HIGHLIGHTS FROM TODAY’S SHOW:
Market News
Look Back Memphis Trivia Contest
QUESTIONS ANSWERED BY TOM KING:
- What do you do if your appraisal value on your home comes in low?
- What is the difference between a Planned Unit Development and a Condominium?
- What improvements can add the most value to your home? The least?
- How do mortgage companies determine if a property is a single family structure or multi-family structure based on the set up on the utilities?
- Warning against “overbuilding” your home for the neighborhood where it is located.
QUESTIONS ANSWERED BY JO GARNER:
- When it comes to changes, what kind of financial changes do you call “good changes?”
- What kind of changes can you make to improve your credit scores?
- What steps can a person take to start making positive changes with the real estate or their mortgages?
REAL ESTATE TIP OF THE WEEK
ANNOUNCMENTS
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Good morning, Memphis! Good morning to IHEART listeners around the country. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. The topic today is real estate—YOUR real estate. The topic today is finances—YOUR finances. We’re talking about “Roll With The Changes–In Your Personal Life & With Your Real Estate & Finances.” But, of course, if you have a burning comment you want to make or a question you would like to ask concerning anything about your real estate or your financing, call us right now on the air at (901) 535-WREC. And sitting around the coffee table this morning we have Tom King, real estate appraiser with Bill King Company.
<Tom King>
(Jo) Anything interesting going on in your world of real estate appraising, Tom? Any thing really interesting that you can legally tell and still protect the identity of the guilty—or something like that?
<Tom talks about some interesting appraisal cases>
(Jo) Good news on the mortgage front this week. They say our mortgage rates have dipped down to the lowest they have been in all of 2014. Not sure they’re going to stay there though. Lots of changes going on out there. Here’s a word to the wise, IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Give me a call if you want to refinance your home or buy one. Let’s see about getting YOUR rates locked in while they’re low. You can call us right now on the air at <901 535-9732 or 901 535-WREC. OR you can call me directly at 901 482 0354. (901) 482-0354. Susan Belew, my very experienced assistant, and I would like very much to work with you on YOUR mortgage terms. 30 yr conventional rates ended yesterday around 4.125% (no points) The 15 yr around 3.375% and FHA around 4.25% AND we have a special portfolio JUMBO loan product at Evolve with a rate of around 3.99%. That is a steal on a jumbo loan over $417,000 and up past one million dollars. Call me and let’s make change happen for the better.
<Tom makes some comments here about people who are are making changes—changes that are causing appraisals to be made on real estate—ie: divorce situations, death of a family member, families downsizing, selling property & buying property or putting real estate in a trust, investors using private money or cash to buy rental properties to build their income for now and later>
(Jo) Susan and I are finding that we have clients just finishing up with divorce situations—the divorce is final but the agreement requires they refinance the house and get ex-spouse off the old loan and pay ex-spouse a percentage of the equity. This can be a difficult time and we try to be sensitive to our client’s feelings regarding their situation. Other clients are selling a home or buying a home because they want to down size to a simpler life or just to have a smaller home to manage. Some of our clients have growing families and need a bigger house. And then there are those who have been renting and finally are able to buy their own home. And this is the fun part, being part of the celebration at the real estate closing when they realize they now own a much bigger, nicer home than where they had been living AND THE HOUSE PAYMENT IS LESS for the nicer digs than what they were paying to rent the smaller place. Change can be really good. Whether change is good or bad will largely be determined on HOW YOU RESPOND TO IT. How will YOU respond to change?
<Tom comments on “change””
(Jo) Woodrow Wilson was the President of the United States from 1913 to 1921 and leader of the Progressive Movement. He was instrumental in setting up the Federal Reserve system that is the infrastructure of our banking today, the Federal Trade Commission, he curtailed child labor and instituted the 8-hour work day for the railroads. The guy knew something about change—good changes—but here’s what he had to say about change in one of his speeches, “If you want to make enemies, try to change something.” Ha. By nature people resist change. Our Talk Shoppe networking group enjoyed having our very own licensed mental health counselor for several years—and believe me—if you’ve been in business or sales, you KNOW sometimes we need help in that area and dealing with change. Jack Redden, who has passed away now, was a wise man. He taught us that if you want to succeed in getting someone at home or at your office to start implementing permanent changes, first of all, call the change “an experiment.” People are more willing to participate in “an experiment” than to undergo sudden changes. Thank you, Jack, for teaching us the secret of “the experiment.”
If you are uncomfortable thinking about changes in your own life or your finances, tell yourself you are embarking on “an experiment.” But when you’re doing the research for your real estate of financing “experiment,” make sure you talk with experienced professionals with a good reputation—a good realtor, attorney, appraiser (like Tom King here) or loan officer—and Susan and I would LOVE to talk with you. Call us at (901) 482-0354 (901) 482 0354 or catch us on our blog www.MortgageLoansBlog.com or call us right now on the air at <901 535-WREC or 901 535-9732> We’re gonna’ talk more with Tom King, Appraiser with Bill King Company when we come back.
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2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest brought to you by notable Memphis historian Jimmy Ogle. Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn. Go to jimmyogle.com for the 2014 Spring season schedule and locations. Our Look Back Memphis Trivia Contest SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you Marlene is giving away a $25 gift card to the first person who calls with the correct answer to our Trivia Contest. If you know the answer, call us on the air at (901) 535 WREC. (901) 535 9732.
