Get Rid of Your Carpet Stains—And Get Rid Of Your Mortgage TOO
Welcome to Real Estate Mortgage Shoppe! Some of the happiest mortgage clients I have, other than the first-time milestone homebuyer, is the client who has taken a little extra time to consider what they want in life and taken the steps to free up hundreds of dollars a month on a strategic refinance to make that dream happen sooner. It’s fun to be on the mortgage side of their journeys.
If you are looking to save thousands of dollars on your next mortgage transaction, you are probably the type person who would probably be very happy to also learn some tips on things you can do yourself to maintain your carpet from Jeri at Tiger Paws Carpet & Upholstery Cleaning that keeps your carpet clean and fresh without the unpleasant fallout from the do-it-yourself faulty methods.
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Good morning, Memphis! Good morning to our friends across the 50 states. Its Memphis in May Bar B Que Festival downtown. I can almost smell the bar-b-que cooking way up here in East Memphis. You’re on the Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com or if you are on twitter, you can send us your question or comments to #JoGarner while we are live May 14, 2016 or you can call us while we are live in the studio at (901) 535-9732 or (800 ) 474-9732
Today our general topic is “Get Rid of Your Carpet Stains—And Get Rid of Your Mortgage TOO.” I will be sharing some top 5 easy ways you can pay your mortgage off early and enjoy having NO MORTGAGE PAYMENTS. Jeri Jeffries of Tiger Paws Carpet and Upholstery Cleaning, thanks for joining us again on Real Estate Mortgage Shoppe. Not only do you do great work at a fair price, (and you have cleaned up MY carpets) but you’re a true blue Memphis Tiger fan too! Go Tigers! What are some good tidbits you will be sharing during this show about keeping our carpets clean?
⦁ (Jo) The market this week started taking mortgage rates up a little bit away from their 3-year low until yesterday when lenders started lowering the price on these rates again. 30YR FIXED – 3.5 – 3.625%; FHA/VA – 3.25%-3.5%; 15 YEAR FIXED – 3.00% If the trend continues, we might even see lower rates on Monday. But don’t roll the dice if you are really close to closing on your home purchase loan or refinance. I would go ahead and lock the terms. If you want to go back over your financing plans for your home purchase of refinance-whether you are in the Memphis area or anywhere in the US, Let’s see what you can do to get an even better deal than you thought. Call me after this show if you want to go over some details at (901) 482-0354. Or call me while we are live (901) 535-9732 800 474-9732
(Jo) For several years I had a standing invitation to join a couple of friends of mine for supper on the same night every week. We ate, shared a lot of funny stories, laughed a lot and played Mexican Dominoes too. My friends had placed on a spot in their kitchen one of those miniature Charles Dickens Christmas village miniature collections that looked like their own very large home. On the roof of this miniature they placed a yellow post –it note that read “paid in full.” Their goal was to live debt free. It was hard to imagine how they would accomplish this with the large home and the large upkeep and expense. But having the visible remainder kept them focused. As time went on they realized they really didn’t need the big house, the pool and all of the accoutrements and ended up selling the place and downsizing to a more comfortable home where they could arrive quicker at being totally debt-free. For them, it wasn’t refinancing or restricting their budget, it was just a simple act of downsizing. For a lot of people selling the big home that they have owned for several years gives them enough money to downsize to a place where they can enjoy not having a mortgage at all.
(Jo) Since we’re talking about getting rid of stuff –like carpet stains and getting rid of your mortgage too—I can say with over 25 years of being in the mortgage business, one of the best ways to get debt-free is to shorten the term of your mortgage and lower the interest rate costs. I have helped people refinance their loan and knock off 5 to 10 years of payments AND lower their interest rate too! Here is a rough scenario—the homeowner had gotten their $200,000 about 8 years ago at 5.5% fixed rate for 30 years. Their principal and interest payment was about $1,136/mo . After 8 years of making payments they owe about $173,000. Like my friends I told you about earlier this homeowner also wanted to get rid of his mortgage sooner but he wanted to keep his house. Here is how his refinance terms look today: Refinance around $173K at 3.25% fixed rate for 15 years with a new P&I of $1,216/mo. He is paying about $80/mo more than before BUT he is knocking off 7 yrs or 84 months of Principal and interest payments that just –GO AWAY in 15 years saving him around $95,424 in total payments. So it can really save you to strategically refinance. If you want to look at what YOUR options may be to refinance and shorten your mortgage term and lower your interest rate, let’s talk. LET’S MAKE YOUR DEAL, WORK YOUR DEAL. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.
(Jo) I wanted to mention when I was giving the example of the guy refinancing his house earlier, there are a few refinance products in the marketplace that do not require the homeowner to get a full appraisal. Listeners call me all the time asking me if the special HARP refinanced program advertised online and through the mail is real. Yes, there really is a HARP loan but there are certain restrictions on the program. If your loan was originated prior to 6-1-2009, it is possible that it could be a HARP. Call me and I am happy to check for you. This loan does not require a full appraisal and allows your loan amount to go over the standard loan-to-value limits. Unlike some companies, I can likely use the HARP program to refinance your primary residence, second home or rental property.
Then there is the FHA streamline refinance that, most of the time, does not require an appraisal at all. Some other programs give you a break on documentation like this too. Let’s talk about YOUR loan and see what options are available for you. Let’s talk now while we are live at 901 535-9732 800-474-9732 or later at (901) 482-0354 or connect with me at www.Jo Garner.com
(Jo) There’s a lot of way to get rid of the bad stuff and hang on to the good stuff. So Jeri, when you go into someone’s home or office, what are some things you look for in determining if they should keep their carpet or get rid of it?
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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 is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to the Look Back Memphis Trivia Question, call us on the air at (901) 535-9732. 800 474-9732
QUESTIONS ANSWERED BY JERI JEFFRIES:
⦁ How can you tell if you should get rid of the carpet or just get rid of the crud?
2. What services do you offer through the Tiger Paws business?
3. What are some of the advantages of using a professional carpet cleaning service vs doing it yourself? (a) the extraction service pumps the dirt and grime out to the Tiger Paws van and doesn’t leave it to clog up your drains in the house. (b) Tiger Paws uses commercial grade cleaners with specific chemicals to clean the specific fibers in your carpet. For example, you never want to use hot water on wool fibers.
4. What processes do you use and how do you decide which job needs which service?
⦁ What do you do with hardwood floors and leather cleaning?
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QUESTIONS ANSWERED BY JO GARNER:
⦁ What are the top 5 easiest ways to get rid of your mortgage quicker?
⦁ Appeal your property taxes and see if you can get them lower. Once the property taxes are lower, use the difference to pay early toward the principal. (Tell the story about what we did for our clients a few years ago to help them lower their taxes.)
⦁ Get a check up with you homeowners insurance agent to see if you can take advantage of some discounts on the price of your insurance without giving up any coverage. Use the savings to pay extra on your mortgage principal balance each month. (Mention what Lynn McDonald did for our clients on the insurance check up a few years ago)
⦁ Get rid of the private mortgage insurance if you can. On some of the more recent FHA loans the monthly mortgage insurance is on the loan for life, but on most loans you can have your mortgage company appraise your home and if you owe less than 78% to 80% of the current value, you may be able to get rid of the mortgage insurance. Most investors require you make regular payments for the first 12 to 24 months of the loan before appealing to get rid of the private mortgage insurance. Some of my clients say, “But if I get rid of the private mortgage insurance, how do I get my mortgage paid off for my family if I should die?” That is a common fallacy to believe that private mortgage is insurance pays the house off for the borrower if he dies. Actually, the private mortgage insurance does not help the borrower at ALL. It only covers the lender, so the least you pay for pmi, the better you are.
