LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is December 9th, 2023. 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 REPAIR YOUR HOME AND YOUR CREDIT- YOU WILL BE GLAD YOU DID. Thank you to the sponsors of this episode of Real Estate Mortgage Shoppe, real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer. For your home purchase or refinance call Rob Draughon and Shelley Rothman at 901 752-1133.
On Real Estate Mortgage Shoppe today we are going to talk about situations when you will be GLAD you did the repairs on your home and your credit. You can probably think of a number of instances when this was the case for You?
INTRODUCING ED HILL OF MASTERS ROOFING
Back in the studio again we have Ed Hill of Masters Roofing Memphis. Ed has been senior consultant for Masters Roofing since 2008. For some free advice you can plug into his podcast at MemphisHomeMaintenanceShow.podbean.com. Ed, you and your team specialize in putting on a roof so good it is like no other. But you do other type repairs too. Take about a minute or so and introduce yourself and tell us the services you offer you customers at Masters Roofing. (Ed Hill has about a minute and a half to introduce himself and talk about the services he offers customers through Masters Roofing.)
(Jo) . My mother had always worked hard to make sure we felt valued and cared for at Christmas. She had her house decorated with a big Christmas tree and Christmas village displayed, beautifully wrapped presents and lots of good tasting food for us to enjoy.
I can remember one Christmas, a year after my mother had passed away, that I was SO glad I had spent the time and money to get new floors to replace the worn out carpets and replaced some water damaged spots in the house with new sheetrock and paint
Come Christmas time the following year after her passing, I knew I needed to be surrounded by friends and others who wanted to enjoy Christmas. As I decorated the house, wrapped presents to give away and cooked up some Christmasy I felt so much satisfaction and relief that the repairs had been done months earlier and the only thing left was to enjoy friends at the party with very little stress and a lot of fun
Some of my mortgage customers are patting themselves on the back for keeping the repair done on their home because now they need to sell the house and buy a bigger home so they can care for their aging parents. It is daunting enough to find your next home but then you have to pack and move there. It feels nice to at least have the repairs already completed when it comes time to sell.
Homes in good repairs tend to sell for higher prices too. If you have to move, you might as well enjoy getting a higher profit for selling your house.
(Ed Hill starts launching some of his reasons to complete exterior repairs- about 3 minutes)
(Jo) Ed, so many home buyers and sellers encounter a negative surprise when they are trying to buy or sell a home by not noticing the repairs needed on the house. Standard mortgage that have federal lending guidelines, are going to require to be completed before closing any repairs concerning the structure, security or sanitation of the home. (There are some exceptions to this requirement, but not many. Here are some repair items that underwriters tend to require to be completed before closing:
Rotten wood, peeling paint, electrical system and components, plumbing system and components, heating and air system, missing roof shingles and leaks, mold, broken glass and more.
Cam Cao-Putting his resources to work to get the home he wants
But my client Cam Cao didn’t say that. Cam (not his real name) said, “I am going to get a bargain on my first home and I need the perfect loan to do it.”
For Cam, he was on a mission to find an older home in a nice neighborhood that still reeked of the 70’s and 80’s formica and wall-to-wall blue carpet. Cam was an engineer by trade and people would say, “Cam can fix anything. If Cam can’t fix it, it ain’t broke.”
Cam’s first mistake was getting a contract to buy a major fixer-upper. There were so many repairs that the appraiser noted as affecting the structure, security and sanitation of the home like rotted wood, some mold and broken plumbing fixtures. the lender was requiring these items to be fixed BEFORE Cam closed on the home and not after. Cam needed to get into his first home for VERY LITTLE DOWN, so he had to walk away from that bargain.
But he bought another home that was like tumbling back into a 30-year time warp. This house was in great shape except for the dingy carpet and well-worn carpet. Cam knew, after closing and over time, he could increase the home’s value using his handy man skills to install stylish countertops, hardwood floors and update the plumbing fixtures.
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, licensed mortgage loan originator. What do YOU want to accomplish with your mortgage? I can make the home purchase or refinance EASY for you. Connect with me at www.JoGarner.com When we come back, you will be hearing more from Ed Hill, Masters Roofing, See you back in just a moment.
THE LOOK BACK MEMPHIS TRIVIA CONTEST
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is sponsored by Home Inspector, Mike Aukerman of National Property Inspections. For your home inspection-Before you buy, call Mike Aukerman at NPI 901 674-6868
ANSWER : THE YEAR 2018
The movie filmed at Graceland in Memphis was “Christmas at Graceland” and was the sixth of twenty-two original films in the Hallmark Channel’s Christmas Line-Up.
QUESTION: What year did the Hallmark Channel air this film?
TOPICS COVERED BY
ED HILL OF MASTERS ROOFING IN MEMPHIS
EXTERIOR HOME REPAIRS!
Seven Benefits Of Exterior Repairs
Benefit #1: Prevent Problems Before They Happen
Benefit #2: Current Prices Beat Future Prices
Benefit #3: Matching Materials Is Easier Now
Benefit #4: Smaller Repairs Are Cost Effective
Benefit #5: Skilled Craftsmen Are Available
Benefit #6: Peace Of Mind Is Priceless
Benefit #7: Please Your Family And Neighbors
Ed Hill, Senior Consultant, Masters Roofing is available in the greater Memphis area for home exterior repair advice, inspections and estimates at 901-273-6594!
(3rd SEGMENT 9:35 AM)
Question: What Are Some Reasons Why I Need to Fix My Credit?
Answer: The higher and better your credit score, the lower, less costly loan terms you get to enjoy…
When you get a mortgage to buy a home
When you get a loan to buy a car or other large purchase
When you want to get that great-paying job
When you want to FEEL GOOD about yourself and your finances.
Phillip and Farrah Fenton had been married over a year and expecting their first child. As newly- weds, they didn’t mind living cramped in a tiny house in a family member’s backyard. But, now they had the baby to think about. Phillip’s credit score was suffering because of some bills he had not paid and others he had racked up from his carefree college days.
In order to put himself and his family in a better position, Phillip and I talked about his plans. He disciplined himself with the help of his wife to aggressively pay down the balances on his revolving credit card accounts to keep the owed balances under 30% usage on each of the lines of credit. His credit score started improving.
After adding several points to his credit score, Phillip was in a position to get a lot lower mortgage interest rate. Bragging rights for the Fenton’s. They bought their first home, and locked in a lower mortgage rate than they ever thought possible. Now they had more money to spend on their baby.
We are going to talk about some other strategies you can use later in this show. But the way you can get started using this one on improving your credit scores is pull the free credit report the government allows you to get once a year from www.annualcreditreport.com Review it for errors and look for ways to get your revolving credit balances paid down and maintained as low as possible —using less than 30% if possible on your credit lines and making your payments on time.
What are some actions I can take to make sure my credit scores are kept as high as possible?
( I am not a licensed credit repair person and I direct my clients to the credit bureaus for any final corrections or fixes. There are no guarantees that you will get the exact results you want 100% of the time. What I am sharing with you is based on close observation and study of the cause and effect on numerous mortgage client credit reports).
Make your payments on time and do not let them get over 30 days late.
If a creditor is contacting you about a collection account, pay it as soon as possible or set up a payment plan with the lowest possible payment per month with an agreement with the collection company not to report negative information about you to the bureaus.
Never use more than 30% of your credit card limits. For example, if your credit limit is $10,000, you would never want your balance to go over $3,000. Your utilization habits on revolving account activity makes up over 30% of your credit score.
Stay away from 12-months-same-as-cash accounts. Most of the time these type accounts are scored as maxed out revolving accounts. I have seen these accounts drop someone’s score more than 100 points.
Don’t get too many companies checking your credit within a 90 day period. Too many inquiries on your credit can cause your credit score to lose points. Periodic inquiries from your insurance company are soft hits to your credit and do not affect your credit score. The Fair Credit rules in the late 90’s allow for you to shop for a car or a mortgage. As long as the inquiries within a 14 day period are all from companies coded with the credit bureaus as mortgage companies, the inquiries will still appear on your credit report but should not negatively affect your score. It is the same with car dealerships when you are shopping for a car. Be careful though because some car dealerships have finance companies and other type lenders check your credit when they are shopping for the best rate for your car loan. Ask before you allow your credit to be pulled.
Check your credit once a year. You are allowed one free credit report annually. www.annualcreditreport.com is the official site to check.
What can I do to get points added to my credit score in 30 days or less?
If there is bad credit on your report, contact the creditor and get a letter to send to the three big credit bureaus-Equifax www.equifax.com ; Experian www.experian.com/reportaccess ; Transunion www.transunion.com/myoptions
A credit advisor with Equifax directed me to www.myfico.com , a site that explains how credit scores work and what to do to keep your scores at the highest.
Pay down revolving accounts to a balance under 10% of whatever your credit limit is for the best results.
