Knowledge Is Power-Know Your Home’s Value & Mortgage Terms (and you don’t have to work for it)
Good morning, Memphis! Good morning and Happy Labor Day to our friends across the country on IHEART radio! You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Our co-host today and here to educate and entertain us –Tom King, Appraiser with Bill King Company.
(Jo) Glad to have you with us today, Tom. And we are glad to be with you our listeners out there this morning. If you have a real estate question, a good real estate idea, or a challenge—maybe you have a tip for other listeners—give us a call on the air at 901 535-WREC or (901) 535-9732. While we are waiting on you guys to call, Tom and I are talking about Knowledge Is Power-Know Your Home Value & Mortgage Terms (and you don’t have to work for it)
- (Jo) Rates were flat this week with the European markets playing a persistent role in keeping US mortgage rates lower. In fact, mortgage rates are bordering on the best of the year. 30YR FIXED – 4.125 FHA/VA – 3.75% 15 YEAR FIXED – 3.25%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender. If you or someone you know is refinancing their home or purchasing a home, remind them that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. The weather for rates right now is mild and uneventful—but just like the weather in Memphis—if you don’t like it, just wait a minute—it can change. If you want to compare mortgage numbers, to see what terms would give you the best return on your money, you don’t have to work for it. Call me directly at 901 482 0354. That number is 901 482 0354 or catch me on my blog www.MortgageLoansBlog.com You and I can do your numbers together.
Tom, what are YOU seeing this week in the world of home appraisals?
(Jo) Since rates have been staying extremely low for the last few weeks, my assistant Susan Belew and I have seen more refinance customers locking in and lowering their interest rates and shortening the term on their loan so they can get rid of their mortgage sooner. What would you do with the money you’ve been spending on your mortgage if you didn’t HAVE a mortgage?
(Jo) I’ve already done the refinance thing and cut my interest costs very drastically and shortened the term on one too. After being on vacation a couple of weeks, I started seriously thinking about what I would do with the money I spend on mortgages if I could pay off my mortgages early. Maybe some sailing and more time with the people I love.
(Jo) I can’t think of anyone that doesn’t love getting a lower rate and a quicker payoff on their house. Some of our callers this week were buying a bigger or better home with a lower rate than they had on their old home. It is amazing the buying power a lower rate gives you to buy a bigger better home or just to have extra money lying around each month to do fun stuff and enjoy life.
Here’s some numbers that will make you think what today’s low rates can do for your lifestyle. In 2006 the 30 yr mortgage rate got up to 6.75%. If you borrowed $200,000 dollars at that rate, over 30 yrs you would have paid in interest expense about $266,990 dollars with a payment $328/mo higher than the payment on the same loan amount today with a 30-yr rate of 4.125%. Your total interest expense over time would be over $118,000 dollars lower. What could you do if you had an extra $328 per month lying around? Buy a nicer car take more vacations? put yourself or someone else through school? Give to a worthwhile charity? Maybe you would invest it toward a more comfortable retirement. The point is that a dollar saved is a dollar earned. DON”T pay more than you have too. If you want to do some numbers and see what the possibilities are today for you to lower your housing costs and start building some wealth or just start to enjoy life, give me at call (901) 482-0354.
(Jo) Tom, we’re talking about “Knowledge Is Power-Know Your Home Value and Mortgage Terms” (and you don’t have to work for it) I can’t say enough about how important it is that you work with an experienced loan officer when you are shopping for financing. We talked about the how saving on interest expense can free up real money in your budget. But sometimes getting in to a home purchase with very little of your own funds can work for you, assuming you are getting a good return wherever your money is currently sitting. I had customer this week who needed to minimize her money down on a house but yet did not want to pay private mortgage insurance –which is insurance that helps the lender –not the borrower. We were able to give her a combination of two loans to help her. There are still some 100% loans and loans requiring very little down that are available our there. Call me at 901 482-0354
Tom, let’s talk about when to know the value on your home and how that can save you money.
2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest brought to you 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. Our Look Back Memphis Trivia Contest SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you Marlene is giving away a $25 gift card to the first person who calls with the correct answer to our Trivia Contest. If you know the answer, call us on the air at (901) 535 WREC. (901) 535 9732.
Here’s our trivia question : Who am I? (go to hints)
Garner # 27 08/27/14
Summer Avenue
Question:
Hint: I am the most diverse and “fun” street in Memphis.
