HIGHLIGHTS FROM OUR PODCAST 2-14-15:
MARKET NEWS
LOOK BACK MEMPHIS TRIVA CONTEST
QUESTIONS ANSWERED BY BOB TURNER
QUESTIONS ANSWERED BY TOM KING
QUESTIONS ANSWERED BY SHELLEY BAUR
QUESTIONS ANSWERED BY JO GARNER
REAL ESTATE TIP OF THE WEEK
ANNOUNCMENTS
___________________________________________________________________
Good morning, Memphis on this when we celebrate LOVE—Valentine’s Day 2015, and good morning across the country on iHeart Radio and also BOCI Radio. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Tom King, Appraiser with Bill King Company is co-hosting this morning and today we’re talking about “LAND, LOANS AND LOVE.” If you want to talk about your land, your loan or a short love story—as long as it relates to your real estate—then please join us around the coffee table this morning by calling <(901) 535-WREC (901) 535-9732. >
Tom, everybody knows you but tell us a little bit about yourself and what you can do for our listeners as a very experienced appraiser. <Tom has about 1 min to introduce himself>
<Tom introduces his guest Bob Turner, broker with Southern Properties and incoming president of the National Realtors’ Land Institute.>
<Bob Turner has about 1 minute to introduce himself and say something about what he does for his clients. >
(Jo) We have another special guest who will be joining us later in the show, so stay tuned.
(Jo) This week mortgage rates had started feeling some love from the bond markets because of the uncertainty concerning the European agreement with Greece and how it will affect the European Union. Yesterday afternoon Europe’s situation and the long weekend made investors want to hedge their risk and move up on pricing a little. However, the thought is, once the European markets seem a little more stable, then investors around the world may start investing in THEIR market instead of what they deem as stable in OUR bond market—This would likely drive our mortgage rates up just because our bond market would have to compete for bond buyers against other international markets. 30YR FIXED – 3.75-3.875 FHA/VA – 3.25-3.5 15 YEAR FIXED – 3.00-3.125 these are still really great rates. You can buy real estate for your home, investment property, or maybe a cash out loan on some other real estate to give you the funds to buy a business or even raw land.
<Tom and Bob talk about what is hot in the land market in the Memphis Tri-State area>
(Jo) If bond investors really are starting to feel warm and fuzzy with the European markets, we may have to raise the yield on our US Treasury bonds to compete for buyers which would drive up our mortgage rates. My advice to you before that happens is IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. So many of you still have some great opportunities to refinance your homes, your vacation homes and your investment properties to a lower rate to save a few hundred dollars per month, or shorten the term 5 to 10 years or so –and THAT could save you TENS of thousands of dollars. Some of our refinance products do not even require an appraisal and if you have an FHA loan, not only are the rates lower in some cases but FHA just recently lowered their required monthly mortgage insurance monthly premiums SIGNIFICANTLY. If you don’t want to do that then there are so many people with lots of equity in their homes that are refinancing and pulling some cash out at a fixed rate in the 3’s to reinvest in other houses or other investments where they can make a lot more return over time that the fixed rates in the 3’s they have secured on the real estate. Think about it…. Consult your financial advisor about it….
<Tom or Bob makes comments here about where they see opportunities for people buying or selling real estate or land>
(Jo) There is an old saying that “Opportunities don’t just HAPPEN. You have to CREATE them.” Evolve Bank –the mortgage division right now are actively out adding some great new programs to offer homebuyers that will give them an opportunities to get into a home with terms per month and up front that they can afford. Sometimes Opportunities come in the form of Challenges. To turn a Challenge into an Opportunity for instance—if you need help with down payment assistance—and some of our programs don’t even require that the buyer be a first-time homebuyer. We have some 100% loans and if the property you want to buy is in bad shape, we have some renovation and repair loans that might be the answer for you. We even have a portfolio jumbo loan program with a low rate. Let’s talk about what YOU want on your home financing terms. Call us right now on the air at <(901) 535-WREC 901 535-9732> or call me directly at 901 482-0354. If you’re driving just catch me on my blog later at www.JoGarner.com
< Tom and Bob make some comments regarding oppportunities for buying land and why land is such a great investment that builds wealth over the long run>
(Jo) Today we’re talking about “Land, Loans and Love” Bob Turner, you have a lot of experience with buying and selling real estate and you’re the upcoming president of the National Real Estate Land Institute. What are some of the most important tips you can give to someone who is in the market to buy land? <Bob Turner launches his topic>
___________________________________________________________________
2nd segment after 9:15 break— The Look Back Memphis Trivia Contest
Our Look Back Memphis Trivia Contest SPONSOR is Shelly Baur, consultant, communications coach, speaker, facilitator and author of the book Integrity-Based Communications. Shelley leads a workshop on communication for couples which is right in line with today—Valentine’s Day. You can reach Shelley at www.ShelleyBaur.com (901) 340-7517.
Shelley shares about the contest…It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com .
8) Who is the all-time leading scorer for the Men’s Basketball program? Keith Lee, 2408 points (1981-1985)
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours beginning Sunday, March 15 (Bridge Walk) and April 7 (Union Avenue Manhole Cover & History Tour). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon – next is Thursday, February 19 and March 19.
QUESTIONS ANSWERED BY BOB TURNER, SOUTHERN PROPERTIES:
- Why Now/ Why Memphis?
- What’s happening for new development in the Memphis area?
- What makes some land more valuable than other land?
- What are the top tips you can give to someone on the hunt for land?
- What different kinds of land are being out by buyers?
