STAYING IN STYLE MAKES THE PAYOFF WORTH WHILE—STAGING YOUR HOME & GETTING YOUR MORTGAGE APPROVED
Welcome! Thank you for connecting to the Real Estate Mortgage Shoppe where we offer solutions to your real estate scenarios. I hope the information on our blog posts gives you something that you can use or that can save you some money.
If you are looking for information or help in areas that do not seem to be covered on this blog posts or my other posts, please feel free to call me at (901) 482-0354 or email me at jo@192.232.195.219 OR CONNECT AT www.JoGarner.com
MARKET NEWS
Look Back Memphis Trivia Contest
QUESTIONS ANSWERED BY JEFF AND HEIDI ROSS OF SHOWHOMES MEMPHIS
QUESTIONS ANSWERED BY JO GARNER, MORTGAGE LOAN OFFICER
REAL ESTATE TIP OF THE WEEK
ANNOUNCEMENTS
Picture Gallery from show
Good morning, Memphis! Good morning across the 50 states on iHeart Radio. You’re listening to Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage Loan Officer and today are general topic is “STAYING IN STYLE MAKES THE PAYOFF WORTH WHILE STAGING YOUR HOME & GETTING YOUR MORTGAGE APPROVED.” Around the table today to share some of the latest trends in home staging styles, we have Jeff and Heidi Ross of Showhomes Memphis. If you have a question or comment or something to share this morning Saturday November 14, 2015, call the studio at 901 535-9732 901 535 –WREC or outside the Memphis area (800) 474-9732 or give us a question or comment on twitter by going to #JoGarner or just connect with me at www.JoGarner.
Jeff and Heidi Ross of Showhomes Memphis I know you have just gotten back from a Home Staging convention where you learned the latest and greatest techniques for staging your home to sell or stay. AND, Heidi, you were just awarded the very prestigious national Staged Home Award from the Home Staging & Redesign Association. Kudos! What are some things that home owners can do to stage their home to sell or to stay?
(Jo) What is in vogue today in the mortgage lending world is double and triple checking income and assets and a bifurcated system of keeping the lenders separated from appraisers by using a third party appraisal ordering system. Layers are definitely in style for the mortgage industry—Layers of compliance rules to insure that consumers have time and opportunity to review the mortgage terms before sign on the dotted line. We will be covering some important points to remember later in this program.
But for now let’s look at what’s styling in the marketplace. Janet Yellen of the Federal Reserve that is currently the source of why mortgage rates bumped up to a 4 to 5 month high recently is because Janet Yellen, the Fed chairperson, has been saying the Fed is about to increase their overnight rate which will cause a ripple effect around the country. So if you or someone you know is sitting on a home equity line of credit or other adjustable rate loan program, call me and let’s talk about how to get your rates locked in and fixed while the fixed rates are still around 4 to 4.125 on the 30 fixed rate conventional loans. The 15 year conventional loans are coming in around the low to mid 3’s. AND I still have the 100% loan through Evolve Bank for physicians and dentists which has been excellent for resident doctors coming into my office with a lot of student loans. Some of their student loan totals are over $200 thousand dollars when they start their residency, so NOT having to count that payment when it is deferred is a huge help in getting the loan approved and also not having to pay anything down. I would love to talk to you or someone you know about the Evolve Bank’ 100% physican/dentist loan and the jumbo 90% loan –to-value low interest rate progam too. You can connect with me at (901) 482-0354 or www.192.232.195.219 or call me now while we are in the studio at 901 535-WREC.
