Good morning Memphis and IHEART listeners around the country. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, mortgage officer with Evolve Bank and Trust. Tom King of King and Vaughan Consulting is our Shelby County real estate property tax appeal expert. Join us around the coffee table this morning. Whatever your real estate challenge, we want to find a solution for you. Our general topic is “Mortgage Rates and Shelby County Real Estate Property Tax Rates—On The See-Saw.” Call us on the air at (901) 535 WREC. That number again is (901) 535 9732.
Tom, the Shelby County tax rate has been in the news big time this week when we entered a stalemate on raising the property tax rate versus cutting the budget. Real Estate taxes are a significant part of the homeowners’ budget. It affects homeowners and it affects the overall budget. How do we get off the see saw and land with an acceptable balanced budget without over-burdening real estate property owners? Let’s hear some solutions from our listeners. Call us on the air at 901 535 WREC.
Mortgage rates have been playing rough on the see saw over the last 2 weeks. Last week was the worst week in history for rates skyrocketing upward like a rocket off the launch pad. This week was a record move for improvement. Chances of 30 yr fixed rates dropping down in the low 3’s again are not very likely given the current economic conditions.
Conventional 30 year fixed rates yesterday ended around 4.625%. The FHA/VA 30 yr fixed rates ended around 4.375% to 4.75%. The 15 year fixed rates on conventional landed around 3.75% to 4.25%.
Tom, I thought my phones would stop ringing when people saw the mortgage rates increasing. Actually what is happening is people quickly buying and selling homes. We have the largest number of callers getting preapproved to buy a house. Several of these customers have houses they are finally able to sell now that the values have come up a little. The preapproval letter we prepare for our borrowers gives the seller a comfort level with their offer because they are preapproved, even though the seller may be presented with multiple offers.
I had the pleasure of working with a couple here in the Memphis area. Their family was growing with another baby arriving this spring. The home they owned was too small and they felt stuck because the value had fallen on their home too low to sell it without having to lose a lot of money. Lucky for them, the values had started to improve in their neighborhood this year and last month they were able to sell their old house for in the 120’s enough to break even financially. The sweet deal for them was that, due to home prices and rates still being relatively low overall , they were able to purchase a much bigger home for in the 150’s with a perfect floor plan for them at a great price with a terrific rate making their payment only a little over $200/mo from what they were paying on the much smaller home. Here’s a word to the wise—IF THE DEAL WORKS FOR YOU TODAY—DO IT TODAY!
My very experienced assistant, Susan Belew and I would like very much to talk with you. We will listen to you to determine what your goal is in refinancing your home or purchasing a home. We can work up some financing scenarios that will answer the questions: What will my payment be? What will the costs be? How fast can a recapture the costs of getting my loan? Call Susan Belew and me directly OFF THE AIR and directly at 901 482 0354. That direct number off the air to reach me or my assistant Susan Belew, call us at 901 482 0354. Or connect with us on our blog at www.mortgageloansblog.com www.mortgageloansblog.com If you have a comment or question reach out to us on twitter @Jogarnermoney @jogarnermoney
Tom, we are still seeing customers who still need to refinance but are still upside down on their real estate. We have several loan products that do NOT require an appraisal. There are some restrictions on these loans but give Susan Belew and me a call at (901) 482 -0354 or catch me on our blog www.mortgageloansblog.com
We still have the special HARP refinance program with no appraisal value needed. We still have the FHA and USDA Rural Housing loans with no appraisal required whatsoever. If you need cash out we can get it for you on a low fixed rate. We will need an appraisal on your home if we give you cash out though.
Tom, we’re talking about “Mortgage Rates and Shelby County Real Estate Property Tax Rates—On The See-Saw.” A lot of listeners out there have experienced the shock and confusion of calling and finding out the 30 yr fixed rate have moved from 3.5% to 4.5% then 4.875% then back to 4.625%. As our certified Shelby County real estate property tax appeal expert, what are your thoughts about the Shelby County real estate property tax rate stalemate and how homeowners set themselves up for the best situation no matter which way the tax rate falls?
