“New Beginnings: Get Smart Lowering Interest Expense & Property Taxes”
Highlights from the podcast:
Questions Tom King to answers:
1. Is it too late to appeal your property taxes now that the reappraisal has already been done?
2. What criteria does the tax assessor use in coming up with a value on assessed real estate property?
3 What makes you stand out from your competition as a tax appeal expert?
4. On the bills you just out, does this pertain to the tax appeals in 2012 or 2013?
Questions answered by Jo Garner
1. on our conversation before the show , you talked about reasons why it is important to start early this year with your real estate buying goals instead of later.
- 2. The new Qualified Mortgage rules –how it affects someone getting their loan approved>
REAL ESTATE TIP OF THE WEEK –pick an experienced mortgage officer who knows how to exclude certain debts legally and legally add income to the qualifying income numbers for a borrower to get them preapproved on acceptable debt-to-income limits
Good morning, Memphis. Good morning across the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust. Joining us around the coffee table we have Tom King, Shelby County Real estate property tax appeal expert.
Our topic today is “New Beginnings: Get Smart Lowering Interest Expense & Property Taxes.” But if YOU have a topic you want to discuss and its real estate related, then let’s talk about it. Call us on the air at (901) 535-WREC . < Tom says–That number again is 901 535 9732>
This week the report came out and there was only 74,000 jobs created coming in much less than the $200K that was predicted. Most of the time when the economic news is bad, mortgage rates dip lower and that is exactly what happened yesterday. Friday afternoon the conventional 30 year fixed rates came in around 4.5% 0 + 0 with The FHA and VA 30 yr programs coming in around 4.25 with no points. The 15 year conventional fixed rate at around 3.5% with no points. And here is an observation. Then 5-1 Adjustable rate program is also around 3.25% to 3.5%. This loan has a 30 year term with the first 5 years of the mortgage being a fixed rate. After 5 years, the rate becomes adjustable but with some safety caps on the amount of adjustment allowed. The payment is calculated on a 30 yr basis making the principal and interest payment REALLY low. So if you know you will not be staying with the house more than 5 years or more, the 5-1 ARM may be the product you want to keep your payments ultra low.
(Jo ) “All glory comes from daring to begin.” Eugene F. Ware and “Small opportunities are often the beginning of great enterprises.” Demosthenes While the New Year resolutions are still front and center, write down some financial goals you would like to meet this year. Perhaps one goal is to cut your expenses and increase your income. Sounds easy enough but chances are good you’re going to have to take some strategic action plans to accomplish your goal. Your goal may involve moving to a different house, down sizing or even moving from a rental to your own home. Or maybe you are buying real estate for investment to build your wealth machine so you can retire in more comfort. My very experienced assistant, Susan Belew and I would like to hear your goals and put some numbers to them. It doesn’t take very long to calculate a real estate financing scenario. If you have good credit and you have been turned down at another bank for lack of verified income, let me look at your tax returns. Susan and I are good at finding income in the BACK pages of your tax returns to get your loan approved. We look for solutions to get you what you need. All you have to do is make the call. You can call me directly off the air at 901 482 0354. My direct number again is 901 482 0354. OR you can call us on the air right now at 901 535 WREC.
This week Susan and I have gotten calls from customers who want to cash out on a refinance the max amount. Bloomberg Radio has started mentioning possible inflation taking effect once the banks start leaking their reserve funds back into the market. When and how much this happens is anyone’s guess, but they plan on using the cash out funds from the refinance to reinvest or to renovate and repair their homes or pay off bills or all of the above.
