Take These Steps To Buy A House & Get A Mortgage —Take The Real Estate Pros With You On The Journey
The new real estate and lending rules have been in action since October 3, 2015. After working under this program for several months and getting familiar with how it affects homebuyers and borrowers. we spell out to you 8 important steps you need to take before buying a house or getting a mortgage. We cover all 8 steps on this podcast.
Thank you for dropping by and visiting me at www.JoGarner.com or calling me at 901 482-0354. Subscribe to our weekly emailed notices with other content-rich info to help you with solutions to your real estate and financing scenarios.
To Your Success,
Jo Garner
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Good morning, Memphis! Greetings to our friends across the 50 states. I’m your host, Jo Garner, Mortgage Loan Officer. Thank you for joining us on Real Estate Mortgage Shoppe this June 25th, 2016. This episode of Real Estate Mortgage Shoppe is brought to you by Joe Rojas’ Elite Team at Fearnley, Martin & McDonald, PLLC. Joe Rojas can help you with your title work and they can close your real estate loan at a fair price. Call him at 901 289-5821. Our general topic is: “Take These Steps To Buy A House & Get A Mortgage—Take The Real Estate Pros With You On The Journey.” If you have a question or something you think will help others listening to our broadcast, give us a call while we’re live at (901) 535-9732 and outside the Memphis area (800) 474-9732. If you can’t call, then please email me at jo@192.232.195.219 or if you’re on twitter make your comments at #JoGarner. To hear this show again and others go to www.JoGarner.com and subscribe to our weekly posts.
You have some experts sitting around the coffee table ready to talk real estate, financing, and appraisals with you. Tom King, appraiser with Bill King Appraisal company, is back in the co-host chair again this week. Tom is a longstanding real estate appraiser in the Memphis area and I believe he has a virtual map of Memphis, Shelby County, Tipton County and Fayette County etched in his brain. Not only can he tell you where just about any address is, but he can describe the market in the area and even other houses around it. He is going to share some tips today on what appraisers look for on a property appraisal and he will give us a glimpse of how they go about defining the value on a home. Tom, tell our listeners a little more about you. <Tom introduces himself and what he does for his clients. Tom gives a brief explanation of the mortgage firewall and the types of clients who can hire him directly.
(Jo) Also sitting around the coffee table with us is the gold standard in real estate, Realtor Pat Goldstein with Crye-Leike. Pat was the 2006 MAAR Realtor Associate of the Year and a Life Member of the Multi-Million Dollar Club with a lot of other designations and awards that we don’t have time to enumerate on the air. Pat has been a realtor for over 30 years in the Memphis area and has a long line of happy clients she has served. Pat will be sharing some important steps you need to take when you are preparing to buy a house. Pat, tell our audience a little bit about you and what you do for your clients < Pat introduces herself and talks about what she does for her clients and mentions one of the first steps a home buyer needs to take in the real estate buying process
(Jo) As you can guess, you’re going to get some excellent info today on the Steps To Buy A House and Get A Mortgage. Choose wisely the real estate professionals you have on your journey. You can use their experience to get your ahead and avoid costly mistakes. Make sure you check out their Better Business Bureau rating— and make sure they have a good reputation. Talk to the lender, the realtor and whoever else will be on your journeys like the home inspector and the title company. It won’t take you long to determine if they are truly interested in you and helping you get what you want and what you need. I would like very much to talk with you personally and LET’S MAKE YOUR PLAN, WORK YOUR PLAN AND IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. You can call me directly after this show at 901 482-0354 or email me at jo@192.232.195.219 or visit the website at www.JoGarner.com
<Tom and Pat make short comments>
(Jo) Mortgage rates just skipped the stairs yesterday jumped down to around 3.5% to 3.75% on the conventional 30-year loans. The conventional 15 year dropped from 2.875% to the bottom of the 3’s with the FHA low down payment loans, the 100% Veteran loans and the 100% Rural Housing rates dropping too. Jumbo rates for loans over $417,000 are looking good too. The British exit from the European Union scared a lot of investors out of stocks and into bonds which drove the price of mortgages down. Was this drastic market move just a knee-jerk reaction or will heads get clearer and the markets a little smoother next week? It’s going to take Britain 2 years to completely pull out but now other countries are talking about a referendum of their own. Be glad if you’re not one of the investors who bet big Thursday on the Brits remaining in the EU. They went to bed Thursday night counting the money they would make and then —boom –next morning they discovered they made a big oopsie. BUT if you are in the business of getting a mortgage right now—today is YOUR day to make a great deal.
