Tis The Season—Convert Your Mortgage and Property Tax Costs From Red to Green 12-7-13
Highlights from Podcast:
QUESTIONS ANSWERED BY TOM KING:
2 How long does it take to see the savings from a successful tax appeal?
3 Do you actually inspect the properties that you appeal?
4 How do you structure your fee so that the customer only pays a small fee if you succeed in lowering their taxes?
5 . Talk about why it is not too late to appeal your real estate property taxes?
6 What are the reasons why you can still get a lower tax appraisal even though values have generally gone up in 2013?
QUESTIONS ANSWERED BY JO GARNER
- 1. What are some specific ways some of your clients have been able to make money on their mortgage terms?
- Are you still helping a lot of first-time homebuyers get into their first home? What kind of terms can you offer them?
- How are the new loan regulations going to affect borrowers in the new year?
Good morning, Memphis! Good morning across the nation to IHEART listeners. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust. Our co-host today is Tom King of King and Vaughan Consulting. We’re talking about “Tis The Season—Converting Your Mortgage and Property Tax Cost From Red To Green.” If you have a real estate of financing challenge or maybe you have a success story to share, we want you around the coffee table with us. Drag up a chair by calling 901 535-WREC 901 535-9732.
Tom, its always fun to have you in the studio. When I talked to you yesterday on the phone you were out surveying the icicles on your fence and your trees.
Yesterday was a perfect example of why you just can’t predict the financial markets. Everyone had their fingers on the price button ready to send the mortgage rates up when they found out the Job Situation report was going to show more jobs added to the economy. Well, the opposite occurred instead. Like a little rocket on the 4th of July, the rates shot up and quickly lost its steam and altitude. We are about where we started earlier in the week with the 30 yr conventional loans around 4.5% no points and the FHA/VA 30 yr loans around 4.25 no points and the 15 yr loans around 3.625%. I can get you a much lower rate with a little extra points.
It seems like mortgage rates and tax rates go up faster than they go down. So many of the customers calling me today say they aren’t sure if it will do them any good to refinance since they consider their mortgage rate fairly low now. They are shocked when they discover how we can rework their loan terms today and save them tens of thousands of dollars.
Here’s an example of a refinance loan we are closing for one of our customers next week saving them about $89,233 in overall payments. This particular couple are former customers of mine and only had about 15 years left on the mortgage we did a few years ago. But, now they have children in college for the next 4 years and need some extra money to cover some medical expenses. But they told me they still want to pay off their mortgage early. Want to have your cake and eat it too? Here’s how we accomplished it: The family owed about $95,000 on their home with a $1,180 per month principal and interest payment and 15 years left on the term which means they would have paid $1,180 per month over the next 180 months on the existing terms equaling about $212,400. We somehow had to cut their mortgage payment drastically over the next 4 years taking their budget from red to green. We refinanced the terms on the $95,000 loan to a low rate of 4.5% on a 30 year term freeing up about $700/mo extra for them each month that they can use over the next 4 years to get kids through college and handle some current medical expenses. After the kids graduate college, the family can set up auto pay on the mortgage, applying the extra $678/mo we saved them to go back into paying extra principal down on the loan. The result? Paying the loan off in 11 years instead of the 15 years and cutting over all principal and interest payments to a savings of about $89,233. What can YOU do with $89,233?
<Tom shares a story about a customer of his that signed up to have their property tax value appealed even though at first they didn’t think it would do any good>
If you’re not sure if buying a house or refinancing your house can help you, let’s take just a few minutes and do the numbers. You might be pleasantly surprised at how much tweaking the terms on your loan can save you in the long run. Susan Belew, my very experienced assistant, and I would like very much to talk with you. In a matter of minutes we can put some scenarios together for you. Then IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY! Your mortgage loan is one of the biggest debts on your books. Your mortgage debt is a TOOL. Use it to build your wealth machine faster. You pull your finances from in the Red to in the GREEN—like in the color of thousands of dollars. Call me on the air at 901 535-WREC or directly off the air at (901) 482 0354. The direct number is (901) 482 0354 or catch me on my blog www.mortgageloansblog.com
<Tom shares a story about helping a client on a tax appeal deal where the client used lowering his property taxes as a tool to free up more cash to reinvest or just to enjoy>
You can convert your mortgage debt from red to green, by letting me refinance your terms –and some of our loan programs do not even require an appraisal. We also offer you 100% financing on some loans for purchasing homes and not just refinancing. I have saved many of my clients several hundred dollars per month by refinancing back to the original number of years on the loan. You can also refinance and shorten the term on your mortgage and save SEVERAL THOUSAND dollars over the course of the loan.
