In this episode of Real Estate Mortgage Shoppe, we are going to cover some helpful tips that will help our listeners who are planning on buying a house in the next little while. What we share today will also help those of you who already own your home. Joe Rojas of Quality Title Group will be covering a Naughty and Nice list of things you want to do and things you don’t want to do for a smooth real estate closing. Troy and Lynn McDonald of Erin McDonald Insurance Agency will cover some helpful insurance tips for homeowners. You will hear some good stories from hearth and home.
Thank you for joining us on Real Estate Mortgage Shoppe. Let me know what real estate topics interest you. Subscribe at www.JoGarner.com so we can stay in touch!
To Your Success,
Jo Garner, Mortgage Loan Officer and Talk Show Host
(901) 482-0354 jo@192.232.195.219
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Good morning, Memphis! Welcome to our listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Today’s Real Estate Mortgage Shoppe is sponsored by Joe Rojas and Quality Title Group. Our general topic is TIPS FOR BUYING A HOME—STORIES FROM HEARTH AND HOME.
Today on Real Estate Mortgage Shoppe we are celebrating Christmas with our listeners and other friends. We are going to cover some helpful tips that will help our listeners who are planning on buying a house in the next little while. What we share today will also help those of you who already own your home. Joe Rojas of Quality Title Group will be covering a Naughty and Nice list of things you want to do and things you don’t want to do for a smooth real estate closing. You will hear some good stories from hearth and home. What does “home” mean to you? Do you have a good real estate story that describes why having your own home is important to you? Contact us while we’re on the air so everyone can hear your story over the air. You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 Today is December 24th, 2016. Or, if you want to talk more privately, call me after the show at (901) 482-0354 or email me at jo@192.232.195.219 .
Sitting in the studio we have Joe Rojas of Quality Title Group, LLC. Joe has been taking care of my clients for a long time. Joe, you’ve been in the title business for over 15 years. How many 100’s of closing transactions have you seen?
<Joe introduces himself and talks about what he does for his clients at Quality Title Group, LLC>
Stopping in with some homemade chocolate chip cookies we have Troy and Lynn McDonald of Erin McDonald Insurance Agency. Troy and Lynn, you are the only insurance agents I know that show up to almost every real estate closing with chocolate chip cookies to help celebrate with a new homeowner. <Troy and Lynn introduce themselves and talk about what they do for their insurance clients.>
(Jo) We all have some great real estate stories about what “home” means to us. Several years ago I was renting a bank-owned property and one night a guy in a white pick-up truck rang the doorbell and told me the bank was foreclosing on my landlord and I would have to be out before the month was over. Wow! Talk about a shock! I had no idea where I was going to go –especially on my skinny budget at that time. My realtor found a home that was the perfect layout and in an area close to work and with great neighbors. But the place was really beat up on the inside. The realtor said, “Make an offer. It’s Christmastime. No one’s making offers during Christmas.” A civil engineer had done an inspection so I knew the bones were good on the house and the systems worked—just not much else. It was a little scary buying a house that needed so much work, but it was vacant and I could move in as soon as I closed. I made a lower-than-list-price offer and that night the realtor called. “Merry Christmas! Ho! Ho! Ho! You just bought yourself a house!” A fixer-upper friend gave me a discount on the work since it was slow for him and he just needed to keep his guys working. I closed on the house just in the nick of time and moved into one of the best deals I have ever purchased. It wasn’t just a great investment for me, though. It was a home with the best neighbors and we made lots of great memories with friends and family. I sold that house at a huge profit several years later, but still remember many wonderful Christmas’s in that house, good veggies from the garden in the summer and lots of fun times.
<Troy and Lynn make comments—share a story and offer an insurance tip >
(Jo) Before we get into more home buying tips and stories, let’s take a look at the mortgage market. Rates have popped up since Election Day are ended the day at a 2-year high yesterday around 4.25% to 4.5% on the 30-year conventional fixed program. The 15 year fixed rates are down in the 3’s. You can get lower rates depending on how much you want to pay and other factors. Buying a home at these rates can still make your house payment from BUYING a house about a third or so less than the amount you pay in rent for a comparable house—and the rate is FIXED—not ratcheting up every year like rent tends to do. If you already HAVE a mortgage but it’s a variable rate mortgage and you don’t want to see your payment continue to go up, you may want to consider restructuring your adjustable rate loan to a fixed rate mortgage while you still can get a good fixed rate. Let’s look at your numbers. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. But you have to talk with me personally so I can work with you personally. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354.
