What is it that you want in life that seems so out of reach? What have you tried to achieve but have failed in the past? Take some encouragement from some of our champion US Olympic athletes. We will be giving you the latest on the MidSouth real estate market. You will hear some stories of people who are navigating this market like champions.
Host: #JoGarner #MortgageExpert (901) 482-0354
Co-Host #TomKing #MemphisAppraiser (901) 487-6989
Featuring: #TimFlesner #MidSouthHomeHelpers 901 414-9696
Let’s stay connected! Call me and let’s explore the mortgage program that will give you bragging rights.
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
#realestatemarket2024 #memphisappraiser #homeassistance #memphismortgage #realtors #homebuyer
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 How To Be A Champion In The Changing Real Estate Market -Summer Today is August 10th, 2024 Call us in the studio while we are live at 901 535-9732
INTRODUCING Tom King of Bill King Appraisal Company
(Jo) Tom King, our expert appraiser with Bill King Appraisal Company is back in the studio. Perfect timing, Tom. You have your eye on our Mid-South real estate market everyday in your business as a real estate appraiser. Take a moment and tell our listeners a little about yourself, the services you offer your customers. And give us your expert observations on how we can be a champion in our current real estate market here in the Midsouth. (Tom has about 4 min to intro himself and talk about the services he offers and how he sees buyers and sellers and realtors winning in this market)
(Jo) If you have been watching or keeping up with the Olympics 2024, you probably have been inspired by some of the athletes –the sacrifices they have made and obstacles they have overcome to champions.
The US Men’s Basketball team were down by 11 points in the fourth quarter against Serbia this week. It looked like overwhelming odds to win until the team got a spark and scored 6 points in 2 seconds to win the game. To beat the odds you have to keep playing to win until you win.
Simone Biles, the Greatest of All Time gymnast, had to overcome mental forces within herself that had shut her down in Tokyo not too long ago. Even though Simone was doing all the right things in practice, would her mental block stop her from winning the gold in Paris? Simone decided she would win and, with the help and support of her team, she took home the champion gold for the United States.
What is it that you want in life that seems so out of reach? What have you tried to achieve but have failed in the past? Take some encouragement from some of our champion US Olympic athletes.
As a mortgage officer, I have met plenty of Hall of Fame, Champion mortgage customers had big dreams for themselves and their family, but they faced some overwhelming odds in living the life they wanted.
It is amazing what you can accomplish when you decide what you want your life to look like, to be like and then take steps each day to push through the obstacles. Sometimes it’s as simple as knowing a specific dollar amount you need to bring in the door each month to clear the debt hurdles coming around the bend.
My Second Mortgage Payment Has Gotten Higher Than I Can Pay
A lady called me who was struggling with having enough cash to pay her bills per month due to a temporary family crisis. She asked me, “My 2nd mortgage equity line payment just went up quite a bit and now it will be tough to be able to afford to pay my bills each month. What can I do about my home equity line loan?”
Normally, she would not even consider refinancing her fixed rate FIRST mortgage because she only owed around $40,000 on her first mortgage with less than 5 years left to pay it off. Her 2nd mortgage was a variable rate home equity line with a balance of about $50K. Her bank had just told her that her payment on that loan was converting to a full principal and interest payment increasing the minimum payment by an extra $200 per month. She told me she knew that later the monthly payments on her mortgage would be no problem, but the increase on the 2nd note for the moment was threatening her ability to pay for basic family needs at least until her family could get through their current crisis. The thought that the 2nd loan was also a variable rate loan with no safety caps on rate increases made her feel financially vulnerable too.
Everyone’s story is different. In today’s market a solution for the lady who called me would be to refinance her first and second mortgage to a fixed rate mortgage amortized over 30 years with no prepayment penalty. Even if her rate was higher on the small first mortgage, she would be paying off the higher, variable rate on the second mortgage. By refinancing everything back to a 30 year mortgage, she could save a few hundred dollars per month to handle her family crisis. Once the family had overcome the crisis, she would be disciplined to apply the cash savings each month to paying the mortgage off early. Solutions vary from person to person. But here’s the good news, you don’t need to give into fear or worry. The path can be made clear to overcome the obstacles and enjoy the life you want.
Sitting On The Sidelines—Will You Really Win By Waiting?
Then there are those would-be homeowners sitting on the sidelines waiting for the interest rates and home prices to drop. No one has a crystal ball, but the economists who have won numerous crystal ball awards have predicted that housing prices are likely to continue inching upward. We still have a shortage of homes for sale, even though inventory has been getting better this year. Currently we are in a stable market where there are some healthy advantages for both buyers and sellers.
If mortgage rates should go lower, though, it is predicted that thousands of sideline sitters will suddenly want to jump back in try to buy a home. What will happen to the price of homes and the availability of homes for sale when supply goes down and demand shoots up? Will you really win by waiting? Get in the game. If you buy your home today you can always refinance to a lower interest rate later if rates should go down enough to make it worth it. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
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 Tom King of Bill King Appraisal Company on How to Be A Champion in a Changing Real Estate Market -Summer 2024
_____________ 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 and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have sponsor, Tim Flesner co-owner of MidSouth Home Helpers, providing excellent non-medical assistance for aging loved ones or others who need assistance to remain safely and comfortably in their home. I have heard lots of positive reports from your caregivers as well as customers. You are truly “home care with a heart.” Tim Flesner of MidSouth Home Helpers, what is our Talk Shoppe Business Tip For Real Estate Pros?
Tim Flesner’s TIP
Tim Flesner and Genell Holloway , how do we contact you? 901 414-9696
TOPICS COVERED BY TOM KING OF BILL KING APPRAISAL COMPANY
Tom King talks about the real estate market being stable in the Mid-South for now.
