When you took down your Christmas decoration, what items did you see need repairing at your home? When you got the post- Christmas credit card statement, was it a reminder that you need to work on your credit? Today we are going to look at an easy way to get started on the home repair and your credit.
Let’s stay connected! Subscribe to get weekly Real Estate Mortgage Shoppe podcasts and show notes at www.JoGarner.com
Host: #JoGarner #MortgageExpert (901) 482-0354 www.JoGarner. Com
Co-host: #EdHill #MastersRoofing (901) 273-6594
Featured: Mark McLaurine of Refrigeration Unlimited 901 216-7782
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is January 6th, 2024. Call us in the studio while we are live at 901 535-9732.You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic: Take a Look-What Are the First Things You Need to Repair on Your Home & Your Credit. Thank you to real estate attorneys, Rob Draughan and Shelley Rothman of Griffin, Clift Everton and Maschmeyer for sponsoring this episode. For your home purchase or refinance, call Rob and Shelley at 901 752-1133.
INTRODUCING ED HILL OF MASTERS ROOFING
Ed Hill of Masters Roofing is co-hosting today. Ed, you have been Senior Consultant for Masters Roofing since 2008 and know a few things about roofing repairs and other home repairs too. You have your podcast free to the public MemphisHomeMaintenanceShow.podbean.com You put a beautiful roof on my house recently and even helped me get successfully through the insurance claim process. Take a minute and introduce yourself and tell our listeners some of repairs you do for homeowners. (Ed Hill has about 1.5 minutes to intro himself and talk about the services he offers his customers.)
(Jo) When you took down your Christmas decorations this year, did you notice some items around the house that need repair? What about when you got the credit card statement you used to buy all of those Christmas presents? What do you need to do today to get where you want to be tomorrow?
If you want to sell your home, do you think the buyers or the home inspector are going to see the items that need repairing on your home? Here’s what the homebuyer or inspector are likely to think, “ If this obvious stuff has not been repaired, what OTHER deferred maintenance items are lurking unseen?” You might be pleasantly surprised at the higher price you get for you home when you have done the repairs and left the house looking well-cared for.
What if you want to buy a home? Do you need to be able to borrow money to launch quicker to the life you want? The higher our credit scores, the lower your interest rate on borrowed money.
In the book I wrote for you all in 2021, you will find a chapter on what to do and NOT do to get your credit score high enough to secure the funding you need to pursue your dream. Here are some excerpts.
Sam and Sally Smith are newly married and expecting their first child. Saddled up with student loan debt had kept them strapped for cash and existing in a small apartment, not large enough for their expanding family. Sam regretted his carefree days in college charging up the credit cards he accepted in the mail. It was so easy to use them –even for necessary items, but a few missed payments and a collection account tanked his scores. When Sam tried to was denied credit to purchase a car he needed to get to work, reality came like a slap in the face. It was time to make a plan and stick to a plan to get his credit back working for him and not against him.
Sally’s story was a little different. She had stayed away from credit altogether and did not have a credit score at all. Her income was too low to qualify for a house on her own, so the plan was to build her credit and make Sam’s credit better.
When Sam and Sally went to apply for a mortgage to try to get out of the cramped apartment and into a house, the news was not what they wanted to hear. Even if he could improve his credit score up to a 640 from his current 565 score, he would be paying about a half point higher on the interest rate. Over a period of time, the financing would cost him almost $10,000 more than what he would pay if his scores were higher. But he had a plan to move the dial up on his credit scores in just a few months. Sally’s plan would get her a decent credit score in only 30 days.
Sam and Sally went to seek advice from some older friends from church who owned their own home and were doing well financially.
He went online and signed up for a well-known secured credit card. He put up $300 of his own money and kept a balance of no more than $25/month (less than 10% usage on the credit line) for 3 months which put an extra 50 points on his credit score. Sally’s parents added her to one of their seasoned, low usage credit cards which just about instantly popped her credit score up to around 680 from zero.
Sam and Sally worked with the credit bureaus and their creditors to correct errors. They kept the usage on their credit card under 10% of the credit limit and paid on time. They did the work and were rewarded on the day they got to purchase their beautiful home.
