I will be sharing how to make your financing structure rock solid by going back to the basics. Clint Cooper will be covering some facts and fixes on keeping your home’s foundation safe and sound.
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To Your Success,
Jo Garner (901) 482-0354 jo@192.232.195.219
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Good morning, Memphis! Welcome to our listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is YOUR MORTGAGE AND YOUR HOME’S FOUNDATION…GETTING BACK TO BASICS. If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354. You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 Today is September 10th, 2016.
Today we will be talking about how to make your financing structure rock solid and some facts and fixes on keeping your home’s foundation safe and sound. Call in and talk with us with your questions and comments. We want to hear from you.
Our guest today is Clint Cooper owner of Redeemers Group, the experts about all things UNDER your home. They do Basement Waterproofing, Sump Pumps, Crawl Space Repair Foundation Repair and Concrete Lifting Mold Problems. Redeemers Group was named both a Pacesetter award honoree and also named the #3 fastest growing company in the mid-south by The Memphis Business Journal. May 2016- The Memphis Business Journal honored Redeemers Group as a Small Business of the Year finalist. Clint wrote the book entitled “Mold Prevention Science” that is used by the entire Basement Systems and Foundation Supportworks’ network of dealers to help them communicate with their clients about mold and mold prevention. Clint you are the expert on all things Under the House. Tell our audience a little more about yourself and what you do. <Clint introduces himself and what he does>
(JO) Some of you may have been enjoying the Delta Fair over the last few days in the Memphis area. Do you remembering the dizzying feeling you got on some of the fast rides that gyrated up and down? That’s kind of how I felt this week watching the prices on rates moving up and down. Yesterday they moved off the floor to a little higher price than they have been in the last 2 months. The 30 year fixed rate conventional loan rate came in around 3.5 to the upper 3’s. The conventional 15 year fixed rate came in around the very low 3’s. Rates can vary depending on your loan amount, loan type, loan amount, loan-to-value and credit scores. The recent hike in prices on mortgage rates is due to indicators from the European Central Union that they are being a little more stingy with their monetary policy. If you or someone you know wants to take a spin on my calculator to see how close to the floor or the basement we can get their mortgage rates right now on a home purchase or a refinance, call me while we are live on the air or call me after the show and let’s see how much money we can save YOU with lower interest costs. We can look at lower payments, shortening the term on your mortgage or even pulling cash out using a plan to leverage into much higher returns. You can call me at (901) 482-0354 or connect with me at www.JoGarner.com. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
<Clint makes comments>
(Jo) If you want to pay rock bottom prices for your mortgage interest—much better than you have now, you could refinance and possibly get interest cost down close to the floor. At least let’s do the numbers and see what we can save you. I had a listener call me this past week and he was shocked at how low the payment refinancing his house would be when I showed him his numbers. Another caller had been listening to my me talk about the fact that whether you rent a home or buy a home, you’re going to make a mortgage payment either way—yours or your landlords. With rents going up sometimes 5% to 10% per year over the last few years, most of the time the mortgage payment BUYING a home is less than paying rent on a smaller home. Two rules of thumb to keep in mind when you are sticking with the basic financing principles: Rule number One- Keep your mortgage payment comfortable for your budget. You don’t want to lie awake at night sweating over how you are going to make the mortgage payment. Many of the financial management gurus advise you to keep your house payment comfortably at 25% to 35% of your gross income. Your new house payment with your other monthly obligations should stay under 40% to 45% of your gross income. Rule number two- always keep an emergency fund on hand in case of, well, an emergency or something unexpected. If you are in a stable salaried job, at the very least 3 to 6 months living expenses could ease your stress in an emergency situation. If you are self-employed or in a commission-only position, at least 1 full year of living expenses is recommended to have available in an emergency fund.
(Jo) Today we are talking about YOUR MORTGAGE AND YOUR HOME’S FOUNDATION…GETTING BACK TO BASICS. Clint, I have been covering some back-to-basics wisdom when deciding how to structure your mortgage for a solid foundation for your finances. But foundation problems with your house could definitely take a bite out of your bank account. You have said that Settlement issues happen all throughout the year, but tend to be extra noticeable this time of year. Why?
Clint to talk through what happens to our homes/buildings foundation and the ground it sits on during the wet months of the year, and then what happens when we move into the dry months.
1. (Jo asks) Someone might ask, are settlement issues limited to older homes?
