LOVE YOUR HOUSE, YOUR HOME, AND YOUR HOME FINANCING
Tom King, Appraiser covered the best ways to add value to your house. Troy & Lynn McDonald of Erin McDonald Insurance Agency shared some relatively inexpensive ways to add value to your home life (and love life) using insurance – I covered some examples of profitable strategies for refinancing so you will love your mortgage much better.
If you do not get the answers you are looking for on this blog post or podcast, contact me at jo@192.232.195.219 or at (901) 482-0354 and let’s get you the information you are seeking. Thank you for following me and sharing this post with others.
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Good morning, Memphis! Good morning to you all across the 50 states. You’re listening to Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me by going to www.JoGarner.com or calling me while we are live on Saturday February 13th, 2016. If you’re on twitter, send your comments and questions to #JoGarner. Today we are covering LOVE YOUR HOUSE, YOUR HOME & YOUR HOME FINANCING. 1. Tom King, Appraiser will be covering The best ways to add value to your house 2. Troy & Lynn McDonald of Erin McDonald Insurance Agency will be sharing some relatively inexpensive ways to add value to your home life (and love life) using insurance – 3. You know one of my favorite topics, Profitable strategies for refinancing so you will love your mortgage much better. Call us while we are live at (901) 535-9732 and outside the Memphis area (800) 474-9732.
(Tom) It’s great having you back at the microphone. Tell our new listeners a little about yourself and what you do as an appraiser with Bill King Company.
(Jo) Back by popular demand we managed to get Troy and Lynn McDonald back in the studio. They were in front of quite a number of microphones this week. They shared some great insurance ideas at Talk Shoppe on Wednesday and again at Memphis Investors Group Thursday night. Troy and Lynn, tell our listeners a little about yourself and your insurance business.
(Jo) Today on Real Estate Mortgage Shoppe we are celebrating Valentines Day by talking a lot about love. I have been a mortgage loan officer for over 25 years and there is a lot to love this week when it comes to the surprising 1- year low mortgage rates. People who thought they missed the boat when the rates moved up last year have decided they weren’t jilted by the market after all. If you were courting a move to refinance your current mortgage last year but let the rates get away from you—they’re BACK…But be warned…the market is fickle, so let’s MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY—DO IT TODAY!!!
This past week, due to the bad news in the Chinese market and the depressed price of oil, lots of investor’s love for stocks turned cold and they headed for the bond market. When bonds are in high demand and yields are low, mortgage rates tend to move lower too which they did, quickly getting down to a little better than a one year low. Yesterday, prices on mortgages bumped up to around from a 3.5% to around a 3.625% to 3.875% on the fixed 30 year conventional loan. The 15 year fixed rates are pretty safely in the LOW 3’s. Let’s talk about jumbo mortgages over $417,000 and higher. In some cases the rates for these jumbo loans have gotten better than the regular conforming lower loan amounts. Another type loan that has been gaining traction is the newly revised Reverse Mortgage. Let’s talk. You can call me now while we are live at 901 535-9732 or we can talk after the show at 901 482-0354 (901) 482-0354 or connect with me at www.JoGarner.com
(life insurance and long term care. Lynn shares personal story of her son-in-law who passed away but had life insurance for his wife and toddler aged children, giving them peace of mind.
(Jo) Let me share a little bit with our listeners who were contemplating refinancing or restructuring your mortgage a year or so ago but never got around to it because of the mortgage rates jumping up so high last year. They are back down again , but maybe only for a short visit. Let’s relook at some scenarios for your specific situation. Your loan might qualify for a special HARP loan or one of the streamline programs that don’t require a full appraisal and are less costly. I am happy to check to see if YOU qualify for one of the special loan refinance programs and I can work with you personally, but you have to call me personally. If you are not talking with me PERSONALLY, you are not working with me. I WANT to work with YOU, so call me directly after this show at 901 482-0354 or connect at www.JOGARNER.COM and we can talk about what you want to accomplish and how we can achieve your goals in the shortest time with the least amount of expense.
(Jo) We are talking about LOVE YOUR HOUSE, YOUR HOME AND YOUR HOME FINANCING. What questions or comments would you like to cover in our time together? Call us while we are live in the studio at (901) 535-9732 or outside the Memphis area (800) 474-9732.
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2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you this time by our own Tom King. Tom is a native Memphian and loves our history. 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 if you have a BIG, BIG project or a smaller project . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.
TRIVIA QUESTION: who was instrumental in getting the Memphis Pyramid built downtown?
Hint #1 At the time the pyramid was being built this person owned the Denver Nuggets
Hint #2 Was known as the flamboyant “Boogie Man”
Hint #3 Initials are S. S.
ANSWER: SYDNEY SHLENKER
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QUESTIONS ANSWERED BY TOM KING:
1. What are some of the best updates or modifications on the home bring the most value per dollar spent?
2. How much can updating the kitchen add to the value of a home? Bathroom updates?
3. What factors play the biggest role in determining a home’s value on a residential mortgage appraisal?
4. What are some extra details the government FHA loan program are requiring of appraisers since the September 24, 2015 regulation changes?
