HOMEOWNERSHIP CAN BE YOURS NOW!

4-5-14 HOMEOWNERSHIP CAN BE YOURS NOW!

Podcast

 

Good morning Memphis! Good morning IHEART listeners around the country. You’re on the Real Estate Mortgage Shoppe. I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust.  Spring has started to bloom around us and real estate sales are running hot right now.   Sitting around the coffee table with us today are two people who, like me, are very excited about the opportunities for people buying real estate and for the real estate professionals that help them buy real estate. Our general topic today is Homeownership Can Be Yours NOW!

We have Terri Murphy of Terri Murphy Communications and US Learning with us at the table today. Terri has been a licensed Real Estate Broker for over 35 years and an author of 5 books, her latest as a contributing author with Donald Trump – The Best Real Estate Advice I Ever Rec’d – She lives here in Memphis TN.  Terri, tell us a little more about what you do.

<Terri takes about 1 minute or so to talk about herself and what she does. (maybe she could briefly say what makes her so passionate about real estate or something that will connect our listeners)

 (Terri introduces Mike White)   Mike White of Improve My Tomorrow Coaching to join us today via hotline from Florida. Mike is an expert the loan origination process and sought after coach with insights on today’s market and explain why it is a terrific time to address your property needs, whether you are in a current home, or perhaps to refinance your current home, or tips to buying your “Forever Home® while prices and interest rates are so affordable.    Mike tell us a little about yourself and what you do for real estate professionals.

<Mike takes about a minute or so to talk about himself and what he does with Improve My Tomorrow>

(Jo) Mike, you stay plugged in tightly to the real estate and mortgage markets. What are the trends you are seeing right now around the country?

<Mike can talk about a minute or so to talk about the trends he sees and how this affects homeowners or homebuyers and real estate and lending professionals> MIKE: ( content about the market is just a suggestion from Terri but say whatever you want)  Specific interest rates and program details have become very borrower specific. Rather than use general numbers, speak to your mortgage professional today and find out your story.

Rates are determined by your overall credit profile, loan size, and loan to value, income history, and employment history. Find out how YOU would do in today’s market place BEFORE you start looking for that next home.

Contrary to popular belief, there is no shortage of mortgage money. The process may be more cumbersome than before, but if you can repay the loan and can document how, the process can be very smooth if you get all the required documentation together up front, and follow the instructions of your mortgage professional.

It is also still a great time to invest in real estate. While interest rates may be up a bit, they are still very attractive. In fact, about 43% of all mortgage holders could benefit from refinancing or selling their current home and buying a new one!

 

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• (Jo ) In Memphis we say, “If you don’t like the weather—just wait a minute—it will change.”  Snow only seems to come when it is NOT predicted and it was predicted often this winter so consequently we didn’t get a lot of snow. The mortgage market this week acted a lot like Memphis weather.  It was up; it was down and didn’t not move as predicted.  Market experts (if there really ARE any) predicted rates would go up and that the jobs situation report, if it came in anywhere close to prediction, would send rates up even higher.   The Job Situation report came in yesterday fairly close to prediction but did mortgage rates go up?   No-o-o-o—they eased down yesterday afternoon, but not as much due to the big jobs report but in reaction to the European announcement that they are launching a gargantuous quantitative easing initiative.  Rates moved down from around 4.625% to 4.5% on the conventional 30 year loan, 30YR FIXED – 4.5% FHA/VA – 4.00%-4.25% 15 YEAR FIXED –  3.5%  You can get rates much lower if you don’t mind paying a little more for them or if other optimal conditions exist.

<Terri to make comment up to 30 or more secs or so on her thoughts on the real If

(Jo ) If you or someone you know is interested in buying a home or refinancing one, Susan and I can quickly do the numbers on some scenarios to compare. This week and last week we have heard from so many of our clients who have put off refinancing or had tried and failed to be able to refinance in the past.  With values on homes going up and with other tools like the Credit Simulator, we’ve been able to help these clients save tens of thousands of dollars over time with a much lower interest rate—even though they are a little late arriving at the refinance party.

