HAVE YOU FOUND WHAT YOU’RE LOOKING FOR? TAKE A CLOSER LOOK AT THE VALUE IN YOUR REAL ESTATE & THE FINANCING TERMS!
Personal note from me, Jo Garner: Thank you for taking an interest in the Real Estate Mortgage Shoppe. If you are interested in buying a real estate property or doing some financing or refinancing on real estate, please feel free to contact me personally at 901 482-0354 or connect with me on Twitter @JoGarner. Send your questions are comments to #JoGarner. I have a terrific team working with me but, please initiate the conversation with me personally.
Podcast 7-11-15
Market News
Look Back Memphis Trivia Contest
Questions Answered by Tom King-
–1. What are some clues that tell you a real estate sale is NOT an arm’s length transaction?
- What are the differences between the relocation appraisal and a mortgage appraisal?
- What are some other details that you need to explore when determining the market value of your home?
___________________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
- (story of client comparing their college student buying in a college town and renting out some of the rooms to fellow college students as opposed to paying rent at school.)
- . story of client who did not have enough money to buy a primary residence, but we found it with cash value on her life insurance.)
- story of client who called after the Real Estate Mortgage Shoppe replayed the show on converting your Bad Debt to Smart Debt. You can hear it on www.JoGarner.com using a rental property that is almost paid off and doing a cash out refinance)
REAL ESTATE TIP OF THE WEEK-
ANNOUNCEMENTS
__________________________________________________________________
Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at 901 482-0354 or at www.JoGarner.com . I’m always ready to talk with you about how to convert bad debt to Smart Debt and how to structure your mortgage to work for you TODAY AND tomorrow. If YOU have a real estate story or a question or real estate related comment YOU would like to make, call the radio show right now at (901) 535-9732 (901) 535 WREC. Our general topic today is HAVE YOU FOUND WHAT YOUR LOOKING FOR? TAKE A CLOSER LOOK AT THE VALUE IN YOUR REAL ESTATE & THE FINANCING TERMS
Sitting across the coffee table we have long-term appraiser Tom King, with Bill King Company. Tom has been around the appraisal business his whole life and he has done a BUNCH of appraisals.. Tom tell our listeners a little about yourself and what you do . <Tom introduces himself and talks about what he does>
<Tom to ask Jo Garner to talk a little bit about Jo and what she does>
Tom, you turned the tables on me. I’ve been a mortgage loan officer for about 25 years. I started out many years ago in the lawn and landscaping business with an almost all women crew. We enjoyed a lot of success and learned some skills. Then, after selling the lawn service, I got the real estate bug and my real estate license and worked as a real estate agent. But where I really excelled was putting the financing deals together, so at the encouragement of my realtor friends, that is what I have been doing for almost 25 years now. I know what realtors are going through out there and how important it is to have a close lending team mate because I have been a realor. I know what it is like to be a homebuyer trying to get qualified for the loan before the set closing date when your stuff is in the moving van because I have been on the buying side of the desk multiple times. Once real estate and mortgage gets in your blood, it is there permanently.
Part of the job description for being a mortgage loan officer on her game, is keeping up with the mortgage market. I don’t know anyone who can truly predict the future perfectly—even with mine and Tom’s famous Magic Binoculars that some of our listeners remember. But here’s what’s happening right now in the market—Have you found what you’re looking for on a mortgage rate? Better lock it because rates have been pushing up this week July 6th through 10th 2015 . The prices on mortgage rates have moved up specifically because news about overseas situations like the Greek bail out saga and the Chinese stock market crash have subsided somewhat taking away some of the lure for investors to want to invest in the more stable US bond market. When demand is high for people buying bonds in the US, it can cause mortgage rates to drop because the price on mortgage rates is tied to the 10-yr US bond yield. More market news to come when we find out how well the Greek bailout arrangement works out. Today best execution 30 year rates are around 4.125% to 4.25% with no points depending on certain factors, 15 year fixed rate around 3.25% to 3.375%. Prices on rates can vary depending a number of factors . , 30YR FIXED – 4.125%-4.25%
You know what I always say, Tom, IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Call me if you or someone you know would like to crunch some numbers on YOUR mortgage structure. Call the show now while we are live at (901) 535-WREC (901) 535-9732 or call me directly at 901 482-0354 901 482-0354 or connect with me on the blog www.JoGarner.com
(Jo asked Tom what he is seeing in his market areas? )
(Jo) Speaking of trends, some of my clients this week who are buying houses or refinancing, are taking advantage of the low rates where they are now. One particular couple who comes to mind had some tough times about 10 years ago and their credit took a hit. They have been renting since around 2008. But now, they locked in a mortgage rate that will allow them to live in a much bigger place, closer to work and with a LOWER monthly note than they were paying on the rental property. If you know someone who has a college student going back to college in August, it might be CHEAPER for them to buy than to rent. I do mortgages all over the country so if you know someone you can refer to me, I would like very much to help them compare with the Rent vs Buy program. (901) 482-0354 901 482-0354 or connect with me at www.JoGarner.com
What are you , Tom, do you have any good real estate or appraisal stories you can tell?
