Today Sally Baker and Leah Anne Morse will be sharing some simple rules-of-thumb you can use to stay on a simple system to keep you organized. And those top priority financial items you will need to have organized if you plan to borrow money—I will be covering some of those during this show.
Let’s stay connected! What do YOU want to accomplish with YOUR mortgage?
Let’s talk about where you are and where you want to go. Connect with me at www.JoGarner.com Subscribe for Real Estate Mortgage Shoppe weekly podcasts with show notes.
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS #757308
(901) 482-0354 Jo@JoGarner.com
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LET’S GET STARTED
Good morning, Memphis! Welcome to our internet listeners and podcast 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 “Organize To Be Your Best-At Home, At Work & In Your Finances.” Thank you to John Brawner at Mortgage Lending Partners powered by HomeVantage Mortgage for sponsoring today’s Real Estate Mortgage Shoppe show. When you are ready to kick your mortgage career up a few levels, call John Brawner at 901 832-5519. Subscribe to get Real Estate Mortgage Shoppe’s weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is April 6th, 2019.
Today Sally Baker and Leah Anne Morse will be sharing some simple rules-of-thumb you can use to stay on a simple system to keep you organized. And those top priority financial items you will need to have organized if you plan to borrow money—I will be covering some of those during this show.
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INTRODUCING SALLY BAKER OF THE SOURCE
(Jo) Sally Baker of the Source, you have helped me and my family get organized after our lives changed following an estate sale. You helped me reorganize my house and taught me a simple system to STAY organized that I still use today. Tell our listeners a little bit about yourself and what your company The Source does for your clients. (Sally has about 45 seconds to share about herself and what The Source does for her clients.)
INTRODUCING LEAH ANNE MORSE
(Jo) Also, back again in the studio is Leah Anne Morse of All Things New, organizing, downsizing and design is what you do. Tell our listeners a little bit about what you do and what All Things New does for your customers. (Leah Anne has about 45 seconds to share about herself and what All Things New does for her clients)
CHERYL SCHAFFER’S STORY
(Jo) As a mortgage loan officer for over 25 years, I am a witness to how quick and easy it is for financially organized customers to produce on the spot their last 2 years tax returns, paystubs and documents that will allow me to add back certain tax write offs to their income for purposes of qualifying for the mortgage they want. It can take more time for others to search to find the right financial documents.
Let me introduce you to Cheryl Schaffer, not her real name. Cheryl enjoyed working as a graphic designer in her own business. She did not like bookkeeping and knew she needed to do better keeping business records. She had tried to refinance her home for a lower interest rate a few years ago and her own bank turned her down because she did not show enough income on her taxes and did not have good records to back up other places where she had income. “You can’t teach this old dog new tricks,” she had said.
A year ago, when Cheryl least expected it, two family tragedies force Cheryl to split her time between her business and taking care of her mother. She pushed herself outside her comfort level and hired a professional to install an online bookkeeping software and teach her a system of using it for her business. Out of desperation Cheryl learned a simple system of how to file and deal with paper flow and properly document and track expenses.
Cheryl needed a bigger house closer to town to properly care for her elderly mother. This time Cheryl went to a mortgage officer with her organized paperwork. Because Cheryl’s depreciable business mileage and once-in-a-lifetime expense on a brand new project were so well documented, because she was so much more organized, the mortgage company was able to add part of these expense amounts back to the amount of income the mortgage was using as qualified income. This time Cheryl was approved for her mortgage and life became MUCH easier and more enjoyable for Cheryl Schaffer and her mother.
Do you have good credit, and want to buy a home or refinance one but have been turned down by your bank because they said, “You just don’t show enough income here on the front page of your tax return.” Let’s start at the back of your tax return and see what expense amounts can be added to qualifying income. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
(Jo) Sally, before we go to break what are some of your rules-of-thumb that can keep our homes and offices happy and more harmonious? ( Sally covers some quick tips like like things together in clear transparent containers. Keep one multi-charger so everyone’s devices are charged one location in the house. Take both of your shoes off together in the same place in your home.)
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today. When we come back Sally Baker of The Source and Leah Anne Morse will be sharing more tips on how to organize your home, your office and your life so you can be your best.
