SET UP & CLEAN UP THE CARPET & THE HOME FINANCING—ITS GOT TO FEEL
RIGHT TO BE RIGHT
http://192.232.195.219/audio-podcasts/
HIGHLIGHTS FROM THE PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY JERI JEFFRIES:
- How did you get started with the Tiger Paws Carpet and Upholstery Business?
- What services do you offer through the Tiger Paws business?
- What processes do you use and how do you decide which job needs which service?
- What kind of training do you offer your employees?
- How can you find and clear pet stains from carpet?
- can you get red stains like wine and cool aid out of a carpet? How?
12.
13.
14.
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QUESTIONS ANSWERED BY NITA BLACK:
- How do you help start-up businesses finance on a shoestring?
- What kind of services does Job Hatchery offer your clients?
- What happens at your regular Meet Up meetings?
QUESTIONS ANSWERED BY JO GARNER :What are some tips to set borrowers on the right path when they are starting the loan application process for a home purchase or refinance?
- Be truthful about your income and your assets. It’s a good idea to already have on hand copies of your latest 2 years tax returns—ALL PAGES, W2s and your latest paystub. Check your tax return to determine how much you are writing off as unreimbursed employee expenses. The amount you write off as unreimbursed employee expenses gets deducted from your regular income and may cause a debt-to-income ratio problem.
- Don’t be a Rockefeller—Once you enter the loan application process, it is not a good idea to move money around from one place to another. In some cases the underwriter may ask you to show a papertrail on some of it.
- Do NOT open any new credit accounts and certainly NOT a 12 months same as cash account. I know it is really tempting since, if you are buying a house, you want to get your refrigerator, your washer and dryer and on and on. But DON’T DO IT! Don’t even let anyone pull your credit during this period. And, oh by the way, the lender’s compliance department checks credit AGAIN and also checks with your employer RIGHT BEFORE you close. (story of guy who retired from 80K to 90K job during loan process and didn’t think I would find out. ) Lady many years ago who when out and bought a brand new Thunderbird car to put in the driveway of the house she was about to move into. The problem was, her loan wasn’t approved yet and so she had not closed the transaction. The big Thunderbird car crashed her chance at buying the house she wanted because it kicked her income to debt ratio too high.
- What advice do you give your clients who need help with credit issues?
-Pay your bills on time. By paying them on time and early, you can prevent creditors from showing late payments or collections on your credit report.
-If you have notice of a creditor about to file a collection against you, contact them right away and pay the bill or set up amicable terms with the creditor. Collections stay on your account for seven years. Even if you pay it off, it still remains on your credit report.
-Keep balances low on credit cards and other open-ended, revolving credit lines. High, outstanding revolving debt can affect a credit score. Ideally, you should try and keep the balances owed on credit cards and other revolving credit under 30% of the credit limit.
-Pay off debt rather than moving it around. A big influence on your score is how you handle revolving credit accounts. Be sure and make your mortgage and car payments on time. But if you pay your mortgage and car on time, then your revolving account usage is the next biggest factor in determining your credit score.
-Don’t open new credit cards that you don’t need, just to increase your available credit. This method could actually lower your score .
-If you are newly building your credit, don’t open a lot of new accounts too quickly. New accounts will lower your average account age, which will have a larger effect on your score especially if most of your credit history are new accounts. Also, opening new accounts in a short space of time can look risky if you are a new credit user.
-Do your rate shopping for a given loan within a two-week period. If you inquire over a two week period, the inquires from a certain type of merchant, like a car company or mortgage company, should score as only one inquiry if they occur within the same two-week period.
-If you have had credit problems in the past, opening a couple of new accounts and keeping them paid down to under 30% of the total credit limit should raise your credit score in the long term.
-Check your credit often and the scores too if possible. One place to find references for credit scoring information is to go to www.myfico.com
-Someone with no credit cards and no credit tends to be seen as a higher risk than someone who has handled credit cards responsibly.