If you know someone who wants to purchase a primary residence or a second home or investment property, I can help You can reach me at 901 482 0354 or call us on the air now at 901 535-9732.
Tom, if I want to lower my real estate property tax and take it from red to green, what steps do I take first?
QUESTIONS ANSWERED BY TOM KING:
2 How long does it take to see the savings from a successful tax appeal?
3 Do you actually inspect the properties that you appeal?
4 How do you structure your fee so that the customer only pays a small fee if you succeed in lowering their taxes?
5 . Talk about why it is not too late to appeal your real estate property taxes?
6 What are the reasons why you can still get a lower tax appraisal even though values have generally gone up in 2013?
QUESTIONS ANSWERED BY JO GARNER
- 4. What are some specific ways some of your clients have been able to make money on their mortgage terms?
- For starters let’s talk about my clients who just want to save a little extra money each month to reinvest to a retirement fund or just to enjoy life with their loved ones.
- Now let’s talk about my customers who want to save tens of thousand dollars by shortening the term on their mortgage and getting rid of it altogether.
- I have some clients who are buying real estate for rental in order to one day fund their retirement by owning real estate and collecting rent. Getting good terms on the mortgage can make or break you.
- Here’s an example of a refinance loan we are closing for one of our customers next week saving them about $89,233 in overall payments. This particular couple are former customers of mine and only had about 15 years left on the mortgage we did a few years ago. But, now they have children in college for the next 4 years and need some extra money to cover some medical expenses. But they told me they still want to pay off their mortgage early. Want to have your cake and eat it too? Here’s how we accomplished it:
The family owed about $95,000 on their home with a $1,180 per month principal and interest payment and 15 years left on the term which means they would have paid $1,180 per month over the next 180 months on the existing terms equaling about $212,400. We somehow had to cut their mortgage payment drastically over the next 4 years taking their budget from red to green. We refinanced the terms on the $95,000 loan to a low rate of 4.5% on a 30 year term freeing up about $700/mo extra for them each month that they can use over the next 4 years to get kids through college and handle some current medical expenses. After the kids graduate college, the family can set up auto pay on the mortgage, applying the extra $678/mo we saved them to go back into paying extra principal down on the loan. The result? Paying the loan off in 11 years instead of the 15 years and cutting over all principal and interest payments to a savings of about $89,233. What can YOU do with $89,233?
- Are you still helping a lot of first-time homebuyers get into their first home? What kind of terms can you offer them?
First time homebuyers make up about 35% to 40% of the real estate purchase market. There are a number of loan programs with restrictions that can get you in the house as a first-time homebuyer for nothing down –or pretty close to it. We have some special loan products for people buying their 2nd or 3rd houses too. The main goal for them is to minimize the interest costs and avoid them having to pay the mortgage insurance premiums.
Here’s another example of converting your mortgage costs from red to green. One of my clients is selling her house with lawn and lots of upkeep to move into an over 55 community with a modest association fee that will cover outside expenses for the be only a little less including the association fee from what she has been paying on her old house but she is cutting maintenance costs by over one hundred dollars per month.
Real Estate Tip Of The Week
(Tom has the real estate tip of the week. Jo appends to that by warning homeowners and realtors of the upcoming new and tighter mortgage rules taking effect the first of the year)
Jo has two announcements: Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday December 11th 9A-10A at DeVry University 6401 Poplar 6th floor in Memphis Emily Baker from the Germantown Library will be presenting “How To Sell On the Internet.” For more information about Talk Shoppe go to www.TalkShoppe.BIZ
Talk Shoppe and Make-A-Wish will be celebrating a Make-A-Wish child Tuesday December 10th at 5pm in the lobby of Evolve Bank and Trust at 6070 Poplar Ave. The event is open to the public to come and enjoy being a part of a special wish for a special child. For more information go to www.TalkShoppe.BIZ.
Transitional Songs: “God Rest You Merry Gentleman” Manneheim Steamroller; “The First Noel” by Elvis Presley; “Christmas Canon” by Trans Siberian Orchestra
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.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 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 17 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.BIZ She is currently the host of the Real Estate Mortgage Shoppe program 9A-10A CDT Saturdays on News Radio AM 600 WREC and IHEART Radio http://www.iheart.com/#/live/2145/?autoplay=true and currently publishes on her blog www.MortgageLoansBlog.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.