5/30/15 MOVING UP, MOVING FORWARD, GET AHEAD USING REAL ESTATE & SMART FINANCING
http://192.232.195.219/audio-podcasts/
Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program. I ‘m your host, Jo Garner, Mortgage Officer with Evolve Bank and Trust. We’re talking today about “MOVING UP, MOVING FORWARD, GET AHEAD USING REAL ESTATE & SMART FINANCING.” Do you have a goal you would like to reach—a financial goal or a life dream you would like to see come to fruition? Over my 25 years or so in the mortgage industry I have met plenty of people who were told they could never achieve the big dreams and plans they had in their mind and in their heart—but they DID achieve them. You would be amazed what you can achieve with a dream, a plan and the chutzpah and tenacity to pursue it. If YOU have a quick story, testimonial or if you want to talk about YOUR real estate or financing, you’re having coffee with the right people. Joining me around the coffee table is a man with a LOT of chutzpah—avid sky diver and experienced real estate appraiser—Tom King, with Bill King Company. Tom, I think almost everyone in town and up and down I-40 knows you, but tell the rest of our new friends a little about yourself and what you do. <Tom introduces himself and talks about what he does and > <Tom invites our audience to call at 901 535 WREC 901 535 9732>
(Jo) I love this topic today because it has worked for real people I know and it has worked in large part for me too. Our business coach, Mark van Stolk at Talk Shoppe, is constantly reminding us of the huge percentage of people who have reached lofty goals by writing them down in detail and reviewing them often as compared to people surveyed who did not write down their goals. Steven Covey who wrote the book “7 Habits Of Highly Effective People” tells us to start with the end in mind.
- If one of your goals has been to own a house or a dozen houses or just to refinance one of them, then you got a break yesterday when the market closed with mortgage rates lower then they have been in almost a month. 30YR FIXED – 3.875 -4.00%; FHA/VA – 3.75
- 15 YEAR FIXED – 3.125-3.25 But beware of the Jobs Report coming out next week. MAKE YOUR PLAN, WORK YOUR PLAN, IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Other good news from Fannie Mae this week— if your loan officer has required that you pay off AND CLOSE your credit card account in order to get your income-to-debt ratios in line, well, you still may have to pay the accounts off but you no longer have to CLOSE the accounts. Some people are partial to the Sears account they have had since 1985. The credit scoring formulas like older accounts too. So there’s a bit of good news. It was announced that the special HARP refinance program that doesn’t require a full appraisal has been extended into 2016. My assistant, Susan and I have a number of loan refinance programs that don’t require an appraisal . We have some purchase loans that don’t require zero or very little down payment and we are experienced in helping our clients get successfully from the loan application to their loan closing. If you have a goal to buy a house or refinance one, whether it’s a primary residence, second home or investment property here in the Memphis area or in ANYWHERE in the US, Alaska or Hawaii, call us right now at 901 535-WREC 901 535-9732 or you can talk with me off air more directly at 901 482-0354 901 482-0354 or connect with me at www.JoGarner.com
<Tom King takes some time to talk about the importance of knowing the value on your real estate before making any major moves toward reaching your goals… details and anything he wants to talk about >
(Jo) The topic today “MOVING UP, MOVING FORWARD, GET AHEAD USING REAL ESTATE & SMART FINANCING” got me thinking back over some calls I have gotten from current clients, former clients and some of radio listeners who have talked over some of THEIR GOALS and how they are going about making them a reality. There have been a number of people whose goal is to lower their overall debt so that they can afford to upgrade their existing homes or complete some repairs, bringing the value up home their home. I have had people who are tired of their rent going up every year and have discovered they can OWN a bigger, nicer home with a payment significantly LESS than the going rent—and with a fixed interest rate on the home loan, the principal and interest rate will be the same for the life of the loan. A couple of regular real estate investor clients have called over the last couple of weeks. (I keep a running file on them so their loan application only needs minor updates when they buy the next property.) these investors started with nothing but made their plan, worked their plan and now they have quite a positive cash flow of rental income flowing in. One of these guys called me to let me know he had his toes in the sand on a sea shore somewhere –rubbing it in while he knew I was in the office working. Ha! My challenge to you is—–decide where you want to be in the next year—in the next 5 years —write it down—-then call me and let’s look at your numbers and see what scenarios we can use with your real estate and some Smart Financing to get you where you want to go. Call me on the air right now at 901 535-WREC 901 535-9732 or off the air directly at 901 482-0354 901 482-0354 or connect with me at www.JoGarner.com
<TOM KING LAUNCHES HIS TOPIC ON THE APPRAISAL SIDE OF REACHING REAL ESTATE GOALS AND OTHER TOPICS HE WANTS TO COVER UNTIL BREAK>
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2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. Our Look Back Memphis Trivia contest brought to you by notable Memphis historian, Jimmy Ogle. Jimmy offers free historic walking tours of Memphis in the spring and fall. Contact Jimmy at www.jimmyogle.com sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Our Trivia Question: WHO AM I?
