What is one of the top reasons YOU love owning your home? Hear other listeners share some of the top reasons for homeowners to love owning their homes. Stay tuned to hear about some ways your home can love you back.
What do YOU want to accomplish with YOUR mortgage? For your home purchase or cash-out refinance, I can help you find the right mortgage program and make the mortgage process EASY for you.
Host: Jo Garner, Mortgage Loan Originator NMLS# 757308 (901) 482-0354 Jo@JoGarner.com
Co-host: Tom King, Real Estate Appraiser with Bill King Company (901) 487-6989
Special Guest: Santa Claus and booking agent, Chuck Bohannon HoHoOnTheGo59@gmail.com
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner.com
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is February 10th, 2024. Call us in the studio while we are live at 901 535-9732.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: REASONS TO LOVE BEING A HOMEOWNER, WAYS YOUR HOME CAN LOVE YOU BACK. Thank you to real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer Law Firm in Memphis for sponsoring this episode of Real Estate Mortgage Shoppe. When you are ready to buy a home or refinance one, call attorneys Rob Draughon and Shelley Rothman at 901 752-1133 to take care of your closing.
INTRODUCING TOM KING, APPRAISER WITH BILL KING COMPANY
Back in the studio we Tom King, our expert real estate appraiser with over 40 years experience in the Shelby, Tipton and Fayette Counties in Tennessee and with almost 13 years as co-host on Real Estate Mortgage Shoppe. You are a wealth of information for people who want to buy a home, refinance one. You offer your real estate appraising skills to people in various situations. Take a moment and tell our new listeners a little bit about you and what you do for your clients. (Tom has about a minute and a half to introduce himself and talk about the services he offers his clients)
(Jo) The best kind of love is when you love someone and they love you back. My parents loved the old home place out in the country and worked hard to get the mortgage paid off. Mother was always cleaning, gardening and decorating the house. My father was always mowing, building something or fixing something. They poured a lot of themselves into making the house a wonderful home for their family.
Many years later after my father had passed away, the day came when my mother needed more care and needed to say goodbye to living in the house she had cared for and loved. But, now it was time for the house to return love and care back to my mother. Due to my mother’s health, she needed care and the type she needed could be expensive.
My sister and I decided to rent Mother’s house to people who could take care of it. The rent money they paid we used to cover the things our mother needed and even a few extras. The house mother loved returned love back to her with rent income for several years. It gave my mother a lot of satisfaction to know that, after her passing, the house would go to her family.
DIVORCED, REMARRIED WITH CHILDREN. “I WANT TO PROVIDE WELL FOR MY CHILDREN & ONE DAY MY GRANDCHILDREN.” Kaylen Kraemen’s Story
Kaylen recalls, “Those were tough years for my daughter KeKe. The divorce was hard on me and she was just a little girl going through a rough time too. Then I remarried and things were better but I always wanted to help my daughter and one day my grandchildren in ways I could not do when I was a struggling single parent.”
Now Kaylen Kraemer’s daughter was grown and about to be married. Kaylen knew the perfect gift to give her daughter—the house where Keke had grown up. Kaylen still owed on a mortgage for about 30% of the value of the home. She had kept the home to rent to tenants after remarrying and moving in with her new spouse. Now Kaylen could greatly help her daughter get a head start in her new marriage. A gift of equity was a way that Kaylen could help her daughter and hopefully her future grandchildren have a better life.
Kaylen and KeKe signed a home purchase agreement with Kaylen selling the home to KeKe for price just high enough to cover the small mortgage Kaylen still owed and to cover closing costs. KeKe got approved for a mortgage. The mortgage company showed the money down coming from KeKe’s mother in the form of a Gift of Equity. This allowed Kaylen to pay off the mortgage on that property and her daughter’s down payment and closing costs were paid for by Kaylen as a gift of equity.
If you are plan on buying a home or helping someone else buy a home, please contact me today to explore the best mortgage program. Who do YOU know that I can help with getting them the right mortgage for a home purchase or refinancing their home to get cash back? It’s easy to get started. Contact me at 901 482-0354 JoGarner.com I can make the mortgage process EASY.
