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Score A Winning Financing Scenario Combining Mortgage AND Bank Product

by | Jan 23, 2014 | Financing & Refinancing, Tips, Tricks & How To's

Score  A Winning Financing Scenario Combining Mortgage AND Bank Product

1-18-14


HIGHLIGHTS FROM TODAY’S PODCAST:

Questions answered by Scott Stafford:

  1. How did Evolve get it’s start?
  2. What products and services do you offer?  What about the Home Equity Line of Credit with the special introductory rate?
  3. How is the overall company doing?
  4. Tell me about your coffee?
  5. Where did this idea come from?
  6. What are your thoughts on the mortgage market here in Memphis?
  7. Any upcoming exciting news you would like to share with our listeners?
  8. What do you see happening in our economy in general this year?
  9. Let’s talk a little about the  Evolve Bank special in-house mortgage that is a fixed rate for the first 5 years
  10. What type of lending products do you have for medical doctors?

QUESTIONS ANSWERED BY JO GARNER

  1. 1.     Where do YOU see the mortgage market going in 2014?

 

  1. 2.     You  have had quite a number of success stories with your customers using an Evolve Bank product.  What are some of the success stories you have heard about?

 

4th segment (4th quarter) Real Estate Tip of the Week (Scott Stafford has about 1.5 minutes to share a practical, money –saving or time saving tip from the financial industry)

 

 

 

Good morning,  Memphis and a great weekend to IHEART listeners around the country. You’re on the Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage professional with Evolve Bank and Trust.   Our co-host today is the president and CEO of Evolve Bank and Trust, Scott Stafford.  Scott it’s a pleasure and an honor to have you on the show.

(Jo)The famous athlete Michael Jordan said, “ Talent wins games, but teamwork and intelligence wins championships.” Our general topic today is “Score  A Winning Financing Scenario Combining Mortgage AND Bank Products.”   If you have a question or a topic you want to discuss regarding your real estate or mortgage financing or bank financing, give us a call on the air at (901) 535-WREC. That number again is (901) 535 9732.

This week has been a week for predictions for the upcoming year.  I was at the Women’s Council of Realtors this week where Dick Leike of Crye Leike Realtors was the special speaker.  His prediction was that 2014 will be a great year for home purchases because the mortgage rates will remain relatively low even though he thinks they could go in the 5’s  on the 30 yr fixed perhaps before year-end.  Prices on homes are going up in certain areas more so than others.  Dick Leike said he could see where we may see inflation maybe as soon as 2015.  He reminded us of the people who bought homes in the 70’s before inflation really kicked in.  They became wealthy as their homes quickly gained value.     The idea is NOW is the time to buy a house or refinance one.   Conventional 30 yr fixed rates yesterday closed at around 4.5% no points .  FHA/VA government loans came in around 4.25% on the 30 yr fixed .  Conventional 15 year came in around 3.5%.  You can get a lower rate –though. Rates are determined by a number of different factors.

My very experienced assistant, Susan Belew and I have a motto that we stand by: If the deal works for you today, do it today.   Nobody knows all the future will bring in the next year.  If you have put off refinancing your primary residence, your second home or your investment property, give me a call on the air today at 901 535 WREC or call me directly off the air at 901 482 0354.  You can catch me on my blog too at www.mortgageloansblog.com

If you are just trying to free up a few hundred dollars per month, you may want to refinance and not shorten the term.  Susan and I will give you an amortization schedule so that, when you able, you can still see how to pay the loan off early.   The people who tend to save the most money are those who can lower the interest AND shorten the term.  These customers can save TENS of thousands of dollars   There are more people now refinancing and pulling cash out to pay off higher interest loans or to reinvest in things they hope will bring them an even higher return.    If you want to BUY a home,  remember that as rates go up, the extra interest over the years adds up and higher interest rates eat into your buying power. Give me a call and let’s do the numbers.   We have even worked out some financing scenarios using a combination of a bank loan and a mortgage loan to eliminate unnecessary private mortgage insurance or to allow our customer to pay their own taxes and insurance and the list of benefits  goes on.

(Jo) <Gives an example of when the customer benefits from having a combination bank loan and mortgage loan.>  I have a self-employed customer buying a home who did not want to waste money on private mortgage insurance and he wanted some flexibility on his payment and he only wanted to pay 10% down.   We structured his home purchase loan like this:  I did a first mortgage for up to 80% of the sales price and since we were at 80% or less, we got rid of the unnecessary private mortgage insurance. Evolve Bank came in and provided a home equity line for 10% of the price of the house so that our client would only have to pay 10% down instead of 20% to avoid the pmi.   The great thing about doing a combination first mortgage and piggy-back bank home equity line is that when my customer pays off the home equity line, he can use it again and again to fund other things later like a car or even for extra cash  for expanding his business.

Its all about knowing your customer and what he or she is trying to accomplish.  If you know what they want and need right now and you know their plans for the next 5 years or more, it can really help in providing the right mortgage product or combination of products to help them get what they need today and still achieve their goals over the next few years.

Scott, I know from experience that Evolve Bank and Trust puts that special emphasis on getting the customers what they want and need.  Tell us a little bit about some of the products you offer and how some of these products have truly helped our customer get what they wanted and what they needed <Scott launches topic >

 

“Look Back Memphis Trivia Contest”   sponsored  by Gwen Christensen owner of Builders Floors and Interiors at 3085 State Post Dr near the Wolfchase Mall 901 382 2155  or go to www.buildersfloorsandinteriors.com    Gwen has been able to beat the big box store prices for installing flooring AND you get her special service and decorator skills.  Gwen has donated a $25 dollar gift certificate from Colton’s  Steak House In Bartlett to the first person that calls with the correct answer to our Trivia contest.

Hoyt Wooten was a visionary who started broadcasting in 1922 and started Radio Electric which later became this station AM 600 WREC in Memphis.   Mr. Wooten made a ton of money in the radio and television business.  In 1963  he  became a little nervous about  the possibility of nuclear war, so he built the world’s most expensive private bomb shelter on the grounds of his estate which could hold over 50 people for over a month. Hoyt’s 13-room bomb shelter was built complete with a pool table, dining hall, recreation room, communications center, food storage, and even a morgue for anyone who didn’t make it.   After Mr. Wooten’s death, his estate was turned into a subdivision.    Trivia question—What is the name of the subdivision where Hoyt Wooten’s famous private bomb shelter was located? If you know the answer call us at 901 535 WREC.

Hint:  Whitehaven

Answer:  Lion’s Gate off Elvis Presley Blvd

Questions answered by Scott Stafford:

  1. How did Evolve get it’s start?
  2. What products and services do you offer?  What about the Home Equity Line of Credit with the special introductory rate?
  3. How is the overall company doing?
  4. Tell me about your coffee?
  5. Where did this idea come from?
  6. What are your thoughts on the mortgage market here in Memphis?
  7. Any upcoming exciting news you would like to share with our listeners?
  8. What do you see happening in our economy in general this year?
  9. Let’s talk a little about the  Evolve Bank special in-house mortgage that is a fixed rate for the first 5 years
  10. What type of lending products do you have for medical doctors?

QUESTIONS ANSWERED BY JO GARNER

  1. 3.     Where do YOU see the mortgage market going in 2014?
  • Rates inching upward
  • Regulations to tighten a little more.
  • Values on homes may not appreciate as much 2014, but we should see a good year of real estate sales.
  1. 4.     You  have had quite a number of success stories with your customers using an Evolve Bank product.  What are some of the success stories you have heard about?

*DS from TS talking about Sherry Fincher giving him the best service he has ever had from a bank.

* I have some self-employed borrowers with good credit scores but with a credit item or tax return calculation that would not work on the mortgage side but was not an issue to the bank since they have a few different loan guidelines.   Becky Bower, our branch manager at our main office at Shady Grove and Poplar in Memphis, has helped a number of my clients get closed early on purchasing their homes.

 

4th segment (4th quarter) Real Estate Tip of the Week (Scott Stafford has about 1.5 minutes to share a practical, money –saving or time saving tip from the financial industry)

 

 

4th segment (4th quarter) Real Estate Tip of the Week (Scott Stafford has about 1.5 minutes to share a practical, money –saving or time saving tip from the financial industry)

 

Jo has two announcements:

 

Talk Shoppe offers free networking and education to anyone interested in business or real estate.   This Wednesday Mark Ruleman, Wealth Advisor with United Capital will be talking about “2014 And Beyond for Interest Rates, Real Estate and Stock Markets”

Wednesday January 22nd at DeVry University 6401 Poplar Ave 6th floor 9A-10A  For more information about Talk Shoppe go to:  www.TalkShoppe.BIZ

 

Next Saturday on the Real Estate Mortgage Shoppe, Attorney Ron Cohen of Premium Title Group will be talking with us about the legal stuff in real estate.   For podcast of this show and others go to www.mortgageloansblog.com

 

Transition Songs:  “Big Money” by Rush; “Where’s The Walrus” by Alan Parsons Project;  “Gold Bug” by Alan Parsons Project

 

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 17 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 is currently the host of the Real Estate Mortgage Shoppe program 9A-10A CDT Saturdays on News Radio AM 600 WREC and IHEART Radio http://www.iheart.com/#/live/2145/?autoplay=true   and currently publishes on her blog www.MortgageLoansBlog.com

 

Scott Stafford’s Info:

 

President and CEO of Evolve Bank and Trust (901) 260-1480

23 years of banking and investment banking experience
• Former Senior Vice President with National Bank of Commerce (NBC)
• Former President of NBC’s Correspondent Lending Division
• Former President of NBC’s Commerce Finance Corporation
• Supervised NBC’s First Market Bank, a de novo subsidiary, and its expansion into Georgia
• Former Vice President with the Institutional Group of Duncan-Williams, Inc.
• Earned Bachelor of Science in Commerce and Business Degree at the University of Alabama
• NASD Series 7 & 63 Licenses
• Director of Neighborhood Christian Center, a Non-Profit Organization
• Member of YPO (Young Presidents’ Organization)

 

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.