If you are thinking about buying a house or refinancing one, by advice is the same—IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Let’s take a look at the terms for your purchase loan or refinance loan. If the terms are good enough to save you more money in the next year to 5 years, you probably need to make a big step of your own and get your terms locked in. I would like very much to talk with you personally before you do it. (901) 482 -0354 WWW.JOGARNER.COM or call us while we’re live June 25th, 2016 (901) 535-9732 (800) 535-9732.
(Jo) Today we’re going to share some steps you need to take if you are buying a house or getting a mortgage. If you have questions or something you would like to add that you believe would be helpful to our other listeners please call us while we’re live.
I will be covering some steps you need to take regarding your credit and determining what monthly payments will be comfortable for you. You will get some tips on how to enjoy a smooth loan process.
2nd segment of the show:
JO
Step 1: Get a free consumer credit report and make sure their or no errors or disputes. www.annualcreditreport.com On google it says this is the official site where the federal government directs consumers. You should be able to pull your free report once each year. Some of the consumer sites show you your credit scores but remember that the consumer credit sites tend to show you a higher credit score than what you will show on a mortgage credit report. The reason the scores tend to be lower on the consumer sites vs the mortgage sites is because the algorithms for calculating the scores are different for mortgage reports.
It may be necessary to get remove any disputes from your credit accounts-especially if they are connected to a trade line that has a balance or has been active over the last 2 years. Disputed accounts do not always get included in the calculation for determining the credit score. For this reason mortgage companies may be required to repull the credit once the dispute has been removed at the bureau level.
Step 2: Take an hour or two and review what you normally spend per month from your bank accounts and your credit cards. Determine from your expected income and expenses what is the maximum house payment that is comfortable for you? Leave room for some of those once-a year payments like when you have to pay for your car tags or insurance premiums. How much can you put down on a house and still have a comfortable amount in the bank in case of emergencies? It’s really helpful to know your personal comfort level on a house payment and down payment before you start looking at houses outside your comfort range.
Step 3: Explore mortgage programs and terms with your lender and get a preapproval letter. A good loan officer is going to ask you up front what your personal comfort level is on a house payment and a down payment. A good loan officer will ask you how long you plan to stay in the house. Have you ever had your name on title to real estate in the past 3 years? These are important pieces of information that will help pin down the right fit for your mortgage.
Let’s talk personally right now while we are on the air or after the show. You can call us on the air June 25th, 2016 by calling (901) 535-9732 OR (800) 474-9732 or call me personally at (901) 482-0354. (901) 482-0354 or connect with me at www.JoGarner.com
PAT
Step 4: Find the right realtor—Pick a realtor with a lot of experience with a realtor with a good reputation. Find a realtor who fits you personally. There are a lot of realtors who have the education and experience that help them better serve their clients. Avoid mistakes with an experienced realtor
Step 5: Find the Right House—get a realtor who listens to you because, if they are listening, they will know better what type property you want to buy. Also get a realtor who knows the market and what is available. Many people will look at numerous houses but when they walk into one particular house, they don’t even have to walk all the way through it , but they just know it’s the right house. It is an emotional, subconscious component about it.
Step 6: Make an Offer –know everything you want from the deal. Things move very fast right now. Spell out the details on the offer. Demand is high currently so expect to pay market price for the home.
Step 7: Handle Any Changes Occurring During the Contract Time (regarding new info from mortgage process, inspections, title work, appraisal etc) Have a realtor who is experienced and knows how to keep the deal together. If the deal is going to fail, know when to deny and cancel. When the lender gives you a closing disclosure, the government requires a mandatory 3 day wait after the final numbers are accepted by the borrower.