(Jo) Here’s one reason it pays to know some of the changes in lending rules and styles. I was working with a young couple who had moved to Memphis to work in the medical residency program. They had about $200,000 in student loans and had applied for the loans to be consolidated under the Pay As You Earn program based on the past year’s income. Since the past year their income was zero, their student loan payment was zero, but their student loan payments would go back to $4,000/mo in less than 12 months from the home closing date so FHA and some of the other government programs were trying to count the highest possible payment against their debt ratios. Even though this couple could reapply to get the payment down when the current 12 month cycle was over, the government loan program required that payment to be in place for OVER 12 months from the day they CLOSED on their home and not one day less than a full 12 months 365 days. What could I do to help my clients? I moved them to the 100% physician loan with a rate of 4.5% set for the first 5 years. They would be out of residency in 5 years so this loan worked Perfectly for them. Instead of having to make a down payment of 3.5% required on the FHA loan, they used that money to renovate the house to exactly the way they wanted it. If you want to buy a house and have student loans keeping you from qualifying, call me and let’s talk. I have several success stories on how we have helped people get qualified to buy the house they want, even though they may have some student loan debts.
(Jo) One of my jobs as an active mortgage loan officer is to know what the guidelines are on the different loan programs available on the market. If you have told me what your goals are for your financing, how long you plan to stay in the house, and I know your income to debt ratios, I can scout out the best loan program for you or a combination of loan programs to make our deal work to your best advantage.
Jeff and Heidi, we’re talking about STAYING IN STYLE MAKES THE PAYOFF WORTH WHILE—STAGING YOUR HOME & GETTING YOUR MORTGAGE APPROVED.” Let’s go back to some of the newest styles of staging that have been proven to bring a quicker success and a quicker return on investment.
2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to 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 –even if you have a BIG, BIG project. 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 # 63 11/13/15
Memphis & Arkansas Bridge
Question: I am over one mile long and have over 55,000 users daily. Who am I?
Hint: I am located next to two historic “sister” structures.
Hint: I am the third and youngest in a series of crossings.
Hint: I see people from all over the world!
Final Hint: I connect two states.
Answer: Memphis & Arkansas Bridge is a cantilevered through truss bridge carrying Interstate 55, U.S. Highways 61, 64, 70 and 79 across the Mississippi River between West Memphis, Arkansas and Memphis, Tennessee. The western terminus of Tennessee State Route 1 sits on the Tennessee-Arkansas boundary halfway across the bridge. The bridge consists of five Warren through trusses, each with a length of 790 feet. Combined with the approach segments, the bridge’s total length is 5,222 feet. Completed in 1949, it is the only bridge spanning the Mississippi River designed to carry exclusively vehicular traffic that was built before 1950. It was designed by Modjeski and Desoto, successors to the firm that designed the Harahan Bridge, built in 1916 to carry vehicular and rail traffic. The bridge was listed on the National Register of Historic Places in 2001.
Having been built before the introduction of the Interstate Highway System, the span was not built to Interstate Highway standards, lacking the concrete barrier between the different directions of traffic which was added later. It was also built with a sidewalk on either side of the roadway, positioned just outside the steel truss girders. The sidewalks, now also separated from the traffic lanes by concrete barriers, are accessible from Memphis city sidewalks on the Tennessee side, but give way to grassy slopes on the shoulders of I-55 on the Arkansas side. The sidewalk and bridge is listed as part of the Mississippi River Trail.
Last Week: Beale Street Caravan is a one hour noncommercial radio series broadcasting live recordings of Memphis music and its derivative forms to an international audience of 2.4 million worldwide weekly listeners on over 400 stations around the globe. Hosted by Pat Mitchell, each program presents seasoned veterans alongside up and coming artists recorded at festivals and venues throughout the United States. Music industry experts and celebrities liven up each program with serialized inside commentary about the history & process of the music.
Over 300 public and community stations air the show in the USA. For the quickest directions to Beale Street Caravan and its list of stations, check out the bealestreetcaravan.com website. Beale Street Caravan® is a 501(c) 3 nonprofit organization, headquartered in Memphis, Tennessee. The late, great Sid Selvidge was the executive producer of Beale Street Caravan and now Kevin Cubbins has assumed these duties. Beale Street Caravan® is sponsored by the National Endowment for the Arts, The Tennessee Arts Commission, ArtsMemphis and various civic organizations of the City of Memphis as well as by private foundations and individuals.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, 2015. The next Bridge Walk across the Memphis & Arkansas Bridge is Sunday, November 15 at 2:00 p.m. at Crump Park (Metal Museum Drive; Exit 12C from I-55 North). The Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, November 19. Go to jimmyogle.com for the 2015 Autumn season schedule and locations.
