Wondering what the road to homeownership looks like? Take a road trip with your lender and closing attorneys. We will guide you around the road hazards and help you get to your desired destination with your home. We can make the process EASY.
#JoGarner #MortgageExpert 901 482-0354
#ShelleyRothman and #RobDraughon #realestateattorney 901 752-1133
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . 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 TIPS FOR THE ROAD TO HOMEOWNERSHIP 2025- WHAT TO PACK AND WHO TO TAKE AS PASSENGERS. Today is December 21st, 2024. Call in to the live show at 901 535-9732
Introducing Real Estate Attorneys Shelley Rothman & Rob Draughon of Griffin, Clift, Everton & Maschmeyer
Real estate closing attorneys Shelley Rothman and Rob Draughon of Griffin, Clift, Everton and Maschmeyer are back in the studio. Thank you for sponsoring Real Estate Mortgage Shoppe. Thank you for taking such good care of your real estate clients… and especially for taking such good care of my mortgage clients too. Take a couple of minutes or so and introduce yourselves. Tell us about the real estate and title services you offer your clients. (Rob and Shelley introduce themselves and talk about the services they offer their clients )
(Jo) Can you remember a time when you went on vacation to a foreign country and you were grateful for a local guide who led you around the location? You didn’t’ have to be constantly consulting a map or trying to communicate unsuccessfully with a vendor. A travel agent friend of mine has told me so many stories of people who insisted on taking a trip to a foreign country without a guide. A common story is the traveler who returns home from their vacation driving around the Netherlands. A few days after returning home, they discover that they have a gigantic bill from that country for driving over the speed limit. “But we never saw any traffic patrol officers,” the tourist would say. “No you didn’t,” my travel agent friend would reply, “but you didn’t notice the speed monitoring cameras at the intersections either. Every time the cameras caught you speeding, they issued speeding tickets.”
That is just one of many “Oops, I wish I had known that” incidences. Traveling the road to homeownership can be like traveling in a foreign country. Take as your passenger on this road an experienced professional to help save you from costly mistakes. Realtors, a good lender (I would like to sign up to be your lender) , closing attorney and maybe a few more from other industries .
PICKING THE RIGHT PROFESSIONALS AS PASSENGERS ON YOUR JOURNEY
Are you hunting for an experienced realtor? Check the reviews for someone with a good reputation for representing buyers. #1 Talk with them to determine if they are listening to what you want for a house. #2 Are they familiar with the area where you want to buy?
#3 Do they have a good reputation for being good negotiators on behalf of buyers?
Include in the list things that would be nice to have in the house, but would not be a deal breaker if you didn’t get it Include in the list of features and things you do DO NOT want for the house.
Picking a good lender. #1 Is the loan officer a good listener, paying attention to your comfort levels on payments and the amount you need to pay down? #2 Is the lender experienced with a good reputation? Check reviews on the lender too and read the type of customer complaints they are getting. (The lowest rate is rarely the best deal if the lender is known for suddenly switching loan programs and charging you with much higher costs right before closing) . #3. Is the lender presenting more than one loan program to explore and compare terms for you? #4 Is the lender accessible by phone or in person to answer your questions? #5 Has this lender given you a strong preapproval letter that will give you leverage against competing offers from people wanting to buy the same house you want to buy?
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. I can help you get you what you need the right mortgage program and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
(Jo) Rob Draughon and Shelley Rothman have one or 2 minutes before the 9:15am break to start launching into some of their topics (Shelley and Rob have about 1 – 2 minutes to launch into topics before break to be continued after break)
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from real estate attorneys Rob Draughon and Shelley Rothman of Griffin Clift Everton and Maschmeyer Law Firm.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
TOPICS COVERED BY
Rob Draughon and Shelley Rothman, Attorneys with Griffin, Clift, Everton and Maschmeyer
WHAT IS A CLOSING?
I Want To Sell My House and Buy Another House
What Do I Do?
