START NOW TO BUY A HOME, REFINANCE YOUR HOME OR LOWER THE TAXES ON YOUR HOME
Highlights From Today’s Podcast:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY TOM KING:
1. What is the difference between doing a commercial property tax appeal and a residential appeal?
2. What sets you apart from other tax appeal experts?
3. What are the steps to take to start the appeal process if you are a homeowner appealing your own taxes?
4. What are the advantages of having a professional appeal your taxes as opposed to doing it on your own?
QUESTIONS ANSWERED BY JO GARNER :
- 1. What percentage of your gross income would be considered comfortable?
- 2. What are some ways to get help with the down payment on a home in order to keep more money in available in your account for emergencies?
REAL ESTATE TIP OF THE WEEK
ANNOUNCMENTS
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Good morning, Memphis! Good morning across the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Co-hosting today and here to talk real estate with you is Tom King, Shelby County Certified Real Estate Property Tax Appeal Expert with King and Vaughan Consulting.
(Jo) Tom, what are YOU seeing in the real estate market place this week?
In the mortgage financing world the rates were sharply unchanged. The reason I say “sharply unchanged” is because normally rates would be moving around during the day even if it ended the same as the day before—but not yesterday. Yesterday rates DID NOT BUDGE and are mercifully lower than they have been in almost a year. Today’s Best-Execution Rates
- 30YR FIXED – 4.125%-4.25%
- FHA/VA – 3.75-4.0%
- 15 YEAR FIXED – 3.25-3.375%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
- Markets are waiting to see if the European Central Bank will embark on a round of Quantitative Easing at their upcoming meeting. The first week of June brings May’s jobs report and an announcement from the European Central Bank, and traders will be closely watching both.
If you thought you missed the boat refinancing your home or investment property, call me TODAY. We will try and get your terms locked in over the long weekend . You can call me or my very experienced assistant, Susan Belew, at (901) 482 0354. Our direct number again is (901) 482 0354 or catch us on the blog www.MortgageLoansBlog.com
If you are thinking about buying a home, we can work on getting your preapproval letter out today. Nothing tells a seller how serious you are like a strong preapproval letter from a lender, and of course, some earnest money can really grease the cog too.
My business coach, Mark van Stolk with Calaveras Coaching has a frog as the logo for his coaching business. The ties he wears all have a picture of a frog on them too. The famous writer and speaker, Mark Twain, always said that if you have to eat a live frog every day, do it in the morning first thing so that more than likely nothing else that bad will happen the rest of the day. (And if you have to eat a live frog every day, its not a good idea to sit around looking at it for very long either.) Just do it and get the hard part done first.
I spend quite a bit of time in the state of Maine and one time I came back home to Memphis from up there and for the first time I ordered a live lobster to be shipped to me so that a very good friend of mine could taste the best lobster in the world. The lobster in the Styrofoam container arrived at my mortgage office next to my desk in the morning and the rest of the day I heard him scratching in the container. Someone told me, “when he does that just put more ice on him and he’ll be happy.” So I opened the container several times that day and relieved Fred. (we named him Fred after a couple of hours of tending to him), with scoops of refreshing ice cubes. Needless to say, by that evening when I had to take Fred over to my friends house for dinner (Fred BEING dinner), I couldn’t eat him. I went outside because I couldn’t bear to see my friend Kristen toss him in that boiling water. But I digress… back to the topic of how to push past procrastination and “START NOW TO BUY A HOME, REFINANCE YOUR HOME OR LOWER THE TAXES ON YOUR HOME” here’s some suggestions:
If you want to buy a home or buy a number of them for income-producing rental properties, you may be stumped because you don’t know where to start looking or you feel like you don’t know what kind of price to offer or what kind of terms represent a good deal. Find an experienced realtor with a good reputation that you know cares about you and make sure they have an agreement to represent you and only you as a Buyer’s Agent. A good realtor, like a good loan officer, needs to know where your comfort level is with a monthly payment, the amount of money you are comfortable putting down and your financial plans for the next few years. Don’t procrastinate! Put people around you who are really good at what they do and let them do what they do best to help you. My knowledgeable assistant, Susan Belew and I would like very much to be on the journey with you for getting your financing. Call us directly off the air at (901) 482 -0354 or catch us on our blog www.MortgageLoansBlog.com or call us right now on the air at (901) 535-WREC. (901) 535-9732
(Jo) Tom, I believe the homeowners in Shelby County have a deadline coming up to appeal their property taxes. What steps do we take right now to make the appeal so that we DON”T PROCRASTINATE ?
<Tom launches topic>
2ND SEGMENT 9:18 AM 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. For information about Jimmy Ogle and his schedule for the historic walking tours, go to jimmyogle.com. 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.
Here’s our trivia question :
Garner # 15 05/21/14
A.W. Willis, Jr. Bridge
Question:
Hint: I am called “the fifth bridge of Memphis”.
Hint: I am named for a WW2 veteran and civil rights pioneer in Memphis.
Hint: When opened in December, 1987, I called a “bridge to nowhere”.
Last Hint: I cross over a harbor that was once a river, and connect Downtown to an island that is really a peninsula!
What is the name of this bridge?
Answer: A.W. Willis, Jr. Bridge
Back Story: A.W. Willis, Jr. was a WW2 veteran, businessman, lawyer and the first African-American to be elected to the Tennessee legislature in the 20th century in 1964. A.W. Willis, Jr. Avenue now stretches from the bridge (by The Pyramid) to Danny Thomas Boulevard. The A.W. Willis, Jr. Bridge opened in December, 1987 connecting Downtown to 600 acres of vacant land on the Mississippi River, and was dubbed by The Commercial Appeal as the “bridge to nowhere”.
Today, over 7,000 residents called the island home just five minutes from the core of Downtown Memphis. Mud Island Entertainment Park, the boutique hotel named River Inn which houses Paulette’s Restaurant, Tug’s bar, Miss Cordelia’s Grocery, Harbor Town Marina, Maria Montessori School are some of the businesses on the island that include apartments, condos and homes in communities with the names of Harbor Town, Riverset, Belle Harbour, Riverpoint, Island Grove and Rivertown. The 106-acre Greenbelt Park runs the length of the island providing recreational opportunities along the Mississippi River, and even includes a ramp to launch boats. The sunsets are marvelous!
Last Week: High Point Terrace is generally geographically defined as being located north of Walnut Grove Road, east of North Highland Street, south of Summer Avenue and west of North Goodlett Street. Sam Cooper Boulevard cuts the northern section off from the rest of the neighborhood. Property values in High Point Terrace are some of the highest per square foot in the city of Memphis. There are approximately 4,000 residents and 1,800 homes (most of which are examples of early post-World War II minimal traditional design) in the area. Although original development began in the 1930s, it was not until after WW2 that the neighborhood became a part of the urban sprawl of Memphis eastward by 1953. A small retail center in the center of the High Point includes a grocery, laundry cleaners, dentist, salon, barber shop, pub, pizza parlor and a recent addition of a bicycle hub (Cruisers) to service the opening of the Shelby Farms Greenline in the former CSX railroad line.
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:
Shelby County Courthouse: Third Thursday each month at 12:00 noon
Memphis & Arkansas Bridge Walk: Sundays (March 30, April 13, May 18) at 2:00 p.m. at Crump Park
TUESDAY TOURS: Tuesdays from April 1 to June 10 at 11:45 a.m. for about four blocks from a different
street corner each week
QUESTIONS ANSWERED BY TOM KING:
1. What is the difference between doing a commercial property tax appeal and a residential appeal?
2. What sets you apart from other tax appeal experts?
3. What are the steps to take to start the appeal process if you are a homeowner appealing your own taxes?
4. What are the advantages of having a professional appeal your taxes as opposed to doing it on your own?
QUESTIONS ANSWERED BY JO GARNER :
- 3. What percentage of your gross income would be considered comfortable?
The answer to that question can vary greatly from person to person. The automated underwriting software usually approves a total debt-to-income ratio including the new house note up to around 45% of the borrower’s gross income. However, with some compensating factors showing in the file, the computerized underwriting systems have preapproved borrowers for me with an over 50% debt ratio. As a conservative rule of thumb, if possible, I would try and keep my house note under 30% of my gross income and my total debt including the house note under 41%–but you could probably get approved for much more than that.
- 4. What are some ways to get help with the down payment on a home in order to keep more money in available in your account for emergencies?
Sellers paying buyer’s closing costs and prepaids
Gifts from family
Down payment assistance Shelby Co DPA, THDA are two of the most popular. Loans against a 401K or a margin loan against stocks and bonds. USDA Rural Housing 100% loans, VA 100% loans, combination loans with the bank and the mortgage company and more.
REAL ESTATE TIP OF THE WEEK: (Tom King shares tip about don’t procrastinate due to the June 30th deadline for tax appeal) (Jo shares a short tip about the importance of getting started on the right foot by talking with an experienced loan officer and an experienced realtor before beginning your search for the right house. Know what your comfort level is on a house payment amount and the amount that you are willing and able to use as a down payment without emptying out completely your emergency funds.)
Jo’s Announcements:
Talk Shoppe offers free education and networking for anyone interested in real estate or in business. This Wednesday May 28th, 2014 9:00 AM to 10:00 AM join us for the “Mastermind Principle: based on the book Think and Grow Rich by Napoleon Hill.” Talk Shoppe events are free at the YMCA Corporate office 6373 Quail Hollow Rd Memphis, TN 38119 2nd floor. (corner of Massey Rd and Quail Hollow.) For more information about Talk Shoppe, go to www.TalkShoppe.BIZ
Thank you to the YMCA of Memphis for hosting these free Talk Shoppe seminars to the public every Wednesday. The Y has so many great activities and opportunities to offer the public at their many locations. Looking for a place for your summer stay-cation? Check out the YMCA for family fun all summer long. Go to www.ymcamemphis.org to find the location nearest you. You want to be a part of something great? The YMCA—it’s not just a gym, it’s a cause.
Join us on the Real Estate Mortgage Shoppe program every Saturday 9A to 10A CDT on News Radio AM 600 and IHEART radio. For today’s podcast and other podcasts go to www.MortgageLoansBlog.com
Transitional Songs: “Jump” by Van Halen; “To Morrow” by the Muppets; “Brand New Day” by Sting; Look Back Memphis Trivia Contest theme: “Memphis” by Johnny Rivers
ABOUT TOM KING:
Tom King, certified Shelby County property tax appeal expert with King & Vaughan Consulting, is also a 35-year veteran appraiser in the Memphis area. taxappealexpert@gmail.com and www.golowertax.com
Jo Garner’s Bio (901) 482 0354 www.MortgageLoansBlog.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 25 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 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. 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.
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.