QUESTIONS ANSWERED BY TOM KING, APPRAISER BILL KING CO:
- Appraising large tracts of land with a house on it
QUESTIONS ANSWERED BY SHELLEY BAUR, AUTHOR OF Integrity-Based Communications
- What are your top three tips from the book you wrote “Integrity-based Communications” for good communication with your spouse or sweetheart?
QUESTIONS ANSWERED BY JO GARNER, MORTGAGE OFFICER WITH EVOLVE BANK AND TRUST
- How to finance land for building a house
(Jo) *builders sometimes will carry the financing
* sometimes the bank will give a temporary construction loan that will be paid off by the mortgage company with a permanent loan once the house is complete
* sometimes clients will choose to get a loan secured on a different property and use the funds from that loan to pay for buying the land and building their home or business.
* back in the 90’s and early to mid 2,000’s lots of banks used what was called a one-time closing loan that served as the construction loan during the time the house was being built and was taken on draws as the house went from phase to phase in its construction. That same loan was automatically converted to the permanent loan when the house was completed. These one-time closing loans went away, for the most part at the start of the Housing Crisis 2007, 2008 and 2009. But….keep your ears tuned in to the Real Estate Mortgage Shoppe…. Some form of the one-time closing loan program for new construction homes may be back …soon.
What are your top three tips for someone getting a loan to buy real estate or land?
* be prepared—you need to know how much you can afford on the monthly payment and how much you can spend on the down payment. There’s more to life than just barely being able to pay the mortgage—there’s fun things to do with the people you LOVE.
* your credit scores need to be as high as possible so that you are getting the lowest mortgage rates and the least interest expense. Don’t run out and pay a bunch of stuff off though before going over your credit with an experienced loan officer. Loan officers like Susan Belew and me have been trained on the Credit Simulators and we may be able to make suggestions that won’t cost you much if anything and can bring your scores up to where they need to be without a lot of investment on your part.
* don’t move money around. You need to show as much money in your bank accounts and other asset accounts as possible, even if you won’t need it at the closing on your house.
* Have the property you are buying inspected by a reputable professional inspector or ask to see a copy of a recent professional inspection.
My very experienced assistant, Susan Belew, and I would like very much to work with you on YOUR home financing. Call us on the air at (901) 535-WREC (901) 535-9732 or call me direct at (901) 482-0354 (901) 482-0354 or connect with me at www.JoGarner.com
REAL ESTATE TIP OF THE WEEK: Bob Turner
______________________________________________________________________________
- Jo’s announcements : Jo’s announcements:
- Talk Shoppe offers free education and networking to anyone interested in real estate or in business. Coming up Wednesday February 18th, 2015 join us for the How To Have A Smooth Real Estate Closing –with Talk Shoppe’s panel of real estate experts. Talk Shoppe events are free at the YMCA NUBER CENTER 5885 Quince Rd Memphis (across from Lichterman Nature Center) 9A to 10A Wednesday. For more information go to TalkShoppe.com (Tom King and I will be there and a few other people you’ll recognize from this show. We would love to meet you in person. )
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
Transitional Music: “Love, Love Me Do” by the Beatles; “If My Nose Was Running Money, I’d Blow It All On You” Aaron Wilburn; “The Power of Love” by Huey Lewis and the News
“Memphis” by Johnny Rivers for the Trivia Contest.
_____________________________________________________________________________
ABOUT SHELLEY BAUR: www.ShelleyBaur.com
Leveraging her innate talents as a leader, consultant, communications coach, writer, speaker, and facilitator, SHELLEY PAGE BAUR has transcended the popular notion of integrity as a measure of value and an alignment tool, and made it the cornerstone on which her business model is built. She is best known as the brand architect of INTEGRITY-BASED COMMUNICATIONS (IBC), an educational platform by which she advances a methodology and philosophy geared toward honest, authentic communication. Widely considered an agent of transformational change, Shelley’s core values encompass values-driven leadership, personal empowerment, and spirituality.
A lifelong learner, Shelley realized early on that one needs to be accountable, both to self and to others. In childhood, she learned valuable life lessons in integrity, morality, and ethics, which opened up creative outlets, renewed her sense of presence, and heightened her level of self-awareness. Her work in sales, advertising, and PR was instrumental in shaping a deep appreciation of the communication arts, and enabling a mission that led her to start her firm, ONE SOURCE ASSOCIATES. Since 1991, she has been a proponent of the law of attraction, concentrating only on the positive, while energizing others in a practical, relevant, and educational manner.
Unique in her approach and methodology, Shelley is an engaging and highly sought-after consultant and speaker whose impact is felt at all organizational levels. Laser-focused on creating and measuring positive, observable change, Shelley leverages open classroom discussion, video-driven instruction, and one-on-one coaching to translate the IBC process to action. She also leads an annual seminar, LIVING ON PURPOSE, which mirrors her own spiritual awakening and commitment to excellence. In spreading her message of integrity, and motivating others to think about the impact they make with words, actions, and gestures, Shelley raises the bar high and leads by example.
ABOUT BOB TURNER, REALTOR WITH SOUTHERN PROPERTIES & INCOMING PRESIDENT OF THE NATIONAL REALTORS’ LAND INSTITUTE
Summary
Farmland Sales and Management
Residential land development,
Senior Living and Commercial Developments,
Investment Property purchase and management
Specialties:
1. Assemblage of residential development tracts in Nashville, Memphis, North Mississippi and other major residential growth markets in southeast US for development of residential subdivision
2. Buying and Selling Production Farmland and Development Tracts
3. Transitional land analysis and development
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY (901) 487-6989
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @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 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 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.