What key questions to you want to answer when you are trying to decide what kind of home and what kind of financing will bring you the most happiness? Today, we are going to cover the key questions that you and your family members need to answer BEFORE you start home shopping. I will share some magic questions about what will make you happy today AND tomorrow with your financing terms. Jennifer Lawhon of Lawhon Landscaping will give you some questions to consider that could, quite possibly, transform a good choice for your home into a better-than-you-could-have-imagined choice for your home.
Let’s talk about what YOU want for YOUR home and YOUR financing. Call me at (901) 482-0354 or email me at Jo@JoGarner.com You can subscribe to get our weekly podcasts with the show notes too at www.JoGarner.com
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS# 757308 (901) 482-0354 Jo@JoGarner.com www.JoGarner.com
WELCOME TO REAL ESTATE MORTGAGE SHOPPE
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 Officer. You can connect with me at www.JoGarner.com. Our general topic is What Do You Want Your Home, Your Landscaping and Your Mortgage Terms To Look Like? Paint Your Picture of Happiness. If you have a question or comment send me a text right now at (901) 482-0354 or call me directly off the show at the same number (901) 482-0354. You can call us while we are live in the studio at (901) 535-9732. Today is February 3rd 2018.
REAL ESTATE, LANDSCAPING AND MORTGAGE TOPICS TODAY
What key questions to you want to answer when you are trying to decide what kind of home and what kind of financing will bring you the most happiness? Today, we are going to cover the key questions that you and your family members need to answer BEFORE you start home shopping. I will share some magic questions about what will make you happy today AND tomorrow with your financing terms. Jennifer Lawhon of Lawhon Landscaping will give you some questions to consider that could, quite possibly, transform a good choice for your home into a better-than-you-could-have-imagined choice for your home.
INTRODUCING JENNIFER LAWHON OF LAWHON LANDSCAPING & DESIGN
In the studio we have Jennifer Lawhon of Lawhon Landscaping and Design. Jennifer, you have been designing, building and maintaining beautiful landscapes for over 50 years. You have done work for me personally and I have heard SO many wonderful testimonies from our radio listeners who have used you too. Tell our audience a little bit about yourselves and what Lawhon Landscaping does for your customers. Jennifer introduces herself and talks about the services Lawhon Landscape offers, ( Landscape Architecture, Plant Pathology, Studio Art, and Agronomy and Irrigation. Our designers and plant professionals create outdoor living spaces with your lifestyle in mind.)
BIG FINANCIAL DECISIONS-THE PAYMENT AND DOWN PAYMENT
(Jo) Over 25 years in the mortgage business has reinforced one fact when it comes to how people make big decisions—ultimately most people make final decisions on how the product or service makes them FEEL. That is why what we are sharing on this show today is so important to making smart money choices. Not only does it matter how it makes you feel today—but how is that house and that financing going to make you feel 5 years from now or 10 years from now.
Warren Buffet, one of the wealthiest people in the world is known for saying, “The rearview mirror is always clearer than the windshield.” Even though your windshield may not be a crystal ball, you can ask yourself these questions so that you are happy today and free to make adjustments in the future.
When it comes to financing several financial gurus recommend keeping your house note including taxes, insurances and association fees under 25% to 28% of your gross income. So it you have an income of $10,000 per month, you would not want your total house payments to exceed $2,800/month.
The financial experts recommend keeping your total debt including the house payment under 40% of your gross income per month. So if you make $10,000 per month, you would not want your other debts including your house note to go over $4,000/month.
Emergency funds are a big priority. If you are in a stable salaried job, having 6 months of living expenses available is recommended. If you are self-employed or a 100% commissioned employee, having a solid 1 year of expenses to carry on business as usual is a comfortable cushion. Consult with your financial advisor. Only YOU can truly determine what will work for your specific situation.