Why are my credit scores from the mortgage company lower than the ones I pulled from the internet?
Knowing your true credit score would be simple if there was only one credit scoring algorithm. But there are many. Currently mortgage companies us the Classic FICO scoring system which typically calculates credit scores a little lower than other scoring algorithms used by consumer credit companies and consumer credit scoring internet sites.
What do mortgage companies consider a good credit score?
Most mortgage programs consider a really good score to be a scores 740 or higher. A good score 700 to 739. An average score would be 680 to 699. Lower scores around 679 to 650. Poor scores coming in around 649 and below. The higher your score, the better interest rates you tend to get.
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Ed Hill of Masters Roofing Memphis (approx. 1 minute tip)
Don’t put off making repairs on your house. You don’t have to know what is causing the problem requiring the repair. Call Ed Hill and he and his home repair team can figure out what is causing the problem and they can fix it. Tap into the trusted resources Ed Hill and Jo Garner have available on Real Estate Mortgage Shoppe. Whatever service you need done, contact Ed and Jo for the professionals they know. There is an answer to EVERY problem.
Jo tells story about Mark McLaurine saving a customer on an HVAC repair
A SECOND OPINION SAVES THE REAL ESTATE SALE
Realtors are great resources for people buying or selling their home. As a mortgage loan officer I have been able to offer some great resources too. My close connections to excellent repair people, electricians, plumbers, and other problem solvers smooth the way to a quicker closings for my clients and others involved with the transaction.
A good example comes with a story about a home buyer who had agreed to purchase a home knowing that the heating and air system was old. Sure enough, the system went out at the crucial moment before closing. The seller sent a heating and air repairman to the property.
“The whole system will have to be replaced,” the repairman told the seller. “It is just not worth fixing.” The seller did not have the $7,000 to replace the heating and air system. The buyer didn’t have it either. The buyer called me discouraged that the whole deal looked dead.
When a situation like this looks hopeless, I never give up until I call Mark McLaurine of Refrigeration Unlimited. Mark went out and inspected the problem with the seller’s heating and air system. Mark located the problem with the unit and replaced a part. “Your unit is fixed,” Mark told the seller. “No need to have to buy a new one. This unit should do fine for a long time now.”
This is a perfect illustration of a second opinion saving the deal for everyone. It pays to be working with the right pros who know the right people to help at the right time.
Jo Garner’s mortgage tip: Mortgage rates have dropped down significantly since October 26, 2023 (today is December 9th, 2023) If you have been sitting on the fence, waiting for rates to come down, consider jumping off the fence today. If you wait until everyone else is running out to try and buy a house, you are going to be in for some stiffer competition. Call me or text me today and let’s explore the best financing options for you, so you are looking your best when you start making offers to buy your next home. I can make the mortgage process EASY for you. It’s easy to get started. Call or text me at 901 482-0354. Or connect at www.JoGarner.com
ANNOUNCEMENTS FROM SPONSORS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business or in health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar the 1st floor in the Memphis Clark Tower and also on zoom. Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday December 13, 2023 “SCAM SCHOOL-Great Advice From the Better Business Bureau” Daniel Irwin presenting.
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Thank you to Talk Shoppe sponsor Leah Anne Morse of All Things New-Moving Company. Leah Anne Morse and her team at All Things New can organize your move, and make the moving experience a positive one. Contact Leah Anne Morse for your next move at 901 488-9733.
Before he passed away seveal years ago, retired counselor Jack Redding would challenge us at Talk Shoppe with a question. Now I pass Jack’s Challenge on to you. Who do you know right now in your circle who is alone this holiday or someone who is going through a difficult time? Invite that person out for coffee. Spend some quality moments with this person. Be the friend they need. You may never know this side of heaven what a positive impact you can make.
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
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.
LEGAL STUFF: 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 AND NOT AN OFFER TO LEND.. 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 : Pinterest “No trip to Home Depot is complete without at least two more trips to Home Depot to get things you didn’t even know you would need”
Lynn and Troy McDonald of Erin McDonald Insurance Agency (901) 849-7101
Sherry Harbur of Harbur Realty www.harburrealty.com
Rol Draughon and Shelley Rothman Griffin, Clift Everton and Maschmeyer Law Firm 901 752-1133
Transition Music: “Fixing a Hole” by the Beatles; ; “This Old House” by Stuart Hamblen; “The Talking Song Repair Blues ” Alan Jackson; “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
2845 Stage Center Cove
Bartlett TN 38134
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
(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”