“Shelby County Reappraisals Are Here But Never Fear, The Tax Appeal Expert Is Here: Cut Your Property Taxes AND Your Mortgage Interest.”

Good morning homeowners and aspiring homeowners across the country and good morning to you, Memphis! You’re on the Real Estate Mortgage Shoppe program with me, Jo Garner, mortgage officer with Evolve Bank and Trust.
Our co-host today is Tom King, real estate appraiser and certified Shelby County real estate property tax appeal expert.

Also, we have a special visitor today, Terri Murphy, former radio show host, a consultant, author and a national speaker with US Learning has popped in for a quick visit. You’ll get to hear a whole lot more from Terri Murphy right here on this show coming up March 23rd. Terri,tell us a little bit about yourself and what you do?

Our topic today is “Shelby County Reappraisals Are Here But Never Fear, The Tax Appeal Expert Is Here: Cut Your Property Taxes AND Your Mortgage Interest.” But whatever You want to talk about—if it has to do with your real estate property, your mortgage, your credit or even someone else’s…we want you to call and let’s talk about it. Join us around the coffee table this morning by calling 901 535-WREC. That number again is 901 535 9732.

All of the big economic events running through the week caused a ruckus in the mortgage market. There was the Employment Situation which showed an unexpectedly high number of jobs created in February. When the labor market is strong, it tells investors that the economy is better and can withstand higher mortgage rates—so rates go up and they vaulted higher to about 3.75% on the conventional 30 yr. (the first time they’ve been that high since May of 2012). The FHA 30 yr rate is quite a bit lower still though. The conventional 15 yr fixed rate is hovering around 3%. What does this rate move mean to you? For every $100k in loan amount at the market rate of 3.75% today, you’d pay an extra $700 of closing costs to keep yesterday’s rates at 3.625%. If you do not want to miss the opportunity to cut your interest costs—call me and let’s talk.

Here’s a word to the wise: If the purchase or refinance mortgage deal works for you today, do it today while the rates are still low enough. If you just want to look over what the new payment would be and the move-in costs, if any—give me a call directly off the air at 901 482 0354. That number again to reach me or my very experienced assistant, Susan Belew, call us at 901 482 0354 or check my blog at www.mortgageloansblog.com.
The FHA loan program is about to go through some changes. If you or someone you know is planning on buying a house or refinancing one, you need to contact your lender this week to get the FHA case number assigned to your loan so that you won’t have to pay more in FHA mortgage insurance when FHA increases the rate at the end of this month. FHA is a government loan that allows a smaller than normal down payment and higher than normal loan-to-value on refinances. If you’re refinancing your existing FHA loan to one with a lower rate and maybe even a shorter term, my assistant Susan Belew and I can help you get the lower rate with no money or very little money out of pocket. Call us.

The Home Affordable Refinance Program otherwise known as HARP is still a great deal for people with a Fannie Mae or Freddie Mac loan endorsed by Fannie or Freddie on or before May 31, 2009. With just a little information from you, I can determine if your loan qualifies for this program which does not require an appraisal value.

Housing sales are UP UP and UP just like the rates. The inventory of homes for sale is down and the demand for buying homes is up. You know what that means? The prices on houses are going up. If you or someone you know is thinking about BUYING a house, it’s a GREAT time to grab the opportunity to get both a great price on the house and a great rate on the mortgage all-in-one. Join us on the air and around the coffee table by calling us at (901) 535 WREC. (901) 535-9732.

Terri Murphy stopped in to visit with us in the studio today. Terri, I am looking forward to hearing a LOT more from you on our program Saturday March 23rd. Hopefully as we talk about solutions for mortgage and real estate challenges today, you will have time to share some of YOUR wisdom and ideas.

Our co-host today is Tom King. Appraiser and certified Shelby County tax appeal expert with King and Vaughan Consulting. Our general topic today is “Shelby County Reappraisals Are Here But Never Fear, The Tax Appeal Expert Is Here: Cut Your Property Taxes AND Your Mortgage Interest.” Tom, what’s the big news this month regarding our Shelby County Real Estate Property Taxes?

Questions answered by Tom King:
1. When is the deadline for filing a property tax appeal?
2. When you lower the real estate property value assessment, does this lower the city taxes too?
3. Does the property tax assessor hate to see you coming?

Questions answered by Terri Murphy:
1) What is the biggest mistake most homeowners make when selecting a home?
a. Location
b. Not knowing enough about the area and lifestyle
c. Buying a property because they like one aspect without considering other critical factors
2) Why should a buyer work with a local agent?
a. Agent knows the area and the nuances of the area
b. Knows issues affecting the traffic, proposed changes, competition,

Questions answered by Jo Garner :
1. Our topic today is about cutting taxes and mortgage interest. What tips do you have for cutting mortgage interest costs
A. If you are refinancing with today’s low rates, its easy to cut your interest costs. You can refinance to a much lower rate than you got a few years ago and either create more monthly cash flow by saving $200 to $900 a month on your payments by going back to a 30 yr loan or you can cut a lot more interest by lowering your payment or keeping it the same and shortening the term to a 20, 15 or 10 years. You can save TENS of THOUSANDs of dollars in mortgage interest by doing that.
You can save interest costs on buying a house AND get a lot more space and amenities today that you could in 2006. $250,000 dollars and the average interest rate was about 6.75% for a 30-year term.
A person who bought a home in 2006 with 20% down would have made payments of $1,300 a month. Today, a person who buys the same house at the current price of home of about $162,000, would pay less than half that amount, about $600 a month. Its time to buy houses and its time to refinance some. Whether you are buying a house or refinancing one, my very experienced assistant, Susan Belew and I would like to have the privilege of helping you accomplish bragging rights getting what could be the deal of the century. You can contact us directly at 901 482 0354. That number to reach us OFF the air and directly is 901 482 0354 or catch up with us on my blog www.mortgageloansblog.com