- What does someone do who has NO credit?
REAL ESTATE TIP OF THE WEEK:
Announcements
________________________________________________________________
Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Our general topic today is “SET UP & CLEAN UP THE CARPET & THE HOME FINANCING—ITS GOT TO FEEL RIGHT TO BE RIGHT.” Some people would say but it’s got to BE right to FEEL right and you are correct on that one too. If you want to talk about setting up and cleaning up to buy or sell your house or to get approved for financing, or maybe you have an ENTIRELY different real estate question or idea, call us on the air now at 901 535-WREC (901) 535-9732.
Sitting around the coffee table this morning we have back again Jeri Jeffries of Tiger Paws Carpet and Upholstery Cleaning and Jeri has invited a special guest, Nita Black of Jobs Hatchery to add some spice to our topic today. Jeri Jeffries and I met several months ago at our Greater Memphis Business Networking International breakfast event. She and AJ have done work for me at our house and for some of our other networking pals. You did a great job for us, Jeri. Tell our listeners a little bit about yourself and what you do. <Jeri has about 1 minute to introduce herself and talk about what she does for her clients >
<Jeri then introduces Nita Black of Jobs Hatchery and talks a little bit about what Nita did for the Tiger Paws business on funding her business on a shoestring and matching resources for her>
<Nita Black talks about how she started Jobs Hatchery www.jobshatchery.org. and the types of clients her business helps and what they do for the clients.>
(Jo) Nita Black has done a lot of good things for a lot of people and their businesses. It is a pleasure to be hanging out in the studio with both of these very positive, very proactive business ladies. Speaking of the positive, mortgage lenders and our clients got a positive break this week when pricing on mortgage rates dropped suddenly and significantly. The two market influences for us have been the European markets and our own Federal Reserve Open Market Committee. Earlier this week, the whole Greek debt situation created some uncertainty and investors fled to what they consider to be a safer haven, our bond market. Our 30 year bond auction did very well, allowing bond yields to drop which took the price on our mortgage rates down. (mortgage rates are largely influenced by the yield on bonds. ) However, yesterday the price started inching up a little bit in anticipation of the Fed meeting coming up next week. General rates came in late yesterday at around 4.125% to 4.25% on the conventional 30 year fixed rate loan with the 15 year at around the low to mid 3;s. But you can get rates lower than that if you want to pay a little bit more. MAKE YOUR PLAN, WORK YOU PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Don’t wait til tomorrow. Call me right now on the air at 901 535-WREC (901) 535-9732 and let’s talk about YOUR mortgage or real estate situation. Or call me later off the air at 901 482-0354 901 482-0354 or connect with me at www.JOGarner.com. We can look at your home financing plans and set up some very workable scenarios to compare. If you need a little higher credit score to get what you need or if you need a little more income or funds to close, call me and let’s talk. If your self employed, there may be qualified income hiding in the back pages of your tax return. If you are short of funds to close, call me and let’s go treasure hunting. There may be money available to you out there that you don’t even know about. Let’ find out. If you’re ready to set up your financing and your plans to buy a house or refinance or if you’re ready to clean up a home to sell, call us and lets talk.
<Nita Black talks about the importance of making a plan and sticking with it.
(Jo) If you’re out there thinking about selling your house, cleaning up and decluttering can help make your house FEEL right to a prospective buyer. I had a house-hunting client tell me this week that he told his realtor, if the house doesn’t FEEL right, then he would not even make an offer. And he said if it looked bad on the OUTSIDE, he would not even bother looking inside. Word to the Wise, sellers—If your house is going to BE right for that prospective buyer, it’s got to FEEL right to them. Clean it up, Clear the Clutter. We have heard this said many times by different professionals on this show over the years. We have also said many times on this show MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Let’s set up a workable plan for you to get to the BEST financing if your purchasing a home OR if you’re refinancing one. You can always clean the carpet, repaint to a different color, change the decorations in the house as you go along, but you’re not going to be able to repaint and redecorate the financing as easily. You’re going to live with those terms for awhile. Call me and let’s talk about an easy plan to determine what your comfort level is on a house payment. Let’s look at ways to set up your financing so that you can ENJOY making the payments on your house and so that you can still have savings in your emergency fund in case you need it. Having an emergency fund can help you sleep at night. Let’s talk now at 901 535-WREC or more directly off the air at 901 482-0354 or connect with me at www.JOGarner.com
(Jo) I’ve seen what Tiger Paws can do to clean up carpet and make a home FEEL much better. AJ was explaining to me how their professional, state-of-the-art carpet cleaning machine does the amazing stuff it does and so quickly . My very capable assistant and I have been REALLY amazed at how fast we can help our clients spiff up their credit profiles and get their credit scores the highest possible in the shortest amount of time with the least amount of investment on their part using the newest Credit Simulator Tools. We can talk more about that later in the show.
Jeri, how can you help make a home FEEL right so it can BE right for a potential buyer? <Jeri talks about some services they offer and the clever black light technique for finding pet stains unseen to the eye but very evident to the nose and more.
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2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. Our Look Back Memphis Trivia contest is brought to you by notable Memphis historian Jimmy Ogle. Jimmy Ogle offers free historic walking tours. To find out more about Jimmy contact him at www.JimmyOgle.com our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Our Trivia Question: WHO AM I?
Garner # 55 06/12/15
FedEx St. Jude Classic
Question: I began in Memphis in 1958 and I am one of the longest continuously running events in my “major league” of professional sports in America?
Hint: I started in East Memphis at the intersection of Southern & Perkins and I moved to Cordova (Countrywood) in 1972.
Hint: I have one of the largest volunteer corps (1800+) of any event in the Memphis area.
Hint: A leading Hollywood entertainer gave his name and support in 1970 to promote the event.
Final Hint: I raise over $1 million annually for St. Jude Children’s Hospital.
Answer: FedEx St. Jude Classic. Begun in 1958 as the Memphis Open at the original Colonial Country Club (now the scene of residential and shopping opportunities) at Southern/Perkins/Park/Colonial by Youth Programs Inc., led by Vernon Bell (of the Knickerbocker Restaurant nearby), the FESJC event is now one of the five oldest events on the PGA TOUR.
Danny Thomas brought his name to the event as a title sponsor in 1970 (Danny Thomas Memphis Classic) and St. Jude became the beneficiary of the proceeds. In 1977, two historical events occurred within three days as President Gerald Ford hit a hole-in-one in the Pro-Am event and Al Geiberger became the first PGA pro ever to shoot a round of 59 in a PGA TOUR event! In 1985, more emphasis was placed on St. Jude and the title became the St. Jude Classic and in 1986 Federal Express (now FedEx) joined in the title, bringing the two most recognized brands of Memphis together for one great event. The tournament then moved to TPC Southwind in 1989.
Champions of the event over the years include Jack Nicklaus, Memphian Cary Middlecoff, Lee Trevino, Greg Norman and Lee Westwood. The 2015 version of the FedEx St. Jude Classic is under way this weekend, June 11-14 at TPC Southwind. Fore!
Last Week: Meeman Center For Lifelong Learning. Southwestern moved to Memphis in 1925 and was named Southwestern at Memphis. The fine arts institution changed its named to Rhodes College in 1984, being renamed for longtime President, Peyton Rhodes. The Adult Education Center began in 1944. In 1951, the Center’s focus was on Municipal problems and urban policy with speakers such as the former Mayor, Walter Chandler giving lectures.
