LIVE LONG & PROSPER THROUGH CHANGES IN THE REAL ESTATE & MORTGAGE INDUSTRIES
HIGHLIGHTS FROM THE PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY JOE ROJAS
1) 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
2) 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.
3) 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)
4) 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.
11. Talk about the upcoming changes that will be affecting real estate closings and what are some things we can do to avoid delays in closing once these changes are in effect?
12. Explain in general about the Dodd-Frank Act and how it affects home buyers and people refinancing today.
QUESTIONS ANSWERED BY JO GARNER
1. When it comes to changes, what kind of financial changes do you call “good changes?”
REAL ESTATE TIP OF THE WEEK- 2 tips from Joe Rojas and Jo Garner
ANNOUNCMENTS
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Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Loan Officer with Evolve Bank & Trust. As the late, great Leonard Nimoy from Star Trek would say, “Live Long and Prosper.” We will miss you, Spock! May we all “LIVE LONG & PROSPER THROUGH CHANGES IN THE REAL ESTATE & MORTGAGE INDUSTRIES.” That’s what we’re talking about today. There are a lot of changes about to take place AGAIN in our industries. Stick with us on the Real Estate Mortgage Shoppe program and we’ll try and lead you around the pitfalls. In the studio with us today we have a very experienced real estate closing agent—Joe Rojas, owner of Alliance Title and Escrow. He’s going to be offering some tips on how to prosper through the upcoming changes if you or someone you know is about to buy a house or refinance one. But whatever YOUR real estate topic, call us and let’s discuss it on the air. (901) 535-WREC (901) 535-9732.
Joe Rojas, you have been in the real estate business for several years and they do a great job with MY clients getting their real estate transactions closed smoothly. Its great having you back in the studio again. Tell us a little bit about yourself and Alliance Title and Escrow. <Joe Rojas introduces himself and Alliance Title >
(Jo Garner) (started playing the Star Trek theme song in the background) Yesterday we heard the sad news that Leonard Nimoy, best known as Mr. Spock on the original Star Trek Series, passed away at 83 years old. I think I’ve seen every episode of the original series. Spock was the logical Vulcan whose greeting was “Live Long & Prosper” and he did that. Captain Kirk, Spock and the Star Trek Enterprise crew reminded us that we can “Boldly Go Where No Man Has Gone Before.” But we saw how many challenges the Starship Enterprise encountered along the way, but of course they always made it safely back to tranquility because of the wisdom and quick thinking of Captain Kirk, Spock or another member of the crew. Over the past few years its seems like the real estate and mortgage industries have been going where no man has gone before with all of the extreme changes we have seen with tightened government regulations, and the influence on our markets from overseas. It reminds me of a famous quote from the Vulcan Spock—“ Diplomats and bureaucrats may function differently but they achieve exactly the same result.” Very logical wisdom, Mr. Spock. And it’s the job of the real estate professional, the mortgage professionals and the real estate closers to lead their clients safely on the voyage through the ever-changing lending regulations.
<Joe Rojas makes brief comments here about FHA making a positive change to lower their monthly mortgage insurance premium making it a great time for people with FHA loans to both lower their interest rate and lower the monthly mortgage insurance all at the same time
>
(Jo Garner)Mortgage rates ended the day a little better than earlier in the month due to some bond buying going on and the less than stellar economic reports. The Jobs Report comes out next week, so if you are going to close on a real estate purchase or refinance within the next 30 days, you might consider locking the rate now and now waiting. 30YR FIXED – around 3.75-4%; FHA/VA – high 3’s to low 4s; 15 YEAR FIXED – -3.125-3.5% this is with no points and based on various factors. You can pay a little more and get a lower rate. If you want to look into how much you can save by restructuring YOUR mortgage, give me a call on the air at (901) 535-WREC (901) 535-9732 or call me directly off the air at (901) 482-0354 (901) 482-0354 or catch me on the blog www.JoGarner.com
If you’re experiencing turbulence in your mortgage process—like being short on funds to close, call me. Right now there are multiple programs offering down payment assistance and some of them don’t require you to be a first-time homebuyer. If you’re income-to-debt ratios are too high, we may be able to find a solution to your challenge. Call me. It the property you want to buy requires a lot of repairs and you need a renovation and repair loan, call me. If you want to refinance a property and you owe more than it is currently worth, call me. Right now some of our refinance programs do not even require an appraisal value. It would really make my day and yours too if I could provide a solution for your real estate or mortgage scenario. Drag up a chair and let’s talk about it on the air at 901 535-WREC (901) 535-9732 or call me directly at (901) 482-0354 (901) 482-0354 or catch me on the blog www.JoGarner.com.
<Joe Rojas comments>
(Jo Garner) Joe Rojas, your team over at Alliance Title has been doing a great job getting my loans closed. My assistant, Susan Belew and I have been scheduling them early and really late and you guys have been there to make sure our clients get their closing done on time and with the least amount of stress. What are you guys doing over at Alliance Title and Escrow to help your clients LIVE LONG & PROSPER WITH THE UPCOMING CHANGES WITH THE REAL ESTATE & MORTGAGE REGULATIONS? <Joe Rojas launches his topic>
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 2015 Spring season schedule and locations. Our Look Back Memphis Trivia Contest SPONSOR is Lawhon Landscape. John and Jennifer Lawhon have a lot of experience and can help you plan your landscape design and keep you within your budget. Give them a call at 901 754-7474. 901 754-7474 They’ll take care of you. The Lawhon’s are 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 Garner # 42 02/27/15
Big River Crossing
Question: It’s time to “brand” me, and my new name is for the new project that crosses
the Mississippi River. What is my new name?
Hint: I was first opened in 1917 to provide automobile access across the Mississippi River.
Hint: A part of me had opened in 1916 for the increased railroad demand in Memphis.
Hint: My automobile sections were closed in 1949 when the Memphis & Arkansas Bridge was opened.
Final Hint: In December, 2014, my name with the original bridge name received a new name to brand
the most unusual pedestrian and bicycle crossing over the Lower Mississippi River.
Answer: Big River Crossing. Opened in 1916, the railroad portion with two tracks became the Harahan Bridge.
The Harahan Bridge was named for James Harahan, an Illinois Central executive that championed a new bridge in
Memphis to augment the Frisco Bridge (railroad only, one track) that had opened in 1892. In 1904, there were eight
automobiles in Memphis, but by 1910 there were 1,000, and by 1913 – 6,000 automobiles! The need for an
automobile crossing was met in 1917 when the cantilevered portions on the north and south sides of the Harahan
Bridge opened to allow vehicles to cross of the Lower Mississippi River for the first time, on wooden planks. By 1927,
the “Broadway of America” (Highway 70) opened to promote a paved, signed highway across America, connecting
San Diego with New York City (through Memphis). In 1949, a third bridge was opened, the Memphis & Arkansas
Bridge opened, and the cantilevered supports were closed.
Fast forward to 2013, and Memphis entrepreneur, Charles McVean, began championing the adaptive re-use of the
closed cantilevered areas. Over $30 million in public and private support was gathered, involving two states
(Tennessee & Arkansas), two counties (Shelby & Crittenden) and two cities (Memphis & West Memphis), the
cooperation of the Union Pacific Railroad and the Mid-South Bicycle Community. The Main-to-Main project connects
Broadway Avenue in West Memphis with Main Street in Memphis, and the Big River Crossing will connect the
eastern portion of Shelby County via green lines and greenways all the way to the levees of Eastern Arkansas. At a
press conference at the Church Of The River in December, 2014, the pedestrian and bicycle portion on the north side
of the Harahan Bridge, scheduled to open in the autumn of 2016, was official named BIG RIVER CROSSING!
Last Week: Bass Pro Shops at The Pyramid. Opened in 1991 as The Pyramid Arena for large concerts, events and University of Memphis basketball, the Pyramid
Arena seated over 20,000 customers. Know as the “Tomb of Doom”, and shaped and named for the ancient pyramids in Egypt, from whence Memphis derives its name, the
Pyramid became an instant icon on the City skyline. The Pyramid is the 6th tallest in the world, and second tallest in America.
