It is springtime when people are out buying houses and getting mortgages. Springtime storms pop up and can cause roof damage. Today we are sharing the right questions to ask when you get a mortgage. Beware of the guy in a truck who knocks on your door asking to get on your roof after a storm.
What do YOU want to accomplish with YOUR mortgage? I am help you get the right mortgage and make the process easy. Contact me by phone or text (901) 482-0354 or Jo@JoGarner.com
Subscribe for Real Estate Mortgage Shoppe weekly podcasts with show notes at www.JoGarner.com
Host: #JoGarner #MortgageExpert (901) 482-0354
Co-Host: #EdHill #MastersRoofing #memphisroofing
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is May 18th, 2024. You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic QUESTIONS TO ASK WHEN GETTING A MORTGAGE OR A ROOF REPAIR. Thank you to real estate closing attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer Law Firm for sponsoring this episode of Real Estate Mortgage Shoppe. For your home purchase or refinance, connect with Rob Draughon and Shelley Rothman at 901 752-1133.
INTRODUCING ED HILL OF MASTERS ROOFING
(Jo) Ed Hill of Masters Roofing in Bartlett, it is always good having you in the studio. You are an award-winning company and you give your customers an excellent roof-like none other. Take a minute or so to tell our listeners a little bit about yourself and what your company offers your customers. (Ed Hill has about a minute and a half to intro himself and Masters Roofing)
(Jo) Albert Einstein is known as one of the smartest people to have ever lived. He came up with the theory of relativity by simply asking, “What if I rode a beam of light across the universe?” and then he set out to answer.
Here are some smart questions to ask when you are getting a mortgage:
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Can I afford this monthly payment? Review your last 6 months bank statements and credit card statements to see how much money did you deposit and how much did you spend. Where can you cut back on your expenses or substitute something else in its place that cost you less?
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How much money can I pay down on the home purchase and still leave an acceptable amount in my emergency fund?
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What is the best mortgage program that will keep me in my comfort zone with monthly payment and down payment?
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Are there any other products or costs scenarios that would lower my closing costs and my mortgage payment?
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Can you close my loan by the contract date?
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What funds do I need to pay upfront?
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Is my mortgage rate locked in? If not, when can I lock my mortgage rate?
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Is my mortgage rate a fixed rate or adjustable? If it adjustable, tell me about the safety caps on the rates moving up and down
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Will my credit score prevent me from getting a better mortgage rate? If so, what steps can I take to improve my credit score?
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What documents do you need from me to get my mortgage approved?
Review Your Loan Estimate and Your Loan Application Before You Sign
Janice and Jerry had been married a few years and finally gotten tired of paying rent. Mortgage rates had been going higher and so had the prices on homes. Janice and Jerry decided if they kept waiting for rates to go down, they would not be able to afford the higher prices on homes. Janice worked during the day and Jerry worked at night so it was hard to get the two of them together to complete the loan application and go over the payment and down payment information.
To speed up the loan process, Janice gave the loan officer all the information they needed on her and her husband. The loan was preapproved and they got their offer accepted on the house they wanted to buy.
The loan officer sent to the couple the official loan costs estimates and the loan application to review for accuracy and e-sign. Janice reviewed them and e-signed her part. She instructed Jerry to review and e-sign his part when he got home from work . By that time, she had gone to sleep for the night
Things moved fast and it was finally close to closing day . Moving vans were lined up and everyone was set to close very soon. When Janice and Jerry got the official Closing Disclosure from the lender, Jerry read through the papers and said, “ I can’t sign these. This shows that I am a Junior and I am NOT a Junior.”
“But honey,” his wife said, “your whole family calls you Junior and your dad’s name is Jerry too.”
Jerry admitted that he did not review closely the Loan Estimate and Loan Application, assuming his wife had reviewed all of it, so he did not notice that his name as listed incorrectly.
Luckily they still had a few days to close without losing the house to someone else. The mortgage company made the correction. A new credit report had to be pulled with Jerry’s correct name and they were able to close. Good thing their credit scores were still at an acceptable level, otherwise that could have negatively affected the outcome of the closing.
Read and review any papers sent to you by the mortgage company. If you have questions, ask questions. Don’t assume.
(Jo) Ed Hill of Masters Roofing, I know you know the right questions for homeowners to ask to keep them from making expensive mistakes when hiring contractors for roof repairs. Ed has about a minute or two to start launching his topics until 9:15 AM to be continued after break)
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from Ed Hill of Masters Roofing. See you guys back in just a moment.
2nd segment 9:18 am – 9:30 am
THE LOOK BACK MEMPHIS TRIVIA CONTEST
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”. View at JimmyOgle.com. . The Look Back Memphis Trivia Contest is sponsored by Mike Aukerman, Home Inspector for National Property Inspections. Don’t buy until you check with Mike Aukerman of NPI (901) 674-6868. Mike Aukerman is giving away a $50 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 # 182 * 07/18/20
High Point Terrace
Question: Memphis after World War 2 began to sprawl eastward past Overton Park and I became one of the most popular residential areas to live in “East Memphis” just past Highland Street. What is my name?
Hint: At the time I was begun, the eastern Memphis City Limits extended only to Goodlett Street.
Hint: I was considered the “highest” ground (elevation wise) in Memphis at the time.
Hint: Poplar Plaza Shopping Center and Galloway Golf Course are two of my neighbors
Last Hint: Many of my streets are named for children (like Charleswood, Johnwood, Kenwood and Philwood)!
Answer: High Point Terrace is generally geographically defined as being located north of Walnut Grove Road, east of North Highland Street, south of Summer Avenue and west of North Goodlett Street. Sam Cooper Boulevard cuts the northern section off from the rest of the neighborhood. Property values in High Point Terrace are some of the highest per square foot in the city of Memphis. There are approximately 4,000 residents and 1,800 homes (most of which are examples of early post-World War II minimal traditional design) in the area. Although original development began in the 1930s, it was not until after WW2 that the neighborhood became a part of the urban sprawl of Memphis eastward by 1953. A small retail center in the center of the High Point includes a grocery, laundry cleaners, dentist, salon, barber shop, pub, pizza parlor and a recent addition of a bicycle hub (Cruisers) to service the opening of the Shelby Farms Greenline in the former CSX railroad line.
TOPICS COVERED BY ED HILL OF MASTERS ROOFING
HOW TO FIND OUT IF YOUR ROOF IS OR ISN’T STORM-DAMAGED!
Ed Hill, Senior Consultant, Masters Roofing
Storm Season 2024 is upon us which guarantees that storm-chasing, door-knocking roof sales people will be in your neighborhood trying to convince you that your roof is decimated by the last storm, and that you need to let them get on your roof to assess the damage and file a claim!
The Questions:
Should you let them climb on your roof?
Is there actually roof damage caused by the storm?
What do you know about this person?
Have you ever heard of their company?
Is their company state-licensed and accountable?
What exactly are they looking for?
Do their pictures show damage on your roof?
Is the damage shown enough to justify a claim?
Why do you have to sign a contingency with them?
What does that contingency obligate you to?
Does the person have a track record of integrity?
Will the insurance company agree with the person?
How easy or hard is it to get roof claims approved?
Will your claim be on record for others to see?
How long has the sales person been in roofing?
Is the company certified with the manufacturers?
What type of leak and labor warranty is provided?
Does the installation crew do quality work?
Does the company actually honor the warranty?
What is a better strategy if you are starting to worry?
HVAC, Plumbers, Electricians, Pest Control are required to be state-licensed but there is no such requirement for Roofers, yet only Roofers knock on your door asking you to trust them! You are wise to be careful!
The Answer: 901-273-6594
Reason: Ed Hill knows the answers to these questions and worries. He has been in the industry since 2008 and it is his full-time occupation, not a side-hustle! Ed Hill is Senior Consultant with Masters Roofing Memphis which is state-licensed in TN, MS and AR and is certified at the highest level with GAF and Owens Corning. Ed has helped about 1,200 homeowners replace their roofs and hundreds more to repair roofs and make exterior repairs. Ed holds three earned degrees, including graduate and postgraduate degrees. Call or text him for free, friendly, expert roof advice at 901-273-6594.
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Some common questions to ask when getting a mortgage
Here are questions some of my mortgage clients ask when they want to own their own home and need a mortgage.
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How can I fix my credit and improve my credit scores?
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How can I get my income high enough or my debt low enough to qualify for the mortgage terms I need? Let’s talk if you are in that situation. There is a whole chapter in my book about how to find more qualifying income you did not know you had.
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How can I find the money to close on my home? There are plenty of ways today to get into a home with zero or very little down payment Call me and we can explore these ways
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How can I get around problems with the appraisal? Even though the Federal Laws have built a firewall between lenders and appraisers by making sure a third-party appraisal ordering company actually places the order. You can still document and rebut an appraisal that you feel has incorrect information in it. You communication must go through the third party panel before the message gets delivered to the appraisal.
Your solution to your challenge is within reach
Paco Perez and Paz story- How to Get Over Credit and Income Issues?
Paco and Paz put their heart and soul into their family. Both Paco and Paz had immigrated to the United States with their children to live close to their parents. Every day Paco worked in his own business as a construction contractor. Paz had a part-time salaried job and spent most of her time at home taking care of their young children and his parents. The cramped house where they were living was too small. Paco and Paz needed a larger home with a shop for Paco’s tools and equipment.
The bank where Paco had his business account turned them down for a mortgage because they said they could not find enough net income on the tax returns from his business. They could not help him with a different loan program because their credit scores were too low. The heartbreaking news of being turned down for the loan set a pall of discouragement over the household. Their realtor sent them to a different lender who also turned them down for not showing enough income and low credit scores. Now what?
Paco and Paz led into my office two of their children and one of their parents. We ask a lot of questions to determine what mortgage payment would be comfortable for the Perez’ to pay. Once we knew this and the maximum they could comfortably pay down, then we set about working on overcoming the credit challenge and lack of income problem.
The problem with the income was fixed right away. Paco Perez had a good CPA who deducted his car payments and depreciated some of his equipment. Once we showed where Paco had paid the car payments from his business account for the last 12 consecutive months and we added back to his income the depreciation paper loss, his income to debt ratio problem was fixed.
The credit situation took a little longer to fix. It took a few weeks to get some erroneous late payments removed by the creditor who reported them. The Perez’s started working on paying their two credit card balances down to show they were only using less than 30% of their credit limits on each card. Just showing that the credit card balances were paid down to show less than 30% usage –This improved their credit score by about 35%.
Paco and Paz brought their entire family to the closing for this well-deserved celebration of buying their first home.
What do YOU want to accomplish with your mortgage? I can make the mortgage process EASY. Let’s test drive a couple of different mortgage programs so you can decide which one will serve you best for your journey. Connect with me at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK Ed Hill has about a minute to share a tip
Jo Garner’s mortgage tip: Here are the 2 best ways to stop Trigger Lead harassment:
Have you ever applied for a mortgage with a lender and suddenly you were getting 50 to 60 calls from other mortgage companies?
The credit agencies are allowed under the Fair Credit and Reporting Act to sell your name and contact info to other mortgage companies to solicit your business. What started out as a good way to compare other offers, has now turned into a nuisance, with some companies making offers to you they never intend to give you. I have heard stories of people who went with the company that called them offering to give them a better deal than the next company only to have underwriting turn them down on that program. Now your two weeks from closing and you have to take their counter offer since it is too late to change companies. And the counter offer is what the first company you called offered you before all these other companies started calling
Here is how to avoid unsolicited calls : ( you can find these links on the blog post for this episode on JoGarner.com
1. Put your name and cell phone number on the https://www.donotcall.gov/register.html
2. Sign up for free at OptOutPrescreen.com this will keep most of the unsolicited calls to a minimum
3. If you get a competing offer from another mortgage company that sounds so much better than the offer you got from your mortgage company, ask for the official Loan Estimate from both companies and compare line-by-line the closing costs. One company may tell you they aren’t charging points but they may be hitting you with an extra big fee labeled something else.
Connect with me at JoGarner.com (901) 482-0354.
ANNOUNCEMENTS:
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Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday May 22th, 2024 9AM CT
“Do You Want to Own Your Own Business? Explore These Franchise Types”
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QUOTE CORNER:
“Dear Life: When I asked, ‘Can this day get any worse,’ it was a rhetorical question, not a challenge.” Coolfunnyquotes.com
REJOINDERS:
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Suzan David- Web Designer at www.webandstorymedic.com
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Vincent Demps, Masterchek.com Call for investigations to stop workman’s comp fraud and to improve cybersecurity at your company
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Taylor Morse- Cartridge World of Collierville, TN “Why pay more to print?”
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Transitional Music: “Where Do We Go” by No Mercy “; What’s Going On by Marvin Gaye ; “You Know What I Mean” by Lee Michaels; Memphis by Johnny Rivers for the Look Back Memphis Trivia Contest
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
Now on Amazon and Barnes and Noble
ABOUT ED HILL OF MASTERS ROOFING
Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010. He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind. He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers! For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com
Ed Hill, Senior Consultant
Masters Roofing
2845 Stage Center Cove
Bartlett TN 38134
901-273-6594
EdHill.MastersRoofing@gmail.com
TN State Licensed Contractor #00067521/ Reciprocal Licenses MS & AR
BBB A+ Accredited Member Business
Platinum Preferred Contractor Owens Corning / GAF Master Elite Installer
Guild Quality Member / Angie’s List
www.EdHillMastersRoofing.webs.com
Podcast https://MemphisHomeMaintenanceShow.podbean.com
You Tube Channel: Ed Hill Masters Roofing
http://Instagram.com/EdHillMastersRoofing
www.Facebook.com/EdHillMastersRoofing
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
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 30 years. She grew up in West Tennessee and got her start in real estate 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 30 years.
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 Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”