(Jo) Tom King, you are our real estate appraisal expert? Let’s get started until the 9: 15 am break talking about home values. (Tom King has until the 9:15 break and then he can continue between callers after the 9:15 bread)
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 realtor Tom King of Bill King Appraisal Service. We also have another guests coming into the studio and I am guessing our listeners will recognize this gentleman. See you back in just a moment.
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 , the one and only Santa Claus from the North Pole. Santa was right at home in the Mid-South a couple of weeks ago when we experienced North Pole-like weather. Santa, you kind of like spending time at parties and special events in the Mid-South. You have always liked making time with loved ones positively memorable. What is our Talk Shoppe Business Tip for Real Estate Pros today?
How do we contact your booking agent, Chuck Bohannon? 901 619-6436 hohoonthego50@gmail.com
SPECIAL TIP FROM A VERY SPECIAL GIVER—SANTA CLAUS
TIP: Love God and love one another. Santa was a priest and later a bishop of the church and was known as Saint Nick. Life is sweeter when people love God and each other.
Jo talks with Santa and listeners about the book “The Speed of Trust” buy Stephen Covey Jr. The principle backs up Santa’s tip about the power of love and trust. When you are buying a house and making a business deal, the transaction gets closed faster and with less expenses when the parties to the business deal trust each other.
When the parties to the transaction do NOT trust each other, it generally takes longer to consummate the transaction and it costs more because there is expense involved to safeguard everyone from damages from dishonesty.
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Just like the realtors, it is an adrenaline rush on closing day when I see my mortgage client’s joy when they sign the last paper and reach for the house keys. Buying a home is one of the biggest investment people will ever make, but not just because of the dollar amount of the purchase. But because they are buying a home where their family will build relationships in the community and weave life-long memories.
RENT VS BUY
For people who are planning to remain in the geographical area for 3 or more years, I can think of six big reasons that will bring about those feelings of love for OWNING a home instead of renting. Here are some reasons to consider OWNING your home:
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APPRECIATION- One of the advantages of OWNING your own home is that feeling of financial security when you realize historically real estate has enjoyed long term, stable APPRECIATION in value over the years. Home values can go up and down, but if you look at the value increases from 1967 until recently, values have gone up over 800 percent. Not a bad return if you own your home over a long period of time.
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TAX BENEFITS – There are plenty of ways to get tax benefits from owning your home that you would not get from renting. I see homeowners who itemize their tax deductions can writing off mortgage interest, private mortgage insurance (in some cases.) Property taxes and a percentage of expenses if they use part of their home to rent to someone else or operate a business. ( consult with your tax professional)
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BUILDING WEALTH- Whether you decide to rent a home or buy one, you’re going to make a mortgage payment either way—yours or your landlord’s. Do you really want to dedicate your hard-earned money to paying off the landlord’s mortgage? When YOU own the house, every payment you make lowers the loan balance owed, building more equity in the house or value that belongs to YOU and not the bank.
As prices go up on homes and as you pay down the balance on your mortgage, it is like lighting a candle at both ends. You get rid of the candle MUCH faster. Before you know it, you own your home free and clear with NO MORE MORTGAGE PAYMENT! What you do differently today in your life if you did not have to pay rent or a mortgage payment?
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READY SAVINGS ACCOUNT- Unlike rent, when you make payments on your mortgage, the balance that you owe on the loan goes down and the amount of the value in the house that belongs to you goes UP slowly or quickly depending on the values of homes in your area and depending on the amount you pay to reduce the principal balance of the loan.
Several of my mortgage customers, once they have built up quite a bit of value in their home, they take out a 2nd lien credit line loan to buy income-producing rental property. Later they get a fixed rate mortgage on the rental property and pay off the credit line so they can use it again to buy more rental property and so on.
These investors use their 2nd lien credit line that is secured on their home to gradually acquire more and more income-producing assets. Before too long, they don’t have to work a job anymore. The income-producing properties are earning passive income for these investors. SWEET!
Other clients have used their equity in their homes to help fund college for kids or for unexpected home improvements. Some of my self-employed clients have used the 2nd lien credit union for investment in their businesses.