With mortgage rates spiking upward over the last few days, your mortgage payments will be higher to borrow the same amount of money that it was a few months ago. Let’s talk about other places you may not have thought about where we can cut your housing payment costs. Call me at (901) 482-0354 after this show or email me at Jo@JoGarner.com
KEY QUESTIONS TO ASK TO DETERMINE THE RIGHT LANDSCAPING PLAN
Jennifer Lawhon of Lawhon Landscaping, what are some questions you ask your customers to help them get the landscape design that will bring them the most happiness?
(Jennifer started covering some of the key questions they ask clients to make sure the landscape design or outdoor space design fits their family’s lifestyle and special needs)
(Jo) You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. Connect with me at www.JoGarner.com MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY! When we come back, we will be helping you uncover what will REALLY bring you HAPPINESS
9:15 AM Break-then 2nd segment
LET’S TALK SHOP—TALK SHOPPE’S BUSINESS TIP FOR REAL ESTATE PROS:
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 offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Susan Martin, owner of Pinot’s Palette on Dexter Rd in Cordova, TN where you can hold your parties or get-togethers and Paint, Drink and Have Fun. Thank you, Susan Martin for hosting the Talk Shoppe meetings at Pinot’s Palette. Talk Shoppe is definitely off to a fun start in 2018 ! Susan Martin, what is our TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROFESSIONALS? TS guest gives about a 1 minute tip (Jo says, “Thanks, Susan Martin of Pinot’s Palette in Cordova, for our Talk Shoppe Business Tip today. )
QUESTIONS ANSWERED BY SUSAN MARTIN OF PINOT’S PALETTE
1. How would you describe what Pinot’s Palette does for its customers? Pinot’s Palette provides the venue for parties and get-togethers for businesses, churches, families and teams to build rapport. Pinot’s Palette provides the professional artist to instruct the group how to paint a picture on individual canvases. Groups can bring food, drinks, and bands.
2. How do we contact you? (901) 647-8486 www.PinotsPalette.com/Cordova
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TOPICS COVERED BY JOHN AND JENNIFER LAWHON:
1. What type services does Lawhon Landscape offer your clients?
2. What questions do you ask a homeowner who is trying to decide what type of landscaping design or outdoor living areas will work best for them
A. Where will the family members spend most of their time and activity?
B. Are the family members using this space handicapped, elderly, toddlers, teenagers?
C. Will there be pets? How many? What type? What special provisions need to be included in the landscape to accommodate the pets?
D. What type activities will be common at the home? (bar-b-que parties, swimming or just hot tub time, vegetable and herb gardening, quite patio relaxing, swing set, tree house or other activities for the children?)
E. What type drainage or irrigation needs will the property need?
F. Are there visual barriers or sound barriers needed between the client’s home and the neighbor’s property?
G. Does the landscaping need to be very low maintenance?
H. Does the client want plants selected so that something is in bloom and colorful, making their lawn pretty as a picture all year?
3. Tells a story about a landscape design that will illustrate some of these points.
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TOPICS COVERED BY JO GARNER:
Jo talks about the importance of vision boards and uses Jack Canfield, creator of the Chicken Soup For the Soul books and how the vision board brought him great success. Jo encourages her listeners to get a clear picture in their mind of what the house of their dreams looks like inside and outside and what kind of financing –payments they have etc. Put pictures of the things they want in life on a vision board visible in their house, the car and places where they will see it often. The vision board helps reinforce the drive and opportunities to obtain the things they really want in life.
1. What are the two most crucial questions to answer before locking in terms on your home’s mortgage?
A. How much is the monthly payment?
When it comes to financing several financial gurus recommend keeping your house note including taxes, insurances and association fees under 25% to 28% of your gross income. So it you have an income of $10,000 per month, you would not want your total house payments to exceed $2,800/month.
The financial experts recommend keeping your total debt including the house payment under 40% of your gross income per month. So if you make $10,000 per month, you would not want your other debts including your house note to go over $4,000/month.
B. How much is the down payment?
Emergency funds are a big priority. If you are in a stable salaried job, having 6 months of living expenses available is recommended. If you are self-employed or a 100% commissioned employee, having a solid 1 year of expenses to carry on business as usual is a comfortable cushion. Consult with your financial advisor. Only YOU can truly determine what will work for your specific situation.