<Joe Rojas gives his commentary on the market and the advantages of buying real estate today >
(Jo) Yesterday on Tim van Horn’s WREC Memphis News Traffic and Weather show, I shared some tips to home buyers from the Mortgage Naughty and Nice list. Here are some from the naughty list concerning credit. The mortgage regulations today, like the market, has really changed from over a year ago. Currently when you are in the process of getting your mortgage approved, not only does the mortgage company pull a credit report on your at the beginning of the process, but they can pull it again right before you close. The first thing home buyers want to do is buy stuff to go in the house. You can look, but don’t buy anything, don’t open any new credit accounts, don’t add to the balance on your accounts and please do NOT open a 12-months-same-as-cash account. The 12 months-same-as-cash account, because of the method mortgage underwriters use to calculate minimum payments on these, they can kill your income-to-debt ratios AND they can crash your credit scores by sometimes 50 to 100 points. Leave your credit accounts the same as much as possible until AFTER the ink is dry from your real estate closing. I’ll share some more tips for you before the end of the show.
In the meantime, let’s talk a little more about the real estate CLOSING. Joe Rojas of Quality Title Group, LLC is right here to give you the inside scoop on how to best prepare for the big closing day. Joe, what are some tips you offer your clients when it comes to having a happy and merry real estate closing? <Joe launches his topic>
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2nd segment after 9:15 break: 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 if you have a BIG, BIG project or a smaller 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 our trivia question, call us at 901 535 WREC 901 535-9732.]
Troy McDonald of Erin McDonald Insurance Agency, presents the Look Back Memphis Trivia Contest
TRIVIA QUESTION: What is the name of the store that is the only ORIGINAL business remaining on Beale Street in Memphis?
[Trivia Answer: ] ASchwab Trading Company 163 Beale St Memphis
[TRIVIA HINTS] In 1876, Jewish immigrant Abraham Schwab opened a store on Beale Street.
Over its 138-year history, _____ has become a Memphis institution, beloved by many generations.
______ is the only original business remaining on Beale Street.
The owners are dedicated to preserving the rich heritage of the store and telling the story of the street and region through historic artifacts and relevant merchandise.
_________________ is THE place to purchase all things Memphis, from regional arts and crafts, to dry goods, to magic potions, to candies, books, magazines, to famous
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QUESTIONS ANSWERED BY Joe Rojas:
- What are some of your top tips for homebuyers for a smooth real estate closing?
- What does “Home” mean to you?
- Do you have a good Hearth and Home story to share personally or one from one of your clients?
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QUESTIONS ANSWERED BY TROY AND LYNN MCDONALD:
- What are some common tips you offer your homeowner clients to keep their hearth and home safe and enjoyable?
- What does “home” mean to you?
- Do you have a good Hearth and Home story to share personally or one from one of your clients?
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QUESTIONS ANSWERED BY JO GARNER:
- What are the top tips for getting a mortgage?
Under the current methods of mortgage processing, it is important to keep your credit and your income and assets close to the same from the day you applied for the loan through the day of closing, because of last minute checks sometimes on credit and updates on income and asset documents right before closing. Yesterday Tim van Horn, host of WREC’s Memphis News, Traffic and Weather show asked me to share with his listeners my Naughty and Nice list for mortgage borrowers.
Here they are:
Under the Naughty list—or things you DON’T want to do:
#1 Don’t open any new accounts before you close on your real estate deal. And DO NOT open any 12 months-same-as-cash accounts. They can be killers to your income-to-debt ratios since loan regulations require a large minimum payment to be calculated for loan purposes and they can also drop your credit scores 50 to 100 points.
#2 Don’t change jobs during the loan process. And don’t change the method in which you are paid. If you go from a salaried W2 income to a commission pay or 1099 subcontractor pay, loan regulations require that you show at least a 2-year history on the 1099 pay or commission pay. If you do not have a 2-year history with this type income on that job, there are no numbers to average. So don’t allow any changes to happen to your pay without talking with your mortgage officer.
#3 If you are planning on getting a loan to buy a house or refinance one in the future, remember that when you write off income losses on your tax returns from a side business or unreimbursed employee expenses, this can reduce the amount of qualified income you can use when you are trying to get approved for a mortgage.
ON THE NICE LIST—things you NEED to do to enjoy a smooth loan process:
#1 Be honest and upfront with your mortgage officer in the beginning especially when it comes to issues surrounding child support payments or other properties you own that may not appear on the credit report. Today very smart computers track an unbelievable amount of information based on your social security number or just by your name and address.
