Don’t miss out on a great deal because you believed a common myth. On Real Estate Mortgage Shoppe Jo Garner, Mortgage Expert with Mike Aukerman, Home Inspector and Realtor Pat Goldstein will be opening up shining a light to dispel the myths to help open the door to homeownership and refinance opportunities.
Let’s stay connected! Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
#JoGarner #MortgageExpert (901) 482-0354
#MikeAukerman #HomeInspector (901 674-6868
#PatGoldstein #MidSouthRealtor (901) 606-2000
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast
listeners across the 50 states! . Today is March 23rd, 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 Getting A Mortgage & A Home Inspection -Don’t Be Fooled By Myths & Misconceptions
Please thank the sponsors of this show today. Real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer Law Firm. For your home purchase or refinance contact real estate attorneys, Rob Draughon and Shelley Rothman at (901) 752-1133.
INTRODUCING MIKE AUKERMAN, HOME INSPECTOR WITH NATIONAL PROPERTY
Back in the Real Estate Mortgage Shoppe studio we have Mike Aukerman of National Property Inspections. Mike you have been staying busy doing home inspections and also mobile home inspections as would-be homebuyers are jumping off the fence and getting their offers accepted to buy homes. You have a good reputation for being a knowledgeable home inspection—NOT an alarmist—but you do a thorough inspection and report your findings. Take a minute or so and tell our listeners a little bit about yourself and the services you offer your inspection customers. (Mike has about a minute and a half to introduce himself and talk about the services her offers his inspection clients)
(Jo) SELFIE SCAMS, FAKE LOTTERIES AND MORTGAGE MYTHS
Today we are going to be debunking some mortgage myths that either cause people to miss great opportunities or lure them into bad ones. A few years ago Andy Wise, who was a well-known and respected investigative reporter with one of our Memphis television stations, spoke at a Talk Shoppe meeting. He shared a story about a local 93 year-old lady who was the victim of a Selfie Scam. She had Facebook on her iphone to keep up with her family members but had been lured to click on a link promising something positive. Instead, it gave hackers control of her phone’s camera and microphone. The hackers took a picture of her when she was not aware of it and set it up to look like she had been engaged in criminal acts on illegal websites. They demanded money from this lady in return for not maligning her online. She went to Andy and the FBI and got help.
When it comes to the internet, all that glitters is not gold and all that is posted on the internet is not true. No, you didn’t win the lottery, especially if you didn’t buy a ticket. The person on the phone telling you he is with the IRS and they are coming to arrest you if you don’t pay them right now—it is a hoax. There are some myths in the social media world that CAN hurt you if you act of the belief that they are true. By the way, if you surf the internet a lot and want to know the truth about certain post, let me suggest www.snopes.com. They are great myth-busters.
Here’s a common Myth that has cost would-be homebuyers the chance to have been building equity in a home for a decade or more.
Myth # 1 YOU NEED 20 PERCENT DOWN
In the mortgage business, I still have some callers who tell me they would love to buy a house but they have not been able to save the 20% down payment. When I asked them why they absolutely feel they have to pay 20% down, they say, “ I thought twenty percent was the minimum down payment. You mean I really don’t have to pay twenty percent down?”
No, you don’t. Many of my clients get in for 3.5% to zero down. Others choose to put more money down. There are plenty of down payment assistance program available to people who fall within the programs’ guidelines. And before you say, “Well, I’m sure I don’t qualify,” let’s look at your numbers. You may be surprised. There are still 100% loans out there like the Veteran Administration loan and the USDA Rural Housing loan programs too. So, let’s talk. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
(JO) Mike Aukerman of National Property Inspections, you have a lot of experience working with home sellers homebuyers and realtors. Take a couple of minutes to start breaking up some myths about home inspections. (Mike has until 9:15 AM. We can continue your topics at around 9:18 when we come back from an advertising break)
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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 Mike Aukerman of National Property Inspections. We will also hear from Realtor Pat Goldstein. See you back in just a moment.
TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROS
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) 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. 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 Realtor Pat Goldstein of Crye-Leike. Pat you are known as the “Gold Standard” in real estate because of the way you work with home sellers and home buyers in West Tennessee and North Mississippi. What is our Talk Shoppe Business Tip for Real Estate Professionals today? (Pat Goldstein has about 1.5 minutes to share some tips )
Pat Goldstein, Crye-Leike Realtors 901 606-2000
Pat Goldstein, Realtor with Crye-Leike Realtors (901) 606-2000
Tip: Make sure you get a home inspector referred by a realtor or lender. Realtors and lenders have experience with inspectors and know inspectors which inspectors do a good quality job.
TOPICS COVERED BY MIKE AUKERMAN, NATIONAL PROPERTY INSPECTIONS
Home Inspection Myths
Home Inspectors can ensure your house is up code – MYTH
Difference between a Code Inspection and a Home Inspection.
Code Inspection (AHJ) – new homes (needed for a Certificate of Occupancy) use building codes as a standard.
Home Inspections inspect a home based on the standards at the time of construction. Use building codes and manufacturer’s building standards.
Discrepancies found during a home inspection are required to be fixed – MYTH
Appraisers can require something to be repaired to get a loan from the bank. (lender required repairs).
Manufactured Home Certifications (HUD Standards) ordered by the bank.
There is no advantage for the seller to order a home inspection – MYTH
Usually ordered by the buyer. Can be ordered by the seller. Can post sign “preinspected”. Downloaded using QR code. Get notification and immediately forward to the seller’s agent. Lead Generation.
Can be the full inspection or a partial inspection.
All Home Inspections are the Same – MYTH
We all use the same standards. TN and MS both have their own Standard of Practice. Takes about 2 ½ hours.
Two business models:
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Get the inspection done expeditiously – Let the report stand on its own.
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Stick around and talk to the buyers about the findings.
Some inspectors are “alarmists” – Electrocution?
This is the reason I like clients at the inspection – We can talk about the findings (what’s important and what’s not important):
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Safety, High-cost items.
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Life Expectancy.
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Things that need monitoring.
FAQ; Why do Home Inspectors use the term “appears to be”?
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Mortgage Myth #1: You can only buy a home if you have twenty percent to pay as a down payment.
Mortgage Myth #2: Real estate investors buying rental property are only allowed to own up to 10 properties if they are getting the Fannie Mae low fixed interest rate, and low payment mortgage.
Here’s a tip for real estate investors—busting the myth that you can’t own more than 10 homes. You can own more than 10 homes and still get a Fannie Mae, low fixed interest rate 30-year low payment loan. You just can’t own more than 10 FINANCED properties. And commercial properties and properties with over 4 units do not have to count in the number of financed properties at all anymore. So if you are a real estate investor wanting to get a low interest rate and whopping bigger positive cash flow on the rental homes you purchase, you may still be able to do it with the Fannie Mae loan .
Mortgage Myth # 3: If you have experienced a short sale or foreclosure in less than 7 years, you cannot get a mortgage.
Mortgage Myth #4: Your interest rate reflects the true cost of your mortgage.
Mortgage Myth # 5: Mortgage rates change only once a day and mortgage rates go up with when the Federal Reserve rate goes up.
Mortgage Myth # 6: As long as my credit scores are good, it doesn’t matter how low my spouse’s credit scores are even if both of us need to be on the loan. When applying jointly for a mortgage, lenders will pull both your credit scores and your spouse’s scores from each of the three major credit reporting agencies: Experian, Equifax and TransUnion. Lenders are required to use the middle score of the scores reported by the three bureaus. Lenders have to use the middle score from the spouse with the lowest middle score. This means that the least creditworthy borrower will have the greatest effect on your monthly payment. In some cases where one spouse’s middle scores is extremely lower than the other spouse, we might look at taking the low scoring spouse off the loan and just keeping them on the title of the property. If the income of the low-scoring spouse is needed, then the lender tries to find a way to use the lower mid credit score.
Mortgage Myth # 7: The credit score I pulled from a consumer site like Credit Karma will be the same scores the mortgage company will get.
Mortgage Myth # 8: Once the mortgage company has checked my credit, my income and my money to close during the mortgage process, they won’t check it again right before I close.
Mortgage Myth # 9: If I get a gift from someone to use as my down payment and home closing funds, the person giving me the money doesn’t have to show a paper trail on the source of their funds.