2. Will your income likely go up or will it go down over the next five
years to ten years?
A. Are you or your spouse planning on retiring or taking a cut in income within the next five to ten years?
B. Are you planning on quitting your salaried job and starting your own business?
C. Are you in a career where your guaranteed income should continue to increase?
3. Will your expenses go up or down over the next five years to
ten years?
A. Do you plan on having children and having your family grow over the next five years to ten years?
B. Do you plan on your children going to college over the next few years?
C. Do you see yourself as an empty-nester over the next few years as your children become independent and move out on their own?
D. Do you foresee that an aging parent or family member will need to move in with you?
4. Do you know for sure than a large amount of cash will be coming to you within the next 12 months?
A. Do you plan on selling some real estate with a large amount of money coming to you from the net profit?
B. Do you know of a trust or other inheritance that will make a large amount of funds available to you within the next 12 months?
C. Consider mortgage terms that will allow you to Recast your payment to make the payment lower once you have made a prepayment to principal of an amount over 20% of the unpaid balance.
D. Consider mortgage terms that may have a fixed rate for the first year to three years and then converts to an adjustable rate with tight safety caps on the rate. Once the mortgage converts to an adjustable rate, most traditional loan programs will allow you to recalculate the payment based on the new rate and unpaid balance each year when the rate adjusts. If you make a large enough prepayment, you very likely can assure yourself that your payment will never go higher than it started and may even drastically be reduced, depending on how tight the annual and lifetime caps are on the rate.
E. You might consider a temporary bridge loan to use for a down payment on the new house you are purchasing. When your old house sells and you can use your net proceeds to pay off the temporary bridge loan. You would already be enjoying the low payment on your new home from being able to put the large down payment toward the purchase using the temporary bridge loan.
F. Jo shares a story about a customer who used some good strategy on their financing so life would be easy and enjoyable down the road.
Story of clients who did not want the stress of having to sell their current home before moving into the new one. But they still wanted to enjoy a low payment.
The wife found the house that would meet their newly developing family needs. But other people were making offers on the same house so this family needed to be willing to close quickly in order for the seller to accept their offer. It was going to be tough to find a house that was so perfect for what this customer needed.
Their challenge was that they had too many deadlines and pressure from family projects. They just could not be stressed out trying to sell their current home to close before they had to close on the new house.
They needed to be able to buy the new house and sell their current house later. Instead of using a bridge loan for the down payment on the new house, they decided to make a 20% down payment from some cash reserves to avoid paying any lender private mortgage insurance.
As their mortgage loan officer, I got the honor and pleasure of being included in their planning discussions. We talked about the possibility of getting the lender to agree to “recast” their loan payment instead of doing a full blown refinance once they made a huge prepayment to the unpaid balance on the new loan from their profit on the house they would sell after closing on the new home.
The “recast” would re-amortize the new mortgage balance after the huge prepayment, bringing the mortgage monthly payment down considerably—making it as if they had sold the old house first and had made the larger down payment on the day they bought the new house.
G. Jo shares personal story of when her parents bought their dream home out in the country many years ago but could not sell their house in town right away. Knowing that the house in town would sell within 6 months, giving them a very large chunk of change, Jo put them in a 1-year adjustable rate loan with a 2% annual interest rate cap and a 6% lifetime interest rate cap. Since the loan would be reamortized at the end of the year on the new interest rate and by that time the balance would be paid down over 50% of the amount they borrowed, going with the adjustable rate projected at worst cases over the next five to ten years proved that the payment would never exceed the amount from day one. In fact, the payment would be less and less and less since the balance would be dropping considerably over the life of the loan.
REAL ESTATE TIP OF THE WEEK
(Susan Martin shares a Talk Shoppe Business Tip For Real Estate
Professionals. Science has proven that people tend to buy from people that they associate with a happy feeling. If you can create experiences with customers and prospects and team members, you create a buying atmosphere. Take pictures and videos of events that you host or share with your prospects where they feel very happy. Throughout the year, send them these pictures or videos in a note or social media post, reinforcing the happy feelings the associate with you)
Jo’s Real Estate Tip of the Week—It is important that you buy a house that you love so much, you enjoy making the payments. Though you can paint and fix up an ugly house. You can’t fix up ugly financing. You have the mortgage for a long time. Spend some time up front making sure the mortgage is structured to work for you today and ten years from now.