Garner # 31 10/11/14 (Tom, covers the contest hints)
Goodwinslow-Answer
Question: My builder was inspired by medieval castles and Italian Villas that he saw on his travels through Europe in the 19th century – who am I?
Hint: I am located in the heart of Raleigh, former county seat of Shelby County.
Hint: My owner served under Gen. Nathan Bedford Forrest during the Civil War.
Hint: I was built over a period of 25 years beginning in 1875.
Final Hint: A former Police Director for the City of Memphis resides here now!
Answer: Goodwinslow. William Washington Winslow was a Middle Tennessean who served under Gen. Nathan Bedford Forrest. After the war, he moved to the Raleigh area and began construction of his unique home. He communted by horse and buggy to Memphis to practice law, as he had an aversion to automobiles, eventually being killed in a car accident near Court Square in 1922.
The house grew room by room with the north section being built in 1875, modeled after a medieval castle; the middle section in 1880 under a steep gable roof; and the final sections in 1890 & 1900 inspired by an Italian villa. A 2½-story crenellated tower with small turrets is behind the center section. Determined to build a fireproof home, materials include hand-baked clay bricks, stone and stucco, with a foundation of concrete and a roof of hollow clay tiles on steel beams!
His daughter (Anne Goodwin Winslow) published six books and the home became a meeting place for artistic and literary sets including visitors like Robert Penn Warren, Allen Tate, John Crowe ransom and Richard Halliburton. Former Police Director of the City of Memphis (E. Winslow Chapman – Buddy Chapman) currently resides in the home.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Autumn tours beginning September 14 (Bridge Walk) and September 16 (Union Avenue Manhole Cover & History Tour). Go to jimmyogle.com for the 2014 Autumn season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon – next is Thursday, October 16.
BRIDGE WALKS: Memphis & Arkansas Bridge; meet at Crump Park (Exit 12C, Metal Museum Drive) 2:00 p.m. on Sundays – October 19 and November 9
TUESDAY TOURS: Tuesdays at 11:45 a.m. for about four blocks from a different street corner each week, beginning again on September 16! Next Tuesday is Adams Avenue.
QUESTIONS ANSWERED BY TOM KING:
- What do you do if your appraisal value on your home comes in low?
- What is the difference between a Planned Unit Development and a Condominium?
- What improvements can add the most value to your home? The least?
- How do mortgage companies determine if a property is a single family structure or multi-family structure based on the set up on the utilities?
- Warning against “overbuilding” your home for the neighborhood where it is located.
7.
QUESTIONS ANSWERED BY JO GARNER:
- When it comes to changes, what kind of financial changes do you call “good changes?”
I define “good changes” as the ones my customers are making who are refinancing their homes or their rental property and lowering the interest they’re paying AND shortening the terms on their mortgages. If you can lower the interest rate AND eliminate years off your mortgage, you can save tens of thousands of dollars over time in most cases. Talk with an experienced loan officer with a good reputation who really wants to help you. I would LOVE to talk with you and compare some scenarios with you.
Some of my clients, because of a drastic reduction in their income or because of loss of a spouse or trying to put kids through college, they need to lower the rate on their mortgage and go back to a 30 year term to give them some breathing room each month on their budget.
Others have been able to take more time off and travel more after down sizing to a smaller home. Be sure you consult with an experienced realtor with a good reputation when you are considering buying or selling a home. The same advice I would extend to those of you who want to change your destiny by buying real estate to rent out for a profit. This can build wealth for you but seek wise advice from people who are already successful at doing that. I have learned a lot from some of the leaders at Memphis Investor Group, a non-profit education-based group for real estate investors. For more information about them, go to www.MemphisInvestorsGroup.com
- What kind of changes can you make to improve your credit scores?
- What steps can a person take to start making positive changes with the real estate or their mortgages?
Determine what you really want to accomplish. Are you trying to lower your monthly debt? Are you trying to get rid of debt altogether including your mortgage? Are you trying to pull cash out of your house to invest elsewhere? Are you trying to build your real estate portfolio so you can quit your job or just enjoy a cushier retirement? Here’s my advice: Seek wise advice from experienced professionals with a good reputation in the real estate business, maybe even a real estate attorney, and you definitely need to talk with an experienced mortgage loan officer. Let’s talk about your financing options. You can call me on the air at 901 535-WREC or more directly off the air at 901 482 0354 or catch me on my blog www.MortgageLoansBlog.com
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4th SEGMENT- THE REAL ESTATE TIP OF THE WEEK- Jo offers give a practical, money-saving, time-saving real estate tip
Jo’s announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or in business. This week Juanita Hamilton of the Shelby County Down Payment Assistance Program will be talking about a special down payment assistance program available in targeted areas of the city called “The Neighborhood Stabilization Program.” 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 8th 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: 9:15 AM “Forever Autumn” by the Moody Blues; 9:30 AM AM “Change” by Tracy Chapman 9:45 “Roll With The Changes” REO Speedwagon; “Memphis” by Johnny Rivers for Look Back Memphis Trivia Contest
TOM KING, APPRAISER WITH BILL KING COMPANY
(901) 487-6989
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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 20 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.