Our other refinance customers want to either lower their mortgage payment to save a few thousand dollars or they choose to shorten the term of their mortgages saving them TENS of thousands of dollars. You may be shocked to find out how much money you can save simply be restructuring your financing. And Susan and I want to do the numbers for you. Call us directly at 901 482 0354 or on the air now at 901 535 WREC.or catch us on the blog www.mortgageloansblog.com
Whether your new beginnings in 2014 are financial or Not financial, usually having more money in your pocket makes life so much more enjoyable. I saw something on Facebook last week that went something like this: A man who was just getting started on his physical fitness goals at the gym, asked his personal trainer, which machine would help him get where he could attract more women. The personal trainer’s told him the ATM.
So if you want more money available from your ATM machine, call us and let’s talk about ways to restructure your mortgage so that you pay less interest costs, get the mortgage paid off sooner and keep more money in your pocket.
Tom, you are our champion Shelby County real estate property tax appeal expert. How can you stuff some extra cash in our pockets by lowering your property taxes?
Look Back Memphis Trivia Contest Hal Miller was well known for decades starting in 1955 as Happy Hal on WHBQ TV. His children’s program, the Happy Hal Show, presented movies and the newest toys to children in the Mid-South. As a natural move was to open a toy store in Memphis which he did successfully. Trivia question: Where was Happy Hal’s third toy store location in Memphis and what business currently occupies that location now?
Hint: 1600 block of a well-known road
Hint #2 Art
Answer : 1636 Union Ave Memphis the Art Center
Sponsor: Top Quality Heating and Air Service Duane McCrory 901 644 3303
Questions for Tom King to answer:
1. Is it too late to appeal your property taxes now that the reappraisal has already been done?
2. What criteria does the tax assessor use in coming up with a value on assessed real estate property?
3 What makes you stand out from your competition as a tax appeal expert?
4. On the bills you just out, does this pertain to the tax appeals in 2012 or 2013?
Questions answered by Jo Garner on our conversation before the show , you talked about reasons why it is important to start early this year with your real estate buying goals instead of later.
- A. You are absolutely right. There are two major reasons you want to begin your real estate buying goals early in 2014 instead of later. The first reason is because the costs of borrowing continues its climb upward. The government oversight committee over the two biggest mortgage buying giants in the nation, Fannie Mae and Freddie Mac, have already levied some fee hikes on all new Fannie and Freddie mortgages over the last year and have already told us they plan to saddle us up again with more fees in 2014. Just in the last few months the costs to borrow has increased anywhere from $440 to $880 dollars per $100,000 borrowed. And they may to go up again!
- B. FHA is another government loan program that is in a debate about what changes to make to the minimum down payment that may make it more expensive for the borrower. .
- C. The second major reason you need to begin your real estate buying and refinancing strategies EARLIER rather than LATER in 2014 is because the credit restriction s are
continuing to tighten.
- 2. The new Qualified Mortgage rules –how it affects someone getting their loan approved>
The new Qualified Mortgage rules have been put in place by government related agencies and these rules put certain restrictions on people trying to qualify for a mortgage. Evolve currently plans to keep doing business as usual. If the Fannie Mae or Freddie Mac automated underwriting reports have a preapproval status we re probably going to close the loan. There are a couple of exceptions but not many.
Word to the wise: If the home purchase or refinance deal works for you
today, do it today. I would like very much to have the opportunity to work with you. The best way to reach me directly is (901) 482 0354.
REAL ESTATE TIP OF THE WEEK –pick an experienced mortgage officer who knows how to exclude certain debts legally and legally add income to the qualifying income numbers for a borrower to get them preapproved on acceptable debt-to-income limits
Jo’s two announcements: Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday January 15thth 9A to 10A at DeVry University 6401 Poplar Ave, Jay Myers, author of the book Keep Swinging and owner of successful business Interactive Solutions, will be speaking about “Hitting The Curve Ball”
For more information about Talk Shoppe go to www.TalkShoppe.BIZ.
Next Saturday right here on the Real Estate Mortgage Shoppe we will be talking one of Evolve Bank’s private bankers about the advantages of working with both the bank and the mortgage company when structuring your home financing. For today’s podcast and others go to www.mortgageloansblog.com