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Stable payment- If you are trying to decide to rent a home vs buying a home, consider that rents have been going up 5% to 10% per year in many areas. You are NOT in control of when your landlord slaps you with yet another rent hike each year—or worse—notifies you he doesn’t want to rent the property anymore, forcing you to move.
The fixed-rate mortgage, on the other hand, has a fixed principal and interest payment every month that never goes up. The amount of property taxes and insurance can go up occasionally and you will need to budget for some repairs. For the most part you can count on the principal and interest payment NEVER moving.
The fixed-rate 30-year mortgage is an ESPECIALLY profitable tool for real estate investors on the income-producing properties they keep for the long haul. As rents increase 5% to 10% per year, it’s like they give themselves a 5% to 10% raise in income each year since their principal and interest mortgage payment expense is fixed.
ROOTS- One of the advantages of owning a home is that it encourages you to build some roots in the community where you live and where your children go to school. When you invest in your community, the community tends to give back to you too. Long-standing relationships and service to an area can offer opportunities later for school graduates getting good jobs, family support during hard times and a chance to truly make a lasting, positive difference in the world where you live.
LEGACY –Another advantage to owning a home and getting the mortgage paid off, is that you have something of great value to leave as part of your legacy to those you leave behind. Having a home that is paid for can offer a leg-up for younger family members to have a head start getting ahead. They can live in the home or sell it and use the funds to buy in a neighborhood where they want to build their life.
CALLER: TROY AND LYNN MCDONALD- ERIN MCDONALD INSURANCE AGENCY;
LYNN- I have worked for the same insurance company for 22 years and very much enjoy helping people manage risk through proper insurance coverage. We have a large agency and are well staff to take care of our clients need.
Specialties:Working with Landlords and Investors (901) 849-7101
CALLER: SUZAN DAVID OF WEBANDSTORYMEDIC.COM (Website repair and design)
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK – TOM KING has about a minute to share a real estate tip. (When the appraiser comes to your house, make sure all of the utilities are turned on and working)
Santa Claus has about a minute to share a tip
Jo Garner’s mortgage tip: If you are that person or know that person who has high credit card debt and the double-digit, compounding debt balances are getting hard to pay, call me BEFORE you start showing over-30-day late payments. If you have enough equity built up in your home, we may be able to do one cash-out refinance, payoff your first mortgage and roll into the one loan all or as much of the high interest rate debt as possible to lower the overall debt payments you have to pay each month.
Let’s explore the best mortgage program that will give you some bragging rights. I can make the mortgage process easy. It is easy to get started. Connect with me at (901) 482-0354 Jo@JoGarner.com www.JoGarner.com
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 February 14, 2024 9AM CT
Great Ideas For Recycling At Your Home or Office 2024
Lukas Truex, The Junk Llamas, 703-969-4512
Talk Shoppe events are free thanks to sponsors like Donna Roach of Hearthside Senior Living. Go see Donna at Hearthside Senior Living in Bartlett. She can help you when you are trying to decide the best place for you loved ones to live who need assisted living. Call Donna Roach at 901-651-2503
3. Thank you to Tim Flesner, part owner of Mid-South Home Helpers-Home Care with a heart for non-medical care to help your loved ones remain safely and comfortably in their own home. Call Tim Flesner at Home Helpers 901 414-9696.
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 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: QUOTE CORNER:1st from Charles Schulz “All you need is love, but a little chocolate doesn’t hurt.”
2nd From Pinterest “Be with someone who ruins your lipstick, not your mascara.”
Tom shares his quote “Never pay more than $3 for a box of chocolate and flowers for your sweetie.” (Tom also quickly shares his observation that perhaps that is why he no longer HAS a sweetie)
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REJOINDERS:
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Mark McLaurine, Refrigeration Unlimited (901) 216-7782
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Kelly Inman of Next Day Access (grab bars, wheelchair ramps, stair lifts and more) (901) 258-2626
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Genell Holloway, Eagle Hollow Enterprises (901) 270-1127
Transition Music: “I Feel Love” by Donna Summer;; “Money, Money, Money
by the Muppets; “A Place Like That” by 6982; “Love Is In The Air” by John Paul Young; “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 TOM KING, BILL KING APPRAISAL 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
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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 Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner
www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “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 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 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 Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”