MAKE IT EASY, MAKE IT SMOOTH WITH YOUR MORTGAGE AND REAL ESTATE CLOSING

 

HIGHLIGHTS FROM TODAY’S PODCAST:

 

MARKET NEWS

 

LOOK BACK MEMPHIS TRIVIA CONTEST

 

Questions answered by Joe Rojas:

1)    Knowing what to expect and communicating with all parties Review every document from your loan officer and send it immediately. Time is of the essence as underwriters will not review file until all docs are submitted.

2)    Review the loan documents before you sign.  .

3)    If funds are required, the closing will require a wire transfer or a cashier’s ck.

4)    Expect the unexpected on a rushed closing. Be flexible.

5)    If you have negotiated repairs. Make sure you and your real estate agent are keeping tabs on the seller on any outstanding contingency repairs on the property.

6)    Avoid Friday closings. They Can cause a lag time in moving as the seller will not release keys until they receive funding.

7)     Lender must review the signed docs  to release funds

8)   Always ask is seller has signed their documents and be flexible on Possession-

 

Questions answered by Jo Garner:

 

1. 1.    Talk About Your Top Five To Keep Your Mortgage Approval Alive: 

 

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Good morning Memphis! Good morning to our friends across the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe program.  I’m Jo Garner, your host, mortgage  professional with Evolve Bank and Trust.  Call us and talk with us about whatever real estate topic YOU want to discuss.  If you have a burning question or if you have a solution for someone else, give us a call at 901 535-WREC (901) 535-9732. Our GENERAL topic is “Make It Easy, Make It Smooth With Your Mortgage And The Real Estate Closing.”  And the perfect person sitting around the table to talk with us on this topic is Joe Rojas, principal partner of Alliance Title and Escrow in Memphis. Joe, you guys are doing a great job closing loans for us.  Tell us a little bit about you and about Alliance Title and Escrow…

(Joe Rojas introduces himself and Alliance Title )

(Jo)  Joe, people say that homebuyers and people refinancing homes remember most, above anything else, what happens at the closing table.  My favorite part of being a mortgage loan officer is getting to go to closings and see my clients  happy to be getting the keys to their new home or clients who are celebrating because they have been able to refinance and cut their expenses on interest or shortened the term on their loan and still keeping the payment low so they can retire sooner rather than later.

 

This month my very experienced assistant, Susan Belew and I have seen a LOT of happy customers ranging from  first time homebuyers that are getting a much bigger, better home with a monthly payment that is much less than what they were paying in rent—and without having to pay a lot of money down.   We have gotten to celebrate with another couple who had been homeowners 3 or 4 years ago but lost their house to foreclosure due to the economic downturn. They worked on building back their credit and their finances.  Now their family is back in a home like they had before but with a much lower payment because of the mortgage rates being so low.   And Joe, you and your team at Alliance helped make that closing a smooth and pleasant one.

 

<Joe makes comments here>

 

(Jo) We’re talking about “Make It Easy, Make It Smooth With Your Mortgage And Your Real Estate Closing.”  Over the last few weeks Susan and I have been working with clients who are transitioning due to divorce, clients with growing families, and not to leave out our repeat clients who are continuing to build their wealth by buying additional rental properties. It’s a celebration every time we gather around the real estate closing table.  One of the biggest benefits to celebrate is the extremely low mortgage rates that we’re still enjoying.

 

 

 

Hopefully they will last a LITTLE longer.  This week the price of mortgage rates remained flat.  Not much change—but that’s still good since yesterday the rates ended the day at about 30YR FIXED – 4.25 with no points  on the conventional loan. FHA/VA – 3.75-4.0% 15 YEAR FIXED –  3.375-3.5

• 5 YEAR ARMS –  3.0-3.50% depending on the lender

< Joe makes comments here>

 

(Jo) The first step in having a smooth mortgage process is to put on your team an experienced loan officer and realtor and a good title company with a good reputation that truly cares about YOU. A good loan officer should be asking questions to determine first what your comfort level is on a payment or down payment and a good loan officer should ask, not just about what you want to accomplish today but what you want to accomplish over the next few years. Sometimes just tweaking the mortgage product, you can get what you want today AND  make it easier to meet your future goals too.