Question 2: It is said that two of the biggest reasons people don’t buy a house or refinance a house right now is because they do not think they have enough money for closing or they think their credit is not good enough. How do you get around those two obstacles?
A. The first obstacle you mentioned was not having enough money to close. With as low as the rates are right now, Susan and I can look at scenarios where we can either roll your closing costs into the balance of your loan on a refinance or we can arrange for the lender to pay your costs for you. Even on an FHA streamline refinance where you are refinancing your existing FHA loan to another one, you won’t need an appraisal on this one and with the lender paying your costs, you can still get in for zero or very little. Call me at 901 482 0354 and let’s compare some scenarios for you. That number for me, Jo Garner, is 901 482 0354.
B. On a home purchase Susan and I can check to see which down payment assistance programs may be available to you which will lower your dollar amount needed to close. Or, in some cases, we can look at doing a two loan combination with a first mortgage up to 20% of the price and a small piggy-back loan to allow to you to put down less without being saddled up with unnecessary mortgage insurance. This 2nd scenario works great with second homes and rental properties. We can also look at giving you a loan secured on a different asset so that you have all the funds you need to close. Just let me know how I can help you.
C. To overcome the credit hurdle, my assistant Susan Belew and I have trained on the Credit Simulator tools. These tools can suggest steps you can take to gain the most credit score points in the least amount of time with the least investment.

Real Estate Tip of the Week: Terri Murphy of Terri Murphy Communications and US Learning shares a gold nugget tip.
Jo has two announcements:
Talk Shoppe offers the community free education and networking to anyone interested in real estate or business. This Wednesday March 13th 9A to 10A at the Better Business Bureau 3693 Tyndale Memphis, TN 38125, John Parker of Mold, Inc will be presenting “Solutions for Mold Detection & Remediation.” For more info go to www.TalkShoppe.BIZ.

Next Saturday on the Real Estate Mortgage Shoppe program we will be right here from 9A to 10A sharing solutions for YOUR real estate challenges. What topic do YOU want to hear. Give me a call at 901 482 0354 and let know. For a copy of this podcast or others go to www.mortgageloansblog.com

Transition Songs: “If My Nose Was Running Money” Aaron Wilburn;
“Mississippi Squirrel Revival” by Ray Stephens “Taxes Everywhere” by Matt Cline

Terri’s Notes:
www.terrimurphy.info harnessing the power of connection,
I’ve been very active with the mortgage community for several years.
Currently, I’m working on an initiative for a certification for the mortgage and real estate industry to better assist our military.

I’m the co-author of a certification for the real estate industry: Certified Military Residential Specialist..
I also work with the mortgage industry on a program called: Your Forever Home – more on that tomorrow..
As an entrepreneur who has built a successful business over the last 28 years, Terri Murphy started out like the rest of us…clueless.

Early in her career, Terri learned to build a strong customer network, propelling her into the top 10 percent of a national sales organization. Terri took what she learned and began her own sales consulting company.

As a consultant to the National Association of Realtors®, and CIO of U. S. Learning, Inc. in Memphis, Tennessee, Terri understands the critical need to interface technology solutions with personal customer care to create truly exceptional relationships.

Terri believes in using the power of the internet to build a customer network and profitable sales.
As a professional presenter, Terri is dynamic, entertaining and captivating. She is also a best-selling author for Dearborn Financial Publishing, an accomplished columnist, television producer, and business e-communication consultant. She is a published author of 5 books, including her most recent book with Donald Trump. Terri continues to consult with high level industry companies helping them to perfect their services of developing strategic partnerships that provide exceptional levels of service that guarantee true clients for life.
Through her dynamic presentations, Terri shares the secrets to maximizing e-commerce opportunities through powerful sales and marketing e-strategies. Terri empowers audience members by providing practical steps on how to build a full and strong Internet presence and use web tools to build a community and business online.
She’s been a featured expert on ABC Sunday Morning News, NBC Sunday Morning News, and WREGTV & CNBC.
Terri is also the co-author of a certification for the real estate industry: Certified Military Residential Specialist.. In addition she works with the mortgage industry on a program called: Your Forever Home –

About Tom King. Tom King has been an appraiser in the Memphis area for over 35 years. He cut his teeth on appraising since his father was an appraiser also. Tom currently is partner in the King and Vaughan Consulting with Deanna Vaughan. For this company Tom is a certified Shelby County real estate property tax appeal expert. With the new property tax appraisals coming out, Tom is about to be VERY busy. In his free time Tom likes to sky dive and is VERY experienced at it. He also lives in the country and has horses. He is a long-time member of Bellevue Baptist church and very active in the Christmas Tree production.

Jo Garner’s Bio
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 in Memphis, TN. 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. She hosts the Real Estate Mortgage Shoppe program on News Radio AM 600 WREC in Memphis and on IHEART radio 9A to 10A CST every Saturday.

Lynn McDonald, top-producing insurance agent for Erin McDonald Insurance Agency in Memphis 901 849-7101
Duane McCrory of Top Quality Service (heating and air company) talking about the $500 refund from TVA and MLGW when you let his company do the energy efficiency repairs in your home. (901) 644-3303

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.