Good morning! You are on the Real Estate Mortgage Shoppe program with me, Jo Garner, mortgage loan officer with Evolve Bank and Trust. Today we have Attorney Ron Cohen on our hotline. Ron is affiliated with Ballin Ballin and Fishman law firm and co-owner of Premium Title. Jenett Rochester is the paralegal and manager for the Premium Title office here in Memphis. Our topic today is “Good Deeds Are Never Lost: Where Is YOUR Real Estate Deed?”
Ron, it always great having you on the show. You have helped so many of our listeners and customers with their real estate title issues, I halfway expect you to show up in the studio one day dressed in a Superman suit and cape. Tell our audience a little about yourself and what you do.
Jenett, glad to have you back with us in the studio. You do a great job with our customers at Premium Title’s local closing office. You have been in the business a long time too. Tell us a little about yourself and what you do at Premium Title.
Now, speaking to our listeners our there….its YOUR turn. The coffee’s hot. Drag up a chair and let’s talk about YOUR real estate topics and solutions to YOUR challenges. You can talk live with us by calling (901) 535-WREC. That number again is (901) 535 9732. Remember that if you have a question or challenge, chances are good there are several other homeowners out there with the same questions. You can help someone else get the solutions they need if you just pick up the phone and start the conversation.
While everyone is getting settled with their coffee cups around the coffee table, let’s go over some of the real estate news highlights for this past week.
Let’s roll out the rates… Mid-week, the 30-year fixed-rate mortgage rose to 3.91 percent from 3.86 percent. The benchmark 15-year fixed-rate mortgage rose to 3.12 percent from 3.05 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.9 from 2.93 percent. And then….the Federal Reserve made some positive remarks about continuing to support the lower mortgage rates, and down the price on mortgage rates came again. Late in the afternoon some investors were pricing the rates a little higher. Bottom line: Rates are great! Grab the opportunity to buy a house on a low mortgage rate or refinance an existing mortgage to an ultra low rate.
Big news. Where is the home purchase market? Why is this important? According to the National Association of Realtors, for each home sale, $58,000 is pumped into the economy, and for every two homes sold the Realtors estimate it generates one additional job. People buying homes helps EVERYONE’s economy.
New home sales rose in July this was an increase of 3.2 percent from sales in June and a 25.3% increase since July 2011. New home and existing home sales would be much higher except that lenders continue to tighten the lending restrictions, keeping some, otherwise, creditworthy borrowers from being able to purchase or refinance a home.
Word to the wise: If the purchase deal or home refinance terms work for you today, do it today. Don’t wait because lending regulations keep getting tighter. Do it while you can still qualify to do it.
Refinances increased to 81% of total applications from the previous week to its highest level since late January. The Home Affordable Refinance Program through Fannie Mae and Freddie Mac is still top dog in the news. This HARP program is especially welcome to homeowners who are underwater (or owe more than the value of the home) because on the HARP program, if you meet the guidelines, you can refinance to rates in the 2′, 3’s and 4’s without an appraisal. This is good news even to homeowners who are NOT underwater.
FHA streamline refinances -that’s the program where you can refinance an existing FHA loan to a new FHA loan with the lower rates with no appraisal—- this program is doing very well also. So is the VA streamline refinance for veteran loans.
If you or someone you know would like to look at a couple of mortgage scenarios with today’s bargain basement rates, my assistant Susan Belew and I would like VERY much to talk with you. The best way to reach me directly later today or during the week is (901) 482 0354. That number again to reach Susan and I directly is (901) 482 0354. If you are expecting a scenario and some information to be emailed to you, please check your email junk box. Since we are a bank, our emails sometimes land inadvertently in your spam filter.
Call us right now about any real estate topic you want to discuss. If it is important to you, chances are good it will also be an important topic to someone else listening to the program . Be there superhero and call in so we can discuss it on the air. (901) 535-WREC.
Speaking of superheros…we have attorney Ron Cohen affiliated with
Ballin Ballin and Fishman and co-owner of Premium Title on our hotline today and in the studio we have Jenett Rochester, manager of the Memphis Premium Title office. We are discussing “Good Deeds Are Never Lost: Where Is YOUR Real Estate Deed?” Ron and Jenett, what types of real estate deeds are out there and what exactly do they do for us?”