#2 Get your income and asset information to your loan officer with 24 to 48 hours even if you have to call your CPA, your banker or your employer to help. My very experienced mortgage assistant, Susan Belew and I have a system of helping you with this if you want us to help. Under the newer Dodd-Frank Act, there are some built-in government delays especially at the beginning and the end of your loan process. To get closed on time it is top priority to get the documentation into the mortgage officer as soon as possible.
- What are some of your favorite home buying stories from your clients over the years?
- The personal story I shared in the earlier part of the show
- Helping individuals or families who have faced barriers due to divorce or death of a family member.
- First-time homebuyers getting their first home. It is such a pleasure getting to join them on this milestone journey
- Helping my regular clients acquire wealth buying rental properties and seeing them prosper.
REAL ESTATE TIP OF THE WEEK (Joe Rojas and Troy and Lynn McDonald share their real estate related money-saving or time-saving tips):
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe will not meet Wed Dec 28th, 2016 but will resume at a new location on Wednesday 9A January 4th, 2017 at Nova Copy 7251 Appling Farms Parkway Memphis, TN.
Talk Shoppe would like to share Jack’s Challenge with you during this holiday season. Jack Redding was a retired counselor who spent his time listening and caring for people. If he knew someone was experiencing some of life’s challenges, he would invite them out for coffee and spend a little time being a friend to that person. Jack passed away in 2012 but Talk Shoppe continues to share Jack’s Challenge—Who is that person in your circle that you know is alone or experiencing grief or some of life’s other difficult walks? Invite that person in your life out for coffee. Spend some time being a friend. It doesn’t cost much—just an investment of yourself.
Talk Shoppe events are free thanks to like Gwen Christensen owner of www.BuildersFloorsandInteriors.com She can get your flooring and install it for less than the big box stores charge. (901) 382-2155. And thanks to Chef Eric Meyers of www.EatatErics.com food truck and catering service for the feeding us every Wednesday morning. YUM!
- FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
- Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.
- MERRY CHRISTMAS! HAPPY HANNUKAH! HAPPY HOLIDAY SEASON TO EACH AND EVERY ONE OF YOU FROM REAL ESTATE MORTGAGE SHOPPE!
- 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.
QUOTE CORNER: Letter from Santa—it’s multiple choice—which is YOUR multiple choice answer? A. I’ve been good all year B. Ok Most of the time. C. Once in a while OR D. Never mind, I’ll buy my own gifts.
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REJOINERS:
- Dale and Lee Ann Foster of www.MemphisNeurofeedback.com Using the latest breakthroughs to help clients struggling with anxiety, dementia, brain injuries, attention deficit disorder and they have had great success working with autism. (901) 624-0100
- Jackie Woodside, Marlboro, Massachusetts–author of the book Calming The Chaos jackiewoodside.com
- Angie Brady, Republic Roofing General Contractors. They can help residential and commercial clients with roofing and restoration needs. (901) 297-4141.
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Transitional Music: “Til The Season Comes ‘Round Again” Kenny Rogers; “First Noel” by Johnny Mathis; “God Rest Ye Merry Gentleman” by Manneheim Steamroller
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Real Estate Pro Callers:
ABOUT TERRI MURPHY www.murphyonrealestate.com
Author, Speaker, Consultant & Communication Specialist
Terri brings a depth of industry experience and education to the Real Estate Industry. Having earned the GRI, CRS and other designations has helped Terri perform at the top of the real estate industry… at a consistency of listing and selling over 100 homes per year for over 28 years in the Chicago area. Today she performs as a consultant to the real estate and general sales industry to help build communication systems and resources that foster relational capital that result in true clients for life.
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CALLER: PAT GOLDSTEIN, REALTOR CRYE-LEIKE REALTORS (901) 606-2000
2006 MAAR Realtor Associate of the Year 2005 MAAR Presidential Award Recipient TAR Leadership Graduate Member National Association of Realtors
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ABOUT ETHEL HOLLINS, REALTOR KAIZEN REALTY
(901) 221-4041
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ABOUT JOE ROJAS, CLOSING TITLE SPECIALIST
(901) 289-5821
Joe Rojas has been in the title company business for over 15 years and has helped hundreds of clients have a smooth closing over the years.
Contact Joe Rojas at Quality Title Group, LLC (901) 289-5821 joer@qualitytitlepro.com
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ABOUT TROY AND LYNN MCDONALD- ERIN MCDONALD INSURANCE AGENCY;
LYNN- I have worked for the same insurance company for 22 years and very much enjoy helping people manage risk through proper insurance coverage. We have a large agency and are well staff to take care of our clients need.
Specialties: Working with Landlords and Investors (901) 849-7101
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @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