⦁ Refinance to a lower interest rate with a shorter term on your mortgage. By lowering the interest rate AND getting shorter term, you can cut off a few years just by shortening the term on your loan and if you can do that AND lower the overall interest cost, then it’s like lighting a candle at both ends. It will burn away quicker and it’s the same with your mortgage.
⦁ Just pay one extra principal and interest payment per year and you can cut off about 7 to 8 years off the term of your 30 yr fixed rate loan. Avoid signing up and payment a fee for a separate agency to do this. You can do it yourself for free. Watch out for mailed advertising that looks like it is coming from your mortgage company asking you to pay them a fee to set you up on a bi-weekly mortgage. It’s probably NOT coming from your mortgage company, but the letter is made up to LOOK like it is coming from your mortgage company.
⦁ What are some methods your clients typically use to pay off their mortgages early?
All of the above, but some do a cash out refinance on their primary residence or a rental property and use the cash out funds to pay off high interest rate personal debt. Then with the several hundred dollars they save each month, they apply some of that savings to paying extra principal on their mortgage every month or every year to get rid of their mortgage sooner.
REAL ESTATE TIP OF THE WEEK: (Jeri some tips on her discounted price program for landlords with rental property)
Announcements: 1. Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday May 18th, 2016 Talk Shoppe will be presenting “Dress To Impress” with Sandra Burke from Dress For Success. If you want to help someone trying to get a fresh start, you can donate gently worn women’s professional clothing during this meeting. Talk Shoppe is free for the next 2 months thanks to advertisers like Gwen Christensen, owner of Builders Floors & Interiors www.BuildersFloorsandInteriors.com but even if you’re not a builder, Gwen can help you get a great deal on your floor covering and installation too. And thanks to advertiser and supporter Mary Lou Nowak of Home Helpers. Mary Lou provides good quality non-medical help so your loved one can stay safely and comfortably in their own home. (901) 414-9696. For more information about Talk Shoppe, go to www.TalkShoppe.com
⦁ 2. To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to ⦁ www.JoGarner.com
-3. “MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
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QUOTE CORNER: “If you owe your bank a hundred pounds, YOU have a problem. But if you owe a million, IT has (a problem).”
― John Maynard Keynes
“If you think no one cares if you’re alive, try missing a couple of car payments.” Earl Wilson
“The trick is to stop thinking of it as YOUR money.” IRS Auditor
REJOINERS:
Pat Goldstein, Realtor with Crye-Leike Realtors (901 ) 606-2000
Donna Bellinger, Revenue Accelerator, & Business Development Author, Speaker & Trainer. Creator of: “Revenue UP: From Sluggish to Sensational in Sales”. www.DonnaSmithBellinger.com
Troy and Lynn McDonald of Erin McDonald Insurance Agency (901) 849-7101
(Lynn McDonald can give you a free insurance check up if you are in the Tennessee or Mississippi regions to make sure you are taking advantage of any available discounts, keeping your insurance premiums low with the goal of maintaining the same or better coverage. (901) 849-7101 lynnmcdonald2@allstate.com
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Transitional Music: “Leave It” by YES; “Hit The Road Jack” by Ray Charles; “Let Her Go” by Passenger; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
ABOUT JERI JEFFRIES OF TIGER PAWS CARPET CLEANING & UPHOLSTERY:
I believe in providing a quality service for a fair price and standing behind my work. Honesty has always been my key to success. Additional Organizations where I am involved:
Memphis Restaurant Association, Greater Memphis Chamber, BNI, Food Service Connection, MMHLA
My back ground is in several types of businesses and industries — I have done everything from fast food, to selling vacuum cleaners door to door, to working in the resin and fiber glass industry to commercial pest control, to selling paint jobs for a local paint contractor and now I am here. I decided it might be nice to work for myself. To buy a business, that I could grow for my family. My kids, and their kids. www.TigerPawsCarpet.com
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo’s 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 since 1987. 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 Real Estate Mortgage Shoppe. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, and more.