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.
Garner # 150 * 04/06/19
Elmwood Cemetery
Question: I am one of the oldest of my kind in Memphis, dating back to the mid-19th century, and my names were drawn from a hat!
Hint: When I opened, I was located outside the City Limits of Memphis.
Hint: I comprise over 80 acres of land.
Final Hint: I have over 75,000 “residents”. Who am I?
Answer: Elmwood is a historic cemetery with available lots that provides a beautiful final resting place to families as it shares its history, art and nature with the community. Fifty Memphis gentlemen committed $500 each to purchase land and establish a new cemetery 2.5 miles from town in 1852. Originally consisting of 40 acres, it was expanded after the Civil War to 80 acres. In the 1870s the original corporation was dissolved and Elmwood became one of the oldest nonprofits in Tennessee. Since then, Elmwood Cemetery has become the final resting place to over 75,000 inhabitants including mayors, governors, madams, blues singers, suffragists, martyrs, generals, civil rights leaders, holy men and women, outlaws and millionaires.
Elmwood was established as part of the Rural Cemetery Movement which swept the nation in the early to mid-1800s. It is a classic example of a garden cemetery with its park-like setting, sweeping vistas, shady knolls, large stands of ancient trees, and magnificent monuments. During the Victorian Era, the popular view of death became romanticized; death was now represented by symbols including angels, flowers, and plants. These ideas are reflected in the many magnificent monuments, mausoleums and life-sized figures. Elmwood is the final resting place of those who created Memphis history and has emerged today as Memphis’ finest and oldest active cemetery. The grounds of Elmwood Cemetery were entered on the National Register of Historic Places on March 20, 2002. Visit elmwoodcemetery.org.
Jimmy Ogle will be giving FREE Walking Tours in Downtown Memphis during the first three Saturdays in May (4, 11 & 18) at 1:00 p.m. & 3:00 p.m… Go to JimmyOgle.com or MemphisInMay.org for more information.
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TOPICS COVERED BY SALLY BAKER, THE SOURCE
ORGANIZED TO BE YOUR BEST
At Home, At the Office or In Your Finances
1. Why my service (skill) is something that our listeners, particularly the Real Estate industry professionals, might want to know more about.
As you know, buying or selling property of any description is usually dependent on the goods being in the best possible condition to realize maximum outcome. If you are the buyer, your first impression of anything is key to your final decision. And if you are the seller, you need to make your property stand out as being the best – with the least amount of obvious problems to a buyer. The more you can make a property appear more spacious and “neutral”, the better. There are some people that can see beyond the clutter, but they are few and far between. Usually clutter equals work in the mind of the buyer!
2. My Personal Story about how I started “organizing”?
My family used to tease me, even when I was about 9 years old, that I made a daily “to do” list. And that simple organization skill is just part of my mindset. My mom had a unique ability to look at any space and know how to maximize any room using the furniture and storage areas in the best, most efficient and pleasing way. I believe I learned that from her early on, and it is a skill that is almost inborn in me.
3. Each situation is definitely unique
Every home, garage, closet, vehicle, or storage unit has its own personality! The actual items are all different, and the people that own the spaces all have their own perceptions of what is the most important for them to see, access, or keep. But my approach is to ask questions and have the homeowner give me some clues as to what they really need or want.
4. HOW I AM DIFFERENT – I listen to the client, then I develop personalized systems I know they can handle and learn.
Basic organization skills are really simple for every human to understand
and learn. I try to remind my clients that implementing these skills requires
practice, patience and just a little time.
FACT: Most of us are creatures of habit….and much of this is learned from
childhood.
We learn to line up for food, tickets, etc.
We learn to drive on the correct side of the road
We brush our teeth, wash our hands, do simple tasks simply out of habit….
But as you all know, we are also very distracted and interrupted all day long. Just getting from one place to another, uninterrupted, is quite a challenge with cell phones, e-mail, texting, voice mail messages…….not to mention traffic detours or other unexpected obstacles
How many of you spend time every day doing routine things?
Up and having coffee at a certain time
showering, brushing your teeth, getting dressed
driving to appointments
being a chauffeur
But, how many of you also seem to have this “routine” as an additional
part of your day?
Digging thru your purse for your keys
Running from room to room to car in search of
Keys
Eye glasses
Wallet
Looking for the other shoe
Finding a pen and paper
There are so many minutes in your day that are simply spent in search of the
same things, over and over and over…..and all this accomplishes is
frustration and time wasted
Imagine the actual time you might gain with a few new habits:
Putting shoes together when removing -by door, in closet, by bed
……location does not matter, but habit does
Having one place for car keys – hook close to door to car
Having ONE charging station for your devices
Making a daily “to do” list (keep handy by bedside)
All this can be accomplished by starting a new habit
5. How to handle the PARENT, SPOUSE, CHILD who is resistant to letting things go.
People have a variety of reasons for emotional attachment to certain things – maybe it brings back memories of a great time. Or if they have experienced some loss (fire, theft, or other loss) they seem to think they need to keep multiple things “just in case”.
My approach is usually one of logic, trying to help the individual come to a conclusion that they might be happier with less. Or that the things they may want to hang on to are costing them time and money. If I have a client with additional storage facilities, that is an expense that usually – over time – costs more than letting go of the things and replacing them at a later date.
6. Are there some simple tips you have to share?
Other things that impact your lack of organization is clutter and “too much
stuff”…..
Good rules to follow:
MAIL – touch it only 2 times
Once when you retrieve and open
Once when you pay the bill or throw it away
* open mail in the same place, have trash can handy
* flatten out / unfold bills
BOOKS and MAGAZINES
Vertical instead of horizontal makes them easier to
locate and retrieve
WRITING MATERIALS
Same with pens and paper – vertical works well
Junk Drawers
home or office, we all have these
Declutter and put LIKE THINGS TOGETHER
You do not have to have expensive dividers, new furniture, etc. to
accomplish being organized
* small box tops
* original containers
* those mugs you get that you never drink coffee from for pens
SPACE SAVING TIPS
Space saving / visual declutter is accomplished
Sheet sets / like they came in the package
Shirt folding / all same width
Towel folding / all same width and stackable
Closets
Clothing hint
put everything on hangers
face all hangers backward on rods
once you wear something, hang hook the regular way
This is how you know what you are really wearing
Shoes
heel to toe / not side by side
clear boxes OR photo on outside of original shoe boxes
Drawers
roll OR fold / but make all items fit the same way
NO stuffing / if things don’t fit, you have too much
STORAGE
Again, like things together is key!
Open storage or closed shelves, but visual scanning to locate is key
THE HARD STUFF
Then there are all those other things like those “sentimental” items that you just cannot seem to let go of…..
the collection from high school
The prom dress you will never wear again
The baby’s (now 22 year old) clothes
No one can take those memories from you…..and if you are saving it because
you think your child might want it, think again. And ask them. Keep the
things that really are priceless – grandmothers recipe box, child’s baby
shoes, pictures.
If that item is truly that important to you, then honor it with a place of
importance in your home or office.
Get one large bin for those sentimental things that you want to keep but are
not something to actually display – – – and label it in detail on the exterior.
Not just “pictures” or “baby clothes”, but some specific wording that will let anyone know what is inside without having to open and dig.
If you have parents that have passed on, you will know how much just not
having all the clutter to wade through will mean to anyone that may have that task to handle when your time comes!
7. A few parting tips if we have time –
FACT:
10 minutes per day = One hour and 10 minutes a week
This ADDS UP TO over 60 hours a year!!!!
What can you do with an extra 60 hours?
This can be accomplished by simply becoming a bit more organized
and creating new habits.
FACT:
It takes twelve (12) times of repeating anything for it to then become a
habit
If you break the routine for 3 days, it then takes 12 times to
reestablish that same habit (Daily exercise is a good example)
WHAT TO THROW OUT and WHAT TO DONATE
When you are decluttering and want to be sure you are not just
Increasing the size of the City Dump, have three boxes or bins to sort
Keep / Donate / Trash
This works equally whether you are working on straightening a closet,
a drawer, magazine rack, or tools in the garage.
SPACE BAGS
List inside to view from Outside Bag
CLEAR, CLEAR, CLEAR
I always like to use clear see-thru type storage containers, dividers,
bins and Bags. It just helps you to actually be able to see the items
contained.
Sally Baker
THE SOURCE Unlimited
sallybsource@ol.com
901-258-4775
Organizing Your World
To free your space, your time and your mind!
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TOPICS COVERED BY LEAH ANNE MORSE
1. My personal story about how I started organizing.
I was always a neat child. I liked things picked up and put in their place. I hated wasting time looking for things. As an adult, I have helped family and friends with estate sales, cleaning out closets, getting rid of things they no longer want or need, which birthed into a business. We had family members pass away unexpectedly, and the responsibility to liquidate their assets taught me how to move through the process efficiently and compassionately.
2. Each Situation is definitely unique.
Each home owner has their own special way of decorating and using the space in their home to fit their lifestyle. As an organizer, I sit down with the client and spend time with them. I want to get to know their personality, their likes and dislikes and what matters most to them. If I am helping them transition from one home to another, I help them decide beforehand, where to place the furniture pieces they will be keeping so when the movers arrive, it can be done quickly. Moving is one of the top five stressors; my goal is to lower that anxiety and get them settled as quickly as possible.
3. How to handle the parent, spouse, child who is resistant to letting things go…
I work with them to minimize as much as possible. We come up with a plan to create memories of the items they no longer use, but still have emotional attachments to, so they are free of the stuff, but can see the items to bring back the memories.
4. Tips to share….
Find creative ways to cherish the memories, but let the physical items go!
Buy the revolving photo frames and download pictures of the things you cherish but no longer use. This is very freeing! Someone somewhere may be blessed by the items you no longer need!
If you have a collection of some sort, create a piece of art with it; invite family members to come over and share the experience and then everyone has something to remember a loved one, and let the rest go!
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TOPICS COVERED BY JO GARNER, Mortgage Loan Officer
1. How cleaning up and decluttering your financing before are ready to commit to a mortgage can profit you with more attractive mortgage terms.
A. Be ready for the race to win if you are considering buying a house in this market. The small number of homes available for sale compared with the high number of people wanting to buy homes now while the financing is still a bargain, is causing buyers to compete with multiple offers from others trying to buy the same house.
B. Get to the truth about what you can comfortably afford on a house note and what you can comfortably afford on a down payment for a house, continuing to keep a healthy emergency fund in the bank. You want to enjoy making your house payment each month.
If you are that person who just cannot force yourself to go through all of the last 12 months bank statements and credit card statements to put together a working household budget, then turn up the volume on some good tunes, set a timer for as long as you need to review the last 3 to 6 months bank statements and credit card statements. Write down how much you are spending each month and where your money is going. Don’t forget bills you have to cover once or twice a year.
Calculate your true income after taxes and deductions. Your income-to-debt ratios ideally should be where your total house note and all other debt should not exceed over 40% to 45% of your gross income. Some loan program software will preapprove you will debt ratios as high as 50% to 55%, but who want to be handcuffed to a house note with debt ratios that high?
If your debt ratios are too high, let’s talk about what you want to accomplish with your mortgage financing. It may be possible to rearrange some debt to make your cash flow each month more manageable. Don’t pay off any debt until you have talked with your loan officer. Depending on your situation, it may be more advantageous to you to keep more money in the bank than to use it to pay down debt.
2. Here are some common tax deductible expenses that self-employed people and landlords will write off to legally reduce the amount they owe the IRS for taxes.
A. Depreciation on equipment, cars and houses. In most cases the amount you write off for depreciation, the mortgage officer can add back to the income page on your loan application that can make the difference between you qualifying for a loan or not.
B. Business mileage (Most of the time lenders can add back to 23 cents a business mile to the mortgage qualified income)
C. Business Use of the Home –
D. Once-in-a-lifetime expenses- (these have to be well-documented and tied to a specific property or project, proving that the expense would never feasibly be incurred on that property or project) It pays to be organized
E. There are more items that can help the bottom-line for the
3. Organize and save receipts and invoices of repairs done on a specific property. ( Laura Landry’s story (not her real name) of getting loan approved on a once-in-a-lifetime)
Get invoices that clearly have listed the property address where they materials or services applied. This can help in some cases to allow the homeowner to borrow more money if they have not lived in the house a full year
4. Give a copy of the invoices to the appraiser so that the appraiser knows by documented evidence what improvements have been done to the home
5. Keep warranty info on appliances and the manuals. These are nice to have when something goes wrong It is also nice to hand down to the people buying your home who may need this info later.
6. Organize your tax returns, W2s 1099s paystubs
7. Bank statements don’t throw away your social security or other entitlement income statements. Having these latest documents can save you loads of time when it comes to qualifying for your mortgage
8. What you will need to apply for your mortgage if you are buying a home to live
9. What you will need to apply for your mortgage if you are buying rental property
1. ALL PAGES of your last 2 years tax returns. (if you are self-employed and own over 25% of a business, please include the last 2 years corporate or partnership tax returns all pages including any K-1s) (In some cases a year-to-date Profit and Loss statement may be required)
If your IRS transcripts or tax returns indicate that taxes are owed, you must document the source of funds to clear the taxes owed or show proof of accepted payment plan and proof of three months payments made to IRS or other agency to clear debt.)
(PLEASE DISCLOSE ANY PAYMENT PLANS MADE TO IRS OR OTHER OUTSIDE AGREEMENTS THAT MAY NOT SHOW ON THE CREDIT REPORT. THESE PAYMENTS NEED TO BE CALCUATED TO DETERMINE YOUR TRUE DEBT-TO-INCOME RATIO)
2. ALL W2s and 1099’s that go with the last 2 years tax returns plus the W2s and 1099s received in January of the latest year
3. Latest paystubs (2)
4. ALL PAGES of the last 2 months bank statements and investment accounts
5. Legible copy of your drivers license (s)
6. Name and contact info for your chosen homeowners insurance agency that will cover the property we will be financing.
7. A signed and dated letter explaining the status on any inquiries appearing on credit report to state whether a new account was opened or not. If a new account was opened as a result of an inquiry on the credit report, all pages of the latest statement for that account must be submitted.
8. Divorce decree and martial dissolution agreement/child support documentation if applicable
If you receive retirement income :
9. Submit all pages of latest entitlement letter from social security of other pension or retirement fund.
If you own rental real estate property:
10. All pages of leases on properties
11. A declaration page from your insurance company on each property verifying the coverage, the premium amount and next due date and if there are any liens on the property.
12. Copy of municipal/county tax record showing the amount of real estate property taxes are levied to each rental property
13. Verification of the amount of association fees if there are any on any of the rental properties
14. Latest mortgage statements on each applicable property
15. All pages of can closing disclosures showing the sale or purchase of any real estate properties that transferred after the last tax year reported.
If you are getting any kind of down payment assistance, you will most likely need to complete successfully a HUD-approved Homebuyers Education Course. We suggest United Housing in Memphis 901 272-1122, but there are others available. If you need this class, please set up as early as possible to complete it.
In case you are refinancing a home:
16. Include a copy of all of the mortgage statements or lien statements secured on that property.
A.
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REAL ESTATE TIP OF THE WEEK
(Sally and Leah Anne shares a real estate related money-saving or time-saving tip):
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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 Pinot’s Palette 8225 Dexter Rd Cordova, TN. This Wednesday April 10, 2019 Talk Shoppe presents: “Church Health and the Model For Healthy Living” by Randy Kostiuk, Community Engagement.
Talk Shoppe events are free thanks to advertisers like Mary Lou Nowak, owner of Mid-South Home Helpers. Mary Lou knows what to do when it comes to non-medical assistance to help your loved one remain safely and comfortably in their own home. (901) 414-9696 www.homehelpersshomecare.com
Thank you to Tim Gilliland of www.BackupRX.com for keeping Talk Shoppe’s data backed up and protected in case of an emergency. For keeping your data backed up, contact Tim at www.BackupRX.com
2. Happy Easter! Happy Passover! Happy Spring Cleaning Season!
3. Thank you to John Brawner at Mortgage Lending Partners powered by HomeVantage Mortgage for sponsoring today’s Real Estate Mortgage Shoppe show. When you are ready to kick your mortgage career up a few levels, call John Brawner at 901 832-5519.
4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE USE FICTIONAL CHARACTERS AND DO NOT REFLECT REAL PEOPLE OR ACTUAL DETAILS IN ANY OF THE SITUATIONS.
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QUOTE CORNER:
Anonymous “You never know what you have until you clean your room”
Robert Schuller “Better to do something imperfectly than to do nothing flawlessly.”
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REJOINDERS:
1. Pat Goldstein, Realtor with Crye-Leike Realtors “The Gold Standard in Real Estate” in West Tennessee and North Mississippi. (901) 606-2000
2. Adrian Keeley, Tiger Paws Carpet Cleaning, Memphis, TN www.tigerpawscarpet.com
3. Jackie Woodside, Malborough, Massachusetts, author of Calming the Chaos
Transitional Music: ) “I Still Haven’t Found What I’m Looking For” U2; “Messy and I Know It” Chad Wild Clay; “Where Have You Been” Rihanna; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT LEAH ANNE MORSE, ALL THINGS NEW
www.AllThingsNewWT.com
Organizing, Downsizing, Design
__________________________________________________________________
ABOUT SALLY BAKER, THE SOURCE
RCE Unlim
Professional Organizer, Event Planner, Estate Sale Coordinator
(901) 258-4775 sallybsource@aol.com
_____________________________________________________________________________
TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:
10. How cleaning up and decluttering your financing before are ready to commit to a mortgage can profit you with more attractive mortgage terms.
C. Be ready for the race to win if you are considering buying a house in this market. The small number of homes available for sale compared with the high number of people wanting to buy homes now while the financing is still a bargain, is causing buyers to compete with multiple offers from others trying to buy the same house. Know in as much detail as possible what you want in a house—how many bedrooms, baths, access to the city or not, other amenities. Communicate this clearly with your realtor.
D. Have a very strong preapproval letter from your lender. Some sellers are looking more for the surest offer than the highest offer. Have your income and asset documents and other loan documents ready to hand over to your lender.
E. Get to the truth about what you can comfortably afford on a house note and what you can comfortably afford on a down payment for a house, continuing to keep a healthy emergency fund in the bank. You want to enjoy making your house payment each month.
If you are that person who just cannot force yourself to go through all of the last 12 months bank statements and credit card statements to put together a working household budget, then turn up the volume on some good tunes, set a timer for as long as you need to review the last 3 to 6 months bank statements and credit card statements. Write down how much you are spending each month and where your money is going. Don’t forget bills you have to cover once or twice a year.
Calculate your true income after taxes and deductions. Your income-to-debt ratios ideally should be where your total house note and all other debt should not exceed over 40% to 45% of your gross income. Some loan program software will preapprove you will debt ratios as high as 50% to 55%, but who want to be handcuffed to a house note with debt ratios that high?
If your debt ratios are too high, let’s talk about what you want to accomplish with your mortgage financing. It may be possible to rearrange some debt to make your cash flow each month more manageable. Don’t pay off any debt until you have talked with your loan officer. Depending on your situation, it may be more advantageous to you to keep more money in the bank than to use it to pay down debt.
11. Mention for self-employed people and landlords, if they have a big once-in-a-lifetime write off on a business or property, document it properly and there is a good chance that amount could be added back to income.
12. Organize and save receipts and invoices of repairs done on a specific property. Get invoices that clearly have listed the property address where they materials or services applied. This can help in some cases to allow the homeowner to borrow more money if they have not lived in the house a full year
13. Give a copy of the invoices to the appraiser so that the appraiser knows by documented evidence what improvements have been done to the home
14. Keep warranty info on appliances and the manuals. These are nice to have when something goes wrong It is also nice to hand down to the people buying your home who may need this info later.
15. Organize your tax returns, W2s 1099s paystubs
16. Bank statements don’t throw away your social security or other entitlement income statements. Having these latest documents can save you loads of time when it comes to qualifying for your mortgage
17. What you will need to apply for your mortgage if you are buying a home to live
18. What you will need to apply for your mortgage if you are buying rental property
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WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you 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.”
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 25 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 25 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 Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com.