Garner # 53 05/28/15
Tom Lee Park
Question: I am named for a hero in 1925 involved with the M.E. Norman sinking.
Who am I?
Hint: I worked on the Mississippi River as a levee worker in the 1920s.
Hint: The name of my johnboat was ZEV, after the 1923 Kentucky derby winner!
Hint: The original name of my park was Astor Park.
Final Hint: I could not swim.
Answer: Tom Lee Park. On May 8, 1925, the Corps of Engineers steamer M.E. NORMAN carried 72 passengers on a levee inspection tour south of Memphis. The NORMAN capsized and many of the passengers were thrown into the waters of the Mississippi River. A levee worker by the name of Tom Lee happened up the disaster site, and began pulling passengers one-at-a-time (using his small johnboat) to safety on the shore. By the time Tom Lee was through, he had saved the lives of 32 people.
He was given a hero’s welcome back in Memphis, a job with City government and a house in North Memphis. He passed away in 1952, the former Astor Park (originally open at Beale & Riverside in 1935 and named for the Astoria Fur Company) was re-named in his honor with a 25-foot-tall obelisk in the shape of the Washington monument erected in his honor in 1954. Tom Lee Park was expanded in 1991 by 20 more acres to the south and in 2006 the Riverfront Development Corporation and descendants of Tom Lee erected a much more fitting sculpture depicting his heroic deeds in the southern section of the park – reaching from his johnboat to a survivor holding on to a piece of wood in the waters.
Last Week: Hotel Chisca. Opened in 1913 at the southeast corner of South Main Street and Linden Avenue (now Dr. Martin Luther King, Jr. Avenue), Hotel Chisca. Many of the rooms in the Chisca were originally built without baths, since it was assumed that the mule dealers, salesmen, and actors who stayed there were generally not interested in bathing!
At various stages of its life, Hotel Chisca contained a barber shop, a liquor store, a beauty shop, a cigar shop, the Yellow Cab Company, and the office of rock’n’roll legend and pioneer, Sam Phillips. It was also the broadcasting home of WHBQ radio, world famous for the Red, Hot & Blue program hosted by Dewey Phillips. From this location on July 8, 1954 occurred the first-ever broadcast by recordof Elvis Presley singing “That’s Alright Mama” which alter the course of music forever. Dewey had to play that song over 15 times that evening, as the kids kept calling in for it
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Riverfront Parks Tour being Sunday, May 31 (Martyrs Park to Ashburn-Coppock Park), the next TUESDAY TOUR being June 2 (Beale Street Landing) and the next Bridge Walk being June 21. Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, June 18.
QUESTIONS ANSWERED BY TOM KING:
- What is the difference between a mortgage appraisal and a relocation or other independent appraisal?
- Talk about the firewall between the mortgage company and appraisers.
- When is it a good idea to get an independent appraisal outside of a mortgage company?
QUESTIONS ANSWERED BY JO GARNER:
- What are some common goals your clients have when they call?
- One common goal for clients who are refinancing their home is to lower the payment so they can get through a temporary crisis, like an illness in the family that has caused the income to decrease and the bills to increase. In some cases, we have been able to lower the payment by several hundred dollars per month. We give them an amortization schedule so that when the crisis is over, they can apply the several hundred dollars extra dollars per month to paying the mortgage off early. Now they are paying a lower interest rate on the loan, AND they have a lower payment during the time of their crisis AND they can still pay off the loan early when the crisis is over.