He is seeing some banks ordering appraisals in preparation for following through with some foreclosures or short sales from homeowners delinquent on their mortgage payments. This is a leading indicator that we will probably see more foreclosures and short sales hit the market soon.
Tom predicts that if mortgage rates move down, home prices are likely to rise and buyer incentives from sellers, builders and lenders will shrink.
Buy now why you can find the house you want at current prices. If the mortgage rates drop in the future, you can always refinance to a lower rate and payment.
Marry the house. Date the interest rate.
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Byon’s story…Buy a house. Start building personal wealth.
Byron’s lease was about to expire on the apartment, and his neighbors had already told him to get ready for a hefty rent increase.
“Not this time,” Byron vowed. He got his real estate team of professionals together to check out homes on the market and to get preapproved for the mortgage to give him the terms he wanted.
Bryon had some credit issues, but he set to work paying down some balances on his credit cards to show that he was using less than 30% of his credit limits on the credit cards. Bryon applied for some down payment assistance.
Getting his mortgage approved was not the only stone blocking his way to owning his own place. Other people were making offers to purchase the home he wanted. For Byron it was a game of persistence.
His realtor worked with him, and we put together some winning strategies so his home purchase offer would finally be accepted by a seller. Byron was on his way to owning his own home and building his own wealth and not his landlord’s.
Use a cash-out refinance to upgrade and modify the home-The Franklin’s Story
The Franklin’s decided it would save a lot of money to bring her mother home to live with them. The cash out to a low fixed-rate mortgage gave them the funds they needed to modify the home so her mother and the Franklins could live together but enjoy the privacy of their own space. The money the Franklin’s saved with having their mother in their home was enough to allow them to hire part-time caregivers for their mother when they needed them.
Think you can’t afford the home you want to buy? Let’s go treasure hunting!
One of the most common calls I am getting in the mortgage office these days is the customer who says, “ I found a house that would be perfect for our family, but I can’t afford it.”
Let’s go treasure hunting for special loan programs that could help you. One of the special programs that can help with a much lower-than-market- mortgage rate AND down payment assistance to go with it. The Tennessee Housing Development Agency mortgage program has a fixed mortgage rate in the low 6’s. If you are a veteran or a first-responder (fire fighter, paramedic or police officer), you can get a fixed mortgage rate in the upper 5’s, some restrictions apply. The principle and interest payment on a $250,000 loan would be between $1,450 and $1,560 per month plus taxes and insurances. One a standard mortgage today you would pay about 1700 principle and interest per month. A couple hundred dollars per month can make a huge difference for some home buyers.
The forecasts from our mortgage economists are warning us that home prices are predicted to continue to rise because of the shortage of homes available for sale on the market. Currently we see some stability between it being a good market for both buyers and sellers. However, if mortgage rates drop, many would-be homeowners will be jumping off the sidelines and back into the competitive arena of making offers on homes.
When demand exceeds supply, it is predicted that many of the builder and seller incentives to help buyers to pay costs will go away. If we see multi offers competing against each other to buy the house you want to buy, prices on that home will increase. It does not appear that you will win buy waiting.
What do YOU want to accomplish with YOUR mortgage? Make your plan. Work Your Plan. If the Deal Works for your today, Let’s do it today. Call me at (901) 482-0354 or email Jo@JoGarner.com
What could happen if you wait
Changes coming to rea estate commission
What do YOU want to accomplish with your mortgage? I can make the mortgage process EASY. Connect with me at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Tim Flesner of Mid-South Home Helpers shares a tip:
Tom King has about 1.5 minutes to share a real estate tip When you are modifying your home or buying a different home with an upstairs bonus room. Remember that you will only get full value of the living square footage on the areas that have a full 7 foot distance between the floor and ceiling.
Jo Garner’s mortgage tip If you want to be the champion for yourself and your family, think outside the box. Like an Olympic champion, be willing to make some sacrifices and push through the barriers standing between you and the life you want,.
Call me and I am happy to listen to your story and help generate some possibilities to explore that you get you quicker to the life you want.
If you want to buy a home, consider bringing onto your team a licensed, reputable realtor to represent you and your interests. Laws on how realtors are compensated change on August 17tth, Talk with your realtor about how to best acquire your buyer’s agent. They are worth their weight in gold.
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 August 14thth, 2024 9AM CT
www.talkshoppe.com/upcoming-events
This Wednesday August 14th, 2024 9AM CT Cindy Belk of Comcast Business will be presenting
Tech Solutions for Companies Transitioning to a Remote Workforce
Talk Shoppe is free to you because of the generosity of our sponsors like Donna Roach of Hearthside Senior Living in Bartlett, TN Donna is well known in the senior care industry as a trustworthy advisor to families wanting to make the best decision for the care of their aging loved ones. If you want some honest advice from an expert, contact Donna Roach at Hearthside Senior Living in Bartlett, TN (901) 651-2503
3. Here is a shout out to Yates at Yates Electric in Menphis for your great service and affordable cost for home electrical work If you need electrical work done at your home or office, call Yates at Yates Electric at 901 351-7470
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.
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: “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make so you can give back and have money to invest. You can’t win until you do this. Dave Ramsey
“Every day, I get up and look through the Forbes list of the richest people in America. If I’m not there, I go to work.” – Robert Orben
REJOINDERS:
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Craig Jennings of Avalon Capital in Memphis
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Vincent Demps of Masterchek.com
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Kelly Inman of Next Day Access
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Transitional Music: “
Transitional Music: “Money Song” by the Muppets; “I want to be paid”; “Get in the Game” by Cody Martin;
“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
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
(901) 487-6989
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-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
(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”