IT MAY BE NOW OR NEVER, SHAKE RATTLE & ROLL TOWARD YOUR MONEY & YOUR REAL ESTATE
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If you are looking for information or help in areas that do not seem to be covered on this blog posts or my other posts, please feel free to call me at (901) 482-0354 or email me at jo@192.232.195.219 or make comments on Twitter at #JoGarner
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY TOM KING, APPRAISER WITH BILL KING COMPANY
QUESTIONS ANSWERED BY JO GARNER, MORTGAGE LOAN OFFICER
REAL ESTATE TIP OF THE WEEK
ANNOUNCEMENTS
QUOTE CORNER
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Good morning, Memphis! Good morning our friends across the 50 states! You’re on the Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com or call me PERSONALLY at 901 482-0354. If you want to talk about real estate or real estate financing or anything related to real estate—drag up a chair around the coffee table this morning by calling at the station while we are on the air at (901) 535-9732. AND if you’re outside the Memphis area, you can call us at 800-474-9732, we want to hear from you as well.
This is the time of year when we remember the late, great Elvis Presley here in Memphis. Our general topic for the show today is “IT MAY BE NOW OR NEVER, SHAKE RATTLE & ROLL TOWARD YOUR MONEY & YOUR REAL ESTATE” Tom King, appraiser with Bill King Company sitting at the table and we’ve got some Elvis sounds queued up for you. Tom, always fun having you on the show.
<TOM introduces himself and talks about what he does>
<Tom asked Jo to talk a little about what she does>
(Jo) Tom, for the last 25 years or so I have dedicated myself to being a mortgage loan officer, getting loans for people who either want to buy a house or refinance one. My clients are people who want to buy or refinance a primary residence, a second home or investment property here in the Memphis area or in any of our grand 50 states. My dad helped me start a lawn and landscaping business working with realtors, investors and builders. He taught me his values and I still use those values when I do business today. After selling the lawn business, the next step was to become a realtor and a real estate investor, and for the last 25 years I have been doing what I love most—putting together financing for my clients that works for THEM. I guess you could say I went from Lawns to Loans. Once real estate is in your blood –it’s always there.
One of my first real estate mentors was Robert G Allen, author of the books, Nothing Down, Creating Wealth and The Challenge. Back in the late 80’s I actually flew out to San Diego, California to train under him personally. Talk about the old Elvis song ‘Shake, Rattle and Roll,’ Bob Allen walked his talk. He was like those songs Elvis Presley sings about It’s Now or Never and Shake Rattle and Roll. Robert Allen taught me that you set a goal for yourself that is big enough to challenge you with the end result bringing you the things you really want for yourself and your loved ones in life, then every single day you do the smaller things and bigger things that take you closer to your goal.
Today in the mortgage business I love to work with people who are finally getting to buy their first home, their dream home or the shake-rattle-and –Rollers who are buying rental property to build their own little empire. Let me be your lending partner –whatever your real estate goal. But you have to call me PERSONALLY at 901 482-0354 or connect with me personally at www.JOGarner.com If you haven’t talked with me first, you’re not working with me. I want to work with you! But enough about me—Tom, what do YOU see going on in the real estate market? What’s shake-rattle and rolling right now?
<Tom shares his outlook on the real estate market>
(Jo) What we saw this week from the Fannie Mae’s National Housing Survey was a slight decrease in consumer confidence. The international news created some uncertainty. Although, consumers tend to believe the prices on houses will continue to rise and rents will continue to go up, they felt uncertain about income growth and believed that the mortgage rates will go up soon. Yesterday the market ended with the conventional 30 year fixed rate around 4% to low 4’s. The 15 year fixed ended around the low to mid 3’s. Call me for quotes on FHA , VA loans, Rural Housing Loans, Jumbo loans and down payment assistance loans.
<Tom King makes comments>
(Jo) Tom, so many of my clients are moving and shaking these days but in varying directions. Just this week, I have worked with a client who for the first time in her life, she is buying her own house—and she’s in her late 50’s! Another couple in their 60’s have decided to down size –not necessarily the SIZE of the house, but they are downsizing the size of their mortgage payment and property taxes. I have a client adding one more rental property to his portfolio and I am working with a couple refinancing to a payment that will help them reach some short term goals. Each of these clients are near and dear to my heart. They have embraced the motto—MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. My assistant, Susan and I, would love to work with YOU today. If you want to look at your borrowing capacity, compare different financing options, call me PERSONALLY at 901 482-0354 or connect with me at www.JOGarner.com But you gotta’ talk with me PERSONALLY.
Tom, while we’re waiting on our callers to call in, let’s talk about people who are thinking about selling their home or getting a mortgage to REFINANCE their home or maybe put it in an estate sale –, what are the MOST important factors that determine what their house is worth?
<Tom launches into his appraisal topic>
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2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. Our Look Back Memphis Trivia contest brought to you by notable Memphis historian, Jimmy Ogle. Jimmy offers free historic walking tours of Memphis in the spring and fall. Contact Jimmy at www.jimmyogle.com sponsored by Chef Eric with the Food Truck by the Confectionery. Chef Eric is giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 901 535-9732.
The “Elvis Top Ten” Trivia Questions:
1) What is Elvis’ middle name? {must be spelled correctly} Aron
2) What was the date of the recording of Elvis’ “That’s All Right” at Sun Studio? July 5, 1954
3) What local radio station played an Elvis record over the air for the first time? WHBQ in Hotel Chisca
4) What record store sold the first Elvis record? [must get full name correct] Poplar Tunes, 308 Poplar Avenue
5) In 1969, what local studio did Elvis record his two “comeback” albums? American Studios, 827 Thomas Street
6) What movie theatre was Elvis employed as an usher? Loew’s State, 152 South Main Street
7) What is the name of Elvis first movie? Love Me Tender
8) What local hospital location did Elvis take his physical for induction in the Army? Kennedy General Hospital, Getwell & Park
9) What local venue did Elvis give his first “public” performance? {must given correct name here, too} Overton Park Shell
10) What was Elvis’ favorite ride at the Fairground Amusement Park (later Libertyland)? Pippin or Zippin Pippin
Bonus: What was Elvis’ favorite clothing store? Lansky Brothers, 126 Beale Street
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Autumn, 2015 tours with the next Riverfront Parks Tour being Sunday, September 27 (Mud Island Walk Bridge & River Walk), the next TUESDAY TOUR being September 15 (The Great Union Avenue Manhole Cover & History Tour) and the next Bridge Walk being September 20. Go to jimmyogle.com for the 2015 Autumn season schedule and locations. The
Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, August 20.
QUESTIONS ANSWERED BY TOM KING:
- We’ve talked about this before on the show, but let’s talk about the firewall that the government has put in place between an appraiser and the mortgage company?
- Talk about the different kinds of independent appraisals you do for your clients?
- Talk about the importance of abiding by the new real estate regulations regarding, the relationship between loan officers, appraisers and real estate brokers and agents.
QUESTIONS ANSWERED BY JO GARNER :
- Do you have some rules of thumb that you use in determining which loan products are best for certain situations?
- First I ask my client the two most important questions—“what is the maximum house payment that is comfortable for you?” and the 2nd important question is “what is the maximum down payment that is comfortable for you? Just knowing the answer to these two questions can zero in on 2 or three of the best loan products for that specific client.
- A third question I ask my mortgage client is “ how long do you plan on KEEPING the this house? (not necessarily how long to you plan to LIVE in the house, because I have discovered several people who plan to LIVE in the house 3 or 4 years but plan to convert it to a rental property or use it for other family members later ) If the client is going to KEEP the house for the next 5 years or so, in most cases the rule-of-thumb is to look for a fixed mortgage rate product. This way the homeowner never has to worry about the interest rate going up. If the client plans on RENTING the property to tenants later, some of the down payment assistance programs may have too many restrictions too. However, if my client has relocated to Memphis, for instance, and knows he will not be here more than 3 to 4 years, it is worth exploring a lower rate and lower payment that an adjustable rate would provide-especially if the loan product has a fixed rate for the first 5 years and then converts to an adjustable rate with some good safety caps.
Credit Scores and income-to-debt ratios can help single out one or two loan programs. Also the minimum down payment requirement can take some loan programs off the table for home buyers with not much money down. There are still some 100% loans out there though. If you want to know more, you gotta; pick up the phone and call me PERSONALLY 901 482-0354 or connect with me at www.JoGarner.com I really do want to work with you on getting you some bragging rights on your financing. Besides, if you don’t like the color of the house, you can paint it later But you can’t paint over ugly financing. Let’s get it right for you the first time.
- R&R
- Combo loans to avoid PMI
- VA loans for vets
- Rural Housing loans
- Jumbo loans
- When is the best time to lock the rate and terms? Watch the yield on the 10-yr bond and you are usually seeing if the price on mortgage rates are going up or down. Bad economic news tends to drive the 10-yr bond yield downward, taking mortgage pricing on rates with them—but not always.
REAL ESTATE TIP OF THE WEEK: Tom King shares a real estate related time-saving, money-saving tip –Tom talks about the 2-year rule to avoid paying capital gains taxes on selling your home. Jo talks about how to try and gauge the best time to lock your mortgage terms.
Announcements: 1. Talk Shoppe offers free education and networking to anyone interested in real estate or in business. This Wednesday August 12th, 2015 9A-10AM at the University of Phoenix 65 Germantown Court Cordova, TN (across from The Butcher Shop), Join us for Sarah Butts, Audience Development Director from the Memphis Business Journal presents “What’s Hot In Memphis” The week after next on August 19th, 2015 Best-Selling Author & Speaker and CEO of US Learning will be presenting “High Performance Selling.” Don Hutson is a national speaker and has written “The One-Minute Negotiator,” The One-Minute Entrepreneur” and more. For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear the podcast from today’s show or other podcasts, go to www.JoGarner.com
- “MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
- Evolve Bank and Trust is sponsoring a very important real estate and lending regulation meeting at the Racquet Club of Memphis Monday August 17th, 2015. One of the people who wrote the new rules will be speaking at this event, explaining some VERY IMPORTANT information for realtors and lenders. Go to my Facebook site Jo Garner, Mortgage Consultant, for the information about this event. But you better sign up before they run out of seating. The realtors section is from 8:30AM to 11:00 AM and the lender’s section is from 1PM to 3:30PM
Transitional Music: It’s Now Or Never by Elvis Presley; Money Honey by Elvis Presley; Shake Rattle and Roll by Elvis Presley; Memphis by Johnny Rivers for the Look Back Memphis Trivia Contest.
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Quote Corner: Our thoughts become our words, our words become our actions, our actions become our character, our character becomes our destiny. – Gandhi
I think that if you shake the tree, you ought to be around when the fruit falls to pick it up.
Mary Cassatt
In order to shake a hypothesis, it is sometimes not necessary to do anything more than push it as far as it will go.
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ABOUT TOM KING:
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989
ABOUT JO GARNER, MORTGAGE PROFESSIONAL WITH EVOLVE BANK & TRUST
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
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 25 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 She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.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.