- Here’s one— I want to build up enough income from accumulated rental properties so I can quit my day job and travel and retire comfortably. Sound like a lofty goal? I know every day real people who started with nothing and now are living their dream. They made their plan and working the plan was just that—WORK—but they put experienced real estate knowledgable people around them who helped them—and they little by little added to their real estate portfolio, buying houses at a price where they could make enough positive cash flow to cover expenses and put some in the bank. If you do that enough times, before long you are making REAL MONEY and then its YOU calling me from the seashore telling me that your realtor is putting together yet another great deal for you and –oh by the way—while I’m in my office working YOU”RE digging your toes into the sand on a beautiful shore somewhere. That’s okay I have days now where I’M digging MY TOES in the sand somewhere too. Want to do that? I want to help you!
- Talk about some success stories you are seeing from your clients.
- Some really good stories are coming from clients who are able to refinance to a shorter term with the same payment amount or less in order to retire sooner than originally planned with a PAID OFF HOUSE! Other stories are coming from clients who tell me they have been renting their whole lives and since listening to our show, have decided to Move UP, Move Forward and Get Ahead by buying their first house.
- When clients call, my very experienced. assistant and I ask them all of the standard questions like getting to what is the maximum amount of house payment that will be comfortable for them so they can enjoy the house and have a life too. We try and determine what the maximum down payment can be and still leave money in the emergency fund. By the way, a loan officer is NOT the person to tell you what is comfortable for you to pay each month or what is comfortable for you to pay down. Only YOU can determine that. If you don’t have any idea, call me and let’s talk about an easy way to get to some answers. Let’s talk on the air at 901 535-WREC 901 535 9732. Or you can call me off the air directly at 901 482-0354 901 482-0354. Or connect with me at JOGarner.com
- What are the common obstacles people run into when it comes to qualifying to buy a home?
- Down payment
- Income-to-Debt Ratios
- Credit
- Property issues
- Determining a workable budget.
- How will the new lending guidelines taking effect August 1st, 2015 affect borrowers trying to buy or sell a house or refinance one?
REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Tom and Jo offer tips)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday June 2nd 2015 9A-10A CEO of Greater Memphis Chamber of Commerce, Phil Trenary, will be presenting “Memphis Up and Coming.” Talk Shoppe networking and presentations are FREE. Breakfast served by Chef Eric Meyers of the Confectionery Memphis . Talk Shoppe meets at the University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com .
“MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
Also mentioned on the show with a caller testimonial–
Lynn McDonald, Insurance Agent with Erin McDonald Insurance Agency 901 849-7101
Richard Scarbrough, Realtor with First National Realty 901 489 2979
Mark van Stolk, business coach with Calaveras Coaching 901 753-3753
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Transitional Music: Right Now by Van Halen; Born To Run by Emma Lou Harris ; On My Way by Phil Collins; ; “Memphis” by Johnny Rivers for Trivia Contest
Quotes and stories researched: Man maintains his balance, poise, and sense of security only as he is moving forward.
If you can’t fly, then run.
If you can’t run, then walk.
If you can’t walk, then crawl
But whatever you do, You have to keep moving forward. Martin Luther King, Jr.
“Go back?” he thought. “No good at all! Go sideways? Impossible! Go forward? Only thing to do! On we go!” So up he got, and trotted along with his little sword held in front of him and one hand feeling the wall, and his heart all of a patter and a pitter.”
― J.R.R. Tolkien, The Hobbit
“The choices you make from this day forward will lead you, step by step, to the future you deserve.”
― Chris Murray, The Extremely Successful Salesman’s Club
Story of John Assaraf from THE Secret vision boards. Mark Cardona’s story of the reticular valve in your brain to look for things you want Mark van Stolk business coach write down what you want to achieve break it down into task and to meet the objectives to meet your goals
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ABOUT TOM KING:
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 JO GARNER, MORTGAGE PROFESSIONAL WITH EVOLVE BANK & TRUST
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @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.BIZ 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.