Stay tuned. Later in the show I can share with you some other methods that I had seen help clients improve credit scores.
(Jo) Ed Hill of Masters Roofing, you know the importance of getting home repairs done as soon as possible to avoid larger, more expensive repairs. (Ed has about 2-3 minutes to start launching into his topics to be continued after the 9:15 break)
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, licensed mortgage loan originator. What do YOU want to accomplish with your mortgage? I can make the home purchase or refinance EASY for you. Connect with me at www.JoGarner.com When we come back, you will be hearing more from Ed Hill of Masters Roofing and Mark McLaurine of efrigeration Unlimited will be offering us some tips from the Heating and Air Repair Industry. See you back in just a moment.
Mark McLaurine, Refrigeration Unlimited
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company helping business owners equip, engage and empower their businesses in a supportive community. Talk Shoppe is made free to the public by the financial support of its sponsors and supporters. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have financial supporter, Mark McLaurine of Refrigeration Unlimited. Mark, lots of your heating and air customers call you the “HVAC Strategist.” You try to fix underlying problems before they become catastrophes. You have taken a look around my heating and air components while you are servicing them to fix other issues that saved me money later. Mark McLaurine, what is our Talk Shoppe Business Tip for Real Estate Pros today?
TIP: Have your heating and air system inspected and maintained once a year. If you are about to sell your home or you are buying a home, have Mark McLaurine come out and inspect the heating and air system to avoid problems down the road.
QUESTIONS ANSWERED BY MARK MCLAURINE OF REFRIGERATION UNLIMITED
Tell us a little bit more about some of the services you offer your customers.
How is the best way to contact you?
TOPICS COVERED BY ED HILL OF MASTERS ROOFING MEMPHIS
2024 Home Exterior Inspection
What Is An Exterior Inspection?
An exterior inspection is conducted by an experienced contractor to check the condition of a home’s exterior and identify any problems that require solutions and a recommended plan to solve the problems.
To Easily Schedule Your 2024 Home Exterior Inspection
Call Or Text Ed Hill, Masters Roofing 901-273-6594 Today
The Scope Of An Exterior Home Inspection
Siding and trim woodrot
Painting and caulk
Loose or leaking gutters
Improper roof ventilation
Missing or cracked shingles
Tree limb punctures
Ed Hill, Senior Consultant, Masters Roofing Memphis conducts exterior home inspections and offers experienced advice and practical solutions. Learn more about caring for your home at MemphisHomeMaintenanceShow.Podbean.com
(3rd SEGMENT 9:35 AM)
From the book “Choosing the Best Mortgage-The Quickest Way to the Life You Want” written by me for you. Available on Amazon and Barnes and Noble.
Just as we all have unique fingerprints, most adults have three credit scores. There are three major credit bureaus, each one providing a credit score for people with a credit history. The name of the game is to keep your credit scores as high as possible. The higher your score, the less you pay in borrowing costs when applying for credit.
Credit score rankings
780-850 Top credit scores
740 to 779 Really good scores that get you great rates and loan terms
700-739 Still good but not considered the best
Once your scores dip below 660, you pay higher interest on loans and your payments are high.
Many mortgage companies across the country have minimum credit score limits—commonly 620 to 640.
PLAYING TO WIN:
Check your credit through www.annualcreditreport.com or sign up for a credit monitoring service to keep tabs on your credit. Review reports to identify errors. Make corrections to the errors immediately.
Make your payments on time, never going over 30 days late. Payment history makes up about 35% of your score. If you get a 30-day late report on your credit from a creditor, your scores could fall 25 to 60 points or more.
Keep any revolving accounts such as credit cards UNDER 30% usage. Get your usage to 10% or lower, and you could raise your score dramatically in a short time. Credit usage makes up about 30% of your credit score.
Credit Card Credit Limit: $10,000
Maximum usage: $3,000
30% usage on a $10,000 credit line means the balance owed is never to exceed $3,000 at any time during the month.
Avoid “12 Months Same as Cash” accounts. These tend to score like a maxed-out credit card and can drop your scores 60 to 100 points quickly.
Old, established credit card history results in better scores. Length of time on a credit account makes up about 15% of your score. An account older than six months helps you a little. An account five years and older helps you a lot. Don’t close credit card accounts unless they have a high annual fee.
