was a god-send for Ms. Osborn.
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Reverend Jo Rook Huggins of Church of the Harvest Olive Branch, MS tip:
Ed Hill of Masters Roofing Tip:
Jo Garner’s mortgage tip Are you thinking about helping one of your grown children or an aging parent to buy a home? If your son or daughter or parent who will be living in the property can be on the loan with you, they can qualify as the owner-occupant and we could explore using an low-down payment FHA loan with a low interest rate.
If you are the only borrower on the loan and you will not be occupying the property as a primary residence, you can still buy the home on your own but would pay a lot more down payment and a higher mortgage payment.
We could explore a cash out refinance on your current home to provide funds for the down payment on the house you want to buy for your family member.
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 9th, 2024 9AM CT “ Getting Ready for the Next Step in Your Career” Dotty Summerfield Giusti Summerfield Associates, Inc, 901-753-7068
Talk Shoppe is free to you because of the generosity of our sponsors like Vincent Demps of Masterchek.com Vincent Demps offers private investigators to combat business fraud. Masterchek also has solutions to provide cyber security for businesses. Connect with Vincent Demps at MASTERCHEK.com
A shout out to home repair contractor, Mike Wiggins, for all you have done to keep my neighbor’s home and my home repaired and working. Mike is prompt and reasonable in his pricing. He put on his Sherlock Holmes thinking cap and saved me a bunch of money by fixing a repair issue at my house in less than 5 minutes. If you need repairs on your home, call Mike Wiggins 901 870-7258.
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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:
Sherlock Holmes “It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.”
REJOINDERS:
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Mark McLaurine of Refrigeration Unlimited 901 216-7782
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Craig Jennings of Avalon Capital (901) 417-8427
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Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101
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Transitional Music: “
Transitional Music: “Theme from Pink Panter; “Theme from the Inspector; “Theme from Inspector Gadget”
“Taking Care of Business” by BTO 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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ABOUT ED HILL OF MASTERS ROOFING
Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010. He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind. He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers! For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com
Ed Hill, Senior Consultant
Masters Roofing
2845 Stage Center Cove
Bartlett TN 38134
901-273-6594
EdHill.MastersRoofing@gmail.com
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”