QUESTIONS ANSWERED BY JEFF AND HEIDI ROSS OF SHOWHOMES MEMPHIS :
1. Can you think of any actual instances when the home staging made a definite difference between selling the home and having it sit on the market?
2. If you were on a tight budget, what are some of the least expensive—most basic steps you would advise a home seller to take?
3. What do you say to “unbelievers” in staging?
4. What is the difference between staging and decorating
5. What are some of the services you offer your clients?
6. What are some of the newest staging styles that home stagers are using to help sell a house quicker?
7. HGTV has created several “staging hobbyists.” What separates the trained and professional stagers like you from the hobbyists?
8. What are the latest and greatest proven techniques in staging that bring the GREATEST return on investment for home sellers trying to sell their homes?
9. What are some inexpensive modifications homeowners can do to stage the areas in their homes where they will be entertaining for the holidays?
QUESTIONS ANSWERED BY JO GARNER:
1. 1. What some styles that are making a difference right now in getting your mortgage loan approved?
A. The automated underwriting systems today tend to put a great big emphasis on money in the bank and even look for 2 to 3 to 6 months in the checking or savings or in a money market or 401k. Liquid assets are what I call “grease on the cog” because it can ease a loan into an approval status even if there are other aspects of the file that might not be so clean.
B. If you have assets like a large savings account, CD’s, mutual funds or retirement funds, go ahead and disclose them on the loan application even if you aren’t going to use the funds for closing. Automated underwriting programs and even HUMAN underwriters like to see reserve funds for a borrower. It insures if there was an unexpected emergency, the borrower would be able to weather the storm without missing a house note . Mattress money is not acceptable but here is how you can get the cash “sourced” acceptably.
C. There are some types of income that underwriters will not use. Here are some: If over 25% of your income comes from commission or bonus then you will need to show a track record of getting this extra income an average for the last 24 months.
D. State your income correctly. If you are a W2 employee, don’t over state your income. Most of the time the previous W2 and the year-to-date income totals on your latest paystub help you get the income right. That is what a loan officer will look for. If you write off unreimbursed employee expenses on your tax return, let the loan officer know because this amount gets deducted from your regular income. It’s a good idea to go ahead and give your loan officer your income and asset documents so that you know for sure what your qualifying income and qualified assets will be.
E. If you’re self employed, or a 1099 subcontractor or you own over 25% of the company or if over 25% of your income comes from commissions, let the loan officer know. The formulas and methods for calculating your income is VERY different than if you are a regular W2 income employee. If you’re self-employed and have good credit and you’ve been turned down at another bank, please call me. Fewer and fewer loan officers today know how to find your income in the BACK pages of the tax return. I may be able to help you. Call me right now on the air at 901 535 WREC or call me directly off the air at 901 482-0354. That direct number again is 901 482 0354.
F. Credit scores are important. A great credit score is 740 or higher . if you scores are lower you can still get a loan but sometimes you end up paying a higher interest rate. My assistant Susan Belew and I have trained our team on using the Credit Simulators. Its sort of like a flight simulator. It can suggest ways to get your credit scores higher in the least amount of time with the least amount of investment.
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REAL ESTATE TIP OF THE WEEK: Jeff and Heidi share a practical, money-saving, time-saving real estate related tip of the week.
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• Jo’s announcements : Jo’s announcements:
Talk Shoppe offers free education and networking to anyone interested in real estate or in business. Coming up Wednesday November 18th , 2015 join us for “A Conversation with Gina Davis on Customer Retention”www.CustomerGrowthGroup.com. Talk Shoppe events are free at the The University of Phoenix 65 Germantown Court 1st floor Memphis (across from The Ag Center) 9A to 10A Wednesday. For more information go to www.TalkShoppe.com
Thank you to Nick Barnes, videographer, for filming our radio show today right here in the studio. Nick’s company, Test Video Studios, is a freelance videography studio that specializes in editing and consumer level online broadcasting. Test Video Studios also provides editing services for the local videography business, Storytellers. email is testvideostudios@gmail.com.
