Good morning Memphis! Happy Independence Day!! Its too hot for coffee. Pass the iced tea with lemon. You are on the Real Estate Mortgage Shoppe program this morning with me, Jo Garner, Mortgage Loan Officer with Evolve Bank and Trust. With us today we have Jeremy Veldman and Alex Craig of Turnkey Properties.
Our topic today is ” Traditional Money, Private Money -YOUR Money” Give us a call and let’s talk at (901) 535-WREC or 901 535-9732.
Mortgage rates are surprisingly staying low even though demand seems to be picking up in the real estate markets. How long is the party going to last? Well, I still have the party plates out at work hoping the low rates will last longer. Most believe relatively low rates will last through the election.
However, the very factors that are keeping our rates low, could very easily cause them to go up. So if the numbers are working for you to purchase a home or refinance one, do it now and don’t wait.
The European debt crisis has investors fleeing to the United States’s bonds as a safer haven. Also our Federal Reserve has agreed to continue their bond buying campaign through the end of the year.
The 30 year fixed rate has been unchanged this week, at 3.89 percent.. One year ago, the mortgage index stood at 4.79 percent; four weeks ago, it was 3.94 percent. The benchmark 15-year fixed-rate mortgage remained unchanged, at 3.16 percent, while the benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 2.97 percent.
Opportunity is the word of the day. National Association of Realtors reported that the pending sales on homes across the nation has increased , lowering inventory and pushing up prices. Is there a recovery starting to kick in?
Lennar Corp., one of the nation’s largest builders, says demand for NEW homes has increased significantly compared to last year. Lennar received orders for 4,481 new homes in the second quarter of this year, 40 percent more orders than the same period in 2011, according to a quarterly report issued Wednesday.
The Home Affordable Refinance Program or HARP is still top news around the nation. The government HARP program allows underwater homeowners to refinance their homes even though they owe more on the house than the current value. There are some restrictions to qualify for this program -but its been a winner for mine and Susan Belew’s customers.
We have been able to save people a few hundred dollars or several hundred dollars per month on a refinance. In some cases we can save the homeowner several thousand dollars by shortening the term on the loan.
If you do not have a Fannie Mae or Freddie Mac loan that will qualify for the HARP refinance, perhaps you have an FHA loan that can be streamline refinanced to a lower interest rate FHA loan. IF your FHA loan was originated prior to May 31, 2009, then you may qualify for the new lower mortgage insurance program cutting almost all of the unfront Mortgage Insurance and half of the monthly insurance.
Our topic today is “Traditional Money, Private Money and YOUR money” If you want to talk about this topic or any other topic like loan refinances, home purchases, credit, or anything else. Join us at the coffee table this morning by dialing (901) 535-WREC. If you want to talk with my assistant Susan Belew and I privately after the show, you can reach us at (901) 482-0354. That number again is (901) 482 0354.
1. We’ve been talking about traditional money for a few minutes. Alex and Jeremy tell us a little about what you can do for real estate investors and people who have private money to LEND to an investor. Can you tell us a little about your business and what’s involved in a “Turnkey Process”?
Other questions to ask Alex and Jeremy:
2. Recently, Warren Buffett and Donald Trump commented on the opportunity to purchase single family homes as investment properties. Why is now a good opportunity and why is Memphis such a hot market for investors worldwide?
3. Interest rates are making new all time lows, how is this effecting your business?
4. Why would someone local want to work with a Turnkey company? Why not just do it on their own?
Questions to ask Jo Garner :
1.What type of loans do you have for investors wanting to purchase real estate needing extensive fix -ups?
Jo Jo to talk about the HOMEPATH REHAB loans for purchasing a primary residence or for investment property, cash out financing on other properties for cash to purchase or fix up a newly purchased property>
2. Where do YOU see the biggest opportunities for people in the current real estate market?
Jo answers:
Second , if you are someone considering BUYING real estate here some staggering numbers: Just to give you a comparison of where we were in 2006 compared to, say last week. Rates are about HALF what they were at the peak of the housing bubble in mid-2006 when the median house price was about $250,000 dollars and the average interest rate was about 6.75% for a 30-year term.
A person who bought a home in 2006 with 20% down would have made payments of $1,300 a month. Today, a person who buys the same house at the current median price of home of about $162,000, would pay less than half that amount, about $600 a month. Its time to buy houses and its time to refinance some. >
3. What kind of terms do you typically offer real estate investors buying property?
Real Estate Tip of the Week: (Alex and Jeremy offer the real estate tip of the week)
Jo Garner, Mortgage Officer Evolve Bank and Trust (901) 482 0354 jogarner@mindspring.com
Alex Craig and Jeremy Veldman, Memphis Turnkey Properties 901 848-9028 and 662 418-7511 www.MemphisTurnKey.com
You can find solutions to your real estate financing challenges. You can find formulas for getting the best terms on your home refinance loan or house purchase loan.