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at Pinot’s Palette 8225 Dexter Rd Cordova, TN. February 7th, 2018 Christy Stokes of First American Warranty will be presenting -“What You Need to Know About Home Warranties That Can Save You Money,” First American Warranty. For more about Talk Shoppe, go to www.TalkShoppe.com
3. Talk Shoppe’s free education and networking is made possible by Talk Shoppe financial supporters like Heather Donoho, owner of Clean and Pink where cleaning your home is a science, not a chore. Clean and Pink tailors the cleaning to what you need. They even mix their own cleaning chemicals. heather@cleanandpink.com www.cleanandpink.com
5. Thank you also to Gwen Christensen, owner of Builders Floors and Interiors where you can get good quality flooring installed for less than the cost of Big Box stores. www.BuildersFloorsandInteriors.com
4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
5. Real Estate Mortgage Shoppe reminds you that MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S 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.
Jennifer Lawhon announces Home and Garden Expo at the AG Center Germantown Rd and Walnut Grove Rd Memphis Weekend of Feb 9th and 10th 2018 Visit face-to-face with the Lawhons of Lawhon Landscaping and Design
QUOTE CORNER:
Anonymous- “Life is like an empty canvas. It’s up to you how you want to paint it.”
Anonymous- “ I am painting a big, blue square in my backyard so that Google Earth thinks I have a pool.”
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REJOINDERS:
1. Mary Lou Nowak, Mid-South Home Helpers, non-medical assistance in the home. Mary Lou knows what to do. (901) 414-9696 www.homehelpershomecare.com
2. Peggy Lau, Independent Representative with World Ventures. Peggy can show you how to earn first-class vacations free with a one-of-a-kind travel community. www.ipoa.dreamtrips.com (901) 289-0747
3. Kevin Yee, Save Energy Solutions (duct sealing in your home to keep the bad air OUT and the good air IN) www.sesinfo.biz
Transitional Music:
“Our House” by Crosby Stills and Nash; “True Colors” by Cyndi Lauper; “Freeze Frame” J. Geils Band; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip For Real Estate Professionals
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ABOUT SUSAN MARTIN, PINOT’S PALETTE CORDOVA
Book your party or get-together for a memorable time of painting, drinking and fun!
Pick the picture you want to paint with the help of a professional artist. Bring food! Bring a band! Make your event a happy one that everyone will remember.
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ABOUT JOHN & JENNIFER LAWHON OF LAWHON LANDSCAPING DESIGN:
Call: (901) 754-7474
Beautiful gardens begin with thoughtful design. The staff of Lawhon Landscape Design includes professionals with degrees in Landscape Architecture, Plant Pathology, Studio Art, and Agronomy. Our designers and plant professionals create outdoor living spaces with your lifestyle in mind.
Our many years of experience in design, installing, and maintaining Mid-South landscapes make us uniquely qualified to create gardens that are both beautiful and practical to maintain.
A Family Business
Our business was started in 1958 by Rex and Beth Lawhon and was one of the first weed control companies in the Southeast. Over the years, we have kept our client list small and personal in order to serve the gardens of Memphis with the best in lawn and shrub care. The high quality of our work has paid off over the years by the many repeat customers we have – both residential and commercial. We follow the philosophy of doing it right the first time. We hope that you will give us the opportunity to serve your garden needs as well.
In 1985, we expanded our family company by offering a complete design build landscape service. John Lawhon, with a degree in Landscape Architecture, offers complete landscape designs for every budget as well as outstanding plant installation services. In order to help maintain your landscape, we offer complete irrigation system installation. We have everything you need to make your home more beautiful than ever.
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com 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 Jo is host of Real Estate Mortgage Shoppe and currently publishes on her blog www.JoGarner.com