Who and What Is Involved?
When my kids were young I told them I am a real estate attorney and I close on houses for clients. I found out years later that they thought I was going to peoples houses and locking the doors and windows for them. They thought that was a silly job, but in retrospect, that makes sense, right?
Rob is building a doll house for his daughter and her teddy bears. His girls asked him if he could do a closing for them when it’s done so her teddy bear could own it the right way and they could see what a closing is.
The “closing” is the consummation of the sale and purchase of the property where title to the property is conveyed from the seller to the buyer and all funds are disbursed.
How do you get from thinking about selling or buying a house all the way to the closing part?
Once you decide to sell your existing home and/or buy a new home, you have some critical decisions to make that can affect the trajectory and success of your transaction. I cannot stress how important it is to find people you can trust to be your team, watch your back, answer your questions and help you get your sale or purchase closed within a price range acceptable to you that is also realistic.
Your primary team would typically be comprised of the realtor that works very hard to find you your dream home to purchase or help you stage, market and show your home to potential buyers. If you are buying a home, your team will also include a lender, such as Jo Garner, to assist you with your financing. You must have experienced professionals working with and for you. These are the people that will get you the best price whether buying or selling, the loan terms that match your needs if buying, and recommend the best service providers, including the closing attorney.
Your realtor will work on the terms of the contract for sale or purchase, explain it to you, be your advocate in negotiating the terms, and make recommendations to you based upon their experience and research.
A good lender will get all up in your personal information and finances because it is their goal to get you a loan that fits your particular set of circumstances that you can afford and will not regret later. There a lot of different the loan products out there to consider and your lender will plow through the weeds and provide you with options for loans you qualify for and are realistically within your budget. Are you a first time homebuyer? Are you on a fixed income? Are you self-employed? These are some of the many factors they take into consideration.
Once the contract is signed, the closing attorney gets involved. We examine the history of ownership of the property to verify the seller is the owner and to see if title is clear of liens. If there are mortgages or other liens attached to the property we work with the seller or the seller’s closing attorney to get those cleared, including loan payoffs. We need the seller to convey and the buyer to obtain good, clear, marketable title to the property. When we are closing the loan to the buyer, we also work very closely with the lender. When we examine title we review judgments, bankruptcies, and quite a bit of other information that affect title to the property.
It is important for the buyer and seller to respond quickly to requests for information from their lender, closing attorney and real estate agent and to respond honestly. Yes, we have been lied to! Withholding information can delay and even kill a transaction when transparency would have given your team an opportunity to work on solving a problem. Believe me, it is a no-judgment zone. We all have the same goal of having your transaction close and for it to be a pleasant experience all around!
There can be numerous service providers involved in the sale and purchase of a home.
As a buyer, you should definitely have a home inspection. As a seller, you may also want one prior to listing your home for sale so there are no surprises later. It will also help your realtor with the pricing of the home. You want someone with experience, a license, and a trained eye to find leaks, issues with wiring, plumbing, the foundation, drainage, and so on. Depending upon how that inspection goes, the inspector may recommend that you get a licensed roofing company, or a licensed plumber or a licensed electrician to check out potential issues.
As a buyer, don’t forget homeowners insurance. You must have insurance in place prior to closing in order to protect your home and assets for yourself as well as your lender.
Depending upon what part of the country the house is located in, I recommend a termite inspection by a licensed company. They check for active termites or other wood destroying insects. Has there been an infestation that may have caused structural damage? If so, you may want a structural engineer to inspect the house. Even if the home is brick, termites will find a place to invade and wreak havoc.
It’s also not unusual for homeowners to hire a landscape company prior to listing their homes for more curb appeal.
Your main focus should be to have a trusted team of professionals to guide you through the process, answer any questions you may have, and be able to recommend other trustworthy service providers that may be needed along the way.
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
PREPARE FOR THE ROAD TRIP TO HOMEOWNERSHIP
Have you ever been on a road trip with that person who will NOT stop and ask for directions?