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TOM
[Tom covers a segment on what appraisers look for on the condition of a home on a conventional loan vs FHA. Appraisers are look at the condition of the home to help determine value. On conventional loans, the appraisers will report only what he sees as he walks through the home. ON FHA loans, the appraisers are required to do a more detailed inspection of the attic,
Types of repairs that most lenders require to be done before closing— Structural issues that lenders like to see corrected before closing-leaky roof, non-functioning plumbing, electrical, HVAC, peeling paint—especially if the property was built before 1978 that may have lead-based paint. , rotted wood, broken glass
What kind of comparable sales does the appraiser use when determining the value on a home? ] Other houses in very close proximity to the subject property with the same general square footage and amenities that have sold within the last 6 months to a year.
Step 8: Closing (how to prepare for closing ) When you get the final numbers for closing cost from your lender, e-sign the acceptance right away and then the government requires you wait for an additional 3 days for the buyer to wait before they will be allowed to close.
4TH segment after 9:45 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 Jana Cardona, Executive Director of Business Network International in W Tennessee, Eastern AR and Northern Mississippi. BNI is a strategic alliance partner with Talk Shoppe and the two networking organizations work together to bring more benefits to their participants. Jana, What is our Talk Shoppe Business Tip for Real Estate Professionals today? (Jo says, “Thanks, Jana, for all you do with Business Network International for all you do to help business people build their businesses through the power of referrals.”
Jana- shares a business tip about the power of networking and referrals for building your business. Jana also shares a little about the benefits BNI offers business people. jana@bnimidsouth.com
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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 the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday June 29th, 2016 9A-10A CT Talk Shoppe presents “The Mastermind Principle-based on the book Think And Grow Rich by Napoleon Hill.” Come prepared break into a small group of other business people and share ideas, resources and referrals.
2.Talk Shoppe events are free thanks to our sponsors and advertisers like Kevin Yee of Save Energy Solutions. Kevin can seal your home’s ducts. He has other solutions too that can help someone you know who suffers with allergies. Call Kevin at (901) 492-1649. Thanks to Talk Shoppe’s supporters like Retired Navy Commander Peggy Lau who shows us how to take dream vacations and get paid to do it. (901) 289-0747.
3. Real Estate Mortgage Shoppe June 25th, 2016 was sponsored by Joe Rojas’ Elite Team at Fearnley, Martin and McDonald real estate title company in Memphis (901) 289-5821
5. Attend the University of Phoenix Memphis Campus Career Fair on July 21st at 10 am.
For details, contact the campus at 901.752.2612
4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
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QUOTE CORNER:
“The elevator to success is out of order. You will have to take the stairs—one step at a time.” Joe Girard
“The secret to getting ahead is getting started.” Mark Twain
“Chess says everything about a man and a woman. The King has to take one step at a time and the Queen gets to do whatever she wants.” unknown
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REJOINERS:
JOE ROJAS, ELITE TEAM at FEARNLEY, MARTIN, MCDONALD, PLLC (901) 289-5821
JEFF AND HEIDI ROSS, SHOWHOMES MEMPHIS www.ShowHomesMemphis.com
DON HUTSON, National Speaker and Author of Selling Value www.DonHutson.com
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Transitional Music: “One Step At A Time” by Jordin Sparks; “Step By Step” Whitney Houston; “You Make My Dreams Come True” Hall & Oates; “Taking Care of Business” by Bachman, Turner Overdrive for Talk Shoppe Business Tip For Real Estate Pros
CALLER- Ellis Rankin, Realty One Group 901 409-3141
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ABOUT PAT GOLDSTEIN, REALTOR CRYE-LEIKE, INC· (901) 606-2000
2006 MAAR Realtor Associate of the Year 2005 MAAR Presidential Award Recipient TAR Leadership Graduate Member National Association of Realtors
· Life Member of the Multi-Million Dollar Club. Toastmasters Division Governor CBS (Certified Builder Specialist)
· CRA (Certified Relocation Associate)
· CRS (Certified Residential Specialist)
· GREEN (Green Agent)
· GRI (Graduate, Realtors Institute)
· MMDC (Crye-Leike Multi-Million Dollar Club)
· SRES (Seniors Real Estate Specialist)
· SRS (Seller Representative Specialist)
· Vice-President (Circle of Excellence)
ABOUT TOM KING
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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 LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 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 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