So Glad My Credit Was Repaired When I Needed A Home Repair-Betty Bercoff’s Story
Life was good for Betty Bercoff and her husband. They trekked through their routine of going to work, coming home to share about their day over dinner. They enjoyed time with their friends and neighbors who would come to visit. The Bercoff’s had downsized to a smaller home with some low maintenance landscaping to eliminate some of the back breaking yard work and less to clean and repair inside too. Betty’s husband took care of the finances and Betty took care of the cleaning and cooking and making the house a home.
When Betty’s husband suddenly passed away, she was suddenly floundering in a world completely foreign to her. She still worked her job. She got help from some friends and begin taking stock of her financial situation. Her husband had left her with a small life insurance policy which did not pay off the mortgage, but it did give her time to make a budget and rearrange her spending habits.
Just as it looked like the road ahead was looking smoother, the Great Recession hit and she lost her job. She did finally get a part-time job but the income was not as much as she could sock in the bank before. Her heart ached for her husband to be there to help her. She felt like a failure when she had to declare bankruptcy. At least she was able to save her house.
Betty Bercoff was not a quitter. She knew she was a survivor. She got a second job and, over time, built her credit back again. She and her little dog Barkley were living sparsely but making it. Then the heat system went out in her house. The repairman told her it was going to costs her about $8,000 to replace it. The home improvement loan was going to crush her budget. That is when she called me to see if she could do a cash out refinance to pay for the heat to be fixed.
“It is takes less than 30 days to close a cash out refinance,” I told her.
But it was winter and too cold to wait even that long. She took the home improvement loan with the whopping big payment. She and I worked together to get her cash out refinance approved to include paying off the home improvement loan. Because of the amount she had already paid down on the existing mortgage and the lower interest rate she got on the refinance, her new payment with the two loans together was LESS than what she had been paying before. Betty not only survived this set back, she TRIUMPHED.
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK -Ed Hill has about 1.5 minutes to share tip
Mark McLaurine has about 1 minute to share a tip
Jo Garner’s mortgage tip: The first repairs you want to do if you are going to sell a home are those repairs affecting the structure, sanitation or security of the home.
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower). You can also join the event on zoom. Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday January 10th, 2024 come find out how to use Talk Shoppe to build YOUR business in 2024. I will be covering some of the benefits and marketing tools you can pick up and use.
Talk Shoppe events are free thanks to sponsors like Brett Carter of ServiceMaster by Cornerstone Following a fire or flood or bio hazard, don’t go it alone, call Brett Carter at ServiceMaster by Cornerstone 901 832-6005 .
3. Thank you to Kelly Inman of Next Day Access. Kelly and her team can install grab bars, stair lifts, wheel chair ramps and more to give better and safer access to your loved one who struggles with getting in and out and around the house. Contact Kelly Inman at Next Day Access at 901 258-2626.
4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
The quote of the week: “Said one nail to another nail about their neighbor the nail, ‘ I heard a loud bang, looked around and he was gone.”
Taylor Morse of Cartridge World in Collierville 901 853-3430
Suzan David, website designer webandstorymedic.com
Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101
Transition Music: “Power Tools” by Ray Stephens; “I Might Be Cheap, But I’m Not Broke” by Rik Roberts; “Hardware Store” by Weird Al Yankovic; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Tip for Real Estate Pros
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
Now on Amazon and Barnes and Noble
ABOUT ED HILL OF MASTERS ROOFING
Ed Hill has been in the residential roofing industry since 2008 and has been Senior Consultant with Masters Roofing Memphis TN since 2010. He has personally assisted about 800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business Network International chapter and is the official Masters Roofing consultant to TPC Southwind. He holds three earned degrees including a doctorate but tries not to let those get in his way of serving his customers! For free roof advice, free inspections, and free estimates and bids for roof replacement or roof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofing and at MemphisHomeMaintenanceShow.Podbean.Com
Ed Hill, Senior Consultant
2845 Stage Center Cove
Bartlett TN 38134
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
(currently working with Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner
www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you 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.”
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 25 years. She grew up in West Tennessee and got her start in real estate 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 25 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 Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”