They can extend the road trip for an hour or more driving around trying to find their way to the destination. I saw this quote on the internet. “Direction is more important than speed. You can go fast in the wrong direction.” Just ask a knowledgeable person for directions. Here are some questions you need to ask yourself before starting your journey to homeownership.
What Can I Comfortably Afford? Monthly payment & down payment?
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Get a job with a stable income, even if it is part-time. If you are self-employed, you will need to show at least a two year income history on your tax returns. Mortgage underwriters average the last two years of NET income. (Some paper expenses can be added back to your income for qualifying purposes.)
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Set up a realistic budget. Take two or three hours to review your credit card statements and bank statements. Then, find ways to eliminate as many expenses as possible, replacing them with a different product or service that gives you the same benefit at a much lesser cost. Once you know what you spend each month compared to your income, you will confidently know how much you can afford on a house payment.
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Build up your savings. Arrange with your payroll department to have a set amount of your paycheck automatically sent to a savings account and let it grow.
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Improve your credit. Review your credit at www.annualcreditreport.com and correct any errors. Make your payments on time. If you want to see your credit scores improve, keep your balances on credit cards showing LESS than 30% usage on each card.
Example of customer taking stock of the budget and improving credit to afford a better house
Philip and Farah Fenton
Philip and Farah Fenton had a growing family and they needed a bigger house. Since the Fenton’s wanted to get started building personal wealth, they knew they needed to buy their next home instead of continuing to rent.
In order to put himself and his family in a better position, Phillip and I talked about his plans. He and Farah had made some adjustments to their budget. Phillip disciplined himself with the help of his wife to aggressively pay down the balances on his revolving credit card accounts to keep the owed balances under 30% usage on each of the lines of credit. His credit score started improving.
After adding several points to his credit score, Phillip was in a position to get a lot lower mortgage interest rate. By lowering the mortgage rate, the Fenton’s got to enjoy a much better rate and lower payment. Bragging rights for the Fenton’s. Now they had more money to spend on their baby.
Which mortgage program will give me the best of what I need for my buying scenario?
Now it is time to work with an experienced, reputable mortgage originator to find the very best loan program for your buying scenario
Do you need an extra low mortgage monthly payment?
Are you short of funds to close?
What loan programs will work best for your credit?
Is the house you want a major fixer-upper? There are special loan programs for that.
Keleen Kellsey finds a “needle in the haystack” as a first-time homebuyer with the FHA 203K Renovation and Repair loan”
Keleen Kellsey sighed with resignation when she thought about the thousands of dollars she had wasted paying rent for an apartment over the last few years of her young life. Some of her friends had ditched the apartment scene and bought their own homes. They still had some money to go on vacation and to meet at places in town to eat and have fun. In just a couple of years her friends showed her how much value they had gained since they day they bought their home. The idea of buying a home with a fixed mortgage rate to eliminate the annual rent hikes set a fire inside Keleen to buy her own house.
Next Step: Find a house and get it under contract. Keleen was stuck at part one—Finding a house she liked in the neighborhood where she wanted to live. Every house she looked at was missing something she needed to make it home sweet home for her.
There was a house she had walked past several times that was not for sale and looked like it had lived through better days. When she inquired to see if the seller would sell it, the seller agreed to sell it to Kileen as long she did not require them to complete any repairs.
“No wonder the seller doesn’t want to do repairs, “ Keleen thought. “The whole house needed to be repaired and renovated!” Keleen and her father went back through the old house with a construction contractor friend and got the mile-long list of repairs needed. Then Keleen gave the contractor her list of musings and measurements on what she visualized the house should look like.
The bank said no to the loan because of the home’s condition. The banks she talked with told her that if there were structural, security or sanitation repairs noted on the appraisal that needed to be done, she would have to complete those before the bank would give her the money to close on her home.
“That will never work,”exclaimed Keleen! “I have to have the money to buy the house and do the repairs before I can complete the repairs.”