When the Burrow Library opened in 1953, the Continuing Educational Center was given a new home in the lower level and Dr. Granville Davis was hired as Executive Director. Edward J. Meeman, the admitted editor of Memphis’ evening newspaper, the Memphis Press-Scimitar, left $500,000 of his estate to the CEC, half for an endowment and half for a new home. With other donations, Clough Hall was constructed and the Edward J. Meeman Center for Continuing Education occupied the south end in 1973.
In 1987, the College purchased from the Phi Kappa Alpha national fraternity its headquarters at 577 University Street, and renamed the building the Dorothy C. King Hall in 1991 in memory of the College’s longtime supporter. Soon thereafter the center became known as the Meeman Center For Lifelong learning, as is now under the direction of John Rone ’71. Jimmy Ogle is currently teaching a class in June, 2015 at the Meeman Center entitled “Memphis History: Centuries of Adventure and Development”.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Riverfront Parks Tour being Sunday, June 28 (Greenbelt Park, south parking lot), the next TUESDAY TOUR being June 16 (Adams Avenue – meet at Front & Adams) and the next Bridge Walk being June 21. Go to jimmyogle.com for the 2015 Spring & Summer season schedule and locations.
Shelby County Courthouse Tour: Third Thursday each month at 1
QUESTIONS ANSWERED BY JERI JEFFRIES:
- How did you get started with the Tiger Paws Carpet and Upholstery Business?
- What services do you offer through the Tiger Paws business?
- What processes do you use and how do you decide which job needs which service?
- What kind of training do you offer your employees?
- How can you find and clear pet stains from carpet?
- can you get red stains like wine and cool aid out of a carpet? How?
12.
13.
14.
__________________________________________________________________________________
QUESTIONS ANSWERED BY NITA BLACK:
- How do you help start-up businesses finance on a shoestring?
- What kind of services does Job Hatchery offer your clients?
- What happens at your regular Meet Up meetings?
QUESTIONS ANSWERED BY JO GARNER :What are some tips to set borrowers on the right path when they are starting the loan application process for a home purchase or refinance?
- Be truthful about your income and your assets. It’s a good idea to already have on hand copies of your latest 2 years tax returns—ALL PAGES, W2s and your latest paystub. Check your tax return to determine how much you are writing off as unreimbursed employee expenses. The amount you write off as unreimbursed employee expenses gets deducted from your regular income and may cause a debt-to-income ratio problem.
- Don’t be a Rockefeller—Once you enter the loan application process, it is not a good idea to move money around from one place to another. In some cases the underwriter may ask you to show a papertrail on some of it.
- Do NOT open any new credit accounts and certainly NOT a 12 months same as cash account. I know it is really tempting since, if you are buying a house, you want to get your refrigerator, your washer and dryer and on and on. But DON’T DO IT! Don’t even let anyone pull your credit during this period. And, oh by the way, the lender’s compliance department checks credit AGAIN and also checks with your employer RIGHT BEFORE you close. (story of guy who retired from 80K to 90K job during loan process and didn’t think I would find out. ) Lady many years ago who when out and bought a brand new Thunderbird car to put in the driveway of the house she was about to move into. The problem was, her loan wasn’t approved yet and so she had not closed the transaction. The big Thunderbird car crashed her chance at buying the house she wanted because it kicked her income to debt ratio too high.
- What advice do you give your clients who need help with credit issues?
-Pay your bills on time. By paying them on time and early, you can prevent creditors from showing late payments or collections on your credit report.
-If you have notice of a creditor about to file a collection against you, contact them right away and pay the bill or set up amicable terms with the creditor. Collections stay on your account for seven years. Even if you pay it off, it still remains on your credit report.
-Keep balances low on credit cards and other open-ended, revolving credit lines. High, outstanding revolving debt can affect a credit score. Ideally, you should try and keep the balances owed on credit cards and other revolving credit under 30% of the credit limit.
-Pay off debt rather than moving it around. A big influence on your score is how you handle revolving credit accounts. Be sure and make your mortgage and car payments on time. But if you pay your mortgage and car on time, then your revolving account usage is the next biggest factor in determining your credit score.