If this sounds like you or someone you know, give us a call  today.  If you have a real estate related challenge or something to share that you think may help someone else with a real estate challenge, call us on the air at 901 535-WREC.  That  number to join us on the air is 901 535-9732.  OR if you want to talk more privately call me off the air at (901) 482-0354. That direct number again is (901) 482-0354.

Terri and Mike launch into their topic about HOMEOWNERSHIP CAN BE  YOURS NOW!.   

 

(In 2nd Segment)  It’s time for the Look Back Memphis Trivia Contest. Our trivia contest is provided by notable Memphis historian, Jimmy Ogle.  Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations.  Jo Garner (that’s me) and Susan Belew are offering a $25 Kroger fuel gift card to the first person who calls with the correct answer to our trivia contest.  Susan and I want to remind everyone that if you want to get your loan approved with terms you can brag about, if you’re a realtor looking for a good mortgage team to get your clients to closing, Connect With Experience—Take Home The Results by calling us 901 482 -0354.  Now for our trivia question:
Garner # 10          04/2/14

Answer: Russwood Park

Question:  “Take me Out To The Ball Game . . .”  Before AutoZone Park and Tim McCarver Stadium, Memphians enjoyed Summer evenings at a place on Madison Avenue.  Who am  I?

 

Hint: I was originally called Red Elm Bottoms.

Hint:  I am the most famous of all Memphis Sports landmarks.

Hint:  My fire on Easter Sunday, 1960 caused the evacuation of Baptist Hospital.

Last Hint:  Elvis Presley performed here on July 4, 1956!

Answer: 

Back Story:  Russwood Park, capacity 10,514 was the home of the Memphis Chicks (and many other events) from 1901 to Easter Sunday (April 17), 1960, when a raging fire (one of the largest in Memphis history) demolished the wonderful facility. Numerous Hall-of-Famers “barnstormed” their way through Memphis, including Babe Ruth, Lou Gehrig & Mickey Mantle (all of whom hit home runs out of Russwood Park). Even the famous “Tickers-to Evans-to-Chance” double play combination played here!

Night baseball came to Memphis on May 13, 1936, Memphis, like the Chicago Cubs, was the last team in its league to install lights for night baseball. The ballpark was originally built in 1896, and was known as Red Elm Bottoms or Elm Wood Park. Russell Garner took part of that name and combined it with his first name for the final name of Russwood. In 1915, team owner Russell E. Garner incorporated his name into the ballpark’s name.

The Memphis Redbirds open their 2014 home season on Friday, April 11 at AutoZone Park.  Fourteen nights of postgame fireworks shows are scheduled this season, and a “Tribute To Memphis, Egypt Night” is Saturday, June 7 (walk like an Eqyptian).  memphisredbirds.com, 721-6000.

Come to the West Tennessee Historical Society monthly meeting at 7:00 p.m. on Monday, May 5 and Memphis University School, 6191 Park Avenue to hear more about the history of professional baseball in Memphis from JJ Guinozzo, official scorer for the Memphis Chicks/Blues/Redbirds since 1971 in a program entitled “Baseball Memphis”. (FREE)

Last Week:  Union Avenue.  Named in 1819 by Andrew Jackson, one of the three co-founders of Memphis who never lived here in Memphis and was the southern boundary of the original town plan, Union did not derive its name from the merger (or Union) with South Memphis in 1850 nor from the Union occupation of Memphis in the Civil War (1862-65).
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations:

Shelby County Courthouse: Third Thursday each month at 12:00 noon
Memphis & Arkansas Bridge Walk: Sundays (March 30, April 13, May 18) at 2:00 p.m. at Crump Park
TUESDAY TOURS: Tuesdays from April 1 to June 10 at 11:45 a.m. for about four blocks from a different
street corner each week

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Inside the 2^nd and carrying over into 3^rd segment- (In the 2^nd segment we are mainly asking Mike the questions but we are also taking callers. )  In the 3^rd segment Terri and I can still ask Mike some questions but Mike and Jo can ask Terri some of her questions and Mike or Terri can ask Jo one or two of her questions. We continue to take callers. )

Questions answered by Mike White:

Jo and Terri ask Mike White questions:

Question answered by Mike : Tell us what your first quarter recap looks like for 2014?

Mike: Yes, refinances continue to dwindle, but there are still plenty of refinances being done. Don’t stop having those conversations with prospective buyers and sellers.

While not a strong wave of business, the numbers continue to rise. Total applications are down year over year; but let’s look at the reality of those numbers just a moment.

When I was on the show last year about this time, the first two quarters of 2013 were about as good as it gets for loan origination. Interest rates were in the low to mid three percent range, plenty of housing inventory to choose from with short sales and foreclosures at very high levels, plus the regular transactions available made it a very attractive buyer’s market. So for any of you looking to compare the first quarter of 2014 with the first quarter of 2013, you might want to use an asterisk because it certainly wasn’t a level playing field.

It has been my experience that most of my clients close between 15% and 20% of their total business in the first quarter of the year. Last year my clients closed an above average 28.8% of their total annual production in the first quarter of the year, and a total of 58.2% by the end of June. These numbers sound HUGE, but you have to take into account where the housing and rate markets were in the first six months of last year. Clearly, any attempt to compare the first quarter and first half of 2014 with those of 2013 would be a huge mistake.

The total number of refinances is down significantly year over year and that would be enough to make it a challenge, but throw in the abnormal winter conditions this winter that no doubt impaired home sales.

 

Question answered by Mike:  What are you seeing lately when it comes to credit?

Mike responds:

In tracking both credit pulls and preapproval activity, both sets of numbers are UP right about 40% year over year! Yes, UP over last year. This could be a good indication that the second and third quarters of 2014 may be a much stronger purchase market than some people think. In fact, every originator that I work with that did a majority of purchase business last year seems to believe that this is shaping up to be an exceptional year for purchase transactions should these early trends continue. Think about it, interest in purchasing a home is more intense than last year at this time. For whatever the reason, the interest is there. We just really need to nurture that interest and help those people who are interested make it happen.

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Question answered by Mike :   What can we do to help buyers and sellers get off the fence?

Mike Responds: There are a few things to be sure you are doing to maximize your own potential:

1) Understand the positive information about the benefits of buying NOW!
2) Be aware of why waiting to buy or sell could be costly!
3) Ask your loan professional to help you walk through getting your “Forever Home®” a strategy I authored
4) First time buyers especially need to understand the nuances of their First home strategy® vs. renting”
5) Buyers need to get  preapproved and keep connected every week to be sure they are viewing properties with their real estate professional
6) Loan professionals and real estate agents should take advantage of sharing their success stories in person and through posts on their social media.

 

Question answered by Mike:    Explain to our listeners more about your “Forever Home Strategy.

Mike Responds:  <<I look to talk about the opportunity to lower the cost of the consumer’s “forever home” buy either refinancing their current home, or buying their forever home while prices and interest rates are so affordable.>>

Question answered by Mike:  What can we do to create awareness so that our buyers and sellers understand the positive aspects of buying or selling in today’s market?

 

Mike Responds:  We need programs like yours, Jo to share the positive messages and work with those people who want to make positive things happen and don’t argue with those who choose to be negative.

 

Questions answered by Terri: (Terri will let us know what content she wants to get out there)

1. 1.   Talk about some of the ways you give training to real estate professionals that will help take their production levels exponentially. 

 

1. 2.   What keeps you passionate about what you do in the real estate business?

 

 

Questions answered by Jo Garner :

 

1. 3.    What solutions to common barriers do you have for your clients wanting to buy a home or refinance one?

• First, clients will tell me they don’t have any money to put down.   My assistant and I are very good treasure hunters and we can find money from people in places they never thought to look!  Particularly for clients who have not owned a home in 3 years or more, there are a multitude of down payment assistance programs available.  If the seller pays the closing cost and prepaid taxes and insurance for the buyer, then normally the down payment assistance pays the down payment and they get in for zero down or very little.
• Even if you are not a first time homebuyer, we have the 100% VA loans and the 100% USDA loans.    We can possibly use a bank loan secured on a different asset to give you the funds you need to close with very little money down on the house you really want. In many cases you can borrow against a retirement fund without penalty.  Gifts from family are nice.
• The second barrier is showing enough income to qualify for the loan you need to buy or refinance a home.   If you have only been on your job a few months, we can only count your guaranteed base income and not the commissions that you hope to average over the course of the next several months.
• If you have a great salary but write off on your taxes $10,000 or $20,000 dollars in unreimbursed employee expenses, the loan officer has to deduct this amount from your pay, so when you are with your loan officer, be sure and tell them about any losses showing on your tax returns.
• If you are self-employed and you have a lot of income that you control but, after write-offs, you only show very little, let Susan and I review ALL PAGES of your last 2 years tax returns and business returns.   We have found tens of thousands of dollars worth of income in the BACK PAGES of the tax returns.  If there is a way, we can find it to help our clients get qualified for what they want to accomplish.
• The third barrier that we can overcome is credit issues.   My assistant and I have trained on the Credit Simulators (like flight simulators).   By using the Credit Simulation tools we can look at your credit report and suggest ways you may be able to raise your credit scores by 20 or 30 points over a course of a few weeks with the least amount of investment on your part. A client told me once–he said his credit card was stolen, but he decided not to report it. The thief was spending less than his wife did.”  Hopefully that was a joke, but the card was maxing out and causing his scores to suffer. If you keep your balance owed on credit cards UNDER 30% of the total credit limit, it will boost your credit scores.  If you owe OVER 50% of the total credit limit, it can really hurt your credit scores.  If you’re a realtor and you have a customer like this, we may be able to help your client with a work out plan to can get them in a house in a matter of weeks rather than months.

The fourth barrier is problems with the house needing repaired or a title issue.  This is where an experienced realtor or closing attorney. 

Your answer to the repair requirements can be easily fixed by negotiating the seller of the property to pay it or agreeing to put money back into an escrow account in some cases to make the repairs after closing.   If the repair list is massive, then we may need to switch you to one of our Renovation and Repair loan programs.    Title issues, most of the time, are managed or cured by an experienced closing attorney. 

 

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4^TH SEGMENT STARTING AROUND 9:46AM

REAL ESTATE TIP OF THE Mike White of Improve Your Tomorrow has the tip of the week

You’ve got to remember, “Predictions of the market being off by 40% or more are certainly discouraging. The question is, why should this factor impact the buying or selling of property?

People are not going to stop buying or selling, so loan professionals and Realtors that “get it” will not only survive in a slower more stable market, but they will thrive and be a true resource to their clients and customers, but it is incumbent upon both professionals to be informed and get the word out.

Total business may very well be less than last year, but there will be those professionals who will make the shift and truly help their buyers and sellers to embrace a positive message and be more profitable

 

Jo’s Real Estate Tip of the Week

Here’s a tip from me:  If the purchase or refinance mortgage deal works for you today, do it today while the rates are still affordable.  If you just want to check out what a new payment would be and the move-in costs, if any—give my assistant a call directly off the air at 901 482 0354.  That number again to reach my very experienced assistant, Susan Belew; Call her at 901 482 0354. And be sure to check out my blog at: www.MortgageLoansBlog.com.

Jo’s Announcements:

1. Talk Shoppe offers free education and networking to anyone interested in real estate or business.  This Wednesday the topic is on “How To Get The Best Deal On Your Mortgage”  and the presenter is me, Jo Garner, and I’ll be bringing some friends along that you know from our past radio shows.  I would like to meet you in person at Talk Shoppe Wednesday April 9^th, 2014 9A to 10A at DeVry University 6401 Poplar Ave 6^th floor.  For more information about Talk Shoppe go to www.TalkShoppe.BIZ
2. Next Saturday right here on the Real Estate Mortgage Shoppe Tom King, Certified Shelby County Real Estate Property Tax Appeal Expert will be around our coffee table talking about how to lower your property taxes.   For today’s podcast and our other podcasts, go to www.MortgageLoansBlog.com