Finally, Keleen connected with a mortgage loan officer she had heard on the radio. Keleen shared her plans for the old home with the loan officer and got preapproved for a special FHA 203K Renovation and Repair loan. This loan would allow Keleen to borrow the money to buy the house AND finance the repairs all in one loan. She could buy the home and the money for repairs would be paid out from an escrow account to the licensed and approved contractor as the work was completed.
Not only did Keleen Kellsey get the house with a perfect design for her, but she was able to personalize the improvements to make it her own. The required money down was small and the payment affordable. The icing on top was that the house appraised for a value significantly higher than she thought when she agreed to the deal.
Other homebuying or refinancing scenarios:
Divorce situations
Moving a family member into the household so that you can better care for them
Call me and we can go through the GET IT RIGHT THE FIRST TIME CHECKLIST to help you make sure you are getting the absolute best mortgage program.
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Rob and Shelley’s TIP : (about a minute and a half)
Jo Garner’s mortgage tip
It is important to get your income and asset supporting documents to the lender as soon as possible. If the lender has your full loan application, your credit and underwriting has already approved your paystubs, other income documents, and your bank statements, you have a PREAPPROVAL letter and not just a prequalification letter. Sellers tend to look more favorable on your offer when you are PREAPPROVED.
Easy ways to get tax documents is to delegate this job to your accountant. Easy ways to get your paystubs and W2s is to go online on the employment website and save them as a pdf from there to send to your lender.
If you bank online, you can print your bank statements and send to your lender as pdf.
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
Connect with me, Jo Garner,licensed Mortgage Loan Officer, at JoGarner.com (901) 482-0354.
ANNOUNCEMENTS:
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 Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1st floor Memphis, TN
(Thank you Manny Corless and Ben Hunter of Independent Planning Group for being Talk Shoppe’s location sponsor)
Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. Talk Shoppe is giving everyone time to spend with family and friends and will meet again January 8th, 2025 9AM CT. I will be speaking that day. Come out and hear “How to Maximize Your Marketing in 2025 with Talk Shoppe-Strategies for Success”
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors.
Thank you to Talk Shoppe sponsor retired US Navy Line Commander Peggy Lau, your ticket to first-class vacations at bargain prices. Do you want to make some great memories for yourself and those you love? Contact Peggy Lau and she can show you how. (901) 289-0747.
Talk Shoppe is free to you because of the generosity of our volunteers like Certified Public Accountant, Carlin Stuart. Are you looking to hire an independent Certified Financial Officer for your company? Contact Carlin Stuart at 901 355-5019
Jack’s Challenge to You for the Holidays
The late Jack Redden was a retired, licensed mental health counselor. Every holiday season, he would ask the people in our networking meetings, “ Who do you know who is going through a hard time this holiday? Who do you know who will not be able to celebrate Christmas with their family? Invite them to coffee. Be the friend that person needs. You may never know this side of heaven the positive difference you will make.”
Now you have received Jack’s Challenge.
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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.
6. Subscribe today for weekly podcasts with show notes at www.JoGarner.com
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.
QUOTE CORNER:
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QUOTE CORNER: “You’ll learn more about a person in 30 days on the road than you will in 30 months at home.” – We Dream of Travel
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“Well, we’re not in the middle of nowhere, but we can see it from here.” – Thelma & Louise
REJOINDERS:
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Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101
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Mark Loden, MKL Personal Budgeting Service 901 493-2069
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Tom King, Real Estate Appraiser 901 487-6989
Transitional Music: “Route 66” by John Mayer; “Freeway of Love” by Aretha Franklin; “On My Way” by Phil Collins;
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.
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ABOUT ATTORNEYS ROB DRAUGHON & SHELLEY ROTHMAN, GRIFFIN, CLIFT, EVERTON & MASCHMEYER LAW FIRM
(901) 752-1133
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
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 30 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 30 years.
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
Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”