HIGHLIGHTS OF TODAY’S PODCAST:
MARKET NEWS
SOCIAL MEDIA TIP OF THE DAY WITH SHERRI HENLEY OF SHERRI HENLEY INTELLIGENCE
QUESTIONS ANSWERED BY RICHARD SCARBROUGH:
- 1. Reasons why he personally but his time and money in real estate
2, Why you absolutely need a preapproval letter
- 2. What are some obstacles you have encountered with people buying real estate?
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QUESTIONS ANSWERED BY SHERRI HENLEY
1. What are the three most important locations to market your real estate business (or other type business) on the internet.
2. Tips on how to effectively humanize yourself to your market place using social media
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QUESTIONS ANSWERED BY JO GARNER:
- 1. How do you help someone who is just short on funds to close on a home?
- 2. How do you help your customers get their credit scores higher?
- 3. How do you manage high debt-to-income ratios?
- 4. What happens if the property you want to buy has some repairs that need to be done?
- 5. How do you advise your clients who come to you needing to refinance to a lower rate but owe more on the home than it is worth?
- 6. What are some things people can do to make the preapproval letter from the mortgage company stronger and more certain?
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4TH SEGMENT: REAL ESTATE TIP OF THE WEEK: (Jo Garner shares the tip of the week)
ANNOUNCMENTS:
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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 Loan Officer and Consultant with Evolve Bank and Trust. Grab yourself a cup of coffee and drag up a chair with us this morning. Susan Belew, my very experienced assistant has been on vacation this week and I’ve discovered that I’m NOT as good at multi-tasking as I thought. It’s been week of long hours and hard work and now its Saturday morning and time for some fun. We’re going to be talking about “Overcome Obstacles On Your Mortgage Approval and On Buying A House.” Since we have a significant number of realtors and other real estate professionals listening today, we have a special treat for you being brought to you by Sherri Henley of Sherri Henley Intelligence. You can call and talk with us about whatever real estate topic you want to talk about. To get on the air, call us at 901 535-9732. (901) 535-WREC.
Sitting across the table this morning we have Richard Scarbrough, a realtor and a very successful real estate investor and board member of Memphis Investor Group. It is always a pleasure having you on the show, Richard.
(Jo) Also sitting in the studio with us is a lady who has taken the business world by storm with recognition from both our Memphis mayor , Shelby County Mayor and the Governor of Tennesssee and several other notable leaders across the country. Sherri Henley of Sherri Henley Intelligence has joined us this morning to share some social media tips to those real estate professionals or other business people who want to reach more of your market more effectively.
(Jo) This week the market has taken everyone on a wild ride and I’m not sure whether to describe it as a roller coaster ride or a spin in the bumper car pen. Mortgage rates started hitting a one year low last week and tanked to a 16 month low on Wednesday and then the bond market started getting knocked around with money moving quickly around stocks and bonds sending the mortgage rates back up a little bit –but hey, 30YR FIXED – 4.0 (3.75-3.875 with points) FHA/VA – 3.5 15 YEAR FIXED – 3.255 YEAR ARMS – 3.0 – 3.50% depending on the lender
Last week we talked about one of the biggest obstacles for people, when it comes to looking at their financial options, is their resistance to and fear of CHANGE. You know you need to look at the options on how you could restructure your mortgage to pay thousands in less interest expense. Some of you are renting and could stand to gain quite a bit of wealth over the years by OWNING a home—or two or three homes. Some of you need to down size or upsize. Here is what you propose to yourself or your family… Tell everyone you are doing an “Experiment.” You are going to “experiment” with some financing scenarios. The call me right now on the air at 901 535 WREC or more directly after the show you can reach me at (901) 482-0354 (901) 482 0354 or catch me on my blog www.mortgageloansblog.com It won’t cost you anything to compare what your home refinances options or your home buying financing options would look like. Some of the refinance programs out there don’t even require an appraisal. Some of the loan programs for buying a home do not even require much down if anything and sometimes you don’t even have to be a first-time homebuyer. Call me
<Richard makes comments here—can say whatever he wants to say. He might even talk about the advantages of home ownership and owning rentals or anything else>
<Sherri may have something quick to add here if she wants to >
(Jo) We’re talking about “Overcome Obstacles On Your Mortgage Approval and On Buying A House.”. There are plenty of obstacles these days to overcome on getting a mortgage approved, and that is why you want to work with a loan officer with experience and someone who is dedicated to making sure you avoid the pitfalls and get to the closing table with the terms you want. Susan Belew and I are committed to do that for you. We are seasoned mortgage professionals and have some very simple, and sometimes unique solutions and fixes to get around obstacles like not having enough money to close, obstacles like a debt-to income ratio that is too high—you might be surprised with what we can do to get around obstacles related to properties that turn out to be “fixer-uppers.”
Richard Scarbrough, you are a seasoned realtor and a success real estate investor. What are some ways you have learned to overcome common real estate buying obstacles? <Richard launches his topic until 9:15 break>
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2nd SEGMENT Of Show SHERRI HENLEY INTELLIGENCE SOCIAL MEDIA TIP OF THE DAY
To our realtor friends and other savvy and sharp business friends out there, its time for the Sherri Henley Intelligence Social Media Tip of The Day. (The song “Roar” begins playing in the background) Sherri Henley can be reached at www.sherrihenley.com . Sherri, what’s our social media tip of day?
<Sherri Henley shares tip>
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QUESTIONS ANSWERED BY RICHARD SCARBROUGH:
- 3. Reasons why he personally but his time and money in real estate
2, Why you absolutely need a preapproval letter
3. What are some obstacles you have encountered with people buying real estate?
_______________________________________________________________
QUESTIONS ANSWERED BY SHERRI HENLEY
1. What are the three most important locations to market your real estate business (or other type business) on the internet.
2. Tips on how to effectively humanize yourself to your market place using social media
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QUESTIONS ANSWERED BY JO GARNER:
- 7. How do you help someone who is just short on funds to close on a home?
Dpa programs/grants
100% loans like USDA and VA
Family gifts or loans
(Borrowing against a 401k (not pulling money out though)
Borrowing against a different asset to come up with the dp
Selling an asset.
- 8. How do you help your customers get their credit scores higher?
Credit Simulators, must pay off judgments and tax liens, but some collection accounts can sit unpaid until after you close on the house because paying off a collection account can initially drag the score down.
Keep revolving account balances under 50% of the total credit limit to maintain your scores. Pay balances under 30% of the total credit limit to keep credit scores higher.
Stay away from 12 months same as cash
Pay bills on time
- 9. How do you manage high debt-to-income ratios?
When it comes to debt to income ratios the first bit of advice I have to give to prospective borrowers. Consult with wise financial advisors first. Look at your budget honestly to determine how much you can feasibly afford to pay for a house note. Before paying off any bills, talk to an experienced loan officer . Sometimes there are debts you can pay down or certain accounts that can be reworked to get your income-to-debt ratio down without having to spend a lot of money. The underwriting software and human underwriters too put a big emphasis on how much money you have in the bank to handle emergencies. Its better sometimes to have money in the bank rather than totally paying off debt.
If there are only a few months left on an installment loan like a car loan, we may not have to count the car payment anyway since it is about to be paid off soon anyway.
10. What happens if the property you want to buy has some repairs that need to be done?
Escrow for repairs (bank owned, personal)
R&R FHA and Conv loan
Have sellers pay up to a max point
Buyers pay it
Stay away from “decorator allowances” or “carpet allowances” there are ways to pay for the repair services without the money going through the hands of the borrower.
11. How do you advise your clients who come to you needing to refinance to a lower rate but owe more on the home than it is worth?
HARP, FHA Streamline, Work with current servicer
12. What are some things people can do to make the preapproval letter from the mortgage company stronger and more certain?
Have a mortgage co underwriter review ahead-of-time your last 2 years tax returns, latest pay stubs, last months bank statements and asset statements (all pages)
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4TH SEGMENT: REAL ESTATE TIP OF THE WEEK: (Richard Scarbrough shares the tip of the week 1 minute to 1.5 minutes)
Jo’s announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or in business. This week trainer and notable speaker, Shelley Baur, author of Integrity-Based Communications will be presenting “Conquer Fear, Speak With Confidence.” Talk Shoppe events are free at the YMCA Corporate offices 6373 Quail Hollow Rd 2nd floor Memphis (at the corner of Massey Rd and Quail Hollow) 9A to 10A Wednesday the 22nd of October 2014. For more information go to www.TalkShoppe.BIZ
To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to www.MortgageLoansBlog.com
Transitional Music: “Can’t Roller Skate In A Buffalo Herd” Roger Miller;
“Shaving Cream” by Benny Bell; “There’s A Badger In The Outhouse” High Desert Band; for The Sherri Henley Intelligence Social Media Tip of the Day, “Roar” by Katy Perry
ABOUT RICHARD SCARBROUGH
REALTOR AND SUCCESSFUL REAL ESTATE INVESTOR
- First National Realty 6423 Summer Gale Dr. Memphis, TN 38134
- (901) 753-3491 Home Office
Richard Scarbrough is a real estate broker with First National Realty Inc. He has been also been a full time real estate investor for over 30 years in the Memphis area having bought, rehabbed and sold over 400 homes and 200 apartment units. As he says “I have made a lot of money and lost a lot of money as your mistakes in real estate have a lot of zeros, but when I learn something by losing money I call it taking a seminar and I have had some 5 figure seminars” BUT he has learned a lot , like taking a canoe trip 400 times and knows where all the twist and turns are. He is glad to share his wealth of knowledge with anyone a little and with his clients a lot.
ABOUT SHERRI HENLEY OF
SHERRI HENLEY INTELLIGENCE:
Sherri started quickly-growing collaborative business networking group, BOCI, and remains deeply and personally involved and committed, amid the growth of her personal demand.
Sharing her knowledge, her skill set, and her story in Sherri’s lauded writing style and voice. Available now through several channels.
Teaching business leaders and owners how to leverage the power of social media in their industry through personalized, private training, as well as public workshops.
http://sherrihenley.com/about-sherri/
ABOUT JO GARNER:
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 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.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.