Clint to talk through this common misconception. People tend to think when the structure is new, there won’t be foundation problems. The reality is that it has little to do with the structure, and everything to do with the ground it sits on.
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Jimmy Ogle offers free historic walking tours downtown in the spring and fall. For information about Jimmy Ogle, go to www.JimmyOgle.com. The 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 Answer: ] Central Gardens
TRIVIA QUESTION:
[TRIVIA HINTS] I contain the first planned neighborhood subdivision in the Mid-South. Who am I?
Hint: In 1906 Annesdale Park subdivision opened near the city limits.
Hint: some of my former residents include Mayor E.H. Crump, Abe Plough, Lloyd Binford, William Eggleston, Marguerite Piazza, Memphis Bill Terry and Mayor Walter Chandler.
Hint: I was placed on the National Register of Historic Places in 1982.
Final Hint: My name now covers approximately 83 blocks, 154 structures, 511 acres and 40 individual subdivisions.
Answer: Central Gardens was originally part of the Solomon Rozelle estate. Rozelle and a few others were the first permanent settlers in the area, and the house built by C.W. Rozelle stands to this day. In the late 19th and early 20th centuries, the most prominent architects of the day made Central Gardens a showcase, and the city’s most prominent citizens made it the address of choice. Mayor E. H. “Boss” Crump lived here. So did Abe Plough, Clarence Saunders, and Baseball Hall of Famer Bill Terry. City forefathers, elected officials, captains of commerce, doctors, lawyers, educators, architects, artists and writers shared the streetscapes. Old money, new money and no money at all came together and formed the city’s most enduring neighborhood.
In 1906, the concept of a planned neighborhood with grand boulevards, ordered spaces, shared greenways was established. And there was room for all. The most intensive development of the Neighborhood began in 1900 and concluded in 1930, when the area had achieved most of its present density, order and character. Residential developers created more than 40 individual subdivisions that now are known collectively as Central Gardens. Today, the vision thrives beneath the shade of the towering trees and grand plans planted here so long ago.
In 1982 Central Gardens Neighborhood, was listed on the National Register of Historic Places, and is composed of approximately 83 blocks, 1540 structures and 511 acres. The great majority of the structures are single-family residences; the area also contains multifamily dwelling units, churches and schools. Central Gardens is significant for
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next Tuesday Tour being on Union Avenue Manhole Cover and History Tour at 11:45am on Tuesday, September 20 at Front/Union. The D’Army Bailey County Courthouse Tour (indoors): one Thursday each month at 12:00 noon – the next being Thursday, September 15. Go to jimmyogle.com for more information.
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QUESTIONS ANSWERED BY CLINT COOPER:
1. Settlement issues happen all throughout the year, but tend to be extra noticeable this time of year. Why?
CC: Clint to talk through what happens to our homes/buildings foundation and the ground it sits on during the wet months of the year, and then what happens when we move into the dry months.
2. Are settlement issues limited to older homes?
CC: Clint to talk through this common misconception. People tend to think when the structure is new, there won’t be foundation problems. The reality is that it has little to do with the structure, and everything to do with the ground it sits on.
3. Jo: Why are cracks now appearing in the exterior or interior walls of my home?
CC: We just came off a very wet spring season; the soil under the home absorbs water during the wet part of the year. The soil dries out in the summer months and begins to shrink. Think of it as your house sitting on a wet sponge that becomes a dry sponge. As the soil shrinks, the house settles and shifts with the dropping/shrinking soil.
4. Jo: So then settlement issues are not exclusive to older homes?
CC: This is a common misconception. Unfortunately not. Foundation and settlement issues have everything to do with what the house is sitting on, and little to do with the house itself.
5. Jo: How do I know if it needs to be fixed?
CC: There is a certain variance that is allowable for house or structure settlement. It would be unlikely that you would and any house or structure that was built perfectly square on perfect soil simply because of human error. A trained professional can use a self-leveling laser to determine if any part of the floor inside or the exterior facade (ex: brick,stucco,etc.) has dropped lower than when the house or structure was built.
6. What are common approaches you see that people try and take to fix their foundation issues? (focusing on how NOT to fix a foundation here: concrete underpinnings, concrete piers, total foundation replacement)
7. THIS LINK below IS REFERENCED AND CLINT IS LISTED AS THE AUTHOR OF THE VERBIAGE:
http://www.redeemersgroup.com/about-us/technical-papers/6993-foundation-solutions-that-dont-work.html
8. Clint, talk about a foundation job you just completed in the Memphis area that was really difficult. Why was it so difficult and what had the homeowner tried to do to fix the foundation problem that failed in earlier attempts? CASE STUDY: Segway to a case study we just recently completed.