In 2001, a citizens group attracted an NBA franchise, now the Memphis Grizzlies, to Memphis and a new arena, FedExForum, was built for exclusive use of major sporting
events and concerts, opening 2004 and rendering The Pyramid obsolete. After several years of negotiations, world famous outdoor retailer negotiated to build the world’s
largest sporting goods store, with a restaurant in the top level and balconies for viewing the City, Mississippi River and the delta. Aquariums, swamps, bowling lanes,
restaurants and the 105-room Big Cypress Lodge will be featured in the marvelous landscaped interiors. Ducks Unlimited will have its National Waterfowling Heritage Center
here featuring custom-made duck calls and a live duck aviary. Bass pro at The Pyramid in Memphis – all opening on May 1, 2015!
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the
Spring, 2015 tours beginning Sunday, March 15 (Bridge Walk) and April 7 (Union Avenue Manhole Cover
& History Tour). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon – next is Thursday, February 19
and March 19.
Questions answered by Joe Rojas:
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.
5) 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
6) 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.
7) 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)
8) 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.
11. Talk about the upcoming changes that will be affecting real estate closings and what are
some things we can do to avoid delays in closing once these changes are in effect?
12. Explain in general about the Dodd-Frank Act and how it affects home buyers and people
refinancing today.
13 Tip to the wise to make sure you make your mortgage payment during the month it is
due, even if you are about to pay it off so that you don’t get an over-30-day late report tacked
to your credit report and to make sure the closing agent has the correct payoff amount
QUESTIONS ANSWERED BY JO GARNER:
2. When it comes to changes, what kind of financial changes do you call
“good changes?”
Good changes are the ones that set you up to better your situation in some
way—like getting a house that really meets your family’s needs –maybe it’s
the perfect floor plan—maybe its close to work—close to grandma or close
to the grandkids. I always heard that if you want to find grandma—follow
the grandkids—grandma and granddad won’t be far behind.
I define “good changes” as the ones where the cost on money drops low
enough with the lower rates to make it possible to refinance to a shorter
term, keeping your payment the same but getting rid of your mortgage
sooner rather than later. Or maybe going back to a 25 or 30 yr term but just
freeing up a few hundred dollars a month so you can afford to get some
extra help around the house or put your kids through school or start your
own business or start buying real estate for investment. Talk with an
experienced loan officer with a good reputation who really wants to help
you. Susan and I would LOVE to talk with you and compare some
scenarios with you. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
If you want to change your destiny by buying real estate to rent out for a
profit, this can build wealth for you, but seek wise advice from people who
are already successful at doing that and there are plenty of experienced
investors here in Memphis and in other cities too. You can find them at
your local Real Estate Investment Associations. I have learned a lot from
some of the leaders at Memphis Investor Group. They’re a non-profit
education-based group for real estate investors. For more information
about them, go to www.MemphisInvestorsGroup.com
REAL ESTATE TIP OF THE WEEK: (Joe Rojas shares a real estate tip of the week)
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Jo’s announcements : Jo’s announcements:
Talk Shoppe offers free education and networking to anyone interested in real estate or in
business. Coming up Wednesday March 4th, 2015 John Keller, advisor from Edward Jones will
be talking about where are and looking forward with the stocks and bonds market. Talk Shoppe
events are free now at University of Phoenix 65 Germantown Court Memphis-in the office
center across from the Ag-Center off Germantown Parkway 9A to 10A Wednesday. For more
information go to www.TalkShoppe.com
To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go
to www.JoGarner.com
( “BOLDLY GO WHERE NO MAN HAS GONE BEFORE. IF THE DEAL WORKS FOR YOU TODAY, DO
IT TODAY. WE’VE ENJOYED HANGING OUT WITH YOU. LIVE LONG AND PROSPER AND WE’LL
SEE YOU BACK NEXT SATURDAY.”)
Transitional Music: “Pompeii” by Bastille, “Changes” by David Bowie, “Brand New Day” by Sting “Memphis” by Johnny Rivers
for the Look Back Memphis Trivia Contest.
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:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @jogarner
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 .
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.