Hint: The first McDonald’s and first Shoney’s in Memphis opened on my street.
Hint: I was one of the first paved & signed highways in America, connecting San Diego to New York City.
Final Hint: The first Holiday Inn in America opened on my street in 1952!
Answer: Summer Avenue. Summer Avenue or Highway 70 (across America) or the Bristol Highway (in Tennessee, connecting Memphis in the southwest corner of the state to Bristol in the northeast corner) is definitely the most fun street in Memphis. Highway 70 (the Broadway of America) becomes North Parkway, and Summer Avenue begins its six mile trek to the Wolf River there with a four-named intersection (North Parkway, East Parkway, Trezevant, Summer). Johnny Cash used to sell used cars on Summer. The first Memphis McDonald’s and Shoney’s were here. Imperial Bowling Lanes and Skateland rounded out the fun in the 1950s thru 90s. Golf & Games Family Park (including Putt Putt) is one of the most visited attractions in Memphis today, and today has the only Drive-in Theatre in Memphis! The Peanut Shoppe opened on Summer Avenue in 1959!
Once the home of motor courts such as the Alamo Plaza, Silver Horseshoe and Palomino Motel, it still has a trailer court (barely) named Leahy’s that once had a resident (James Jones) who once wrote a novel (“From Here To Eternity”) that won eight Academy Awards. Memphian Kemmons Wilson changed the way eh world traveled when he opened the first overnight roadside lodging chain in 1952 on Summer Avenue.
From baklava to biscuits, tacos, pancakes, vintage clothing stores, five Family Dollar stores, two Tops BBQs, flags, tattoos, trophies, guns & ammo, karate supplies, funeral homes, churches, Grahamwood School, ice cream and even a meat market –Summer Avenue has it all . . .
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Autumn tours beginning September 14 (Bridge Walk) and September 16 (Union Avenue Manhole Cover & History Tour). Go to jimmyogle.com for the 2014 Autumn season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon
BRIDGE WALKS: Memphis & Arkansas Bridge; meet at Crump Park (Exit 12C, Metal Museum Drive)
2:00 p.m. on Sundays – September 14, October 19 and November 9
TUESDAY TOURS: Tuesdays at 11:45 a.m. for about four blocks from a different street corner each
week, beginning again on September 16!
Questions answered by Tom King:
- 1. What repairs or renovations add the most value on the dollar to a real estate property?
- 2. What types of transactions may require a non-mortgage appraisal?
- 3. What are your personal rules of thumb regarding appraisals done for divorce situations?
- 4. Tom tells a story of a customer living in a house that once served as a Civil War hospital. The lead bullets found strewn around the house had teeth marks in them. Why? Tom answers the question.
Questions answered by Jo Garner :
- 1. Talks about how to cut to the truth on mortgage offers you get in the mail.
- 2. Talks about 100% loans –the use of leverage
- 3. Talks about going up on price to get the sellers to pay stuff for you (if the house will appraise)
4th Segment 9:45AM REAL ESTATE TIP OF THE WEEK (Tomand/or Jo offers a money-saving or time-saving tip to listeners regarding getting their loans approved)
Jo’s announcements:
- 1. Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday August 13, 2014 9AM to 10AM Bill Drennan, Financial Advisor with Northwestern Mutual with be giving some tips for your financial plan. Talk Shoppe offers these free events to the public at the YMCA Corporate office 6373 Quail Hollow Rd 2nd floor in Memphis at the corner of Massey Rd and Quail Hollow.
For more information about Talk Shoppe go to www.TalkShoppe.BIZ
- 2. Join us every Saturday on the Real Estate Mortgage Shoppe program. For today’s podcast and others, go to www.MortgageLoansBlog.com We want to hear from you on how we can make our show better. If you have suggestions, call me directly at (901) 482 0354.
- 3. Mark your calendars for the YMCA’s Golf Tournament coming up Oct 3 at Colonial Country Club. Proceeds benefit youth serving programs at YMCA’s across the Mid-South. For more information they can call our office at 901.766.7677
Transitional Music: 40 Hour Week by Alabama; “9 to 5” Dolly Parton ;
“Hard Working Man” Brooks and Dunn
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.com
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.BIZ She was also the editor of Power Shoppe, a free weekly ezine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.MortgageLoansBlog.com .
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.