If you are ready to buy a house or refinance one, call me directly and let’s talk.  You can call us now on the air at 901 535 WREC  901 535-9732   Or you can call me directly off the air at 901 482 -0354  901 482 0354 or catch me on the blog at www.MortgageLoansBlog.com

If you think you may have some barriers to overcome like no money to put down, maybe some credit scores that need some improvement  or maybe you’re self-employed and your income is showing very low because of tax write-offs—call me.  Susan and I have solutions that can clear some hurdles for you.

 

We have Joe Rojas from Alliance Title and Escrow in the studio.  Joe, what are some things homebuyers and people refinancing can do to make the real estate closing go smoothly?   <Joe launches his topic>

 

 

 

 

 

 

 

 

 

 

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^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. Jimmy would like to invite everyone to head down to Riverside Dr today to see the replicas of Columbus’s Nina and Pinta ships docked there until October 6^th.  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 # 29  09/24/14

Tennessee State Route 385

Question: I am a “new” road that forms a semicircle beltway around the interior of Shelby County.  Who am I, and name the three famous citizens that are honored along the way?   

Hint:  I am going to be a part of the future I-69.

Hint:  My north leg is named for a famous 20^th century Shelby County landowner and banker.

Hint:  My eastern leg is named for a Memphis dentist that became Governor of Tennessee.

Final Hint: My southern leg is named for a former Shelby County Sheriff and Mayor.

Answer:  Tennessee State Route 385 or Paul Barret Parkway (north, opened 1998), or Winfield Dunn Parkway (east, opened 2013), or Bill Morris Parkway (south, various sections completed between 1994-2007) or even Nonconnah Parkway.  Regardless, TN 385 has many names and circumvents most of Shelby County, as well as dips into Fayette County three times.

The route is constructed to Interstate-compatible freeway standards with full control of access throughout. The southern portion of the loop is notable for its almost-exclusive use of single-point urban interchanges. In the future, interchanges will more than likely be constructed along the segment of TN 385 between SR 193 and SR 57. According to a map published in 2008, interchanges would be located at Fletcher Rd, Raleigh-LaGrange Rd, and Monterrey Rd. (In the distant future, plans are to extend Walnut Grove Rd from its current terminus at Houston Levee Rd all the way out to Fisherville Rd via Monterrey Rd.)

(2^nd and 3^rd segments of the show are devoted to your talking points and a few of mine and taking callers)

 

 

Questions answered by Joe Rojas:

9)    Knowing what to expect and communicating with all parties involved in the transaction- this includes the title company or closing attorney. Not just the real estate agent and loan officer.  Make sure the Agent sends email and cell phone information with sales contract.

10) Be proactive and have 30 days of documentation ready to provide your loan officer.  Documents over 30 days old are considered stale dated and it may be a condition required at the very end, ie. bank statements , paystubs, etc

11) Review every document from your loan officer and send it immediately. Time is of the essence as underwriters will not review file until all docs are submitted.

12) Review the loan documents before you sign.  Always a plus if documents can be sent to closing company 1-2 days before the closing.

13) If funds are required, the closing will require a wire transfer or a cashier’s ck. No personal checks accepted. Anticipate plenty of time to get to the bank.

14) A “swap” will not occur until funds are delivered or received by seller’s attorney/title company. This means the keys will not be delivered until money received.  (unless buyer and seller close at same location)

15) Expect the unexpected on a rushed closing. Be flexible.  Rushing can cause mistakes. Make ample time away from work. Closings can take as little as 30 minutes but the closer has to have everything approved before anyone can sign.

16) If you have negotiated repairs. Make sure you and your real estate agent are keeping tabs on the seller on any outstanding contingency repairs on the property.  Sellers tend to hold off as much as possible until they know the deal is done.

17) Avoid Friday closings. They Can cause a lag time in moving as the seller will not release keys until they receive funding. 1) lender must review the signed docs  to release funds 2) wire has to be sent to Seller’s closing company which can take a few hours. Keys may not be released until Monday.

18)   Always ask is seller has signed their documents and be flexible on Possession- Remember possession takes place when the seller receives the money not when you sign the documents

 

 

 

 

Questions answered by Jo Garner:

 

1. 2.    Talk About Your Top Five To Keep Your Mortgage Approval Alive: 

#5-  Don’t change jobs or quit your job during the loan process.  Don’t even change the method of how you get paid.  Here’s just one example– If you are a salaried employee when you start the loan process and then switch to commission income or switch to a 1099 subcontractor position, the mortgage company can no longer count your income until you show 2 years history getting that type pay.   Mortgage companies check employment status again right before closing too.