-Don’t open new credit cards that you don’t need, just to increase your available credit. This method could actually lower your score .
-If you are newly building your credit, don’t open a lot of new accounts too quickly. New accounts will lower your average account age, which will have a larger effect on your score especially if most of your credit history are new accounts. Also, opening new accounts in a short space of time can look risky if you are a new credit user.
-Do your rate shopping for a given loan within a two-week period. If you inquire over a two week period, the inquires from a certain type of merchant, like a car company or mortgage company, should score as only one inquiry if they occur within the same two-week period.
-If you have had credit problems in the past, opening a couple of new accounts and keeping them paid down to under 30% of the total credit limit should raise your credit score in the long term.
-Check your credit often and the scores too if possible. One place to find references for credit scoring information is to go to www.myfico.com
-Someone with no credit cards and no credit tends to be seen as a higher risk than someone who has handled credit cards responsibly.
- What does someone do who has NO credit? They will be very limited on available mortgage products and these loan s will have to be manually underwritten under the strictest guidelines. Most of the time these products require the borrower to document 3 or 4 seasoned non-traditional credit accounts like paying the utility bill, telephone service, rent or an insurance payment. If there is any derogatory credit showing on the credit report, you cannot use non-traditional credit methods in lieu of no credit scores.
4.
REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Nita Black)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday June 17th 2015 “Thinking Outside The Box With Bartering” from Memphis Trade Partners at University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. www.MemphisTradePartners.org For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
- Nita Black has a JobsHatchery Meet-up meeting at 11:30AM at Co-Work Memphis 902 Cooper Memphis. Friday June 19th, 2015 JobsHatchery.org
“MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
Transitional Music: “Crackerbox Palace” by George Harrison; “Our House” by Crosby, Stills Nash; “Home” Phillip Phillps; Memphis by Johnny Rivers for trivia contest
ABOUT JERI JEFFRIES OF TIGER PAWS CARPET CLEANING & UPHOLSTERY:
I believe in providing a quality service for a fair price and standing behind my work. Honesty has always been my key to success. Additional Organizations where I am involved:
Memphis Restaurant Association, Greater Memphis Chamber, BNI, Food Service Connection, MMHLA
My back ground is in several types of businesses and industries – I have done everything from fast food, to selling vacuum cleaners door to door, to working in the resin and fiber glass industry to commercial pest control, to selling paint jobs for a local paint contractor and now I am here. I decided it might be nice to work for myself. To buy a business, that I could grow for my family. My kids, and their kids
ABOUT NITA BLACK OF JOBS HATCHERY:
Nita Black merged her consulting firm, MAP Momentum, with Hylander CPA Firm in January 2015. With over 30 years of experience in the financial services industry, she has owned several businesses since 2000. Working with privately held companies, banks, and non-profit organizations, her services include strategic planning, business consulting, and collection work. She serves as Secretary on the City of Memphis Minority Business Development Oversight Commission (MBDOC), appointed by Mayor A.C. Wharton Jr. As a Past President of the National Association of Women Business Owners, Memphis Chapter (NAWBO Memphis), she is an advocate for women entrepreneurs and minority-owned businesses. She is a member of BNI – Business Network International – Power Connectors chapter.
About Jobs Hatchery
Jobs Hatchery, Inc. is a non-profit corporation with the mission to turnaround lives by connecting people with jobs and creating jobs. It offers (1) monthly Meetups, (2) weekly e-blasts to inspire solo and small business owners to keep their heads up, and (3) access to a small loan fund. One micro-loan is now being repaid, with the client in high growth mode and having created three jobs since October 2013.
Contact
To learn more about Nita Black email nitablack@mapmomentum.com . For more information about Jobs Hatchery, Inc., email connect@jobshatchery.org or go the website www.JobsHatchery.org. ###
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
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 e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.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.