Transitional Music for our breaks:    This Is Home by Switchfoot; King of the Road  by Roger Miller;  Home  by Phillip Phillips; For the Look Back Memphis Trivia  Contest:  “Memphis” by Johnny Rivers

 

 

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ABOUT MIKE WHITE   http://www.improvemytomorrowcoaching.com/  (561) 685-9507

Nationally known mortgage coach Michael F. White looks at the challenges facing the mortgage and real estate communities and provides a complete plan on what is actually taking place in our markets. When change happens, you need a plan and a strategy.

More than ten years as a coach to mortgage professionals and companies all across the country when coupled with more than 25 years directly involved as an originator and manager in residential loan originations has given Mike perspective to not only understand the mortgage business, but the insight on how to take information and prepare a message and a plan for any market.

Improve My Tomorrow Coaching is a company founded by Michael F. White to help mortgage professionals reach their true potential. Based on a belief that working the fundamental principles of the loan origination business combined with a solid system to leverage your day to day business into a self sustaining career! If you are looking to generate consistency in your business, you need to know and implement the fundamentals. Once you know what to do and when to do it, being a mortgage professional is fun, challenging, and profitable. Since the average loan originator in the country closes less than three loans a month, the average originator is unaware that closing seven, ten, twelve or more loans per month is often easier and less stressful than just two or three! If you are tired of the pain and punishment of not knowing where your next deal is coming from; if you spend more time being “busy” instead of “productive”; you need to look and see how we can help you get to a whole new level of business. Take some time to explore this website and read all the free information. If you find some things that cause you to rethink how you are currently doing your business, let us help you! It starts with YOU! There are two programs you can choose, a group program and private coaching. Please look at both before you make your choice.

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About Terri Murphy: www.terrimurphy.info  harnessing the power of connection,

I’ve been very active with the mortgage community for several years.

Currently, I’m working on an initiative for a certification for the mortgage and real estate industry to better assist our military.

I’m the co-author of a certification for the real estate industry:  Certified Military Residential Specialist..

I also work with the mortgage industry on a program called: Your Forever Home  – more on that tomorrow..

As an entrepreneur who has built a successful business over the last 28 years, Terri Murphy started out like the rest of us…clueless.

Early in her career, Terri learned to build a strong customer network, propelling her into the top 10 percent of a national sales organization.  Terri took what she learned and began her own sales consulting company.

As a consultant to the National Association of Realtors®, and CIO of U. S. Learning, Inc. in Memphis, Tennessee, Terri understands the

 

critical need to interface technology solutions with personal customer care to create truly exceptional relationships.

Terri believes in using the power of the internet to build a customer network and profitable sales.

As a professional presenter, Terri is dynamic, entertaining and captivating.  She is also a best-selling author for Dearborn Financial Publishing, an accomplished columnist, television producer, and business e-communication consultant.  She is a published author of 5 books, including her most recent book with Donald Trump.  Terri continues to consult with high level industry companies helping  them to perfect their services of developing strategic partnerships that provide exceptional levels of service that guarantee true clients for life.

Through her dynamic presentations, Terri shares the secrets to maximizing e-commerce opportunities through powerful sales and marketing e-strategies.  Terri empowers audience members by providing practical steps on how to build a full and strong Internet presence and use web tools to build a community and business online.

She’s been a featured expert on ABC Sunday Morning News, NBC Sunday Morning News, and WREGTV & CNBC.

Terri is also the co-author of a certification for the real estate industry:  Certified Military Residential Specialist..

In addition she works with the mortgage industry on a program called: Your Forever Home

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Jo Garner’s Bio

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 25 years in Memphis, TN.  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 17 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.  She hosts the Real Estate Mortgage Shoppe program on News Radio AM 600 WREC in Memphis and on IHEART radio 9A to 10A CST every Saturday.

 

For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program.  You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and  real estate, money-saving tips and more.