Questions to be answered by Ron and Jenett:
1. What can happen if someone deeds you a property but you never record it?
2. What is the difference between a warranty deed and a quitclaim deed?
3. What are some examples of when you would use a quit claim deed?
4. What is the purpose of a trustee deed?
Questions to be answered by Jo Garner :
1. What are some of the restrictions on getting the HARP loan with no appraisal?
2. What the most popular mortgage programs for people BUYING houses these days?
3. What are some of the trends you see for people wanting to refinance? Are people mainly trying just lower their notes or shortening their terms?
Number one most popular refinance strategy is to shorten the term and save tens of thousands of dollars in interest payments.
Number two most popular refinance program right now is to lower the payment by going back to the 20 or 30 yr loan.
Number three most poplar strategy is to do a cash out refinance and pay off outstanding, higher interest rate debt.
4. If you were deeded a property but did not record the deed until a few days before selling the property to a buyer who needs to finance with a government FHA loan, how can this negatively affect your transaction?
FHA has a rule that it will not allow an FHA loan to be used on a transaction where the title has changed within the last 90 days from the new purchase contract date. If the contract date is after 90 days but less than 6 months from the deed recording date, then, not one but two appraisals. If you are the seller and paying the buyer’s costs, this is going to cost you more money.
Real Estate Tip of the Week- by Ron and Jenett: Oh my gosh! I can’t find my deed. What do I do? 1. Call Jenett Rochester at Premium Title Group. She will be happy to obtain a copy of the deed from the Recorder of Deeds. But don’t I need the original deed to prove ownership in my real estate? 2. No. The deed is merely evidence of title, AND (drum roll……….) you probably have a policy of title insurance which insures your ownership interest in your real estate.
Announcements by Jo Garner: Talk Shoppe is a networking group offering free education & networking to the anyone interested in real estate or business. This Wednesday from 9a to 10a at the Better Business Bureau, Talk Shoppe and the Small Business Chamber will present: “The Mastermind Principle” based on the book Think And Grow Rich by Napoleon Hill. You will be able to share and receive ideas, referrals and support from fellow business people in a small group. For more information go to www.TalkShoppe.BIZ.
Next Saturday right here on the Real Estate Mortgage Shoppe program, Richard Scarbrough, realtor and investor with First National Realty and Kevin Perk, investor and blogger with Kevron Properties and www.smarterlandlording.com will be with us to talk about the ins and outs of real estate as an INVESTMENT. Join us! For our past podcasts of the show, go to www.mortgageloansblog.com
There are many different ways to convey title to real estate.
In the olden days it used to be by the transfer of a twig and a clump of dirt.
Over time, the townspeople came to realize that carrying around a twig and clump of dirt was not practical, so, conveyances of interests in real estate evolved into processing thin sheets of paper from fallen trees (deforestation).
The most common types of deeds are as follows:
Quitclaim Deed: Conveys only the grantors present interest in the land , if any, rather than the land itself.
Warranty Deed:
Contains certain assurances by the grantor that the deed conveys good title.
Recording:
Deeds should be filed for record in some public office to put third parties on notice that you are the owner of the real estate.
Trustee’s Deed:
A Trustee (land trustee, estate planning trustee) rather than an individual or an entity (such as a corporation) conveys title.
Executor’s Deed:
An executor of an estate rather than an individual, an entity or a trustee conveys title.
Release Deed:
Used to release a mortgage lenders security interest in real estate.
Stay tuned next time for the recipe of the month: Country Jo’s Screamin’ Chocolate Cake.
Jo Garner, Mortgage Loan Officer with Evolve Bank and Trust
6070 Poplar Ave Ste 100
Memphis, TN 38119
(901) 482 0354 personal cell and direct access
www.MoneyShoppe.NET with online loan application available
www.MortgageLoansBlog.com for past podcasts
Jenett Rochester, Manager of the Premium Title office in Memphis
(901) 752 1587 option 2.
Ron A. Cohen
Of Counsel: Kusper & Raucci, Chartered
30 N. LaSalle Street
Suite 3400
Chicago, Illinois 60602
312-332-5000
312-346-1145 (direct)
312-332-4663 (facsimile)
For rates, home financing options for refinances or home purchase loans in Memphis or around the country, Jo Garner and her team would like to offer you solutions. For solution to real estate title issues Premium Title can help .