THANK YOU TO OUR VETERANS FOR THEIR SACRIFICES IN KEEPING THE PEOPLE IN OUR COUNTRY FREE.
OUR PRAYERS AND THOUGHTS ARE WITH THE PEOPLE IN PARIS, FRANCE FOLLOWING THE ATTACKS LAST NIGHT. This March Memphisampus is hosting
a complimentary event to give you the resources to do more – Learn
• To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to www.JoGarner.com
• ENDING— MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Transitional songs: “Mama’s Broken Heart” by Miranda Lambert; “Tacky” parody song by Weird Al Yankovic, “Style” by Taylor Swift; “Memphis” by Johnny Rivers
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Quote Corner: Dress shabbily and they will remember the dress; Dress impeccably and they will remember the woman.” Coco Chanel
“True friends are like diamonds – bright, beautiful, valuable, and always in style.”
― Nicole Richie
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ABOUT JEFF AND HEIDI ROSS, SHOWHOMES MEMPHIS
Jeff and Heidi Ross are the franchise owners of Showhomes Memphis. They stumbled into the home staging business when they sold their personal home in 2003. The idea of business ownership as well as working together intrigued them. Jeff’s entrepreneurial desires combined with his past experience in operations, sales, and marketing complimented Heidi’s passion for home interior decorating, and that combination made the home staging business a great fit.
Jeff and Heidi met while attending college at Oral Roberts University. They have been married for over twenty years and they are the proud parents of two teenage children. Their daughter, Bailee, is a junior at Briarcrest Christian School and their son, Parker, is a freshman at First Assembly Christian School. The Ross’s are active members of Life Church Memphis and serve as Service Pastors at the Collierville campus.
As a teenager, Heidi constantly re-arranged her mother’s home and furnishings, painted anything, re-finished furniture, re-designed clothes, and frequently re-invented her physical surroundings. Meanwhile, Jeff grew up with a profound desire to manage or become a business owner and has always enjoyed creating systems and maximizing the talents of others. Together, Jeff and Heidi enjoy helping others by creating value for sellers.
Over the past twelve years, Jeff and Heidi have won over twenty awards, including the Showhomes “Franchise of the Year” award in 2007. To date, Heidi and her team have staged over $143 million dollars in real estate. Jeff and Heidi have personally lived in and cared for seventeen homes. Heidi is a Certified Professional Real Estate Stager with “The Decorating & Staging Academy”. She is also one of only two people in Memphis and one of only five people in the state of Tennessee to hold the “Real Estate Staging Association-PRO” designation. Jeff is also a licensed Realtor with Kaizen Realty.
Jeff and Heidi are certified members with the Home Staging & Redesign Association and they are both Certified Update and Color Specialists with Showhomes. Their company is a preferred vendor with Crye-Leike Home Services, a BOLD sponsor with Keller Williams, and a proud supporter of the Memphis Dream Center.
To contact Jeff or Heidi, you may visit their website at ShowhomesMemphis.com or you may also go to their Facebook page, Showhomes Memphis Home Staging.
Rejoiner by Tom King, Appraiser with Bill King Company 901 487-6989
Rejoiner by Donna Bellinger, Revenue Accelerator, & Business Development Author, Speaker & Trainer. Creator of: “Revenue UP: From Sluggish to Sensational in Sales”.
______________________________________________________________________Caller—Mary Lou Nowak with Home Helpers Mary Lou Nowak is a professional who began client care at a 500 bed community hospital in 2001 and since, while working with seniors and their families as owner of Home Helpers became an expert in expediting long term care insurance policies saving families thousands. Home Helpers – (901) 414-9696
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Nick Barnes-Videographer
Test Video Studios is a freelance videography studio that specializes in editing and consumer level online broadcasting. Test Video Studios also provides editing services for the local videography business, Storytellers. email is testvideostudios@gmail.com
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ABOUT JO GARNER, MORTGAGE LOAN OFFICER –
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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.com 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.
PHOTO GALLERY FROM 11-14-15 SHOW: