Listen to today’s podcast: http://mortgageloansblog.com/audio-podcasts/
Good morning, Memphis! Good morning IHEART radio listeners. Its great to be back with you on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Evolve Bank and Trust. Our cohost today is Lynn Lanigan (the orange truck lady) of Lanigan Worldwide Movers-An Allied Agent. And Lynn’s featured guest is Roscoe Jordan.
Lynn, tell us a little about yourself and Lanigan Worldwide Moving
Roscoe Jordan, its great having you around the coffee table with us this morning. Tell us a little about yourself and what you do.
And you, our listeners, are invited to pull up a chair and join us for coffee and some conversation this morning. If you have a real estate or real estate financing topic, or maybe you’re thinking about moving your residence or your office. We want to talk with you today. Our general topic today is “Your Mortgage, Your Move & Your Money.” But call us on the air at 901 535 9732. That is 901 535-WREC. We want to talk with you about any of your real estate topics.
A few weeks ago financial analysts had started biting their nails, thinking the mortgage rates were going to skyrocket once they saw the 30 year fixed rate hit a 7-month high. But the Euro-crisis in Europe has kept foreign money in our mortgage-backed securities and kept our focus on our own housing recovery. The 30-year fixed-rate mortgage fell to 3.75 percent from 3.78 percent, One year ago, the mortgage index stood at 4.23 percent; four weeks ago, it was 3.73 percent. So its way down from last year but up some from 4 weeks ago. The 15-year fixed-rate mortgage was 2.97 percent, the same as last week. The 5/1 adjustable-rate mortgage stayed at 2.71 percent. This is good news for those homebuyers who are trying to beat rising home prices in this tight market.
A good realtor can help you. A good mortgage officer can help you —and my assistant Susan Belew and I would like to be your mortgage officer—oh, and you’ll need someone to move your stuff—and Lynn Lanigan and Roscoe Jordan of Lanigan Worldwide Movers are the experts on how to move your stuff professionally.
Lynn, the housing recovery is definitely in process. Even though some experts are concerned it can lose steam and collapse again without our continued concentrated efforts. Right now inventory is short because people are competing to purchase the homes that are currently on the market.
The two top reasons discouraging people from purchasing homes in the Memphis area are #1. Money to put down. Here’s some good news: We have several different types of down payment assistance programs available in Tennessee. Arkansas, Mississippi and probably just as many in the other states. For some of our conventional borrowers, Susan and I have other solutions to help you minimize or eliminate unnecessary private mortgage insurance and provide funds to help you put more money down on buying a primary residence, a second home or an investment property. Call us directly off the air at 901 482 0354. Our direct number again is 901 482 0354. Or catch us on our blog www.mortgageloansblog.com
The second reason is credit issues which Terri Murphy of Terri Murphy Communications and her guests covered with you last week on this show. My assistant Susan and I have Credit Simulators and other tools to help you if need to gain 40 or 50 points on your credit score in 60 to 90 days. We can probably help you.
On the refinancing scenarios: The Home Affordably Refinance Program otherwise known as HARP is still a great deal for people with Fannie Mae or Freddie Mac loans endorsed prior to June of 2009. No appraisal value needed so its great for refinancing to the lower rates and lowering your interest costs. If you have an FHA loan and want to refinance to another FHA loan—Susan and I have been able to get FHA streamline customers refinanced with little or no costs out of pocket. We can help you on USDA –Refinance refinances or VA loan refinances too
If you’re upside down on your home financing and do not have a Fannie Mae or Freddie Mac or government backed loan, you need to call your Senator and let him know that you want the HARP 3 refinance program to be released so that YOU can refinance without worrying about an appraisal value. The pilot program is working for this in Oregon but the word on the street is that Congress may not offer this program. Call your Senator!
Today we’re talking about “Your Mortgage, Your Move and Your Money.” Lynn Lanigan and Roscoe Jordan are with us from Lanigan Worldwide Moving-An Allied Agent. What does Lanigan Movers do for their customers to help them save time and money on their move?
Questions to be answered by Lynn Lanigan and Roscoe Jordan:
1. What sets Lanigan Worldwide Moving apart from other movers? Our drivers, crews, and staff, most of whom have been with us 15 or more years. No casual labor is used. All are Allied Certified Labor meaning they have been trained by us and Allied, drug tested, screenings.
2. What type of pricing does Lanigan offer? Fully binding estimates for origin and destination, which is unique to Allied.
3. What are some of the things your drivers do that help prevent damage? Wrapping furniture and items not packed with very thick furniture pads in the home before moving, protecting hardwood floors and carpeting, shrink wrap over/stuffed furniture.
4. How many interstate moves does Lanigan perform per year? Over 500 shipments, more than 50% of the consumer moves in this market
5. How many drivers does Lanigan operate out of its local office? 12, and this allows us to work with customer’s schedules for loading/delivery dates.
6. What is most difficult about the moving industry today? The lack of knowledge among consumers. We advise them to visit www.protectyourmove.gov to learn about the moving industry and the types of pricing available for moving.
7. Do your sales people oversee the moves they sell, or do they just sell them and go on their way? They oversee them, from paperwork to contacting the customer regularly, and are responsible for the move until the customer is happy. Customer’s get their single source of contact as if they were the only customer moving.
Questions to be answered by Jo Garner:
1.What are some tips on how to minimize interest cost on a home loan?
A. Here’s a good rule to remember to save the most interest on your mortgage: On a 30 yr loan if you make 1 extra principal and interest payment per year you can eliminate about 7 to 8 years off your loan. That can save you TENS of thousands of dollars. Also, the earlier in the mortgage term you begin prepaying the more interest you save using the least amount of principal prepayment because on an amortized loan, the principal amount is less than the interest portion of the payment. You can get rid of several thousand dollars in interest with just a few hundred dollars of principal invested in most cases.
B. Here’s another rule of thumb to save interest cost if you are buying a house. If the sellers are willing to pay your closing costs and prepaid taxes and insurance, let them. If you plan on staying in the home for at least 5 years or more, you can use some of the seller paid costs to buy a point to get the interest rate down even further. The dollar amount the sellers are willing to pay will depend on what kind of competing offers they are getting on their house. If you’re a realtor out their listening to our show, call us on air at 901 535 WREC. What advice to YOU have to give borrowers who want the seller to pay their costs? That number to offer your advice on the air is 901 535 WREC. Call us.
2. For people who decide to hang onto their house, are there quick formulas to determine if it makes sense to refinance?
A. The first question you ask yourself is “How long do I plan on keeping this house?” If you’re planning to keep the house for 3 to 5 years are longer, its usually a good idea to refinance because with today’s low rates, you can save enough money per month to recapture your costs.
For instance if you are refinancing a $193K loan from a 5.75% rate with 23 years left to a 20 yr loan with a 3.625% rate, you’re going to automatically get rid of 3 years worth of payments because you have 23 years left on the loan and you’re refinancing to a term of only 20 yrs.
Your current principal and interest payment on the original loan amount of $225,000 at the 5.75% rate is $1,313/mo and you have 23 yrs left to pay this for total remaining payments of $362,388. Now you have the opportunity to refinance the $193K that you currently owe to 3.5% on a 20 yr loan making your new principal and interest payment $1,119/mo. Over the next 20 yrs you will have paid P&I payments of about $268,560. That is a $194 per month savings PLUS you would have saved $93,828 because you shortened the term. That ‘s real money! Is
The second question you ask yourself is “How long will it take to recapture my costs?”
Your closing costs refinancing the $193K will probably be around $2,800. Just by saving the $194/mo, you will recapture your $2,800 closing costs within about 14 months. Not bad and that’s not including the benefit of shortening the term on your mortgage which is HUGE.
Real Estate Tip of The Week: Lynn and Roscoe gave tips about things you can self-pack and the ability to use their recycled boxes . Also if you have canned goods or furniture that you do not want to take with you, they can donate to non-profit agencies for charity and food banks.
Jo has three announcements:
1.Talk Shoppe offers the community free education and networking to anyone interested in real estate or business. This Wednesday April 3rd 9A to 10A at the Better Business Bureau 3693 Tyndale Memphis, TN 38125, the topic will be “How To Get The Best Deal On Your Mortgage In Today’s Market.” The speaker is Jo Garner of Evolve Bank (that’s me). Hope you can make it. I would like to meet some of you face to face that day. So come on down. For more info go to www.TalkShoppe.BIZ.
2. Attorney Joe Kirkland from Memphis Investors Group is sending out an Urgent Call To Action to landlords about Tuesday’s City Council Meeting where they are voting on the proposed Property Registration Ordinance. For more information, go to www.memphisinvestorsgroup.com and click on the Property Registration tab.
3. Next week on the Real Estate Mortgage Shoppe Don and Holly Swogger of Homevestors will be with us sharing their wisdom on how you can succeed like they did with real estate investing with the support of the Homevestor Franchise. That’s next Saturday 9a to 10a CST right here on News radio AM 600 WREC.
Transition Songs: “Hit the Road Jack” by Ray Charles; “We Got To Get Out Of This Place” by the Animals; “All Over The World” by ELO
About Lynn Lanigan: Hi, I’m Lynn Lanigan, and I want to move your stuff! 901-744-7070 Local number, not an 800
www.laniganalliedvanlines.com
Lanigan Worldwide Moving: protectyourmove.gov
– Local company that is an agent for Allied Van Lines
– In business since 1955
– A+ rating by the BBB since 1959, Excellent rating on Angie’s List
– Designed ProMover by AMSA
– Services are local moving, country wide moving, and worldwide moving of homes and offices and warehouses
– Storage/Warehousing at 1870 Airways Blvd.
– Perform over 500 moves a year, and we perform more than 50% of all consumer moves in the Greater Memphis Area
– Ask your family and friends for a referral for a good mover
Clients:
– International Paper
– Hilton Worldwide
– Sedgwick Claims Management
– Ducks Unlimited
– St. Jude Children’s Research Hospital
– Glankler Brown
–
Employees:
– Long time employees – no casual labor
– Certified Allied Labor – Background screening and trained
– Skilled to minimize any damage
– Professional packers, shrink-wrap overstuffed furniture
– Know how to move antiques and very large items
– Use very thick furniture blankets on all furniture
– Use quality equipment to move
Awards:
– Finalist – 2013 MBQ CEO of the Year – 50 to 200 employees
– Finalist – 2011 Small Business of the Year, 50 Plus employees
About Jo Garner:
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 in Memphis, TN. 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. She hosts the Real Estate Mortgage Shoppe program on News Radio AM 600 WREC in Memphis and on IHEART radio 9A to 10A CST every Saturday.
Tom King, certified Shelby County Tax Appeal Expert with King and Vaughan Consulting.
(901) 487-6989
Lynn and Troy McDonald, Erin McDonald Allstate Insurance Company (901) 849-7101
Lisa Davis, World Spice Technologies
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.