Host: #JoGarner #MortgageExpert (901) 482-0354
Special Guests: #BarryBlancq #BenPotts #SmartSecurity (901) 590-1801
Listen Live. Subscribe for weekly Real Estate Mortgage Shoppe podcasts & show notes www.JoGarner.com
#memphishomesecurity #memphismortgage #financialsecurity
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 KEEPING YOUR FAMILY SAFE AT HOME, AT WORK & WITH YOUR FINANCING. Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer in Memphis, TN for sponsoring this episode of Real Estate Mortgage Shoppe. For your home purchase or refinance, you can get your loan closed with Rob and Shelley as the closing attorneys 901 752-1133.
INTRODUCING Barry Blancq of Smart Security
(Jo) For the first time in our Real Estate Mortgage Shoppe studio, we have smart security expert, Barry Blancq of Smart Security in the Memphis area. Barry, you have been in the security business for over 40 years and founded this Smart Security business back in 2010. You are locally owned and operated with an A+ rating from the Better Business Bureau and 5-stars from Yelp. Take a moment and tell our listeners a little bit about yourself and the services that Smart Security offers your customers. (Barry has about 45 seconds to intro himself and talk about the services offered through Smart Security)
Barry introduces Ben Potts and gives Ben about 45 seconds to introduce himself.
(Jo) Since we are talking about being safe and feeling secure in our homes and at work, let’s talk for a moment about how to feel more secure with your financing. As a mortgage officer, I have talked with hundreds of first-time home buyers and other home buyers who were afraid to buy a home because they did not want to feel stuck in a long-term commitment to a mortgage and upkeep on the house.
Would you really feel that much trepidation if you knew you had some exit strategies if you needed to move? I have heard in business and in financing, always have more than one exit strategy.
Position yourself with positive exit strategies for one day when you move or sell your home-Katherine’s story…
Let me introduce you to Katherine,(not her real name) a first-time homebuyer whose biggest fear was feeling tied down and unable to move for better opportunities.
Katherine was in her late 20’s, out of college and just getting started in her career. She wanted freedom to eat out and have fun after work and on the weekends. She wanted to have that peace of mind that she could move when and where she needed to get farther in her career. She did not want to feel stuck.
But some of her friends had bought their homes. But Katherine did not want to feel hemmed in or stuck with a mortgage commitment. She felt like she could never get ahead with her rent going up each month year and surely there had to be some way to buy a house and still not feel stuck.
The realtor did some research on the neighborhoods that interested Katherine. Katherine could buy a house in a neighborhood that traditionally continued to go up in value year after year Her payment would be about one-third less than she would be paying in rent for the same type house. The interest rate on the mortgage was fixed for 30 years, so no more rent increases every year.
For Katherine, it was all about having some profitable exit strategies—just in case she ever wanted to move and not be tied to the house. Katherine could see three possible exit strategies to use if she should ever decide to move.
The first exit strategy considered that the values had been steadily going up. She could probably sell at a profit even after only a short time.
The second possible exit strategy involved the FHA loan program Katherine used for her financing. The FHA program allows for the borrower to later allow a subsequent buyer to assume that mortgage if they can qualify with whichever bank will be servicing the loan at the time of the assumption. In a market of rising rates, having the ability to allow someone to take over her low interest loan, gave her a further advantage for selling.
The third possible exit strategy involved the neighborhood where Katherine purchased her property. It was in a market that would allow her to rent her house out one day for much higher than her payment, which would give her a third profitable exit strategy. No more feeling stuck! No more having to worry about how much the landlord would hike the rent either.
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.
Barry Blancq and Ben Potts of Smart Security, Take a couple of minutes to get started educating us on how we can be safe and feel more secure at home and at work. (Barry and Ben have a couple minutes or so to start launching into your topics until the 9:15 break and you can continue after the break)
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, real estate appraiser. Realtor Pat Goldstein will be joining us too.
2ND SEGMENT 13 MINUTES
2nd segment 9:18 am – 9:30 am
TOPICS COVERED BY BARRY BLANCQ OF SMART SECURITY
Topics
Home Security Tips
Security Cameras & Analytics
Automation
Smoke Alarms
False Alarms (how to prevent)
Security Company expectations
Potential Perps- people casing your property, etc. (what to watch out for)
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Here are four points to consider to keep your financing secure:
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Set up your budget and stick to it. Review your bank statements and credit card statements. How much is your income? What expenditures can you eliminate or replace with something less expensive? What debts can you restructure to help your cash flow? After considering all of this, determine the maximum house payment you can comfortably afford. How much can you comfortably pay down at closing without disturbing your emergency fund? Make allowances in your budget for repairs and unexpected events. Stick to your limit on the maximum house payment and down payment.
Some of the financial experts online, in books and at seminars suggests that you keep your total house payment under 25% and not over 35% of your gross income if you are an employee. This house payment would include the principal and interest, taxes, insurance and any mortgage insurance or home owners association fees.
Keep your emergency funds in place. You know your comfortable level. Some gurus suggest keeping in your savings a minimum of 3 months house payments. If you are self-employed, some experts suggest having 12 months of house payments in the emergency fund.
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Select a home you can gradually improve to be what you want over time. If the houses with the size and amenities you want in that neighborhood are too expensive, consider buying a home that you can improve over time. For example, you may find at a lesser price a house that has not been updated in several years. On the other hand, you might find a house that would allow you to build out the unfinished area over the garage later to get the hobby room on your wish list.