Questions answered by Tom King :
1. I got a call from a listener who sought counsel from you about appraising her house BEFORE she listed it for sale. You gave her some excellent advice and she called me to tell me how much she appreciated you being honest with her.
2. When is the deadline to appeal your taxes for this year?
3 What sets you apart from other real estate property tax appeal experts?
4 How does having a lower property tax value appearing on the tax assessors site affect you if you are trying to sell your house?
5 How long does it take to get your money once you have appealed your tax value and won the appeal?
Questions answered by Jo Garner
1. What are some success stories you are seeing you lately with customers buying and refinancing?
A. There are several success stories I could talk about but here are a few:
First-time homebuyers moving out of a small 2 bedroom apartment where they were paying over $1,200 per month and with less than $1,000 down they bought their own home with 3 bedrooms 2 baths and garage and a nice lawn –all with a payment of less than $1,000/mo Wow! His payment is less per month, the house is his own and much bigger with many more freedoms to enjoy
B. The customers we talked about who felt stuck in the small house they owned because their family size kept expanding. The value on their home for the last few years was too low to allow them to sell the home without taking a huge loss. Finally, the value came up enough for them to successfully sell the small home on a break even profit and buy a much bigger home with a perfect floor plan for them with a payment only about $200/mo more than what they were paying on the smaller home
C. We still have customers who are refinancing their existing loans on their primary residences, second homes and investment properties. They are still saving money per month, or shortening the term on their mortgages by several years, allowing them to enjoy earlier retirement or build their wealth faster. More and more people are refinancing today and pulling cash out to pay off higher interest rate debt. More people can afford to cash out and do this now because the values in a number of areas have come up again.
D. The customers I have been talking about took time to talk with an experienced realtor and an experienced loan officer. They knew what they wanted and sought advice on how to profitable go after what they wanted.
2. What are the biggest challenges with customers trying to buy a house or refinance?
A. Lack of money down B. Credit challenges offer solutons on both of these challenges
3. What is your advice to our listeners who are wanting to buy their own home or who wants to buy real estate for investment?
Make a plan and work your plan. Consult with wise professionals with experience in the marketplace. A good experienced realtor and an experienced loan officer and an experienced wealth advisor. A good real estate attorney can save you money too.
(Mark Ruleman of United Capital, Brenda Vanderslice at UBS, Zack Davis at Edward Jones)
Real Estate Tip of The Week: (Tom King 1 to 1.5 minutes)
Jo’s announcements: Jo makes two announcements: Talk Shoppe offers free education and networking for anyone interested in real estate or business every Wednesday from 9A to 10A at DeVry University 6401 Poplar 6th floor across from International Paper. This Wednesday radio show and television show host, Loretta McNary presenting “Inspiration and Empowerment in Marketing and Branding” for more info about Talk Shoppe go to www.TalkShoppe.BIZ
Next Saturday on the Real Estate Mortgage Shoppe program we’re going to be talking about your real estate and financing challenges and solutions to bring you relief and happiness on News Radio 600 WREC 9AM next Saturday
If you have suggestions on topics or ideas on how you can help us improve This show—The Real Estate Mortgage Shoppe right here on News Radio 600, let us know your ideas and suggestions. For this podcast and past podcasts go to www.mortgageloansblog.com Connect with us on twitter @Jogarnermoney
Transitional songs: “Money Honey” by Elvis Presley; “I Might Be Cheap, But I’m Not Broke” Rik Roberts; “You Make It They Take It” Jerry Reed
Tom King, certified Shelby County Property Tax Appeal Expert with King and Vaughan Consulting 901 487 6989
Duane McCrory Top Quality Service (HVAC) 901 644-3303
Pat Goldstein, VP The Gold Standard in real estate. Voted 2006 Realtor Associate of the Year Crye Leike, Inc 901 606-2000 patrecia@att.net
Loretta McNary, Radio and Televison Host and Empowerment Speaker.
http://lorettamcnaryshow.wix.com/2013#
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 17 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.