(Jo) You know, Tom, I have had some clients who have called me at the mortgage office and told me they thought they had found what they are looking for with their mortgage terms, but once we compared some refinance scenarios for them where they were trying to lower their note, lower their interest rate or shorten the term on the loan —they found out that some of the financing scenarios today is will save them a lot more money than they thought possible. I want to be your loan officer. Call me on this show at 901 535-9732 or call me, directly at 901 482-0354 901 482-0354 or let’s connect on the blog www.JoGarner.com
Tom, let’s talk about how we can “take a closer look” at the VALUE on real estate property.<Tom launches
It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com . our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Our Trivia Question: WHO AM I?
Garner # 56 06/19/15
Vance Park
Question: I have seen railroads and riverboats, and watch many events happen and people come and go throughout our City’s history. Who am I?
Hint: I overlook Riverside Drive and the Mississippi River.
Hint: I have a wonderful UrbanArt Commission sculpture known as “Whirl” as my centerpiece (seating and shade).
Hint: I am home for the Memphis City Beautiful Commission historical marker placed by the Tennessee Historical Commission.
Final Hint: My name comes from a street and is the name of the Trustee in the town known as South Memphis (1844-1850).
Answer: Vance Park sits atop the Memphis bluff commanding a view of Beale Street Landing, Tom Lee Park, Riverside Drive, Mississippi River, The Pyramid and every daily sunset! Located at the western terminus of Vance Avenue, just over the CN Railroad tracks and MATA Trolley Riverfront Line, Vance Park was the center of the Memphis river industry for over 100 years, as the South Main area housed warehouses for transfers from railroads to the riverboats and barges below, up until the middle of the 20th century.
Both Vance Avenue and Vance Park come from the name of William Vance, who was a trustee in the town of South Memphis, which stretched from Union Avenue to Calhoun Avenue (now G.E. Patterson) from 1844-1850, being annexed into Memphis in 1850. In 1982, visionary Downtown developer Henry Turley opened the River Bluff Condominiums on the bluff at the end of Vance Avenue and south side of Vance Park. In the late 1990s, the City of Memphis, along with the support of the Chickasaw Bluffs Conservancy, finally completed the River Bluff Walkway that runs along the top of the bluff. Steps to Riverside Drive and Beale Street Landing begin at the top of the park.
John Medwedeff’s sculpture “Whirl” mirrors the currents of the Mississippi River. Installed in 2001 by the UrbanArt Commission, the work provides visitors with a shaded seat and views of the river. The Tennessee Historical Commission dedicated an historical marker commemorating the formation of the Memphis City Beautiful Commission 1930, the nation’s first urban beautification commission! One of its first projects planting of trees in association with the completion of Riverside Drive in 1935. The U.S. Army Corps of Engineers installed a “day board” which is still updated daily to reflect the reading of the Mississippi River gage on a daily basis. I
Last Week: FedEx St. Jude Classic. Begun in 1958 as the Memphis Open at the original Colonial Country Club (now the scene of residential and shopping opportunities) at Southern/Perkins/Park/Colonial by Youth Programs Inc., led by Vernon Bell (of the Knickerbocker Restaurant nearby), the FESJC event is now one of the five oldest events on the PGA TOUR.
Danny Thomas brought his name to the event as a title sponsor in 1970 (Danny Thomas Memphis Classic) and St. Jude became the beneficiary of the proceeds. In 1977, two historical events occurred within three days as President Gerald Ford hit a hole-in-one in the Pro-Am event and Al Geiberger became the first PGA pro ever to shoot a round of 59 in a PGA TOUR event! In 1985, more emphasis was placed on St. Jude and the title became the St. Jude Classic and in 1986 Federal Express (now FedEx) joined in the title, bringing the two most recognized brands of Memphis together for one great event. The tournament then moved to TPC Southwind in 1989.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Riverfront Parks Tour being Sunday, June 28 (Greenbelt Park, south parking lot), the next TUESDAY TOUR being June 23 (Madison Avenue – meet at Front & Madison) and the next Bridge Walk being July 19. Go to jimmyogle.com for the 2015 Spring & Summer season schedule and locations.
Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, July 16.
QUESTIONS ANSWERED BY TOM KING:
- What are some clues that tell you a real estate sale is NOT an arm’s length transaction?
- What are the differences between the relocation appraisal and a mortgage appraisal?
- What are some other details that you need to explore when determining the market value of your home?
___________________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
- (story of client comparing their college student buying in a college town and renting out some of the rooms to fellow college students as opposed to paying rent at school. (parents usually think they have to pay a lot of money down and pay the higher investor rates, but not if the owner occupying college student is on the loan too. Then it is only around 3.5% down payment with a very LOW rate and payment
- story of client who did not have enough money to buy a primary residence, but we found it with cash value on her life insurance. Check with your insurance agent. You can also borrow against your 401K, gifts from family, or combination 1st and 2nd loans with the bank, down payment assistance and so much more.
- story of client who called after the Real Estate Mortgage Shoppe replayed the show on converting your Bad Debt to Smart Debt. You can hear it on www.JoGarner.com using a rental property that is almost paid off and doing a cash out refinance, lowering the interest rate on the existing small balance mortgage and at the same time combining about 30K in credit card debt racked up after the illness and passing of a loved one, and including the payoff on a small mortgage on his primary residence too. The over all interest costs is much less than it is now, his primary residence will be paid off and he will have a few hundred dollars a month freed up on his cash flow. Sweet deal for him!!!
- story of the client with Physician Loan who because of the way the student loan companies structured his PAYE program, he no longer qualified for a traditional loan. He and his family needed a home and quickly. Evolve Bank did the 100% Physican Loan and since there was no longer a down payment required, they said they were going to use the extra money saved to upgrade some areas in their new house.
4TH SEGMENT OF THE SHOW FOLLOWING 9:45 BREAK:
REAL ESTATE TIP OF THE WEEK: Tom King and/or Jo Garner. Pay attention to wording on contract . If you want the seller to pay all of your closing costs and prepaid taxes and insurance, for example, don’t word your request “seller to pay 5% of buyer’s costs.” Instead, word it “seller to pay 5% of purchase price toward buyer’s costs.” The difference can be you as the buyer getting $150 of help from the seller or $7,500.
_______________________________________________________
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or in business. This Wednesday July 15th, 2015 9A-10AM at the University of Phoenix 65 Germantown Court Cordova, TN (across from The Butcher Shop) join us “Home Staging 101-Don’t Leave Money On The Table” with Heidi and Jeff Ross-co-owners of ShowHomes Memphis. For more information about Talk Shoppe, go to www.TalkShoppe.com
Remember this week when you want to look at mortgage financing terms in the Mid-South area or anywhere in the country, call me, Jo Garner, (remember, rates are low, call JO- Jo Garner ) (901) 482-0354 (901) 482-0354 www.JoGarner.com
If you are a realtor that sells over 5 real estate properties a year, let me take you out for coffee. My assistant, Susan and I would like to hear about your business and what we can do to be the best lender partner you’ve ever had. (901) 482-0354 www.JoGarner.com
To hear the podcast from today’s show or other podcasts, go to www.JoGarner.com
Make Your Plan, Work Your Plan. If The Deal Works For You Today, Do It Today. See you next week!
Transitional Music: I Still Haven’t Found What I Am Looking For by U2; Looking Out My Back Door by Creedance Clearwater Revival; Take A Look Through My Eyes by Phil Collins; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
ABOUT TOM KING:
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years 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 with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
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 20 years. She got her start 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 20 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 She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her \
Photo from our 7-11-15: