Whatever it is that your mind believes you can’t do. YOU CAN DO IT. Just like these marathon runners, when you hear, “Ready, Set, Go,” GO! Put one foot in front of the other and keep moving forward.
Host: #JoGarner #MortgageExpert (901) 482-0354
Co-host: #TomKing #memphisappraiser (901) 487-6989
Timely tips from: #GenellHolloway Eagle Hollow Enterprises #healthbenefits packages (901) 270-1127
Let’s stay connected! Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes.
LET’S GET STARTED…(Jo) (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 Originator. You can connect with me at www.JoGarner.com. Our general topic READY SET GO, HOW TO GET AHEAD OF COMPETITION BUYING REAL ESTATE & GETTING YOUR MORTGAGE Today is September 21st, 2024 Call us in the studio while we are live at 901 535-9732.
This episode of Real Estate Mortgage Shoppe is sponsored by real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton, Maschmeyer Law Firm. For title work and closing on your home purchase or refinance, call Rob and Shelly at 901 752-1133.
(Jo) Our special guest on Real Estate Mortgage Shoppe today is Tom King, expert real estate appraiser with Bill King Appraisal Company. Tom has been appraising homes in Shelby, Tipton and Fayette County TN for over forty years. Tom, with that kind of experience, you can track good times to buy as real estate values move. Take a moment to introduce yourself and talk about the services you offer your customers. (Tom King has about 1.5 min to intro himself and talk about the services he offers)
(Jo) Every week you hear me talk about some of my Hall-of-Fame mortgage clients. Over the last 30 something years, it has been a privilege to serve them on their home buying or refinancing journeys. Several clients knew they wanted to buy a home and just went out and bought one. My job was to make the mortgage process easy for them.
Others wanted to buy a home but were met with challenges and the overwhelming belief that homeownership was unattainable for them.
I look back to these customers who said, “ I can’t buy a home right now.” “I don’t even know where to start to refinance my house.” When it was time to “Ready, Set, and GO,” they set out, ready or not. Their heart told them now was the time to own their home. When the negative thoughts came, they just kept pushing forward to their finish line.
The picture of the finish line reminds me of stories of the impossible becoming possible. I have read about marathon runners like Matt Long, a New York City firefighter who had qualified for the Boston Marathon but was hit by a bus while cycling to work. It looked like Matt would never walk again. Matt was determined to walk again. He tenaciously pushed himself and finally was able to run the New York Marathon years later. Katherine Switzer signed up for the 1967 Boston Marathon when only men were allowed to run, facing backlash but blazing a trail to allow other women to compete in 1972. Sue Strachon was 62 and struggling with dementia when she ran a marathon to raise money for Alzheimer’s research.
Whatever it is that your mind believes you can’t do. YOU CAN DO IT. Just like these marathon runners, when you hear, “Ready, Set, Go,” GO! Put one foot in front of the other and keep moving forward. If you are buying a home, a good realtor can assist you. I would like to be on your homebuying or refinance journey as you mortgage lender. You can feel good about getting the right mortgage program. We can work together and make the mortgage process EASY.
Mortgage rates are at a 16-month low. Home prices have not been spiking upward, so homes are more affordable right now compared to a few months ago. If you want to get ahead of your competition, start today. If mortgage rates go down over the next few months, you would have purchased the home you really like without having to compete on price and terms with ten other people. You can choose to refinance later on if mortgage rates go down enough.
Are you short on funds to close? There are loan programs that provide help for the down payment buying a home. Loan secured on retirement funds, gifts from family, loans secured on a different asset.
Can’t verify all of your income? Get around having to use paystubs and tax returns. We can calculate qualified business income deposits from your last 12 consecutive bank statements.
Credit issues? We have credit simulators that can show you the fastest method for improving your credit scores with the least money out of your pocket.
Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today. Contact me for exploring your mortgage options at 901 482-0354 and at www.JoGarner.com
(Jo) Tom King, you are our trusted expert real estate appraiser. What do you see going on in the market that could indicate a “Ready, Set, Go situation for aspiring homebuyers and people who want to refinance? (Tom King has 2 to 3 minutes to start covering some of his topics)
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 Tom King, our real estate appraiser expert. Also, Genell Holloway of Eagle Hollow Enterprises will be sharing a timely tip when we come back from break.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business or health and wellness. Talk Shoppe is made possible by the financial support of its sponsors. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have sponsor , Genell Holloway of Eagle Hollow Enterprises. You can count on Genell to help them find solutions that best fit their budget and personal situation. From health insurance to supplemental insurance to life insurance that include riders that help one to be better prepared financially for those health crisis moments that occur as we age, Genell has the knowledge to help.
What is our Talk Shoppe Business Tip for Real Estate Pros today?
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TIP: Annual enrollment begins 10/15. There are many changes in the Medicare prescription drug plans and many advantage plans coming up for 2025. You must reach out to your broker about the upcoming changes to ensure you are on the best plan possible for you. A broker can shop across multiple carriers on your behalf. Brokers get paid only when you allow them to enroll you in a plan. Costs you nothing, and allows them to be your resource for your insurance needs. If you don’t have a broker, I’d be honored to be yours.
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Call Genell Holloway at Eagle Hollow Enterprises at 901.270.1127.
TOPICS COVERED BY TOM KING, REAL ESTATE APPRAISER WITH BILL KING COMPANY
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Rochelle Murdoch’s story—A sense of accomplishment finally buying her home at age 40
Rochelle Murdoch heaved the brown moving box labeled “CDs & DVDs” off the sofa, plunking it down on the nearby end table. She collapsed onto the clear spot on the sofa between other boxes, kicking her legs up to rest on the coffee table.
At 40 years old Rochelle felt the satisfying sense of accomplishment of owning her first house. Her family and friends would return the next day to continue the celebration. They would help her unpack, hang curtains and transform the house to her own sanctuary—her very own home.
Rochelle had always thought owning a house required lots of money down and a high mortgage payment. A real estate agent she met at church showed her that with an Affordable loan with and low interest rate she could get into a house for a minimum of $500 and her payments would be less than her rent—not to mention the tax write off on the mortgage interest.
Rochelle could only ask, “Why didn’t I do this sooner?”
Key Puzzle Piece: Rochelle had low credit scores and only $500 to put down. She needed to keep her payment as low as possible.
Mortgage Solution: The Affordable Lending Program was the solution for Rochelle because it offered flexible credit guidelines and only a minimum contribution from her own funds. The seller was allowed to pay her closing cost and prepaid taxes and insurance. The private mortgage insurance per month was much less expensive as compared to the standard conventional loan programs. The lower private mortgage insurance costs kept Rochelle’s payments much lower than if she had tried to use a traditional conventional mortgage. The product allowed her to get some down payment assistance in the form of a community 2nd mortgage.
Affordable loan programs are designed for borrowers who may not have traditional credit lines/credit scores. It can approve borrowers who do not have a 2- year credit history on most credit sources. It allows for more types of income to be considered such as boarder income. The Affordable loan products sometimes allow for use of the combo 1st and 2nd mortgage programs up to 105% combined loan-to-value.
Max Loan Amount: Whatever the customer qualifies for on their qualified income. Their income must fall within a stated percentage of the Area Median Income. The percentage of Area Median Income allowed may vary from one year to the next.
Cosigner: Allowed but only under certain conditions
Documentation: Fully Documented. Borrower is permitted to use qualified secondary income, boarder income.
Minimum Down Payment: 3%
For 1 unit- the borrower’s closing costs, prepaids, or down payment may come from the following sources:
-Gift
-Unsecured loan or grant from government agency, borrower’s employer, or non-profit organization.
-Secured borrower funds such as, life insurance policy, 401k, etc.
-Community Seconds mortgage or Non-Community seconds.
Cash-on-Hand is acceptable with some restrictions.
Mortgage Insurance: Required mortgage insurance is significantly less than on traditional high loan-to-value loans for 1-unit properties. Mortgage insurance can be paid monthly or one lump sum can be added to loan up to a maximum of 97% loan –to-value. Pricing and availability of private mortgage insurance varies according to loan-to-value and credit scores.
Occupancy: Primary Residence.
Prepayment Penalty: None
IT’S NOT ALWAYS LOVE AT FIRST SIGHT-THE SHASTA’S STORY
Sometimes the house that is perfect for you isn’t love at first sight. Back in the spring a young couple, we will call the Shastas, found a house in walking distance of a family member who could help them care for their very young children. As a bonus, the house was in bike riding distance to their work place too. The time, energy and money this house would save them was enormous.
The challenge? The house had not been updated and had old lighting fixtures, drab colored paint and not enough storage space. The other challenge? Other families were lined up to make an offer on the home to buy it—competition. How could they overcome the odds to have this house as their own?
Here is what the Shasta’s did. They purchased the home for the full price the sellers wanted and paid their own closing costs so that they could beat out the competing offers from would-be buyers. Since they were living close to supportive family, they got plenty of help replacing the old lighting with modern recessed lighting, put in stylish ceiling fans, chose paint that made the house positively pop, and they built some nice looking shelving where needed.
The Shasta’s invited me over last week to see the finished improvements to their home. It seemed like I was walking into a brand new house! They were happy, their children were happy! Over a period of a few months the Shastas had converted a home that wasn’t really what they wanted into a home that they were proud to own.
For the Shastas, the value in the home they bought was more in the fact it was close to supportive family members and their work which freed up hundreds of dollars per month in child care expenses and transportation costs. They were able to add even a little more value to the home by updating the home’s lighting, fixtures and adding storage space.
Buy Now. Build Equity For Later- Lincoln Levittson’s Story
Lincoln Levittson was in his 30’s and his friends always said had a good business head on his shoulders. Lincoln had purchased a home when he was much younger, but now he wanted to move up to a higher-priced home. “This next house will be my home but I want it to bring me a good return on my money one day too.”
When Lincoln called me, he had found a home with a few acres in an area that Lincoln believed would be growing within the next three years. The mortgage rate today was higher than the rate on his old home. The advantage to the higher rate for Lincoln was that he did not have to wait in line behind fifteen other people to check out the new house. He knew he had to make his best offer to the seller, but at least he did not have to make an insanely high offer. .
“What’s the principal and interest payment going to be,” he asked me over the phone? He explained to me, “I don’t care what the rate is. I just want to own the house. I can afford the payment now, and one day ,if these rates come down, we can refinance. I plan to enjoy living in this house for the next few years while the value goes up. One day I will sell it for a big payday.” Lincoln Leavitt was thinking about his long-strategy game plan. He would enjoy living in the upscale home and he would enjoy watching the value go up over time.
What do YOU want to accomplish with YOUR mortgage? Make your plan. Work Your Plan. If the Deal Works for your today, Let’s do it today. Call me at (901) 482-0354 or email Jo@JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Tom King has about 1.5 minutes to share a real estate tip
Genell Holloway of Eagle Hollow Enterprises HAS A 1 MIN TIP
There are a lot of moving parts to Medicare. There’s Part A, Part B, Part C and Part D. It can be veryconfusing and one major medical crisis can wipe out your life savings. There are ways to better protect yourself from a medical crisis. It starts with being informed. I will be doing an educational seminar on Wednesday, 9/25 at an assisted living facility in Memphis. You are welcome to attend. Call me at 901.270.1127 for more details.
Jo Garner’s mortgage tip How much do you owe on credit cards or other high interest or variable rate credit lines? Some of my customers allowed their credit card balances to run up so high, my customer realized they could never get the credit cards paid off. When they discovered the credit card company was charging them over 20% interest on the accumulating debt, they called me and we refinanced his home into one, fixed interest rate mortgage. We paid off the old mortgage and the high interest credit cards, saving him several hundred dollars per month. If that is you, call or text me today. Let’s explore some refinance strategies you can brag about. Currently we are offering to pay a couple of thousand or so dollars on your next refinance, so if you close now on your refinance mortgage with us and mortgage rates go down enough, you can refinance again with us at a much reduced cost.
Connect with me, Jo Garner,licensed Mortgage Loan Officer, at JoGarner.com (901) 482-0354.
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower).
Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday September 25th, 2024 9AM CT The event is called “Pitch and Fix.” Equip, Engage, Empower YOUR business in a supportive group at Talk Shoppe. Be ready to present to a group a business challenge you are experiencing or maybe a business idea or direction you are considering. You can get valuable insight and resources as the business people in your group offer you ideas, resources, referrals and other support
Talk Shoppe is free to you because of the generosity of our sponsors like Donna Roach of Hearthside Senior Living in Barlett. If you need some good advice for yourself or a loved one about the best assisted living or independent living communities, talk with Donna Roach at Hearthside Senior Living. No matter where you decide to go, Donna is happy to give her good but free advice (901) 651-2503
Thank you to Sherry Harbur, realtor with Harbur Realty www.HarburRealty.com Are you thinking about investing in real estate to build your wealth and income for the future? Sherry Harbur has an excellent reputation for taking good care of her buyers and sellers. She also wrote the book “Senior Housing Roadmap.” Connect with Sherry Harbur today at HarburRealty.com
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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.
6. subscribe today for weekly podcasts with show notes at www.JoGarner.com
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 AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER: ““Your present circumstances don’t determine where you can go. They merely determine where you start.” — Nido Qubein
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REJOINDERS:
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Craig Jennings of Avalon Capital (Hard Money Lenders) (901) 417-8427
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Vincent Demps, Masterchek (Security and Private Investigators) www.masterchek.com
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Mark McLaurine of Refrigeration Unlimited 901 216-7782
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Transitional Music: “
Transitional Music: “Get Ready” by The Temptations; “Run the Race: by Holly Starr; “Right Now” by Van
Halen; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip For Real Estate Pros
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
GENELL HOLLOWAY, PRESIDENT OF EAGLE HOLLOW ENTERPRISES
Genell Holloway is with Eagle Hollow Enterprises where we help individuals and business owners put the plus sign in your bottom line.
Genell has been a resource for many people in her circle helping to connect the right people to help those in need from those needing adult day care services to helping with final arrangements.
In her role as a Benefits Consultant, Genell is passionate about helping individuals be better prepared for those difficult times in life. One can count on Genell to help them find solutions that best fit their budget and personal situation. From health insurance to supplemental insurance to life insurance that include riders that help one to be better prepared financially for those health crisis moments that occur as we age, Genell has the knowledge to help.
Call Genell at 901.270.1127 for further information.
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ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of 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 appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
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
Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”