Mortgage Myth #10: A military eligible veteran can only use his or her VA entitlement for a home loan once. Not true. A military veteran can use his or her VA eligibility multiple times. If there is a VA loan connected with their entitlement still owing somewhere, the veteran may not be able to get the full amount of eligibility that he wants due to part of the entitlement is used up by the other mortgage balance.
If I ONLY KNEW EARLIER, I COULD HAVE BEEN A HOMEOWNER SOONER-JANE JENSINGTON’S STORY
A few years ago Jane Jensington (not her real name) called and said she had always wanted to own a house, but this thing and that thing always happened keeping her without a lot of money to put down on a house.
As we talked I discovered that her husband had retired from the military with over 20 years service. He got injured during active duty and eventually complications from the injury cost him his life. His widow did not think she could buy a home.
That day we let her know she could use military survivorship benefits to use her deceased husband’s VA eligibility. Armed with the truth about the VA Survivor Benefits, Ms. Jensington was able to buy her home with the zero down payment Veteran Loan.
This was a dream come true for her. Her only lament was that she lost over 10 years of wealth building as a home owner because she was under the misconception that she could not get a VA 100% mortgage because she herself was not an eligible veteran.
4th segment following 9:45 am break about 9:48 to 9:56 AM
REAL ESTATE TIP OF THE WEEK –Pat Goldstein as about a minute to share another real estate tip
Mike Aukeman shares a one-minute tip from the home inspection business
Jo Garner’s mortgage tip: There is a true saying-“Don’t wait to buy real estate. Buy real estate and wait. Very much like today, in 1972 mortgage rates moved up to around 7.5%. Would-be buyers held off buying a home and decided to sit on the fence until the mortgage rates moved down below 7.5%.
In 1972, a buyer could buy a home for $30,000. Mortgage rates did not dip below 7.5% until 1992. If the buyer n 1972 had waited until 1992 when mortgage rates finally dropped, he or she would have to buy the same house for around $250,000. Did it really pay this buyer to wait? Don’t wait to buy real estate. Buy real estate and wait.
I can help you find the right mortgage program and make the mortgage process EASY. (901) 482-0354 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 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 Aoril 3rd, 2024 9AM CT “Redefining the Foundation Repair Experience” Stephen Kline, Redeemers Group www.redeemersgroup.com
Talk Shoppe events are free thanks to sponsors like Kim Halyak of the CooperYoungGardenWalk.org If you are in the Memphis area, get with Kim Halyak to get your garden on the 2024 tour. Kim contributes to tourism to the Memphis area for the Garden Tours. CooperYoungGardenWalk.org
3. Thank you to Talk Shoppe sponsor Brett Carter of ServiceMaster by Cornerstone for your contributions to our business community through Talk Shoppe When you experience a fire, flood or bio hazard in your home or office, don’t go it alone, call Brett Carter of ServiceMaster by Cornerstone 901 832-6005
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 :Anonymous “Money Can’t Buy Happiness, But Neither Can Poverty”
“I know the voices aren’t real, but they sure have some great ideas.”
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REJOINDERS:
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Paul Youngs Real Estate Investor Trainer Atlanta, Georgia
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Tresa Todd Womens REIN Dallas, Texas
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Carl Sater, Credit Advisor Long Island, NY
Transition Music: “Fool On The Hill” by Sergio Mendez & Brasil 66; “Fool In Love” Tina Turner; “Won’t Be Fooled Again” by The Who. “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
Mike Aukerman
Owner/Inspector mike.aukerman@npiinspect.com 1-901-674-6868
Background / How I got started
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Lived in a single-wide trailer until I was 12.
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Big deal for us when we bought a house.
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House needed a lot of work. Helped my dad fix up the house.
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Liked working on houses, went to vocational school my last 2 years of high school (Carpentry-Remodeling).
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Due to the economy at the time, I joined the Navy (Submarines) in 1978.
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26 Years in the Navy. Retired.
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Federal Government 12 years. Retired.
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Started my home inspection business in 2016.
Mike is a retired Navy Veteran (Submarines). He has a passion for restoring/remodeling homes from working with his father when the family bought their first home. Asa result, he loves working with first-time home buyers.
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”