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Strategize to get your home to pay for itself. 1. Consider renting out a room of your house to a student or other trusted person. 2. If possible, move your business to your home to save on separate office rental expenses 3. Plant a garden to provide your own food or sell it to others 4. Bring your aging loved ones who are able to live with you and get the care they need from you. This might be cheaper than paying to have your loved one staying in an assisted living facility. Buy rental property with a positive cash flow.
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Structure multiple positive exit strategies for a day in the future when you would need to sell the home or move out of the area. For example, if values in the neighborhood have consistently been going up for several years, the chances are good that you can still sell the home and make a profit when you are ready to move in a few years. If the real estate market is not doing well one day in the future, you could rent the home to tenants and make a profit if rent rates have been steadily increasing each year. For a third exit strategy, talk with your mortgage lender about a mortgage with a clause allowing you to sell your home one day to a buyer who could qualify with your mortgage company to assume your mortgage payments.
You may not see clearly into the future, but you can make some educated guesses by looking at the past. If you buy a home with a comfortably affordable payment and keep a healthy emergency fund, you will enjoy living in your home and have some options if the day comes when you need to move.
Joanie Jerritson- Refinance to Fixed Rate to Stop Rising Credit Line Payments
Joanie Jerritson was happily retired. Before her husband passed away several years ago, they had paid off their home. Some unexpected setbacks occurred and they needed a quick solution. At the time interest rates on home equity lines of credit were low and there was almost no closing costs, so the Jerritson’s took out a fairly large equity credit line.
Ms Jerritson’s husband passed away. She could still afford the payment on the equity line and even paid several hundred extra dollars per month so she could try to have it paid off in another 5 years when the interest-only term would expire.
Without warning the Federal Reserve started hiking their rates time after time and again last year and into the current year. Each time, the bank notified Ms. Jerritson that the interest and payments were increasing.
When she called me she said, “I need to cap this credit line payment with a fixed rate loan. My fixed income is just not enough to keep up with the hikes in interest costs.”
I sent her the estimate for the refinance, rolling the closing costs into the loan. She was saving her almost 15% of her income and she would not have to bring any money to closing. This was a big win for Ms. Jettison. She could finally lay down and get a good night’s sleep.
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
Barry and Ben have about 1 minute to share a tip
Jo Garner’s mortgage tip: Here are the 2 best ways to stop Trigger Lead harassment:
Have you ever applied for a mortgage with a lender and suddenly you were getting 50 to 60 calls from other mortgage companies?
The credit agencies are allowed under the Fair Credit and Reporting Act to sell your name and contact info to other mortgage companies to solicit your business. What started out as a good way to compare other offers, has now turned into a nuisance, with some companies making offers to you they never intend to give you. I have heard stories of people who went with the company that called them offering to give them a better deal than the next company only to have underwriting turn them down on that program. Now your two weeks from closing and you have to take their counter offer since it is too late to change companies. And the counter offer is what the first company you called offered you before all these other companies started calling
Here is how to avoid unsolicited calls : ( you can find these links on the blog post for this episode on JoGarner.com
1. Put your name and cell phone number on the https://www.donotcall.gov/register.html
2. Sign up for free at OptOutPrescreen.com this will keep most of the unsolicited calls to a minimum
3. If you get a competing offer from another mortgage company that sounds so much better than the offer you got from your mortgage company, ask for the official Loan Estimate from both companies and compare line-by-line the closing costs. One company may tell you they aren’t charging points but they may be hitting you with an extra big fee labeled something else.
Connect with me, Jo Garner,licensed Mortgage Loan Oifficer, 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 July 3rd, , 2024 9AM CT
“Tennessee Elimination of Squatters & Other Legislative Happenings” presented by attorney Joe Kirkland.
Talk Shoppe is free to you because of the generosity of our sponsors
Like Brett Carter of Servicemaster by Cornerstone in the Memphis area. When you have a fire, floor or biohazard, don’t go it alone, call Brett Carter at ServiceMaster by Cornerstone 901 832-6005.
3. I personally want to give a big shout out to my electrician, Yates of Yates Services He does an excellent job. He shows up and does what he promised to do and a little extra. He is affordable. If you need an electrician, may I recommend you call Yates Services at 901 351-7470
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:
“They won’t let me through airport security until I remove the bullets from my Word Document.” Rich Tennant
REJOINDERS:
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Rob Draughon and Shelley Rothman of GCEM Law Real Estate Attorneys (901) 752-1133
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Sherry Harbur, of Harbur Realty www.HarburRealty.com
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Preston Wilson, PBAT lawyer (probate, bankruptcy, asset protection, and trust attorney} (901) 523-1844
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Transitional Music:
“Safe and Sound” by OneRepublic; “Beat It” by Michael Jackson; “Safety Dance” Men Without Hats; ”
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.
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ABOUT BARRY BLANCQ -SMART SECURITY
Smart Security
Founded in 2010
Founder: Barry S Blancq / 40+ years experience in the Security Industry
Specializing in Custom Designed Security Systems for Home & Business
Locally Owned & Operated
Better Business Bureau – A+ Rating
Yelp – 5 Star Rating
U.L. Central Station
Full-Service Security Company offering Installation / Service / 24/7 Central Station Monitoring
(901) 590-1801
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”