(don’t use customer’s name, can reference a customer in Lakeland, TN)
Talk through why the customer called us, why the project was so difficult, what we uncovered during the process in terms of past attempts to fix that failed.
Full case study write-up on this project is here:
http://www.redeemersgroup.com/about-us/case-studies/6920-significant-foundation-failure-with-multiple-roadblocks-to-achieving-the-desired-outcome.html
9. September is Mold Awareness Month, why does mold thrive in our homes?
10. What is the Stack Effect when it comes to (how air circulates through the house–how does dirt crawl spaces and leaky basements contribute to the problem?
http://www.redeemersgroup.com/about-us/technical-papers/24361-september-is-mold-awareness-month-lets-look-at-why-mold-thrives-in-our-homes.html the article on this link was written by Rosie Graves.
11. The reason for air in the crawlspace widely misunderstood: give us some facts and fixes when dealing with the quality of air in the crawlspace.
12. Crawl spaces: the debate between vented or sealed
http://www.redeemersgroup.com/about-us/technical-papers/24324-tip-of-the-week-vented-vs-sealed-crawl-spaces-lets-debate.html Check out this article written by Rosie Graves for more info.
12. Basements: Why do they leak?
Clint launches into talking about why basements tend to leak, and why DIY is not a good approach for permanently solving it.
13. What are some facts and fixes regarding basement water problems?
Basement water problems are as old as the structures themselves. Water will leak into a basement through any opening it can, including your walls, floors, and the joints between them. Water can even pass through the concrete itself — which is one reason why basements are notoriously damp, humid spaces. Covering the walls with a waterproofing product, known as dampproofing, can help, but will certainly not be a lasting or foolproof solution.
14. What are your recommendations when approaching waterproofing of a basement?
A couple recommendations when approaching waterproofing your basement:
-This is not DIY: use an experienced Crew: a waterproofing specialist who dries basements every day should be the one to tackle this type of project. You simply cannot DIY your way to a permanently dry basement.
-Use Quality Products: Basement Systems® dealers have been installing their patented, award-winning products for more than 20 years.
-Get a warranty: step 1 would be to have a professional install a permanent solution. Along with that, be sure you have a lifetime and transferrable warranty with the system. Our warranties are not only lifetime and transferrable, they are also backed by a national company.
A home with a wet basement is not only a headache for a homeowner, but also becomes much more difficult to sell. In fact, reports show that a wet basement is one of the most serious “red flags” that deter buyers.
Combined with our lifetime written warranty, which is transferable to the next owner, home buyers will be confident that their home is protected, restoring 10% or more of the home’s market value.
Our crews of waterproofers are experienced, well-trained professionals that work in basements and crawl spaces every day. They’ve seen it all, and they know just what needs to be done to keep your basement dry all the time!
15. Redeemers Group has received a bit of recognition recently:
August 2016: Redeemers Group was named both a Pacesetter award honoree and also named the #3 fastest growing company in the mid-south by The Memphis Business Journal.
May 2016- The Memphis Business Journal honored Redeemers Group as a Small Business of the Year finalist after an extensive interviewing and documentation process.
26. CE classes
Clint Cooper teaches a number of continuing education classes each year at MAAR. All classes can be found on the MAAR calendar and are free for MAAR members. Topics between now and the end of the year include: Foundation Repair Science, A Fungus Among us, and Dry Basement Science. All are 3 CE hours.
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QUESTIONS ANSWERED BY JO GARNER:
1. What are some insider tips on how to look your best on your mortgage application for the mortgage underwriting software programs?
Most government mortgage programs, Fannie Mae and Freddie Mac, Veteran Loans, FHA loans, USDA loans and a few Jumbo loan programs are underwritten by mortgage underwriting computer software. In most cases, your mortgage application must get a thumbs up on the software first before it is ever reviewed by a human underwriter who makes the final decision. But usually you have to get a thumbs up from the computer first before your loan ever hits an underwriter’s desk.