 

#4   Don’t make any unusual changes in your bank accounts.  Mortgage companies are required to have you verify large deposits appearing in your bank account over the last 30 to 60 days. The least amount of these large deposits, except for payroll of course, will make the mortgage process easier for you.  Writing bad checks is NOT a good idea while you’re trying to get a mortgage. Underwriters will think you have a cash flow problem

 

#3.  Don’t miss making your mortgage payment right before you close. No matter what anyone tells you, if you show a mortgage payment over 30 days late, even if it is right before closing, you have very probably just KILLED your deal.  I realize you thought you would be closing anyway and the old mortgage would be paid off, but that doesn’t matter—and mortgage companies check  credit right before you close so don’t allow your current mortgage payment to be over 30 days late.

 

#2.  While we’re on the topic of credit, PLEASE don’t go out and open any new accounts and that includes not opening any “no-payments-for-a-year” accounts either.  Please do not borrow more on your credit cards or other lines during the loan process either. If you need to furnish the new house, you can shop for stuff but do not allow anyone else to pull your credit. Wait until the loan is closed and funded and THEN go buy what you need for the new house.

 

#1.  Communicate with your mortgage officer.  We are really on YOUR side.  Most of us don’t get paid until your loan closes.  If you are married or in the process of getting a divorce, even if the spouse is not going to be on the loan or title, they have to sign some documents at closing because of Tennessee laws.  If you are in the middle of a divorce, in most cases, underwriting will require all pages of the  signed and recorded final divorce decree. If you own other real estate, let the loan officer know, especially if there is no indication of other real estate on the credit report and other documents.  If you just bought a car the day you go in to complete your mortgage application, let the loan officer know. The credit inquiry will probably show up soon and you don’t want to negatively surprise your officer and your realtor toward the end of the process when the new debt is discovered.

 

1.  What about your “Tools To Get More On Your Credit Score”
   1. A.   Most people understand the importance of making debt payments on time –at least not over 30 days or more late.  This IS important to maintain good credit scores—ESPECIALLY on a mortgage or real estate equity line.
   2. B.   But most people do not realize that 30% of your credit score is determined by your credit card activity.  Here’s a short course in how to get more from your credit scores—keep your credit card balances paid down at all times to LESS THAN 30% of the total credit limit on that card.  This can help boost your scores higher and help you get much better terms on car loans, bank loans and mortgages.
   3. C.  Don’t pay off immediately collection accounts unless the loan program requires you to do this.   I do believe in paying people you owe, but paying collection accounts will initially DROP your credit scores—even though credit scores tend to improve several weeks later .  Wait until AFTER closing on your mortgage loan to pay collections if you can

 

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4^th SEGMENT- THE REAL ESTATE TIP OF THE WEEK- Jo and Joe get to give a practical, money-saving, time-saving real estate tip (1.5-2 minutes)

 

Jo’s announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or in business.   This week the GWIG guys will be sharing about some new technology.  The topic is “The Power Of The Word-of-Mouth Referral.”  Talk Shoppe events are free at the YMCA Corporate offices 6373 Quail Hollow Rd 2^nd floor Memphis (at the corner of Massey Rd and Quail Hollow) 9A to 10A Wednesday the 1^st of October.  For more information go to www.TalkShoppe.BIZ

 

 

Join the Y now through Oct 5th and make a donation to G, Jim, Go! to help the children of LeBonhuer and we will waive the $75 joining fee.  It’s Your Health, Their Hope – For more info go to www.ymcamemphis.org

 

 

 

To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to www.MortgageLoansBlog.com

 

Transitional Music:    “Smooth Operator”  by Sade; “When The Ship Hit The Sand”  Dean Martin and Tennessee Ernie Ford;  “Take It Easy” The Eagles;  “Memphis” by Johnny Rivers

 

 

 

 

 

 

 

ABOUT JOE ROJAS:

 

 

Alliance Title and Escrow, LLC is a real estate title and closing firm located in Memphis.  They are licensed in TN and MS.  Liz Cayce and Joe Rojas are partners who started the firm in 2007.  They offer competitive pricing, great service, and flexibility.  Their motto to great service is Communication.   We hope you give Joe and Alliance Title the opportunity to work on your next closing and make your life a little easier.

Joe Rojas, Principal Partner  (901) 289-5821 tele    office (901) 333-7999 fax is 901 333-7990

 

ABOUT JO GARNER:

 

 

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.