5. What are the differences between a mortgage appraisal, a relocation appraisal, and an estate appraisal or divorce appraisal?
6. What can you do for the homebuyer or seller when a standard mortgage is not involved?
7. Talk about the firewall between appraisers and mortgage companies?
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QUESTIONS ANSWERED BY TROY AND LYNN MCDONALD:
1. What kinds of homeowner’s insurance can increase the value of the home life (and love life?) (gave example)
2. What is the best insurance you never have to buy? (Landlords requiring their tenants to buy renters insurance )
3. Why is it important to call your insurance agent before you ever dial the 1-800 number to file a claim?
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QUESTIONS ANSWERED BY JO GARNER:
⦁ What are some things homeowners can do to love their home financing terms better in the current market?
Answer- Let me introduce you to some of the winners we have seen in the refinance market. The first couple decided that would prefer to retire sooner rather than later and they didn’t want to have a mortgage to pay. Their rate was in the 5’s and they had about 20 years left on the mortgage. We were able to refinance them, drop the rate to down in the 3’s and shorten the term to 15 years, getting rid of 10 years in mortgage payments. And the payment was LESS than the one they had on the longer term. With this winning strategy, this couple LOVED their home financing because now they were set up to retire earlier and wouldn’t have to worry about dealing with the mortgage.
Meet a different client, whose spouse has been fighting an illness for the past couple years. The family income is lower ,due to time off work and the monthly bills are higher. They decided to refinance and take their mortgage back to a 30 year with a lower rate in order to save around $600/mo. Once they get through the medical crisis, their plan is to turn around and apply a good portion of the $600/mo savings to paying extra principal payments to get rid of the loan early.
My client who is a successful business owner called to see about refinancing and pulling cash out of yet another free and clear property like the one we did for him a few years ago. He a few years ago he reinvested back into his business the $300,000 cash out on one of his properties because the interest rate would be around 3.25% and he knew that he could use that money to generate a double digit return by putting it into his business, which is what he did. Just recently he called to see if we could give him cash out on a different piece of residential real estate that he owns free and clear. He realizes that money in the 3’s on a rate is bargained priced especially since he knows the double digit return he can get back by investing the cash out funds in his business. He is a terrific mathematician!
Here is an entirely different scenario—My client who is strategically acquiring real estate rental property and plans to one day quit his day job and live on his rental property income. With mortgage rates and house prices where they are in this Memphis area where real estate prices are relatively low (instead of high cost areas like some areas of Nevada, California and Hawaii), it isn’t hard to buy with a positive cash flow coming in every month over and above the mortgage payment. He’s a good mathematician too. He figured out how to buy with a positive cash flow and repeat this process until he has enough to quit the day job and enjoy the fruits of his investing.
2. Is the special HARP loan program still available and what do you need to have to be eligible? If your mortgage was owned by Fannie Mae or Freddie Mac prior to June 1, 2009, it is likely your mortgage qualifies for the lower cost refinance program without requiring an appraisal value. Call me personally at 901 482-0354 or email me at jo@192.232.195.219 and I am happy to check for you to determine if your loan qualifies for any special programs.
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REAL ESTATE TIP OF THE WEEK: (Tom and Troy and Lynn shares a money-saving or time-saving real estate related tip –)
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Announcements: 1. Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday February 17th, 2016 9A-10A CT Talk Shoppe presents “How To Get GREAT Results Building Your Business With Networking” by Jana Cardona, Regional Director of Business Network International BNI. Talk Shoppe events are free thanks to our sponsors and advertisers like Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101 and Leah Anne Morse at Cartridge World –Global Brand-Local Experts 901 853 3230.
2. Attend the University of Phoenix, Memphis Campus Career Workshops on February 22, 23, & 25 at 5:30 pm. For details, contact the campus at 901.752.2612.
3. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
4. Call me and let’s MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
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QUOTE CORNER:1st from Charles Schulz “All you need is love, but a little chocolate doesn’t hurt.”
2nd From Pinterest “Be with someone who ruins your lipstick, not your mascara.”
Tom shares his quote “Never pay more than $3 for a box of chocolate and flowers for your sweetie.” (Tom also quickly shares his observation that perhaps that is why he no longer HAS a sweetie)
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REJOINERS:
DONNA BELLINGER, CHICAGO, IL
SHELLEY BAUR, CORDOVA, TN
TERRI MURPHY OF WWW.TERRIMURPHY.COM
9:15 Love Is In The Air John Paul Young: 9:30 These are Things You Do Not Say To Your Wife written by Tim Hawkins;9:45 I Feel Love by donna summer; Memphis by Johnny Rivers
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ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
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 TROY AND LYNN MCDONALD- ERIN MCDONALD INSURANCE AGENCY;
LYNN- I have worked for the same insurance company for 22 years and very much enjoy helping people manage risk through proper insurance coverage. We have a large agency and are well staff to take care of our clients need.
Specialties:Working with Landlords and Investors (901) 849-7101
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they 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. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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 blog www.JoGarner.com