Based on my several years of experience working with mortgage underwriting software programs, I have to say the number one priority for software programs besides credit and your credit scores, is money available in the bank. Even if your income-to-debt ratios are a little high, the reasoning is that with cash in the bank, you could always pay off some debt if circumstances deemed it a necessity. I can remember so many customers who have called me and said, “You’ll be happy to know that I went out and paid all my credit cards off before coming to you for my loan.” Thank you to those customers for their good intentions, but that may not have been the smartest thing to do, especially if they depleted their reserve savings. Remember the computer software likes to see the MONEY in the bank first even if your debt-to-income ratios are a little high. The computer is saying SHOW ME THE MONEY.
The second consideration is that 35% of your credit scores are made up of your activity on your credit card accounts. Assuming that you make all your payments on time, the next important insider tip is to keep your owed balances on credit card accounts over $12 and UNDER 30% of the total credit limit. If your balances owed are under 50% of your total credit limit on a card, you are probably okay but if you owed balances are OVER 50% of the total credit limit, your credit scores are probably much lower than you thought. If you pay OFF the credit card, the credit card company doesn’t report to the bureau at all and you get no points. A back-to-basics practice to keep you looking good for the mortgage underwriting software is to keep your credit card balances over $12 and under 30% of your total credit limit.
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REAL ESTATE TIP OF THE WEEK Jo offers tip for self employed borrowers. Submit all pages of your last 2 years personal and business tax returns to an experienced loan officer to calculate your income before you make an offer on a home and before you pay for an expensive appraisal. A good loan officer starts at the BACK of your tax return, not the front, and knows all of the expense write offs that can legally be added back to income. If you are turned down by a loan officer based on income, get a second opinion. Contact me after this live broadcast and I am happy to calculate your self-employment income the way it will be calculated by the major mortgage programs. Call me personally at (901)482-0354 or email me at jo@192.232.195.219 or connect with me at www.JoGarner.com
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ANNOUNCEMENTS:
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 September 14th, 2016 9Ato 10A at the University of Phoenix 65 Germantown Court 1st floor in Cordova, TN. Talk Shoppe presents: “Protect Your #1 Asset: Train Your Brain To Be Stress Resiliant” presented by Lee Ann Foster, MS Memphis Neurofeedback www.MemphisNeurofeedback.com
Talk Shoppe events are free thanks to advertisers like Leah Anne Morse of Cartridge World of Collierville, TN. Leah Anne has the newest technology to save you 30% on your printing costs. Contact her at (901) 853-323
Also, thank you to Chef Eric Meyers of www.EatAtErics.com He is ready to cater or bring his food truck to your event. You can connect with Eric at www.EatAtErics.com
2. SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH THE HEAR OR SEE FROM THE CONTENT ON THIS SHOW. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY.
3. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
4. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
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QUOTE CORNER:
Blogmilkshop.com “Rock bottom has built more heroes than privilege.”
David Brinkley “A successful man is one who can lay a foundation with the bricks others have thrown at him.”
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REJOINERS:
1. Kevin Yee, Save Energy Solutions Kevin can stop bad air from coming into your home through a leaky duct system. www.sesinfo.biz
2. Jana Cardona, Business Network International, www.bnimidsouth.com
3. Peggy Lau, World Ventures Dream Trips www.ipoa.dreamtrips.com
Transitional Music: “Solid Ground” by Sidney Barnes; “I Feel The Earth Move Under My Feet” by Carole King; “The Basement” Eric Hutchinson
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ABOUT CLINT COOPER, owner of REDEEMERS GROUP
www.RedeemersGroup.com
– Clint was born and raised outside of Nashville, TN and is a graduate of MTSU.
– He served in Iraq with the Marine Corps Infantry before returning home to Tennessee to live and work in Memphis.
– In Nov 2007 he started Redeemers Group.
During his time with Redeemers Group, Clint has published several articles on his areas of expertise. Most recently his first book entitled “Mold Prevention Science” was published and is used by entire the Basement Systems and Foundation Supportworks’ network of dealers to help them communicate with their clients about mold and mold prevention. He teaches CE classes for Memphis Areas Association of Realtors several times per year.
He has also earned the following certifications and licenses:
• Basement Systems Waterproofing Certification
• Basement Systems Crawl Space Repair Certification
• Foundation Supportworks Diagnostics School Certification
• National Association of Mold Remediators and Inspectors License
• Blue Institute- LEED Training Certification, Member ID#:
• Green Building Council, Certification
• TN State Board for Realtors CE Authorized Instructor
Clint lives in Germantown, TN with his wife and two children.
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo’s 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 since 1987. 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 .
For real estate financing solutions, plug into Real Estate Mortgage Shoppe. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, and more.